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Shareholders should contact Edward Jones if they have questions regarding their eligibility for","page_number":4,"box":{"x":116,"y":622,"width":739,"height":12}},{"id":"045e6e64-f8e8-4115-af75-3eb9086d851b","block_type":"box","text":"these discounts and waivers.","page_number":4,"box":{"x":116,"y":638,"width":196,"height":9}},{"id":"1357b145-3d32-479e-b157-bdee4609587b","block_type":"box","text":"Breakpoints","page_number":4,"box":{"x":116,"y":669,"width":87,"height":11}},{"id":"70b9d9fe-50be-4f59-83cd-cb8a63f74736","block_type":"box","text":"• Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the","page_number":4,"box":{"x":158,"y":684,"width":668,"height":12}},{"id":"150d5082-1c22-4cda-8e52-33944199b60e","block_type":"box","text":"prospectus.","page_number":4,"box":{"x":183,"y":701,"width":75,"height":11}},{"id":"31ee7bc1-98d1-422f-b3bd-15841710b9e8","block_type":"box","text":"Rights of Accumulation (“ROA”)","page_number":4,"box":{"x":116,"y":731,"width":239,"height":11}},{"id":"9fbd2398-9a8e-4ebe-9f89-2c45bd87c1ec","block_type":"box","text":"• The applicable sales charge on a purchase of Investor A Shares is determined by taking into account all","page_number":4,"box":{"x":158,"y":746,"width":722,"height":12}},{"id":"e4510d6e-ccb4-4905-a696-06e7edf62ab1","block_type":"box","text":"share classes (except certain money market funds and any assets held in group retirement plans) of","page_number":4,"box":{"x":184,"y":762,"width":666,"height":12}},{"id":"ebf94653-9550-402d-9546-7c691c744d49","block_type":"box","text":"BlackRock Funds and the BlackRock CollegeAdvantage 529 Program held by the shareholder or in an","page_number":4,"box":{"x":183,"y":777,"width":691,"height":12}},{"id":"ea3a0521-92f4-4196-b578-fb3592eaf17b","block_type":"box","text":"account grouped by Edward Jones with other accounts for the purpose of providing certain pricing","page_number":4,"box":{"x":184,"y":793,"width":662,"height":12}},{"id":"4b25afb9-168c-4410-b854-0560cda341a6","block_type":"box","text":"considerations (“pricing groups”). 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The","page_number":5,"box":{"x":184,"y":212,"width":700,"height":11}},{"id":"ab887f32-71af-4db7-94d1-a3da2d403956","block_type":"box","text":"LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI","page_number":5,"box":{"x":183,"y":227,"width":662,"height":12}},{"id":"c8a5328f-0451-4dbe-a5cd-e8298d03468e","block_type":"box","text":"initiation in combination with the value that the shareholder intends to buy over a 13-month period to","page_number":5,"box":{"x":183,"y":243,"width":688,"height":11}},{"id":"f0c29173-a5c9-4e4a-a7cf-f0e2686ea7ae","block_type":"box","text":"calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder","page_number":5,"box":{"x":183,"y":258,"width":657,"height":12}},{"id":"164659ab-8810-4c9b-a6ab-4c13bb74bfdd","block_type":"box","text":"makes during that 13-month period will receive the sales charge and breakpoint discount that applies to","page_number":5,"box":{"x":183,"y":274,"width":702,"height":11}},{"id":"38fb8193-f566-4196-ae23-f73b1fd0fab0","block_type":"box","text":"the total amount. The inclusion of eligible BlackRock Funds assets in the LOI calculation is dependent","page_number":5,"box":{"x":183,"y":289,"width":697,"height":12}},{"id":"654f8c16-f367-492c-9661-32eeebb71212","block_type":"box","text":"on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made","page_number":5,"box":{"x":183,"y":305,"width":679,"height":11}},{"id":"4938cafb-e3f5-4db7-8934-d4edf92c2a70","block_type":"box","text":"before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the","page_number":5,"box":{"x":183,"y":320,"width":670,"height":12}},{"id":"e4373209-e370-4688-bdd1-a8395e41d312","block_type":"box","text":"sales charge previously paid. Sales charges will be adjusted if the LOI is not met.","page_number":5,"box":{"x":184,"y":336,"width":551,"height":11}},{"id":"63a7a297-74a4-42b0-ae35-d57a8915bea9","block_type":"box","text":"• If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or","page_number":5,"box":{"x":158,"y":351,"width":685,"height":12}},{"id":"66d3c0b7-6c4e-4067-9676-ddeafaa3d027","block_type":"box","text":"change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be","page_number":5,"box":{"x":183,"y":367,"width":693,"height":11}},{"id":"f7274986-73ec-483e-8d2a-9a4ff30c3b26","block_type":"box","text":"at the plan-level and may only be established by the employer.","page_number":5,"box":{"x":184,"y":382,"width":425,"height":12}},{"id":"e85b812e-86d6-4b37-878a-e3e39431f576","block_type":"box","text":"Sales Charge Waivers","page_number":5,"box":{"x":116,"y":413,"width":162,"height":12}},{"id":"005e6217-2919-4ce3-b035-7fcae614f562","block_type":"box","text":"Sales charges are waived for the following shareholders and in the following situations:","page_number":5,"box":{"x":116,"y":429,"width":595,"height":11}},{"id":"203e7a54-9425-4328-ae9d-ce51954aacd6","block_type":"box","text":"• Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as","page_number":5,"box":{"x":158,"y":460,"width":661,"height":11}},{"id":"b3b8263e-59db-4bc1-bc33-817060a5b878","block_type":"box","text":"determined by Edward Jones under its policies and procedures) as the associate. This waiver will","page_number":5,"box":{"x":183,"y":475,"width":658,"height":12}},{"id":"0e4e5a98-6c40-46d2-a711-157365770fb9","block_type":"box","text":"continue for the remainder of the associate’s life if the associate retires from Edward Jones in good","page_number":5,"box":{"x":183,"y":491,"width":673,"height":11}},{"id":"9da29094-afca-4a02-adee-45004defc29d","block_type":"box","text":"standing and remains in good standing pursuant to Edward Jones’ policies and procedures.","page_number":5,"box":{"x":184,"y":506,"width":614,"height":12}},{"id":"fc1b828d-dfd6-4aa2-ade3-e4128451b313","block_type":"box","text":"• Shares purchased in an Edward Jones fee-based program.","page_number":5,"box":{"x":158,"y":522,"width":417,"height":11}},{"id":"bfa315fb-2238-459c-85b3-38acf635d4ca","block_type":"box","text":"• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.","page_number":5,"box":{"x":158,"y":537,"width":678,"height":12}},{"id":"22043031-f6e3-4430-913f-52de2c31a377","block_type":"box","text":"• Shares purchased from the proceeds of redeemed shares of BlackRock Funds so long as the following","page_number":5,"box":{"x":158,"y":553,"width":716,"height":11}},{"id":"e2083771-8c8f-4938-98d0-bb26e14e5f3d","block_type":"box","text":"conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and","page_number":5,"box":{"x":183,"y":568,"width":703,"height":12}},{"id":"cbb7102c-e2d3-4c3d-94e0-f66b4aa98a83","block_type":"box","text":"purchase are made from a share class that charges a front load and one of the following (“Right of","page_number":5,"box":{"x":183,"y":584,"width":666,"height":11}},{"id":"b5cb51ca-204c-46c7-abfb-bd8afcc1dd4d","block_type":"box","text":"Reinstatement”):","page_number":5,"box":{"x":183,"y":599,"width":118,"height":11}},{"id":"ef7e5f60-78ba-4446-8d9e-fa431e20acba","block_type":"box","text":"• The redemption and repurchase occur in the same account.","page_number":5,"box":{"x":192,"y":630,"width":425,"height":12}},{"id":"9ae87471-230f-49ec-813f-97072c011482","block_type":"box","text":"• The redemption proceeds are used to process an: IRA contribution, return of excess contributions,","page_number":5,"box":{"x":192,"y":646,"width":690,"height":11}},{"id":"a01bb04c-3122-42f1-93c8-bdd199921838","block_type":"box","text":"conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an","page_number":5,"box":{"x":217,"y":661,"width":631,"height":12}},{"id":"9070c474-e8c4-46bd-ae89-01fd2a30ccd6","block_type":"box","text":"account within the same Edward Jones grouping for ROA.","page_number":5,"box":{"x":217,"y":677,"width":393,"height":11}},{"id":"61f8c328-2a1d-40e5-b92c-e8c82202038d","block_type":"box","text":"The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to,","page_number":5,"box":{"x":116,"y":708,"width":696,"height":11}},{"id":"2005952a-332b-44df-88e3-4777fad18b1c","block_type":"box","text":"purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from","page_number":5,"box":{"x":116,"y":723,"width":696,"height":12}},{"id":"b84157a9-c8ae-4897-a2c6-f1c2ea4578f0","block_type":"box","text":"non-mutual fund products.","page_number":5,"box":{"x":116,"y":739,"width":178,"height":11}},{"id":"a1c71988-cc67-4719-8896-1e9ee7aef393","block_type":"box","text":"• Shares exchanged into Investor A Shares from another share class so long as the exchange is into the","page_number":5,"box":{"x":158,"y":754,"width":705,"height":12}},{"id":"1ba8fbbc-03cd-49b1-8dc5-4c6ad6c03618","block_type":"box","text":"same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any","page_number":5,"box":{"x":184,"y":770,"width":667,"height":11}},{"id":"aa0b9d49-7a11-4095-9c45-856dc7f903c5","block_type":"box","text":"remaining CDSCs due to BlackRock, if applicable. Any future purchases are subject to the applicable","page_number":5,"box":{"x":183,"y":785,"width":685,"height":12}},{"id":"f0c9313c-1d61-4513-bb37-fb0805aa360a","block_type":"box","text":"sales charge as disclosed in the prospectus.","page_number":5,"box":{"x":184,"y":801,"width":288,"height":11}},{"id":"f0e3068d-c671-48e1-b215-b00a9eb2c46b","block_type":"box","text":"• Exchanges from Investor C Shares to Investor A Shares of the same fund, generally, in the 84th month","page_number":5,"box":{"x":158,"y":816,"width":717,"height":12}},{"id":"7ebd3d07-24d4-4d88-86ce-c24c1d3e451b","block_type":"box","text":"following the anniversary of the purchase date or earlier at the discretion of Edward Jones.","page_number":5,"box":{"x":183,"y":832,"width":615,"height":11}},{"id":"5a1d91ae-6751-45d1-a74b-9b548b18f31c","block_type":"box","text":"- 3 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shareholder.","page_number":6,"box":{"x":158,"y":150,"width":312,"height":11}},{"id":"19ef9e7a-768c-4003-8e4c-6eeac4a6fe9d","block_type":"box","text":"• Systematic withdrawals with up to 10% per year of the account value.","page_number":6,"box":{"x":158,"y":165,"width":501,"height":12}},{"id":"222ab1a2-5b74-4bed-80cd-f1351aff87b8","block_type":"box","text":"• Return of excess contributions from an IRA.","page_number":6,"box":{"x":158,"y":181,"width":329,"height":9}},{"id":"d7a4fc38-7036-459f-aee3-568265d36300","block_type":"box","text":"• Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the","page_number":6,"box":{"x":158,"y":196,"width":697,"height":12}},{"id":"676911c2-085e-4b18-885f-832575f7f522","block_type":"box","text":"redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS","page_number":6,"box":{"x":183,"y":212,"width":688,"height":11}},{"id":"758f1d30-0122-43ef-a7d2-986f49502f79","block_type":"box","text":"regulations.","page_number":6,"box":{"x":183,"y":227,"width":83,"height":12}},{"id":"19f9c668-4600-4b5f-8dad-67c5feafa2ce","block_type":"box","text":"• Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by","page_number":6,"box":{"x":158,"y":243,"width":713,"height":11}},{"id":"2dca188a-5d3c-4bc0-a902-93f628b8fca9","block_type":"box","text":"Edward Jones.","page_number":6,"box":{"x":183,"y":258,"width":102,"height":9}},{"id":"eab3a31f-3a1f-4c2f-9d5d-46cd71fb06f2","block_type":"box","text":"• Shares exchanged in an Edward Jones fee-based program.","page_number":6,"box":{"x":158,"y":274,"width":420,"height":11}},{"id":"9fc22499-4188-4990-9e6a-47e76d01acb6","block_type":"box","text":"• Shares acquired through a NAV 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none","page_number":6,"box":{"x":158,"y":405,"width":283,"height":12}},{"id":"2b534b05-3147-41cd-895d-31b3b6a83504","block_type":"box","text":"Minimum Balances","page_number":6,"box":{"x":116,"y":436,"width":144,"height":9}},{"id":"5cb168c2-4518-4a35-9507-89e5b43a60cf","block_type":"box","text":"• Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. 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These securities may be denominated and pay interest in U.S. dollars or other currencies","page_number":10,"box":{"x":61,"y":548,"width":863,"height":11}},{"id":"b3b405fb-b824-4c0f-a603-f12dda503f8e","block_type":"box","text":"and may be issued by U.S. or foreign governments or corporations.","page_number":10,"box":{"x":61,"y":563,"width":490,"height":11}},{"id":"8eba2436-a21a-454b-bb3a-c99ab61ce25f","block_type":"box","text":"The Fund will spread its investments among different types of fixed-income securities and different countries based","page_number":10,"box":{"x":60,"y":585,"width":849,"height":12}},{"id":"1494d79f-44ff-43dd-beb2-2a922402ceec","block_type":"box","text":"upon Fund management’s analysis of the yield, maturity and currency considerations affecting these securities. The","page_number":10,"box":{"x":61,"y":600,"width":851,"height":12}},{"id":"25618357-91d2-4e62-8adf-7ea7a1c80be8","block_type":"box","text":"Fund may invest in U.S. and foreign government and corporate fixed-income securities, including junk bonds and","page_number":10,"box":{"x":62,"y":615,"width":821,"height":11}},{"id":"eb6b413b-cd71-4db1-a713-c4250fc3310a","block_type":"box","text":"unrated securities. The Fund normally will invest at least 80% of its net assets plus any borrowings for investment","page_number":10,"box":{"x":61,"y":630,"width":838,"height":11}},{"id":"ae3aec84-7615-434f-b73e-0fb03b1ed64e","block_type":"box","text":"purposes in bonds and related derivative instruments with similar economic characteristics. For the purposes of this","page_number":10,"box":{"x":62,"y":644,"width":853,"height":12}},{"id":"7dc248f3-aefc-4481-9197-928760bf00c3","block_type":"box","text":"strategy, “bonds” include the following: obligations issued or guaranteed by the U.S. Government or a foreign","page_number":10,"box":{"x":61,"y":659,"width":801,"height":12}},{"id":"035fc0dc-1984-40cb-b32a-de41fd18a568","block_type":"box","text":"government or their agencies, instrumentalities or political subdivisions; mortgage-backed securities, including agency","page_number":10,"box":{"x":60,"y":674,"width":870,"height":12}},{"id":"38721311-233f-4b1c-914e-0ad56eb40fda","block_type":"box","text":"mortgage pass-through securities and commercial mortgage-backed securities; mortgage to-be-announced (“TBA”)","page_number":10,"box":{"x":61,"y":689,"width":840,"height":11}},{"id":"9992307f-eaea-499d-8ed0-de37412b6668","block_type":"box","text":"securities; debt obligations of U.S. or foreign issuers; municipal securities; and asset-backed securities. The Fund’s","page_number":10,"box":{"x":61,"y":704,"width":851,"height":11}},{"id":"704c4693-c8b5-40a7-907a-0cf208ebc7c8","block_type":"box","text":"investments in derivatives will be counted toward the Fund’s 80% policy to the extent that they provide investment","page_number":10,"box":{"x":62,"y":719,"width":837,"height":11}},{"id":"0696d5d9-f583-4f0d-8266-cd4ad73e2a33","block_type":"box","text":"exposure to the securities included within that policy or to one or more market risk factors associated with such","page_number":10,"box":{"x":61,"y":733,"width":821,"height":12}},{"id":"1d451e01-cdaf-4179-b5c6-5cb8af80a6ae","block_type":"box","text":"securities. The Fund may invest up to 100% of its assets in securities classified as junk bonds.","page_number":10,"box":{"x":61,"y":748,"width":700,"height":12}},{"id":"bd59a971-fb4e-47dc-8516-00815a93c27d","block_type":"box","text":"Under normal circumstances, the Fund anticipates it will allocate a substantial amount (approximately 40% or more —","page_number":10,"box":{"x":62,"y":771,"width":869,"height":11}},{"id":"3677f21e-5dec-48e4-b8e8-746642327575","block_type":"box","text":"unless market conditions are not deemed favorable by BlackRock, in which case the Fund would invest at least 30%)","page_number":10,"box":{"x":61,"y":786,"width":857,"height":11}},{"id":"b70ec3eb-6065-43e3-bf2b-e1ff156819fd","block_type":"box","text":"of its total assets in securities (i) of foreign government issuers, (ii) of issuers organized or located outside the U.S.,","page_number":10,"box":{"x":61,"y":800,"width":856,"height":12}},{"id":"eb094de6-8d74-4f46-b4aa-4c7120adffeb","block_type":"box","text":"(iii) of issuers which primarily trade in a market located outside the U.S., or (iv) of issuers doing a substantial amount","page_number":10,"box":{"x":61,"y":815,"width":862,"height":12}},{"id":"b34503c7-93a4-46a1-b414-58a94c0280b1","block_type":"box","text":"of business outside the U.S., which the Fund considers to be companies that derive at least 50% of their revenue or","page_number":10,"box":{"x":61,"y":830,"width":854,"height":11}},{"id":"c4c2afc6-915f-43ff-b82f-f5e307472b69","block_type":"box","text":"profits from business outside the U.S. or have at least 50% of their sales or assets outside the U.S. The Fund will","page_number":10,"box":{"x":62,"y":845,"width":836,"height":11}},{"id":"b9da1ee2-0c13-41c5-bc1b-febd672b51a5","block_type":"box","text":"allocate its assets among various regions and countries, including the United States (but in no less than three","page_number":10,"box":{"x":61,"y":860,"width":811,"height":11}},{"id":"0ac9a236-b526-4593-a115-f87b59bfb85b","block_type":"box","text":"different countries). For temporary defensive purposes the Fund may deviate very substantially from the allocation","page_number":10,"box":{"x":61,"y":875,"width":838,"height":11}},{"id":"88a7e534-6e07-4c7c-956e-3e04f1d6cec7","block_type":"box","text":"described above.","page_number":10,"box":{"x":61,"y":890,"width":123,"height":9}},{"id":"01498321-0e00-4407-96e0-f1c72a722c0c","block_type":"box","text":"4","page_number":10,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"60815091-6bb5-4107-80b7-fb570325e2e7","block_type":"box","text":"NM1026U-5982664-10/82","page_number":10,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"04b4c640-8d47-4754-9da3-96f1143dcef8","block_type":"box","text":"The Fund may invest in securities of any maturity or duration. The average maturity of the Fund’s portfolio securities","page_number":11,"box":{"x":60,"y":46,"width":851,"height":11}},{"id":"fca6d53b-c1da-45b5-8db5-807bc5cfa63d","block_type":"box","text":"will vary based upon BlackRock’s view of economic and market conditions. However, the Fund does not expect the","page_number":11,"box":{"x":60,"y":60,"width":841,"height":12}},{"id":"1d78a364-160e-4a13-b20a-f2908f29f3d1","block_type":"box","text":"average maturity of its portfolio to exceed fifteen years.","page_number":11,"box":{"x":61,"y":75,"width":406,"height":12}},{"id":"731f72e0-dba3-406c-83d8-6fb8b7fdd29a","block_type":"box","text":"Fund management presently expects that the Fund will invest primarily in securities denominated in the currencies","page_number":11,"box":{"x":62,"y":98,"width":838,"height":11}},{"id":"c206df01-864d-4d1e-af99-7c157e64fa66","block_type":"box","text":"represented in the Bloomberg Global Aggregate Bond Index, but the Fund also can invest in securities denominated in","page_number":11,"box":{"x":61,"y":113,"width":865,"height":11}},{"id":"3af9797a-bba2-4bd7-9828-e0a3da370525","block_type":"box","text":"other currencies. Issuers of securities may not always be located in the country in whose currency the securities are","page_number":11,"box":{"x":61,"y":127,"width":855,"height":12}},{"id":"fdc9b375-73ff-4b75-b216-c8de016f8831","block_type":"box","text":"denominated. The Fund’s investments ordinarily will be denominated in at least three currencies. No set portion of the","page_number":11,"box":{"x":61,"y":142,"width":871,"height":12}},{"id":"1cedc0ef-6c2d-4c4c-b4a2-2fb5814fd8e1","block_type":"box","text":"Fund’s investments is required to be denominated in any particular currency. Substantially all of the Fund’s","page_number":11,"box":{"x":62,"y":157,"width":786,"height":12}},{"id":"f1fcd457-724d-43e6-9be8-8c3ea6d0d2af","block_type":"box","text":"investments may be denominated in a single currency, including U.S. dollars.","page_number":11,"box":{"x":62,"y":172,"width":563,"height":12}},{"id":"ce55ffff-bd9b-45f8-b3b2-b235ce053ada","block_type":"box","text":"The Fund may invest in several different kinds of securities issued by the U.S. Government. These include U.S.","page_number":11,"box":{"x":60,"y":195,"width":815,"height":11}},{"id":"202171b8-7056-42fe-80ac-8fdcb00c023b","block_type":"box","text":"Treasury obligations (bills, notes and bonds) that have different interest rates and maturities and are issued at","page_number":11,"box":{"x":60,"y":209,"width":818,"height":12}},{"id":"d821d2c6-6b9a-485d-b524-da4a0da81960","block_type":"box","text":"different times. These securities are backed by the full faith and credit of the U.S. Government. The Fund also may","page_number":11,"box":{"x":61,"y":224,"width":844,"height":12}},{"id":"3a74c75a-41b5-4ac5-973d-58c0793ae11e","block_type":"box","text":"invest in obligations issued or guaranteed by U.S. Government agencies or other U.S. Government organizations.","page_number":11,"box":{"x":62,"y":239,"width":827,"height":12}},{"id":"09afecc2-fd71-463d-ac62-4a39a81dca7a","block_type":"box","text":"These include but are not limited to government guaranteed mortgage-related or asset-backed securities. Some of","page_number":11,"box":{"x":60,"y":254,"width":841,"height":11}},{"id":"06ba5abf-87e7-494c-b0fb-636673b8e792","block_type":"box","text":"these securities may be backed by the full faith and credit of the U.S. Treasury, some may be supported by the right of","page_number":11,"box":{"x":60,"y":269,"width":874,"height":11}},{"id":"9dcee629-ce56-40bf-8177-5012bd6c518c","block_type":"box","text":"the issuer to borrow from the U.S. Treasury, and some are backed only by the credit of the issuer itself.","page_number":11,"box":{"x":60,"y":283,"width":761,"height":12}},{"id":"16f1f939-1b32-4e4a-abc5-059b84893bd0","block_type":"box","text":"The obligations of foreign governments and their related organizations have various kinds of government support.","page_number":11,"box":{"x":60,"y":306,"width":833,"height":12}},{"id":"71ba0962-6b32-437c-8a8b-46127b3e0dba","block_type":"box","text":"These obligations may or may not be supported by the full faith and credit of a foreign government. The Fund may","page_number":11,"box":{"x":60,"y":321,"width":836,"height":11}},{"id":"007d8417-4861-4efd-a47a-ea1b16afe856","block_type":"box","text":"invest in securities issued by international organizations designated or supported by governments or government","page_number":11,"box":{"x":62,"y":336,"width":829,"height":11}},{"id":"db3bbaa5-92da-49ff-9943-90b3ea7c04d3","block_type":"box","text":"agencies to promote economic reconstruction or development.","page_number":11,"box":{"x":61,"y":351,"width":458,"height":11}},{"id":"418c3ce2-e654-4774-8e99-b7be3f4954a8","block_type":"box","text":"The debt securities in which the Fund invests may include credit-linked notes, credit-linked trust certificates, structured","page_number":11,"box":{"x":60,"y":373,"width":875,"height":12}},{"id":"35b44482-24e9-4138-959f-a9398bfe4bfe","block_type":"box","text":"notes or other instruments evidencing interests in special purpose vehicles, trusts or other entities that hold or","page_number":11,"box":{"x":61,"y":388,"width":818,"height":11}},{"id":"1e2e44f2-f095-4b09-9385-d7bc7432cee7","block_type":"box","text":"represent interests in debt securities. In addition, the Fund may invest in corporate loans.","page_number":11,"box":{"x":61,"y":403,"width":659,"height":11}},{"id":"7947f94d-1f1f-4030-8c04-d88772a06626","block_type":"box","text":"The Fund may use a variety of portfolio strategies to hedge its portfolio against interest rate and currency risk, or to","page_number":11,"box":{"x":60,"y":425,"width":852,"height":12}},{"id":"1ee17b12-b914-40b3-bb0e-c80260834956","block_type":"box","text":"seek to enhance its return. These strategies include the use of derivatives, such as options on portfolio positions or","page_number":11,"box":{"x":61,"y":440,"width":856,"height":12}},{"id":"949bf941-9190-4c04-9e8f-d9a250728c03","block_type":"box","text":"currencies, financial and currency futures and options on these futures, forward foreign currency transactions, interest","page_number":11,"box":{"x":61,"y":455,"width":873,"height":12}},{"id":"45cdbc7b-caf2-4511-b859-5322a526b207","block_type":"box","text":"rate swaps and credit default swaps. Derivatives are financial instruments whose value is derived from another","page_number":11,"box":{"x":61,"y":470,"width":817,"height":11}},{"id":"9e208fef-54e3-4c45-b75d-724929ca58db","block_type":"box","text":"security or an index such as the Bloomberg Global Aggregate Bond Index. The Fund may invest in indexed and inverse","page_number":11,"box":{"x":61,"y":485,"width":863,"height":11}},{"id":"0b46de57-63c7-47b2-b203-1559bab0f598","block_type":"box","text":"securities.","page_number":11,"box":{"x":61,"y":500,"width":74,"height":9}},{"id":"2c994d39-f0b7-408c-b08d-29500c83e0b5","block_type":"box","text":"The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets","page_number":11,"box":{"x":60,"y":522,"width":863,"height":11}},{"id":"aeffa4b3-2f25-4577-b9cb-81063bcfdf61","block_type":"box","text":"through investment in commodity-linked derivative instruments and investment vehicles such as exchange traded","page_number":11,"box":{"x":60,"y":537,"width":831,"height":11}},{"id":"00246abf-1960-4a1a-8120-2594a5f8179a","block_type":"box","text":"funds that exclusively invest in commodities and are designed to provide this exposure without direct investment in","page_number":11,"box":{"x":60,"y":552,"width":846,"height":11}},{"id":"3ef18b42-d8cd-4e64-85a3-041ceca57895","block_type":"box","text":"physical commodities. The Fund may also gain exposure to commodity markets by investing up to 25% of its total","page_number":11,"box":{"x":62,"y":566,"width":831,"height":12}},{"id":"d60ad0d9-c058-42d1-8fdb-7ab981aa51fa","block_type":"box","text":"assets in the Subsidiary, a wholly owned subsidiary of the Fund formed in the Cayman Islands, which invests primarily","page_number":11,"box":{"x":61,"y":581,"width":868,"height":12}},{"id":"b755bfc5-96aa-4a7d-ace7-97cdae4acd2c","block_type":"box","text":"in commodity-related instruments.","page_number":11,"box":{"x":62,"y":596,"width":248,"height":12}},{"id":"68d57535-634c-4961-b520-5ad91849a97a","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":11,"box":{"x":61,"y":635,"width":354,"height":14}},{"id":"8d364d8c-19dd-4d90-985d-c8c9e155b7c8","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":11,"box":{"x":62,"y":661,"width":860,"height":12}},{"id":"a96a104d-82b5-4eb2-979f-78d2f900b658","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":11,"box":{"x":61,"y":676,"width":802,"height":12}},{"id":"4dd4675e-8219-440b-b46a-ef2eb2011a17","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":11,"box":{"x":62,"y":691,"width":866,"height":11}},{"id":"c550cc62-db95-444b-9512-f65fc5adccd1","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":11,"box":{"x":62,"y":706,"width":869,"height":11}},{"id":"b4519fa1-a5b1-4e5c-b914-ef9379485b8a","block_type":"box","text":"Government agency. The following is a summary description of principal risks of investing in the Fund. The relative","page_number":11,"box":{"x":61,"y":720,"width":837,"height":12}},{"id":"ad4da83b-550e-48d2-8aae-640f03f7fc1c","block_type":"box","text":"significance of each risk factor below may change over time and you should review each risk factor carefully.","page_number":11,"box":{"x":61,"y":735,"width":793,"height":12}},{"id":"401158cc-3b85-4a6b-95d1-575dc9b7b868","block_type":"box","text":"Debt Securities Risk","page_number":11,"box":{"x":81,"y":755,"width":155,"height":10}},{"id":"2c00ffd2-a207-49f5-9a7c-fdc61ed4bb21","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":11,"box":{"x":240,"y":756,"width":633,"height":10}},{"id":"fb152794-acfd-4f6e-8376-f7e93b1b31df","block_type":"box","text":"extension risk, and prepayment risk, each of which is described in further detail below:","page_number":11,"box":{"x":81,"y":770,"width":637,"height":12}},{"id":"9a38a1ec-0659-44c5-8529-1a406ee914dd","block_type":"box","text":"Credit Risk","page_number":11,"box":{"x":82,"y":790,"width":80,"height":9}},{"id":"d68abb10-a583-4e1d-a0db-f4b7e0bbf466","block_type":"box","text":"— Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be","page_number":11,"box":{"x":166,"y":790,"width":737,"height":12}},{"id":"38e58bde-f670-4cfb-a320-abc614bc0be5","block_type":"box","text":"able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s","page_number":11,"box":{"x":81,"y":805,"width":816,"height":12}},{"id":"cb97eefe-6894-4009-81e6-da8c05277dd3","block_type":"box","text":"perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The","page_number":11,"box":{"x":82,"y":820,"width":826,"height":11}},{"id":"7a3ba666-cebb-4fd4-a855-e96ee2639fca","block_type":"box","text":"degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.","page_number":11,"box":{"x":81,"y":835,"width":777,"height":11}},{"id":"7d421745-435d-4057-9c2c-99f4ff284e6b","block_type":"box","text":"Interest Rate Risk","page_number":11,"box":{"x":82,"y":855,"width":132,"height":9}},{"id":"68346b5e-d4d4-424d-bb3d-2f3ddbe0176c","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":11,"box":{"x":218,"y":855,"width":704,"height":11}},{"id":"e2c53902-4773-46ac-965c-2aee123514f6","block_type":"box","text":"rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities","page_number":11,"box":{"x":82,"y":869,"width":835,"height":12}},{"id":"3e06fa0b-c59e-4ffa-9344-8e7064543fd6","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":11,"box":{"x":80,"y":884,"width":513,"height":9}},{"id":"a76fdc1a-9fce-48d1-9427-7916dee804c5","block_type":"box","text":"5","page_number":11,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"31b0207e-f4cc-4980-8925-83ee22df8d81","block_type":"box","text":"NM1026U-5982664-11/82","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b213823d-b9e0-4acc-97b6-d83643af75da","block_type":"box","text":"The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. For","page_number":12,"box":{"x":81,"y":46,"width":855,"height":11}},{"id":"d7954b46-42db-4bc3-9bee-cb6da64a25c5","block_type":"box","text":"example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors","page_number":12,"box":{"x":81,"y":60,"width":834,"height":12}},{"id":"237ebebe-e2e3-40a8-8a31-87bfb4a794bd","block_type":"box","text":"being equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of","page_number":12,"box":{"x":81,"y":75,"width":849,"height":12}},{"id":"47b84f96-1323-449f-a755-0d2c92bdc2cf","block_type":"box","text":"the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates). The","page_number":12,"box":{"x":80,"y":90,"width":803,"height":12}},{"id":"a446fe8a-93ee-43ca-b04f-48d99b05aa4c","block_type":"box","text":"magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater","page_number":12,"box":{"x":82,"y":105,"width":838,"height":12}},{"id":"29363b97-47d7-4f3f-b8c2-9e2da97be805","block_type":"box","text":"for those securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect","page_number":12,"box":{"x":81,"y":120,"width":849,"height":11}},{"id":"9d55b05f-f344-41cd-b881-8fdbe35a047f","block_type":"box","text":"interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset","page_number":12,"box":{"x":82,"y":135,"width":833,"height":11}},{"id":"22f34d57-09f5-498a-9b92-4439d112ce3e","block_type":"box","text":"value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by","page_number":12,"box":{"x":80,"y":149,"width":852,"height":12}},{"id":"3431b019-7993-4ae2-8bd3-d6ea17cc766a","block_type":"box","text":"Fund management.","page_number":12,"box":{"x":82,"y":165,"width":138,"height":11}},{"id":"72cd4d05-0d63-49e7-9a90-6ff702915051","block_type":"box","text":"To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage","page_number":12,"box":{"x":81,"y":184,"width":852,"height":12}},{"id":"41414aed-ca58-435d-9d37-6016b76d1ff9","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":12,"box":{"x":81,"y":199,"width":840,"height":12}},{"id":"efcb8dd7-900d-4d59-a732-3d3bfd6b9ff4","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset","page_number":12,"box":{"x":80,"y":214,"width":834,"height":11}},{"id":"1562f396-6467-4c8c-aa88-71e401f636fb","block_type":"box","text":"only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be","page_number":12,"box":{"x":81,"y":229,"width":803,"height":11}},{"id":"291f42a6-c360-4218-bd7b-09fabab28945","block_type":"box","text":"expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate","page_number":12,"box":{"x":81,"y":244,"width":839,"height":11}},{"id":"066542aa-bafe-4b68-b300-dfe416050711","block_type":"box","text":"debt securities.","page_number":12,"box":{"x":81,"y":259,"width":112,"height":9}},{"id":"6ec4fe6a-d22b-4543-8100-90100f9ba8b0","block_type":"box","text":"These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith","page_number":12,"box":{"x":81,"y":278,"width":839,"height":12}},{"id":"a0496572-72da-4164-89f6-ead2f6e01217","block_type":"box","text":"and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not","page_number":12,"box":{"x":81,"y":293,"width":839,"height":12}},{"id":"0c1b5ba4-cab3-40d2-b134-0dcd117c5b8f","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":12,"box":{"x":82,"y":308,"width":831,"height":12}},{"id":"a1ace0f9-34a5-4f94-bdaf-0869b9a5de5b","block_type":"box","text":"value when interest rates change.","page_number":12,"box":{"x":80,"y":323,"width":248,"height":11}},{"id":"006d56a6-2a47-4449-b9a1-d294070582b2","block_type":"box","text":"A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large","page_number":12,"box":{"x":81,"y":343,"width":855,"height":11}},{"id":"829b7666-91f7-4cad-a356-ef6863c672ed","block_type":"box","text":"scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy","page_number":12,"box":{"x":81,"y":358,"width":801,"height":11}},{"id":"37b86519-8416-4a4b-9a94-4b268fb36035","block_type":"box","text":"redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could","page_number":12,"box":{"x":82,"y":373,"width":827,"height":11}},{"id":"5ad850f5-5a13-45d0-b163-b3fdffe01930","block_type":"box","text":"hurt the Fund’s performance.","page_number":12,"box":{"x":82,"y":387,"width":214,"height":11}},{"id":"febf3c2e-6841-4071-b68f-3b42ad17273d","block_type":"box","text":"Extension Risk","page_number":12,"box":{"x":82,"y":408,"width":107,"height":8}},{"id":"0178e7e0-23b7-4ea9-b325-eb09a37fcc42","block_type":"box","text":"— When interest rates rise, certain obligations will be paid off by the obligor more slowly than","page_number":12,"box":{"x":193,"y":407,"width":691,"height":12}},{"id":"05e1119d-e30e-4299-84d8-a109d3c011a2","block_type":"box","text":"anticipated, causing the value of these obligations to fall.","page_number":12,"box":{"x":81,"y":422,"width":420,"height":12}},{"id":"a01fe62a-3ad9-43de-bdf5-1ad3a7976e78","block_type":"box","text":"Prepayment Risk","page_number":12,"box":{"x":81,"y":442,"width":124,"height":11}},{"id":"f325698a-13f1-48a4-a178-75476c9bf27a","block_type":"box","text":"— When interest rates fall, certain obligations will be paid off by the obligor more quickly than","page_number":12,"box":{"x":209,"y":442,"width":691,"height":12}},{"id":"a9cb7104-e86e-4bb7-857e-7acf4217b6ab","block_type":"box","text":"originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.","page_number":12,"box":{"x":81,"y":457,"width":724,"height":11}},{"id":"5174298a-a394-424e-b83b-1d8ae7ec2485","block_type":"box","text":"Foreign Securities Risk","page_number":12,"box":{"x":81,"y":477,"width":176,"height":11}},{"id":"811a47c8-fb52-4b46-98f2-5fcd3aa36d27","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":12,"box":{"x":260,"y":477,"width":668,"height":11}},{"id":"57d7b92d-4a82-4320-86b4-ed0abfc965ee","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":12,"box":{"x":82,"y":492,"width":531,"height":11}},{"id":"26a7941c-e42b-492d-87cd-ee78aff6b90f","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":12,"box":{"x":101,"y":512,"width":823,"height":11}},{"id":"beae68f3-1cb5-4f91-b380-378790e09bee","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":12,"box":{"x":102,"y":526,"width":823,"height":12}},{"id":"6da5d954-4fca-4877-a8d6-4f955086930e","block_type":"box","text":"oversight.","page_number":12,"box":{"x":101,"y":542,"width":70,"height":11}},{"id":"129243ca-9016-49b9-87c4-c4eddc6f4c88","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.","page_number":12,"box":{"x":101,"y":561,"width":644,"height":12}},{"id":"6abc9d2e-2fe6-4b9b-ba42-7524e1dee251","block_type":"box","text":"The economies of certain foreign markets may not compare favorably with the economy of the United States with","page_number":12,"box":{"x":101,"y":581,"width":830,"height":12}},{"id":"deb9d20b-c4d8-40c9-8e45-2f8cc6ee5e42","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":12,"box":{"x":102,"y":596,"width":808,"height":12}},{"id":"c9ff4948-a104-415a-bd59-080422611bfd","block_type":"box","text":"payments position.","page_number":12,"box":{"x":102,"y":611,"width":137,"height":11}},{"id":"de744946-93de-491b-82e0-3b0d5e9b6176","block_type":"box","text":"The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or","page_number":12,"box":{"x":101,"y":631,"width":821,"height":11}},{"id":"60ae0176-2ce9-4b2e-af30-34694b152eec","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":12,"box":{"x":102,"y":646,"width":809,"height":11}},{"id":"4a74ea30-576f-4568-907e-257752a9f29e","block_type":"box","text":"markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":12,"box":{"x":102,"y":661,"width":784,"height":11}},{"id":"0d933450-96f3-4d24-aad2-8fad0139e63b","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":12,"box":{"x":101,"y":676,"width":352,"height":11}},{"id":"4ae3c0af-7309-4e28-9b81-55913c301e05","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":12,"box":{"x":102,"y":695,"width":823,"height":12}},{"id":"da22fa73-7859-4420-8d99-0aaabe6e37bd","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":12,"box":{"x":101,"y":710,"width":811,"height":12}},{"id":"592fc678-4603-4632-899b-c16edaee1614","block_type":"box","text":"U.S. securities laws.","page_number":12,"box":{"x":102,"y":725,"width":148,"height":9}},{"id":"2a0aace7-ac69-48b8-9fc0-94d23b8b3852","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of","page_number":12,"box":{"x":101,"y":745,"width":834,"height":12}},{"id":"02b03dcc-4af5-4a6f-81ae-d6abd576f97c","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":12,"box":{"x":101,"y":760,"width":628,"height":11}},{"id":"17cd948e-35d7-4827-b464-cb9d4711db4e","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":12,"box":{"x":101,"y":780,"width":830,"height":11}},{"id":"01f98790-7741-4fe3-b6ef-9ee1c1263660","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":12,"box":{"x":101,"y":795,"width":831,"height":11}},{"id":"39d91370-3313-40f5-805a-b97dbbdf1f30","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":12,"box":{"x":101,"y":809,"width":813,"height":12}},{"id":"561b4253-c511-4826-b78b-eae3ae477d22","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":12,"box":{"x":101,"y":824,"width":395,"height":12}},{"id":"79f71ec8-be72-451d-8157-199ab13dbf65","block_type":"box","text":"Emerging Markets Risk","page_number":12,"box":{"x":81,"y":844,"width":178,"height":12}},{"id":"cf328498-168d-475a-a2fa-f9afc2b598d1","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":12,"box":{"x":263,"y":845,"width":617,"height":11}},{"id":"6a50c11e-195b-4c1f-9ae5-9144c91cfd8a","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":12,"box":{"x":81,"y":859,"width":825,"height":12}},{"id":"f4863b64-ee17-46f8-b1dc-f2b5b358ad7f","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":12,"box":{"x":82,"y":874,"width":822,"height":11}},{"id":"e06f390a-19bd-4c84-8ed1-5efe7b8f3573","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":12,"box":{"x":82,"y":889,"width":816,"height":11}},{"id":"443b91c6-5a05-4aeb-ac35-dc8c361d6751","block_type":"box","text":"liquidity than developed markets.","page_number":12,"box":{"x":82,"y":904,"width":240,"height":11}},{"id":"96b90f85-e188-4060-8885-cd1ed0295f37","block_type":"box","text":"6","page_number":12,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"032c19d2-ded3-4086-a51b-b19c38d82414","block_type":"box","text":"NM1026U-5982664-12/82","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"38162801-22b6-4383-b1a7-39d3ac81c14e","block_type":"box","text":"Commodities Related Investments Risk","page_number":13,"box":{"x":81,"y":46,"width":298,"height":9}},{"id":"9a3eb5a3-37c1-4db9-8850-269b9c26b0f6","block_type":"box","text":"—","page_number":13,"box":{"x":384,"y":51,"width":17,"height":1}},{"id":"84e00a64-d535-40eb-a27d-6113afcaceec","block_type":"box","text":"Exposure to the commodities markets may subject the Fund to greater","page_number":13,"box":{"x":406,"y":46,"width":517,"height":11}},{"id":"41c36610-b3c3-49e3-998a-b6c7080fd56e","block_type":"box","text":"volatility than investments in traditional securities. The value of commodity-linked derivative investments may be","page_number":13,"box":{"x":80,"y":60,"width":824,"height":12}},{"id":"d391ac13-6237-448a-b17b-c46f4cd4493f","block_type":"box","text":"affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates, or","page_number":13,"box":{"x":81,"y":75,"width":849,"height":12}},{"id":"6fe0ec73-9841-43d7-aba8-5cd629fc7d86","block_type":"box","text":"factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and","page_number":13,"box":{"x":81,"y":90,"width":804,"height":12}},{"id":"d55d9305-f09a-4d90-86ff-94a07750c325","block_type":"box","text":"international economic, political and regulatory developments.","page_number":13,"box":{"x":82,"y":105,"width":455,"height":12}},{"id":"002a0099-892e-42d3-b3db-f4ecd7643a8a","block_type":"box","text":"Corporate Loans Risk","page_number":13,"box":{"x":81,"y":125,"width":162,"height":11}},{"id":"e9d78043-2388-4fbf-941a-6ebf287b81b5","block_type":"box","text":"— Commercial banks and other financial institutions or institutional investors make corporate","page_number":13,"box":{"x":247,"y":125,"width":689,"height":11}},{"id":"790edf1b-e819-4b1e-aeea-0eb57db53fe9","block_type":"box","text":"loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at","page_number":13,"box":{"x":82,"y":140,"width":845,"height":11}},{"id":"423e0009-64c9-4444-8e9d-584d3f5dc6db","block_type":"box","text":"rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate","page_number":13,"box":{"x":82,"y":155,"width":827,"height":11}},{"id":"e531f206-88a9-4fca-bebf-eb180b5690e9","block_type":"box","text":"(“SOFR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less","page_number":13,"box":{"x":81,"y":169,"width":821,"height":12}},{"id":"2495243a-f223-4a8e-ac2d-700dbfbd28a8","block_type":"box","text":"exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest.","page_number":13,"box":{"x":81,"y":184,"width":840,"height":12}},{"id":"956fa853-c118-42ee-98f9-eef3c303108f","block_type":"box","text":"The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition,","page_number":13,"box":{"x":81,"y":199,"width":826,"height":12}},{"id":"733150cb-53ba-4883-97c9-29d4c7c0499b","block_type":"box","text":"transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate","page_number":13,"box":{"x":80,"y":214,"width":846,"height":11}},{"id":"31d96e31-2ed9-452e-81a4-2d944a6d5407","block_type":"box","text":"loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. To","page_number":13,"box":{"x":82,"y":229,"width":847,"height":11}},{"id":"40eb25bd-59c7-4123-88d9-3cce5aac2b78","block_type":"box","text":"the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional","page_number":13,"box":{"x":80,"y":244,"width":830,"height":11}},{"id":"85e49290-2b57-4cc6-b6f7-423666bb90fb","block_type":"box","text":"cash, sell investments or temporarily borrow from banks and other lenders. The corporate loans in which the Fund","page_number":13,"box":{"x":81,"y":258,"width":837,"height":12}},{"id":"96fee430-ae45-46b8-9f6e-b59866b9fd37","block_type":"box","text":"invests are usually rated below investment grade.","page_number":13,"box":{"x":82,"y":273,"width":362,"height":12}},{"id":"58cf274b-4a45-4116-b282-8f287a8234e0","block_type":"box","text":"Derivatives Risk","page_number":13,"box":{"x":81,"y":293,"width":123,"height":9}},{"id":"ed8e233f-d177-4e8d-ba05-cf2415d4c19c","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":13,"box":{"x":207,"y":293,"width":664,"height":12}},{"id":"9ccd0f36-f4e1-4a94-86c2-4ee0f244f366","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":13,"box":{"x":82,"y":308,"width":469,"height":12}},{"id":"71c02fdc-b3b4-4702-907e-8586caf260c3","block_type":"box","text":"Leverage Risk","page_number":13,"box":{"x":82,"y":328,"width":102,"height":12}},{"id":"e9246ced-5c5d-40ed-80f3-89cbe19982d9","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":13,"box":{"x":188,"y":328,"width":723,"height":12}},{"id":"c69dc68d-8888-4b65-adb5-aea6a7313be9","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":13,"box":{"x":82,"y":343,"width":832,"height":11}},{"id":"5adc9f3f-ee2d-42f4-9ac4-6a419684e000","block_type":"box","text":"exceed the amount originally invested.","page_number":13,"box":{"x":81,"y":358,"width":280,"height":11}},{"id":"7db5db7b-fab7-4bcc-9c39-d22108ff5feb","block_type":"box","text":"Market Risk","page_number":13,"box":{"x":82,"y":378,"width":87,"height":9}},{"id":"1363650c-c5fd-4c4d-be7b-ecc25619b28b","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":13,"box":{"x":173,"y":378,"width":728,"height":11}},{"id":"013b6110-4d5f-4870-be22-8d11719edb4f","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":13,"box":{"x":81,"y":392,"width":834,"height":12}},{"id":"e6fe16c6-e1f8-42cc-ae14-da4dd820a915","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":13,"box":{"x":82,"y":408,"width":832,"height":11}},{"id":"fd8d0e7a-ff6c-4ec9-88f2-8f5f0801f18e","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":13,"box":{"x":80,"y":422,"width":779,"height":11}},{"id":"6d2913fd-dcee-4abd-9c55-19d73844141b","block_type":"box","text":"derivatives positions to lose value.","page_number":13,"box":{"x":81,"y":437,"width":253,"height":11}},{"id":"0e15ce8b-dd83-4f8c-92b2-cc3bbe4bb2c8","block_type":"box","text":"Counterpar ty Risk","page_number":13,"box":{"x":82,"y":457,"width":131,"height":11}},{"id":"dbbf7f74-84b1-445d-854f-cf73a20cb69e","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":13,"box":{"x":217,"y":457,"width":697,"height":11}},{"id":"ed9337e8-14c7-48e8-a11c-0edc7354bb7a","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":13,"box":{"x":80,"y":472,"width":855,"height":11}},{"id":"2f575b67-9ab6-4f5b-9375-1fae7f1e9483","block_type":"box","text":"exposure to such a counterparty.","page_number":13,"box":{"x":81,"y":487,"width":240,"height":11}},{"id":"096c189b-041f-463c-847b-b64b6192f523","block_type":"box","text":"Illiquidity Risk","page_number":13,"box":{"x":82,"y":507,"width":100,"height":11}},{"id":"031d5e38-e3f9-4b8b-865a-4dfa4294f7e2","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":13,"box":{"x":186,"y":506,"width":750,"height":12}},{"id":"e780e1bf-615e-4c54-81e2-7837f305dca4","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":13,"box":{"x":80,"y":522,"width":839,"height":11}},{"id":"cb774b98-f1a3-47e5-83e2-d2602e0d2fe0","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":13,"box":{"x":81,"y":536,"width":293,"height":12}},{"id":"4093fe75-a96f-4b2b-8061-f0d421d4625e","block_type":"box","text":"Operational Risk","page_number":13,"box":{"x":82,"y":556,"width":120,"height":11}},{"id":"33099e1e-d1ad-41dc-9317-a3ed85cdd0dc","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":13,"box":{"x":206,"y":556,"width":727,"height":12}},{"id":"7418786f-74ea-4b9d-a421-1e91de3a72c8","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":13,"box":{"x":82,"y":571,"width":607,"height":11}},{"id":"18e3c530-c622-440b-a1a0-2039bc1d5348","block_type":"box","text":"Legal Risk","page_number":13,"box":{"x":82,"y":591,"width":75,"height":12}},{"id":"c1287d8f-0b44-41a7-9d58-7857a5d2eb64","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":13,"box":{"x":161,"y":591,"width":761,"height":12}},{"id":"ab100029-50f6-40f0-997e-4fe7af9a20cb","block_type":"box","text":"enforceability of a contract.","page_number":13,"box":{"x":81,"y":606,"width":198,"height":11}},{"id":"f410823a-0809-41cd-b870-0ea6cf8744b4","block_type":"box","text":"Volatility and Correlation Risk","page_number":13,"box":{"x":83,"y":626,"width":214,"height":11}},{"id":"b0d1cab4-c22b-41b3-934c-c88d5a7839aa","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":13,"box":{"x":300,"y":626,"width":590,"height":11}},{"id":"3d3a267f-36a9-451d-93a2-1a91fa5438ba","block_type":"box","text":"fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the","page_number":13,"box":{"x":81,"y":641,"width":775,"height":11}},{"id":"8f61fafd-272d-4b3f-b161-fb92d30cf8ee","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":13,"box":{"x":81,"y":655,"width":589,"height":12}},{"id":"0e25ca47-bbe9-4308-be89-9015da6175f1","block_type":"box","text":"Valuation Risk","page_number":13,"box":{"x":83,"y":676,"width":102,"height":9}},{"id":"7457029f-6dca-4d2d-a33a-41ca04f89318","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":13,"box":{"x":189,"y":675,"width":747,"height":12}},{"id":"e1e42f54-29f4-43d7-bdf3-ce335d8a2915","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":13,"box":{"x":82,"y":690,"width":783,"height":12}},{"id":"80779d12-1900-41ed-91b0-b18627fe0145","block_type":"box","text":"instruments or quote prices for them.","page_number":13,"box":{"x":82,"y":705,"width":273,"height":11}},{"id":"fcab6313-4fb6-41d5-9762-a5f4a8d48e99","block_type":"box","text":"Hedging Risk","page_number":13,"box":{"x":82,"y":725,"width":95,"height":12}},{"id":"1d4f2e8b-ceac-44db-9a26-a46f85bcc9d1","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":13,"box":{"x":181,"y":725,"width":728,"height":12}},{"id":"f1789d6a-119c-43d8-b100-1e9dd390b411","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":13,"box":{"x":81,"y":740,"width":839,"height":11}},{"id":"dd7d5c11-745c-45c8-b38d-33d7088eecea","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":13,"box":{"x":82,"y":755,"width":354,"height":11}},{"id":"d8588cb3-66fd-40aa-ae16-1a6cba364936","block_type":"box","text":"Tax Risk","page_number":13,"box":{"x":83,"y":775,"width":59,"height":9}},{"id":"d8e2f1ef-b97a-43aa-bc89-a7146c142e20","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":13,"box":{"x":145,"y":775,"width":719,"height":11}},{"id":"d7608110-a4b7-4f83-9f71-d36344e6f2cd","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":13,"box":{"x":81,"y":789,"width":801,"height":12}},{"id":"1f6fd98d-0d6a-4a58-8b80-c9e11cfda55b","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":13,"box":{"x":82,"y":804,"width":802,"height":12}},{"id":"70a0f661-e260-4830-8a4d-8cb6d3010dd3","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":13,"box":{"x":82,"y":819,"width":830,"height":12}},{"id":"794eed2a-2f3d-4954-97bb-77a98f20c551","block_type":"box","text":"realizes from its investments.","page_number":13,"box":{"x":82,"y":834,"width":215,"height":9}},{"id":"f4ae947a-df22-412b-92a6-e79adc165376","block_type":"box","text":"High Portfolio Turnover Risk","page_number":13,"box":{"x":81,"y":854,"width":212,"height":11}},{"id":"9d4d31e5-c988-4654-820e-3a2749c2f34b","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":13,"box":{"x":297,"y":854,"width":629,"height":11}},{"id":"46977a14-8731-4120-bcb3-f6b17d562561","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":13,"box":{"x":82,"y":869,"width":812,"height":11}},{"id":"d6579bec-9f4e-45d4-bec7-0a36a0c79ef9","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":13,"box":{"x":81,"y":884,"width":817,"height":11}},{"id":"ac828faa-c46a-48b6-954a-efb17cd69988","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":13,"box":{"x":81,"y":898,"width":760,"height":12}},{"id":"43a14f7b-5797-4dce-af6e-6dfac0af2535","block_type":"box","text":"7","page_number":13,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"2daecde6-464b-4c99-a60a-4ce24e26b843","block_type":"box","text":"NM1026U-5982664-13/82","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"bc21bc32-ee4f-446b-a263-d9b662e500cc","block_type":"box","text":"shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects","page_number":14,"box":{"x":81,"y":46,"width":852,"height":11}},{"id":"0c170dcb-6faf-4069-bbc2-70425b29122e","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":14,"box":{"x":81,"y":60,"width":589,"height":12}},{"id":"a934597f-aa5e-4bbb-a6a3-35d86dbcc059","block_type":"box","text":"High Yield Bonds Risk","page_number":14,"box":{"x":81,"y":81,"width":167,"height":11}},{"id":"0160b8ef-e203-4a8b-a3bf-0e8ba429df72","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":14,"box":{"x":252,"y":80,"width":667,"height":12}},{"id":"5caad822-1685-4616-8824-ae7648c978cd","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":14,"box":{"x":79,"y":96,"width":835,"height":11}},{"id":"2d128ae8-20cb-493e-8df0-09af47abd881","block_type":"box","text":"for the Fund.","page_number":14,"box":{"x":81,"y":110,"width":91,"height":9}},{"id":"54f330b7-7be8-43f0-b532-493a9e879849","block_type":"box","text":"Illiquid Investments Risk","page_number":14,"box":{"x":81,"y":130,"width":186,"height":11}},{"id":"b3c59f0c-1fe5-4615-a595-3824cbfd2282","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":14,"box":{"x":271,"y":130,"width":648,"height":12}},{"id":"9fd4f738-85aa-48ae-af1f-9923957d39bd","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":14,"box":{"x":80,"y":145,"width":841,"height":11}},{"id":"75e99ea6-385b-44ef-9e52-2df13bd35b2c","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":14,"box":{"x":82,"y":160,"width":831,"height":11}},{"id":"9ab68b13-85ed-4124-8aea-53b870ff4d92","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. The","page_number":14,"box":{"x":81,"y":175,"width":843,"height":11}},{"id":"9dcc52bf-5cc6-4a87-a23b-2f1d64bcc8ca","block_type":"box","text":"Subsidiary will also limit its investment in illiquid investments to 15% of its net assets. In applying the illiquid","page_number":14,"box":{"x":81,"y":189,"width":802,"height":12}},{"id":"116d0656-a803-46cd-a281-1efcd27bff61","block_type":"box","text":"investments restriction to the Fund, the Fund’s investment in the Subsidiary is considered to be liquid. Liquid","page_number":14,"box":{"x":82,"y":204,"width":802,"height":12}},{"id":"4fe9a11b-b528-494d-a016-10d779aa05be","block_type":"box","text":"investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil. There can","page_number":14,"box":{"x":82,"y":219,"width":854,"height":12}},{"id":"86f7b07c-ac60-42d0-a07b-ce8e58f888aa","block_type":"box","text":"be no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid","page_number":14,"box":{"x":81,"y":234,"width":846,"height":11}},{"id":"0328d6d1-559a-4c38-9201-ed39dfe5a6e2","block_type":"box","text":"for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an illiquid","page_number":14,"box":{"x":81,"y":249,"width":815,"height":11}},{"id":"a7bef4ac-6f5a-494e-b722-0fe0cdafd785","block_type":"box","text":"investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may reduce","page_number":14,"box":{"x":82,"y":264,"width":837,"height":11}},{"id":"755762b3-4da4-4ad5-a696-95d1a2907a31","block_type":"box","text":"the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time or price.","page_number":14,"box":{"x":80,"y":278,"width":847,"height":12}},{"id":"0ca5fd07-c0d2-4a02-bed8-f7ac271ca465","block_type":"box","text":"In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when shareholders","page_number":14,"box":{"x":82,"y":293,"width":827,"height":12}},{"id":"7717c866-d2ed-4f98-9cdd-f9ac695f6074","block_type":"box","text":"are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to dispose of","page_number":14,"box":{"x":81,"y":308,"width":828,"height":12}},{"id":"da40f3a1-aacd-4d2a-8de2-e442a82dc647","block_type":"box","text":"liquid securities to meet redemption requests and illiquid securities will become a larger portion of the Fund’s","page_number":14,"box":{"x":82,"y":323,"width":806,"height":11}},{"id":"4303c8e3-8754-4cdb-98d2-5fcc795cb8ee","block_type":"box","text":"holdings. An investment may be illiquid due to, among other things, the reduced number and capacity of traditional","page_number":14,"box":{"x":82,"y":338,"width":840,"height":11}},{"id":"d930b7c5-6120-4a04-956d-00282dba60d2","block_type":"box","text":"market participants to make a market in fixed-income securities or the lack of an active trading market. To the","page_number":14,"box":{"x":82,"y":352,"width":807,"height":12}},{"id":"8b211905-dfbf-4fca-b444-c7dc424fe0c0","block_type":"box","text":"extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market and/","page_number":14,"box":{"x":81,"y":368,"width":845,"height":11}},{"id":"2aa98a75-e575-4983-a64a-12475773f70d","block_type":"box","text":"or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments. Illiquid","page_number":14,"box":{"x":81,"y":382,"width":832,"height":12}},{"id":"c4fab299-0ab8-41d2-9049-3f9e17e77577","block_type":"box","text":"investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these","page_number":14,"box":{"x":82,"y":397,"width":782,"height":12}},{"id":"8b678f9c-f276-46b6-8ce9-3155ca0ea2fa","block_type":"box","text":"investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. This may be","page_number":14,"box":{"x":82,"y":412,"width":790,"height":11}},{"id":"c4f866d7-460c-440c-acad-89debdf01e4c","block_type":"box","text":"magnified in a rising interest rate environment or other circumstances where investor redemptions or sales of Fund","page_number":14,"box":{"x":82,"y":427,"width":844,"height":11}},{"id":"06b6d977-8a33-411a-8d38-6ad30d408174","block_type":"box","text":"shares may be higher than normal. In addition, when there is illiquidity in the market for certain securities, the","page_number":14,"box":{"x":81,"y":441,"width":810,"height":12}},{"id":"11586046-ec9d-48f3-9e7a-00c7a6db873c","block_type":"box","text":"Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.","page_number":14,"box":{"x":82,"y":456,"width":715,"height":12}},{"id":"bfdbe842-3763-4602-ab7e-d24f6f05bc26","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":14,"box":{"x":81,"y":476,"width":271,"height":9}},{"id":"ab89bcec-2218-40cf-b042-7dc08f080313","block_type":"box","text":"—","page_number":14,"box":{"x":356,"y":482,"width":17,"height":0}},{"id":"a0b71048-563e-4c5b-b78e-1fb5312e0948","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":14,"box":{"x":379,"y":476,"width":499,"height":11}},{"id":"6987c7d1-45c5-4e07-b2e7-fb6420e353c2","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":14,"box":{"x":82,"y":491,"width":839,"height":11}},{"id":"2d49d308-a2f6-4055-87f1-010e74e56e4e","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":14,"box":{"x":80,"y":506,"width":799,"height":11}},{"id":"460ef69f-d12a-4f9b-90d5-48d6b1751907","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":14,"box":{"x":82,"y":521,"width":796,"height":11}},{"id":"fe71b94b-c0d4-4335-aa06-397c4782e3a8","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":14,"box":{"x":81,"y":535,"width":855,"height":12}},{"id":"111f1017-6fe0-4315-91bb-d824a4d8a726","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":14,"box":{"x":82,"y":551,"width":441,"height":11}},{"id":"24c32202-dd23-4698-a32b-82cdaea543d4","block_type":"box","text":"Leverage Risk","page_number":14,"box":{"x":81,"y":570,"width":107,"height":12}},{"id":"271c89cc-fe4c-415d-b53d-b2fb9c7f9e59","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":14,"box":{"x":192,"y":570,"width":741,"height":12}},{"id":"63801376-3207-4210-98f5-70a614980ce2","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may","page_number":14,"box":{"x":81,"y":585,"width":853,"height":12}},{"id":"86a6ec97-280b-4c67-92a6-784a5ab9712e","block_type":"box","text":"cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":14,"box":{"x":81,"y":600,"width":856,"height":12}},{"id":"b529d1b8-05ec-442a-83ca-e182d4e609f7","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act (as defined below) and the rules thereunder.","page_number":14,"box":{"x":80,"y":615,"width":833,"height":11}},{"id":"ab14fb58-a255-42a1-8d62-32ac527d26b2","block_type":"box","text":"Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":14,"box":{"x":82,"y":630,"width":794,"height":11}},{"id":"db4dfe65-889f-448a-ac37-fde64e39d087","block_type":"box","text":"Market Risk and Selection Risk","page_number":14,"box":{"x":81,"y":650,"width":240,"height":9}},{"id":"310fab93-2e5e-4a78-9336-fb4642e16b37","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":14,"box":{"x":324,"y":650,"width":593,"height":9}},{"id":"3c8cdbd4-b57e-4f31-9857-c69b0a39a60f","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a","page_number":14,"box":{"x":81,"y":664,"width":829,"height":12}},{"id":"e7542b21-dde3-486c-911e-1c3292f6622b","block_type":"box","text":"security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":14,"box":{"x":81,"y":680,"width":829,"height":11}},{"id":"261dbeb4-ceaf-4594-b76e-f2dfddcc5b91","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":14,"box":{"x":81,"y":694,"width":830,"height":12}},{"id":"bbf991f3-5a32-46b4-bd4c-8881c8cef7ee","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":14,"box":{"x":82,"y":709,"width":840,"height":11}},{"id":"cd735e5e-efb6-48b2-8d0d-c27d9acba390","block_type":"box","text":"Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health","page_number":14,"box":{"x":82,"y":724,"width":851,"height":11}},{"id":"1031ce28-415e-458a-9ddf-36427c2c14e9","block_type":"box","text":"issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its","page_number":14,"box":{"x":82,"y":739,"width":852,"height":11}},{"id":"679db8e5-80fc-46b4-92a9-e106060bb009","block_type":"box","text":"investments. Selection risk is the risk that the securities selected by Fund management will underperform the","page_number":14,"box":{"x":82,"y":753,"width":806,"height":12}},{"id":"4053ea92-a917-4850-ad59-e1b3c163e1cf","block_type":"box","text":"markets, the relevant indices or the securities selected by other funds with similar investment objectives and","page_number":14,"box":{"x":82,"y":768,"width":799,"height":12}},{"id":"18a5b80c-8815-479f-9324-2de8a4a833bf","block_type":"box","text":"investment strategies. This means you may lose money.","page_number":14,"box":{"x":82,"y":783,"width":409,"height":12}},{"id":"b9c2c1ce-d7a0-4211-83da-0e75cd9ffd0d","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":14,"box":{"x":82,"y":803,"width":818,"height":12}},{"id":"70ffdb40-5fdb-4319-8c5c-86d589261ee5","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":14,"box":{"x":80,"y":818,"width":819,"height":11}},{"id":"148395b4-77d6-44cf-a0b9-ca6a85587587","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":14,"box":{"x":81,"y":833,"width":819,"height":11}},{"id":"e4bad701-d8a8-4273-9c93-eaf677b8c771","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":14,"box":{"x":81,"y":847,"width":846,"height":12}},{"id":"302efab2-a7c7-4aee-8dc2-68846a4ae926","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":14,"box":{"x":81,"y":862,"width":848,"height":12}},{"id":"ffa97f02-5d92-4c64-9447-c41441e6756c","block_type":"box","text":"the Fund invests.","page_number":14,"box":{"x":80,"y":877,"width":125,"height":9}},{"id":"b675605f-8677-4a38-83f8-783cdb746b6d","block_type":"box","text":"8","page_number":14,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"8d3cb653-1aa5-4d1b-8266-41857a1b428c","block_type":"box","text":"NM1026U-5982664-14/82","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"20518356-4689-416f-bf4a-befeeaffbdb6","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks","page_number":15,"box":{"x":81,"y":46,"width":346,"height":11}},{"id":"1c6b0c92-d9e0-4559-81ff-3c49892f5496","block_type":"box","text":"— Mortgage- and asset-backed securities represent interests in","page_number":15,"box":{"x":432,"y":46,"width":469,"height":11}},{"id":"e3112a81-5e44-42be-a30a-03b2e33ba170","block_type":"box","text":"“pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset","page_number":15,"box":{"x":82,"y":60,"width":839,"height":12}},{"id":"5ba39c0e-2cb0-475e-a82a-6bfa829e1c3c","block_type":"box","text":"backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are","page_number":15,"box":{"x":81,"y":76,"width":822,"height":11}},{"id":"5163d5f6-6009-4b61-b605-b3bb14f7068c","block_type":"box","text":"subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.","page_number":15,"box":{"x":81,"y":90,"width":821,"height":12}},{"id":"632b2340-b455-4b3c-b234-7290a40c4831","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of","page_number":15,"box":{"x":81,"y":105,"width":851,"height":12}},{"id":"b483d27b-3229-4430-a55b-ad4fc0f45b4c","block_type":"box","text":"certain mortgage-backed securities.","page_number":15,"box":{"x":81,"y":120,"width":263,"height":11}},{"id":"121247b2-de5a-47ee-aff6-ea0df6f8dc50","block_type":"box","text":"Operational and Technology Risks","page_number":15,"box":{"x":82,"y":140,"width":254,"height":11}},{"id":"ee4cc18a-0dd4-405b-9742-117e3ca36dfc","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":15,"box":{"x":340,"y":140,"width":578,"height":11}},{"id":"bc048271-4398-4460-be63-90477bc0ea2a","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":15,"box":{"x":82,"y":155,"width":779,"height":11}},{"id":"8f1db62a-cc9d-4168-aea1-e74a015a1b3c","block_type":"box","text":"cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”),, which may result in losses","page_number":15,"box":{"x":81,"y":169,"width":853,"height":12}},{"id":"f2ace4c1-12ea-45f2-81ea-4a14e4608044","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":15,"box":{"x":81,"y":184,"width":806,"height":12}},{"id":"620c436b-f72d-4969-b226-d3c2bba97860","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":15,"box":{"x":82,"y":199,"width":807,"height":12}},{"id":"b3b16227-d836-43ca-984d-a5718be84896","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":15,"box":{"x":82,"y":214,"width":846,"height":11}},{"id":"eca23542-4533-4155-84b4-847b241ee62c","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":15,"box":{"x":81,"y":229,"width":836,"height":11}},{"id":"246171dd-af42-46e1-909e-3e05354b9a36","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":15,"box":{"x":82,"y":244,"width":474,"height":11}},{"id":"d29fe5f1-97be-4091-b57f-6120e6a0e0b7","block_type":"box","text":"Preferred Securities Risk","page_number":15,"box":{"x":81,"y":264,"width":189,"height":9}},{"id":"d7c93490-b12d-4685-95d4-65ed4d147588","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":15,"box":{"x":274,"y":263,"width":636,"height":12}},{"id":"9d110131-431f-4be3-a7ce-ed7947607ca2","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":15,"box":{"x":81,"y":278,"width":824,"height":12}},{"id":"808305bb-64dd-40ec-acb6-b07a0e03397d","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":15,"box":{"x":82,"y":293,"width":806,"height":12}},{"id":"99711a73-6230-47b4-9eb0-b3db7c5767bb","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":15,"box":{"x":81,"y":308,"width":842,"height":12}},{"id":"f02dcd3a-6604-4f8f-992b-c821d342bf81","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":15,"box":{"x":81,"y":323,"width":781,"height":11}},{"id":"cac5ec84-7b24-4cd1-a03f-5ed32c624709","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":15,"box":{"x":81,"y":338,"width":812,"height":11}},{"id":"4a91a48f-365c-4054-a52b-74f9de35ffc4","block_type":"box","text":"larger companies.","page_number":15,"box":{"x":82,"y":353,"width":129,"height":11}},{"id":"e4c93227-bb29-4874-a8d1-d01d5323baea","block_type":"box","text":"Risks of Concentrating in One Country","page_number":15,"box":{"x":81,"y":373,"width":290,"height":11}},{"id":"a35e9d1e-3590-437a-8f7a-0172049d8ff3","block_type":"box","text":"—","page_number":15,"box":{"x":376,"y":378,"width":17,"height":1}},{"id":"237e1fa3-0508-4bec-b04d-eb3abe6b2c66","block_type":"box","text":"Investing a significant portion of assets in one country makes the Fund","page_number":15,"box":{"x":398,"y":372,"width":522,"height":12}},{"id":"e32d8769-89c8-43c3-8f95-7ac8032a2400","block_type":"box","text":"more dependent upon the political and economic circumstances of that particular country than a mutual fund that is","page_number":15,"box":{"x":82,"y":387,"width":853,"height":12}},{"id":"b6a690b6-e1dd-4434-9c46-9af84cf005e9","block_type":"box","text":"more widely diversified. The Fund may not invest more than 25% of its total assets, at the time of purchase, in","page_number":15,"box":{"x":82,"y":402,"width":811,"height":12}},{"id":"9dd17e7f-1511-4b1a-8ba3-0182cdab29ad","block_type":"box","text":"sovereign debt instruments of any one foreign government.","page_number":15,"box":{"x":81,"y":417,"width":432,"height":11}},{"id":"6d870428-f92d-4a2d-aebc-0fd249329e46","block_type":"box","text":"Sovereign Debt Risk","page_number":15,"box":{"x":81,"y":437,"width":154,"height":11}},{"id":"f6d475d2-65b7-4213-bfd3-ca22c3febfbf","block_type":"box","text":"—","page_number":15,"box":{"x":239,"y":442,"width":17,"height":1}},{"id":"827981aa-ee21-4bdb-9ece-daa63538b735","block_type":"box","text":"Sovereign debt instruments are subject to the risk that a governmental entity may delay or","page_number":15,"box":{"x":261,"y":437,"width":664,"height":11}},{"id":"c545406c-caad-48f5-83fd-d482f51d47b0","block_type":"box","text":"refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient","page_number":15,"box":{"x":82,"y":452,"width":844,"height":11}},{"id":"f9c44723-6f72-451f-bdec-6b9b8a0d3afd","block_type":"box","text":"foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in","page_number":15,"box":{"x":81,"y":467,"width":821,"height":11}},{"id":"b3370aa0-a9a4-444f-8804-96872e0eb942","block_type":"box","text":"relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund","page_number":15,"box":{"x":82,"y":481,"width":845,"height":12}},{"id":"d966d8b1-0e8d-4e48-97e7-955e24bb92ec","block_type":"box","text":"or other multilateral agencies.","page_number":15,"box":{"x":81,"y":496,"width":218,"height":12}},{"id":"617d8cf7-9968-4d5b-987f-c603da24c237","block_type":"box","text":"Structured Notes Risk","page_number":15,"box":{"x":81,"y":516,"width":168,"height":9}},{"id":"38eea7d6-b044-42cb-b5fd-c5d3d3e9213e","block_type":"box","text":"—","page_number":15,"box":{"x":254,"y":522,"width":17,"height":0}},{"id":"22a52fe2-56ec-426b-8ba7-677af4a6ab33","block_type":"box","text":"Structured notes and other related instruments purchased by the Fund are generally","page_number":15,"box":{"x":276,"y":516,"width":618,"height":12}},{"id":"def77bb2-95d6-46cd-b6f2-969ba323bda2","block_type":"box","text":"privately negotiated debt obligations where the principal and/or interest is determined by reference to the","page_number":15,"box":{"x":82,"y":531,"width":775,"height":12}},{"id":"a3613687-0dda-4605-963a-ef8204afebe7","block_type":"box","text":"performance of a specific asset, benchmark asset, market or interest rate (“reference measure”). The purchase of","page_number":15,"box":{"x":82,"y":546,"width":845,"height":11}},{"id":"ed0e6d64-ca63-47fa-a3b1-7b20222a4905","block_type":"box","text":"structured notes exposes the Fund to the credit risk of the issuer of the structured product. Structured notes may","page_number":15,"box":{"x":81,"y":561,"width":837,"height":11}},{"id":"82ebf3c4-8073-4588-8431-b72bf2af16b6","block_type":"box","text":"be leveraged, increasing the volatility of each structured note’s value relative to the change in the reference","page_number":15,"box":{"x":81,"y":575,"width":792,"height":12}},{"id":"3bac5088-70ab-4603-819e-d28970aeccca","block_type":"box","text":"measure. Structured notes may also be less liquid and more difficult to price accurately than less complex","page_number":15,"box":{"x":82,"y":590,"width":783,"height":12}},{"id":"975d54e2-ce81-4e5f-8dba-be7f14f31002","block_type":"box","text":"securities and instruments or more traditional debt securities.","page_number":15,"box":{"x":81,"y":605,"width":455,"height":9}},{"id":"1833876f-ee56-4e36-b94f-95fd2298be6f","block_type":"box","text":"Structured Securities Risk","page_number":15,"box":{"x":81,"y":625,"width":200,"height":9}},{"id":"e858272e-8450-4afb-b80d-1898ada74ce5","block_type":"box","text":"— Because structured securities of the type in which the Fund may invest typically","page_number":15,"box":{"x":285,"y":625,"width":605,"height":12}},{"id":"fe13c31d-c4a3-4f6b-a929-9c36385bd761","block_type":"box","text":"involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments,","page_number":15,"box":{"x":82,"y":640,"width":823,"height":12}},{"id":"7b23b872-11d1-472c-bd08-57d6c09955a9","block_type":"box","text":"index or reference obligation and will also be subject to counterparty risk. The Fund may have the right to receive","page_number":15,"box":{"x":82,"y":655,"width":827,"height":11}},{"id":"766be023-416f-47f6-b7f3-4c1b0ad749f1","block_type":"box","text":"payments only from the structured security, and generally does not have direct rights against the issuer or the entity","page_number":15,"box":{"x":82,"y":670,"width":852,"height":11}},{"id":"2c06f8bd-af42-4290-82ef-dde6537a9e91","block_type":"box","text":"that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed","page_number":15,"box":{"x":80,"y":685,"width":823,"height":11}},{"id":"2d1055e9-42ce-4efe-bc6d-2cda3babdb70","block_type":"box","text":"herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions","page_number":15,"box":{"x":82,"y":699,"width":818,"height":12}},{"id":"97ce6da4-f554-42b9-97f3-2a402b382f52","block_type":"box","text":"from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may","page_number":15,"box":{"x":81,"y":714,"width":842,"height":11}},{"id":"0d88cb29-edd3-4aa8-810a-90bf2c0919b7","block_type":"box","text":"decline in value or default; and the possibility that the structured securities are subordinate to other classes. The","page_number":15,"box":{"x":81,"y":729,"width":834,"height":11}},{"id":"7563a1cd-a6a6-4055-8037-5f19ca88f018","block_type":"box","text":"Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the","page_number":15,"box":{"x":82,"y":744,"width":834,"height":11}},{"id":"0317347b-3a5e-4a6e-ad24-a5bd813b3f14","block_type":"box","text":"right of payment of another class. Subordinated structured securities typically have higher yields and present","page_number":15,"box":{"x":82,"y":759,"width":799,"height":11}},{"id":"4127388d-8f45-4d3c-96a1-b77b41e9614f","block_type":"box","text":"greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement","page_number":15,"box":{"x":81,"y":773,"width":851,"height":12}},{"id":"f16fda80-87f5-406e-8a62-ea84e6c050cd","block_type":"box","text":"transactions, and there currently is no active trading market for structured securities. Structured securities are","page_number":15,"box":{"x":80,"y":788,"width":814,"height":12}},{"id":"87bc3e9a-1a40-47f5-aaa1-75dbc210e8e2","block_type":"box","text":"based upon the movement of one or more factors, including currency exchange rates, interest rates, reference","page_number":15,"box":{"x":81,"y":803,"width":812,"height":12}},{"id":"8b7675fa-83ba-4ad0-86e8-ee73e5c206f7","block_type":"box","text":"bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price","page_number":15,"box":{"x":81,"y":818,"width":816,"height":11}},{"id":"a49a77b5-5242-417e-92cc-be3459b031c4","block_type":"box","text":"fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the","page_number":15,"box":{"x":81,"y":833,"width":795,"height":11}},{"id":"75cf63f3-a684-495e-b37c-ee9aa3072dab","block_type":"box","text":"structured security to be reduced to zero. Certain issuers of such structured securities may be deemed to be","page_number":15,"box":{"x":81,"y":847,"width":802,"height":12}},{"id":"9b95ee5c-73f4-4819-be21-6b98744e8e58","block_type":"box","text":"“investment companies” as defined in the Investment Company Act of 1940, as amended (the “Investment","page_number":15,"box":{"x":82,"y":862,"width":789,"height":12}},{"id":"f9575167-8937-4eef-842f-c1b207d73864","block_type":"box","text":"Company Act”). As a result, the Fund’s investment in such securities may be limited by certain investment","page_number":15,"box":{"x":81,"y":877,"width":781,"height":12}},{"id":"e09da0cc-8ebd-4739-bca7-5db69e583b7d","block_type":"box","text":"restrictions contained in the Investment Company Act.","page_number":15,"box":{"x":82,"y":892,"width":395,"height":11}},{"id":"ddc0dc5c-4cc3-42bb-a79e-24aa150bc2ae","block_type":"box","text":"9","page_number":15,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"412402b2-8dd2-40f3-bb3b-2ce655f7ac93","block_type":"box","text":"NM1026U-5982664-15/82","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"26117c1d-0f68-4fe7-8793-b61675dacdab","block_type":"box","text":"Subsidiary Risk","page_number":16,"box":{"x":81,"y":46,"width":117,"height":11}},{"id":"cb2d0c1e-accf-4dc7-8d7f-f0799de100a8","block_type":"box","text":"—","page_number":16,"box":{"x":202,"y":51,"width":17,"height":1}},{"id":"01ff8739-48d8-4d10-bee7-e8bb98b1220e","block_type":"box","text":"By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the","page_number":16,"box":{"x":225,"y":46,"width":679,"height":11}},{"id":"c34526ff-87ee-4953-a68f-ae72e062155d","block_type":"box","text":"Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those","page_number":16,"box":{"x":81,"y":61,"width":841,"height":11}},{"id":"f1befe99-8065-4ba3-9cff-5388f193ab90","block_type":"box","text":"that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held","page_number":16,"box":{"x":80,"y":75,"width":851,"height":12}},{"id":"aefbdb4f-807b-4612-862a-8b645fb53ae7","block_type":"box","text":"directly by the Fund (see “Commodities Related Investments Risk” above). There can be no assurance that the","page_number":16,"box":{"x":81,"y":90,"width":814,"height":12}},{"id":"941b36d8-5f02-468c-b076-455832c394e9","block_type":"box","text":"investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the Investment","page_number":16,"box":{"x":82,"y":105,"width":807,"height":12}},{"id":"caa4ce9d-fae7-444a-ba38-825d14c7d541","block_type":"box","text":"Company Act, and, unless otherwise noted in this prospectus, is not subject to all the investor protections of the","page_number":16,"box":{"x":81,"y":120,"width":830,"height":11}},{"id":"65d64247-7342-474c-a5c3-31e3e5390c5a","block_type":"box","text":"Investment Company Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and the","page_number":16,"box":{"x":82,"y":135,"width":790,"height":11}},{"id":"98ad5cff-fa49-428f-967d-d7823d7ea4d6","block_type":"box","text":"Subsidiary are both managed by BlackRock, making it unlikely that the Subsidiary will take action contrary to the","page_number":16,"box":{"x":81,"y":150,"width":827,"height":11}},{"id":"3134fe9f-7309-4d39-a168-e3d50ad881c2","block_type":"box","text":"interests of the Fund and its shareholders. The Board has oversight responsibility for the investment activities of","page_number":16,"box":{"x":82,"y":164,"width":827,"height":12}},{"id":"dae34a5c-2bf1-4d31-871b-7533a2574880","block_type":"box","text":"the Fund, including its investment in the Subsidiary, and the Fund’s role as sole shareholder of the Subsidiary. The","page_number":16,"box":{"x":80,"y":179,"width":845,"height":12}},{"id":"c07b0d3e-8038-4d04-bfc4-c4a4c74bb61b","block_type":"box","text":"Subsidiary is subject to the same investment restrictions and limitations, and follows the same compliance policies","page_number":16,"box":{"x":81,"y":194,"width":850,"height":11}},{"id":"de747391-2ca5-441f-b358-f9c912a4f35e","block_type":"box","text":"and procedures, as the Fund, except that the Subsidiary may invest without limitation in commodity-related","page_number":16,"box":{"x":81,"y":209,"width":785,"height":11}},{"id":"2aa11213-561b-43ab-be86-a7594847467d","block_type":"box","text":"instruments. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the","page_number":16,"box":{"x":82,"y":224,"width":850,"height":11}},{"id":"0c5c3a8f-5ce9-4bd7-9f46-8b679fa7fb27","block_type":"box","text":"Fund and/or the Subsidiary to operate as described in this prospectus and the SAI and could adversely affect the","page_number":16,"box":{"x":82,"y":238,"width":834,"height":12}},{"id":"ef4737aa-c090-4917-8baa-897b6a28a982","block_type":"box","text":"Fund.","page_number":16,"box":{"x":82,"y":253,"width":37,"height":9}},{"id":"9254183b-a9be-4ecb-a168-116066c20690","block_type":"box","text":"U.S. Government Obligations Risk","page_number":16,"box":{"x":82,"y":273,"width":254,"height":12}},{"id":"55f70651-8dd2-4aa6-9c4c-f56c933849f1","block_type":"box","text":"— Certain securities in which the Fund may invest, including securities issued by","page_number":16,"box":{"x":340,"y":273,"width":596,"height":12}},{"id":"7c661404-a7b5-4534-a313-2e18c4fe1dbe","block_type":"box","text":"certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S.","page_number":16,"box":{"x":81,"y":288,"width":819,"height":12}},{"id":"0a64eff7-e18c-433f-92db-ee3c48094edd","block_type":"box","text":"Government or supported by the full faith and credit of the United States. In addition, circumstances could arise","page_number":16,"box":{"x":81,"y":303,"width":824,"height":11}},{"id":"7662ec63-6ff0-4caf-bccb-b9834da048de","block_type":"box","text":"that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the","page_number":16,"box":{"x":80,"y":318,"width":846,"height":11}},{"id":"ab5897ae-61b7-486d-ac17-ceeb8db8bbb1","block_type":"box","text":"legislative “debt ceiling.” Such non-payment could result in losses to the Fund and substantial negative","page_number":16,"box":{"x":82,"y":333,"width":757,"height":11}},{"id":"86f7022e-cd78-4d0c-a4da-3bed7610c763","block_type":"box","text":"consequences for the U.S. economy and the global financial system.","page_number":16,"box":{"x":81,"y":347,"width":502,"height":12}},{"id":"5830612c-8414-4c54-9375-4bd3e6272c9a","block_type":"box","text":"Performance Information","page_number":16,"box":{"x":61,"y":386,"width":224,"height":11}},{"id":"0ddb36c5-bc8b-4e27-bc75-2e3ce6c6a2bd","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":16,"box":{"x":60,"y":412,"width":855,"height":12}},{"id":"85869eb0-2978-41d1-84d8-1f5131a0a28d","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s performance to that of the Bloomberg Global Aggregate","page_number":16,"box":{"x":61,"y":427,"width":862,"height":12}},{"id":"a3646464-6eac-4352-9e69-281b9576dec8","block_type":"box","text":"Bond Index and a customized performance benchmark comprised of 80% Bloomberg Global Aggregate ex EM Bond","page_number":16,"box":{"x":62,"y":442,"width":842,"height":12}},{"id":"add582f0-fbdf-4a91-8b95-f1b53ab64980","block_type":"box","text":"Index and 20% Bloomberg EM ex Korea Bond Index (the “Custom Benchmark”). To the extent that dividends and","page_number":16,"box":{"x":62,"y":457,"width":823,"height":11}},{"id":"351ba9d9-0ec5-438e-ae30-9ee91216b1da","block_type":"box","text":"distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes","page_number":16,"box":{"x":61,"y":472,"width":848,"height":11}},{"id":"587e5423-5453-41b9-bcb5-833754fd7444","block_type":"box","text":"reinvestment of the dividends and distributions. As with all such investments, past performance (before and after","page_number":16,"box":{"x":61,"y":487,"width":835,"height":11}},{"id":"3b0d9437-c2ee-4b05-86bb-c8f02937ce33","block_type":"box","text":"taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns","page_number":16,"box":{"x":60,"y":501,"width":831,"height":12}},{"id":"8b8bd283-b5fd-480e-ab90-d71814e1e68e","block_type":"box","text":"would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s","page_number":16,"box":{"x":60,"y":516,"width":831,"height":12}},{"id":"789435d3-4e59-49cc-ac97-599e02dba3a1","block_type":"box","text":"investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the","page_number":16,"box":{"x":62,"y":531,"width":857,"height":12}},{"id":"22b2d242-426b-48ed-8f77-4a8d03a5646c","block_type":"box","text":"Fund’s returns would have been lower. Updated information on the Fund’s performance, including its current net asset","page_number":16,"box":{"x":62,"y":546,"width":871,"height":11}},{"id":"3d221ddc-920c-44c9-bb89-d523aab1ce7f","block_type":"box","text":"value, can be obtained by visiting www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":16,"box":{"x":60,"y":561,"width":754,"height":11}},{"id":"f31b5d3e-3db7-424e-85a7-ba2869b88c29","block_type":"box","text":"Investor A Shares","page_number":16,"box":{"x":427,"y":584,"width":144,"height":10}},{"id":"ead62afc-ce38-43c7-89e1-415adcb05db6","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":16,"box":{"x":392,"y":600,"width":212,"height":10}},{"id":"7f286396-ca1c-4f24-bd67-a9307f4a2974","block_type":"box","text":"BlackRock Strategic Global Bond Fund","page_number":16,"box":{"x":339,"y":616,"width":320,"height":12}},{"id":"e9cfa471-cd64-4db7-983c-dd04fbc1ed93","block_type":"box","text":"As of 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12/31/25","page_number":17,"box":{"x":70,"y":51,"width":223,"height":10}},{"id":"ad1c0cb5-4606-4532-8292-f73aee963e47","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":17,"box":{"x":69,"y":62,"width":854,"height":10}},{"id":"b5f1ec0b-263e-484c-9ec1-bd7947b4c5fd","block_type":"box","text":"BlackRock Strategic Global Bond Fund — Investor A Shares","page_number":17,"box":{"x":70,"y":80,"width":391,"height":10}},{"id":"4768b5af-237b-4b97-bbc1-6575c66fdd3d","block_type":"box","text":"Return Before Taxes 3.88% (1.43)% 1.97%","page_number":17,"box":{"x":85,"y":93,"width":835,"height":10}},{"id":"8008137e-fc72-4ad8-a021-b806ff38d55c","block_type":"box","text":"Return After Taxes on Distributions 2.16% (2.13)% 1.04%","page_number":17,"box":{"x":85,"y":106,"width":835,"height":10}},{"id":"f6ce8394-f67e-485e-8f40-f02f3f4c01a4","block_type":"box","text":"Return After Taxes on 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1.77%","page_number":17,"box":{"x":85,"y":192,"width":835,"height":10}},{"id":"81e38f1c-501f-4da5-bc13-8429ff0009ba","block_type":"box","text":"Bloomberg Global Aggregate Bond Index","page_number":17,"box":{"x":70,"y":210,"width":264,"height":11}},{"id":"de9e40b4-3ddc-4640-a5c1-44baee1557c9","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 8.17% (2.15)% 1.26%","page_number":17,"box":{"x":69,"y":224,"width":851,"height":10}},{"id":"adf75663-afe1-49f2-a2ee-46bc3541a497","block_type":"box","text":"Custom Benchmark","page_number":17,"box":{"x":69,"y":242,"width":129,"height":8}},{"id":"31377b8c-fdc7-4d9d-8792-b45e1c4a4503","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 8.49% (1.98)% 1.52%","page_number":17,"box":{"x":69,"y":255,"width":851,"height":11}},{"id":"08e06525-47ad-4de8-9120-6b8dce8092a6","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":17,"box":{"x":60,"y":287,"width":840,"height":12}},{"id":"6a6bd1e9-37bc-40f7-ba8f-cff5b8890dfb","block_type":"box","text":"reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may","page_number":17,"box":{"x":61,"y":302,"width":835,"height":12}},{"id":"bf018c6d-dcfd-4ff8-b707-6e15a125c18e","block_type":"box","text":"differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through","page_number":17,"box":{"x":61,"y":317,"width":851,"height":12}},{"id":"22b82f6d-851e-407e-9357-e6615eabf5f4","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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Where applicable, the use of the term","page_number":17,"box":{"x":61,"y":427,"width":875,"height":11}},{"id":"10d4dcdd-6047-40d7-ac90-998a91423108","block_type":"box","text":"BlackRock also refers to the Fund’s sub-advisers.","page_number":17,"box":{"x":62,"y":441,"width":361,"height":10}},{"id":"c0b89fe6-8ece-48d3-a453-3d44debbadde","block_type":"box","text":"Portfolio Managers","page_number":17,"box":{"x":61,"y":480,"width":173,"height":14}},{"id":"c7209e5e-b995-49a5-a9c6-647d2a5b7ca7","block_type":"box","text":"Portfolio Manager","page_number":17,"box":{"x":70,"y":524,"width":121,"height":10}},{"id":"89cad200-04ea-46a7-85f8-598b8f62dc03","block_type":"box","text":"Portfolio Manager","page_number":17,"box":{"x":326,"y":513,"width":121,"height":10}},{"id":"2e87cc8c-5e8a-4f0c-b8c9-9fb637af2f23","block_type":"box","text":"of the Fund Since Title","page_number":17,"box":{"x":327,"y":524,"width":425,"height":8}},{"id":"6dc70bcc-10ae-4ebe-85ef-1839a535a1a5","block_type":"box","text":"Rick Rieder 2015","page_number":17,"box":{"x":70,"y":596,"width":333,"height":9}},{"id":"74bbbf69-4a2a-4519-91b6-03637eeede6c","block_type":"box","text":"Chief Investment Officer of Global Fixed Income,","page_number":17,"box":{"x":578,"y":542,"width":318,"height":10}},{"id":"6b78a44f-bbe2-4f57-b394-cfbf57cb7054","block_type":"box","text":"Head of Global Allocation Investment Team,","page_number":17,"box":{"x":594,"y":556,"width":286,"height":9}},{"id":"4a3390e9-2cfc-4b79-917c-1989f0de40fc","block_type":"box","text":"member of the Global Executive Committee,","page_number":17,"box":{"x":593,"y":569,"width":288,"height":10}},{"id":"f20a5f3e-d0b8-4f27-8fa8-4ba71cbf5ccc","block_type":"box","text":"Global Operating Committee and Chairman of","page_number":17,"box":{"x":588,"y":583,"width":300,"height":10}},{"id":"ca788f9a-4120-4fb8-8231-32cbcd354ffc","block_type":"box","text":"the BlackRock, Inc. firmwide Investment Council","page_number":17,"box":{"x":578,"y":596,"width":317,"height":10}},{"id":"d7fb903e-3b33-46ea-8fe8-852f4593461c","block_type":"box","text":"Russell Brownback 2018 Managing Director of BlackRock, Inc.","page_number":17,"box":{"x":70,"y":614,"width":788,"height":11}},{"id":"9a09be34-817c-4cf0-b868-16c28d23a30c","block_type":"box","text":"Dylan Price 2024 Director of BlackRock, Inc.","page_number":17,"box":{"x":70,"y":632,"width":753,"height":11}},{"id":"10f366be-efeb-4dfa-9b83-5dc751526fba","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":17,"box":{"x":61,"y":673,"width":309,"height":11}},{"id":"384aa4db-86ac-4cb6-9b54-b76e3374f19f","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell","page_number":17,"box":{"x":60,"y":699,"width":857,"height":12}},{"id":"3547df98-1851-4ec0-89cb-5e1bec3d26b4","block_type":"box","text":"shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact","page_number":17,"box":{"x":61,"y":714,"width":873,"height":12}},{"id":"c83699a9-57ae-46ef-abc9-9e52278f1f3b","block_type":"box","text":"the Fund by phone at (800) 441-7762, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania","page_number":17,"box":{"x":60,"y":729,"width":833,"height":11}},{"id":"5913de2b-4852-43e4-8458-b2c94be11fa0","block_type":"box","text":"15253-4429), or by the Internet at www.blackrock.com. The Fund’s initial and subsequent investment minimums","page_number":17,"box":{"x":62,"y":744,"width":827,"height":11}},{"id":"86680247-2d87-4e0e-a4f7-6da864838e29","block_type":"box","text":"generally are as follows, although the Fund may reduce or waive the minimums in some cases:","page_number":17,"box":{"x":60,"y":759,"width":696,"height":11}},{"id":"79b9d94d-7183-4f9b-a9c8-0ee0a2b04229","block_type":"box","text":"Investor A and Investor C Shares Institutional Shares","page_number":17,"box":{"x":232,"y":787,"width":480,"height":7}},{"id":"5ad44e4b-4a13-496e-a58f-902021805338","block_type":"box","text":"Minimum Initial","page_number":17,"box":{"x":61,"y":804,"width":104,"height":8}},{"id":"fa3407ca-d55f-4f3d-a0d7-9296894bb803","block_type":"box","text":"Investment","page_number":17,"box":{"x":61,"y":818,"width":75,"height":8}},{"id":"c79971ad-8d5b-4c4c-93ae-0394ff05ede2","block_type":"box","text":"$1,000 for all accounts 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The Fund","page_number":19,"box":{"x":61,"y":708,"width":850,"height":11}},{"id":"a4c9ebba-35a4-49cb-9a88-2ae99e991059","block_type":"box","text":"may invest up to 100% of its assets in securities classified as junk bonds. The Fund will spread its investments among","page_number":19,"box":{"x":61,"y":722,"width":876,"height":12}},{"id":"4b5ea10c-0d0c-46f2-8fda-c4059f76bd4b","block_type":"box","text":"different types of fixed-income securities and different countries based upon Fund management’s analysis of the yield,","page_number":19,"box":{"x":61,"y":737,"width":872,"height":12}},{"id":"a893967d-23ea-4ddd-b5f4-2df2cd9c37e1","block_type":"box","text":"maturity and currency considerations affecting these securities.","page_number":19,"box":{"x":61,"y":752,"width":466,"height":12}},{"id":"01c41929-ddfd-4fab-a49c-ae65cff025ff","block_type":"box","text":"Under normal circumstances, the Fund anticipates it will allocate a substantial amount (approximately 40% or more —","page_number":19,"box":{"x":62,"y":775,"width":869,"height":11}},{"id":"2a1eaed5-2964-4f8b-b1e9-58e4562af996","block_type":"box","text":"unless market conditions are not deemed favorable by BlackRock Advisors, LLC (“BlackRock”), in which case the Fund","page_number":19,"box":{"x":61,"y":789,"width":868,"height":12}},{"id":"068b13da-8789-449f-9047-64f5f7993726","block_type":"box","text":"would invest at least 30%) of its total assets in securities (i) of foreign government issuers, (ii) of issuers organized or","page_number":19,"box":{"x":60,"y":804,"width":869,"height":12}},{"id":"a4c8b4cb-07a6-412c-8c12-363960d29e76","block_type":"box","text":"located outside the U.S., (iii) of issuers which primarily trade in a market located outside the U.S., or (iv) of issuers","page_number":19,"box":{"x":62,"y":819,"width":842,"height":12}},{"id":"996a9156-f74a-4a7e-87c2-283b89622028","block_type":"box","text":"doing a substantial amount of business outside the U.S., which the Fund considers to be companies that derive at","page_number":19,"box":{"x":61,"y":834,"width":842,"height":12}},{"id":"31d8141f-1da8-47c2-92e4-73957b61f88c","block_type":"box","text":"least 50% of their revenue or profits from business outside the U.S. or have at least 50% of their sales or assets","page_number":19,"box":{"x":62,"y":849,"width":830,"height":11}},{"id":"87e21516-7ce5-4391-83fd-7ca0782bba6d","block_type":"box","text":"outside the U.S. The Fund will allocate its assets among various regions and countries, including the United States","page_number":19,"box":{"x":61,"y":864,"width":844,"height":11}},{"id":"e38864a1-c1fa-477a-a25d-069fee31b940","block_type":"box","text":"(but in no less than three different countries). For temporary defensive purposes the Fund may deviate very","page_number":19,"box":{"x":61,"y":878,"width":790,"height":12}},{"id":"78d9d8d6-94e3-408c-b0a0-29addb177d11","block_type":"box","text":"substantially from the allocation described above.","page_number":19,"box":{"x":61,"y":893,"width":364,"height":12}},{"id":"191d0abe-c7e4-4b94-9fc6-4ce1c4bd2822","block_type":"box","text":"13","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"8ff570a1-5a82-412a-b62a-1bc1bb9a5901","block_type":"box","text":"NM1026U-5982664-19/82","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"fb091e20-aaa5-4ab9-88c5-06feb571f3f1","block_type":"box","text":"The Fund may invest in securities of any maturity or duration. The average maturity of the Fund’s portfolio securities","page_number":20,"box":{"x":60,"y":46,"width":851,"height":11}},{"id":"e4fd74e7-02e0-48e0-938a-84e42bf0b96c","block_type":"box","text":"will vary based upon BlackRock’s view of economic and market conditions. However, the Fund does not expect the","page_number":20,"box":{"x":60,"y":60,"width":841,"height":12}},{"id":"d25429b8-c15d-4a05-b24a-81c530cabfcc","block_type":"box","text":"average maturity of its portfolio to exceed fifteen years.","page_number":20,"box":{"x":61,"y":75,"width":406,"height":12}},{"id":"e3a6e954-4d43-4bc2-b958-28fbae6a6f39","block_type":"box","text":"Fund management presently expects that the Fund will invest primarily in securities denominated in the currencies","page_number":20,"box":{"x":62,"y":98,"width":838,"height":11}},{"id":"e3123c66-2075-4e56-a028-fd5ceb437e93","block_type":"box","text":"represented in the Bloomberg Global Aggregate Bond Index, but the Fund also can invest in securities denominated in","page_number":20,"box":{"x":61,"y":113,"width":865,"height":11}},{"id":"ead9dbe4-a4ef-4e5a-9c6f-b342fd2c3ce2","block_type":"box","text":"other currencies. Issuers of securities may not always be located in the country in whose currency the securities are","page_number":20,"box":{"x":61,"y":127,"width":855,"height":12}},{"id":"0c551641-9731-4419-8248-d661c11b7ad8","block_type":"box","text":"denominated. For example, the Fund may invest in a security denominated in U.S. dollars but issued by a government","page_number":20,"box":{"x":61,"y":142,"width":864,"height":12}},{"id":"49f1b07f-bb77-4043-b107-16e5317dbf6e","block_type":"box","text":"or corporation located in a country commonly considered to be an emerging market.","page_number":20,"box":{"x":61,"y":157,"width":615,"height":12}},{"id":"2d39bd22-0d4c-4176-8380-8acb69eb3288","block_type":"box","text":"The Fund may invest in several different kinds of securities issued by the U.S. Government. These include U.S.","page_number":20,"box":{"x":60,"y":180,"width":815,"height":11}},{"id":"72d2977c-bcc2-4ade-8aa2-0fbf8f2a5e29","block_type":"box","text":"Treasury obligations (bills, notes and bonds) that have different interest rates and maturities and are issued at","page_number":20,"box":{"x":60,"y":195,"width":818,"height":11}},{"id":"16d939e5-6f2f-4e13-8509-9fb11f5cab8f","block_type":"box","text":"different times. These securities are backed by the full faith and credit of the U.S. Government. The Fund also may","page_number":20,"box":{"x":61,"y":209,"width":844,"height":12}},{"id":"f1c06b4b-24cb-420a-ba30-67a9d58d28e3","block_type":"box","text":"invest in obligations issued or guaranteed by U.S. Government agencies or other U.S. Government organizations.","page_number":20,"box":{"x":62,"y":224,"width":827,"height":12}},{"id":"ec384af9-b1d8-4518-8c1b-8c1e9f61b187","block_type":"box","text":"These include but are not limited to government guaranteed mortgage-related or asset-backed securities. Some of","page_number":20,"box":{"x":60,"y":239,"width":841,"height":12}},{"id":"83a0c3c3-fdb0-451c-b4f3-ec2138ccc2ca","block_type":"box","text":"these securities may be backed by the full faith and credit of the U.S. Treasury, some may be supported by the right of","page_number":20,"box":{"x":60,"y":254,"width":874,"height":11}},{"id":"f1df8aee-9a70-4a23-a7b5-063744dc3df1","block_type":"box","text":"the issuer to borrow from the U.S. Treasury, and some are backed only by the credit of the issuer itself.","page_number":20,"box":{"x":60,"y":269,"width":761,"height":11}},{"id":"0cd5cfa0-9832-42e1-8683-c4e6f02e9218","block_type":"box","text":"The obligations of foreign governments and their related organizations have various kinds of government support.","page_number":20,"box":{"x":60,"y":291,"width":833,"height":12}},{"id":"7dd0d790-ba62-402b-a400-c5ecbd7d5544","block_type":"box","text":"These obligations may or may not be supported by the full faith and credit of a foreign government.","page_number":20,"box":{"x":60,"y":306,"width":727,"height":12}},{"id":"1d4427d8-0667-4c0b-bee4-e82a1d3dfd6a","block_type":"box","text":"The Fund may invest in securities issued by international organizations designated or supported by governments or","page_number":20,"box":{"x":60,"y":329,"width":847,"height":11}},{"id":"f7d79b75-07a3-4009-830b-b01533f05cbc","block_type":"box","text":"government agencies to promote economic reconstruction or development. Examples of these organizations include","page_number":20,"box":{"x":60,"y":343,"width":853,"height":12}},{"id":"e0ef22de-7d6c-4c64-949f-dd751619c8a9","block_type":"box","text":"the International Bank for Reconstruction and Development (the World Bank), the European Coal and Steel Community,","page_number":20,"box":{"x":60,"y":358,"width":873,"height":12}},{"id":"1129f392-0620-4b1b-8e29-6f4a568cb5c3","block_type":"box","text":"the Asian Development Bank and the Inter-American Development Bank.","page_number":20,"box":{"x":60,"y":373,"width":530,"height":11}},{"id":"fca178ab-ec8a-42ff-8701-2077fca1d2ac","block_type":"box","text":"The debt securities in which the Fund invests may include credit-linked notes, credit-linked trust certificates, structured","page_number":20,"box":{"x":60,"y":396,"width":875,"height":11}},{"id":"ddd702dd-9555-4537-9bf5-96ae1e7d3365","block_type":"box","text":"notes or other instruments evidencing interests in special purpose vehicles, trusts or other entities that hold or","page_number":20,"box":{"x":61,"y":411,"width":818,"height":11}},{"id":"e4232506-f788-416c-a42f-60324de9b33d","block_type":"box","text":"represent interests in debt securities.","page_number":20,"box":{"x":61,"y":426,"width":276,"height":11}},{"id":"b1c95c0d-5590-4afe-9786-916319bfc19a","block_type":"box","text":"The Fund may invest in corporate loans. Corporate loans are direct obligations of U.S. or foreign corporations that are","page_number":20,"box":{"x":60,"y":448,"width":864,"height":11}},{"id":"9e7eb99e-83ef-4e1f-a18a-ea3dc1ee7e54","block_type":"box","text":"purchased by the Fund in the secondary market.","page_number":20,"box":{"x":62,"y":463,"width":353,"height":11}},{"id":"b6a3d69a-463f-48a3-ae7e-95094f949773","block_type":"box","text":"The Fund may use a variety of portfolio strategies to hedge its portfolio against interest rate and currency risk, or to","page_number":20,"box":{"x":60,"y":485,"width":852,"height":12}},{"id":"11f1cec5-046f-48e9-9ea8-41257a0ffc6c","block_type":"box","text":"seek to enhance its return. These strategies include the use of derivatives, such as options on portfolio positions or","page_number":20,"box":{"x":61,"y":500,"width":856,"height":12}},{"id":"6b08cf0b-363d-4809-9533-61d1f776e143","block_type":"box","text":"currencies, financial and currency futures and options on these futures, forward foreign currency transactions, interest","page_number":20,"box":{"x":61,"y":515,"width":873,"height":11}},{"id":"29323977-78c0-4a6e-814f-989a744d66fd","block_type":"box","text":"rate swaps and credit default swaps. Derivatives are financial instruments whose value is derived from another","page_number":20,"box":{"x":61,"y":530,"width":817,"height":11}},{"id":"d2c79627-36bb-4fb4-84ea-bc9e6dc2fd8c","block_type":"box","text":"security or an index such as the Bloomberg Global Aggregate Bond Index. A swap is an agreement whereby one party","page_number":20,"box":{"x":61,"y":545,"width":860,"height":11}},{"id":"66721bfa-5339-4ca1-a916-481f3d8e0b75","block_type":"box","text":"exchanges its right to receive or its obligation to pay one type of interest or currency for another party’s obligation to","page_number":20,"box":{"x":61,"y":559,"width":855,"height":12}},{"id":"1a740d62-5764-45a1-9473-90330ab1e12e","block_type":"box","text":"pay or its right to receive another type of interest or currency in the future or for a period of time. A credit default swap","page_number":20,"box":{"x":62,"y":574,"width":868,"height":12}},{"id":"d8e985ac-f2c0-4c30-989d-23e9303d382d","block_type":"box","text":"is a type of swap whereby one party would pay a counterparty a periodic stream of payments over the term of the","page_number":20,"box":{"x":62,"y":589,"width":832,"height":11}},{"id":"74218006-f499-45bf-b93e-32aa7dc44fd0","block_type":"box","text":"contract provided that no event of default on a specific bond has occurred and in return, upon any event of default on","page_number":20,"box":{"x":61,"y":604,"width":862,"height":11}},{"id":"a94d031f-1d74-46d1-8e4b-75bfb7aea3c2","block_type":"box","text":"such bond, the first party would receive from the counterparty a payment equal to the par (or other agreed-upon) value","page_number":20,"box":{"x":61,"y":619,"width":869,"height":11}},{"id":"cf81cb20-dbfe-40bf-b5df-4061622373a5","block_type":"box","text":"of such bond. The Fund may invest in indexed and inverse securities (which are securities that provide a potential","page_number":20,"box":{"x":61,"y":633,"width":833,"height":12}},{"id":"79e22642-5d6a-47f4-80ae-29dd085708ea","block_type":"box","text":"return based on a particular index of value or interest rates).","page_number":20,"box":{"x":61,"y":648,"width":444,"height":12}},{"id":"c469c357-2a97-4555-855c-0e1b9721df7a","block_type":"box","text":"The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets","page_number":20,"box":{"x":60,"y":671,"width":863,"height":11}},{"id":"7fda170d-a559-4bc4-8f50-0878ab40fc3b","block_type":"box","text":"through investment in commodity-related instruments and investment vehicles such as exchange traded funds that","page_number":20,"box":{"x":60,"y":686,"width":844,"height":11}},{"id":"27de725f-d4a7-4743-a69a-9c56a382560d","block_type":"box","text":"invest exclusively in commodities and are designed to provide this exposure without direct investment in physical","page_number":20,"box":{"x":62,"y":701,"width":828,"height":11}},{"id":"2047bc5d-f551-4386-bbc3-0aca7dd16d1c","block_type":"box","text":"commodities. The Fund may also gain exposure to commodity markets by investing in Strategic Global Bond Fund","page_number":20,"box":{"x":61,"y":715,"width":830,"height":12}},{"id":"482805c4-8fe6-47f5-a038-ee99fbc5caf9","block_type":"box","text":"(Cayman) (the “Subsidiary”). The Subsidiary invests primarily in commodity-related instruments. The Subsidiary may","page_number":20,"box":{"x":61,"y":730,"width":853,"height":12}},{"id":"f26152c5-35a2-445b-9567-8fcce573014a","block_type":"box","text":"also hold cash and invest in other instruments, including fixed-income securities, either as investments or to serve as","page_number":20,"box":{"x":61,"y":745,"width":867,"height":12}},{"id":"af06c1fe-2f45-4eb8-8c0e-134e7e71109a","block_type":"box","text":"margin or collateral for the Subsidiary’s derivative positions. BlackRock is the manager of the Subsidiary. The","page_number":20,"box":{"x":61,"y":760,"width":804,"height":11}},{"id":"e42f3225-bdaa-4794-a9fe-464edac87dfe","block_type":"box","text":"Subsidiary (unlike the Fund) may invest without limitation in commodity-related instruments. However, the Subsidiary is","page_number":20,"box":{"x":61,"y":775,"width":874,"height":11}},{"id":"df857fcf-61a6-41e0-a919-77ddc5de35e4","block_type":"box","text":"otherwise subject to the same fundamental, non-fundamental and certain other investment restrictions as the Fund.","page_number":20,"box":{"x":61,"y":789,"width":854,"height":12}},{"id":"019ec536-8d8a-41e5-b7fc-113a95c0c2c6","block_type":"box","text":"The Fund will limit its investments in the Subsidiary to 25% of its total assets.","page_number":20,"box":{"x":60,"y":804,"width":574,"height":12}},{"id":"a09c2f60-1ff5-4d05-a497-922fde112c5f","block_type":"box","text":"The Subsidiary is managed pursuant to compliance policies and procedures that are the same, in all material","page_number":20,"box":{"x":60,"y":827,"width":804,"height":11}},{"id":"b106e9de-acea-492d-883d-fca3a7e9a2b6","block_type":"box","text":"respects, as the policies and procedures adopted by the Fund. As a result, BlackRock, in managing the Subsidiary’s","page_number":20,"box":{"x":61,"y":842,"width":854,"height":11}},{"id":"e30f6649-8047-41d4-bac6-312f7f51e7df","block_type":"box","text":"portfolio, is subject to the same investment policies and restrictions that apply to the management of the Fund, and,","page_number":20,"box":{"x":62,"y":856,"width":856,"height":12}},{"id":"b142e918-a67b-4732-b347-59c3144d8ceb","block_type":"box","text":"in particular, to the requirements relating to portfolio leverage, liquidity, brokerage, and the timing and method of the","page_number":20,"box":{"x":62,"y":871,"width":857,"height":12}},{"id":"7cb70715-f416-422b-ae15-40077077bfc7","block_type":"box","text":"valuation of the Subsidiary’s portfolio investments and shares of the Subsidiary. These policies and restrictions are","page_number":20,"box":{"x":60,"y":886,"width":852,"height":12}},{"id":"bc1e157d-8ef9-4734-9025-82cdde357750","block_type":"box","text":"described in detail in the Statement of Additional Information (“SAI”). The Fund and Subsidiary test for compliance with","page_number":20,"box":{"x":61,"y":901,"width":875,"height":11}},{"id":"ab14005f-1ef5-4539-baa5-02d2e40705cb","block_type":"box","text":"certain investment restrictions on a consolidated basis.","page_number":20,"box":{"x":61,"y":916,"width":409,"height":9}},{"id":"76d388e4-6295-4c76-9c68-d2bb55a7aad1","block_type":"box","text":"14","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"3af86c7b-56db-4804-af3f-6143c1eb8609","block_type":"box","text":"NM1026U-5982664-20/82","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"75c44efd-9b98-4df2-a3d1-409c3df48eeb","block_type":"box","text":"BlackRock provides investment management and other services to the Subsidiary. BlackRock does not receive","page_number":21,"box":{"x":62,"y":46,"width":812,"height":11}},{"id":"92ed59f4-79ed-4b36-ad13-eaafe5dcdc42","block_type":"box","text":"separate compensation from the Subsidiary for providing it with investment management or administrative services.","page_number":21,"box":{"x":61,"y":60,"width":852,"height":12}},{"id":"26b6c316-143e-4f15-825b-6dcc8025fbd7","block_type":"box","text":"However, the Fund pays BlackRock based on the Fund’s assets, including the assets invested in the Subsidiary.","page_number":21,"box":{"x":62,"y":75,"width":821,"height":12}},{"id":"d22ef61a-4758-4d25-8f20-83a0389745eb","block_type":"box","text":"BlackRock has entered into sub-advisory agreements with BlackRock International Limited and BlackRock (Singapore)","page_number":21,"box":{"x":62,"y":90,"width":862,"height":12}},{"id":"6b53007b-747b-40fb-863b-8ab5f8ca725c","block_type":"box","text":"Limited with respect to the Subsidiary. The Subsidiary will also enter into separate contracts for the provision of","page_number":21,"box":{"x":62,"y":105,"width":822,"height":11}},{"id":"f83c3414-8332-4368-af28-d7750ce8967f","block_type":"box","text":"advisory, custody, accounting agent and audit services with the same or with affiliates of the same service providers","page_number":21,"box":{"x":61,"y":120,"width":857,"height":11}},{"id":"1555650b-5533-4f95-9cca-b6d13e2e671a","block_type":"box","text":"that provide those services to the Fund.","page_number":21,"box":{"x":60,"y":135,"width":293,"height":11}},{"id":"d05e3d15-331e-4377-bf9a-1b81720aa376","block_type":"box","text":"The financial statements of the Subsidiary are consolidated with the Fund’s financial statements in the Fund’s Annual","page_number":21,"box":{"x":60,"y":157,"width":866,"height":12}},{"id":"00ab7601-1642-42ec-8789-94383dd82ea8","block_type":"box","text":"and Semi-Annual Financial Statements and Additional Information. The Fund’s Annual and Semi-Annual Financial","page_number":21,"box":{"x":61,"y":172,"width":822,"height":9}},{"id":"77e5943c-ef0d-41a4-a598-cd76006d5548","block_type":"box","text":"Statements and Additional Information are filed with the SEC on Form N-CSR and are provided without charge upon","page_number":21,"box":{"x":61,"y":187,"width":844,"height":11}},{"id":"409c6b5b-ef53-4dee-97ba-6af1601249f9","block_type":"box","text":"request as indicated on the back cover of this prospectus. Please refer to the SAI for additional information about the","page_number":21,"box":{"x":61,"y":202,"width":864,"height":11}},{"id":"9d3e75e4-5876-4011-8573-059c68700b5b","block_type":"box","text":"organization and management of the Subsidiary.","page_number":21,"box":{"x":61,"y":216,"width":354,"height":12}},{"id":"60aa5833-417d-4234-a7e6-113837463310","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":21,"box":{"x":61,"y":240,"width":327,"height":12}},{"id":"782fce40-9183-4ad0-bd8c-c67029db6897","block_type":"box","text":"In addition to the principal strategies discussed above, the Fund may also invest or engage in the following","page_number":21,"box":{"x":62,"y":256,"width":784,"height":11}},{"id":"b3e00472-d1a1-410f-a8af-0401d19efe75","block_type":"box","text":"investments/strategies:","page_number":21,"box":{"x":62,"y":271,"width":173,"height":11}},{"id":"0327b396-e191-42fc-aede-6e295588761b","block_type":"box","text":"The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.","page_number":21,"box":{"x":60,"y":293,"width":874,"height":12}},{"id":"982e7d9c-c6d9-4069-bc61-fe0ae3c9cfe2","block_type":"box","text":"Borrowing","page_number":21,"box":{"x":81,"y":313,"width":78,"height":12}},{"id":"c6335180-5d8c-4e7f-941c-62089939d12d","block_type":"box","text":"— The Fund may borrow for temporary or emergency purposes, including to meet redemptions, for the","page_number":21,"box":{"x":162,"y":313,"width":751,"height":12}},{"id":"4b136a49-f734-44cf-81d8-907e0ab317e9","block_type":"box","text":"payment of dividends, for share repurchases or for the clearance of transactions, subject to the limits set forth","page_number":21,"box":{"x":82,"y":328,"width":815,"height":11}},{"id":"c4fd1bd4-781b-4e58-9799-cf92b32abd5f","block_type":"box","text":"under the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.","page_number":21,"box":{"x":82,"y":343,"width":801,"height":11}},{"id":"06bd7a2c-2f43-4ee9-8201-1b780c5dfcce","block_type":"box","text":"Collateralized Loan Obligations","page_number":21,"box":{"x":81,"y":363,"width":233,"height":11}},{"id":"2bc03339-976a-4544-9560-08ca02cdcf75","block_type":"box","text":"—","page_number":21,"box":{"x":319,"y":368,"width":17,"height":1}},{"id":"6c40ee1b-6266-4df6-a02d-94791f965fda","block_type":"box","text":"The Fund may invest in collateralized loan obligations (“CLOs”). CLOs are","page_number":21,"box":{"x":340,"y":363,"width":537,"height":11}},{"id":"cccf21ac-5d05-448e-b0a6-ffff9c7da100","block_type":"box","text":"ordinarily issued by a trust or other special purpose entity and are typically collateralized by a pool of loans, which","page_number":21,"box":{"x":81,"y":378,"width":835,"height":11}},{"id":"954576ff-5e6f-4302-8717-76eb170afb11","block_type":"box","text":"may include, among others, domestic and non-U.S. senior secured loans, senior unsecured loans, and subordinate","page_number":21,"box":{"x":82,"y":393,"width":844,"height":11}},{"id":"6129e840-b289-4718-ba81-b6e1b34c3437","block_type":"box","text":"corporate loans, including loans that may be rated below investment grade or equivalent unrated loans, held by","page_number":21,"box":{"x":81,"y":408,"width":817,"height":11}},{"id":"06f19614-981c-44a4-8a83-ea7df72b08f1","block_type":"box","text":"such issuer.","page_number":21,"box":{"x":81,"y":422,"width":87,"height":9}},{"id":"e35365a6-589a-4468-9dbe-1f0f7fb0bd23","block_type":"box","text":"Convertible Securities","page_number":21,"box":{"x":81,"y":442,"width":167,"height":9}},{"id":"cd167356-c0c7-4faf-b754-3d5d69b3bd36","block_type":"box","text":"— The Fund may invest in convertible securities. Convertible securities generally are debt","page_number":21,"box":{"x":252,"y":442,"width":660,"height":12}},{"id":"2701c316-d543-4e76-9614-08b37450c512","block_type":"box","text":"securities or preferred stock that may be converted into common stock. Convertible securities typically pay current","page_number":21,"box":{"x":81,"y":457,"width":843,"height":11}},{"id":"c89e5c52-c6c3-4914-a12b-87e3ffd21b57","block_type":"box","text":"income as either interest (debt security convertibles) or dividends (preferred stock). A convertible security’s value","page_number":21,"box":{"x":82,"y":472,"width":833,"height":11}},{"id":"6bcf97f2-1c44-4577-90ff-5bbb77d1e2d9","block_type":"box","text":"usually reflects both the stream of current income payments and the market value of the underlying common stock.","page_number":21,"box":{"x":82,"y":487,"width":847,"height":11}},{"id":"9fcd8bf9-ad79-47ea-9828-7ccd078b02a4","block_type":"box","text":"Distressed Securities","page_number":21,"box":{"x":81,"y":507,"width":161,"height":9}},{"id":"e63988b8-8bba-4ce3-bb4e-bddd20c866cd","block_type":"box","text":"— The Fund may invest a portion of its assets in securities, including loans purchased in the","page_number":21,"box":{"x":246,"y":506,"width":684,"height":12}},{"id":"21b36960-6780-43df-8897-e901850dcec5","block_type":"box","text":"secondary market, that are the subject of bankruptcy proceedings or otherwise in default or at risk of being in","page_number":21,"box":{"x":81,"y":521,"width":807,"height":12}},{"id":"ccb5c399-5cac-4c1b-81ab-1da96debc6ce","block_type":"box","text":"default as to the repayment of principal and/or interest at the time of acquisition or that are rated in the lower","page_number":21,"box":{"x":81,"y":536,"width":811,"height":12}},{"id":"a01e2a89-6d05-4f78-a10e-3549028ff072","block_type":"box","text":"rating categories by one or more nationally recognized statistical rating organizations (for example, Ca or lower by","page_number":21,"box":{"x":82,"y":551,"width":831,"height":12}},{"id":"c283a983-d3b6-4e9a-88c8-25a38b9d6a0e","block_type":"box","text":"Moody’s and CC or lower by S&P or Fitch) or, if unrated, are in the judgment of BlackRock of equivalent quality.","page_number":21,"box":{"x":82,"y":566,"width":810,"height":11}},{"id":"65214d7a-a3a5-4148-97e8-e5648bb702ca","block_type":"box","text":"Equity Securities","page_number":21,"box":{"x":81,"y":586,"width":127,"height":11}},{"id":"79aed0dc-68e2-41a0-bc1c-4f95485ec015","block_type":"box","text":"— The Fund may invest up to 10% of the Fund’s assets in equity securities, including common","page_number":21,"box":{"x":213,"y":586,"width":693,"height":11}},{"id":"5d17a880-5e22-4dab-bedf-a29029da3746","block_type":"box","text":"stock, preferred stock and convertible securities.","page_number":21,"box":{"x":81,"y":601,"width":360,"height":11}},{"id":"0e02f8ca-c12c-4ec9-9c4f-d29c689dd6a3","block_type":"box","text":"Investment Companies","page_number":21,"box":{"x":81,"y":621,"width":172,"height":11}},{"id":"d4335ab7-cbf0-40bb-87f6-030e31d5bc5b","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":21,"box":{"x":258,"y":621,"width":643,"height":11}},{"id":"ec68af96-3fff-4d33-af04-f7c4698d6317","block_type":"box","text":"traded funds (“ETFs”), unit investment trusts, and open-end and closed-end funds. The Fund may invest in affiliated","page_number":21,"box":{"x":80,"y":635,"width":850,"height":12}},{"id":"ade19381-a931-45fb-ae0e-705d4deed0c3","block_type":"box","text":"investment companies, including affiliated money market funds and affiliated ETFs.","page_number":21,"box":{"x":82,"y":650,"width":610,"height":12}},{"id":"922985d6-3578-46f9-9138-bcf136ed1bae","block_type":"box","text":"New Issues","page_number":21,"box":{"x":81,"y":670,"width":86,"height":9}},{"id":"d3879b60-bf48-49b6-a868-cf3ffb8eff05","block_type":"box","text":"— The Fund may invest in new issues, which are initial public offerings (“IPOs”) of equity securities.","page_number":21,"box":{"x":171,"y":670,"width":734,"height":12}},{"id":"65c1496d-3d62-45af-9a6e-fad4054a70c3","block_type":"box","text":"Pay-in-kind Bonds","page_number":21,"box":{"x":81,"y":690,"width":133,"height":12}},{"id":"ce0db087-4d66-4fc4-affe-5f713852c518","block_type":"box","text":"— The Fund may invest in pay-in-kind bonds, which are bonds that allow the lender, at its option,","page_number":21,"box":{"x":218,"y":690,"width":709,"height":12}},{"id":"305de9d8-666c-4713-976e-89a4a3d873c4","block_type":"box","text":"to make current interest payments on such securities either in cash or in additional securities.","page_number":21,"box":{"x":80,"y":705,"width":695,"height":11}},{"id":"cf24fd09-e98f-4302-839b-1ac3da8fd369","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts","page_number":21,"box":{"x":81,"y":725,"width":442,"height":11}},{"id":"b9d8c9b2-35eb-43e1-b636-bbc78824d152","block_type":"box","text":"— Under repurchase agreements and purchase and","page_number":21,"box":{"x":527,"y":725,"width":381,"height":12}},{"id":"a49afd87-45a3-4fd3-bf0c-6d93d7bee487","block_type":"box","text":"sale contracts, the other party agrees, upon entering into the contract with the Fund, to repurchase a security sold","page_number":21,"box":{"x":81,"y":740,"width":840,"height":11}},{"id":"f1284898-2f2b-4d2a-9e09-3d6b5979f46f","block_type":"box","text":"to the Fund at a mutually agreed-upon time and price in a specified currency, thereby determining the yield during","page_number":21,"box":{"x":80,"y":755,"width":832,"height":11}},{"id":"275b127b-4223-4cc9-8a4d-68b77f551925","block_type":"box","text":"the term of the agreement.","page_number":21,"box":{"x":80,"y":769,"width":198,"height":12}},{"id":"1d448219-15d2-4876-8f11-e082b05c498b","block_type":"box","text":"Reverse Repurchase Agreements","page_number":21,"box":{"x":81,"y":790,"width":251,"height":11}},{"id":"6519e6df-a98d-40ec-8626-009fefe704f1","block_type":"box","text":"— Reverse repurchase agreements involve the sale of securities held by the","page_number":21,"box":{"x":336,"y":789,"width":561,"height":12}},{"id":"7d501dc6-9f12-4695-9ace-9a1b74f1a69e","block_type":"box","text":"Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment.","page_number":21,"box":{"x":82,"y":805,"width":773,"height":11}},{"id":"836bfc7b-b51e-4cc4-98e4-9ee6b26fe884","block_type":"box","text":"Securities Lending","page_number":21,"box":{"x":81,"y":824,"width":140,"height":12}},{"id":"44f2430c-8b6e-469d-b0e1-e4830dcd0128","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":21,"box":{"x":225,"y":824,"width":396,"height":12}},{"id":"8fd67846-576a-4c39-aba3-696e18e92c13","block_type":"box","text":"1⁄","page_number":21,"box":{"x":622,"y":825,"width":6,"height":5}},{"id":"26726ed1-864d-4f10-880e-19ad180bc061","block_type":"box","text":"1⁄3","page_number":21,"box":{"x":626,"y":825,"width":8,"height":8}},{"id":"6febfaaa-9c7f-4937-b3ed-837c6c82e561","block_type":"box","text":"⁄3","page_number":21,"box":{"x":632,"y":828,"width":6,"height":5}},{"id":"549c8183-a82e-4325-b58d-3a65055f7f3d","block_type":"box","text":"% of its total assets to financial","page_number":21,"box":{"x":639,"y":824,"width":231,"height":10}},{"id":"d27adf21-bda7-474f-b771-60f27ee10c00","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":21,"box":{"x":82,"y":839,"width":748,"height":12}},{"id":"b43ad300-b70e-41bb-9d5f-7cb0b890cb88","block_type":"box","text":"Short Sales","page_number":21,"box":{"x":81,"y":859,"width":87,"height":9}},{"id":"a07fb80c-ea3f-4a9d-8b34-833f54450e1d","block_type":"box","text":"— The Fund may engage in short sales of securities, either as a hedge against potential declines in","page_number":21,"box":{"x":173,"y":859,"width":734,"height":12}},{"id":"9d4d145b-5207-40cc-ae16-05373e798d68","block_type":"box","text":"value of a portfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":21,"box":{"x":80,"y":874,"width":846,"height":11}},{"id":"8e24410f-8c92-404a-b67c-cc1585453456","block_type":"box","text":"A short sale is a transaction in which the Fund sells securities borrowed from others with the expectation that the","page_number":21,"box":{"x":81,"y":889,"width":836,"height":11}},{"id":"22fafaf8-cb5a-4645-9251-56cc22d9a971","block_type":"box","text":"price of the security will fall before the Fund must purchase the security to return it to the lender. The Fund will not","page_number":21,"box":{"x":82,"y":904,"width":839,"height":11}},{"id":"4e0ecd3d-b4ce-45c2-8d31-905ee347d5d3","block_type":"box","text":"make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 10% of","page_number":21,"box":{"x":82,"y":918,"width":834,"height":12}},{"id":"39af8902-803b-4b48-a4bb-9a01853e5775","block_type":"box","text":"15","page_number":21,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"3afa3622-48ec-476e-a156-aef0b9a485a0","block_type":"box","text":"NM1026U-5982664-21/82","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"355b5b35-b519-439b-a76f-ce1338865f65","block_type":"box","text":"the value of its total assets. The Fund also may make short sales “against the box” without limitation. In this type","page_number":22,"box":{"x":80,"y":46,"width":840,"height":11}},{"id":"b8fc1db4-0d82-469a-8d87-c1710e9a6416","block_type":"box","text":"of short sale, at the time of the sale, the Fund owns or has the immediate and unconditional right to acquire the","page_number":22,"box":{"x":81,"y":60,"width":826,"height":12}},{"id":"5c8c6e69-e079-4c52-aa44-cb0719782d7d","block_type":"box","text":"identical security at no additional cost.","page_number":22,"box":{"x":82,"y":76,"width":281,"height":11}},{"id":"48e1e28c-cd98-45a7-ba77-74fd83418399","block_type":"box","text":"Short-Term Securities","page_number":22,"box":{"x":81,"y":95,"width":163,"height":9}},{"id":"11d6272d-71b9-4ad6-aded-9306d517e515","block_type":"box","text":"—","page_number":22,"box":{"x":248,"y":100,"width":17,"height":2}},{"id":"559077ad-b612-433b-b33a-269b7c182556","block_type":"box","text":"The Fund may invest in money market securities or commercial paper.","page_number":22,"box":{"x":270,"y":96,"width":513,"height":11}},{"id":"e51b86df-d623-4665-b0c7-4246516a3141","block_type":"box","text":"Temporary Defensive Strategies","page_number":22,"box":{"x":82,"y":115,"width":238,"height":12}},{"id":"5dabd341-987a-4032-b835-f593ca65e3a1","block_type":"box","text":"— For temporary defensive purposes, for example, to respond to adverse market,","page_number":22,"box":{"x":325,"y":115,"width":600,"height":12}},{"id":"3b5b74c8-ce51-43ff-aeb0-74b23a6f1a0a","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":22,"box":{"x":81,"y":130,"width":802,"height":12}},{"id":"d1ca103f-c117-412f-b8c9-9eeff922422f","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":22,"box":{"x":82,"y":145,"width":833,"height":11}},{"id":"87842631-de9e-44d7-b497-01245bee9431","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":22,"box":{"x":81,"y":160,"width":796,"height":11}},{"id":"96021ebf-e5a1-4877-838d-44262a9f7168","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":22,"box":{"x":81,"y":175,"width":802,"height":11}},{"id":"289e47cb-e5ff-442b-86ed-e1c48789775d","block_type":"box","text":"unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed-income","page_number":22,"box":{"x":82,"y":189,"width":777,"height":12}},{"id":"951432ab-fc7d-405d-8e88-603cea8de85b","block_type":"box","text":"securities. Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":22,"box":{"x":81,"y":204,"width":781,"height":12}},{"id":"5dd34122-e053-4680-9b1c-bc91d6213c01","block_type":"box","text":"Warrants","page_number":22,"box":{"x":83,"y":224,"width":66,"height":9}},{"id":"67cd327b-712d-4f25-817f-4f881b3cb8fd","block_type":"box","text":"— The Fund may invest in warrants, which are options to buy, directly from the issuer, a stated number of","page_number":22,"box":{"x":153,"y":224,"width":778,"height":12}},{"id":"7e1a43dc-806b-4dcf-9697-562b01db01d9","block_type":"box","text":"shares of stock at a specified price anytime during the life of the warrant. Since a warrant does not carry with it the","page_number":22,"box":{"x":81,"y":239,"width":848,"height":12}},{"id":"e2a47d0c-14ef-40a4-a906-94649d31b458","block_type":"box","text":"right to dividends or voting rights with respect to securities that the warrant holder is entitled to purchase, and","page_number":22,"box":{"x":82,"y":254,"width":809,"height":11}},{"id":"b54fb355-97f9-46bb-b8de-736909b6017d","block_type":"box","text":"because it does not represent any rights to the assets of the issuer, a warrant may be considered more speculative","page_number":22,"box":{"x":81,"y":269,"width":850,"height":11}},{"id":"6fe227c2-15f2-42e8-b8df-0bbde9073d89","block_type":"box","text":"than certain other types of investments.","page_number":22,"box":{"x":80,"y":283,"width":294,"height":12}},{"id":"869fc273-7c2a-4085-8026-d4220e2f822a","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":22,"box":{"x":83,"y":304,"width":545,"height":11}},{"id":"1c369b80-eb5a-431e-9470-a453c7fdb9f8","block_type":"box","text":"— The purchase or sale of securities on","page_number":22,"box":{"x":632,"y":303,"width":295,"height":12}},{"id":"f270349d-c04d-4204-b0f7-bb08f189e4f3","block_type":"box","text":"a when-issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale","page_number":22,"box":{"x":81,"y":318,"width":845,"height":12}},{"id":"a71aa7c8-b341-48a5-b429-233f6371e17c","block_type":"box","text":"of securities by the Fund at an established price with payment and delivery taking place in the future. The Fund","page_number":22,"box":{"x":81,"y":333,"width":814,"height":12}},{"id":"7287eab5-b0e3-4182-816d-10c4add3b925","block_type":"box","text":"enters into these transactions to obtain what is considered an advantageous price to the Fund at the time of","page_number":22,"box":{"x":81,"y":348,"width":799,"height":12}},{"id":"a16a8801-03d0-48ca-bf00-a1ec015fbfb6","block_type":"box","text":"entering into the transaction.","page_number":22,"box":{"x":81,"y":363,"width":211,"height":11}},{"id":"815a58b8-d0cb-42f2-a6ba-b99e9c88d7f4","block_type":"box","text":"Zero Coupon Securities","page_number":22,"box":{"x":82,"y":383,"width":176,"height":11}},{"id":"7fa27229-fca5-4a54-9d51-d9afe861aa28","block_type":"box","text":"— The Fund may invest in zero coupon securities, which are securities that do not pay","page_number":22,"box":{"x":263,"y":383,"width":634,"height":11}},{"id":"dbc9fd3a-9324-470d-bcfc-4ff46801c8cd","block_type":"box","text":"interest during the life of the security but instead, are bought at a deep discount from their face value. When a zero","page_number":22,"box":{"x":82,"y":398,"width":846,"height":11}},{"id":"a2af88e1-01a5-4dec-b8c3-7314220d1f4c","block_type":"box","text":"coupon security matures, the investor receives a lump sum payment equal to the face value of the bond (initial","page_number":22,"box":{"x":81,"y":412,"width":813,"height":12}},{"id":"1a7fbf31-951e-41f9-af29-66e1b9d56cd7","block_type":"box","text":"investment plus the imputed interest).","page_number":22,"box":{"x":82,"y":427,"width":278,"height":12}},{"id":"4020170a-e470-4a0b-95f6-69b0467987c3","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT OF THE FUND","page_number":22,"box":{"x":296,"y":484,"width":405,"height":9}},{"id":"ebf6bf3a-01b3-4eac-9505-fd2febd0fb61","block_type":"box","text":"The Fund is managed by a team of financial professionals. Rick Rieder, Russell Brownback and Dylan Price are the","page_number":22,"box":{"x":70,"y":506,"width":842,"height":12}},{"id":"dc4e11f1-d4b6-43fe-b891-4c481c01743c","block_type":"box","text":"portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund. Please see","page_number":22,"box":{"x":72,"y":521,"width":845,"height":12}},{"id":"d2dd5edd-f1bb-475b-8407-b8b80d03d2fe","block_type":"box","text":"“Management of the Fund — Portfolio Manager Information” for additional information about the portfolio","page_number":22,"box":{"x":72,"y":536,"width":775,"height":12}},{"id":"f79247f5-0a06-4fd7-ac37-f54e6df7b7c1","block_type":"box","text":"management team.","page_number":22,"box":{"x":71,"y":552,"width":141,"height":11}},{"id":"ca899761-cbf4-4501-acf3-7d05d2e42a45","block_type":"box","text":"Investment Risks","page_number":22,"box":{"x":62,"y":603,"width":156,"height":11}},{"id":"23572cb5-5b38-427e-9463-70cecb861883","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objectives and","page_number":22,"box":{"x":60,"y":629,"width":820,"height":12}},{"id":"235179f5-4f75-480c-af45-cdfcb3ab20ca","block_type":"box","text":"Policies” section in the SAI also includes more information about the Fund, its investments and the related risks. As","page_number":22,"box":{"x":61,"y":644,"width":854,"height":11}},{"id":"1c5601c1-445d-44dd-9bbd-b0b31ccdffbe","block_type":"box","text":"with any fund, there can be no guarantee that the Fund will meet its investment objective or that the Fund’s","page_number":22,"box":{"x":60,"y":659,"width":789,"height":11}},{"id":"693d660e-971a-4e65-abeb-3992132d7203","block_type":"box","text":"performance will be positive for any period of time. An investment in the Fund is not insured or guaranteed by the","page_number":22,"box":{"x":62,"y":673,"width":831,"height":12}},{"id":"f5f98935-f5d1-42ff-b835-987adcb08dfb","block_type":"box","text":"Federal Deposit Insurance Corporation or by any bank or governmental agency. The order of the below risk factors does","page_number":22,"box":{"x":62,"y":688,"width":873,"height":12}},{"id":"ce09f31a-4fe7-4be7-abb1-144bdbf2d469","block_type":"box","text":"not indicate the significance of any particular risk factor.","page_number":22,"box":{"x":61,"y":703,"width":412,"height":12}},{"id":"bd3cb84f-eb1a-4fba-b749-b891460fc0e5","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":22,"box":{"x":61,"y":726,"width":322,"height":13}},{"id":"ce72a59e-f074-44bc-8dc4-b8eacf7219f5","block_type":"box","text":"Commodities Related Investments Risk","page_number":22,"box":{"x":81,"y":748,"width":298,"height":9}},{"id":"44cfb219-c73c-476d-bd32-ee132e03307c","block_type":"box","text":"—","page_number":22,"box":{"x":384,"y":753,"width":17,"height":1}},{"id":"438af7a1-cc38-4d39-9bf4-494aa8ed6f5c","block_type":"box","text":"Exposure to the commodities markets may subject the Fund to greater","page_number":22,"box":{"x":406,"y":748,"width":517,"height":11}},{"id":"b151f2da-9a98-44e8-95c8-2a6e0efcb4bf","block_type":"box","text":"volatility than investments in traditional securities. The value of commodity-linked derivative investments may be","page_number":22,"box":{"x":80,"y":762,"width":824,"height":12}},{"id":"e48b0a12-24c9-40a1-bb7a-084a3b6001a3","block_type":"box","text":"affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates, or","page_number":22,"box":{"x":81,"y":777,"width":849,"height":12}},{"id":"2788a1c9-3169-4c0a-87b3-d48df07e9325","block_type":"box","text":"factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and","page_number":22,"box":{"x":81,"y":792,"width":804,"height":12}},{"id":"a28fe428-02f2-48ec-9b28-32e18043513c","block_type":"box","text":"international economic, political and regulatory developments.","page_number":22,"box":{"x":82,"y":807,"width":455,"height":11}},{"id":"903f84a2-da87-4c60-884a-8c298140d24f","block_type":"box","text":"Corporate Loans Risk","page_number":22,"box":{"x":81,"y":827,"width":162,"height":11}},{"id":"7c76b76d-9864-4b31-8fb3-8cbb23fefb88","block_type":"box","text":"— Commercial banks and other financial institutions or institutional investors make corporate","page_number":22,"box":{"x":247,"y":827,"width":689,"height":11}},{"id":"a29d18aa-7aac-495c-9118-a8c3cd8897dc","block_type":"box","text":"loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at","page_number":22,"box":{"x":82,"y":842,"width":845,"height":11}},{"id":"fd510396-c1cb-44e7-9dd7-31718a8e3220","block_type":"box","text":"rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate","page_number":22,"box":{"x":82,"y":857,"width":827,"height":11}},{"id":"22c73473-4fb7-4158-a751-5df140c48192","block_type":"box","text":"(“SOFR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less","page_number":22,"box":{"x":81,"y":871,"width":821,"height":12}},{"id":"afc8801e-51da-42a2-bfb7-f6794b74fc80","block_type":"box","text":"exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest.","page_number":22,"box":{"x":81,"y":886,"width":840,"height":12}},{"id":"7c0496b3-fc83-4cc0-b746-aed03a5ebd2d","block_type":"box","text":"However, because the trading market for certain corporate loans may be less developed than the secondary market","page_number":22,"box":{"x":82,"y":901,"width":850,"height":12}},{"id":"75fe7fa3-9902-43e4-a0ef-fe78201eb72b","block_type":"box","text":"for bonds and notes, the Fund may experience difficulties in selling its corporate loans. Transactions in corporate","page_number":22,"box":{"x":81,"y":916,"width":831,"height":11}},{"id":"77fe6cb9-dccd-4090-aa65-8868b9cced6a","block_type":"box","text":"16","page_number":22,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"0e1ceca0-4e8f-4df0-b82f-472cdb4210e0","block_type":"box","text":"NM1026U-5982664-22/82","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d7ce354d-a32c-4754-9115-df3ca59fd2a7","block_type":"box","text":"loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily","page_number":23,"box":{"x":82,"y":46,"width":841,"height":11}},{"id":"b6fe84ec-fd79-4a3d-b975-77dddf118677","block_type":"box","text":"available to make additional investments or to meet the Fund’s redemption obligations. To the extent the extended","page_number":23,"box":{"x":81,"y":61,"width":843,"height":11}},{"id":"4072adca-5f16-4abf-86ca-b3dd1c997a75","block_type":"box","text":"settlement process gives rise to short-term liquidity needs, the Fund may hold additional cash, sell investments or","page_number":23,"box":{"x":81,"y":76,"width":841,"height":11}},{"id":"1a4c8914-cadd-4f7f-a40e-ec47722858ff","block_type":"box","text":"temporarily borrow from banks and other lenders. Leading financial institutions often act as agent for a broader","page_number":23,"box":{"x":80,"y":90,"width":819,"height":12}},{"id":"2b6f2ba8-6e77-44dc-9dab-c8a0ed219529","block_type":"box","text":"group of lenders, generally referred to as a syndicate. The syndicate’s agent arranges the corporate loans, holds","page_number":23,"box":{"x":81,"y":105,"width":827,"height":12}},{"id":"f718512d-a1ff-4ea5-8771-f5ee3fe5cada","block_type":"box","text":"collateral and accepts payments of principal and interest. If the agent develops financial problems, the Fund may","page_number":23,"box":{"x":81,"y":120,"width":831,"height":11}},{"id":"471ab3a2-4189-4faa-8402-4f9e13d039c2","block_type":"box","text":"not recover its investment or recovery may be delayed. By investing in a corporate loan, the Fund may become a","page_number":23,"box":{"x":82,"y":135,"width":822,"height":11}},{"id":"ebef0280-d7f3-478f-a8ca-30ca29615ac9","block_type":"box","text":"member of the syndicate.","page_number":23,"box":{"x":82,"y":149,"width":184,"height":12}},{"id":"1d89ef19-52be-4820-9e66-2bd2b1a418cd","block_type":"box","text":"The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads.","page_number":23,"box":{"x":81,"y":172,"width":739,"height":12}},{"id":"95e7a1c8-320e-428d-b6b3-9678bc2ea320","block_type":"box","text":"The corporate loans in which the Fund invests are subject to the risk of loss of principal and income. Although","page_number":23,"box":{"x":81,"y":195,"width":806,"height":11}},{"id":"4730ce4c-8041-476f-bcc6-3925c67e1117","block_type":"box","text":"borrowers frequently provide collateral to secure repayment of these obligations they do not always do so. If they do","page_number":23,"box":{"x":81,"y":209,"width":852,"height":12}},{"id":"a53feaa2-6f17-4cff-82d8-c76ca348b59d","block_type":"box","text":"provide collateral, the value of the collateral may not completely cover the borrower’s obligations at the time of a","page_number":23,"box":{"x":82,"y":224,"width":827,"height":12}},{"id":"798173ae-0479-447b-b357-17c8f3831f4e","block_type":"box","text":"default. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit the","page_number":23,"box":{"x":81,"y":239,"width":847,"height":11}},{"id":"1bf7fbf7-0120-476a-9f77-500cf369659b","block_type":"box","text":"Fund’s rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event of","page_number":23,"box":{"x":82,"y":254,"width":852,"height":11}},{"id":"59a4602e-667b-498b-95a8-902134d9ee0c","block_type":"box","text":"a bankruptcy, the holder of a corporate loan may not recover its principal, may experience a long delay in recovering","page_number":23,"box":{"x":81,"y":269,"width":849,"height":11}},{"id":"d9343785-5050-4941-99ee-b64933270f9c","block_type":"box","text":"its investment and may not receive interest during the delay.","page_number":23,"box":{"x":82,"y":284,"width":441,"height":11}},{"id":"8faffc0d-f519-4ea5-92be-1930078071b4","block_type":"box","text":"Debt Securities Risk","page_number":23,"box":{"x":81,"y":304,"width":155,"height":9}},{"id":"6002b688-3c5c-40e0-9aeb-47c94da26bc6","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":23,"box":{"x":240,"y":304,"width":633,"height":10}},{"id":"4730f849-3c7e-4b74-b104-aeb9ae5e383a","block_type":"box","text":"extension risk, and prepayment risk, each of which is described in further detail below:","page_number":23,"box":{"x":81,"y":318,"width":637,"height":12}},{"id":"d547aed3-9d7c-4fd0-9332-a9591d83d2f0","block_type":"box","text":"Credit Risk","page_number":23,"box":{"x":82,"y":341,"width":80,"height":9}},{"id":"6f06b475-ee25-40f0-943b-fcfb2bf5f9e2","block_type":"box","text":"— Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be","page_number":23,"box":{"x":166,"y":341,"width":737,"height":11}},{"id":"3bceb743-8e87-45f5-b59e-ca4fc4fcf724","block_type":"box","text":"able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s","page_number":23,"box":{"x":81,"y":356,"width":816,"height":11}},{"id":"35ce9948-1e29-4530-882d-25ee182a9178","block_type":"box","text":"perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The","page_number":23,"box":{"x":82,"y":370,"width":826,"height":12}},{"id":"ca0f5cb3-4d1c-40c8-83d9-1aee724b9e69","block_type":"box","text":"degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.","page_number":23,"box":{"x":81,"y":385,"width":777,"height":12}},{"id":"dd526f38-7c3e-465b-ab73-4a265eeec84e","block_type":"box","text":"Interest Rate Risk","page_number":23,"box":{"x":82,"y":408,"width":132,"height":9}},{"id":"2294723d-3fda-4c83-b958-fe5c30ae3584","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":23,"box":{"x":218,"y":408,"width":704,"height":11}},{"id":"b6a5ef4c-1938-4dd9-b8ff-cd73b0aee389","block_type":"box","text":"rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities","page_number":23,"box":{"x":82,"y":423,"width":835,"height":11}},{"id":"701c4e71-db9e-44ea-a286-4c94846f93c9","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":23,"box":{"x":80,"y":438,"width":513,"height":9}},{"id":"76d454a3-832e-4a54-bba5-84ccf359f6c1","block_type":"box","text":"The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. For","page_number":23,"box":{"x":81,"y":460,"width":855,"height":12}},{"id":"a59d58d6-b812-402a-b4a8-20b4627acc25","block_type":"box","text":"example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors","page_number":23,"box":{"x":81,"y":475,"width":834,"height":11}},{"id":"2deac104-7e8d-4e66-b120-5be57f4105a1","block_type":"box","text":"being equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of","page_number":23,"box":{"x":81,"y":490,"width":849,"height":11}},{"id":"a95ad837-c254-404c-8ab1-723fadf5e192","block_type":"box","text":"the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates). The","page_number":23,"box":{"x":80,"y":505,"width":803,"height":11}},{"id":"c8dd4a5d-49b3-46fb-956e-28a2a84e5548","block_type":"box","text":"magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater","page_number":23,"box":{"x":82,"y":519,"width":838,"height":12}},{"id":"0f23cc11-900e-4706-9746-0f2a1709e225","block_type":"box","text":"for those securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect","page_number":23,"box":{"x":81,"y":534,"width":849,"height":12}},{"id":"fb281f9b-bf95-491c-9910-b8cd29abb2d2","block_type":"box","text":"interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset","page_number":23,"box":{"x":82,"y":549,"width":833,"height":11}},{"id":"ac530ff4-17c5-40fb-85b8-8bf5f58f01c4","block_type":"box","text":"value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by","page_number":23,"box":{"x":80,"y":564,"width":852,"height":11}},{"id":"36707824-7f81-4001-b4b0-f65554b63030","block_type":"box","text":"Fund management.","page_number":23,"box":{"x":82,"y":579,"width":138,"height":11}},{"id":"5c61b424-b95b-4715-adf1-71ca592d4535","block_type":"box","text":"To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage","page_number":23,"box":{"x":81,"y":601,"width":852,"height":12}},{"id":"7b682399-aa9d-42a2-b755-b62dd1d6f9c5","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":23,"box":{"x":81,"y":616,"width":840,"height":12}},{"id":"94c5097c-12f9-4168-9840-28d0345d6426","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset","page_number":23,"box":{"x":80,"y":631,"width":834,"height":11}},{"id":"6cd9d3f9-b031-46b1-80eb-29c2d5912bc7","block_type":"box","text":"only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be","page_number":23,"box":{"x":81,"y":646,"width":803,"height":11}},{"id":"c899c777-4eff-40a7-9531-0e751c190e3a","block_type":"box","text":"expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate","page_number":23,"box":{"x":81,"y":661,"width":839,"height":11}},{"id":"8bd58bdd-680a-46da-88ef-4f5f0f43294c","block_type":"box","text":"debt securities.","page_number":23,"box":{"x":81,"y":676,"width":112,"height":9}},{"id":"9c23d1c2-edde-4588-9d2f-dad2270ed8a1","block_type":"box","text":"These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith","page_number":23,"box":{"x":81,"y":698,"width":839,"height":11}},{"id":"8eae1b5e-54ba-4638-a8c1-cc3112f6cf9a","block_type":"box","text":"and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not","page_number":23,"box":{"x":81,"y":713,"width":839,"height":11}},{"id":"8146d259-0d75-4e90-8150-d6a68d17f67b","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":23,"box":{"x":82,"y":728,"width":831,"height":11}},{"id":"e2201414-88b3-45b6-a24e-42921d762627","block_type":"box","text":"value when interest rates change.","page_number":23,"box":{"x":80,"y":743,"width":248,"height":11}},{"id":"f0a4820e-4f07-47e4-91af-c2c69babedaf","block_type":"box","text":"Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and","page_number":23,"box":{"x":81,"y":765,"width":842,"height":12}},{"id":"37f0538a-7043-4e0d-82da-3946da551376","block_type":"box","text":"could negatively impact the Fund’s performance. A general rise in interest rates has the potential to cause investors","page_number":23,"box":{"x":81,"y":780,"width":855,"height":11}},{"id":"e100196a-0da4-4ee4-98e5-9bef7e18cd89","block_type":"box","text":"to move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that","page_number":23,"box":{"x":80,"y":795,"width":828,"height":11}},{"id":"42b0aca0-379b-4e20-bf38-5eb17c846401","block_type":"box","text":"hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at","page_number":23,"box":{"x":82,"y":809,"width":770,"height":12}},{"id":"09c16ce2-c1eb-455f-a802-3544e67c1e4f","block_type":"box","text":"inopportune times or at a loss or depressed value and could hurt the Fund’s performance.","page_number":23,"box":{"x":82,"y":824,"width":665,"height":12}},{"id":"cc02953e-5d76-498b-b585-270925e992c0","block_type":"box","text":"During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns. Certain","page_number":23,"box":{"x":82,"y":847,"width":836,"height":11}},{"id":"b502f7a1-061b-4942-98a8-c4dd8ace8288","block_type":"box","text":"countries have recently experienced negative interest rates on certain fixed-income instruments. Very low or","page_number":23,"box":{"x":81,"y":862,"width":793,"height":11}},{"id":"255dc281-55d5-4a1d-b6e9-909fb9047a51","block_type":"box","text":"negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero,","page_number":23,"box":{"x":82,"y":876,"width":834,"height":12}},{"id":"9d47c909-6ae7-493b-b2c7-13f22da4d2ba","block_type":"box","text":"may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund","page_number":23,"box":{"x":82,"y":891,"width":831,"height":12}},{"id":"2355b45f-367c-465e-825e-c905f1b7b3eb","block_type":"box","text":"performance to the extent the Fund is exposed to such interest rates.","page_number":23,"box":{"x":82,"y":906,"width":511,"height":11}},{"id":"30284a57-bf8d-4996-8969-7007e57b7cda","block_type":"box","text":"17","page_number":23,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"023fdea2-a105-4eeb-b2a6-5c222df8fdd2","block_type":"box","text":"NM1026U-5982664-23/82","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c2a56a84-67ad-4a1a-858d-8e03ffad10bf","block_type":"box","text":"Extension Risk","page_number":24,"box":{"x":82,"y":46,"width":107,"height":9}},{"id":"e952f45e-3867-44d7-bb06-cd96ff2d0375","block_type":"box","text":"— When interest rates rise, certain obligations will be paid off by the obligor more slowly than","page_number":24,"box":{"x":193,"y":46,"width":691,"height":11}},{"id":"8a09b2d0-18ae-4f0e-be46-80d77bf842c8","block_type":"box","text":"anticipated, causing the value of these obligations to fall. Rising interest rates tend to extend the duration of","page_number":24,"box":{"x":81,"y":60,"width":800,"height":12}},{"id":"e93a68de-66ea-4555-a587-ee3eeb14f50d","block_type":"box","text":"securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally","page_number":24,"box":{"x":81,"y":75,"width":832,"height":12}},{"id":"efb0afe8-eceb-4680-8e5a-d49aa7a37f35","block_type":"box","text":"changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising","page_number":24,"box":{"x":81,"y":90,"width":855,"height":12}},{"id":"96b42cfb-cfc1-428f-bea9-af51166084ab","block_type":"box","text":"interest rates, securities may exhibit additional volatility and may lose value.","page_number":24,"box":{"x":82,"y":105,"width":559,"height":11}},{"id":"ccc0376b-756e-4e08-8f39-a739489b17b4","block_type":"box","text":"Prepayment Risk","page_number":24,"box":{"x":81,"y":128,"width":124,"height":11}},{"id":"8036184f-023e-4447-b7c1-b0ec610cd363","block_type":"box","text":"— When interest rates fall, certain obligations will be paid off by the obligor more quickly than","page_number":24,"box":{"x":209,"y":127,"width":691,"height":12}},{"id":"175c9e01-e167-4bd2-b784-7347fce5a5cd","block_type":"box","text":"originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields. In periods of","page_number":24,"box":{"x":81,"y":142,"width":823,"height":12}},{"id":"bc5a1966-b539-4996-9eed-74b77f2ca1bb","block_type":"box","text":"falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are","page_number":24,"box":{"x":81,"y":157,"width":793,"height":12}},{"id":"18b7a4f8-6c94-439e-b276-46aa12f78eb1","block_type":"box","text":"motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment","page_number":24,"box":{"x":82,"y":172,"width":830,"height":12}},{"id":"d7d87f67-08ad-43a1-bfda-3a03a3f0e7d7","block_type":"box","text":"proceeds by the management team will generally be at lower rates of return than the return on the assets that were","page_number":24,"box":{"x":82,"y":187,"width":849,"height":11}},{"id":"5d159d3a-1372-400d-a271-e068854c2107","block_type":"box","text":"prepaid. Prepayment reduces the yield to maturity and the average life of the security.","page_number":24,"box":{"x":82,"y":202,"width":627,"height":11}},{"id":"5ea60da8-b520-4793-aedc-4b2ae1fbccc7","block_type":"box","text":"Derivatives Risk","page_number":24,"box":{"x":81,"y":222,"width":123,"height":9}},{"id":"b77d2460-b888-4338-8c4a-47a58e1598ce","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":24,"box":{"x":207,"y":222,"width":664,"height":11}},{"id":"56d5fb41-ecd0-462c-b38a-c9de08ec5b4f","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":24,"box":{"x":82,"y":236,"width":469,"height":12}},{"id":"8df54677-0844-4437-9da8-379847a16819","block_type":"box","text":"Leverage Risk","page_number":24,"box":{"x":82,"y":259,"width":102,"height":12}},{"id":"5365cf25-7e7f-4c98-a23b-aac8026d06b5","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":24,"box":{"x":188,"y":259,"width":723,"height":12}},{"id":"0c54932b-6da1-4b7a-a86c-7af8d9f9744b","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":24,"box":{"x":82,"y":274,"width":832,"height":11}},{"id":"71ee238c-946a-42da-8baa-e01f4cac6b1f","block_type":"box","text":"exceed the amount originally invested.","page_number":24,"box":{"x":81,"y":289,"width":280,"height":11}},{"id":"6298eaa5-ef03-43ff-aecf-444a56300818","block_type":"box","text":"Market Risk","page_number":24,"box":{"x":82,"y":311,"width":87,"height":9}},{"id":"5def060b-d41c-49fc-b80e-fc9bc57b2562","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":24,"box":{"x":173,"y":311,"width":728,"height":12}},{"id":"d094a95a-82ac-4f22-99a4-e0dae24750bf","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":24,"box":{"x":81,"y":326,"width":834,"height":11}},{"id":"9c4b9166-b990-419e-a124-b201e3cfdc16","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":24,"box":{"x":82,"y":341,"width":832,"height":11}},{"id":"bb3968ee-3402-4009-8824-61a63c8123b1","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":24,"box":{"x":80,"y":356,"width":779,"height":11}},{"id":"ea71e8d6-e9e7-4b31-a437-f8353ce53fb0","block_type":"box","text":"derivatives positions to lose value.","page_number":24,"box":{"x":81,"y":371,"width":253,"height":11}},{"id":"6773f35a-d324-4588-8c4c-582195464e02","block_type":"box","text":"Counterpar ty Risk","page_number":24,"box":{"x":82,"y":393,"width":131,"height":11}},{"id":"2faca462-fb9b-4731-b58b-80acd986675e","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":24,"box":{"x":217,"y":393,"width":697,"height":11}},{"id":"59f87ce9-e317-4f3e-b8a3-a15f7c8a2990","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":24,"box":{"x":80,"y":408,"width":855,"height":11}},{"id":"989c7bf7-55df-4443-ac0e-797358283b0c","block_type":"box","text":"exposure to such a counterparty.","page_number":24,"box":{"x":81,"y":423,"width":240,"height":11}},{"id":"0b24b856-cfed-4c09-a140-c9e55f47b5e1","block_type":"box","text":"Illiquidity Risk","page_number":24,"box":{"x":82,"y":446,"width":100,"height":11}},{"id":"19ab58fb-91f6-41b4-add2-f51fc98f0e96","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":24,"box":{"x":186,"y":445,"width":750,"height":12}},{"id":"c4b983a6-66c2-4609-aa2e-e52f17104701","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":24,"box":{"x":80,"y":460,"width":839,"height":11}},{"id":"6d980a4b-6a2a-45ba-85a0-f6420620267a","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":24,"box":{"x":81,"y":475,"width":293,"height":11}},{"id":"0ad3c6c8-6312-4fd7-bf35-2a202d95de02","block_type":"box","text":"Operational Risk","page_number":24,"box":{"x":82,"y":498,"width":120,"height":11}},{"id":"04092904-6bc8-4234-a5e3-60ebec0aecf1","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":24,"box":{"x":206,"y":497,"width":727,"height":12}},{"id":"da0105da-8f66-4d46-80cb-3d421d57b12c","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":24,"box":{"x":82,"y":512,"width":607,"height":12}},{"id":"1df0df4c-46d6-40b0-850c-04f014dc6fe4","block_type":"box","text":"Legal Risk","page_number":24,"box":{"x":82,"y":535,"width":75,"height":11}},{"id":"25ae3257-f8f1-4528-8a8c-505ad561fa79","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":24,"box":{"x":161,"y":535,"width":761,"height":11}},{"id":"dd1c9121-e703-447d-ae96-f2a9d2052a02","block_type":"box","text":"enforceability of a contract.","page_number":24,"box":{"x":81,"y":550,"width":198,"height":11}},{"id":"ddd520e3-2c49-477a-85a1-c6f76eba2052","block_type":"box","text":"Volatility and Correlation Risk","page_number":24,"box":{"x":83,"y":572,"width":214,"height":12}},{"id":"b4de2170-eb4e-4374-9636-0f1a43555fb1","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":24,"box":{"x":300,"y":572,"width":590,"height":12}},{"id":"044e1d38-429b-477f-97e2-80a4658f42c6","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":24,"box":{"x":80,"y":587,"width":855,"height":12}},{"id":"f7785e15-e07f-4b47-ae0f-1ea8a1319aae","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":24,"box":{"x":80,"y":602,"width":820,"height":11}},{"id":"b9f65ee9-2cf5-4a33-b2f9-34157354ef42","block_type":"box","text":"correlate with the overall securities markets.","page_number":24,"box":{"x":81,"y":617,"width":326,"height":9}},{"id":"93c4dd5e-1526-4449-82e4-dd7c0db012dd","block_type":"box","text":"Valuation Risk","page_number":24,"box":{"x":83,"y":640,"width":102,"height":9}},{"id":"aac677ac-16cb-46aa-8b87-ab4c38511de2","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":24,"box":{"x":189,"y":639,"width":747,"height":12}},{"id":"78e0ef9e-88c3-4d00-829f-3b8a62fa90d1","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":24,"box":{"x":82,"y":654,"width":783,"height":12}},{"id":"967cf045-d2d9-4e2c-8e3c-9e5e1a07dca8","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":24,"box":{"x":82,"y":669,"width":837,"height":12}},{"id":"da61d3a5-2fd5-4a12-8518-7e5241cedfab","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":24,"box":{"x":81,"y":684,"width":826,"height":11}},{"id":"44264cea-a1bd-4b7f-9285-29162a7040a4","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":24,"box":{"x":80,"y":699,"width":405,"height":11}},{"id":"e134dd67-5b44-4d1c-a310-9b2f90960885","block_type":"box","text":"Hedging Risk","page_number":24,"box":{"x":82,"y":721,"width":95,"height":12}},{"id":"0a0aefbd-81ec-4c08-9768-b221f71c6043","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":24,"box":{"x":181,"y":721,"width":752,"height":12}},{"id":"6ea8029b-1325-4069-a7a5-3d4b6d29c2d6","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":24,"box":{"x":80,"y":736,"width":820,"height":12}},{"id":"0bcf6b6c-0ee2-49f2-a936-e8b1db76932c","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":24,"box":{"x":82,"y":751,"width":823,"height":11}},{"id":"219435e6-3503-4687-9f7d-f80eb911f7d3","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":24,"box":{"x":82,"y":766,"width":813,"height":11}},{"id":"8804f73e-ce5a-4e3d-a457-f5116c3dbf35","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":24,"box":{"x":82,"y":780,"width":832,"height":12}},{"id":"f8ece17b-1d26-48a0-ad51-ab1b5eb82c9d","block_type":"box","text":"noted below.","page_number":24,"box":{"x":82,"y":796,"width":90,"height":9}},{"id":"037c6fbc-f043-4ed9-bbb6-53d6b518131b","block_type":"box","text":"Tax Risk","page_number":24,"box":{"x":83,"y":818,"width":59,"height":9}},{"id":"a0ebfa33-8ea1-4e3e-ac01-c89fdcc30f2d","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":24,"box":{"x":145,"y":818,"width":766,"height":11}},{"id":"5d9aa349-41e0-466f-a204-dcd4df280deb","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":24,"box":{"x":82,"y":833,"width":826,"height":11}},{"id":"c66a76b4-22cc-4fb1-a0b4-b7e741e6f901","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":24,"box":{"x":82,"y":847,"width":846,"height":12}},{"id":"ee532b1a-bbec-4b4c-a7a2-6d98fcc13a6e","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":24,"box":{"x":81,"y":862,"width":817,"height":12}},{"id":"967696dc-fc96-46ff-990c-9c1667bfb671","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could","page_number":24,"box":{"x":82,"y":877,"width":835,"height":11}},{"id":"5e17eca8-f760-4fcd-ba13-a8e6ec75f841","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":24,"box":{"x":81,"y":892,"width":840,"height":11}},{"id":"ee99620b-0524-4ed2-ab07-0dbb6ff0aa82","block_type":"box","text":"18","page_number":24,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"b07265dd-4c8d-4c06-a179-e1909a9a41dc","block_type":"box","text":"NM1026U-5982664-24/82","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"aedf1edf-3d11-4a67-8ed6-4c7148592a5a","block_type":"box","text":"certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or","page_number":25,"box":{"x":81,"y":46,"width":750,"height":11}},{"id":"5692464b-c054-4ea8-8581-a94c0c680fcb","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":25,"box":{"x":81,"y":61,"width":611,"height":11}},{"id":"f2ccb622-62db-4d06-b404-349d11d80896","block_type":"box","text":"Regulatory Risk","page_number":25,"box":{"x":82,"y":83,"width":115,"height":12}},{"id":"85edfcc4-0221-4648-b3cf-e2a6720af1bd","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":25,"box":{"x":201,"y":83,"width":688,"height":12}},{"id":"05643107-9da0-47a7-ba21-d0453af5eca1","block_type":"box","text":"Consumer Protection Act (the“Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":25,"box":{"x":81,"y":98,"width":846,"height":11}},{"id":"ae8316c1-9677-419c-8bac-383232afa4f5","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":25,"box":{"x":81,"y":113,"width":811,"height":11}},{"id":"6bbfca8b-c1ae-478c-94f5-d09fd4550360","block_type":"box","text":"required to collect variation margin from the Fund and may be required by applicable regulations to collect initial","page_number":25,"box":{"x":82,"y":127,"width":820,"height":12}},{"id":"81853279-f7db-42a5-a5b4-8b789774497d","block_type":"box","text":"margin from the Fund. Both initial and variation margin may be comprised of cash and/or securities, subject to","page_number":25,"box":{"x":82,"y":142,"width":812,"height":12}},{"id":"163936ce-4b5f-4fce-a828-4f4c5189a74d","block_type":"box","text":"applicable regulatory haircuts. Shares of investment companies (other than certain money market funds) may not","page_number":25,"box":{"x":81,"y":157,"width":835,"height":12}},{"id":"8edb8ba1-2202-4194-92e6-1fa5c1b0dfac","block_type":"box","text":"be posted as collateral under applicable regulations. In addition, regulations adopted by global prudential regulators","page_number":25,"box":{"x":81,"y":172,"width":852,"height":12}},{"id":"4cd1402e-7a33-4ad6-ac48-544889662f09","block_type":"box","text":"that are now in effect require certain bank-regulated counterparties and certain of their affiliates to include in","page_number":25,"box":{"x":80,"y":187,"width":807,"height":11}},{"id":"a6b1c1ac-bdd7-412f-bd02-6a8e5af11c60","block_type":"box","text":"certain financial contracts, including many derivatives contracts, terms that delay or restrict the rights of","page_number":25,"box":{"x":81,"y":202,"width":767,"height":11}},{"id":"edb98cf4-90b8-4e67-93e1-d9020cee0e49","block_type":"box","text":"counterparties, such as the Fund, to terminate such contracts, foreclose upon collateral, exercise other default","page_number":25,"box":{"x":81,"y":216,"width":818,"height":12}},{"id":"5bdb7f50-f049-428b-8d5c-7b101bc54f30","block_type":"box","text":"rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to","page_number":25,"box":{"x":82,"y":231,"width":820,"height":12}},{"id":"95436167-5d35-4a43-8837-4221761e6ebf","block_type":"box","text":"certain types of resolution or insolvency proceedings. The implementation of these requirements with respect to","page_number":25,"box":{"x":81,"y":246,"width":824,"height":12}},{"id":"f12b84c4-91b4-49f3-a88b-95400050d26b","block_type":"box","text":"derivatives, as well as regulations under the Dodd-Frank Act regarding clearing, mandatory trading and margining of","page_number":25,"box":{"x":81,"y":261,"width":847,"height":11}},{"id":"c07cf254-d225-4746-9114-cdb2eabab630","block_type":"box","text":"other derivatives, may increase the costs and risks to the Fund of trading in these instruments and, as a result,","page_number":25,"box":{"x":81,"y":276,"width":820,"height":11}},{"id":"0ac6b1ec-cecf-428a-812a-e47e35030772","block_type":"box","text":"may affect returns to investors in the Fund.","page_number":25,"box":{"x":82,"y":291,"width":316,"height":11}},{"id":"c3d79ae5-2d47-48ce-9fd0-f5851369eca0","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":25,"box":{"x":82,"y":313,"width":823,"height":12}},{"id":"6e860512-7076-4040-bc01-2cb692b27d5b","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":25,"box":{"x":82,"y":328,"width":827,"height":12}},{"id":"850d653d-07d5-43ba-b84d-fc7657ba680e","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":25,"box":{"x":80,"y":343,"width":849,"height":11}},{"id":"e8c1c4c9-8a0b-46a2-aee4-2f12188b500e","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":25,"box":{"x":81,"y":358,"width":846,"height":11}},{"id":"80fd1be9-7aae-4ddf-a2c3-a01952531191","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":25,"box":{"x":81,"y":372,"width":509,"height":12}},{"id":"ac0a5fd5-b073-46a5-aefd-8b39b6b9829c","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":25,"box":{"x":82,"y":395,"width":399,"height":11}},{"id":"ddfd1e0b-30e2-4d68-a295-d905740382d8","block_type":"box","text":"Swaps","page_number":25,"box":{"x":102,"y":415,"width":47,"height":11}},{"id":"550d8903-322b-44db-98ec-da1388ad6a70","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":25,"box":{"x":154,"y":415,"width":775,"height":12}},{"id":"f764b666-ed94-4042-a6f3-20b10a9a01f2","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":25,"box":{"x":101,"y":430,"width":829,"height":11}},{"id":"10be323b-ce60-47b2-b8b4-d7522dd95290","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":25,"box":{"x":101,"y":445,"width":807,"height":11}},{"id":"3a3ac98d-c29b-40c6-9868-0109e09e8b40","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":25,"box":{"x":102,"y":459,"width":811,"height":12}},{"id":"1cd8c255-2e10-42bc-be56-547fd22e57e8","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":25,"box":{"x":101,"y":474,"width":820,"height":12}},{"id":"4725c026-ad50-467e-b8a7-59e9ec1accb0","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":25,"box":{"x":102,"y":489,"width":791,"height":12}},{"id":"fa077346-8853-417f-902a-7f8b7acece68","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":25,"box":{"x":101,"y":504,"width":789,"height":12}},{"id":"99624c08-5f56-4b79-bac5-3809ecdc8c16","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":25,"box":{"x":101,"y":519,"width":796,"height":11}},{"id":"81c6c121-58f8-4cab-8ec2-7e85042c4c6b","block_type":"box","text":"Credit Default Swaps","page_number":25,"box":{"x":102,"y":539,"width":153,"height":11}},{"id":"4389be6a-fa92-4a88-95e0-7731d7bb2f27","block_type":"box","text":"— Credit default swaps may have as reference obligations one or more securities that are","page_number":25,"box":{"x":260,"y":539,"width":663,"height":11}},{"id":"bc8db46f-332e-4268-baae-4ffa18adf9e2","block_type":"box","text":"not currently held by the Fund. The protection “buyer” may be obligated to pay the protection “seller” an up-front","page_number":25,"box":{"x":102,"y":554,"width":825,"height":11}},{"id":"4eee965f-81c6-46ee-9c0c-4a03e708c349","block_type":"box","text":"payment or a periodic stream of payments over the term of the contract, provided generally that no credit event","page_number":25,"box":{"x":102,"y":568,"width":816,"height":12}},{"id":"d44ecec0-47f9-4b1a-92be-becdedeb014c","block_type":"box","text":"on a reference obligation has occurred. Credit default swaps involve special risks in addition to those mentioned","page_number":25,"box":{"x":101,"y":583,"width":827,"height":12}},{"id":"2d78688f-b47b-4d62-b176-663beddf7c33","block_type":"box","text":"above because they are difficult to value, are highly susceptible to illiquid investments risk and credit risk, and","page_number":25,"box":{"x":101,"y":598,"width":812,"height":12}},{"id":"9526321f-d5aa-4f47-bd81-f4f78ed9e3d8","block_type":"box","text":"generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer","page_number":25,"box":{"x":101,"y":613,"width":822,"height":11}},{"id":"6be87a3c-5959-4482-b437-feee66cd3c39","block_type":"box","text":"of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).","page_number":25,"box":{"x":101,"y":628,"width":758,"height":11}},{"id":"541b995f-a53e-4b5d-817e-356d73d94ddc","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":25,"box":{"x":102,"y":648,"width":335,"height":11}},{"id":"21974e35-8d33-47f6-adc4-29a6cf64b89c","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":25,"box":{"x":442,"y":648,"width":437,"height":11}},{"id":"d78f7b53-d624-42fc-b0dc-85e3c57ad805","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":25,"box":{"x":101,"y":662,"width":820,"height":12}},{"id":"99148f63-70b3-45b9-884b-c872ede64e87","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":25,"box":{"x":101,"y":677,"width":801,"height":12}},{"id":"7c1c6b14-303c-417d-b488-092cbe347ffe","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":25,"box":{"x":101,"y":692,"width":824,"height":12}},{"id":"2c0f89a7-ed4a-4831-9789-56c2f1e1a018","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":25,"box":{"x":101,"y":707,"width":831,"height":12}},{"id":"e8dd278e-85df-4af2-9a29-1a39549a2a3e","block_type":"box","text":"Futures","page_number":25,"box":{"x":102,"y":727,"width":54,"height":9}},{"id":"c4fadef1-f167-419d-8682-f4e625c30bf4","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":25,"box":{"x":161,"y":727,"width":765,"height":12}},{"id":"e744bf0a-87b3-415e-86d3-5be9640511b6","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":25,"box":{"x":101,"y":742,"width":786,"height":11}},{"id":"bce75b31-27f3-423b-acad-f74f87bf3b67","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlation between","page_number":25,"box":{"x":102,"y":757,"width":827,"height":11}},{"id":"1516f7dd-c512-4572-8ea2-0f96e6a3214f","block_type":"box","text":"the change in market value of the instruments held by the Fund and the price of the futures contract or option;","page_number":25,"box":{"x":101,"y":771,"width":811,"height":12}},{"id":"bedfa554-4743-4378-8b90-1c2f5d131c44","block_type":"box","text":"(b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close a","page_number":25,"box":{"x":101,"y":786,"width":791,"height":12}},{"id":"266b0ea4-dd49-4906-9436-29473e6da52b","block_type":"box","text":"futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":25,"box":{"x":101,"y":801,"width":791,"height":12}},{"id":"0b5d76a0-c840-4e14-a569-45e39a2b574d","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":25,"box":{"x":102,"y":816,"width":793,"height":11}},{"id":"c8b0c5ae-2237-4c8e-aaca-75ba748219f8","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":25,"box":{"x":102,"y":831,"width":787,"height":11}},{"id":"3f90e6d9-2962-4b02-881e-b4bf6e42693e","block_type":"box","text":"default in the performance of its obligations.","page_number":25,"box":{"x":101,"y":846,"width":327,"height":11}},{"id":"69ba0fda-c6a2-4aff-8241-b9c3eea97f4c","block_type":"box","text":"Options","page_number":25,"box":{"x":102,"y":866,"width":55,"height":11}},{"id":"fed70179-ebbe-49fc-8c0f-8092b4e6ee80","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":25,"box":{"x":162,"y":866,"width":772,"height":11}},{"id":"5c207dd6-c434-4015-aabf-31bd2d2fa9f8","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":25,"box":{"x":101,"y":880,"width":812,"height":12}},{"id":"768f6877-466f-44dd-b44b-73e579c3f23d","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":25,"box":{"x":101,"y":895,"width":827,"height":12}},{"id":"e29b5ab6-080d-4b58-9f27-a3ded2dbff90","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":25,"box":{"x":101,"y":910,"width":781,"height":11}},{"id":"f428c0d1-b9b6-47b6-937a-fb8dfcac1b77","block_type":"box","text":"19","page_number":25,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"454c1cde-eb53-4614-b30b-11fe8b331667","block_type":"box","text":"NM1026U-5982664-25/82","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4fd6a4fb-5d9b-47e7-b408-2415c59c4753","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":26,"box":{"x":102,"y":46,"width":785,"height":11}},{"id":"5a3769e0-98e4-4ec0-bf0a-3be81cdc28b8","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":26,"box":{"x":101,"y":60,"width":831,"height":12}},{"id":"ac50b930-0d79-474f-baf9-295906d8d3de","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":26,"box":{"x":101,"y":75,"width":814,"height":12}},{"id":"59178023-6b7d-4ec6-862e-417db87fb3f0","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":26,"box":{"x":101,"y":90,"width":826,"height":12}},{"id":"1cae5768-b56e-46c7-880e-fd11d3f4658c","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":26,"box":{"x":101,"y":105,"width":822,"height":11}},{"id":"62faca39-f827-43f5-8f15-2b76f013722a","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":26,"box":{"x":101,"y":120,"width":816,"height":11}},{"id":"99b48479-a9dc-4b8b-b6e5-501dc9c68aa0","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":26,"box":{"x":101,"y":135,"width":442,"height":11}},{"id":"2104e5f6-6ee5-447f-9aa0-0a7961ef984a","block_type":"box","text":"Emerging Markets Risk","page_number":26,"box":{"x":81,"y":155,"width":178,"height":11}},{"id":"06d65dd2-a4ab-4ac0-b45d-d8b9b5adf90a","block_type":"box","text":"— The risks of foreign investments are usually much greater for emerging markets.","page_number":26,"box":{"x":263,"y":155,"width":610,"height":11}},{"id":"b4416b90-eb04-444c-bf75-cb1361dbb35a","block_type":"box","text":"Investments in emerging markets may be considered speculative. Emerging markets may include those in countries","page_number":26,"box":{"x":82,"y":170,"width":848,"height":11}},{"id":"f8394b07-4e73-4b71-bd51-bf8475bc5812","block_type":"box","text":"considered emerging or developing by the World Bank, the International Finance Corporation or the United Nations.","page_number":26,"box":{"x":81,"y":184,"width":842,"height":12}},{"id":"63f1ac50-37ee-4e80-8d0c-cab5dc284529","block_type":"box","text":"Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never","page_number":26,"box":{"x":82,"y":199,"width":838,"height":12}},{"id":"7df786e3-3231-47ae-9204-1e1af1315120","block_type":"box","text":"fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":26,"box":{"x":81,"y":214,"width":825,"height":11}},{"id":"cd20183e-4af2-4cc6-8b02-b84a7e2275b1","block_type":"box","text":"returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than","page_number":26,"box":{"x":82,"y":229,"width":847,"height":11}},{"id":"d9a452be-0a83-4dbe-afcc-a4d338a9adbd","block_type":"box","text":"developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price","page_number":26,"box":{"x":81,"y":244,"width":853,"height":11}},{"id":"a5978b46-f54a-4fdb-a2ed-f125643feb58","block_type":"box","text":"changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few","page_number":26,"box":{"x":81,"y":258,"width":823,"height":12}},{"id":"e3a27b3f-b35f-4569-869a-77269b72f5c5","block_type":"box","text":"large investors. In addition, traditional measures of investment value used in the United States, such as price to","page_number":26,"box":{"x":82,"y":273,"width":825,"height":12}},{"id":"5490fc09-6922-4698-94c8-3591c387eda5","block_type":"box","text":"earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about","page_number":26,"box":{"x":81,"y":288,"width":855,"height":12}},{"id":"71f6fc25-e671-48de-a03a-0008eff9600d","block_type":"box","text":"issuers in emerging markets than would be available about issuers in more developed capital markets, and such","page_number":26,"box":{"x":82,"y":303,"width":827,"height":11}},{"id":"298d8c61-7c15-45aa-8e3b-9ce742f8d820","block_type":"box","text":"issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable","page_number":26,"box":{"x":82,"y":318,"width":843,"height":11}},{"id":"7e84dee9-ce06-4839-9a38-dd3e800fddd3","block_type":"box","text":"to those to which U.S. companies are subject.","page_number":26,"box":{"x":80,"y":333,"width":339,"height":11}},{"id":"d94e68fa-ce0b-47a4-b39a-143a9cd38c39","block_type":"box","text":"Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their","page_number":26,"box":{"x":82,"y":352,"width":802,"height":12}},{"id":"2fa35e12-ddfa-4013-bd93-05c83d5c4c2a","block_type":"box","text":"governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign","page_number":26,"box":{"x":81,"y":367,"width":774,"height":12}},{"id":"ba168034-bd99-404e-bbe4-790dbca2b2dc","block_type":"box","text":"investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high","page_number":26,"box":{"x":82,"y":382,"width":830,"height":12}},{"id":"3d410cc5-f65a-48a8-a5f0-4d50c0eb1f3f","block_type":"box","text":"rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have","page_number":26,"box":{"x":82,"y":397,"width":769,"height":12}},{"id":"2b7b1108-811a-4f80-a766-1b01cc96dd2a","block_type":"box","text":"expropriated substantial amounts of private property, and most claims of the property owners have never been fully","page_number":26,"box":{"x":81,"y":412,"width":849,"height":11}},{"id":"edc3ab43-b130-43ee-ab6e-544e57d488c1","block_type":"box","text":"settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that the","page_number":26,"box":{"x":81,"y":427,"width":820,"height":11}},{"id":"99da823d-1898-41c9-b345-4b4ff0de8e88","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. Some countries have pervasive","page_number":26,"box":{"x":82,"y":441,"width":779,"height":12}},{"id":"eee67e52-7c71-411c-8a1d-521315b19eae","block_type":"box","text":"corruption and crime that may hinder investments. Certain emerging markets may also face other significant","page_number":26,"box":{"x":81,"y":456,"width":798,"height":12}},{"id":"f023c067-6333-41b4-9585-b7d5884ef524","block_type":"box","text":"internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition,","page_number":26,"box":{"x":82,"y":471,"width":755,"height":12}},{"id":"65fbb056-1b77-4832-9994-30aaa709aba7","block_type":"box","text":"governments in many emerging market countries participate to a significant degree in their economies and","page_number":26,"box":{"x":81,"y":486,"width":783,"height":11}},{"id":"62136a71-6b13-475c-87d6-1560beca022b","block_type":"box","text":"securities markets, which may impair investment and economic growth. National policies that may limit the Fund’s","page_number":26,"box":{"x":81,"y":501,"width":839,"height":11}},{"id":"a967cb87-260c-409e-bf60-ef3b11e9a8c1","block_type":"box","text":"investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national","page_number":26,"box":{"x":82,"y":516,"width":827,"height":11}},{"id":"5eea9424-cf8a-447e-b43a-10e27f247d7f","block_type":"box","text":"interests.","page_number":26,"box":{"x":82,"y":531,"width":67,"height":9}},{"id":"332268c5-7968-4bbc-bae5-b6f752e71b7b","block_type":"box","text":"Emerging markets may also have differing legal systems and the existence or possible imposition of exchange","page_number":26,"box":{"x":82,"y":550,"width":809,"height":12}},{"id":"5cef92a6-5721-42c9-8d68-1b8d7eac55ab","block_type":"box","text":"controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such","page_number":26,"box":{"x":81,"y":565,"width":783,"height":12}},{"id":"42564b56-e856-4097-8e84-f095f3013f7f","block_type":"box","text":"investments may adversely affect the Fund’s performance. Sometimes, they may lack or be in the relatively early","page_number":26,"box":{"x":82,"y":580,"width":829,"height":11}},{"id":"809beb86-1d27-4146-ad68-28a9b6d8ac0f","block_type":"box","text":"development of legal structures governing private and foreign investments and private property. Many emerging","page_number":26,"box":{"x":81,"y":595,"width":818,"height":11}},{"id":"ec498957-5162-42d8-8896-7e2b3892e9c8","block_type":"box","text":"markets do not have income tax treaties with the United States, and as a result, investments by the Fund may be","page_number":26,"box":{"x":82,"y":610,"width":833,"height":11}},{"id":"2e2a913e-7b7f-4058-af62-5949b66ca7f4","block_type":"box","text":"subject to higher withholding taxes in such countries. In addition, some countries with emerging markets may","page_number":26,"box":{"x":81,"y":625,"width":803,"height":11}},{"id":"0ef866b2-905e-4d41-b5cc-008fac0e1bcb","block_type":"box","text":"impose differential capital gains taxes on foreign investors. Foreign companies with securities listed on U.S.","page_number":26,"box":{"x":82,"y":639,"width":793,"height":12}},{"id":"2aa0b428-d942-4918-ba64-e8f3461f12e2","block_type":"box","text":"exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which","page_number":26,"box":{"x":81,"y":654,"width":855,"height":12}},{"id":"18ca9ee3-5fda-4b8e-b52d-f908165c09ff","block_type":"box","text":"may significantly decrease the liquidity and value of the securities.","page_number":26,"box":{"x":82,"y":669,"width":485,"height":12}},{"id":"5b339a70-4248-4caa-84d9-0a15e1c5ce3f","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in","page_number":26,"box":{"x":81,"y":689,"width":843,"height":11}},{"id":"6cd5340c-a0f7-4017-b522-b5613ee0825d","block_type":"box","text":"developed markets, in part because the Fund will need to use brokers and counterparties that are less well","page_number":26,"box":{"x":81,"y":704,"width":790,"height":11}},{"id":"e5be26db-9c34-43f8-aacd-f4b3f4b47a42","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":26,"box":{"x":81,"y":719,"width":823,"height":11}},{"id":"b9e1d87d-e9d3-4896-a411-8d7e7ca3c21e","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":26,"box":{"x":82,"y":733,"width":843,"height":12}},{"id":"1a290c63-b7b6-4f6e-bf27-0d7aba7fb0df","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would","page_number":26,"box":{"x":82,"y":748,"width":845,"height":12}},{"id":"1955cbdb-0fad-4e9f-a9e3-aa919def14ed","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation. In","page_number":26,"box":{"x":81,"y":763,"width":837,"height":12}},{"id":"20c3eb94-8bb5-49b8-870d-e09278d4c7d9","block_type":"box","text":"addition, communications between the United States and emerging market countries may be unreliable, increasing","page_number":26,"box":{"x":81,"y":778,"width":844,"height":11}},{"id":"6faf01ba-bb44-454c-8fa6-44e17177cf47","block_type":"box","text":"the risk of delayed settlements or losses of security certificates.","page_number":26,"box":{"x":80,"y":793,"width":474,"height":11}},{"id":"05839c6a-d089-4dd6-9ba4-cde8eec73c49","block_type":"box","text":"Foreign Securities Risk","page_number":26,"box":{"x":81,"y":813,"width":176,"height":11}},{"id":"cb3467db-16d6-456a-862e-64bed0e21846","block_type":"box","text":"— Securities traded in foreign markets have often (though not always) performed differently","page_number":26,"box":{"x":260,"y":813,"width":677,"height":11}},{"id":"2e29febd-609e-4df6-9561-aeddf6161f94","block_type":"box","text":"from securities traded in the United States. However, such investments often involve special risks not present in","page_number":26,"box":{"x":81,"y":827,"width":827,"height":12}},{"id":"ec693e0e-ac4f-49a6-a266-7f822b5ea7fb","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":26,"box":{"x":82,"y":842,"width":837,"height":12}},{"id":"84f9427a-79c3-4228-8fc6-5cec5a5d9435","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":26,"box":{"x":80,"y":857,"width":849,"height":12}},{"id":"becf2d43-8fa8-473d-9f63-254b1c3236fe","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":26,"box":{"x":81,"y":872,"width":841,"height":12}},{"id":"1be19b32-05df-4bee-8fc6-125c5556ce23","block_type":"box","text":"foreign securities may go up and down more than prices of securities traded in the United States.","page_number":26,"box":{"x":81,"y":887,"width":716,"height":11}},{"id":"13af2cf0-9f51-45a9-8e27-2badc026f8cc","block_type":"box","text":"20","page_number":26,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"d88526cd-ff56-46a5-9d22-1df6b9c37f85","block_type":"box","text":"NM1026U-5982664-26/82","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8a3313fe-9e93-4d56-bee3-057bcaffa786","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States","page_number":27,"box":{"x":82,"y":46,"width":468,"height":11}},{"id":"7c5eae2e-12da-4b4f-b9c0-86b5b21b816c","block_type":"box","text":"— The Fund generally holds its foreign securities","page_number":27,"box":{"x":555,"y":46,"width":358,"height":11}},{"id":"8c917402-773e-4aee-9739-cb20c38c2b78","block_type":"box","text":"and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be","page_number":27,"box":{"x":81,"y":60,"width":813,"height":12}},{"id":"10f6d923-1174-4d33-bcf7-4cd982868c3f","block_type":"box","text":"recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory","page_number":27,"box":{"x":82,"y":75,"width":791,"height":12}},{"id":"f0bf4811-80b1-4249-88d5-961a1e128972","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":27,"box":{"x":81,"y":90,"width":818,"height":12}},{"id":"f5a7d23f-2d34-4a1f-a441-1898941d1c44","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":27,"box":{"x":81,"y":105,"width":833,"height":12}},{"id":"5d366e27-d644-4e9e-b775-30128f0c7687","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":27,"box":{"x":81,"y":120,"width":816,"height":11}},{"id":"b56b8cd8-8792-48d4-90c6-1e9ae4b24d7e","block_type":"box","text":"increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments and","page_number":27,"box":{"x":82,"y":135,"width":827,"height":11}},{"id":"052b5289-7fe6-4b42-a67f-7a0496d66446","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":27,"box":{"x":80,"y":149,"width":848,"height":12}},{"id":"da50ebe4-3fd6-42cb-acf5-cadee764f688","block_type":"box","text":"United States.","page_number":27,"box":{"x":82,"y":164,"width":102,"height":9}},{"id":"0e81d869-1c5c-4cc7-8dcb-e8fac22e1702","block_type":"box","text":"Currency Risk","page_number":27,"box":{"x":82,"y":184,"width":100,"height":12}},{"id":"1f5082a3-d9e3-416a-a941-ce0f1d823574","block_type":"box","text":"— Securities and other instruments in which the Fund invests may be denominated or quoted in","page_number":27,"box":{"x":186,"y":184,"width":706,"height":12}},{"id":"aca97eba-e5bf-4d53-a500-187cef48ec92","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":27,"box":{"x":81,"y":199,"width":823,"height":12}},{"id":"883fc24a-e7cc-4cd1-9910-30c90d5f7bde","block_type":"box","text":"value of the Fund’s portfolio.","page_number":27,"box":{"x":80,"y":214,"width":211,"height":11}},{"id":"264af879-1b30-4696-9e50-f1e53f82f721","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":27,"box":{"x":81,"y":234,"width":823,"height":11}},{"id":"73725c33-9cca-42d8-b297-353f029a7eb7","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":27,"box":{"x":82,"y":249,"width":834,"height":11}},{"id":"e3da0cbd-ba85-43b2-89a3-5a5cecdb4820","block_type":"box","text":"against a foreign currency, a security denominated in that currency gains value because the currency is worth more","page_number":27,"box":{"x":81,"y":263,"width":846,"height":12}},{"id":"534c8d8c-6e23-4468-9888-f91771a9afd1","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":27,"box":{"x":82,"y":278,"width":826,"height":12}},{"id":"a3767ff8-7b9d-49e7-bc5c-ea6c5451a43d","block_type":"box","text":"U.S. investors while a weak U.S. dollar will increase those returns.","page_number":27,"box":{"x":82,"y":293,"width":486,"height":9}},{"id":"a3d959b5-e7a8-4be2-890b-cbc056b509c3","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":27,"box":{"x":81,"y":313,"width":817,"height":12}},{"id":"7594cdc4-f446-4e64-9a4b-d5990d0ec254","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":27,"box":{"x":81,"y":328,"width":851,"height":12}},{"id":"9fe83c2a-f192-41f9-9500-f49385337dc4","block_type":"box","text":"issuer’s ability to repay its obligation under the U.S. dollar-denominated security may be negatively impacted.","page_number":27,"box":{"x":82,"y":343,"width":799,"height":11}},{"id":"e85d9cfc-7a27-4020-9d6d-dbe24349b630","block_type":"box","text":"Foreign Economy Risk","page_number":27,"box":{"x":82,"y":363,"width":160,"height":11}},{"id":"6e4a0414-51f6-4de4-8bfe-aee7b25384ec","block_type":"box","text":"— The economies of certain foreign markets may not compare favorably with the economy of","page_number":27,"box":{"x":246,"y":363,"width":685,"height":11}},{"id":"6857f19e-38e2-46dd-a8b8-4ab78dd62750","block_type":"box","text":"the United States with respect to such issues as growth of gross national product, reinvestment of capital,","page_number":27,"box":{"x":80,"y":378,"width":785,"height":11}},{"id":"752a5b0f-77b3-4fbe-8409-bd8e4b52608c","block_type":"box","text":"resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or","page_number":27,"box":{"x":82,"y":392,"width":845,"height":12}},{"id":"a7cd3fd7-1cb8-4f16-830c-aa521b66e2de","block_type":"box","text":"foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a","page_number":27,"box":{"x":81,"y":407,"width":853,"height":12}},{"id":"2c1f369c-55ed-4635-8da4-6cb803370dc4","block_type":"box","text":"particular country or countries, changes in international trading patterns, trade barriers and other protectionist or","page_number":27,"box":{"x":82,"y":422,"width":831,"height":12}},{"id":"e9b328db-52ad-47fa-a19d-408c19eb1062","block_type":"box","text":"retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such","page_number":27,"box":{"x":82,"y":437,"width":846,"height":11}},{"id":"c408a918-c522-419e-8967-07d8a37a82cc","block_type":"box","text":"as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the","page_number":27,"box":{"x":81,"y":452,"width":808,"height":11}},{"id":"6f5f990e-83dd-443d-a048-93ec31f9105e","block_type":"box","text":"imposition of punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest","page_number":27,"box":{"x":82,"y":467,"width":851,"height":11}},{"id":"a3bc9d95-89b6-47e4-8c98-bf3a0cd8c5fa","block_type":"box","text":"rates, political events, military action and other conditions may, without prior warning, lead to the governments of","page_number":27,"box":{"x":82,"y":481,"width":832,"height":12}},{"id":"c6adf084-0308-4646-81f6-a71ca607d403","block_type":"box","text":"certain countries, or the U.S. Government with respect to certain countries, prohibiting or imposing substantial","page_number":27,"box":{"x":81,"y":496,"width":814,"height":12}},{"id":"fa1d2702-566b-464f-97aa-a187f94c4b1b","block_type":"box","text":"restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain","page_number":27,"box":{"x":82,"y":511,"width":805,"height":12}},{"id":"2fa2e640-a6ac-4580-8e50-42346af31984","block_type":"box","text":"industries in those countries. Capital controls and/or sanctions may include the prohibition of, or restrictions on,","page_number":27,"box":{"x":82,"y":526,"width":827,"height":11}},{"id":"7d4a319f-bfb1-48e0-a660-b7731b6d9db9","block_type":"box","text":"the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory","page_number":27,"box":{"x":80,"y":541,"width":801,"height":11}},{"id":"28efc5cb-affb-40a2-b0ed-8ffc5f6bd6ed","block_type":"box","text":"actions of one government against another government, such as seizure of assets. Any of these actions could","page_number":27,"box":{"x":81,"y":555,"width":809,"height":12}},{"id":"a0b6923f-28f1-48a1-b4d4-efb304359935","block_type":"box","text":"severely impair the Fund’s ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign","page_number":27,"box":{"x":81,"y":570,"width":849,"height":12}},{"id":"b923feb3-ba80-4504-bada-c378434a2c5e","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":27,"box":{"x":81,"y":585,"width":848,"height":12}},{"id":"8a0661c7-861f-4eec-ac1a-f9564d1366ce","block_type":"box","text":"could negatively impact the value and/or liquidity of such assets or otherwise adversely affect the Fund’s","page_number":27,"box":{"x":81,"y":600,"width":774,"height":12}},{"id":"94fc7831-2cc9-4cd4-9328-a25be0549f1f","block_type":"box","text":"operations, causing the Fund to decline in value.","page_number":27,"box":{"x":81,"y":615,"width":355,"height":11}},{"id":"cc5ac75e-068b-4bad-bc4a-c76147bf07a7","block_type":"box","text":"Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on","page_number":27,"box":{"x":81,"y":635,"width":838,"height":11}},{"id":"8a4baf40-410c-4e60-882b-a10c5970ea50","block_type":"box","text":"foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social","page_number":27,"box":{"x":81,"y":650,"width":815,"height":11}},{"id":"5e66807c-cf5c-4108-ad7c-a0db15c99b12","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":27,"box":{"x":82,"y":665,"width":827,"height":11}},{"id":"08326612-7d62-4a02-89ab-21cde6dc2c20","block_type":"box","text":"regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets,","page_number":27,"box":{"x":82,"y":679,"width":832,"height":12}},{"id":"d490e29c-952e-4f57-b17e-b550930344ab","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":27,"box":{"x":81,"y":694,"width":781,"height":12}},{"id":"8fccd658-dc9e-448a-af8c-085e3cc901be","block_type":"box","text":"impossible, to predict and take into account with respect to the Fund’s investments.","page_number":27,"box":{"x":82,"y":709,"width":617,"height":11}},{"id":"c2bb4940-ed5e-4ff9-ae04-82ef69d5f8ca","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":27,"box":{"x":82,"y":729,"width":476,"height":11}},{"id":"8a388db3-d149-4666-a9f1-a1b2f1f9b862","block_type":"box","text":"— Many foreign governments do not supervise","page_number":27,"box":{"x":563,"y":729,"width":344,"height":11}},{"id":"d80f5e8d-06cb-4a9f-89d8-f949ea2d99f7","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":27,"box":{"x":81,"y":744,"width":827,"height":11}},{"id":"8b70133c-68bf-46f4-be67-5ad9b2806714","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":27,"box":{"x":80,"y":759,"width":855,"height":11}},{"id":"06f89048-c37c-43ab-ac5d-74ad354d597a","block_type":"box","text":"example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a","page_number":27,"box":{"x":81,"y":773,"width":831,"height":12}},{"id":"832a7c93-6f34-40c5-9260-c009ce079a7c","block_type":"box","text":"person buys or sells a company’s securities based on material non-public information about that company. In","page_number":27,"box":{"x":82,"y":788,"width":800,"height":12}},{"id":"6fb7d17b-5114-4282-8972-13f5e8216664","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":27,"box":{"x":81,"y":803,"width":829,"height":12}},{"id":"e99b7d8a-39bc-446d-b7c5-46a052c76c77","block_type":"box","text":"shareholder rights, and pursue legal remedies with respect to its foreign investments. Accounting standards in other","page_number":27,"box":{"x":81,"y":818,"width":856,"height":11}},{"id":"4a65868d-6658-4d51-85ea-26093fc5479c","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":27,"box":{"x":81,"y":833,"width":834,"height":11}},{"id":"9d8f1665-055e-47c0-ac8a-b5546477c39e","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":27,"box":{"x":82,"y":847,"width":844,"height":12}},{"id":"6efed318-a7c9-481e-996b-25b3faa5c3b6","block_type":"box","text":"accurately determine a company’s financial condition.","page_number":27,"box":{"x":81,"y":862,"width":393,"height":12}},{"id":"c03ff41d-4c68-4670-af7f-a24164baf394","block_type":"box","text":"21","page_number":27,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"28019796-6fca-428d-9f41-20c58748494a","block_type":"box","text":"NM1026U-5982664-27/82","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"750e0431-54f2-4b01-9cbb-d54731be6057","block_type":"box","text":"Settlement Risk","page_number":28,"box":{"x":82,"y":46,"width":117,"height":9}},{"id":"713dcd11-3af4-4421-98cb-61f07acbb723","block_type":"box","text":"— Settlement and clearance procedures in certain foreign markets differ significantly from those in","page_number":28,"box":{"x":203,"y":46,"width":730,"height":11}},{"id":"0e0cd685-ffd6-4516-86a2-e711fc0e3720","block_type":"box","text":"the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks","page_number":28,"box":{"x":80,"y":61,"width":856,"height":11}},{"id":"8e3e6e6c-af18-4638-b10f-0fce131c8e20","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":28,"box":{"x":81,"y":75,"width":784,"height":12}},{"id":"b2b0cb29-e476-496f-a4fe-6c2045d39703","block_type":"box","text":"investments.","page_number":28,"box":{"x":82,"y":90,"width":92,"height":9}},{"id":"d15ca99a-5cb4-4e08-b248-82468f4ab984","block_type":"box","text":"At times, settlements in certain foreign countries have not kept pace with the number of securities transactions.","page_number":28,"box":{"x":81,"y":110,"width":825,"height":12}},{"id":"a353aa47-41e0-4c6f-9619-45186868702d","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":28,"box":{"x":81,"y":125,"width":839,"height":11}},{"id":"b519ccdd-49d1-402d-80d6-1202cf2d0ed4","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":28,"box":{"x":82,"y":140,"width":854,"height":11}},{"id":"dc6d9efd-cd1c-499b-9716-bef33de14716","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":28,"box":{"x":82,"y":155,"width":839,"height":11}},{"id":"7f4c61d9-825b-4e28-8e02-59e25486b028","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":28,"box":{"x":81,"y":169,"width":841,"height":12}},{"id":"c82f9f63-70f3-48c7-9bdd-3e4dc5e92e56","block_type":"box","text":"to another party, the Fund could be liable for any losses incurred.","page_number":28,"box":{"x":80,"y":184,"width":480,"height":12}},{"id":"cdcc307c-4e69-4c86-b64c-c74046c5f0e5","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":28,"box":{"x":83,"y":207,"width":221,"height":11}},{"id":"5a9c74d7-e029-4741-9985-737fcf5cc579","block_type":"box","text":"— The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":28,"box":{"x":308,"y":207,"width":589,"height":11}},{"id":"be641325-15de-4e33-ae73-ca8197a19588","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":28,"box":{"x":82,"y":222,"width":838,"height":11}},{"id":"ceb3bbf8-e0f5-4597-8b0e-154afdc6edf9","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding tax","page_number":28,"box":{"x":81,"y":237,"width":834,"height":11}},{"id":"b3a169ef-5f7e-41e3-8829-ae0eb0d67b62","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":28,"box":{"x":82,"y":251,"width":836,"height":12}},{"id":"0ac43540-e584-4404-a913-772a06e32912","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":28,"box":{"x":80,"y":266,"width":854,"height":12}},{"id":"9b51f8fd-74f4-4455-88d3-f1e0141b3d9e","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":28,"box":{"x":80,"y":281,"width":831,"height":11}},{"id":"70ee408f-87af-45a3-a34d-e8c825678c39","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":28,"box":{"x":82,"y":296,"width":852,"height":11}},{"id":"daa5cd28-8880-4835-83ff-c0a4f8708791","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":28,"box":{"x":81,"y":311,"width":848,"height":11}},{"id":"bdd76c82-3f50-4756-bbe8-24598581f74c","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":28,"box":{"x":81,"y":325,"width":831,"height":12}},{"id":"50b68caf-b5cf-4ad0-bba8-0032850ac2c3","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":28,"box":{"x":80,"y":340,"width":830,"height":12}},{"id":"6c98afea-1352-4b3b-8364-a68061745947","block_type":"box","text":"previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting","page_number":28,"box":{"x":82,"y":355,"width":832,"height":12}},{"id":"043c0e70-bb4a-4c7f-bc3c-8cfd6a873256","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":28,"box":{"x":82,"y":370,"width":836,"height":11}},{"id":"81edfa7b-12b2-45ee-a30b-93919742705c","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":28,"box":{"x":81,"y":385,"width":325,"height":9}},{"id":"0d35e2a9-5d03-49e6-87cd-8e66edd55be4","block_type":"box","text":"High Portfolio Turnover Risk","page_number":28,"box":{"x":81,"y":405,"width":212,"height":11}},{"id":"b24ff075-b433-4913-a412-40f5812bd190","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":28,"box":{"x":297,"y":405,"width":629,"height":11}},{"id":"c5bcd9c6-24d6-447d-ad2d-dec2c94b134e","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":28,"box":{"x":82,"y":419,"width":812,"height":12}},{"id":"d1141aec-ec1e-4a4d-a977-b9680c507443","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":28,"box":{"x":81,"y":434,"width":817,"height":12}},{"id":"032f1829-b692-4281-b131-cfd3224c0d76","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":28,"box":{"x":81,"y":449,"width":760,"height":12}},{"id":"e4c627ad-5e16-420d-b499-27dae8658d45","block_type":"box","text":"shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects","page_number":28,"box":{"x":81,"y":464,"width":852,"height":12}},{"id":"451547a3-c7dd-4416-b91d-d6bca80e6430","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":28,"box":{"x":81,"y":479,"width":589,"height":11}},{"id":"c2e1a613-bb7a-4852-85fd-88f3fcc1f006","block_type":"box","text":"High Yield Bonds Risk","page_number":28,"box":{"x":81,"y":499,"width":167,"height":11}},{"id":"b5672def-c57d-4678-ae63-0185792a0552","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":28,"box":{"x":252,"y":499,"width":667,"height":11}},{"id":"2ff1ed3d-7a06-4f20-a8a2-6d036c0fcfca","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":28,"box":{"x":79,"y":514,"width":835,"height":11}},{"id":"73e0e151-e4ba-42b1-8144-ea7186c84020","block_type":"box","text":"for the Fund. The major risks of junk bond investments include:","page_number":28,"box":{"x":81,"y":528,"width":462,"height":12}},{"id":"e1631112-5866-40f4-88af-b4ca4c49d2b7","block_type":"box","text":"Junk bonds may be issued by less creditworthy issuers. Issuers of junk bonds may have a larger amount of","page_number":28,"box":{"x":101,"y":548,"width":789,"height":12}},{"id":"9bc19a9f-4f1b-48bc-b122-bb4825bfe77b","block_type":"box","text":"outstanding debt relative to their assets than issuers of investment grade bonds. In the event of an issuer’s","page_number":28,"box":{"x":101,"y":563,"width":795,"height":12}},{"id":"c9a11af8-3d0b-410b-a12c-8df578578364","block_type":"box","text":"bankruptcy, claims of other creditors may have priority over the claims of junk bond holders, leaving few or no","page_number":28,"box":{"x":102,"y":578,"width":802,"height":12}},{"id":"6436853e-3c55-43b8-a3ea-fe2e2552c5ed","block_type":"box","text":"assets available to repay junk bond holders.","page_number":28,"box":{"x":101,"y":593,"width":323,"height":11}},{"id":"d96db15f-eacf-4bd6-b4c1-93ee80d19329","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and","page_number":28,"box":{"x":102,"y":613,"width":786,"height":11}},{"id":"8f0d004f-8764-491e-bdeb-c4e474878893","block_type":"box","text":"general economic conditions may have a greater impact on the prices of junk bonds than on other higher rated","page_number":28,"box":{"x":101,"y":628,"width":811,"height":11}},{"id":"fcfa86b1-1adb-4f1d-8d01-c368951966ce","block_type":"box","text":"fixed-income securities.","page_number":28,"box":{"x":101,"y":642,"width":171,"height":10}},{"id":"c1fbf284-340c-4ac1-baa3-2132bf2adb0d","block_type":"box","text":"Issuers of junk bonds may be unable to meet their interest or principal payment obligations because of an","page_number":28,"box":{"x":102,"y":662,"width":778,"height":12}},{"id":"850a72b0-b08c-4ba2-ba98-7f723a4cfbcd","block_type":"box","text":"economic downturn, specific issuer developments, or the unavailability of additional financing.","page_number":28,"box":{"x":101,"y":677,"width":689,"height":12}},{"id":"21cf54c0-7719-4e4a-9926-759f08470224","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from the Fund","page_number":28,"box":{"x":101,"y":697,"width":817,"height":12}},{"id":"c7ef127b-a1a3-44e9-a545-7f77e286e9e5","block_type":"box","text":"before it matures. If the issuer redeems junk bonds, the Fund may have to invest the proceeds in bonds with","page_number":28,"box":{"x":102,"y":712,"width":798,"height":12}},{"id":"7165f9f0-5be0-4a5c-b1c8-243a35510acd","block_type":"box","text":"lower yields and may lose income.","page_number":28,"box":{"x":102,"y":727,"width":249,"height":11}},{"id":"fcaa99b5-c40a-4ff2-bee7-12e6b757eee3","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities, even under normal economic conditions.","page_number":28,"box":{"x":101,"y":747,"width":831,"height":12}},{"id":"3b251196-9556-4a51-a53c-983f6bc6ea67","block_type":"box","text":"There are fewer dealers in the junk bond market, and there may be significant differences in the prices quoted for","page_number":28,"box":{"x":101,"y":762,"width":836,"height":11}},{"id":"5606b8e2-5b18-4880-9d5c-4754cd23de80","block_type":"box","text":"junk bonds by the dealers. Because they are less liquid than higher rated fixed-income securities, judgment may","page_number":28,"box":{"x":99,"y":777,"width":825,"height":11}},{"id":"880ea8d7-524b-47b2-a861-1133fc8ad604","block_type":"box","text":"play a greater role in valuing junk bonds than is the case with securities trading in a more liquid market.","page_number":28,"box":{"x":102,"y":792,"width":761,"height":11}},{"id":"33c6f85a-f500-419b-89cf-bb1d7ebe1d5a","block_type":"box","text":"The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms","page_number":28,"box":{"x":101,"y":811,"width":815,"height":12}},{"id":"451aefe3-df43-453a-88f0-09e3ff24dadb","block_type":"box","text":"with a defaulting issuer.","page_number":28,"box":{"x":101,"y":826,"width":173,"height":12}},{"id":"69c876cd-2913-4341-93f6-189e94283b05","block_type":"box","text":"The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market","page_number":28,"box":{"x":81,"y":849,"width":817,"height":11}},{"id":"88991712-b412-4011-9d4d-ec0ae31fe702","block_type":"box","text":"value may change from time to time, positively or negatively, to reflect new developments regarding the issuer.","page_number":28,"box":{"x":80,"y":864,"width":811,"height":11}},{"id":"46864fde-e121-4c75-b7e4-0e2270da51a5","block_type":"box","text":"Illiquid Investments Risk","page_number":28,"box":{"x":81,"y":884,"width":186,"height":11}},{"id":"8dc47f3e-29fd-4dfd-85ec-df4872ab4793","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":28,"box":{"x":271,"y":884,"width":648,"height":11}},{"id":"b40fd79c-8ae5-4d21-aaeb-835a29c379c1","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":28,"box":{"x":80,"y":898,"width":841,"height":12}},{"id":"2248cf96-02af-4d41-8db2-c919f3fe64f2","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":28,"box":{"x":82,"y":913,"width":831,"height":12}},{"id":"a9253f59-254a-4b8a-8ca0-962ee1a143dd","block_type":"box","text":"22","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"fa57ec92-1f7d-4d82-8506-c21c1922eff4","block_type":"box","text":"NM1026U-5982664-28/82","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e6f3c431-50ba-4eef-a0bc-c72501ee20d2","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. The","page_number":29,"box":{"x":81,"y":46,"width":843,"height":11}},{"id":"6da0666f-0a50-42c5-9f3d-6c2732bcbafc","block_type":"box","text":"Subsidiary will also limit its investment in illiquid investments to 15% of its net assets. In applying the illiquid","page_number":29,"box":{"x":81,"y":60,"width":802,"height":12}},{"id":"e2ec8bba-fe93-4180-bae4-60473fe60439","block_type":"box","text":"investments restriction to the Fund, the Fund’s investment in the Subsidiary is considered to be liquid. Liquid","page_number":29,"box":{"x":82,"y":75,"width":802,"height":12}},{"id":"f821bcec-2c38-4fde-9a6d-fa6662a35871","block_type":"box","text":"investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil. There can","page_number":29,"box":{"x":82,"y":90,"width":854,"height":12}},{"id":"aed6ddec-aa18-4a38-87e7-a13f896ef419","block_type":"box","text":"be no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid","page_number":29,"box":{"x":81,"y":105,"width":846,"height":11}},{"id":"3adcb7c8-0f6a-4bde-af73-e8fafd01f3d4","block_type":"box","text":"for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an illiquid","page_number":29,"box":{"x":81,"y":120,"width":815,"height":11}},{"id":"35d91787-7de6-4659-9545-8ea6803da534","block_type":"box","text":"investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may reduce","page_number":29,"box":{"x":82,"y":135,"width":837,"height":11}},{"id":"1cd3dcea-36a5-438c-b385-b746574d7d61","block_type":"box","text":"the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time or price.","page_number":29,"box":{"x":80,"y":149,"width":847,"height":12}},{"id":"338231c1-d897-4eb4-bd3d-178c82f407e0","block_type":"box","text":"In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when shareholders","page_number":29,"box":{"x":82,"y":164,"width":827,"height":12}},{"id":"94d2a0fc-841a-461a-b003-297dc625cf0e","block_type":"box","text":"are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to dispose of","page_number":29,"box":{"x":81,"y":179,"width":828,"height":12}},{"id":"88a97181-4861-4f78-ad72-75f7f5c28426","block_type":"box","text":"liquid securities to meet redemption requests and illiquid securities will become a larger portion of the Fund’s","page_number":29,"box":{"x":82,"y":194,"width":806,"height":11}},{"id":"59830f09-eacd-45c8-914f-6f1cc73774ba","block_type":"box","text":"holdings. An investment may be illiquid due to, among other things, the reduced number and capacity of traditional","page_number":29,"box":{"x":82,"y":209,"width":840,"height":11}},{"id":"ebec39da-bcd8-4246-8b96-6fe097a79074","block_type":"box","text":"market participants to make a market in fixed-income securities or the lack of an active trading market. To the","page_number":29,"box":{"x":82,"y":224,"width":807,"height":11}},{"id":"e1604753-de03-480d-b6dc-9e9c37a31878","block_type":"box","text":"extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market and/","page_number":29,"box":{"x":81,"y":239,"width":845,"height":11}},{"id":"dcfa7c47-9a5c-4b26-9f92-e98b97d76dd3","block_type":"box","text":"or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments. Illiquid","page_number":29,"box":{"x":81,"y":253,"width":832,"height":12}},{"id":"7ccd1aa9-aa27-495f-a972-c7ccfb88f12c","block_type":"box","text":"investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these","page_number":29,"box":{"x":82,"y":268,"width":782,"height":12}},{"id":"7c5cbe2e-3003-4b84-92a8-e65856ef5151","block_type":"box","text":"investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. This may be","page_number":29,"box":{"x":82,"y":283,"width":790,"height":11}},{"id":"3d73fd4a-0a4a-4066-9c8c-ad0334c09c88","block_type":"box","text":"magnified in a rising interest rate environment or other circumstances where investor redemptions or sales of Fund","page_number":29,"box":{"x":82,"y":298,"width":844,"height":11}},{"id":"d2badcbd-781f-4a1d-acba-e9a141e34715","block_type":"box","text":"shares may be higher than normal. In addition, when there is illiquidity in the market for certain securities, the","page_number":29,"box":{"x":81,"y":312,"width":810,"height":12}},{"id":"18a9055b-39eb-4e23-958c-14315eca326c","block_type":"box","text":"Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.","page_number":29,"box":{"x":82,"y":328,"width":715,"height":11}},{"id":"34baf422-c720-44b5-8d3a-7a3177dcb381","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":29,"box":{"x":81,"y":347,"width":271,"height":10}},{"id":"b1f0e765-2733-4297-a181-ce8239906059","block_type":"box","text":"—","page_number":29,"box":{"x":356,"y":353,"width":17,"height":0}},{"id":"b517b4ae-e1bf-43d7-b5a7-dfcb4b3e9179","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":29,"box":{"x":379,"y":348,"width":499,"height":11}},{"id":"926c40b4-123a-430e-a31f-9c8683cc110b","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":29,"box":{"x":82,"y":362,"width":839,"height":12}},{"id":"6b836d85-9b45-4562-9864-47217a7b7d69","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":29,"box":{"x":80,"y":377,"width":799,"height":12}},{"id":"6818f996-8f3e-4156-9cf7-6371ec9f1eba","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":29,"box":{"x":82,"y":392,"width":796,"height":11}},{"id":"a392247d-78ab-4a66-8986-417f48c99991","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":29,"box":{"x":81,"y":407,"width":855,"height":11}},{"id":"536e15f4-4319-4abe-b1ec-290c0e28af63","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":29,"box":{"x":82,"y":422,"width":441,"height":11}},{"id":"1c320b0d-465a-4d5f-beaf-6adadc7b74ee","block_type":"box","text":"Leverage Risk","page_number":29,"box":{"x":81,"y":442,"width":107,"height":11}},{"id":"3c3f7be4-c099-4cb3-90aa-c644d656f1c5","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":29,"box":{"x":192,"y":441,"width":741,"height":12}},{"id":"08edc900-78ac-4cf4-9cad-854f47a0e01e","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":29,"box":{"x":81,"y":456,"width":787,"height":12}},{"id":"5496cfce-1ce4-4cfb-bb8e-27aec7ed21bb","block_type":"box","text":"investment company registered with the SEC, the Fund is subject to the federal securities laws, including the","page_number":29,"box":{"x":82,"y":471,"width":798,"height":12}},{"id":"24d299ed-578a-43fc-b3e7-5ea644329432","block_type":"box","text":"Investment Company Act and the rules thereunder. Under Rule 18f-4 under the Investment Company Act, among","page_number":29,"box":{"x":82,"y":486,"width":824,"height":11}},{"id":"4dc39b93-597f-4cc8-bd4f-3a6a13fb66f5","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":29,"box":{"x":81,"y":501,"width":852,"height":11}},{"id":"77bccba4-1ad0-4dda-b6f9-60dafc583d10","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":29,"box":{"x":82,"y":516,"width":845,"height":11}},{"id":"311d329e-6fd0-469c-b2d6-0468db12ebbb","block_type":"box","text":"be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the Investment","page_number":29,"box":{"x":81,"y":530,"width":797,"height":12}},{"id":"10a64f05-5159-422f-b2a5-dabd89d16957","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":29,"box":{"x":81,"y":545,"width":787,"height":12}},{"id":"a1a5730a-bf0d-48cb-bc41-63b0b54e76e3","block_type":"box","text":"magnified when the Fund uses leverage.","page_number":29,"box":{"x":82,"y":560,"width":293,"height":12}},{"id":"ea36170f-8d5f-4489-a69b-5a50fa8df4cc","block_type":"box","text":"Market Risk and Selection Risk","page_number":29,"box":{"x":81,"y":580,"width":240,"height":9}},{"id":"a208a2ec-8b01-41c6-8cb2-8877f3803793","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":29,"box":{"x":324,"y":580,"width":593,"height":9}},{"id":"f05633db-b5d5-4d8a-8529-23e52afe29bc","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a","page_number":29,"box":{"x":81,"y":595,"width":829,"height":11}},{"id":"5b163e69-5fb9-4f6e-a3f0-89952b2d9080","block_type":"box","text":"security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":29,"box":{"x":81,"y":610,"width":829,"height":11}},{"id":"51d81e55-d9b4-476f-abfe-8883a581dca5","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":29,"box":{"x":81,"y":624,"width":830,"height":12}},{"id":"0778a5d4-c7cf-4928-b7ec-d9bf5a55e084","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":29,"box":{"x":82,"y":639,"width":840,"height":12}},{"id":"b995f1ba-28a5-4bab-b280-df9bcd82233d","block_type":"box","text":"Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health","page_number":29,"box":{"x":82,"y":654,"width":851,"height":12}},{"id":"eb7a759a-bf2b-461c-9bef-d27b17732bad","block_type":"box","text":"issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its","page_number":29,"box":{"x":82,"y":669,"width":852,"height":12}},{"id":"5c9cbb31-9de4-4a66-8467-857e1d3c3117","block_type":"box","text":"investments. Selection risk is the risk that the securities selected by Fund management will underperform the","page_number":29,"box":{"x":82,"y":684,"width":806,"height":11}},{"id":"64b68e0b-365b-43a4-aeca-94aa8780fcab","block_type":"box","text":"markets, the relevant indices or the securities selected by other funds with similar investment objectives and","page_number":29,"box":{"x":82,"y":699,"width":799,"height":11}},{"id":"81332c32-7067-47df-9bf5-78420e2c2206","block_type":"box","text":"investment strategies. This means you may lose money.","page_number":29,"box":{"x":82,"y":714,"width":409,"height":11}},{"id":"cd12992e-ac49-41d7-80d1-41843280722e","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":29,"box":{"x":82,"y":734,"width":818,"height":11}},{"id":"adb8c1a8-810c-4d78-98f9-3062117e81a7","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":29,"box":{"x":80,"y":748,"width":819,"height":12}},{"id":"4995a384-b63c-41af-a1aa-e696674ef214","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":29,"box":{"x":81,"y":763,"width":819,"height":12}},{"id":"cded9dc8-10f9-4183-a5c1-78564547a774","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":29,"box":{"x":81,"y":778,"width":846,"height":11}},{"id":"8d280021-9547-4f5a-b205-399afe4d70cf","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":29,"box":{"x":81,"y":793,"width":848,"height":11}},{"id":"84cdf3ce-d054-4331-b565-91fa905a9832","block_type":"box","text":"the Fund invests.","page_number":29,"box":{"x":80,"y":808,"width":125,"height":9}},{"id":"3f151a83-765c-43c4-9500-99a4ba1a148a","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks","page_number":29,"box":{"x":81,"y":828,"width":346,"height":11}},{"id":"54078101-9070-4322-99a5-93326d5da540","block_type":"box","text":"— Mortgage-backed securities (residential and commercial) and","page_number":29,"box":{"x":432,"y":828,"width":470,"height":11}},{"id":"7cccd9a8-6690-4cd7-98a8-f7c40a795fa0","block_type":"box","text":"asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or","page_number":29,"box":{"x":81,"y":842,"width":835,"height":12}},{"id":"14832bb8-58a4-4716-8bd7-7d8549f1e1b8","block_type":"box","text":"receivables held in trust. Although asset-backed and commercial mortgage-backed securities (“CMBS”) generally","page_number":29,"box":{"x":82,"y":857,"width":828,"height":12}},{"id":"364ad1a1-351e-4c4d-a8a9-17ebb17511fd","block_type":"box","text":"experience less prepayment than residential mortgage-backed securities, mortgage-backed and asset-backed","page_number":29,"box":{"x":81,"y":872,"width":804,"height":12}},{"id":"e0403cd4-a302-49a3-a0eb-98181c9025fd","block_type":"box","text":"securities, like traditional fixed-income securities, are subject to credit, interest rate, prepayment and extension","page_number":29,"box":{"x":81,"y":887,"width":820,"height":11}},{"id":"d95cc18b-cf83-412e-a7d9-f35fb95bde73","block_type":"box","text":"risks.","page_number":29,"box":{"x":82,"y":902,"width":37,"height":9}},{"id":"7de9f4ef-3c1a-4d98-99c6-9f0482e1f01d","block_type":"box","text":"23","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"5cbf437e-04cc-4f86-8970-fd20545b2588","block_type":"box","text":"NM1026U-5982664-29/82","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"bf36f1e2-b430-410c-85a8-72941db7dab8","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of","page_number":30,"box":{"x":81,"y":46,"width":851,"height":11}},{"id":"086e4fd4-d15b-4df5-b3ba-b53ff10c039f","block_type":"box","text":"certain mortgage-backed securities. The Fund’s investments in asset-backed securities are subject to risks similar","page_number":30,"box":{"x":81,"y":61,"width":842,"height":11}},{"id":"d5316b09-876e-4eee-9585-42ed7e6b2e08","block_type":"box","text":"to those associated with mortgage-related securities, as well as additional risks associated with the nature of the","page_number":30,"box":{"x":80,"y":75,"width":837,"height":12}},{"id":"3aa097b2-b4c1-42bc-b56c-a72898b6e976","block_type":"box","text":"assets and the servicing of those assets. These securities also are subject to the risk of default on the underlying","page_number":30,"box":{"x":81,"y":90,"width":840,"height":12}},{"id":"337ad448-fabd-40c3-96ea-7d2817956dce","block_type":"box","text":"mortgages or assets, particularly during periods of economic downturn. Certain CMBS are issued in several classes","page_number":30,"box":{"x":82,"y":105,"width":852,"height":12}},{"id":"bedccfa6-50a9-45e3-87fd-68f20a3f6b11","block_type":"box","text":"with different levels of yield and credit protection. The Fund’s investments in CMBS with several classes may be in","page_number":30,"box":{"x":80,"y":120,"width":842,"height":11}},{"id":"63f0330a-9935-4f44-b30c-a966959946a9","block_type":"box","text":"the lower classes that have greater risks than the higher classes, including greater interest rate, credit and","page_number":30,"box":{"x":80,"y":135,"width":787,"height":11}},{"id":"21d89627-4563-474f-9bd0-ed471d925862","block_type":"box","text":"prepayment risks.","page_number":30,"box":{"x":82,"y":150,"width":128,"height":11}},{"id":"de4f26a5-8219-427a-9d82-a8b6322482cb","block_type":"box","text":"Mortgage-backed securities may be either pass-through securities or collateralized mortgage obligations (“CMOs”).","page_number":30,"box":{"x":82,"y":170,"width":842,"height":11}},{"id":"55ffcae6-5342-4b42-bb62-a1946dc8d74e","block_type":"box","text":"Pass-through securities represent a right to receive principal and interest payments collected on a pool of","page_number":30,"box":{"x":81,"y":184,"width":776,"height":12}},{"id":"851d2bc7-5c35-4284-b74f-33538ec68184","block_type":"box","text":"mortgages, which are passed through to security holders. CMOs are created by dividing the principal and interest","page_number":30,"box":{"x":82,"y":199,"width":831,"height":12}},{"id":"b06fa383-7d44-4098-b161-fc867a634ae6","block_type":"box","text":"payments collected on a pool of mortgages into several revenue streams (“tranches”) with different priority rights to","page_number":30,"box":{"x":82,"y":214,"width":852,"height":11}},{"id":"238c6772-9cfc-4827-a8b8-bccdaaa07a64","block_type":"box","text":"portions of the underlying mortgage payments. Certain CMO tranches may represent a right to receive interest only","page_number":30,"box":{"x":82,"y":229,"width":846,"height":11}},{"id":"a25c10ce-cc45-4fe1-a17d-c5f4870f2c7d","block_type":"box","text":"(“IOs”), principal only (“POs”) or an amount that remains after floating-rate tranches are paid (an “inverse floater”).","page_number":30,"box":{"x":81,"y":244,"width":843,"height":11}},{"id":"4cdc0605-0d5b-4c1c-b668-05c0cd1ff2ee","block_type":"box","text":"These securities are frequently referred to as “mortgage derivatives” and may be extremely sensitive to changes in","page_number":30,"box":{"x":81,"y":258,"width":846,"height":12}},{"id":"6ae7809a-01b0-4e35-9a46-24f283f9090a","block_type":"box","text":"interest rates. Interest rates on inverse floaters, for example, vary inversely with a short-term floating rate (which","page_number":30,"box":{"x":82,"y":273,"width":828,"height":12}},{"id":"4fcf8cea-9c94-453a-8481-f8c5ac92555e","block_type":"box","text":"may be reset periodically). Interest rates on inverse floaters will decrease when short-term rates increase, and will","page_number":30,"box":{"x":82,"y":288,"width":838,"height":11}},{"id":"14850400-07fc-4dae-9367-d3c8eb37c120","block_type":"box","text":"increase when short-term rates decrease. These securities have the effect of providing a degree of investment","page_number":30,"box":{"x":82,"y":303,"width":813,"height":11}},{"id":"ba37d079-b882-4f14-88cd-b569d68a6476","block_type":"box","text":"leverage. In response to changes in market interest rates or other market conditions, the value of an inverse floater","page_number":30,"box":{"x":82,"y":318,"width":850,"height":11}},{"id":"f49c3922-60db-4c96-a8c0-b114e28acc68","block_type":"box","text":"may increase or decrease at a multiple of the increase or decrease in the value of the underlying securities. If the","page_number":30,"box":{"x":82,"y":332,"width":834,"height":12}},{"id":"dd63521c-5b2c-4dee-86bb-7bde9b704f8a","block_type":"box","text":"Fund invests in CMO tranches (including CMO tranches issued by government agencies) and interest rates move in","page_number":30,"box":{"x":82,"y":347,"width":842,"height":12}},{"id":"02ee36a6-73cf-4e64-b22d-b69c76d5ce9d","block_type":"box","text":"a manner not anticipated by Fund management, it is possible that the Fund could lose all or substantially all of its","page_number":30,"box":{"x":81,"y":362,"width":836,"height":12}},{"id":"75fab482-5d93-4d78-9eee-e9507e9bb71c","block_type":"box","text":"investment. Certain mortgage-backed securities in which the Fund may invest may also provide a degree of","page_number":30,"box":{"x":82,"y":377,"width":787,"height":12}},{"id":"e467fe99-41d5-4942-8535-46705e333c1d","block_type":"box","text":"investment leverage, which could cause the Fund to lose all or substantially all of its investment.","page_number":30,"box":{"x":82,"y":392,"width":708,"height":11}},{"id":"b6305565-5de3-48f3-8203-0cb7c2550425","block_type":"box","text":"The mortgage market in the United States has experienced difficulties that may adversely affect the performance","page_number":30,"box":{"x":81,"y":412,"width":834,"height":11}},{"id":"510dc03e-b6ac-4fec-9a60-6a7d2ab5b114","block_type":"box","text":"and market value of certain of the Fund’s mortgage-related investments. Delinquencies and losses on mortgage","page_number":30,"box":{"x":81,"y":427,"width":825,"height":11}},{"id":"feaabd46-1c16-4bf4-b922-70e5b5ad2d4f","block_type":"box","text":"loans (including subprime and second-lien mortgage loans) and a decline in or flattening of real estate values (in","page_number":30,"box":{"x":82,"y":441,"width":825,"height":12}},{"id":"43d0bab7-f93f-4b4b-9b81-db78de604927","block_type":"box","text":"each case as has been experienced and may continue to be experienced in many housing markets) may exacerbate","page_number":30,"box":{"x":81,"y":456,"width":850,"height":12}},{"id":"442f7835-f7db-4a49-8130-62579650a19a","block_type":"box","text":"such delinquencies and losses. Also, a number of mortgage loan originators have experienced serious financial","page_number":30,"box":{"x":81,"y":471,"width":818,"height":12}},{"id":"d53e54f0-82b7-4c91-bb21-22e1237f2fc5","block_type":"box","text":"difficulties or bankruptcy. Reduced investor demand for mortgage loans and mortgage-related securities and","page_number":30,"box":{"x":81,"y":486,"width":796,"height":11}},{"id":"32afa6cd-711a-49d3-92d5-da3fb946a407","block_type":"box","text":"increased investor yield requirements have caused limited liquidity in the secondary market for mortgage-related","page_number":30,"box":{"x":82,"y":501,"width":825,"height":11}},{"id":"b60a270e-3ea2-47ca-a733-ef75ede111b6","block_type":"box","text":"securities, which can adversely affect the market value of mortgage-related securities. It is possible that such","page_number":30,"box":{"x":81,"y":516,"width":807,"height":11}},{"id":"5d5c4945-cd79-4284-9520-8f37d21e302f","block_type":"box","text":"limited liquidity in such secondary markets could continue or worsen.","page_number":30,"box":{"x":82,"y":531,"width":505,"height":11}},{"id":"94b2c411-2b19-4388-9204-139921b63848","block_type":"box","text":"Asset-backed securities entail certain risks not presented by mortgage-backed securities, including the risk that in","page_number":30,"box":{"x":81,"y":551,"width":839,"height":11}},{"id":"a535becb-e033-424b-8447-25f37a08e343","block_type":"box","text":"certain states it may be difficult to perfect the liens securing the collateral backing certain asset-backed securities.","page_number":30,"box":{"x":81,"y":565,"width":849,"height":12}},{"id":"8968ad2d-e823-4a67-a7af-b43f5dc18487","block_type":"box","text":"In addition, certain asset-backed securities are based on loans that are unsecured, which means that there is no","page_number":30,"box":{"x":82,"y":580,"width":832,"height":11}},{"id":"26626378-f956-4c45-bf49-4cf01cd922fb","block_type":"box","text":"collateral to seize if the underlying borrower defaults.","page_number":30,"box":{"x":81,"y":595,"width":388,"height":11}},{"id":"823a1633-27a4-4352-9b3d-d57daa741289","block_type":"box","text":"Operational and Technology Risks","page_number":30,"box":{"x":82,"y":615,"width":254,"height":11}},{"id":"bb637d68-bec5-419e-aa6e-8a498afbdf22","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":30,"box":{"x":340,"y":615,"width":549,"height":11}},{"id":"b80250ca-e9cd-41c1-bd6a-938d0f837df1","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":30,"box":{"x":81,"y":630,"width":790,"height":11}},{"id":"cdd222cc-8ae3-4874-87aa-942c5d1401cb","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":30,"box":{"x":81,"y":644,"width":837,"height":12}},{"id":"2aae4983-15c1-40e1-9c78-28b904e082fc","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":30,"box":{"x":82,"y":659,"width":845,"height":12}},{"id":"2be5015d-50a3-4a5c-8efc-2c27690ff751","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":30,"box":{"x":81,"y":674,"width":832,"height":12}},{"id":"1c75a970-7b09-4ac7-91a5-28dcffbad12f","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":30,"box":{"x":82,"y":689,"width":763,"height":11}},{"id":"f2c8e14d-0c73-4a2b-be1f-2ee007ee9a9c","block_type":"box","text":"counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and","page_number":30,"box":{"x":81,"y":704,"width":825,"height":11}},{"id":"55fb3400-34fa-4167-990e-9de6a7f66992","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":30,"box":{"x":81,"y":719,"width":842,"height":11}},{"id":"bc125b36-9a94-48d1-ab85-dc024f698c60","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":30,"box":{"x":81,"y":733,"width":852,"height":12}},{"id":"afdfd091-0ff0-4572-9a9d-3cdf2997463b","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":30,"box":{"x":82,"y":748,"width":827,"height":12}},{"id":"68babd9c-ae0f-471b-acdb-0a39f018869d","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":30,"box":{"x":81,"y":768,"width":821,"height":12}},{"id":"6fd5ab89-735a-4160-b103-fa936cc7f329","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":30,"box":{"x":82,"y":783,"width":814,"height":12}},{"id":"cc5d5415-5b4f-462b-8437-4349f6d5e577","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":30,"box":{"x":81,"y":798,"width":824,"height":11}},{"id":"b63a8f60-f902-446e-9527-6529f4e94523","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":30,"box":{"x":81,"y":813,"width":791,"height":11}},{"id":"adbb6323-2071-4974-86e7-100d9e52ed7b","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":30,"box":{"x":82,"y":827,"width":852,"height":12}},{"id":"d2a85235-53d8-4f3b-920d-b8c89d16a2b2","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":30,"box":{"x":81,"y":842,"width":784,"height":12}},{"id":"a0011cfc-3e8a-467f-842b-ce840f72ae76","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":30,"box":{"x":81,"y":857,"width":787,"height":12}},{"id":"d5849194-acc5-4321-b786-6eba6e870894","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations","page_number":30,"box":{"x":81,"y":872,"width":840,"height":11}},{"id":"598e3b2e-9291-49c7-b76b-8780a8a3fb01","block_type":"box","text":"of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":30,"box":{"x":81,"y":887,"width":809,"height":11}},{"id":"5269400c-25a6-4536-84ff-a55c6945f9f8","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":30,"box":{"x":81,"y":902,"width":829,"height":11}},{"id":"5b843b31-8bb3-4078-a87c-f58a3a5158d9","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":30,"box":{"x":82,"y":916,"width":798,"height":12}},{"id":"a330baf4-6470-4302-b06f-da4b5c56102c","block_type":"box","text":"24","page_number":30,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"506c0024-b119-4e87-bb46-ff25dc48665c","block_type":"box","text":"NM1026U-5982664-30/82","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7a3894a1-3c4e-4018-81ea-a29e63a201fd","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":31,"box":{"x":81,"y":46,"width":829,"height":11}},{"id":"34383bae-822a-4a1f-a06d-197255c3fdc8","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":31,"box":{"x":82,"y":60,"width":846,"height":12}},{"id":"8a8a932b-a65a-4d87-ad35-a2a4aef733a7","block_type":"box","text":"relied upon by the Fund or its service providers, as well as market events that occur at a pace that overloads these","page_number":31,"box":{"x":82,"y":76,"width":846,"height":11}},{"id":"d534dcd7-261e-49e1-9f98-ca9dd0962304","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. In addition, the risks of increased use of AI","page_number":31,"box":{"x":81,"y":90,"width":838,"height":12}},{"id":"a76b8c2b-f1b8-4d85-b958-9660ae0fa2d7","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":31,"box":{"x":80,"y":105,"width":770,"height":12}},{"id":"2c439d8e-99d3-4b93-af53-b6bde44e2eae","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":31,"box":{"x":80,"y":120,"width":792,"height":11}},{"id":"dd8a2a98-dbc0-4e9b-8c11-e3546eff186c","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":31,"box":{"x":82,"y":135,"width":845,"height":11}},{"id":"2700e67b-1e82-47c1-8438-986cd37c32d5","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":31,"box":{"x":80,"y":149,"width":840,"height":12}},{"id":"0c891ba0-69dd-4b95-baa2-c6836fb3b37c","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":31,"box":{"x":81,"y":165,"width":841,"height":11}},{"id":"06e7a4d9-5eda-4b20-aebb-b69d09f9705f","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":31,"box":{"x":80,"y":179,"width":847,"height":12}},{"id":"442325ad-2cf8-4ae8-b62d-21df7b98d865","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":31,"box":{"x":82,"y":194,"width":838,"height":11}},{"id":"48d0594f-9c4a-4d11-b3d2-fd4662095a57","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":31,"box":{"x":81,"y":209,"width":847,"height":11}},{"id":"367c5462-9def-4ef4-bfdc-c10a7663cf3e","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":31,"box":{"x":81,"y":224,"width":845,"height":11}},{"id":"c8ccd278-1d13-48e4-b976-155701790302","block_type":"box","text":"and the associated risks to the Fund.","page_number":31,"box":{"x":81,"y":239,"width":273,"height":9}},{"id":"9a7e7687-3499-46f3-b908-cd100dfb61ec","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":31,"box":{"x":81,"y":258,"width":769,"height":12}},{"id":"67eb6b9c-5a7a-471a-b91b-20c4191f86cd","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":31,"box":{"x":81,"y":273,"width":855,"height":12}},{"id":"b55eae9f-fb91-40cf-b593-c0e898938b10","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":31,"box":{"x":80,"y":288,"width":848,"height":12}},{"id":"8542fa21-a667-42f8-a57b-e9e57eedb46a","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":31,"box":{"x":81,"y":303,"width":777,"height":11}},{"id":"c946b1ee-dd68-4a96-a620-06004ccf8d9f","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":31,"box":{"x":81,"y":318,"width":824,"height":11}},{"id":"0d740e29-ac20-4924-800d-038c44a7e28c","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":31,"box":{"x":81,"y":332,"width":785,"height":12}},{"id":"5c1adbb6-ecfc-4504-b7ff-f3310f07cac0","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":31,"box":{"x":82,"y":347,"width":853,"height":12}},{"id":"2b42a4f3-b1ca-4fd7-9e57-9f3ec8b4706b","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":31,"box":{"x":82,"y":362,"width":855,"height":12}},{"id":"1d9e2ae5-b0a3-4b9e-988c-2577a73c9166","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":31,"box":{"x":82,"y":377,"width":813,"height":12}},{"id":"1f5d82d2-aaff-4b74-a839-f042dc22f4d4","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":31,"box":{"x":81,"y":392,"width":806,"height":11}},{"id":"e937d2a0-7f15-40ec-a075-4920b4d64e52","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":31,"box":{"x":82,"y":407,"width":602,"height":11}},{"id":"3962032f-c79c-45a2-9fc1-42b15d3aeb9e","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":31,"box":{"x":82,"y":427,"width":794,"height":11}},{"id":"7219b53e-a70b-48a3-8d65-b83a72d5a38f","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":31,"box":{"x":81,"y":442,"width":840,"height":11}},{"id":"6f61f6ea-4d32-4f31-a9f8-af45af8850ec","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":31,"box":{"x":81,"y":456,"width":801,"height":12}},{"id":"c484b258-41ad-4235-83ae-695a8b010f9a","block_type":"box","text":"resources to monitor and implement required changes.","page_number":31,"box":{"x":82,"y":471,"width":402,"height":12}},{"id":"12705e4a-e85e-46c1-a4a6-f82197671568","block_type":"box","text":"Preferred Securities Risk","page_number":31,"box":{"x":81,"y":491,"width":189,"height":9}},{"id":"52dd5bbe-c246-46ee-855a-3d5ceb4bdf25","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":31,"box":{"x":274,"y":491,"width":636,"height":11}},{"id":"5f7e6cb3-4c5b-4843-8967-6efd408969de","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":31,"box":{"x":81,"y":506,"width":824,"height":11}},{"id":"690d6abd-ab21-4e63-9642-9f02e48e0ee4","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":31,"box":{"x":82,"y":521,"width":806,"height":11}},{"id":"f7972a13-11a2-4cde-b65f-06d5600b3f92","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":31,"box":{"x":81,"y":535,"width":842,"height":12}},{"id":"f0a4dac1-479b-4442-b11d-27480aa2bc3f","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":31,"box":{"x":81,"y":550,"width":781,"height":12}},{"id":"22740c34-2ede-431c-bfce-525305d8d4c6","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":31,"box":{"x":81,"y":565,"width":812,"height":12}},{"id":"16d8bcb0-5454-43dd-9ef5-a52b9fc09e52","block_type":"box","text":"larger companies.","page_number":31,"box":{"x":82,"y":580,"width":129,"height":12}},{"id":"0f84d59a-763f-43e4-90fd-aab18257eb6a","block_type":"box","text":"Risks of Concentrating in One Country","page_number":31,"box":{"x":81,"y":600,"width":290,"height":11}},{"id":"f55270bd-5e7f-4d2a-bccb-93db8aea8f30","block_type":"box","text":"—","page_number":31,"box":{"x":376,"y":605,"width":17,"height":1}},{"id":"71642472-039b-4a7f-a8de-b54a7a4c23c5","block_type":"box","text":"Investing a significant portion of assets in one country makes the Fund","page_number":31,"box":{"x":398,"y":600,"width":522,"height":12}},{"id":"9a6c3e11-088e-4fc6-9a07-6d9ab23b63d3","block_type":"box","text":"more dependent upon the political and economic circumstances of that particular country than a mutual fund that is","page_number":31,"box":{"x":82,"y":615,"width":853,"height":11}},{"id":"0cb89303-3c15-4507-8080-dddd4557dbad","block_type":"box","text":"more widely diversified. The Fund may not invest more than 25% of its total assets, at the time of purchase, in","page_number":31,"box":{"x":82,"y":630,"width":811,"height":11}},{"id":"e724e4d5-8ff6-4d14-b9d1-1b12e0bdef5f","block_type":"box","text":"sovereign debt instruments of any one foreign government.","page_number":31,"box":{"x":81,"y":644,"width":432,"height":12}},{"id":"54fa608d-b325-4e89-9f22-a455d2b3d305","block_type":"box","text":"Sovereign Debt Risk","page_number":31,"box":{"x":81,"y":665,"width":154,"height":11}},{"id":"3c4404ca-5cf7-4a07-a522-e339ab9c2100","block_type":"box","text":"— Sovereign debt instruments are subject to the risk that a governmental entity may delay or","page_number":31,"box":{"x":239,"y":665,"width":686,"height":11}},{"id":"30a297af-9acf-4fcf-85f1-84ea1779ed1b","block_type":"box","text":"refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient","page_number":31,"box":{"x":82,"y":679,"width":844,"height":12}},{"id":"01befb1b-544d-411d-bafa-aa8d7afdf5a8","block_type":"box","text":"foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in","page_number":31,"box":{"x":81,"y":694,"width":821,"height":12}},{"id":"eaff73ca-7b35-4167-9fa6-a672e548a434","block_type":"box","text":"relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund","page_number":31,"box":{"x":82,"y":709,"width":845,"height":11}},{"id":"b0d0a85f-d0cc-4e84-8e3c-8e4954b0ff0c","block_type":"box","text":"or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for","page_number":31,"box":{"x":81,"y":724,"width":810,"height":11}},{"id":"e07cb3f8-2210-47a1-975d-e434c2a00529","block_type":"box","text":"further loans. There is no legal process for collecting sovereign debt that a government does not pay nor are there","page_number":31,"box":{"x":81,"y":739,"width":840,"height":11}},{"id":"7f36e3cd-043a-4878-acaa-56452e7ec632","block_type":"box","text":"bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid","page_number":31,"box":{"x":81,"y":753,"width":826,"height":12}},{"id":"e32379b3-70af-4aad-80c7-832ca1dd84ad","block_type":"box","text":"may be collected.","page_number":31,"box":{"x":82,"y":768,"width":126,"height":12}},{"id":"00259e6b-9e4a-4eef-888d-e8bdb2a48a4f","block_type":"box","text":"Structured Notes Risk","page_number":31,"box":{"x":81,"y":788,"width":168,"height":9}},{"id":"3c71c3f5-57ff-4845-aed1-15087426ab05","block_type":"box","text":"—","page_number":31,"box":{"x":254,"y":794,"width":17,"height":0}},{"id":"5fd32bcc-6f88-40f0-9101-381987404e9f","block_type":"box","text":"Structured notes and other related instruments purchased by the Fund are generally","page_number":31,"box":{"x":276,"y":788,"width":618,"height":12}},{"id":"2c326c9a-3f6b-4fcd-8029-5dc769172d11","block_type":"box","text":"privately negotiated debt obligations where the principal and/or interest is determined by reference to the","page_number":31,"box":{"x":82,"y":803,"width":775,"height":12}},{"id":"8b672dcc-bd0f-492a-9989-b0535b543846","block_type":"box","text":"performance of a specific asset, benchmark asset, market or interest rate (“reference measure”). The interest rate","page_number":31,"box":{"x":82,"y":818,"width":847,"height":11}},{"id":"aa63584e-1e41-490d-923d-6ab6ef6a30ea","block_type":"box","text":"or the principal amount payable upon maturity or redemption may increase or decrease, depending upon changes in","page_number":31,"box":{"x":81,"y":833,"width":850,"height":11}},{"id":"026a8626-9354-4765-8bd2-755ea74ff5cb","block_type":"box","text":"the value of the reference measure. The terms of a structured note may provide that, in certain circumstances, no","page_number":31,"box":{"x":80,"y":847,"width":842,"height":12}},{"id":"93384167-aac7-49b3-a60c-f28463944e44","block_type":"box","text":"principal is due at maturity and, therefore, may result in a loss of invested capital by the Fund. The interest and/or","page_number":31,"box":{"x":82,"y":862,"width":841,"height":12}},{"id":"e6bc0537-de97-4a78-9b73-28145067e428","block_type":"box","text":"principal payments that may be made on a structured product may vary widely, depending on a variety of factors,","page_number":31,"box":{"x":82,"y":877,"width":826,"height":12}},{"id":"5804cb99-d144-4fd7-ab0a-bdb707457f9e","block_type":"box","text":"including the volatility of the reference measure.","page_number":31,"box":{"x":82,"y":892,"width":352,"height":12}},{"id":"6ef96df8-9742-4acf-8f5b-e54c35ea575e","block_type":"box","text":"25","page_number":31,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"50d85449-6ded-459f-a688-c4cbe5fb830d","block_type":"box","text":"NM1026U-5982664-31/82","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f4deafc5-8ae9-425b-80bf-e36216a8444a","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may produce","page_number":32,"box":{"x":81,"y":46,"width":855,"height":11}},{"id":"57fde6af-83bf-413c-a6b1-62f4e7e529c2","block_type":"box","text":"an increase or a decrease in the interest rate or the value of the principal at maturity. The rate of return on","page_number":32,"box":{"x":81,"y":60,"width":783,"height":12}},{"id":"61efa8eb-b2bb-4c5d-9c5d-9c85db84bea6","block_type":"box","text":"structured notes may be determined by applying a multiplier to the performance or differential performance of","page_number":32,"box":{"x":81,"y":75,"width":811,"height":12}},{"id":"00ca71ba-fcc7-4992-a6b8-0d3cc36a71aa","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":32,"box":{"x":82,"y":90,"width":851,"height":12}},{"id":"d5a9f1a8-c374-4674-9abd-ac902dcebb95","block_type":"box","text":"the risk of loss.","page_number":32,"box":{"x":80,"y":105,"width":114,"height":9}},{"id":"d5fb5c08-72e7-4d93-b0b3-0824d51b8bf5","block_type":"box","text":"The purchase of structured notes exposes the Fund to the credit risk of the issuer of the structured product.","page_number":32,"box":{"x":81,"y":125,"width":796,"height":11}},{"id":"01f7bb6b-85af-4796-abbe-c8ce664ad0fd","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":32,"box":{"x":81,"y":140,"width":820,"height":11}},{"id":"f4c55df2-40ee-496d-b7f6-3e964cf6aa55","block_type":"box","text":"securities and instruments or more traditional debt securities.","page_number":32,"box":{"x":81,"y":155,"width":455,"height":9}},{"id":"5c006d15-359e-4a4b-99d8-c6705f50a830","block_type":"box","text":"Structured Securities Risk","page_number":32,"box":{"x":81,"y":175,"width":200,"height":9}},{"id":"3e7a445a-2e70-4877-844e-87cabd7cc63e","block_type":"box","text":"— Because structured securities of the type in which the Fund may invest typically","page_number":32,"box":{"x":285,"y":175,"width":605,"height":11}},{"id":"e11a6717-95df-4a52-846f-5536462ccfb1","block_type":"box","text":"involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments,","page_number":32,"box":{"x":82,"y":189,"width":823,"height":12}},{"id":"08ffb91e-d426-4c69-b23c-9f307d3575ac","block_type":"box","text":"index or reference obligation and will also be subject to counterparty risk. The Fund may have the right to receive","page_number":32,"box":{"x":82,"y":204,"width":827,"height":12}},{"id":"819e087c-d967-4068-95e6-169db56aa53a","block_type":"box","text":"payments only from the structured security, and generally does not have direct rights against the issuer or the entity","page_number":32,"box":{"x":82,"y":219,"width":852,"height":12}},{"id":"dfc78340-8c6a-49a9-a9b8-ac03da742105","block_type":"box","text":"that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed","page_number":32,"box":{"x":80,"y":234,"width":823,"height":11}},{"id":"a3bbbf23-e87f-40b4-8ffd-86726b57da8a","block_type":"box","text":"herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions","page_number":32,"box":{"x":82,"y":249,"width":818,"height":11}},{"id":"47e8bf05-3414-4220-ad31-ab40b7e213c8","block_type":"box","text":"from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may","page_number":32,"box":{"x":81,"y":263,"width":842,"height":12}},{"id":"02ca55f0-3ab9-4e96-94cc-b1784a76ff96","block_type":"box","text":"decline in value or default; and the possibility that the structured securities are subordinate to other classes. The","page_number":32,"box":{"x":81,"y":278,"width":834,"height":12}},{"id":"a1545487-cd98-40f0-9e62-004d303e28c6","block_type":"box","text":"Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the","page_number":32,"box":{"x":82,"y":293,"width":834,"height":11}},{"id":"01192573-2273-4c28-a8d6-12629950fcdd","block_type":"box","text":"right of payment of another class. Subordinated structured securities typically have higher yields and present","page_number":32,"box":{"x":82,"y":308,"width":799,"height":12}},{"id":"7ddeb1fa-d91f-4b24-a29c-730cbf523a96","block_type":"box","text":"greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement","page_number":32,"box":{"x":81,"y":323,"width":851,"height":11}},{"id":"ac3b67a1-71e0-4b81-a085-8c213c41adf2","block_type":"box","text":"transactions, and there currently is no active trading market for structured securities. Structured securities are","page_number":32,"box":{"x":80,"y":338,"width":814,"height":11}},{"id":"c2573dfb-7367-4c7a-a849-3910e666ee6d","block_type":"box","text":"based upon the movement of one or more factors, including currency exchange rates, interest rates, reference","page_number":32,"box":{"x":81,"y":352,"width":812,"height":12}},{"id":"0b99b7a4-ff30-42c5-a392-8ed007f03aa9","block_type":"box","text":"bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price","page_number":32,"box":{"x":81,"y":367,"width":816,"height":12}},{"id":"b9466e33-832b-4f1c-bb20-434bc133a832","block_type":"box","text":"fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the","page_number":32,"box":{"x":81,"y":382,"width":795,"height":12}},{"id":"166f903d-1050-4c95-ba84-a67c9a449125","block_type":"box","text":"structured security to be reduced to zero. Certain issuers of such structured securities may be deemed to be","page_number":32,"box":{"x":81,"y":397,"width":802,"height":11}},{"id":"b8340238-e592-40d3-b41b-79d3163876e6","block_type":"box","text":"“investment companies” as defined in the Investment Company Act of 1940, as amended (the “Investment","page_number":32,"box":{"x":82,"y":412,"width":789,"height":11}},{"id":"52f796eb-c35b-4175-b039-8f30549d633f","block_type":"box","text":"Company Act”). As a result, the Fund’s investment in such securities may be limited by certain investment","page_number":32,"box":{"x":81,"y":427,"width":781,"height":11}},{"id":"c3af96db-77ba-4d43-8adf-82df85e19166","block_type":"box","text":"restrictions contained in the Investment Company Act.","page_number":32,"box":{"x":82,"y":442,"width":395,"height":11}},{"id":"00dfd8bf-8fb4-4abd-9394-bf076ed9ef39","block_type":"box","text":"Subsidiary Risk","page_number":32,"box":{"x":81,"y":462,"width":117,"height":11}},{"id":"04bcbda3-90b5-416c-93ba-50d009dcf819","block_type":"box","text":"—","page_number":32,"box":{"x":202,"y":467,"width":17,"height":1}},{"id":"058e02c8-68a6-4ddb-9912-686cbc8e9610","block_type":"box","text":"By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the","page_number":32,"box":{"x":225,"y":462,"width":679,"height":11}},{"id":"1ae82fb5-6de9-4ec8-8437-c09af6e14fc0","block_type":"box","text":"Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those","page_number":32,"box":{"x":81,"y":476,"width":841,"height":12}},{"id":"74ae7ba7-c132-425e-969d-ddeeb2b9f381","block_type":"box","text":"that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held","page_number":32,"box":{"x":80,"y":491,"width":851,"height":11}},{"id":"6fa2f751-47e2-4d20-b38f-3bb0cdeaf3cc","block_type":"box","text":"directly by the Fund (see “Commodities Related Investments Risk” above). There can be no assurance that the","page_number":32,"box":{"x":81,"y":506,"width":814,"height":11}},{"id":"b1883c6d-0c84-4da2-b4e2-c9b5dc333790","block_type":"box","text":"investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the Investment","page_number":32,"box":{"x":82,"y":521,"width":807,"height":11}},{"id":"ca3bdc9a-f9c9-4221-a2ed-000857621b9d","block_type":"box","text":"Company Act, and, unless otherwise noted in this prospectus, is not subject to all the investor protections of the","page_number":32,"box":{"x":81,"y":535,"width":830,"height":12}},{"id":"fabb2072-b180-4752-99fc-5df36f3da293","block_type":"box","text":"Investment Company Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and the","page_number":32,"box":{"x":82,"y":550,"width":790,"height":12}},{"id":"8dd93831-5949-4c84-b412-74926713444c","block_type":"box","text":"Subsidiary are both managed by BlackRock, making it unlikely that the Subsidiary will take action contrary to the","page_number":32,"box":{"x":81,"y":565,"width":827,"height":12}},{"id":"2f3e7904-e6dd-4786-b612-4070b02c6703","block_type":"box","text":"interests of the Fund and its shareholders. The Board has oversight responsibility for the investment activities of","page_number":32,"box":{"x":82,"y":580,"width":827,"height":12}},{"id":"b993bfa2-d63c-44ac-9958-ee2f9ec49998","block_type":"box","text":"the Fund, including its investment in the Subsidiary, and the Fund’s role as sole shareholder of the Subsidiary. The","page_number":32,"box":{"x":80,"y":595,"width":845,"height":11}},{"id":"4813f1d0-9304-4c1e-af09-a363fa8b79a8","block_type":"box","text":"Subsidiary is subject to the same investment restrictions and limitations, and follows the same compliance policies","page_number":32,"box":{"x":81,"y":610,"width":850,"height":11}},{"id":"32ab062e-0dd1-429d-b056-ecb667a78173","block_type":"box","text":"and procedures, as the Fund, except that the Subsidiary may invest without limitation in commodity-related","page_number":32,"box":{"x":81,"y":625,"width":785,"height":11}},{"id":"335597b6-80d4-49db-87a4-db51bd649c99","block_type":"box","text":"instruments. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the","page_number":32,"box":{"x":82,"y":639,"width":850,"height":12}},{"id":"32862f7b-ca26-4a93-9fe5-952b9c0d61bb","block_type":"box","text":"Fund and/or the Subsidiary to operate as described in this prospectus and the SAI and could adversely affect the","page_number":32,"box":{"x":82,"y":654,"width":834,"height":12}},{"id":"fb80fb1c-41f7-4b86-95c4-fc479b5d3e93","block_type":"box","text":"Fund.","page_number":32,"box":{"x":82,"y":669,"width":37,"height":9}},{"id":"26d04841-e903-49be-a3b4-bcd9b519b08a","block_type":"box","text":"U.S. Government Obligations Risk","page_number":32,"box":{"x":82,"y":689,"width":254,"height":11}},{"id":"1774002f-3706-47d2-972e-e3a4bcb2605f","block_type":"box","text":"— Not all U.S. Government securities are backed by the full faith and credit of","page_number":32,"box":{"x":340,"y":689,"width":576,"height":11}},{"id":"df812b44-4c85-42e3-85a3-eb1674b55ff9","block_type":"box","text":"the United States. Obligations of certain agencies, authorities, instrumentalities and sponsored enterprises of the","page_number":32,"box":{"x":80,"y":704,"width":840,"height":11}},{"id":"0b66b2c4-9125-4c09-81f7-9285e7acfe2a","block_type":"box","text":"U.S. Government are backed by the full faith and credit of the United States (","page_number":32,"box":{"x":82,"y":719,"width":565,"height":11}},{"id":"77e247d9-c090-4843-ab2c-a2d176c4cbeb","block_type":"box","text":"e.g","page_number":32,"box":{"x":649,"y":720,"width":23,"height":10}},{"id":"8d2e0c4f-eaea-4e09-9129-3d677a76f6b0","block_type":"box","text":"., the Government National","page_number":32,"box":{"x":672,"y":719,"width":196,"height":10}},{"id":"9e87cef3-a38e-4aab-bbeb-960e5774e46b","block_type":"box","text":"Mortgage Association); other obligations are backed by the right of the issuer to borrow from the U.S. Treasury","page_number":32,"box":{"x":82,"y":733,"width":814,"height":12}},{"id":"8d02fb89-c18b-4559-bf8f-467932389122","block_type":"box","text":"(","page_number":32,"box":{"x":81,"y":748,"width":4,"height":12}},{"id":"e3550ede-688b-44c4-b3cc-41f05039f70b","block_type":"box","text":"e.g","page_number":32,"box":{"x":86,"y":750,"width":24,"height":10}},{"id":"18ddb072-5eae-4d27-8a83-4eb89ea7604d","block_type":"box","text":"., the Federal Home Loan Banks) and others are supported by the discretionary authority of the U.S.","page_number":32,"box":{"x":110,"y":748,"width":734,"height":12}},{"id":"6eb174ab-2031-4407-9c6d-36dd6d66774f","block_type":"box","text":"Government to purchase an agency’s obligations. Still others are backed only by the credit of the agency, authority,","page_number":32,"box":{"x":81,"y":763,"width":843,"height":12}},{"id":"0470763a-8ee9-44eb-acd5-517f8435071d","block_type":"box","text":"instrumentality or sponsored enterprise issuing the obligation. No assurance can be given that the U.S. Government","page_number":32,"box":{"x":82,"y":778,"width":852,"height":11}},{"id":"31305c84-e8cd-4e01-937e-6f2ad73e9ff2","block_type":"box","text":"would provide financial support to any of these entities if it is not obligated to do so by law. In addition,","page_number":32,"box":{"x":80,"y":793,"width":758,"height":11}},{"id":"925678a3-2241-40ce-b43e-bce9f72a457f","block_type":"box","text":"circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government","page_number":32,"box":{"x":81,"y":808,"width":794,"height":11}},{"id":"ac040b96-7df4-429a-8f7e-41eb8f3c5087","block_type":"box","text":"obligations, such as reaching the legislative “debt ceiling.” Such non-payment could result in losses to the Fund and","page_number":32,"box":{"x":81,"y":822,"width":854,"height":12}},{"id":"0b30d005-7436-42cb-b563-36f507113b76","block_type":"box","text":"substantial negative consequences for the U.S. economy and the global financial system.","page_number":32,"box":{"x":81,"y":837,"width":656,"height":12}},{"id":"15bd5a61-39a5-4b71-906d-c3b2c7445769","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":32,"box":{"x":60,"y":860,"width":832,"height":11}},{"id":"5417b044-a30a-410d-9142-46d60223c3ad","block_type":"box","text":"strategies, including:","page_number":32,"box":{"x":61,"y":875,"width":151,"height":11}},{"id":"2f40e260-01be-4953-a3be-bf44b55b30ad","block_type":"box","text":"Borrowing Risk","page_number":32,"box":{"x":81,"y":895,"width":115,"height":11}},{"id":"f3813ff0-6ffc-4d81-9583-3d9c5ed3db50","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":32,"box":{"x":200,"y":895,"width":711,"height":11}},{"id":"436077ef-b0ec-4cd9-98be-990f111820e3","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":32,"box":{"x":80,"y":909,"width":813,"height":12}},{"id":"124b3b91-1d8b-4b55-962d-273205fc3358","block_type":"box","text":"26","page_number":32,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"f814d6b4-8395-45c8-b7a1-5d097f6e9881","block_type":"box","text":"NM1026U-5982664-32/82","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4b2b84ee-89da-4bd3-92fb-61503ac9e2d6","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":33,"box":{"x":82,"y":46,"width":846,"height":11}},{"id":"9ef85d57-f3a7-4557-b897-49149622a106","block_type":"box","text":"do so to satisfy its obligations.","page_number":33,"box":{"x":81,"y":60,"width":225,"height":12}},{"id":"37bf706e-010f-4372-a432-d4cfc4e708ea","block_type":"box","text":"Collateralized Loan Obligations Risk","page_number":33,"box":{"x":81,"y":81,"width":271,"height":11}},{"id":"874bc42b-ae5a-4023-bf2a-e2cc1601b2bc","block_type":"box","text":"— The risks of investing in CLOs depend largely on the type of the collateral","page_number":33,"box":{"x":356,"y":80,"width":558,"height":12}},{"id":"d3eb3b2c-91c2-4165-a838-b117450e6c5e","block_type":"box","text":"securities and the tranche of the CLO. In stressed market conditions, it is possible that even senior CLO debt","page_number":33,"box":{"x":81,"y":95,"width":805,"height":12}},{"id":"0047c7ed-d4d9-425a-b535-d6e1088540d4","block_type":"box","text":"tranches, such as those in which the Fund will invest, could experience losses due to actual defaults, downgrades","page_number":33,"box":{"x":80,"y":110,"width":839,"height":12}},{"id":"d0e8ab52-3110-4f59-8782-6dfee7e6dc2f","block_type":"box","text":"of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage","page_number":33,"box":{"x":81,"y":125,"width":831,"height":11}},{"id":"335ab596-206e-4675-b70b-3b246c988e24","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and the disappearance of protecting tranches,","page_number":33,"box":{"x":80,"y":140,"width":805,"height":11}},{"id":"3690239b-ed54-499a-8850-4f792388305e","block_type":"box","text":"market anticipation of defaults as well as investor aversion to CLO securities as an asset class. To the extent that","page_number":33,"box":{"x":82,"y":155,"width":838,"height":11}},{"id":"7bcf708a-a50b-4b54-8635-71fdf61adf6f","block_type":"box","text":"the Fund invests in unrated CLO tranches, the Fund’s ability to achieve its investment objective will be more","page_number":33,"box":{"x":80,"y":170,"width":793,"height":11}},{"id":"75cbd03f-27e7-4c56-b009-fe60522fc3ca","block_type":"box","text":"dependent on Fund management’s credit analysis than would be the case when the Fund invests in rated CLO","page_number":33,"box":{"x":81,"y":184,"width":808,"height":12}},{"id":"87919cb6-60a3-4adf-a804-eaaf5ff0d8c9","block_type":"box","text":"tranches.","page_number":33,"box":{"x":80,"y":199,"width":68,"height":9}},{"id":"6ca0e8d9-7243-45be-a2c2-5ba920729cb4","block_type":"box","text":"Further, interest on certain tranches of a CLO may be paid in kind or deferred and capitalized (paid in the form of","page_number":33,"box":{"x":82,"y":219,"width":830,"height":11}},{"id":"e24613df-a3a4-49bc-b71c-d3b8cf78d861","block_type":"box","text":"obligations of the same type rather than cash), which involves continued exposure to default risk with respect to","page_number":33,"box":{"x":81,"y":234,"width":824,"height":11}},{"id":"246b2d00-e3ee-4204-85e4-4cae2781bae1","block_type":"box","text":"such payments. Fund management may not be able to accurately predict how specific CLOs or the portfolio of","page_number":33,"box":{"x":81,"y":249,"width":807,"height":11}},{"id":"701cb65d-5880-4d5b-bb08-15ebe0b83d7a","block_type":"box","text":"underlying loans or bonds for such CLOs will perform based on financial models or react to changes or stresses in","page_number":33,"box":{"x":82,"y":263,"width":839,"height":12}},{"id":"6ad01c69-0f45-4c6b-9535-e7fab53c8a4f","block_type":"box","text":"the market, including changes in interest rates.","page_number":33,"box":{"x":80,"y":279,"width":347,"height":11}},{"id":"c86ccf8b-7484-486b-9db2-bddf420f1d46","block_type":"box","text":"CLOs, and their underlying loan obligations, are typically not registered for sale to the public and therefore are","page_number":33,"box":{"x":81,"y":298,"width":807,"height":12}},{"id":"91e0ede3-de05-401a-aba6-ec92c0e56905","block_type":"box","text":"subject to certain restrictions on transfer and sale, potentially making them less liquid than other types of","page_number":33,"box":{"x":81,"y":313,"width":780,"height":12}},{"id":"ca225665-5f71-4656-99a6-84ba212d0d80","block_type":"box","text":"securities. Some unrated CLO securities may not have an active trading market or may be difficult to value.","page_number":33,"box":{"x":81,"y":328,"width":786,"height":12}},{"id":"9d0cae9a-47fc-4d2d-8f77-bd052557bb0b","block_type":"box","text":"Additionally, when the Fund purchases a newly issued CLO security in the primary market (rather than from the","page_number":33,"box":{"x":81,"y":343,"width":811,"height":11}},{"id":"100ae78b-e5be-45c9-b939-987edc2f4393","block_type":"box","text":"secondary market), there often may be a delayed settlement period. As a result, the proceeds from the sale of CLO","page_number":33,"box":{"x":81,"y":358,"width":848,"height":11}},{"id":"dd3daae3-65fb-4fe9-8461-b67406efa9bb","block_type":"box","text":"securities may not be readily available to make additional investments or to meet the Fund’s redemption","page_number":33,"box":{"x":81,"y":373,"width":768,"height":11}},{"id":"acdbb358-ca6f-4f3d-8404-73845c13f993","block_type":"box","text":"obligations. During a delayed settlement period, the liquidity of the CLO may be further reduced. During periods of","page_number":33,"box":{"x":81,"y":387,"width":837,"height":12}},{"id":"db895a7b-563c-49eb-b04f-29383f13c059","block_type":"box","text":"limited liquidity and higher price volatility, the Fund’s ability to acquire or dispose of CLO securities at a price and","page_number":33,"box":{"x":82,"y":402,"width":827,"height":12}},{"id":"7b107b84-b4f1-4e8f-8b3a-6ab7970fc4a5","block_type":"box","text":"time the Fund deems advantageous may be impaired. To the extent the extended settlement process gives rise to","page_number":33,"box":{"x":80,"y":417,"width":838,"height":11}},{"id":"c719634d-7341-45e8-8f98-d9445ed41fe9","block_type":"box","text":"short-term liquidity needs, the Fund may hold additional cash, sell investments or temporarily borrow from banks","page_number":33,"box":{"x":81,"y":432,"width":828,"height":11}},{"id":"6b231e49-053b-483a-8b26-8fe46c66ab4c","block_type":"box","text":"and other lenders. CLO securities are generally considered to be long-term investments and there is no guarantee","page_number":33,"box":{"x":81,"y":447,"width":836,"height":11}},{"id":"5b70e262-f055-468b-a8f0-deb3b34fe38f","block_type":"box","text":"that an active secondary market will exist or be maintained for any given CLO security.","page_number":33,"box":{"x":80,"y":461,"width":632,"height":12}},{"id":"35b6e0b5-f900-4e24-8388-299111c5685c","block_type":"box","text":"Convertible Securities Risk","page_number":33,"box":{"x":81,"y":482,"width":206,"height":9}},{"id":"c403ae3d-fcf3-4051-8cab-4f79ccb5a314","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":33,"box":{"x":291,"y":481,"width":593,"height":12}},{"id":"03bb69b0-e846-4416-b910-929ba74779a8","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":33,"box":{"x":81,"y":496,"width":853,"height":12}},{"id":"3fa50e58-21f8-401d-84f8-0f5640bc3cb4","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":33,"box":{"x":81,"y":511,"width":855,"height":11}},{"id":"71fdcf52-ce5f-4ed8-8374-2afea41b576a","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":33,"box":{"x":80,"y":526,"width":816,"height":11}},{"id":"82254029-0ab6-4e8a-a3fc-dd527ec373ac","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":33,"box":{"x":82,"y":541,"width":796,"height":11}},{"id":"d9ee9b6f-af88-4634-8bbf-b7ffddb4764f","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":33,"box":{"x":81,"y":555,"width":812,"height":12}},{"id":"bc3c018c-ddd7-432b-a925-a180b458deb5","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":33,"box":{"x":82,"y":570,"width":809,"height":12}},{"id":"47a86457-b3d8-424f-bb42-a065c2c1d1fe","block_type":"box","text":"Distressed Securities Risk","page_number":33,"box":{"x":81,"y":590,"width":200,"height":10}},{"id":"94757a12-af66-4cc4-b5e8-7eedafcc47c9","block_type":"box","text":"—","page_number":33,"box":{"x":285,"y":596,"width":17,"height":0}},{"id":"79d42b71-4db0-4db3-a793-f415c01163a5","block_type":"box","text":"Distressed securities are speculative and involve substantial risks in addition to the","page_number":33,"box":{"x":308,"y":591,"width":615,"height":11}},{"id":"ece49047-a082-4304-8ce8-d0651f67a3c3","block_type":"box","text":"risks of investing in junk bonds. The Fund will generally not receive interest payments on the distressed securities","page_number":33,"box":{"x":82,"y":605,"width":835,"height":12}},{"id":"8858e45b-d6fb-43ec-8cb5-cc3ad87640ac","block_type":"box","text":"and may incur costs to protect its investment. In addition, distressed securities involve the substantial risk that","page_number":33,"box":{"x":81,"y":620,"width":820,"height":11}},{"id":"d767d64a-fe6c-4c98-8c96-744c53fd845d","block_type":"box","text":"principal will not be repaid. These securities may present a substantial risk of default or may be in default at the","page_number":33,"box":{"x":82,"y":635,"width":824,"height":11}},{"id":"97375c09-7866-4f09-9a47-4c962dfa4d49","block_type":"box","text":"time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a","page_number":33,"box":{"x":80,"y":650,"width":821,"height":11}},{"id":"3dc21de3-f4fa-493f-81b0-705801c36a1c","block_type":"box","text":"default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation","page_number":33,"box":{"x":81,"y":664,"width":792,"height":12}},{"id":"d6bcd2bf-f0f6-4fbb-82b1-08e80603a293","block_type":"box","text":"proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept","page_number":33,"box":{"x":82,"y":679,"width":826,"height":12}},{"id":"c185efd2-e6fb-46f1-b041-6f6a4e45e6e1","block_type":"box","text":"cash or securities with a value less than its original investment. Distressed securities and any securities received in","page_number":33,"box":{"x":81,"y":694,"width":852,"height":12}},{"id":"9fdcae88-7688-4306-93cc-32b309f7b315","block_type":"box","text":"an exchange for such securities may be subject to restrictions on resale.","page_number":33,"box":{"x":81,"y":709,"width":534,"height":11}},{"id":"e6fac6c7-ddba-4bea-a7f9-238c1a30430f","block_type":"box","text":"Equity Securities Risk","page_number":33,"box":{"x":81,"y":729,"width":166,"height":11}},{"id":"4e962bb0-4c9f-4859-ada8-2e44fcec2027","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":33,"box":{"x":251,"y":729,"width":666,"height":11}},{"id":"7f30e47b-1d1f-4a7d-a510-f2506e377d0d","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":33,"box":{"x":81,"y":744,"width":850,"height":11}},{"id":"5a5763dc-73b6-47a1-97ac-892ec7877943","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":33,"box":{"x":82,"y":759,"width":802,"height":11}},{"id":"202c6775-17ce-4a6e-8c48-3f9477f0e3da","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":33,"box":{"x":81,"y":773,"width":854,"height":12}},{"id":"48e3602d-0dd6-4956-adc7-da05bcae0186","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":33,"box":{"x":81,"y":788,"width":848,"height":12}},{"id":"945b2095-815e-47a1-8bd4-76dfd1302ecd","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":33,"box":{"x":81,"y":803,"width":824,"height":11}},{"id":"646557de-c1eb-4436-9ffa-ba923302dcb5","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":33,"box":{"x":81,"y":818,"width":782,"height":11}},{"id":"e9848c93-f4e6-421f-b429-6be33c1813e8","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":33,"box":{"x":82,"y":833,"width":849,"height":11}},{"id":"8a8b8bc1-60a5-42e4-8868-990925d47725","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":33,"box":{"x":82,"y":848,"width":482,"height":11}},{"id":"c0e0da08-759d-4d88-bbfe-1dbef52dac2b","block_type":"box","text":"Event Risk","page_number":33,"box":{"x":81,"y":868,"width":81,"height":9}},{"id":"474ee6a9-def1-4f84-9d32-7ca7cf879156","block_type":"box","text":"— Event risk is the risk that corporate issuers may undergo restructurings, such as mergers, leveraged","page_number":33,"box":{"x":166,"y":868,"width":759,"height":11}},{"id":"874f163b-6b65-49fe-88e0-08aee6c32439","block_type":"box","text":"buyouts, takeovers, or similar events financed by increased debt. As a result of the added debt, the credit quality","page_number":33,"box":{"x":81,"y":882,"width":832,"height":12}},{"id":"4335acd9-21fd-4da3-8b93-2e9bd4f45a85","block_type":"box","text":"and market value of a company’s bonds and/or other debt securities may decline significantly.","page_number":33,"box":{"x":81,"y":897,"width":692,"height":12}},{"id":"0a379dfa-1896-4858-b2b0-39ebfd7ecd04","block_type":"box","text":"27","page_number":33,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"9d23ba55-ebb4-407e-9ad8-fcd4e4098b7e","block_type":"box","text":"NM1026U-5982664-33/82","page_number":33,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a803aa47-7d87-44a2-9415-41e804b7fb71","block_type":"box","text":"Expense Risk","page_number":34,"box":{"x":81,"y":46,"width":102,"height":11}},{"id":"78f5bdfb-f0ed-4c87-8479-fc8d4c8ff3b9","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":34,"box":{"x":187,"y":46,"width":734,"height":11}},{"id":"15dc97ec-8e11-4ec5-8982-f02625bc18eb","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":34,"box":{"x":81,"y":61,"width":855,"height":11}},{"id":"1b6e232d-2573-4515-b9de-9161ec6d1858","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":34,"box":{"x":82,"y":75,"width":842,"height":12}},{"id":"f18e8cec-5afa-40b5-b44f-b08ea21f1f6e","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":34,"box":{"x":82,"y":90,"width":808,"height":12}},{"id":"801f98c8-d4f2-4984-a0fe-4470a9d6eecb","block_type":"box","text":"significant.","page_number":34,"box":{"x":81,"y":105,"width":78,"height":12}},{"id":"88665c5c-de71-4a3f-ac56-99051df02986","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":34,"box":{"x":81,"y":125,"width":366,"height":11}},{"id":"76124032-ad74-471c-93a1-33c468967837","block_type":"box","text":"— As with other investments, investments in other investment","page_number":34,"box":{"x":450,"y":125,"width":459,"height":11}},{"id":"e9b79e8d-6b5b-497c-9470-2959718c83a6","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":34,"box":{"x":81,"y":140,"width":815,"height":11}},{"id":"346f9f4d-e090-4b65-9646-0ef1b406478f","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":34,"box":{"x":82,"y":155,"width":844,"height":11}},{"id":"8fec5ac7-955e-4900-99c2-8d2639c0aff2","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":34,"box":{"x":81,"y":169,"width":822,"height":12}},{"id":"0200bf5f-b789-4e21-8121-e612dcd3ca41","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":34,"box":{"x":81,"y":184,"width":829,"height":12}},{"id":"f705280f-3596-4d0c-b6fa-0c57ae31a2f1","block_type":"box","text":"fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":34,"box":{"x":81,"y":199,"width":628,"height":11}},{"id":"4f297f95-5107-46d8-81f7-82607882abc2","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":34,"box":{"x":81,"y":219,"width":396,"height":11}},{"id":"23403a3f-98ad-48be-9806-5a9752ce1209","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":34,"box":{"x":481,"y":219,"width":440,"height":12}},{"id":"9993f05c-0ca0-40ab-a416-06031de9069d","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":34,"box":{"x":82,"y":234,"width":801,"height":11}},{"id":"99ab9100-56ee-4d40-ae17-b8f9c17f2b02","block_type":"box","text":"substantial amount of Fund shares or may invest in the Fund and hold its investment for a limited period of time.","page_number":34,"box":{"x":81,"y":249,"width":828,"height":11}},{"id":"9f5f0272-6e2c-4f4c-9ac3-c9adb11a4ebe","block_type":"box","text":"There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":34,"box":{"x":81,"y":263,"width":800,"height":12}},{"id":"aae2d80e-65fd-44a2-afd3-26c0c13e02e2","block_type":"box","text":"investment or that the size of the Fund would be maintained. Redemptions of a large number of Fund shares by","page_number":34,"box":{"x":82,"y":278,"width":819,"height":12}},{"id":"813d7225-83dd-43ba-9c54-6877fc868fbf","block_type":"box","text":"these shareholders may adversely affect the Fund’s liquidity and net assets. These redemptions may force the Fund","page_number":34,"box":{"x":80,"y":293,"width":855,"height":12}},{"id":"a8e70712-6e06-4779-aeba-93e9e50aac5b","block_type":"box","text":"to sell portfolio securities to meet redemption requests when it might not otherwise do so, which may negatively","page_number":34,"box":{"x":80,"y":308,"width":828,"height":12}},{"id":"d2d476a2-a30c-4834-9fb0-81aefd56c06a","block_type":"box","text":"impact the Fund’s NAV and increase the Fund’s brokerage costs and/or accelerate the realization of taxable income","page_number":34,"box":{"x":82,"y":323,"width":851,"height":11}},{"id":"f9fae0cc-e2bd-4d3a-885b-ce75859e3dac","block_type":"box","text":"and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In","page_number":34,"box":{"x":81,"y":338,"width":852,"height":9}},{"id":"5941e9e7-971f-4537-be58-63d24b5d4317","block_type":"box","text":"addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a","page_number":34,"box":{"x":81,"y":353,"width":719,"height":11}},{"id":"f219d7c3-bcf9-4001-9ff4-e147a1d6e456","block_type":"box","text":"disproportionately large taxable distribution during or with respect to such tax year. The Fund also may be required","page_number":34,"box":{"x":81,"y":368,"width":840,"height":11}},{"id":"d6525869-6eec-4328-b9b0-f0574b4ce304","block_type":"box","text":"to sell its more liquid Fund investments to meet a large redemption, in which case the Fund’s remaining assets may","page_number":34,"box":{"x":80,"y":382,"width":856,"height":12}},{"id":"d137abde-c4cd-453f-afc4-f1345e04641b","block_type":"box","text":"be less liquid, more volatile, and more difficult to price. In addition, large redemptions can result in the Fund’s","page_number":34,"box":{"x":81,"y":397,"width":811,"height":12}},{"id":"a402239e-e714-4394-bdb0-8277fd8149a7","block_type":"box","text":"current expenses being allocated over a smaller asset base, which generally results in an increase in the Fund’s","page_number":34,"box":{"x":81,"y":412,"width":826,"height":11}},{"id":"b6a347b5-c7fd-492d-878d-ce7786a95b55","block_type":"box","text":"expense ratio. Because large redemptions can adversely affect a portfolio manager’s ability to implement a fund’s","page_number":34,"box":{"x":81,"y":427,"width":841,"height":11}},{"id":"02f5667c-93a6-49a8-892c-7562b635b661","block_type":"box","text":"investment strategy, the Fund also reserves the right to redeem in-kind, subject to certain conditions. In addition,","page_number":34,"box":{"x":82,"y":442,"width":830,"height":11}},{"id":"41049ae6-e66f-4fc3-867d-769b19c8c860","block_type":"box","text":"large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed","page_number":34,"box":{"x":82,"y":456,"width":849,"height":12}},{"id":"728913e4-0e16-413f-b27a-0f9135e7b7e4","block_type":"box","text":"in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its","page_number":34,"box":{"x":82,"y":471,"width":781,"height":12}},{"id":"e5ed145c-dd4f-4060-ab1f-a9b00a67ddf6","block_type":"box","text":"investment returns.","page_number":34,"box":{"x":82,"y":486,"width":141,"height":9}},{"id":"89b2c5f7-9fd3-4abb-9474-4a0753027edf","block_type":"box","text":"“New Issues” Risk","page_number":34,"box":{"x":83,"y":506,"width":139,"height":9}},{"id":"e4029879-85c3-43f3-bc61-c7e839287d99","block_type":"box","text":"— “New issues” are IPOs of equity securities. Investments in companies that have recently","page_number":34,"box":{"x":226,"y":506,"width":673,"height":11}},{"id":"8367a12f-678a-43e5-b8b3-4a7f5b8bfd69","block_type":"box","text":"gone public have the potential to produce substantial gains for the Fund. However, there is no assurance that the","page_number":34,"box":{"x":81,"y":521,"width":833,"height":11}},{"id":"4a5273bb-526e-400a-9f8f-2aa7a13daa41","block_type":"box","text":"Fund will have access to profitable IPOs and therefore investors should not rely on these past gains as an indication","page_number":34,"box":{"x":82,"y":535,"width":853,"height":12}},{"id":"610b2c85-4088-49aa-8cbe-9e804f9e771a","block_type":"box","text":"of future performance. The investment performance of the Fund during periods when it is unable to invest","page_number":34,"box":{"x":81,"y":550,"width":778,"height":12}},{"id":"ad9ccc87-7657-40c2-8bca-eb27418574c4","block_type":"box","text":"significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. In addition, as the","page_number":34,"box":{"x":81,"y":565,"width":827,"height":12}},{"id":"5455d805-8c19-49f2-a3dc-a59a7cd7a0c3","block_type":"box","text":"Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease. Securities issued in","page_number":34,"box":{"x":82,"y":580,"width":838,"height":12}},{"id":"6a59a577-f9f2-44e1-ac94-b679c71e92d2","block_type":"box","text":"IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":34,"box":{"x":82,"y":595,"width":776,"height":11}},{"id":"90154278-edaf-4185-8a4f-9ec8a159ae96","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":34,"box":{"x":81,"y":610,"width":830,"height":11}},{"id":"c01812f4-2b0b-4f17-82cb-888fc9604def","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after","page_number":34,"box":{"x":82,"y":624,"width":834,"height":12}},{"id":"9ee68370-5484-4a2d-8a51-371a1b562013","block_type":"box","text":"the IPO. When an IPO is brought to the market, availability may be limited and the Fund may not be able to buy any","page_number":34,"box":{"x":80,"y":639,"width":844,"height":12}},{"id":"e74e91a1-25cb-48a3-9ae6-bdb11f76cc9e","block_type":"box","text":"shares at the offering price, or, if it is able to buy shares, it may not be able to buy as many shares at the offering","page_number":34,"box":{"x":81,"y":654,"width":840,"height":12}},{"id":"17e0af5c-86a2-4148-83fa-7410a3dc34b7","block_type":"box","text":"price as it would like.","page_number":34,"box":{"x":82,"y":669,"width":153,"height":11}},{"id":"69b7ff71-f812-46d8-8f1c-0882ce7e6058","block_type":"box","text":"Ownership Limitations Risk","page_number":34,"box":{"x":82,"y":689,"width":205,"height":11}},{"id":"85a2e7ce-245f-4d1e-9649-64b87f0a10a8","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":34,"box":{"x":291,"y":689,"width":610,"height":11}},{"id":"0ec6fe97-205e-4006-960b-b4787acd99c9","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":34,"box":{"x":80,"y":704,"width":849,"height":11}},{"id":"041f77b9-a660-4d27-859f-012a822273a3","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":34,"box":{"x":81,"y":719,"width":798,"height":11}},{"id":"1471eafa-7c5d-46d2-9a34-00cee0540496","block_type":"box","text":"purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law,","page_number":34,"box":{"x":82,"y":733,"width":833,"height":12}},{"id":"5a15f9f2-2bfb-4c00-9db2-118de33d2b1d","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":34,"box":{"x":82,"y":748,"width":851,"height":12}},{"id":"b5191e90-a0a6-4474-9d11-6bafab1adf2e","block_type":"box","text":"be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and","page_number":34,"box":{"x":81,"y":763,"width":813,"height":11}},{"id":"6e026c4e-25f0-4980-90f8-2c5cc3cf0448","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":34,"box":{"x":82,"y":778,"width":331,"height":11}},{"id":"0e77aeca-fec6-4d99-98be-a764c8b93091","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":34,"box":{"x":82,"y":798,"width":826,"height":11}},{"id":"a20241c1-2378-4191-a68f-4e05ff5793ae","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":34,"box":{"x":81,"y":813,"width":848,"height":11}},{"id":"f4638307-6b47-4fd6-afc9-d6384616fa52","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":34,"box":{"x":81,"y":827,"width":799,"height":12}},{"id":"10cd6af4-97bb-4c07-9f69-4c864b3fb8e2","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":34,"box":{"x":81,"y":842,"width":828,"height":12}},{"id":"5bc00a59-3110-4458-b7a8-7f5c56a32815","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":34,"box":{"x":81,"y":857,"width":828,"height":12}},{"id":"6396cab6-c3fa-4dca-9742-ce2a75ae54d6","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":34,"box":{"x":80,"y":872,"width":837,"height":12}},{"id":"7d7df123-4afd-44d6-81c8-8ef9a4423aa2","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":34,"box":{"x":80,"y":887,"width":837,"height":11}},{"id":"183ebb97-10c3-46f8-81b0-558ee36c3900","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":34,"box":{"x":82,"y":902,"width":800,"height":11}},{"id":"fea0062e-76a7-46f8-acd6-daed2b1128a0","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":34,"box":{"x":81,"y":916,"width":678,"height":12}},{"id":"ba749d1d-a0a4-4871-9663-9b5c88596ca6","block_type":"box","text":"28","page_number":34,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"bb0004ef-1c53-4d7c-a32a-e1b01d8c4dd3","block_type":"box","text":"NM1026U-5982664-34/82","page_number":34,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a774d893-c844-4b28-a223-fb6d65608eae","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":35,"box":{"x":81,"y":46,"width":842,"height":11}},{"id":"42eea853-42ff-40e6-8b95-6d68f4b6af88","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":35,"box":{"x":81,"y":61,"width":833,"height":11}},{"id":"a4e2128e-8569-4bbe-a085-9a68f6beac5e","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":35,"box":{"x":82,"y":75,"width":582,"height":12}},{"id":"ab142b58-5b27-41c4-9a12-ca72e4de72bd","block_type":"box","text":"Pay-in-kind Bonds Risk","page_number":35,"box":{"x":81,"y":95,"width":172,"height":12}},{"id":"d67c6053-75c2-45f9-907e-e7fa834a807d","block_type":"box","text":"— Similar to zero coupon obligations, pay-in-kind bonds also carry additional risk as holders","page_number":35,"box":{"x":256,"y":95,"width":676,"height":12}},{"id":"fc90c66a-a432-4197-93a2-f4bec3d3cdc5","block_type":"box","text":"of these types of securities realize no cash until the cash payment date unless a portion of such securities is sold","page_number":35,"box":{"x":81,"y":110,"width":840,"height":12}},{"id":"39199635-fd05-4450-8f59-378a0c1c1d8a","block_type":"box","text":"and, if the issuer defaults, the Fund may obtain no return at all on its investment. The market price of pay-in-kind","page_number":35,"box":{"x":81,"y":125,"width":827,"height":11}},{"id":"4100a36a-7dda-4d78-9fce-f6167a2c335b","block_type":"box","text":"bonds is affected by interest rate changes to a greater extent, and therefore tends to be more volatile, than that of","page_number":35,"box":{"x":81,"y":140,"width":846,"height":11}},{"id":"605e0f27-6a0f-4712-8b30-c1bae19749e0","block_type":"box","text":"securities which pay interest in cash. Additionally, current federal tax law requires the holder of certain pay-in-kind","page_number":35,"box":{"x":81,"y":155,"width":834,"height":11}},{"id":"ecc9ae50-20c8-464b-abf0-1a63b380ce78","block_type":"box","text":"bonds to accrue income with respect to these securities prior to the receipt of cash payments. To maintain its","page_number":35,"box":{"x":81,"y":169,"width":807,"height":12}},{"id":"3ef392cc-49fe-429d-a29e-18e46d90d5f4","block_type":"box","text":"qualification as a regulated investment company and avoid liability for U.S. federal income and excise taxes, the","page_number":35,"box":{"x":81,"y":184,"width":823,"height":12}},{"id":"bb60ee60-72e5-43e2-9623-1932e5b86c8b","block_type":"box","text":"Fund may be required to distribute income accrued with respect to these securities and may have to dispose of","page_number":35,"box":{"x":82,"y":199,"width":819,"height":11}},{"id":"f74b501c-c29b-4f6d-82bb-0c87860a20b3","block_type":"box","text":"portfolio securities under disadvantageous circumstances in order to generate cash to satisfy these distribution","page_number":35,"box":{"x":82,"y":214,"width":820,"height":11}},{"id":"934147db-8d6a-4cbf-85ae-f7cc4adf705f","block_type":"box","text":"requirements.","page_number":35,"box":{"x":82,"y":229,"width":99,"height":11}},{"id":"15c4036c-436b-47d3-95e2-392cabbf8e37","block_type":"box","text":"Reference Rate Replacement Risk","page_number":35,"box":{"x":81,"y":249,"width":260,"height":11}},{"id":"e2279a3e-1fe0-4bc0-be42-a914ac2f6c77","block_type":"box","text":"— The Fund may be exposed to financial instruments that recently transitioned","page_number":35,"box":{"x":345,"y":249,"width":580,"height":11}},{"id":"c56209be-136d-49bd-b28a-b3437a45d5f8","block_type":"box","text":"from, or continue to be tied to, the London Interbank Offered Rate (“LIBOR”) to determine payment obligations,","page_number":35,"box":{"x":81,"y":263,"width":816,"height":12}},{"id":"5ee238e8-af4a-436f-aab7-5b7ece0fe709","block_type":"box","text":"financing terms, hedging strategies or investment value.","page_number":35,"box":{"x":81,"y":278,"width":411,"height":12}},{"id":"367c200d-b4f7-49f6-a576-2452275f670a","block_type":"box","text":"The United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, has ceased publishing all LIBOR","page_number":35,"box":{"x":81,"y":298,"width":843,"height":12}},{"id":"390a7b44-4441-457a-87d4-814dc17cf696","block_type":"box","text":"settings. In April 2023, however, the FCA announced that some USD LIBOR settings would continue to be published","page_number":35,"box":{"x":81,"y":313,"width":849,"height":12}},{"id":"dab8bfa9-3dff-4998-b770-1bcf78088556","block_type":"box","text":"under a synthetic methodology until September 30, 2024 for certain legacy contracts. After September 30, 2024,","page_number":35,"box":{"x":82,"y":328,"width":835,"height":12}},{"id":"621f1f7d-9478-49fd-8d1e-0d6aa67f6042","block_type":"box","text":"the remaining synthetic LIBOR settings ceased to be published, and all LIBOR settings have permanently ceased.","page_number":35,"box":{"x":80,"y":343,"width":832,"height":11}},{"id":"e2c39565-b1b0-48a3-9ec8-9837e74b9840","block_type":"box","text":"The Secured Overnight Financing Rate (“SOFR”) is a broad measure of the cost of borrowing cash overnight","page_number":35,"box":{"x":81,"y":358,"width":789,"height":11}},{"id":"b7079c14-66a7-44b4-9ee6-4154dabe21e7","block_type":"box","text":"collateralized by U.S. Treasury securities in the repurchase agreement (“repo”) market and has been used","page_number":35,"box":{"x":81,"y":373,"width":781,"height":11}},{"id":"cf4a98e9-d006-4b32-9664-ffeffc3fbb5a","block_type":"box","text":"increasingly on a voluntary basis in new instruments and transactions. Under U.S. regulations that implement a","page_number":35,"box":{"x":82,"y":387,"width":819,"height":12}},{"id":"b60e06c4-aad0-4cbb-80c9-78fd9f0691a0","block_type":"box","text":"statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain","page_number":35,"box":{"x":81,"y":402,"width":828,"height":12}},{"id":"1ecb931a-3356-411c-922f-e09224c738f4","block_type":"box","text":"financial contracts.","page_number":35,"box":{"x":81,"y":417,"width":138,"height":9}},{"id":"d3721e32-f79c-4ab0-8887-9bfc8d087e69","block_type":"box","text":"Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. While some existing","page_number":35,"box":{"x":82,"y":437,"width":835,"height":11}},{"id":"b057b104-a2e0-4f21-9c02-ca22abab8fdd","block_type":"box","text":"LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an","page_number":35,"box":{"x":82,"y":452,"width":796,"height":11}},{"id":"b355fc0a-01f2-4f4f-a583-3f1a03928af5","block_type":"box","text":"alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such","page_number":35,"box":{"x":81,"y":467,"width":829,"height":11}},{"id":"07c05128-dc4d-4728-a8e4-fe1f14c03cbd","block_type":"box","text":"alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate","page_number":35,"box":{"x":81,"y":482,"width":832,"height":11}},{"id":"848e64c0-928e-4b65-bae5-5fee1e92460f","block_type":"box","text":"setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative","page_number":35,"box":{"x":81,"y":496,"width":835,"height":12}},{"id":"bee982b1-d766-410e-a005-d89e80c4dff2","block_type":"box","text":"rate-setting provisions in certain existing instruments. Parties to contracts, securities or other instruments using","page_number":35,"box":{"x":82,"y":511,"width":827,"height":12}},{"id":"c10dfe82-721f-417a-94d6-825ee98b2f1f","block_type":"box","text":"LIBOR may disagree on transition rates or the application of transition regulation, potentially resulting in uncertainty","page_number":35,"box":{"x":82,"y":526,"width":850,"height":11}},{"id":"8bf8fc6b-2814-47fd-af7c-869bb15540d6","block_type":"box","text":"of performance and the possibility of litigation. The Fund may have instruments linked to other interbank offered","page_number":35,"box":{"x":81,"y":541,"width":825,"height":11}},{"id":"bdb525ff-62a3-4666-ac7e-5aedaac5d33b","block_type":"box","text":"rates that may also cease to be published in the future.","page_number":35,"box":{"x":82,"y":555,"width":407,"height":12}},{"id":"f21406cc-2c3f-4d23-bb92-5bdef9338bd7","block_type":"box","text":"Reliance on Advisor Risk","page_number":35,"box":{"x":81,"y":576,"width":188,"height":9}},{"id":"1011b5f7-2b64-4f8e-98eb-1e8db11274aa","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":35,"box":{"x":273,"y":576,"width":614,"height":11}},{"id":"daa288c1-e9df-4071-bf4b-127280106e3f","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":35,"box":{"x":80,"y":590,"width":830,"height":12}},{"id":"537213c4-e6f5-43e7-bd89-00b34a9d2f01","block_type":"box","text":"the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock","page_number":35,"box":{"x":80,"y":605,"width":856,"height":12}},{"id":"d3dc726f-a823-445b-90ea-94c9a8840e81","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":35,"box":{"x":80,"y":620,"width":841,"height":12}},{"id":"7fb77f29-f82e-4556-b0f9-2c07e271292f","block_type":"box","text":"could have a negative effect on the performance or the continued operation of the Fund.","page_number":35,"box":{"x":81,"y":635,"width":649,"height":11}},{"id":"f8f79390-6da0-432c-a273-ac03b900fb02","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts Risk","page_number":35,"box":{"x":81,"y":655,"width":481,"height":11}},{"id":"c08aa68e-6d69-4c2b-89a9-d845a38f97e2","block_type":"box","text":"— If the other party to a repurchase agreement or","page_number":35,"box":{"x":565,"y":655,"width":370,"height":11}},{"id":"f69d3c5e-63fa-4cce-81e2-a015b2850d7f","block_type":"box","text":"purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur","page_number":35,"box":{"x":82,"y":670,"width":827,"height":11}},{"id":"d970aa80-7212-4169-a4c3-30de6b15ac20","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":35,"box":{"x":81,"y":684,"width":816,"height":12}},{"id":"d0535bc7-3273-4b57-a358-c31a5a0b1488","block_type":"box","text":"either situation and the market value of the security declines, the Fund may lose money.","page_number":35,"box":{"x":81,"y":699,"width":647,"height":12}},{"id":"74866078-045e-41af-91d9-17f027477069","block_type":"box","text":"Reverse Repurchase Agreements Risk","page_number":35,"box":{"x":81,"y":719,"width":289,"height":12}},{"id":"8553c781-89d1-4bfd-afe0-595e84ef89c4","block_type":"box","text":"— Reverse repurchase agreements involve the sale of securities held by the","page_number":35,"box":{"x":374,"y":719,"width":562,"height":12}},{"id":"9fad0b65-c6c3-42fb-9732-7d6f9d95ffd6","block_type":"box","text":"Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse","page_number":35,"box":{"x":82,"y":734,"width":838,"height":12}},{"id":"5a2fd2a9-acac-4119-8481-5f3984841192","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":35,"box":{"x":82,"y":749,"width":852,"height":11}},{"id":"26b83547-98ad-4b68-9e30-576f6a4c2560","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":35,"box":{"x":81,"y":764,"width":821,"height":11}},{"id":"cb631f48-3d4d-43d2-ae67-5783fd489753","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":35,"box":{"x":82,"y":778,"width":812,"height":12}},{"id":"8f90b5cc-866a-4971-97f4-ecfcad68f524","block_type":"box","text":"These events could also trigger adverse tax consequences for the Fund. In addition, reverse repurchase agreements","page_number":35,"box":{"x":81,"y":793,"width":854,"height":12}},{"id":"cebeec5d-c20a-4bff-a9e1-087635316ce0","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":35,"box":{"x":82,"y":808,"width":814,"height":11}},{"id":"ee7d903c-f4ca-45fc-9bad-a7e4da1b73c7","block_type":"box","text":"expense.","page_number":35,"box":{"x":81,"y":825,"width":64,"height":9}},{"id":"915550aa-48dc-438a-81a1-074c301637f2","block_type":"box","text":"Securities Lending Risk","page_number":35,"box":{"x":81,"y":843,"width":178,"height":11}},{"id":"97f29ce9-7b26-4e97-aa86-5eede698e6c3","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":35,"box":{"x":263,"y":843,"width":661,"height":12}},{"id":"0052a827-a23e-481d-9b51-fdcb94d04bba","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":35,"box":{"x":82,"y":858,"width":852,"height":11}},{"id":"ed515032-acf4-4ce7-8c26-dc65f0c8eebc","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":35,"box":{"x":81,"y":873,"width":811,"height":11}},{"id":"b800342f-ad49-4caa-93e9-5a05299fb76f","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":35,"box":{"x":81,"y":887,"width":829,"height":12}},{"id":"caad4e97-dfc9-4fd4-9a3a-7593efc3d64c","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":35,"box":{"x":81,"y":902,"width":292,"height":12}},{"id":"5891b10d-d247-447e-8d14-0e72542c44d2","block_type":"box","text":"29","page_number":35,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"221d6972-4ea5-4e5d-9ddf-ba5caa063ba4","block_type":"box","text":"NM1026U-5982664-35/82","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"62e7cb9e-ee7d-43f8-b6ad-49d1528d855a","block_type":"box","text":"Short Sales Risk","page_number":36,"box":{"x":81,"y":46,"width":126,"height":9}},{"id":"dbb0fabc-95ca-48a3-b220-f677a6beafe5","block_type":"box","text":"— Because making short sales in securities that it does not own exposes the Fund to the risks","page_number":36,"box":{"x":211,"y":46,"width":702,"height":11}},{"id":"b1d15009-6645-4778-8066-f4df74aecae4","block_type":"box","text":"associated with those securities, such short sales involve speculative exposure risk. The Fund will incur a loss as a","page_number":36,"box":{"x":81,"y":61,"width":850,"height":11}},{"id":"ff33e835-4c54-42ff-8b9b-6c3765559dce","block_type":"box","text":"result of a short sale if the price of the security increases between the date of the short sale and the date on which","page_number":36,"box":{"x":82,"y":75,"width":851,"height":12}},{"id":"1e9b4f6b-cbb2-4d1e-a93f-e35fe8aff50d","block_type":"box","text":"the Fund replaces the security sold short. The Fund will realize a gain if the security declines in price between those","page_number":36,"box":{"x":80,"y":90,"width":852,"height":12}},{"id":"b8322a1b-ed9a-458e-bbe3-47f39b9609bd","block_type":"box","text":"dates. As a result, if the Fund makes short sales in securities that increase in value, it will likely underperform","page_number":36,"box":{"x":81,"y":105,"width":813,"height":11}},{"id":"2770c756-f34d-4a70-bcd5-61461ceef0e9","block_type":"box","text":"similar funds that do not make short sales in securities they do not own. There can be no assurance that the Fund","page_number":36,"box":{"x":81,"y":120,"width":843,"height":11}},{"id":"18e9fd81-3dc6-4758-8ae7-afc786677638","block_type":"box","text":"will be able to close out a short sale position at any particular time or at an acceptable price. Although the Fund’s","page_number":36,"box":{"x":80,"y":135,"width":838,"height":11}},{"id":"708fe65c-c36d-4b0a-b852-b8427ca695ca","block_type":"box","text":"gain is limited to the amount at which it sold a security short, its potential loss is limited only by the maximum","page_number":36,"box":{"x":81,"y":150,"width":811,"height":11}},{"id":"085314b1-254e-4f07-8562-94cb5627184d","block_type":"box","text":"attainable price of the security, less the price at which the security was sold. The Fund may also pay transaction","page_number":36,"box":{"x":81,"y":164,"width":822,"height":12}},{"id":"ff459914-1e61-4e7d-abb2-811b40658f77","block_type":"box","text":"costs and borrowing fees in connection with short sales.","page_number":36,"box":{"x":81,"y":179,"width":415,"height":12}},{"id":"6dc258bf-f7d9-4676-87f0-f75790bea015","block_type":"box","text":"Valuation Risk","page_number":36,"box":{"x":83,"y":199,"width":107,"height":9}},{"id":"59c75e4e-55e7-45de-ba45-1091dec738ee","block_type":"box","text":"—","page_number":36,"box":{"x":194,"y":204,"width":17,"height":1}},{"id":"ed34abb6-1345-4813-8904-e76668c959cd","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":36,"box":{"x":215,"y":199,"width":700,"height":11}},{"id":"bcc11b22-df1e-43c0-bd2a-d98791e6b552","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":36,"box":{"x":81,"y":214,"width":835,"height":11}},{"id":"1568837e-a8bb-4e05-99f2-8534bbe9dbcc","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":36,"box":{"x":81,"y":229,"width":848,"height":11}},{"id":"bc1af4c7-4f72-46a2-b4bf-a37a560bcecc","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":36,"box":{"x":82,"y":244,"width":845,"height":11}},{"id":"4f58310e-3732-4dd9-81b2-8c6cec420d3b","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":36,"box":{"x":82,"y":258,"width":840,"height":12}},{"id":"39d4baec-6917-4b1a-b32c-3e515eb369f3","block_type":"box","text":"that value fixed-income securities generally utilize a range of market-based and security-specific inputs and","page_number":36,"box":{"x":80,"y":273,"width":783,"height":12}},{"id":"3e0393ea-5b92-4fac-b4f3-e6f32702c719","block_type":"box","text":"assumptions, as well as considerations about general market conditions, to establish a price. Pricing services","page_number":36,"box":{"x":81,"y":288,"width":810,"height":12}},{"id":"ac292d39-a03b-42e7-ac48-7745121655ec","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but may be","page_number":36,"box":{"x":81,"y":303,"width":837,"height":11}},{"id":"87e71c3c-6875-4249-b95b-579cad20db32","block_type":"box","text":"held or transactions may be conducted in such securities in smaller, odd lot sizes. Odd lots of securities in certain","page_number":36,"box":{"x":82,"y":318,"width":840,"height":11}},{"id":"b7de6768-7df4-48fb-9589-d6c1b07da39f","block_type":"box","text":"asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the","page_number":36,"box":{"x":81,"y":333,"width":819,"height":11}},{"id":"4c156253-4f67-4fd5-8170-19a64115b8c4","block_type":"box","text":"securities are sold could differ from the prices used by the Fund. The Fund’s ability to value its investments may","page_number":36,"box":{"x":81,"y":347,"width":826,"height":12}},{"id":"4994f6d1-5420-4da2-8258-68d8200b83ff","block_type":"box","text":"also be impacted by technological issues and/or errors by pricing services or other third-party service providers.","page_number":36,"box":{"x":81,"y":362,"width":824,"height":12}},{"id":"80deb8ac-5272-4dd8-972e-deb79979447f","block_type":"box","text":"Warrants Risk","page_number":36,"box":{"x":83,"y":382,"width":105,"height":9}},{"id":"7b72234d-19ee-4f30-8354-18c66776f84c","block_type":"box","text":"— If the price of the underlying stock does not rise above the exercise price before the warrant","page_number":36,"box":{"x":192,"y":382,"width":698,"height":12}},{"id":"1cb1203e-e7eb-41c7-9c3c-028f56f1b120","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":36,"box":{"x":81,"y":397,"width":830,"height":11}},{"id":"ff2909a3-6569-4ff5-98f3-246746e0146a","block_type":"box","text":"Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants","page_number":36,"box":{"x":81,"y":412,"width":821,"height":11}},{"id":"77a29441-16e8-4c14-94a1-d8950ef3442d","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":36,"box":{"x":82,"y":427,"width":822,"height":11}},{"id":"9a088daa-6748-4dc7-b6f6-b974243f84dc","block_type":"box","text":"move with the price of the underlying stock.","page_number":36,"box":{"x":82,"y":441,"width":317,"height":12}},{"id":"f1dca1e2-d528-4380-a0cf-b9d4d983b33e","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":36,"box":{"x":83,"y":462,"width":584,"height":11}},{"id":"bc0e8f7f-08dc-472e-aaa4-42089ff70c44","block_type":"box","text":"— When-issued and delayed","page_number":36,"box":{"x":671,"y":462,"width":208,"height":11}},{"id":"6d649d98-6fda-4f00-801d-b33db65adffd","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":36,"box":{"x":81,"y":476,"width":843,"height":12}},{"id":"d863e402-918c-4a59-b0cd-ad12e6cc7a51","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":36,"box":{"x":82,"y":491,"width":830,"height":11}},{"id":"2a67bae9-a363-435b-8d30-525e32cd18b0","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":36,"box":{"x":82,"y":506,"width":849,"height":11}},{"id":"a6a93777-0757-439e-9a29-745852e7b50f","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":36,"box":{"x":80,"y":521,"width":425,"height":11}},{"id":"2640c805-dc94-4a31-a606-f44280dd5c9a","block_type":"box","text":"Zero Coupon Securities Risk","page_number":36,"box":{"x":82,"y":541,"width":215,"height":11}},{"id":"da8f5b78-9ae5-4457-9e7b-c8c143e06499","block_type":"box","text":"—","page_number":36,"box":{"x":302,"y":546,"width":17,"height":1}},{"id":"e3dbcde6-3c74-4685-ade8-eb9354bda600","block_type":"box","text":"While interest payments are not made on such securities, holders of such","page_number":36,"box":{"x":323,"y":541,"width":543,"height":11}},{"id":"23b5869a-59f8-419b-9fa5-5157c855e5ef","block_type":"box","text":"securities are deemed to have received income (“phantom income”) annually, notwithstanding that cash may not be","page_number":36,"box":{"x":81,"y":556,"width":851,"height":11}},{"id":"9e593e42-358a-4e6e-a0df-125b50a228a7","block_type":"box","text":"received currently. The effect of owning instruments that do not make current interest payments is that a fixed yield","page_number":36,"box":{"x":82,"y":570,"width":848,"height":12}},{"id":"a1cecdb6-fc21-4210-9849-9f3bdcc10806","block_type":"box","text":"is earned not only on the original investment but also, in effect, on all discount accretion during the life of the","page_number":36,"box":{"x":82,"y":585,"width":805,"height":12}},{"id":"2e623eb6-76d5-404f-b2e3-197c77478fce","block_type":"box","text":"obligations. This implicit reinvestment of earnings at a fixed rate eliminates the risk of being unable to invest","page_number":36,"box":{"x":81,"y":600,"width":800,"height":12}},{"id":"a99f8149-dd9c-494a-afaf-94cfa924ba15","block_type":"box","text":"distributions at a rate as high as the implicit yield on the zero coupon bond, but at the same time eliminates the","page_number":36,"box":{"x":81,"y":615,"width":825,"height":11}},{"id":"24a09040-075b-44c2-aab8-ddd7c87562a9","block_type":"box","text":"holder’s ability to reinvest at higher rates in the future. For this reason, some of these securities may be subject to","page_number":36,"box":{"x":82,"y":630,"width":844,"height":11}},{"id":"59763b7c-ae18-4fbc-abc0-ddb7f203ff32","block_type":"box","text":"substantially greater price fluctuations during periods of changing market interest rates than are comparable","page_number":36,"box":{"x":81,"y":644,"width":796,"height":12}},{"id":"451a3d52-7112-4edc-80b1-daac41ac7e00","block_type":"box","text":"securities that pay interest currently. Longer term zero coupon bonds are more exposed to interest rate risk than","page_number":36,"box":{"x":81,"y":660,"width":827,"height":11}},{"id":"ad57cfbb-dc7a-4d4a-887f-e8579dca705a","block_type":"box","text":"shorter term zero coupon bonds. These investments benefit the issuer by mitigating its need for cash to meet debt","page_number":36,"box":{"x":81,"y":674,"width":846,"height":12}},{"id":"ec6d5f25-077a-45ed-b0b6-3d2ecb6913ed","block_type":"box","text":"service, but also require a higher rate of return to attract investors who are willing to defer receipt of cash.","page_number":36,"box":{"x":81,"y":689,"width":782,"height":11}},{"id":"e27e6f7b-2e3c-4502-9b61-8a8323689709","block_type":"box","text":"30","page_number":36,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"cf7e9622-509d-480e-adc3-e82dd9a64cbf","block_type":"box","text":"NM1026U-5982664-36/82","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"25d5cd38-8ced-4640-9a19-9a93971a3931","block_type":"box","text":"Account Information","page_number":37,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"cc066831-d5e7-40ad-bbd6-518198200f4a","block_type":"box","text":"How to Choose the Share Class that Best Suits Your Needs","page_number":37,"box":{"x":61,"y":156,"width":536,"height":11}},{"id":"1d2b3e93-c13c-470a-919c-bf0004819f47","block_type":"box","text":"The Fund currently offers multiple share classes (Investor A, Investor C and Institutional Shares in this prospectus),","page_number":37,"box":{"x":60,"y":182,"width":849,"height":12}},{"id":"3ce47937-0f7d-48c7-a035-172327e7b616","block_type":"box","text":"each with its own sales charge and expense structure, allowing you to invest in the way that best suits your needs.","page_number":37,"box":{"x":61,"y":197,"width":844,"height":12}},{"id":"674797a4-e9c4-43a5-a94a-1c209b7eaa2b","block_type":"box","text":"Each share class represents an ownership interest in the same investment portfolio. When you choose your class of","page_number":37,"box":{"x":62,"y":212,"width":856,"height":11}},{"id":"0f6245c4-7541-4489-a839-545170fbbc5d","block_type":"box","text":"shares, you should consider the size of your investment and how long you plan to hold your shares. Either your","page_number":37,"box":{"x":61,"y":227,"width":813,"height":11}},{"id":"2b2cabd1-1391-4329-b90f-3daf9358a006","block_type":"box","text":"financial professional or your selected securities dealer, broker, investment adviser, service provider or industry","page_number":37,"box":{"x":60,"y":242,"width":821,"height":11}},{"id":"9344c699-2c5e-48f0-b47d-42cbd66cc879","block_type":"box","text":"professional (including BlackRock and its affiliates) (each a “Financial Intermediary”) can help you determine which","page_number":37,"box":{"x":62,"y":256,"width":845,"height":12}},{"id":"3dc7402c-b50f-400e-9718-7fc23a68cee9","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":37,"box":{"x":61,"y":271,"width":847,"height":12}},{"id":"e683c98c-2e45-46a5-8829-e885449b9acb","block_type":"box","text":"referred to herein collectively as “Investor Shares.”","page_number":37,"box":{"x":61,"y":286,"width":375,"height":11}},{"id":"ce7166fa-10f8-4ded-9c69-1482c4e83916","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":37,"box":{"x":62,"y":309,"width":861,"height":11}},{"id":"893b07ff-da56-41d2-a2b9-96f091fc98fa","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":37,"box":{"x":61,"y":323,"width":865,"height":12}},{"id":"6812f4c2-17a6-424c-b5f4-926cc5e76ac8","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":37,"box":{"x":61,"y":338,"width":736,"height":12}},{"id":"7594cc5e-f098-4fd9-afb3-8e49dcd42b51","block_type":"box","text":"If you select Investor C Shares, you will invest the full amount of your purchase price, but you will be subject to a","page_number":37,"box":{"x":62,"y":361,"width":826,"height":11}},{"id":"63f6da1e-a86d-4ad2-9a05-9e66b1518c7a","block_type":"box","text":"distribution fee of 0.75% per year and a service fee of 0.25% per year under a plan adopted pursuant to Rule 12b-1","page_number":37,"box":{"x":61,"y":376,"width":850,"height":11}},{"id":"2deaff1b-3d41-46eb-8a3b-1a152d868ac8","block_type":"box","text":"under the Investment Company Act. Because these fees are paid out of the Fund’s assets on an ongoing basis, over","page_number":37,"box":{"x":61,"y":390,"width":857,"height":12}},{"id":"04f1d42b-9a73-4e99-b50e-2e242aae926c","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":37,"box":{"x":60,"y":405,"width":873,"height":12}},{"id":"c5508f3d-58ec-439f-b66a-18e3ba7b94f5","block_type":"box","text":"In addition, you may be subject to a deferred sales charge when you sell Investor C Shares within one year. Classes","page_number":37,"box":{"x":62,"y":420,"width":850,"height":12}},{"id":"bf24b1d6-4c9d-4310-a2a1-624e095c0bce","block_type":"box","text":"with lower expenses will have higher net asset values and dividends relative to other share classes.","page_number":37,"box":{"x":60,"y":435,"width":733,"height":12}},{"id":"9caa5dac-d693-4ccb-b93b-9245019dd86f","block_type":"box","text":"The Fund’s shares are distributed by BlackRock Investments, LLC (the “Distributor”), an affiliate of BlackRock.","page_number":37,"box":{"x":60,"y":458,"width":811,"height":11}},{"id":"e16f0318-38c9-4b7d-b8ed-35a79e8240ba","block_type":"box","text":"The table below summarizes key features of each of the share classes of the Fund.","page_number":37,"box":{"x":60,"y":480,"width":612,"height":12}},{"id":"aff7c557-9f81-438f-ae68-998feccf4d84","block_type":"box","text":"Share Classes at a Glance","page_number":37,"box":{"x":387,"y":503,"width":218,"height":10}},{"id":"b911d92e-8871-40ae-9e1c-67db85cc48e0","block_type":"box","text":"1","page_number":37,"box":{"x":605,"y":503,"width":6,"height":5}},{"id":"747c996c-9eb0-4fb0-bb49-d53facbb50a6","block_type":"box","text":"Investor A Investor C","page_number":37,"box":{"x":232,"y":532,"width":282,"height":8}},{"id":"40e6a2f8-8b09-4fe6-bb3f-b9b391b5e519","block_type":"box","text":"2,3","page_number":37,"box":{"x":515,"y":532,"width":10,"height":5}},{"id":"2c2bf6fe-469f-4505-86ae-d80a41c7873d","block_type":"box","text":"Institutional","page_number":37,"box":{"x":676,"y":532,"width":71,"height":8}},{"id":"4dccb66b-5332-41ef-8d01-e4f9369b697c","block_type":"box","text":"Availability","page_number":37,"box":{"x":60,"y":549,"width":73,"height":11}},{"id":"805957c6-a895-459e-9a56-36766963cf31","block_type":"box","text":"Generally available through","page_number":37,"box":{"x":232,"y":549,"width":177,"height":11}},{"id":"95625559-3375-42ce-9bbc-1ec5daf5da14","block_type":"box","text":"Financial Intermediaries.","page_number":37,"box":{"x":233,"y":563,"width":160,"height":8}},{"id":"8420d277-7bae-4b87-ba99-de2a35203e62","block_type":"box","text":"Generally available through","page_number":37,"box":{"x":454,"y":549,"width":177,"height":11}},{"id":"3c7bae46-4504-4cd0-a1ea-e7d3b5d2e5bf","block_type":"box","text":"Financial Intermediaries. 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Your Financial Intermediary may set a lower maximum for Investor C Shares.","page_number":40,"box":{"x":81,"y":297,"width":844,"height":9}},{"id":"8b2ba63b-e529-4500-9249-87f26970f50c","block_type":"box","text":"The following pages will cover the additional details of each share class, including the Institutional Shares","page_number":40,"box":{"x":60,"y":322,"width":778,"height":12}},{"id":"28ec6154-e9b5-4b24-8f3e-18e362c83e9b","block_type":"box","text":"requirements, the sales charge table for Investor A Shares, reduced sales charge information, Investor C Share CDSC","page_number":40,"box":{"x":61,"y":337,"width":867,"height":12}},{"id":"943afce3-af79-4aa9-af1a-1adbada12d50","block_type":"box","text":"information, and sales charge waivers.","page_number":40,"box":{"x":62,"y":352,"width":282,"height":11}},{"id":"994ebf58-8b30-47b2-8d13-7fb5a972e555","block_type":"box","text":"The availability of certain sales charge waivers and reductions will depend on whether you purchase your shares","page_number":40,"box":{"x":60,"y":374,"width":825,"height":12}},{"id":"386e2344-5e32-41c3-b6d6-bc7ce8d25778","block_type":"box","text":"directly from the Fund or through a Financial Intermediary. 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Once you achieve a breakpoint, you pay that sales","page_number":40,"box":{"x":62,"y":701,"width":837,"height":12}},{"id":"4b6cc5e7-c0ec-4d97-8ab7-937b77ad6d53","block_type":"box","text":"charge on your entire purchase amount (and not just the portion above the breakpoint). 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1.25%","page_number":40,"box":{"x":70,"y":897,"width":830,"height":10}},{"id":"c091d29f-7f5f-409d-82fd-8d60f87c3fa8","block_type":"box","text":"34","page_number":40,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"a7312055-8574-42b3-ae0f-720f7cd83ca0","block_type":"box","text":"NM1026U-5982664-40/82","page_number":40,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9e29dd52-6b60-4ac6-8eb6-37db8b753b8c","block_type":"box","text":"Your Investment","page_number":41,"box":{"x":69,"y":81,"width":96,"height":7}},{"id":"b3601723-d641-4395-9466-f29425ef9055","block_type":"box","text":"Sales Charge","page_number":41,"box":{"x":548,"y":60,"width":79,"height":9}},{"id":"2485e689-a664-45ff-9417-8be7d83bdbc5","block_type":"box","text":"as a % of","page_number":41,"box":{"x":561,"y":71,"width":54,"height":7}},{"id":"f6164ce0-edf7-4e37-88a0-5f6c16191102","block_type":"box","text":"Offering 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percent.","page_number":41,"box":{"x":81,"y":118,"width":278,"height":9}},{"id":"4f002c08-936f-4aaf-b2e9-f9b6b1c253b1","block_type":"box","text":"2","page_number":41,"box":{"x":61,"y":131,"width":3,"height":3}},{"id":"47c15785-bfbf-4605-8f79-a697444a3102","block_type":"box","text":"If you invest $1,000,000 or more in Investor A Shares, you will not pay an initial sales charge. In that case, BlackRock compensates the","page_number":41,"box":{"x":82,"y":130,"width":802,"height":10}},{"id":"12f90872-980c-4785-bdcb-21b947b19ee1","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":41,"box":{"x":81,"y":141,"width":819,"height":9}},{"id":"2df75781-e589-4396-b657-127ad4f6be7f","block_type":"box","text":"deferred sales charge of 0.75% (0.50% with respect to Investor A Shares held prior to December 1, 2015) of the lesser of the original cost of the","page_number":41,"box":{"x":81,"y":151,"width":855,"height":9}},{"id":"76df85d7-587f-4464-ac23-dca5ce0cbfec","block_type":"box","text":"shares being redeemed or your redemption proceeds. 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Purchases of Investor A Shares at","page_number":41,"box":{"x":60,"y":241,"width":841,"height":12}},{"id":"416aadfd-9d05-4298-bc4f-6086fcaf0df3","block_type":"box","text":"certain fixed dollar levels, known as “breakpoints,” cause a reduction in the front-end sales charge (as described","page_number":41,"box":{"x":61,"y":256,"width":831,"height":11}},{"id":"44924963-bd2b-483c-8158-94a63256b451","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":41,"box":{"x":61,"y":271,"width":876,"height":11}},{"id":"73eaef4c-05f5-4fae-b58e-4846abdb9222","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":41,"box":{"x":61,"y":285,"width":856,"height":12}},{"id":"d069c0b6-8786-4315-9699-5848bf9ff9f0","block_type":"box","text":"reinstatement privilege (described under “Account Services and Privileges”), or a waiver of the sales charge (described","page_number":41,"box":{"x":61,"y":300,"width":872,"height":12}},{"id":"7807d516-cbed-4386-b950-ed03c75ec92d","block_type":"box","text":"below).","page_number":41,"box":{"x":61,"y":315,"width":50,"height":11}},{"id":"9e7354fd-bc20-4d14-9dea-4e9bef05fd19","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":41,"box":{"x":62,"y":338,"width":840,"height":11}},{"id":"f36e05ed-0c1a-4e03-be31-e45fa3bd7ac9","block_type":"box","text":"holdings in shares of mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”) owned by","page_number":41,"box":{"x":61,"y":352,"width":875,"height":12}},{"id":"d28fe246-ab8e-4a10-81ed-a98688da29d0","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":41,"box":{"x":61,"y":367,"width":875,"height":12}},{"id":"55b0e0b3-f9e1-4aba-87e1-5e8c1ae82be2","block_type":"box","text":"benefit of any such individuals. 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For purposes of the Letter of","page_number":41,"box":{"x":61,"y":568,"width":856,"height":12}},{"id":"cbcbe13d-a423-4131-a99d-b9ea0cecf57c","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":41,"box":{"x":62,"y":583,"width":818,"height":12}},{"id":"f2de2c76-5cae-46ae-855e-cb5be4e82461","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":41,"box":{"x":62,"y":598,"width":811,"height":12}},{"id":"4e1d89a6-4501-4353-9fd1-c3f200b21d43","block_type":"box","text":"nominee or custodian.","page_number":41,"box":{"x":61,"y":613,"width":162,"height":9}},{"id":"0e5c9ded-42a4-476b-8932-722a25d17680","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":41,"box":{"x":62,"y":635,"width":861,"height":12}},{"id":"6e47953e-f8cc-4a1a-8f01-fa7cdfe069fa","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":41,"box":{"x":62,"y":650,"width":836,"height":12}},{"id":"25cab4d7-13ae-49d3-af2e-c67efc48f133","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":41,"box":{"x":62,"y":665,"width":862,"height":12}},{"id":"fe69abba-2c0d-4240-ad28-941bee8f6413","block_type":"box","text":"notify the Financial Intermediary or BlackRock Funds may result in the investor not receiving the sales charge reduction","page_number":41,"box":{"x":61,"y":680,"width":875,"height":11}},{"id":"211654b3-5b17-4b54-b728-7cca254220d1","block_type":"box","text":"to which the investor is otherwise entitled.","page_number":41,"box":{"x":60,"y":695,"width":312,"height":9}},{"id":"c13580f6-5eb8-43ed-9572-c3b017a3ed22","block_type":"box","text":"The Financial Intermediary or BlackRock Funds may request documentation — including account statements and","page_number":41,"box":{"x":60,"y":718,"width":828,"height":11}},{"id":"d0155b91-1b2e-4e3e-85e5-aa06f841953e","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":41,"box":{"x":61,"y":732,"width":850,"height":12}},{"id":"c6f40d35-1eab-45a6-9a2f-0d030d312f82","block_type":"box","text":"the investor qualifies for a reduced sales charge. The investor should retain these records because — depending on","page_number":41,"box":{"x":60,"y":747,"width":856,"height":12}},{"id":"bedad482-976f-48d0-93c0-da6cd26e553c","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":41,"box":{"x":60,"y":762,"width":845,"height":11}},{"id":"1a77ad30-05c2-4039-85a4-571b0a14c6ab","block_type":"box","text":"Eligible Unlisted BlackRock Closed-End Funds may not be able to maintain this information.","page_number":41,"box":{"x":62,"y":777,"width":667,"height":11}},{"id":"2344d09e-1635-42f6-bd1b-7daa8bf3dbc2","block_type":"box","text":"For more information, see the SAI or contact your Financial Intermediary.","page_number":41,"box":{"x":62,"y":799,"width":531,"height":12}},{"id":"38bc2a4a-b31e-4d7d-8907-50bcbbb9fae7","block_type":"box","text":"Letter of Intent","page_number":41,"box":{"x":61,"y":822,"width":124,"height":10}},{"id":"efe372ea-9e2f-49b9-a25c-d8176b4f6b3c","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":41,"box":{"x":60,"y":838,"width":839,"height":12}},{"id":"ace47745-d65e-41a1-ac86-8d50877205d8","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":41,"box":{"x":62,"y":853,"width":875,"height":12}},{"id":"33ec022a-8299-454f-8020-90b1b48f5a47","block_type":"box","text":"all at once, qualify the investor for a reduced sales charge:","page_number":41,"box":{"x":61,"y":868,"width":431,"height":12}},{"id":"894b676a-d626-4b84-aa86-497a38b5e5c1","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":41,"box":{"x":82,"y":891,"width":794,"height":11}},{"id":"1259fd2e-3055-4b2b-9180-0eb9261d6a7a","block_type":"box","text":"ii. Make an investment in one or more Eligible Unlisted BlackRock Closed-End Funds and/or","page_number":41,"box":{"x":82,"y":913,"width":675,"height":12}},{"id":"c578e132-ce53-4663-aeb4-2443c859b5dc","block_type":"box","text":"35","page_number":41,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"6d3d9337-77d6-49e4-bc5f-e889aa224a2a","block_type":"box","text":"NM1026U-5982664-41/82","page_number":41,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ea7c651b-0b3a-432a-afcd-6c58e6c8caf3","block_type":"box","text":"iii. Make an investment through the BlackRock CollegeAdvantage 529 Program in one or more BlackRock Funds.","page_number":42,"box":{"x":82,"y":46,"width":820,"height":11}},{"id":"0258849f-9876-4ffa-8892-e48ea8312fd2","block_type":"box","text":"The initial investment must meet the minimum initial purchase requirement. The 13-month Letter of Intent period","page_number":42,"box":{"x":60,"y":68,"width":830,"height":11}},{"id":"383e36d4-7730-4230-968b-3f6d163df79d","block_type":"box","text":"commences on the day that the Letter of Intent is received by the Fund.","page_number":42,"box":{"x":61,"y":83,"width":524,"height":11}},{"id":"710b051e-49de-4735-99c8-f9160e7e7a10","block_type":"box","text":"The market value of current holdings in the BlackRock Funds (including Investor A, Investor C, Investor P, Institutional,","page_number":42,"box":{"x":60,"y":106,"width":865,"height":11}},{"id":"ab5c0d2b-f855-479b-94e4-101a04d620f0","block_type":"box","text":"Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the BlackRock CollegeAdvantage 529","page_number":42,"box":{"x":61,"y":121,"width":862,"height":11}},{"id":"2a4a9dc1-01fc-4c75-be20-f3508061afd0","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":42,"box":{"x":61,"y":135,"width":870,"height":12}},{"id":"f5157a93-fb3c-49d1-a330-953541224bec","block_type":"box","text":"may be counted towards the sales charge reduction.","page_number":42,"box":{"x":61,"y":150,"width":384,"height":12}},{"id":"afb6aff3-4489-413b-811f-82d6c422cbd3","block_type":"box","text":"The investor must notify the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock","page_number":42,"box":{"x":60,"y":173,"width":823,"height":11}},{"id":"f84926db-ece0-4f1f-87b6-c4a816180f7c","block_type":"box","text":"Closed-End Funds and/or the BlackRock CollegeAdvantage 529 Program that should be counted towards the sales","page_number":42,"box":{"x":61,"y":188,"width":842,"height":11}},{"id":"1bdf2bd1-d96a-48e6-8321-3a74e4e7b6f7","block_type":"box","text":"charge reduction and (ii) any subsequent purchases that should be counted towards the Letter of Intent.","page_number":42,"box":{"x":61,"y":202,"width":765,"height":12}},{"id":"bc24e2b5-616f-4e6e-8706-9658b734cc62","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":42,"box":{"x":62,"y":225,"width":833,"height":11}},{"id":"fa14028f-d55a-4ddf-adde-6f751a20419e","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":42,"box":{"x":61,"y":240,"width":852,"height":11}},{"id":"f861aa60-3586-4905-8947-9a795bcbdfcf","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":42,"box":{"x":61,"y":254,"width":872,"height":12}},{"id":"5e222a63-36d1-41f1-aa37-79393b54b24a","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":42,"box":{"x":60,"y":269,"width":860,"height":12}},{"id":"fb99d9de-acd0-442f-96f2-3dba5c00cf7e","block_type":"box","text":"difference.","page_number":42,"box":{"x":61,"y":284,"width":77,"height":9}},{"id":"aafebf25-49e2-4d02-b520-704f6cdbce2b","block_type":"box","text":"Right of Accumulation","page_number":42,"box":{"x":61,"y":307,"width":183,"height":13}},{"id":"5f1d58e4-f2c1-4112-861c-851aa2a4fc10","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":42,"box":{"x":62,"y":323,"width":839,"height":12}},{"id":"8ae6cddf-7ade-4e02-8af8-3c78ad5a0b8b","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":42,"box":{"x":61,"y":338,"width":856,"height":12}},{"id":"331b6a33-570d-4376-9468-b5ace96f4c56","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":42,"box":{"x":82,"y":361,"width":821,"height":11}},{"id":"d93d6bf3-2c5b-4451-abd2-c0d3e0439b54","block_type":"box","text":"Premier Shares in most BlackRock Funds,","page_number":42,"box":{"x":102,"y":376,"width":306,"height":10}},{"id":"2ba1d0e4-2465-43d4-b0f1-15de4d19320a","block_type":"box","text":"ii. The current value of an investor’s existing shares of Eligible Unlisted BlackRock Closed-End Funds and","page_number":42,"box":{"x":82,"y":398,"width":771,"height":12}},{"id":"062611ef-9187-4f4a-b9cb-c3a306c77d29","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":42,"box":{"x":82,"y":421,"width":788,"height":11}},{"id":"19532c35-460f-4500-854d-99759f1a2a5b","block_type":"box","text":"investor’s spouse and children.","page_number":42,"box":{"x":102,"y":436,"width":228,"height":11}},{"id":"14db21fd-50f2-4811-9e8b-99c9718a23ab","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":42,"box":{"x":62,"y":458,"width":866,"height":12}},{"id":"9bf30bea-3368-4280-8109-669dcd2f9736","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":42,"box":{"x":61,"y":473,"width":866,"height":12}},{"id":"ab7c4636-4216-41a7-8e57-b6f547585727","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":42,"box":{"x":62,"y":488,"width":854,"height":11}},{"id":"88e9b3ef-eb20-40c8-acba-6c46ac19a572","block_type":"box","text":"any previously purchased shares.","page_number":42,"box":{"x":61,"y":503,"width":243,"height":11}},{"id":"06609442-4213-40eb-8cef-96c643ed5aa5","block_type":"box","text":"Other Front-End Sales Charge Waivers","page_number":42,"box":{"x":61,"y":526,"width":314,"height":12}},{"id":"6ef324d3-5c0d-408b-9934-5c377e45eb7a","block_type":"box","text":"The following persons may also buy Investor A Shares without paying a sales charge:","page_number":42,"box":{"x":60,"y":542,"width":623,"height":12}},{"id":"9a0d16e0-68ba-43a7-bc3a-85f1f0368ef0","block_type":"box","text":"Certain employer-sponsored retirement plans. For purposes of this waiver, employer-sponsored retirement plans do","page_number":42,"box":{"x":81,"y":562,"width":846,"height":11}},{"id":"bcecdbc4-0f1b-40ed-9c1b-f9e34dc84803","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs;","page_number":42,"box":{"x":82,"y":577,"width":352,"height":11}},{"id":"d5b2b2b2-07bd-4d11-a179-6878ac570cb2","block_type":"box","text":"Rollovers of current investments through certain employer-sponsored retirement plans provided the shares are","page_number":42,"box":{"x":82,"y":597,"width":812,"height":11}},{"id":"e864c3e8-7e5f-46f6-933e-f17ad78b5605","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":42,"box":{"x":80,"y":612,"width":854,"height":11}},{"id":"1059be85-c2d2-4360-9c18-86001cd5e94e","block_type":"box","text":"distribution, the rolled-over proceeds are contributed to a BlackRock IRA through an account directly with the Fund;","page_number":42,"box":{"x":81,"y":627,"width":840,"height":11}},{"id":"d4252d1f-0a91-409d-9a1a-ca4c12287542","block_type":"box","text":"or purchases by IRA programs that are sponsored by Financial Intermediary firms provided the Financial","page_number":42,"box":{"x":81,"y":641,"width":760,"height":12}},{"id":"e2d85cc1-eb42-44b2-b30e-9fd64699a678","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":42,"box":{"x":82,"y":656,"width":812,"height":12}},{"id":"84e74594-1028-446e-9f97-093688e42c28","block_type":"box","text":"Distributor;","page_number":42,"box":{"x":82,"y":671,"width":79,"height":11}},{"id":"1bd20e29-c46b-4e9a-b561-f28cc61bd094","block_type":"box","text":"Insurance company separate accounts;","page_number":42,"box":{"x":82,"y":691,"width":286,"height":11}},{"id":"884b3ebb-56fd-489d-84e2-a705b25d273f","block_type":"box","text":"Registered investment advisers, trust companies and bank trust departments exercising discretionary investment","page_number":42,"box":{"x":82,"y":711,"width":836,"height":11}},{"id":"e6f3cee1-9797-4c34-9c64-117f384a1f5a","block_type":"box","text":"authority with respect to amounts to be invested in the Fund;","page_number":42,"box":{"x":81,"y":726,"width":446,"height":11}},{"id":"1ef36614-cfa9-4206-91ac-478c1ca13b67","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":42,"box":{"x":81,"y":746,"width":815,"height":11}},{"id":"274730ba-ed81-499d-8090-b2a1b2650ea2","block_type":"box","text":"broker-dealer or other financial institution;","page_number":42,"box":{"x":81,"y":760,"width":306,"height":11}},{"id":"ee3d45eb-933b-465d-a3f2-2474a436051b","block_type":"box","text":"Financial Intermediaries who have entered into an agreement with the Distributor and have been approved by the","page_number":42,"box":{"x":82,"y":781,"width":828,"height":11}},{"id":"01741ce4-333b-494a-a2fb-581ab87f056a","block_type":"box","text":"Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not charge a","page_number":42,"box":{"x":82,"y":795,"width":800,"height":12}},{"id":"9d55577a-ecf8-43b0-9874-68367c16a6a2","block_type":"box","text":"transaction fee;","page_number":42,"box":{"x":80,"y":810,"width":114,"height":11}},{"id":"c65c79e4-fea5-4170-bd59-81204f7d4c55","block_type":"box","text":"Persons associated with the Fund, the Fund’s manager, the Fund’s sub-adviser, transfer agent, Distributor, fund","page_number":42,"box":{"x":81,"y":830,"width":819,"height":12}},{"id":"f857801e-d388-4713-a85f-c7c284929bef","block_type":"box","text":"accounting agents, Barclays PLC (“Barclays”) and their respective affiliates (to the extent permitted by these firms)","page_number":42,"box":{"x":81,"y":845,"width":846,"height":11}},{"id":"122944a7-9b9b-4d92-bc25-e98f1e1487bf","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees of firms who have entered","page_number":42,"box":{"x":82,"y":860,"width":843,"height":11}},{"id":"351f7738-663b-4653-8b74-7ed864a018ce","block_type":"box","text":"into selling agreements to distribute shares of BlackRock Funds; (d) immediate family members of such persons;","page_number":42,"box":{"x":82,"y":875,"width":829,"height":11}},{"id":"e405b1ea-4377-46a2-9445-809429833bc5","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":42,"box":{"x":81,"y":889,"width":815,"height":12}},{"id":"a6cf87e8-a314-4e60-b860-e51b6476ce78","block_type":"box","text":"36","page_number":42,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"66a4f523-1daa-4419-9983-8ea7bac40e1a","block_type":"box","text":"NM1026U-5982664-42/82","page_number":42,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6cba4761-e1ec-4a88-98f4-db7bf6a6f64e","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":43,"box":{"x":81,"y":46,"width":841,"height":11}},{"id":"bedba9a1-e6aa-4771-8bb0-b084a1df92a7","block_type":"box","text":"Internal Revenue Code; and","page_number":43,"box":{"x":82,"y":61,"width":201,"height":10}},{"id":"276c41a1-0bc9-4bd6-aadf-85032816407b","block_type":"box","text":"Accounts opened directly with the Fund that do not have a Financial Intermediary associated with the account.","page_number":43,"box":{"x":81,"y":81,"width":808,"height":11}},{"id":"e6740fe6-f305-4dbb-b0bb-33aa6b4b77d4","block_type":"box","text":"In addition, a sales charge waiver may be available for investors exchanging Investor P Shares of another BlackRock","page_number":43,"box":{"x":62,"y":103,"width":852,"height":12}},{"id":"09f4a288-e82c-4317-8463-f641fc44f9a3","block_type":"box","text":"Fund for Investor A Shares of the Fund through an intermediary-processed exchange, provided that the investor had","page_number":43,"box":{"x":62,"y":118,"width":846,"height":11}},{"id":"b2396eb3-b374-41d3-8856-e41e5e209add","block_type":"box","text":"previously paid a sales charge with respect to such shares.","page_number":43,"box":{"x":62,"y":133,"width":434,"height":11}},{"id":"e4af78e3-dd34-45ad-aaf3-4f6e1cea2344","block_type":"box","text":"In addition, Financial Intermediaries may, in connection with a change in account type or otherwise in accordance with","page_number":43,"box":{"x":62,"y":155,"width":864,"height":12}},{"id":"9de4b405-a6bf-42a1-812c-792d12bbacaa","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":43,"box":{"x":61,"y":170,"width":852,"height":12}},{"id":"2abfbd60-9170-4ac8-88c0-a6cb5113ca8e","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":43,"box":{"x":62,"y":185,"width":837,"height":11}},{"id":"d9eabc08-7571-4278-ba3d-3e3ad58f87e0","block_type":"box","text":"Investor A Shares sales charge waivers may depend on the policies, procedures and trading platforms of your Financial","page_number":43,"box":{"x":62,"y":200,"width":873,"height":11}},{"id":"04ea70c0-09f2-473c-a737-44474df4db12","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":43,"box":{"x":62,"y":214,"width":317,"height":12}},{"id":"69b261a7-918f-40bf-9ffd-2cfa2046de44","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section for sales charge reductions and waivers that may","page_number":43,"box":{"x":61,"y":237,"width":873,"height":12}},{"id":"15ce8a8b-936c-4acd-98f3-b29c0a30313a","block_type":"box","text":"be available to customers of certain Financial Intermediaries.","page_number":43,"box":{"x":61,"y":252,"width":449,"height":9}},{"id":"6769ad63-62f3-42de-9062-23235f43d6fe","block_type":"box","text":"Investor A Shares at Net Asset Value","page_number":43,"box":{"x":61,"y":275,"width":306,"height":10}},{"id":"4230e52e-18ad-43d8-bf74-2054e31759d2","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":43,"box":{"x":62,"y":291,"width":814,"height":12}},{"id":"80c3ed30-c276-4b59-9ce7-bbc138e779d1","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":43,"box":{"x":61,"y":306,"width":828,"height":12}},{"id":"eb262b71-4fc1-4e1f-8ca5-3ef096111fd6","block_type":"box","text":"0.75% (0.50% with respect to Investor A Shares held prior to December 1, 2015) of the lesser of the original cost of","page_number":43,"box":{"x":61,"y":321,"width":856,"height":11}},{"id":"ee65e659-c035-405b-88e2-91ce89c01704","block_type":"box","text":"the shares being redeemed or your redemption proceeds. For a discussion on waivers, see “Contingent Deferred Sales","page_number":43,"box":{"x":60,"y":336,"width":875,"height":11}},{"id":"6c92b323-91fd-4488-b3b3-76c9fc761466","block_type":"box","text":"Charge Waivers.”","page_number":43,"box":{"x":61,"y":351,"width":124,"height":11}},{"id":"92f546ac-b31c-4520-ac25-627d1f41b493","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":43,"box":{"x":62,"y":373,"width":860,"height":12}},{"id":"7a39e1ca-f155-4c4c-9ca3-82906a4807b8","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":43,"box":{"x":61,"y":388,"width":847,"height":11}},{"id":"706d7557-0259-4ae1-bb14-6c531510d996","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":43,"box":{"x":60,"y":403,"width":863,"height":11}},{"id":"0d39b0a6-1b91-4af3-a0e3-4a322386083d","block_type":"box","text":"monthly basis.","page_number":43,"box":{"x":61,"y":418,"width":105,"height":11}},{"id":"c0c6d35c-9b87-4ad0-b229-7ae5e27e7bc6","block_type":"box","text":"Investor C Shares — Deferred Sales Charge Option","page_number":43,"box":{"x":61,"y":441,"width":420,"height":12}},{"id":"bb3f432a-521c-4cb5-a651-3d74e216c740","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":43,"box":{"x":62,"y":457,"width":865,"height":11}},{"id":"a4d436bc-15f9-4697-bc1e-3059ac42faba","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":43,"box":{"x":60,"y":472,"width":858,"height":11}},{"id":"afe56106-7e92-437b-bcf0-6992a3759579","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":43,"box":{"x":60,"y":487,"width":795,"height":11}},{"id":"1170674d-fc50-46b6-927d-a61c17b6f083","block_type":"box","text":"redemption. When you redeem Investor C Shares, the redemption order is processed so that the lowest deferred sales","page_number":43,"box":{"x":61,"y":501,"width":874,"height":12}},{"id":"75e9b4ba-6c68-40ce-b397-8c2779275c3b","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":43,"box":{"x":61,"y":516,"width":867,"height":12}},{"id":"10b359e5-db4f-47f7-adae-7467c6e80d10","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":43,"box":{"x":60,"y":531,"width":843,"height":12}},{"id":"c18495d8-6a50-4374-9f9e-03d27dfad78c","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":43,"box":{"x":62,"y":546,"width":873,"height":11}},{"id":"94840882-1367-4cb6-a069-a6e77a92d0c9","block_type":"box","text":"the applicable redemption amount may be higher or lower than the charge described due to rounding.","page_number":43,"box":{"x":60,"y":561,"width":745,"height":11}},{"id":"995dad9d-0e61-4391-8b57-ff04208cc83f","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), Investor C Shares will automatically convert to Investor A Shares","page_number":43,"box":{"x":62,"y":583,"width":864,"height":12}},{"id":"01b6d761-9c0e-4e9c-a61d-aa87f6efd9fc","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":43,"box":{"x":61,"y":598,"width":870,"height":12}},{"id":"a1a2a66e-e62b-437c-b96d-828b498f8812","block_type":"box","text":"shareholder is credited with the proper holding period. As of the Effective Date, certain Financial Intermediaries,","page_number":43,"box":{"x":61,"y":613,"width":823,"height":11}},{"id":"e8555b47-5b1a-4555-b0f9-c6cb8d662997","block_type":"box","text":"including group retirement recordkeeping platforms, may not have been tracking such holding periods and therefore","page_number":43,"box":{"x":62,"y":628,"width":847,"height":11}},{"id":"4216184c-5e4e-499a-b6f1-763497be2b5d","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":43,"box":{"x":61,"y":642,"width":842,"height":12}},{"id":"2cbb33ac-33ae-4ee2-97ef-d5813f3d55b7","block_type":"box","text":"Investor A Shares will occur approximately eight years after the Effective Date. The automatic conversion of Investor C","page_number":43,"box":{"x":62,"y":657,"width":865,"height":12}},{"id":"8ed29ed2-91d7-4080-8301-1ace642a4000","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":43,"box":{"x":61,"y":672,"width":832,"height":12}},{"id":"486121c7-ed1d-46d5-9f3d-0f376aea357c","block_type":"box","text":"Intermediary for additional information.","page_number":43,"box":{"x":62,"y":687,"width":285,"height":11}},{"id":"daa7c821-085c-44f5-aebf-3d0ffe4c3e92","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":43,"box":{"x":62,"y":710,"width":869,"height":11}},{"id":"c79155e8-c8aa-4005-ab36-07d3687ace31","block_type":"box","text":"Shares, and any Investor C Shares held in such accounts will be automatically converted to Investor A Shares.","page_number":43,"box":{"x":61,"y":725,"width":810,"height":11}},{"id":"865b5460-6073-487d-8c0e-3dc264b821b2","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section for sales charge reductions and waivers that may","page_number":43,"box":{"x":61,"y":747,"width":873,"height":12}},{"id":"0e08c4e3-c687-4882-9acd-e87a28717c1d","block_type":"box","text":"be available to customers of certain Financial Intermediaries.","page_number":43,"box":{"x":61,"y":762,"width":449,"height":9}},{"id":"c68deb06-e02c-4d85-9ca2-6c26f50dd8c2","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":43,"box":{"x":60,"y":784,"width":870,"height":12}},{"id":"59842201-f7ec-4e65-884f-87d2dd943cef","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":43,"box":{"x":60,"y":799,"width":870,"height":12}},{"id":"9383154e-2a86-41ec-bbff-26c1c314834e","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":43,"box":{"x":61,"y":814,"width":867,"height":12}},{"id":"d7ccb966-d311-4802-ae30-7c5dc6179633","block_type":"box","text":"the deferred sales charges and the distribution fees to cover the costs of marketing, advertising and compensating","page_number":43,"box":{"x":60,"y":829,"width":849,"height":11}},{"id":"5f6b9b16-e731-45e6-b903-b09ddb0c8ed6","block_type":"box","text":"the Financial Intermediary who assists you in purchasing Fund shares.","page_number":43,"box":{"x":60,"y":844,"width":517,"height":11}},{"id":"6b5afee4-8d59-4157-92e9-40cf788aaa76","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":43,"box":{"x":60,"y":866,"width":870,"height":12}},{"id":"c75eb621-675b-434a-966b-83cbcef86c9e","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":43,"box":{"x":61,"y":881,"width":853,"height":11}},{"id":"04a851e7-9815-4ddb-a4c4-185818ba291f","block_type":"box","text":"Investor C Shares service fee as an ongoing concession and as a shareholder servicing fee, respectively, to dealers","page_number":43,"box":{"x":62,"y":896,"width":851,"height":11}},{"id":"d3e465c6-574c-4ce6-b95d-f905ac852354","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":43,"box":{"x":60,"y":911,"width":856,"height":11}},{"id":"5bcb5157-0b33-4bdf-aa3b-8cd2f6a3384c","block_type":"box","text":"37","page_number":43,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"b9440e0b-c2ed-44fe-8441-e6c602cb378d","block_type":"box","text":"NM1026U-5982664-43/82","page_number":43,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"907f3749-00c8-492a-8118-c3da8ef557a0","block_type":"box","text":"during the first year after purchase. For certain employer-sponsored retirement plans, the Distributor will pay the full","page_number":44,"box":{"x":61,"y":46,"width":850,"height":11}},{"id":"5b991917-5e14-4214-bc38-f2e0298366f2","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":44,"box":{"x":62,"y":60,"width":866,"height":12}},{"id":"5b1403a1-d6a6-4737-be49-c2ec8f5a3e28","block_type":"box","text":"the sales concession. This may depend on the policies, procedures and trading platforms of your Financial","page_number":44,"box":{"x":60,"y":75,"width":782,"height":12}},{"id":"b484baf0-14ad-42a4-97ec-edae64ae3e9a","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":44,"box":{"x":62,"y":90,"width":317,"height":12}},{"id":"f022efe6-d707-4642-bf77-ac1bf4f6d356","block_type":"box","text":"Contingent Deferred Sales Charge Waivers","page_number":44,"box":{"x":61,"y":113,"width":352,"height":13}},{"id":"8fea9f27-a618-4a97-9816-969971f5cbca","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":44,"box":{"x":60,"y":129,"width":788,"height":12}},{"id":"c758a14f-1ad1-4397-acf9-0138c967d4fc","block_type":"box","text":"circumstances, such as:","page_number":44,"box":{"x":61,"y":145,"width":177,"height":10}},{"id":"cf76318e-2dda-43a9-bfea-7bbe9b7860ed","block_type":"box","text":"Redemptions of shares purchased through certain employer-sponsored retirement plans and rollovers of current","page_number":44,"box":{"x":82,"y":164,"width":824,"height":12}},{"id":"fa737fa6-fc1f-4a78-974d-26f16779f4e3","block_type":"box","text":"investments in the Fund through such plans;","page_number":44,"box":{"x":82,"y":179,"width":324,"height":12}},{"id":"09bc2bb0-94ad-4e93-9c89-a724778e506f","block_type":"box","text":"Exchanges pursuant to the exchange privilege, as described in “How to Buy, Sell, Exchange and Transfer Shares —","page_number":44,"box":{"x":82,"y":199,"width":844,"height":12}},{"id":"8b8dcfac-90cc-4d68-bc70-8fc04ed30e5c","block_type":"box","text":"How to Exchange Shares or Transfer Your Account”;","page_number":44,"box":{"x":82,"y":214,"width":375,"height":11}},{"id":"c5604678-5c4f-456d-b31d-fd541338d767","block_type":"box","text":"Redemptions made in connection with minimum required distributions from IRA or 403(b)(7) accounts due to the","page_number":44,"box":{"x":82,"y":234,"width":826,"height":11}},{"id":"ee572d54-6630-44a5-8ddd-de3a900dad5e","block_type":"box","text":"shareholder reaching the age of 72;","page_number":44,"box":{"x":81,"y":249,"width":262,"height":11}},{"id":"04375d9f-1ac8-4e06-92a7-f940e7dc4d08","block_type":"box","text":"Redemptions made with respect to certain retirement plans sponsored by the Fund, BlackRock or an affiliate;","page_number":44,"box":{"x":82,"y":269,"width":804,"height":11}},{"id":"51e2e517-b772-4f47-a5f4-0b57015af8cb","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":44,"box":{"x":82,"y":289,"width":847,"height":11}},{"id":"47d38ea8-559b-40a7-be56-6620b2e8199c","block_type":"box","text":"later, reasonably promptly following completion of probate (including in connection with the distribution of account","page_number":44,"box":{"x":82,"y":303,"width":834,"height":12}},{"id":"35fc2044-de37-4d8b-8b60-55edaad462b2","block_type":"box","text":"assets to a beneficiary of the decedent);","page_number":44,"box":{"x":81,"y":318,"width":297,"height":12}},{"id":"3b820278-0ca6-4d7c-a003-c934b9a7df4a","block_type":"box","text":"Withdrawals resulting from shareholder disability (as defined in the Internal Revenue Code) as long as the disability","page_number":44,"box":{"x":81,"y":338,"width":847,"height":12}},{"id":"566ae9b3-e832-4022-a13f-13fa7220de63","block_type":"box","text":"arose subsequent to the purchase of the shares;","page_number":44,"box":{"x":81,"y":353,"width":360,"height":11}},{"id":"a7d9111a-c491-4367-aeb4-b7dd15d1037c","block_type":"box","text":"Involuntary redemptions made of shares in accounts with low balances;","page_number":44,"box":{"x":82,"y":373,"width":525,"height":12}},{"id":"d40e8820-b286-4f41-86c6-9c5fde10e82e","block_type":"box","text":"Certain redemptions made through the Systematic Withdrawal Plan (“SWP”) offered by the Fund, BlackRock or an","page_number":44,"box":{"x":81,"y":393,"width":833,"height":12}},{"id":"b4cc96d4-c9c0-4499-bfd2-19bfd92f54ed","block_type":"box","text":"affiliate;","page_number":44,"box":{"x":81,"y":408,"width":59,"height":11}},{"id":"cb54c0b0-12da-4c26-a46d-553daba533c6","block_type":"box","text":"Redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":44,"box":{"x":82,"y":428,"width":823,"height":11}},{"id":"c82035f4-a618-475f-bd45-eaca7b47c5b4","block_type":"box","text":"Redemptions when a shareholder can demonstrate hardship, in the absolute discretion of the Fund.","page_number":44,"box":{"x":82,"y":448,"width":732,"height":11}},{"id":"7ee69a98-0e9f-4ddc-883b-6f90d18075c5","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section for sales charge reductions and waivers that may","page_number":44,"box":{"x":61,"y":470,"width":873,"height":12}},{"id":"00aa94cb-2b98-48f2-ba28-0f4bf0ca4af5","block_type":"box","text":"be available to customers of certain Financial Intermediaries. More information about existing sales charge reductions","page_number":44,"box":{"x":61,"y":485,"width":870,"height":12}},{"id":"d805d1fc-ce63-4676-911c-3d26f9b10ceb","block_type":"box","text":"and waivers is available free of charge in a clear and prominent format via hyperlink at www.blackrock.com and in the","page_number":44,"box":{"x":61,"y":500,"width":861,"height":12}},{"id":"99cbf7ac-80dd-46f8-a6db-b27e7b1eb7e3","block_type":"box","text":"SAI, which is available on the website or on request.","page_number":44,"box":{"x":61,"y":515,"width":383,"height":11}},{"id":"baea3ab0-e01f-4467-bf70-044b5d728d8a","block_type":"box","text":"Institutional Shares","page_number":44,"box":{"x":61,"y":538,"width":161,"height":10}},{"id":"5c0eb2d5-6419-494b-9f16-4074803b0d37","block_type":"box","text":"Institutional Shares are not subject to any sales charge. Only certain investors are eligible to buy Institutional Shares.","page_number":44,"box":{"x":62,"y":554,"width":864,"height":12}},{"id":"7d911502-ee03-4ee8-96cd-3075ef9c55bf","block_type":"box","text":"Your Financial Intermediary can help you determine whether you are eligible to buy Institutional Shares. The Fund may","page_number":44,"box":{"x":60,"y":569,"width":865,"height":12}},{"id":"da588a26-1914-4963-9bc0-35b3c4b69c70","block_type":"box","text":"permit a lower initial investment for certain investors if their purchase, combined with purchases by other investors","page_number":44,"box":{"x":62,"y":584,"width":845,"height":11}},{"id":"6c841227-0b1e-42b0-b4ba-dc6b97f57614","block_type":"box","text":"received together by the Fund, meets the minimum investment requirement.","page_number":44,"box":{"x":61,"y":599,"width":557,"height":11}},{"id":"f8438e0b-7121-4dbd-bf91-eb92fa3d767e","block_type":"box","text":"Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional","page_number":44,"box":{"x":62,"y":621,"width":826,"height":12}},{"id":"1d7581b2-7e2a-4191-9c77-4c9206616098","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":44,"box":{"x":61,"y":636,"width":838,"height":12}},{"id":"5a1f4212-ffd1-4a63-8ba3-c6be116838cf","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":44,"box":{"x":61,"y":651,"width":816,"height":11}},{"id":"d4a79efc-fe7c-4438-8d12-85cd7ea883e9","block_type":"box","text":"classes that have different fees and expenses.","page_number":44,"box":{"x":61,"y":666,"width":345,"height":11}},{"id":"d14d6e3e-c8bc-4496-a97d-fb2d9864ba67","block_type":"box","text":"Eligible Institutional Share investors include the following:","page_number":44,"box":{"x":62,"y":688,"width":421,"height":12}},{"id":"41464e3e-868a-4fd1-9215-f531184d08a7","block_type":"box","text":"Individuals and “Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of","page_number":44,"box":{"x":82,"y":708,"width":854,"height":12}},{"id":"55ee979e-e280-45c8-9631-96d21ff7ad11","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":44,"box":{"x":80,"y":723,"width":849,"height":12}},{"id":"7de9b1cc-a585-4789-a0da-daed37c568f3","block_type":"box","text":"shares;","page_number":44,"box":{"x":81,"y":738,"width":53,"height":11}},{"id":"f3ef3c62-a864-4305-a6a7-d10186228e93","block_type":"box","text":"Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar","page_number":44,"box":{"x":81,"y":758,"width":838,"height":11}},{"id":"cbb915f4-8488-4b13-ac28-67b162de810b","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":44,"box":{"x":81,"y":773,"width":829,"height":11}},{"id":"0b016ad0-d555-4eda-ac51-c30d03ef9eee","block_type":"box","text":"program or investment platform, in each case, with no minimum initial investment;","page_number":44,"box":{"x":82,"y":788,"width":604,"height":11}},{"id":"ac3f93d0-38d8-4039-b3e0-dbdeb00060c6","block_type":"box","text":"Clients investing through Financial Intermediaries that have entered into an agreement with the Distributor to offer","page_number":44,"box":{"x":81,"y":808,"width":840,"height":11}},{"id":"8262b7aa-896d-4a52-9245-336eefe636ed","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":44,"box":{"x":81,"y":822,"width":853,"height":12}},{"id":"41610c43-ff30-46b5-8b53-6048b6e45f0d","block_type":"box","text":"initial investment of $1,000;","page_number":44,"box":{"x":82,"y":837,"width":207,"height":11}},{"id":"24ffd960-60a6-4abd-b3ac-9b53d1aa3d15","block_type":"box","text":"Certain employee benefits plans, such as health savings accounts, and certain employer-sponsored retirement","page_number":44,"box":{"x":81,"y":857,"width":816,"height":12}},{"id":"9818e0f2-c26a-4dcc-bace-96934c904735","block_type":"box","text":"plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective","page_number":44,"box":{"x":82,"y":872,"width":821,"height":12}},{"id":"f2fe8b20-044e-4f82-bd0f-83d9a6d8caa5","block_type":"box","text":"trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks","page_number":44,"box":{"x":80,"y":887,"width":835,"height":11}},{"id":"8b9b252c-a13c-4437-ab84-beb5a8cf5649","block_type":"box","text":"38","page_number":44,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"c2f7f47a-3d92-48c9-aaff-71038b603805","block_type":"box","text":"NM1026U-5982664-44/82","page_number":44,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0ad89bbf-8760-4a6c-9c6e-d38bfffccb28","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":45,"box":{"x":81,"y":46,"width":835,"height":11}},{"id":"4d38d0e9-3e98-4bf6-9075-66673c4ecaf1","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":45,"box":{"x":80,"y":61,"width":849,"height":11}},{"id":"ecf1af82-ca36-4260-8b4a-57fd75da7705","block_type":"box","text":"shares;","page_number":45,"box":{"x":81,"y":76,"width":53,"height":10}},{"id":"65c991e8-e72d-4ea9-95ab-3eb959cd58d1","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":45,"box":{"x":81,"y":95,"width":810,"height":12}},{"id":"407cbef9-730a-4b5d-8b80-e6bfc78511a6","block_type":"box","text":"(excluding participant directed employee benefit plans); (ii) otherwise have investment discretion; or (iii) act as","page_number":45,"box":{"x":81,"y":110,"width":812,"height":12}},{"id":"427e9456-cecb-4901-a29a-e70b342fc529","block_type":"box","text":"custodian for at least $2 million in assets, who are not subject to any minimum initial investment;","page_number":45,"box":{"x":81,"y":124,"width":719,"height":12}},{"id":"812ada5c-8729-47f5-80bd-0742388a6aab","block_type":"box","text":"Holders of certain Bank of America Corporation (“BofA Corp.”) sponsored unit investment trusts (“UITs”) who","page_number":45,"box":{"x":82,"y":145,"width":799,"height":11}},{"id":"eba40eba-655c-4ac4-9bf1-25ba03cff14f","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":45,"box":{"x":82,"y":160,"width":794,"height":11}},{"id":"d9b7ab26-361d-4834-98d0-745c75f2fa70","block_type":"box","text":"investment;","page_number":45,"box":{"x":82,"y":175,"width":83,"height":10}},{"id":"66bcde86-7e0f-4ce4-8b1d-63c429a0eff3","block_type":"box","text":"Employees, officers and directors/trustees of BlackRock, Inc., BlackRock Funds, BofA Corp., Barclays or their","page_number":45,"box":{"x":82,"y":195,"width":805,"height":11}},{"id":"fa9e8116-a5b3-4293-a23b-ae0555c0f43d","block_type":"box","text":"respective affiliates and immediate family members of such persons, who are not subject to any minimum initial","page_number":45,"box":{"x":82,"y":209,"width":824,"height":12}},{"id":"361099fe-242a-48e9-bc6d-0540df91da9f","block_type":"box","text":"investment;","page_number":45,"box":{"x":82,"y":224,"width":83,"height":11}},{"id":"47e011e6-f06e-4de0-bc00-7abfa334fd99","block_type":"box","text":"Tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s broker","page_number":45,"box":{"x":81,"y":244,"width":836,"height":12}},{"id":"c0810317-11ca-48e5-a312-775e9aaf4560","block_type":"box","text":"dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family members","page_number":45,"box":{"x":81,"y":259,"width":851,"height":12}},{"id":"359896bc-4a98-4da1-bba5-73676a7d44b0","block_type":"box","text":"of such persons; and","page_number":45,"box":{"x":81,"y":274,"width":154,"height":11}},{"id":"00537bae-f6df-46e4-b086-acc9175c2b8d","block_type":"box","text":"Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record","page_number":45,"box":{"x":81,"y":294,"width":816,"height":11}},{"id":"e3a569d4-023b-41bc-ae7c-6e41d4a546ef","block_type":"box","text":"keeper, provided that such program offers only mutual fund options and that the program maintains an account with","page_number":45,"box":{"x":82,"y":309,"width":851,"height":11}},{"id":"146c13c8-5715-4bf1-8257-9a1db08cc784","block_type":"box","text":"the Fund on an omnibus basis.","page_number":45,"box":{"x":80,"y":324,"width":227,"height":9}},{"id":"835b9e27-f701-4625-9a61-9ce99cf53af2","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":45,"box":{"x":60,"y":346,"width":620,"height":12}},{"id":"d1d54c6c-3a30-43f5-9af9-b52605b4f75c","block_type":"box","text":"Distribution and Shareholder Servicing Payments","page_number":45,"box":{"x":61,"y":385,"width":442,"height":13}},{"id":"1a83dfbb-fa7f-4ca6-96cc-8cb4230027c8","block_type":"box","text":"Plan Payments","page_number":45,"box":{"x":61,"y":412,"width":122,"height":12}},{"id":"062b94b3-f0a5-4152-abf0-a79373ccf9d7","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":45,"box":{"x":60,"y":428,"width":855,"height":11}},{"id":"be0eac1b-7791-4ef7-9555-0c0596f4fed7","block_type":"box","text":"the Investor Shares that allows the Fund to pay distribution fees for the sale of its shares and/or shareholder servicing","page_number":45,"box":{"x":60,"y":443,"width":877,"height":11}},{"id":"0eaed839-3137-4dcf-8957-c66b5924db1b","block_type":"box","text":"fees for certain services provided to its shareholders.","page_number":45,"box":{"x":60,"y":457,"width":395,"height":12}},{"id":"c70cd7e1-f4fb-4f1e-a1ba-80e64113db69","block_type":"box","text":"Under the Plan, Investor C Shares pay a distribution fee to the Distributor and/or its affiliates for distribution and sales","page_number":45,"box":{"x":62,"y":480,"width":874,"height":12}},{"id":"f0eea70e-d204-48c9-b6d3-9c4518b4a38f","block_type":"box","text":"support services. The distribution fees may be used to pay the Distributor for distribution and sales support services","page_number":45,"box":{"x":61,"y":495,"width":861,"height":11}},{"id":"5fa1be3b-cde3-40e6-9180-d36dd3da544c","block_type":"box","text":"and to pay the Distributor and BlackRock and its affiliates for sales support services provided and related expenses","page_number":45,"box":{"x":61,"y":510,"width":854,"height":11}},{"id":"5ce2a4a4-57da-449e-9d12-abd677729144","block_type":"box","text":"incurred in connection with the sale of Investor C Shares. The distribution fees may also be used to pay Financial","page_number":45,"box":{"x":62,"y":525,"width":829,"height":11}},{"id":"b0a66ccd-acee-4f87-bf4a-33bc56bba409","block_type":"box","text":"Intermediaries for sales support services and related expenses. All Investor C Shares pay a maximum distribution fee","page_number":45,"box":{"x":62,"y":539,"width":865,"height":12}},{"id":"61e406b2-9634-47a6-b2f3-b653dde819e3","block_type":"box","text":"per year that is a percentage of the average daily net asset value of the Investor C Shares of the Fund. Institutional","page_number":45,"box":{"x":62,"y":554,"width":844,"height":12}},{"id":"81a3789b-0f3b-47bd-ac2e-2b3e3199e574","block_type":"box","text":"and Investor A Shares do not pay distribution fees.","page_number":45,"box":{"x":61,"y":569,"width":371,"height":11}},{"id":"39a98889-d22d-4d98-91ea-91333d035f24","block_type":"box","text":"Under the Plan, the Fund also pays shareholder servicing fees (also referred to as general shareholder liaison services","page_number":45,"box":{"x":62,"y":592,"width":873,"height":11}},{"id":"f32a58b3-a299-4ff3-854c-01767bf38830","block_type":"box","text":"fees) to Financial Intermediaries for providing support services to their customers who own Investor Shares of the","page_number":45,"box":{"x":60,"y":606,"width":838,"height":12}},{"id":"3b774828-d7f6-4f83-a46e-43df55b9e7ee","block_type":"box","text":"Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily net asset value of","page_number":45,"box":{"x":62,"y":621,"width":837,"height":12}},{"id":"4f048e68-c0e7-45e3-96f5-6d2307892cd9","block_type":"box","text":"Investor Shares of the Fund. All Investor Shares pay this shareholder servicing fee. Institutional Shares do not pay a","page_number":45,"box":{"x":62,"y":636,"width":853,"height":12}},{"id":"36dec8b9-08ee-43fc-904b-57e632a49e7a","block_type":"box","text":"shareholder servicing fee.","page_number":45,"box":{"x":61,"y":651,"width":189,"height":11}},{"id":"fdb5f999-2b1d-4257-8961-8f0551711ee3","block_type":"box","text":"In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of","page_number":45,"box":{"x":62,"y":673,"width":859,"height":12}},{"id":"cd76462d-eac7-4ed6-b78d-4c01f8b35ee6","block_type":"box","text":"the following services to their customers who own Investor Shares:","page_number":45,"box":{"x":60,"y":688,"width":492,"height":12}},{"id":"99cf204d-cfba-476f-84e5-2b0aacc90f06","block_type":"box","text":"Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and","page_number":45,"box":{"x":81,"y":709,"width":848,"height":11}},{"id":"3cd0374c-513e-4fb6-9223-f6060c2eb960","block_type":"box","text":"redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers’","page_number":45,"box":{"x":82,"y":723,"width":811,"height":12}},{"id":"c7288ea2-9428-4f47-8ba0-35af329f3be7","block_type":"box","text":"investments;","page_number":45,"box":{"x":82,"y":738,"width":92,"height":11}},{"id":"31954dd4-fb58-4c37-96fb-f75ce844f057","block_type":"box","text":"Assisting customers in designating and changing dividend options, account designations and addresses; and","page_number":45,"box":{"x":81,"y":758,"width":801,"height":11}},{"id":"415bfb66-16c3-40d9-a21f-94697f5d4e08","block_type":"box","text":"Providing other similar shareholder liaison services.","page_number":45,"box":{"x":81,"y":778,"width":379,"height":11}},{"id":"9b056f33-e011-40db-806f-4c02f2a26437","block_type":"box","text":"The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the","page_number":45,"box":{"x":60,"y":800,"width":856,"height":12}},{"id":"b3434619-9479-4363-8d06-2644fa5f3482","block_type":"box","text":"administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the","page_number":45,"box":{"x":61,"y":815,"width":848,"height":12}},{"id":"f4bac169-41ca-4742-bb92-5e65e09534c9","block_type":"box","text":"sale of the Fund’s shares.","page_number":45,"box":{"x":61,"y":830,"width":191,"height":9}},{"id":"deab1ad6-0995-4e94-969c-4c26e64013bc","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":45,"box":{"x":62,"y":853,"width":850,"height":11}},{"id":"6c60e723-bfaf-4b9b-bf04-c57b78aebb0e","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":45,"box":{"x":60,"y":867,"width":836,"height":12}},{"id":"b7a71aaf-188e-480d-87b9-9e85b6b67c80","block_type":"box","text":"addition, the distribution fees paid by Investor C Shares may over time cost investors more than the front-end sales","page_number":45,"box":{"x":61,"y":882,"width":848,"height":12}},{"id":"58a534c0-4621-4320-ab90-06b8a2802bd3","block_type":"box","text":"charge on Investor A Shares. For more information on the Plan, including a complete list of services provided","page_number":45,"box":{"x":61,"y":897,"width":800,"height":12}},{"id":"7688810b-d436-483a-a88a-76f56c4e57f2","block_type":"box","text":"thereunder, see the SAI.","page_number":45,"box":{"x":60,"y":912,"width":178,"height":11}},{"id":"d130d835-c86d-4d08-b78c-5d794111848b","block_type":"box","text":"39","page_number":45,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"dabcc301-1ca2-459a-849e-3a42d5d0a3a4","block_type":"box","text":"NM1026U-5982664-45/82","page_number":45,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ea987fa3-7f7c-4e80-812d-c83b9ecfc023","block_type":"box","text":"Other Payments by the Fund","page_number":46,"box":{"x":61,"y":46,"width":233,"height":13}},{"id":"145b90ee-bad3-4c5a-ad7c-9bc13dedfb33","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":46,"box":{"x":62,"y":62,"width":874,"height":12}},{"id":"b2762f6d-e56b-4b25-9c78-eb38ad48c547","block_type":"box","text":"transfer agent, BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”), BlackRock, on behalf of the Fund,","page_number":46,"box":{"x":60,"y":77,"width":846,"height":12}},{"id":"d6630240-85f6-4b2f-be03-491cedb6aec4","block_type":"box","text":"may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund","page_number":46,"box":{"x":61,"y":92,"width":874,"height":12}},{"id":"5d459680-89d8-4f7b-a47f-121df4f3e1f9","block_type":"box","text":"will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting","page_number":46,"box":{"x":60,"y":107,"width":843,"height":11}},{"id":"bb1da2eb-0a32-4b04-a8b3-839807e71eb3","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":46,"box":{"x":61,"y":122,"width":862,"height":11}},{"id":"7679059b-5fe4-49b5-b1ea-287f94593499","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":46,"box":{"x":61,"y":137,"width":815,"height":11}},{"id":"1bb6b9a1-ac89-4af6-959d-659e777bf80c","block_type":"box","text":"account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial.","page_number":46,"box":{"x":61,"y":151,"width":791,"height":12}},{"id":"a0fb1c25-ecc6-44c9-baa6-1542a8a45d32","block_type":"box","text":"Other Payments by BlackRock","page_number":46,"box":{"x":61,"y":174,"width":252,"height":13}},{"id":"400aaee9-563d-4c81-b54f-30ffebb6e723","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":46,"box":{"x":62,"y":191,"width":851,"height":11}},{"id":"54e9eb15-f1db-4c9f-b2a8-5e3eca147d53","block_type":"box","text":"networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or","page_number":46,"box":{"x":61,"y":205,"width":843,"height":12}},{"id":"c2cb304e-47f7-48d8-a753-36dd43f2633f","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":46,"box":{"x":60,"y":220,"width":853,"height":12}},{"id":"d377e136-2cd2-4d67-934f-1f64d571e560","block_type":"box","text":"affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments","page_number":46,"box":{"x":61,"y":235,"width":866,"height":12}},{"id":"7d4da143-5831-41fd-bacf-283c1ac4fddf","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":46,"box":{"x":60,"y":250,"width":839,"height":11}},{"id":"3b7fcc97-0676-4629-8f5f-5124ab227c60","block_type":"box","text":"based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage","page_number":46,"box":{"x":61,"y":265,"width":860,"height":11}},{"id":"460cd791-eea5-44be-979c-61e137e4ac22","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":46,"box":{"x":61,"y":280,"width":841,"height":11}},{"id":"c8df9c0c-4d8b-4f3a-b358-11fabc116479","block_type":"box","text":"basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial","page_number":46,"box":{"x":61,"y":294,"width":856,"height":12}},{"id":"a299cd56-e874-4e2b-aeed-484aaf6d270e","block_type":"box","text":"and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated","page_number":46,"box":{"x":61,"y":309,"width":813,"height":12}},{"id":"c5b985e2-abb2-449c-9700-e713c024738b","block_type":"box","text":"persons to recommend or sell shares of the Fund to you.","page_number":46,"box":{"x":62,"y":324,"width":415,"height":12}},{"id":"a5064e69-7f0f-4f9d-ad03-0ddf8165347c","block_type":"box","text":"Please contact your Financial Intermediary for details about payments it may receive from the Fund or from BlackRock,","page_number":46,"box":{"x":61,"y":347,"width":869,"height":11}},{"id":"91906b08-f818-4bf2-9d5a-5633f384b6e7","block_type":"box","text":"the Distributor or their affiliates. For more information, see the SAI.","page_number":46,"box":{"x":60,"y":361,"width":495,"height":11}},{"id":"219e9265-19a5-40dd-854e-a66a55930b1a","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":46,"box":{"x":61,"y":400,"width":434,"height":14}},{"id":"18ce3943-e8db-48c0-aabf-fe897f63af00","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":46,"box":{"x":60,"y":427,"width":846,"height":11}},{"id":"0e705b97-606b-4a98-b6b4-c3ed31bc918d","block_type":"box","text":"Intermediary. You may also buy, sell, exchange and transfer shares through BlackRock if your account is held directly","page_number":46,"box":{"x":62,"y":441,"width":857,"height":12}},{"id":"6048e776-5725-4190-bcfb-51ae334243c3","block_type":"box","text":"with BlackRock. To learn more about buying, selling, exchanging or transferring shares through BlackRock, call","page_number":46,"box":{"x":60,"y":456,"width":809,"height":12}},{"id":"8a958a93-c865-4f6d-848e-8a7089d9047d","block_type":"box","text":"(800) 441-7762. Because the selection of a mutual fund involves many considerations, your Financial Intermediary","page_number":46,"box":{"x":61,"y":471,"width":847,"height":11}},{"id":"4f7cbc9e-6c56-4ef8-bcb7-2bfec87c569c","block_type":"box","text":"may help you with this decision.","page_number":46,"box":{"x":61,"y":486,"width":232,"height":11}},{"id":"42063ed3-4560-40cc-af1c-a7cb7f6ab443","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":46,"box":{"x":60,"y":509,"width":867,"height":11}},{"id":"c85ed0e5-bcdb-4ff5-b7cc-67472ffe5613","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":46,"box":{"x":61,"y":523,"width":858,"height":12}},{"id":"cdf8d781-a3d6-45a7-bb7f-794d1fc282a5","block_type":"box","text":"investments (including by way of exchange from another BlackRock Fund) into existing accounts, the Fund generally","page_number":46,"box":{"x":62,"y":538,"width":845,"height":12}},{"id":"e4f58e88-f7e7-4f24-b33e-755817247792","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":46,"box":{"x":61,"y":553,"width":860,"height":11}},{"id":"57c50030-9d28-49c9-a1f4-5d60d2a2d058","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":46,"box":{"x":60,"y":568,"width":868,"height":11}},{"id":"8c21fabf-bbf0-4afa-8797-acc93ab0f58d","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":46,"box":{"x":61,"y":583,"width":863,"height":11}},{"id":"e38c94fb-38a3-4263-bcde-8c649df1939c","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":46,"box":{"x":61,"y":597,"width":787,"height":12}},{"id":"2f18a8df-d875-4f34-bcdc-135b8c3713a2","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":46,"box":{"x":62,"y":612,"width":857,"height":12}},{"id":"740f094d-9dd1-4ddf-9d6c-63985f0a82d1","block_type":"box","text":"restricted from making additional investments.","page_number":46,"box":{"x":61,"y":627,"width":341,"height":12}},{"id":"6eed329e-ddac-4b37-89b1-204cb015d307","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":46,"box":{"x":60,"y":650,"width":861,"height":11}},{"id":"8700c04c-cd67-4b28-a6ac-296bd6581b32","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":46,"box":{"x":60,"y":664,"width":856,"height":12}},{"id":"20191747-1b2c-48c1-8389-36e0f2b56a65","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":46,"box":{"x":61,"y":679,"width":822,"height":12}},{"id":"82970cb1-63bb-489a-8b49-8740a12315b5","block_type":"box","text":"described below.","page_number":46,"box":{"x":61,"y":694,"width":121,"height":9}},{"id":"df2c569f-38ad-498a-a656-29a6186000ed","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":46,"box":{"x":62,"y":717,"width":797,"height":11}},{"id":"dd2f2d55-3a86-4907-bf71-6af2255240da","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":46,"box":{"x":61,"y":731,"width":487,"height":12}},{"id":"4c715b4a-2d72-4b0a-9f41-ebbcc372580d","block_type":"box","text":"How to Buy Shares","page_number":46,"box":{"x":61,"y":755,"width":156,"height":12}},{"id":"56260eba-672a-4786-82ea-dd90c94dbadf","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":46,"box":{"x":213,"y":777,"width":478,"height":9}},{"id":"04777b45-132e-49cc-a18c-0676ea681d12","block_type":"box","text":"Initial Purchase","page_number":46,"box":{"x":61,"y":794,"width":105,"height":8}},{"id":"7539dcce-56f3-4cab-ad3c-abda96245875","block_type":"box","text":"First, select the share class","page_number":46,"box":{"x":214,"y":794,"width":183,"height":9}},{"id":"bbfdb458-f2c0-4657-8361-47cc1619dd40","block_type":"box","text":"appropriate for you","page_number":46,"box":{"x":214,"y":807,"width":123,"height":10}},{"id":"061223b7-ec00-482b-8065-7056c6289c29","block_type":"box","text":"Refer to the “Share Classes at a Glance” table in this prospectus (be","page_number":46,"box":{"x":461,"y":794,"width":458,"height":10}},{"id":"695f3dfa-d001-4601-a396-c7970560da01","block_type":"box","text":"sure to read this prospectus carefully). When you place your initial","page_number":46,"box":{"x":461,"y":807,"width":435,"height":10}},{"id":"57616ba0-b332-4fe0-8be8-76710d491835","block_type":"box","text":"order, you must indicate which share class you select (if you do not","page_number":46,"box":{"x":461,"y":821,"width":444,"height":10}},{"id":"5e9c90b9-b85c-4466-87a0-146605d963d2","block_type":"box","text":"specify a share class and do not qualify to purchase Institutional","page_number":46,"box":{"x":461,"y":834,"width":426,"height":11}},{"id":"02dbf435-5b45-4499-a2a8-fa4a73520b7d","block_type":"box","text":"Shares, you will receive Investor A Shares).","page_number":46,"box":{"x":461,"y":848,"width":284,"height":10}},{"id":"a2846a3b-c472-4bab-b060-d1d3f569f5e6","block_type":"box","text":"Certain factors, such as the amount of your investment, your time","page_number":46,"box":{"x":461,"y":864,"width":435,"height":10}},{"id":"1ac60ff2-8679-4d49-a5f8-ddd9323fcea1","block_type":"box","text":"frame for investing, and your financial goals, may affect which share","page_number":46,"box":{"x":460,"y":877,"width":451,"height":11}},{"id":"db7220f3-1874-40c3-9ee3-ed447ea0af8d","block_type":"box","text":"class you choose. Your Financial Intermediary can help you determine","page_number":46,"box":{"x":461,"y":891,"width":460,"height":10}},{"id":"26d242b6-00b6-44e0-b27d-dbf3ed4dba1d","block_type":"box","text":"which share class is appropriate for you.","page_number":46,"box":{"x":460,"y":904,"width":267,"height":11}},{"id":"e961d201-d24e-4d82-ba38-1d21fac56857","block_type":"box","text":"40","page_number":46,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"784d83dd-63c6-4ee7-9a71-96b6414ab4ac","block_type":"box","text":"NM1026U-5982664-46/82","page_number":46,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"28ee980e-ce5c-498d-ba6a-c197a5818578","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":47,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"1b7da4a9-a647-4a7c-9875-8cea0b24879d","block_type":"box","text":"Initial Purchase","page_number":47,"box":{"x":61,"y":67,"width":105,"height":8}},{"id":"f99c6f06-85a3-4c35-8cf5-374ff928e8d8","block_type":"box","text":"(continued)","page_number":47,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"b3ab2e79-1695-495e-a789-555d6850477a","block_type":"box","text":"Next, determine the amount of","page_number":47,"box":{"x":214,"y":67,"width":203,"height":10}},{"id":"749e9018-aa89-4a0c-beb9-454867624c07","block_type":"box","text":"your investment","page_number":47,"box":{"x":213,"y":81,"width":105,"height":10}},{"id":"801cd8cd-3d8b-4d42-887f-629332afe354","block_type":"box","text":"Refer to the minimum initial investment in the “Share Classes at a","page_number":47,"box":{"x":461,"y":67,"width":440,"height":8}},{"id":"317fce8c-978e-4b92-a77a-0d67002e0172","block_type":"box","text":"Glance” table of this prospectus. Be sure to note the maximum","page_number":47,"box":{"x":461,"y":81,"width":418,"height":10}},{"id":"b4dc502e-8030-4e5c-ac70-9cc1f26a7eae","block_type":"box","text":"investment amounts in Investor C Shares.","page_number":47,"box":{"x":461,"y":94,"width":276,"height":9}},{"id":"9eea9de2-9dcf-474b-bf41-a605832b0125","block_type":"box","text":"See “Account Information — Details About the Share Classes” for","page_number":47,"box":{"x":461,"y":108,"width":437,"height":8}},{"id":"b163cd7a-56cf-475f-8484-5774c6d68b21","block_type":"box","text":"information on a lower initial investment requirement for certain Fund","page_number":47,"box":{"x":461,"y":121,"width":457,"height":10}},{"id":"32c0d5e8-3176-4762-b091-0744a4e5e04c","block_type":"box","text":"investors if their purchase, combined with purchases by other","page_number":47,"box":{"x":461,"y":135,"width":407,"height":10}},{"id":"735baac0-8ff7-49c5-9dcd-dc5f1ec53a45","block_type":"box","text":"investors received together by the Fund, meets the minimum","page_number":47,"box":{"x":461,"y":149,"width":400,"height":10}},{"id":"3bb63fce-77dd-476e-b3e0-91e471a92949","block_type":"box","text":"investment requirement.","page_number":47,"box":{"x":461,"y":162,"width":160,"height":10}},{"id":"71807be1-68b0-4708-b295-e6e2bae1f86a","block_type":"box","text":"Have your Financial Intermediary","page_number":47,"box":{"x":214,"y":180,"width":215,"height":10}},{"id":"0bf52941-8a80-4440-b38b-7db0f264c60f","block_type":"box","text":"submit your purchase order","page_number":47,"box":{"x":214,"y":194,"width":181,"height":10}},{"id":"15006e54-9c69-410d-b14c-65c9ac6d0acd","block_type":"box","text":"The price of your shares is based on the next calculation of the Fund’s","page_number":47,"box":{"x":460,"y":180,"width":466,"height":10}},{"id":"c69907ba-a375-4757-bfe6-a3ea55cf4e02","block_type":"box","text":"net asset value after your order is placed. Any purchase orders placed","page_number":47,"box":{"x":461,"y":193,"width":463,"height":11}},{"id":"f1b81a04-837b-4bbc-ad39-4683799f362a","block_type":"box","text":"prior to the close of business on the New York Stock Exchange (the","page_number":47,"box":{"x":461,"y":207,"width":443,"height":10}},{"id":"f0f24353-5f3c-4ccb-bf5d-162286e6134f","block_type":"box","text":"“NYSE”) (generally 4:00 p.m. Eastern time) will be priced at the net","page_number":47,"box":{"x":461,"y":221,"width":445,"height":10}},{"id":"0deee880-97bb-4cbe-9e2d-f6302a541641","block_type":"box","text":"asset value determined that day. Certain Financial Intermediaries,","page_number":47,"box":{"x":461,"y":234,"width":435,"height":10}},{"id":"3b408c9a-7736-4278-b157-9b8a561d34d8","block_type":"box","text":"however, may require submission of orders prior to that time. Purchase","page_number":47,"box":{"x":461,"y":248,"width":469,"height":10}},{"id":"10aa526d-d5a4-4ff5-bcb3-1b7a1daacf74","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":47,"box":{"x":461,"y":261,"width":429,"height":10}},{"id":"7c0a69ff-569e-4ca9-af7f-6d0300cbf545","block_type":"box","text":"determined on the next business day.","page_number":47,"box":{"x":461,"y":275,"width":247,"height":10}},{"id":"9bb69335-8eb6-43ce-94cf-ae08e9e19be1","block_type":"box","text":"A broker-dealer or financial institution maintaining the account in which","page_number":47,"box":{"x":460,"y":291,"width":468,"height":10}},{"id":"4654a867-84e8-408d-a8af-93319c098b5c","block_type":"box","text":"you hold shares may charge a separate account, service or transaction","page_number":47,"box":{"x":460,"y":305,"width":470,"height":10}},{"id":"48937481-1f5f-457d-aa2d-93fbd8dc85ae","block_type":"box","text":"fee on the purchase or sale of Fund shares that would be in addition to","page_number":47,"box":{"x":460,"y":318,"width":471,"height":10}},{"id":"19a40041-c8b6-49fd-b633-f7e096686ec0","block_type":"box","text":"the fees and expenses shown in the Fund’s “Fees and Expenses”","page_number":47,"box":{"x":460,"y":331,"width":434,"height":11}},{"id":"abb5470e-acbc-49c6-8117-7fb4af7ecc14","block_type":"box","text":"table.","page_number":47,"box":{"x":460,"y":345,"width":36,"height":8}},{"id":"b8f99440-f66c-4b09-8a21-995f6e9882c1","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":47,"box":{"x":460,"y":361,"width":473,"height":10}},{"id":"aebb2db2-cf7f-4ef9-b6d6-8ce60d47bdc6","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":47,"box":{"x":461,"y":375,"width":453,"height":10}},{"id":"587cec2c-749f-4efe-825c-b0317bd32f5f","block_type":"box","text":"processing fee to confirm a purchase.","page_number":47,"box":{"x":461,"y":388,"width":249,"height":11}},{"id":"ff6b00c9-cfca-4565-bcac-8393da00f6f2","block_type":"box","text":"Or contact BlackRock (for","page_number":47,"box":{"x":214,"y":406,"width":167,"height":10}},{"id":"39d5c1c3-71b5-4a9d-a381-419f0ab5f788","block_type":"box","text":"accounts held directly with","page_number":47,"box":{"x":214,"y":420,"width":173,"height":10}},{"id":"1883fbb8-83f4-4ea5-9f04-487abd7f0e57","block_type":"box","text":"BlackRock)","page_number":47,"box":{"x":214,"y":434,"width":71,"height":9}},{"id":"689d60df-11e8-4f78-bcd7-6013b419ab87","block_type":"box","text":"To purchase shares directly from BlackRock, call (800) 441-7762 and","page_number":47,"box":{"x":460,"y":406,"width":461,"height":11}},{"id":"722f4a8e-8a8a-4861-828b-0eb8881ca35b","block_type":"box","text":"request a new account application. Mail the completed application","page_number":47,"box":{"x":461,"y":420,"width":438,"height":10}},{"id":"ebc8853f-ed6f-40ef-8b7a-2d4b18782ab0","block_type":"box","text":"along with a check payable to “BlackRock Funds” to the Transfer Agent","page_number":47,"box":{"x":461,"y":433,"width":468,"height":11}},{"id":"d86174f0-a9a3-43d0-b5d7-dbf28c23b194","block_type":"box","text":"at the address on the application. The Fund limits purchases by","page_number":47,"box":{"x":461,"y":447,"width":421,"height":10}},{"id":"9a2303f9-faf0-4fa6-b20e-7b40ecbb8f58","block_type":"box","text":"personal check to $500,000 per trade.","page_number":47,"box":{"x":461,"y":460,"width":257,"height":10}},{"id":"41c76de7-7a88-4e0e-b0a7-3d879a2dfea9","block_type":"box","text":"Add to Your","page_number":47,"box":{"x":60,"y":479,"width":78,"height":8}},{"id":"35b4c134-d8fd-4610-a4f8-76ec9ec676ca","block_type":"box","text":"Investment","page_number":47,"box":{"x":61,"y":490,"width":75,"height":8}},{"id":"b850f34e-aa32-482c-a52d-b315371a0028","block_type":"box","text":"Purchase additional shares For Investor A and Investor C Shares, the minimum investment for","page_number":47,"box":{"x":214,"y":478,"width":683,"height":10}},{"id":"726cf8a9-bb6b-44e5-ad01-0a486b9fb083","block_type":"box","text":"additional purchases is generally $50 for all accounts (with the","page_number":47,"box":{"x":461,"y":491,"width":415,"height":11}},{"id":"8b4e9df8-10ca-452e-a937-56da1c727356","block_type":"box","text":"exception of certain employer-sponsored retirement plans which may","page_number":47,"box":{"x":461,"y":505,"width":455,"height":11}},{"id":"4cd6a0f2-52bc-4874-b8e2-e106a6583b4a","block_type":"box","text":"have a lower minimum for additional purchases). The minimums for","page_number":47,"box":{"x":461,"y":519,"width":445,"height":10}},{"id":"a9544628-c620-4a80-904f-9cadac291b43","block_type":"box","text":"additional purchases may be waived under certain circumstances.","page_number":47,"box":{"x":461,"y":533,"width":436,"height":10}},{"id":"87716b34-9c08-41fe-a9be-439080e7c114","block_type":"box","text":"Institutional Shares have no minimum for additional purchases.","page_number":47,"box":{"x":461,"y":546,"width":418,"height":10}},{"id":"8144509c-93a9-45d2-8072-e28393119100","block_type":"box","text":"Have your Financial Intermediary","page_number":47,"box":{"x":214,"y":564,"width":215,"height":10}},{"id":"46db326c-9445-45fa-8e20-d696f82b44e0","block_type":"box","text":"submit your purchase order for","page_number":47,"box":{"x":214,"y":578,"width":203,"height":10}},{"id":"c40e65cc-889e-4610-a774-55e64112b6ff","block_type":"box","text":"additional shares","page_number":47,"box":{"x":214,"y":591,"width":113,"height":9}},{"id":"3e46a010-fdb8-4a6b-aef4-84b69298104d","block_type":"box","text":"To purchase additional shares you may contact your Financial","page_number":47,"box":{"x":460,"y":564,"width":405,"height":10}},{"id":"998c291d-39ef-4cc7-85c7-52be75c259ee","block_type":"box","text":"Intermediary. For more details on purchasing by Internet see below.","page_number":47,"box":{"x":461,"y":578,"width":444,"height":10}},{"id":"4d261f06-ffdc-4f5e-bfa3-5f4bcb1a0c7d","block_type":"box","text":"Or contact BlackRock (for","page_number":47,"box":{"x":214,"y":609,"width":167,"height":10}},{"id":"a1df92e4-766f-440b-b29f-4d9d59787087","block_type":"box","text":"accounts held directly with","page_number":47,"box":{"x":214,"y":623,"width":173,"height":10}},{"id":"7180db66-b293-43c8-9deb-dc1a616f3e62","block_type":"box","text":"BlackRock)","page_number":47,"box":{"x":214,"y":637,"width":71,"height":10}},{"id":"015de1a6-cb38-4646-9869-a916766db74d","block_type":"box","text":"Purchase by Telephone:","page_number":47,"box":{"x":461,"y":610,"width":158,"height":10}},{"id":"71b45a84-494d-4129-8d37-363a77620308","block_type":"box","text":"Call (800) 441-7762 and speak with one of","page_number":47,"box":{"x":625,"y":609,"width":288,"height":10}},{"id":"42abfa60-ad9f-49a7-8719-0d522c6780e6","block_type":"box","text":"our representatives. The Fund has the right to reject any telephone","page_number":47,"box":{"x":461,"y":623,"width":440,"height":10}},{"id":"f707e44b-59b3-4df8-ad32-093e012f7c59","block_type":"box","text":"request for any reason.","page_number":47,"box":{"x":461,"y":636,"width":152,"height":11}},{"id":"0d884cae-4296-4aea-b3b9-8761e2e8adf3","block_type":"box","text":"Purchase in Writing:","page_number":47,"box":{"x":461,"y":653,"width":135,"height":10}},{"id":"9cdd25df-3bc1-47de-bad4-2e01498da475","block_type":"box","text":"You may send a written request to BlackRock at","page_number":47,"box":{"x":602,"y":653,"width":316,"height":10}},{"id":"09446d09-9ee1-4f8b-b773-e0be1da3ab4e","block_type":"box","text":"the address on the back cover of this prospectus.","page_number":47,"box":{"x":460,"y":666,"width":329,"height":10}},{"id":"cead9ea0-1640-4ba2-b2c8-35f4d3fac73f","block_type":"box","text":"Purchase by VRU:","page_number":47,"box":{"x":461,"y":682,"width":119,"height":10}},{"id":"d2a12d0d-9e34-4cf7-b3d7-38eaa6b744f5","block_type":"box","text":"Investor Shares may also be purchased by use of","page_number":47,"box":{"x":587,"y":682,"width":326,"height":10}},{"id":"2bcf5eba-d518-4bf8-b85c-7c78fc6d4fed","block_type":"box","text":"the Fund’s automated voice response unit (“VRU”) service at","page_number":47,"box":{"x":460,"y":696,"width":404,"height":10}},{"id":"939ce28a-4ece-4d57-b2a2-8b16039c6322","block_type":"box","text":"(800) 441-7762.","page_number":47,"box":{"x":461,"y":709,"width":110,"height":10}},{"id":"8837a39e-2f5c-4732-8b27-89fdb8a280a1","block_type":"box","text":"Purchase by Internet:","page_number":47,"box":{"x":461,"y":726,"width":144,"height":10}},{"id":"ccc17cab-bb0f-44dd-bcf8-3068e4b611cd","block_type":"box","text":"You may purchase your shares and view activity","page_number":47,"box":{"x":611,"y":726,"width":314,"height":10}},{"id":"fe317a63-3fb4-4188-8b9c-7fdef3ccd854","block_type":"box","text":"in your account by logging onto the BlackRock website at","page_number":47,"box":{"x":461,"y":739,"width":374,"height":10}},{"id":"6ffa1817-ee15-4c2e-b4bb-dc020016189d","block_type":"box","text":"www.blackrock.com. 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Contact your Financial","page_number":47,"box":{"x":461,"y":823,"width":434,"height":10}},{"id":"9c75aa73-9896-4e1c-92c4-052a89650bdf","block_type":"box","text":"Intermediary or BlackRock for further information. The Fund limits","page_number":47,"box":{"x":461,"y":836,"width":433,"height":10}},{"id":"72591bb3-6f83-49b6-acb2-8ee6f21d4603","block_type":"box","text":"Internet purchases in shares of the Fund to $100,000 per account per","page_number":47,"box":{"x":461,"y":849,"width":467,"height":11}},{"id":"dc31cfef-0b38-47fa-9a54-279b6fb3c55f","block_type":"box","text":"day. 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Any redemption request placed after that time","page_number":48,"box":{"x":461,"y":680,"width":470,"height":10}},{"id":"4ffb8a3c-8ed6-425f-b26f-5cf88c9a51d3","block_type":"box","text":"will be priced at the net asset value at the close of business on the","page_number":48,"box":{"x":460,"y":694,"width":447,"height":10}},{"id":"20d1a17d-d944-484b-9552-16e46bce5a25","block_type":"box","text":"next business day.","page_number":48,"box":{"x":461,"y":707,"width":121,"height":11}},{"id":"2ddc97e1-c01a-433c-a4f1-22c81e73a295","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":48,"box":{"x":461,"y":723,"width":437,"height":11}},{"id":"582b0135-6344-4027-9f79-03ac030e4503","block_type":"box","text":"redemption proceeds (check, wire or ACH), your redemption proceeds","page_number":48,"box":{"x":461,"y":737,"width":458,"height":10}},{"id":"b918cd8a-961f-4213-b6b6-bd29119466df","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":48,"box":{"x":460,"y":750,"width":465,"height":11}},{"id":"95f531f3-5fd4-4201-a9c5-d1f88af9e31a","block_type":"box","text":"but in any event, within seven days.","page_number":48,"box":{"x":461,"y":764,"width":233,"height":10}},{"id":"f79d2821-4a26-4cd9-831b-869c4e7a4805","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":48,"box":{"x":461,"y":780,"width":415,"height":10}},{"id":"47d677b5-0ce2-463e-baa8-c57247c7535f","block_type":"box","text":"redemption of shares.","page_number":48,"box":{"x":461,"y":794,"width":144,"height":10}},{"id":"37ec91c5-c568-4c86-8542-cd8338132ac0","block_type":"box","text":"The Fund may reject an order to sell shares under 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Call (800) 441-7762","page_number":49,"box":{"x":461,"y":94,"width":472,"height":11}},{"id":"4571b2b1-09a4-46f3-bcdf-da6986385aac","block_type":"box","text":"for details.","page_number":49,"box":{"x":460,"y":108,"width":70,"height":8}},{"id":"a81d0c6e-f9ee-4bfd-a678-b3fa24fff33e","block_type":"box","text":"You can obtain a medallion signature guarantee stamp from a bank,","page_number":49,"box":{"x":460,"y":124,"width":448,"height":10}},{"id":"17a2a100-be44-45c4-9efc-5c7a0c955247","block_type":"box","text":"securities dealer, securities broker, credit union, savings and loan","page_number":49,"box":{"x":461,"y":138,"width":434,"height":10}},{"id":"b54fca0a-7619-41ba-8a80-308e822e9791","block_type":"box","text":"association, national securities exchange or registered securities","page_number":49,"box":{"x":461,"y":151,"width":430,"height":10}},{"id":"049f0840-52a0-442c-974d-444d02e1a4ee","block_type":"box","text":"association. A notary public seal will not be acceptable.","page_number":49,"box":{"x":461,"y":165,"width":366,"height":10}},{"id":"e85d752e-491d-4556-8b88-51fb856e083d","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":49,"box":{"x":460,"y":181,"width":468,"height":10}},{"id":"a028b7be-4e6b-4d87-890b-ed01dbad6c26","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":49,"box":{"x":461,"y":194,"width":474,"height":10}},{"id":"c12bab6f-19c0-45c4-98ae-1ae6cce8bba1","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":49,"box":{"x":460,"y":208,"width":450,"height":10}},{"id":"5b18ba17-93b8-4d58-ab9d-edaff7a14e30","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":49,"box":{"x":461,"y":221,"width":450,"height":11}},{"id":"50dba805-2668-465e-b292-f0ab6d77a5ba","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":49,"box":{"x":460,"y":235,"width":445,"height":10}},{"id":"d3c951c7-38b2-42b3-b0cb-494a98687c38","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":49,"box":{"x":461,"y":248,"width":463,"height":11}},{"id":"0ab6f23b-38dc-494e-b98a-1a0174faf90a","block_type":"box","text":"believes it is advisable to do so. During periods of substantial","page_number":49,"box":{"x":461,"y":262,"width":407,"height":10}},{"id":"8ff5b1d7-f62c-4c9d-8d17-e06fb15d832d","block_type":"box","text":"economic or market change, telephone redemptions may be difficult to","page_number":49,"box":{"x":461,"y":275,"width":467,"height":11}},{"id":"a357b41a-7c18-4dfe-a7b6-491c115e5efc","block_type":"box","text":"complete. Please find alternative redemption methods below.","page_number":49,"box":{"x":461,"y":289,"width":403,"height":10}},{"id":"a4968477-2405-444f-8131-ae04eef0e996","block_type":"box","text":"Redeem by VRU:","page_number":49,"box":{"x":461,"y":305,"width":111,"height":10}},{"id":"a01032d4-a7e6-41ad-a69a-694fe85e1427","block_type":"box","text":"Investor Shares may also be redeemed by use of the","page_number":49,"box":{"x":579,"y":305,"width":348,"height":10}},{"id":"20c25823-d3b0-4069-aeb3-5ce572adfe15","block_type":"box","text":"Fund’s automated VRU service. Payment for Investor Shares redeemed","page_number":49,"box":{"x":461,"y":319,"width":469,"height":10}},{"id":"962622bf-3056-4769-b535-1e1eb0f315f5","block_type":"box","text":"by the VRU service may be made for non-retirement accounts in","page_number":49,"box":{"x":461,"y":332,"width":420,"height":10}},{"id":"a206fce3-92ef-4d32-9ae4-977a928ceba9","block_type":"box","text":"amounts up to $25,000, either through check, ACH or wire.","page_number":49,"box":{"x":461,"y":345,"width":392,"height":11}},{"id":"54bd3f95-bac8-42dd-ae17-5c1f6b754c2c","block_type":"box","text":"Redeem by Internet:","page_number":49,"box":{"x":461,"y":362,"width":136,"height":10}},{"id":"bd8063a6-7bec-46f2-a723-64f0179e71ce","block_type":"box","text":"You may redeem in your account by logging onto","page_number":49,"box":{"x":603,"y":362,"width":317,"height":10}},{"id":"4909609a-174b-4f3f-b8e2-acfbc0c5a5ee","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":49,"box":{"x":460,"y":375,"width":461,"height":9}},{"id":"eb30131c-b2d6-4384-ae50-d24d2cdb66af","block_type":"box","text":"redemptions may be sent via check, ACH or wire to the bank account of","page_number":49,"box":{"x":461,"y":389,"width":473,"height":10}},{"id":"109ed4e1-db48-401f-96b5-b635e882792c","block_type":"box","text":"record. Payment for shares redeemed by Internet may be made for non","page_number":49,"box":{"x":461,"y":402,"width":472,"height":11}},{"id":"85659d8c-56a8-4ee0-a704-bde28c611f3e","block_type":"box","text":"retirement accounts in amounts up to $100,000 per account per day,","page_number":49,"box":{"x":461,"y":415,"width":459,"height":11}},{"id":"ca0ca50a-e1a2-4d89-a05a-a1f7fc6b8c81","block_type":"box","text":"either through check, ACH or wire. Different maximums may apply to","page_number":49,"box":{"x":461,"y":429,"width":451,"height":11}},{"id":"ed191383-c2e1-490f-a98d-80ce9b5912c3","block_type":"box","text":"certain institutional investors.","page_number":49,"box":{"x":461,"y":443,"width":196,"height":8}},{"id":"391ad3c7-03ad-47e6-940e-8d39663d3297","block_type":"box","text":"Redeem in Writing:","page_number":49,"box":{"x":461,"y":459,"width":127,"height":10}},{"id":"687fd587-86cd-4cfe-9f0f-978a1e87ca03","block_type":"box","text":"You may sell shares held with BlackRock by writing","page_number":49,"box":{"x":594,"y":459,"width":335,"height":11}},{"id":"7734b6f9-ea8a-4147-9ded-611aad3ad2eb","block_type":"box","text":"to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429","page_number":49,"box":{"x":460,"y":473,"width":468,"height":10}},{"id":"da9eaf0a-d4b2-4b1c-b661-578669a8e87e","block_type":"box","text":"or for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":49,"box":{"x":461,"y":486,"width":463,"height":11}},{"id":"46c9a891-6300-41fb-9791-7e92bff8bb42","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. All shareholders on the account","page_number":49,"box":{"x":461,"y":500,"width":466,"height":10}},{"id":"2dceff1a-3906-4b8c-94c9-bb32b2fedd4f","block_type":"box","text":"must sign the letter. A medallion signature guarantee will generally be","page_number":49,"box":{"x":461,"y":513,"width":460,"height":11}},{"id":"25d52c5d-0cc0-46ea-bdb0-fe63b9b809a0","block_type":"box","text":"required but may be waived in certain limited circumstances. You can","page_number":49,"box":{"x":461,"y":527,"width":457,"height":10}},{"id":"007302f9-38b8-44cb-aafc-8c5ff367a756","block_type":"box","text":"obtain a medallion signature guarantee stamp from a bank, securities","page_number":49,"box":{"x":461,"y":540,"width":461,"height":11}},{"id":"892c479e-d5e0-4d4c-9e24-c764207688ba","block_type":"box","text":"dealer, securities broker, credit union, savings and loan association,","page_number":49,"box":{"x":461,"y":554,"width":450,"height":10}},{"id":"45d9405b-2190-4943-86fd-f47d816c2f84","block_type":"box","text":"national securities exchange or registered securities association. A","page_number":49,"box":{"x":461,"y":568,"width":443,"height":10}},{"id":"f2f909b5-677a-4245-8c10-75fc7d9eaea1","block_type":"box","text":"notary public seal will not be acceptable. If you hold stock certificates,","page_number":49,"box":{"x":461,"y":581,"width":465,"height":10}},{"id":"bae80695-c863-48cd-9f8b-faf2d19fe4af","block_type":"box","text":"return the certificates with the letter. Proceeds from redemptions may","page_number":49,"box":{"x":461,"y":594,"width":462,"height":11}},{"id":"dd7c7101-f089-49cd-924d-cf47f73e8058","block_type":"box","text":"be sent via check, ACH or wire to the bank account of record.","page_number":49,"box":{"x":461,"y":608,"width":404,"height":10}},{"id":"01355c80-e0d6-42b4-a705-970504ac571f","block_type":"box","text":"Payment of Redemption Proceeds","page_number":49,"box":{"x":461,"y":624,"width":228,"height":10}},{"id":"371a8240-28dd-4411-b351-f21d8c8b3e58","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":49,"box":{"x":461,"y":638,"width":467,"height":10}},{"id":"7a843216-c36e-45f0-bc9b-a4779dff49f6","block_type":"box","text":"banking information on file, through ACH or by wire transfer.","page_number":49,"box":{"x":461,"y":651,"width":393,"height":11}},{"id":"14428810-ceee-4287-834b-e0ca37a12bdb","block_type":"box","text":"Payment by Check:","page_number":49,"box":{"x":461,"y":667,"width":129,"height":11}},{"id":"922ea9db-5759-4958-9516-3dc6b1840be5","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":49,"box":{"x":597,"y":668,"width":329,"height":10}},{"id":"0ff90f61-287c-4556-bd5a-1b50ab91c6ff","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":49,"box":{"x":460,"y":681,"width":430,"height":10}},{"id":"a2f436e2-e544-4f7f-b59a-ae6fe151f344","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":49,"box":{"x":461,"y":694,"width":460,"height":11}},{"id":"e7117e6a-7ad4-4bd9-bc51-77988f38c49b","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":49,"box":{"x":461,"y":708,"width":468,"height":10}},{"id":"d8d0f445-64ec-4a97-b821-15760c976718","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":49,"box":{"x":461,"y":721,"width":467,"height":11}},{"id":"277888ce-ec8d-4feb-a306-66fea14007c9","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":49,"box":{"x":461,"y":735,"width":467,"height":10}},{"id":"68242c5b-f169-4971-b1c4-c70aa3cb2564","block_type":"box","text":"charges imposed by your bank for this service.","page_number":49,"box":{"x":461,"y":748,"width":307,"height":11}},{"id":"b7e7fcf2-2ab3-4780-8530-c9bb6b2a1adf","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":49,"box":{"x":460,"y":765,"width":438,"height":10}},{"id":"626bc523-030e-493f-8dd3-1855fdcf949b","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":49,"box":{"x":461,"y":778,"width":429,"height":11}},{"id":"452654a5-9cd1-401b-bc71-1ad849c77157","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":49,"box":{"x":461,"y":792,"width":403,"height":10}},{"id":"1bd7b28c-e271-4fd5-8e85-b9855c7ea8d7","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":49,"box":{"x":461,"y":805,"width":467,"height":9}},{"id":"9438b1f7-f73f-44c4-b2d5-26228def9a13","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":49,"box":{"x":460,"y":819,"width":456,"height":10}},{"id":"bbdc210e-f7df-40e3-a679-87d1e048a751","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":49,"box":{"x":460,"y":833,"width":402,"height":10}},{"id":"5b6940a2-7c5e-4afc-8d38-f640cd43354f","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":49,"box":{"x":461,"y":846,"width":430,"height":10}},{"id":"1eef3a18-30d3-4c73-b930-b597592313e1","block_type":"box","text":"amounts are subject to the risk of loss like any Fund investment. If you","page_number":49,"box":{"x":461,"y":859,"width":468,"height":11}},{"id":"c3983e5b-72fd-4bf1-b609-ff3e5675e821","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":49,"box":{"x":461,"y":873,"width":473,"height":8}},{"id":"76893aba-2f74-4813-9280-05f349fc0981","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":49,"box":{"x":461,"y":886,"width":456,"height":11}},{"id":"ee4cb4b1-3332-444b-89ce-eef691b93712","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":49,"box":{"x":461,"y":900,"width":461,"height":10}},{"id":"54f74c31-2569-49d5-9839-246d45b0e2e7","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":49,"box":{"x":460,"y":914,"width":469,"height":10}},{"id":"ae784d12-d5ef-4357-ba30-c144ab14af2a","block_type":"box","text":"43","page_number":49,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"64511a65-1035-4510-85ed-7d0496066051","block_type":"box","text":"NM1026U-5982664-49/82","page_number":49,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"bd73558d-1fba-4fce-a8fb-b414ef40f241","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":50,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"5b3bc139-144f-449e-8619-35390cab0f63","block_type":"box","text":"Full or Partial","page_number":50,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"ca46a17f-316e-4bf3-98e4-186c5fae5231","block_type":"box","text":"Redemption of","page_number":50,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"d31c27c9-4e32-49e4-8ec3-5a6d6fc13ee9","block_type":"box","text":"Shares (continued)","page_number":50,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"b51cb510-a7d9-4ad1-b6d8-5f9d70b1b119","block_type":"box","text":"Selling shares held directly with","page_number":50,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"62a7e4d1-8d87-4a34-982b-0b09dafeffd0","block_type":"box","text":"BlackRock (continued)","page_number":50,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"e80f58b8-6365-4a9b-a39a-c09136ba6b2f","block_type":"box","text":"as of the date of payment of the distribution.","page_number":50,"box":{"x":461,"y":67,"width":295,"height":10}},{"id":"f0d4a375-f2b5-4fd2-9c84-2872e9cec944","block_type":"box","text":"Payment by Wire Transfer:","page_number":50,"box":{"x":461,"y":83,"width":177,"height":11}},{"id":"1e0801b4-cc7c-439a-9d80-1bee6c7b97a6","block_type":"box","text":"Payment for redeemed shares for which a","page_number":50,"box":{"x":644,"y":83,"width":275,"height":11}},{"id":"4d430f8a-4947-41ae-962f-464d43e5938a","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":50,"box":{"x":461,"y":97,"width":437,"height":10}},{"id":"77d0705f-18b0-4c4f-b6a3-6e51ae1b927d","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":50,"box":{"x":461,"y":110,"width":471,"height":11}},{"id":"ca43b4b5-b3f4-4d4f-b846-ed6180f1ef13","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":50,"box":{"x":461,"y":124,"width":417,"height":10}},{"id":"a5517af0-bb85-4696-a2ea-412a1af8f902","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":50,"box":{"x":461,"y":137,"width":449,"height":11}},{"id":"93b13b13-a89e-41cf-b3ef-4533423f5828","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":50,"box":{"x":461,"y":151,"width":449,"height":10}},{"id":"d5ddcba6-b676-488e-8503-9f1d488ebf83","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":50,"box":{"x":461,"y":164,"width":433,"height":11}},{"id":"a2e5435f-7279-411a-959b-10431bfa50fe","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":50,"box":{"x":461,"y":178,"width":449,"height":10}},{"id":"489e98b6-8185-43f1-8e7c-dc92c3e73054","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":50,"box":{"x":461,"y":192,"width":437,"height":10}},{"id":"b313aded-f0ec-42ea-836a-7659d43d5011","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":50,"box":{"x":461,"y":205,"width":469,"height":11}},{"id":"b4624a99-8694-4b32-85f0-9febcb96b973","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":50,"box":{"x":459,"y":219,"width":448,"height":10}},{"id":"a2621ce2-ebe3-46e1-bd16-189fe96989e6","block_type":"box","text":"Fund.","page_number":50,"box":{"x":461,"y":232,"width":34,"height":8}},{"id":"181d3e2a-f0f4-4c85-99e5-d16d81c6aa6c","block_type":"box","text":"If a shareholder has given authorization for expedited redemption,","page_number":50,"box":{"x":461,"y":248,"width":434,"height":11}},{"id":"c4324882-0ea5-4032-abc8-fb4d810602d9","block_type":"box","text":"shares can be redeemed by Federal wire transfer to a single previously","page_number":50,"box":{"x":461,"y":262,"width":468,"height":10}},{"id":"f3cf04d5-4a9b-4557-90c8-033f4a36d59b","block_type":"box","text":"designated bank account. Shareholders will pay $7.50 for redemption","page_number":50,"box":{"x":461,"y":275,"width":460,"height":11}},{"id":"382ccc39-3e8e-484a-a1ed-9d0c2a3694aa","block_type":"box","text":"proceeds sent by Federal wire transfer. You are responsible for any","page_number":50,"box":{"x":461,"y":289,"width":441,"height":10}},{"id":"9f1ffc78-1c19-4aca-8a2b-e18618ebd93a","block_type":"box","text":"additional charges imposed by your bank for this service. No charge for","page_number":50,"box":{"x":461,"y":302,"width":472,"height":11}},{"id":"7cf49042-ae63-4637-8b07-0729d62844dd","block_type":"box","text":"wiring redemption payments with respect to Institutional Shares is","page_number":50,"box":{"x":460,"y":316,"width":438,"height":10}},{"id":"094dbffe-0f6f-490b-9ba8-45bff9bce9c8","block_type":"box","text":"imposed by the Fund.","page_number":50,"box":{"x":461,"y":330,"width":140,"height":10}},{"id":"b69db086-19a2-4a0c-b1cc-ea21d85699be","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":50,"box":{"x":460,"y":346,"width":425,"height":10}},{"id":"72a52033-0e29-4483-a09b-56f4986d320e","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":50,"box":{"x":461,"y":359,"width":455,"height":11}},{"id":"060eb1b9-fac2-42fe-bb7c-0c426b36a2ac","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":50,"box":{"x":461,"y":373,"width":476,"height":10}},{"id":"ad799595-338e-4b85-ae9f-e5dc75dbfe40","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":50,"box":{"x":461,"y":386,"width":455,"height":11}},{"id":"2c320872-3ae5-4c7c-b034-50b620078bd5","block_type":"box","text":"the back cover of this prospectus.","page_number":50,"box":{"x":460,"y":400,"width":224,"height":10}},{"id":"e2c8e1e0-15e0-4edb-9307-bc9c1790a925","block_type":"box","text":"Payment by ACH:","page_number":50,"box":{"x":461,"y":416,"width":116,"height":10}},{"id":"0a95d35e-5a1d-4549-b3f2-e32257c2fc63","block_type":"box","text":"Redemption proceeds may be sent to the","page_number":50,"box":{"x":584,"y":416,"width":272,"height":10}},{"id":"c1a53e12-304b-4239-9bff-bc25af0fd564","block_type":"box","text":"shareholder’s bank account (checking or savings) via ACH. Payment for","page_number":50,"box":{"x":461,"y":429,"width":469,"height":11}},{"id":"914ce795-fa5b-440e-ba71-0d82c924ebe9","block_type":"box","text":"redeemed shares for which a redemption order is received before","page_number":50,"box":{"x":461,"y":443,"width":432,"height":10}},{"id":"6442af78-2ba8-452f-9acf-2c779dbe826a","block_type":"box","text":"4:00 p.m. (Eastern time) on a business day is normally sent to the","page_number":50,"box":{"x":461,"y":457,"width":441,"height":10}},{"id":"99ad1a56-39e4-45b5-8d29-c216c52ffbe6","block_type":"box","text":"redeeming shareholder the next business day, with receipt at the","page_number":50,"box":{"x":461,"y":470,"width":428,"height":10}},{"id":"d5be04c2-7686-4bf8-ab0d-d1627e2ca00b","block_type":"box","text":"receiving bank within the next two business days (48-72 hours);","page_number":50,"box":{"x":461,"y":484,"width":420,"height":10}},{"id":"8778ba70-d9a7-48e7-b332-8ec395f7db9a","block_type":"box","text":"provided that the Fund’s custodian is also open for business. Payment","page_number":50,"box":{"x":461,"y":497,"width":467,"height":10}},{"id":"53161ba5-cb54-4505-8f60-720f1cfc5018","block_type":"box","text":"for redemption orders received after 4:00 p.m. (Eastern time) or on a","page_number":50,"box":{"x":460,"y":511,"width":458,"height":10}},{"id":"94d25df9-2e51-48f1-99d1-66a760a6d3e3","block_type":"box","text":"day when the Fund’s custodian is closed is normally sent on the next","page_number":50,"box":{"x":461,"y":524,"width":457,"height":10}},{"id":"80f3e677-7d18-4cdd-8cfe-934cb2987604","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":50,"box":{"x":461,"y":538,"width":449,"height":10}},{"id":"ae07d684-202c-4fb1-a0b3-289d6050c1ec","block_type":"box","text":"open for business.","page_number":50,"box":{"x":461,"y":551,"width":121,"height":10}},{"id":"d0a8f276-0028-43bd-9b8f-7428a5e09368","block_type":"box","text":"The Fund reserves the right to send redemption proceeds within seven","page_number":50,"box":{"x":460,"y":568,"width":467,"height":10}},{"id":"18448b0e-dd82-4298-ae52-a4e9fd8f16ec","block_type":"box","text":"days after receiving a redemption order if, in the judgment of the Fund,","page_number":50,"box":{"x":461,"y":581,"width":465,"height":10}},{"id":"5e13150f-0b34-4eff-8652-8741fcacf543","block_type":"box","text":"an earlier payment could adversely affect the Fund. No charge for","page_number":50,"box":{"x":461,"y":594,"width":432,"height":11}},{"id":"d33a8b8f-9f89-4e13-bc99-a70ded1bf602","block_type":"box","text":"sending redemption payments via ACH is imposed by the Fund.","page_number":50,"box":{"x":461,"y":608,"width":415,"height":10}},{"id":"13c6a058-b240-4532-8632-a21bc94d83b3","block_type":"box","text":"***","page_number":50,"box":{"x":686,"y":624,"width":25,"height":5}},{"id":"d6c79e53-efd1-412b-9619-d4baa78f0a7f","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":50,"box":{"x":461,"y":638,"width":423,"height":10}},{"id":"a0cc2a7d-cb5f-455c-9a77-bc86aee40da8","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":50,"box":{"x":461,"y":651,"width":456,"height":11}},{"id":"2758bf0b-21b7-48cd-9235-bdf57268935f","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":50,"box":{"x":461,"y":665,"width":352,"height":10}},{"id":"4cebaec3-3ff7-4a53-b634-4460f324fdd1","block_type":"box","text":"Redemption","page_number":50,"box":{"x":61,"y":683,"width":80,"height":10}},{"id":"cdd25551-4925-4da2-b6dd-b3aadf0ff86a","block_type":"box","text":"Proceeds","page_number":50,"box":{"x":61,"y":695,"width":62,"height":8}},{"id":"17bd27ee-4721-47d2-abd2-3f59b70bd054","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":50,"box":{"x":461,"y":686,"width":445,"height":9}},{"id":"2c98ff22-71e6-4a12-ba02-1b91b5e73749","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":50,"box":{"x":461,"y":699,"width":467,"height":10}},{"id":"c56765f2-bfe0-4c26-8dfc-2350267ce767","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":50,"box":{"x":461,"y":712,"width":455,"height":11}},{"id":"a5f17ee4-50cc-4920-8549-c5d8e32de138","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":50,"box":{"x":461,"y":726,"width":450,"height":10}},{"id":"40df4933-1601-4140-b226-d28568361b95","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":50,"box":{"x":461,"y":739,"width":452,"height":11}},{"id":"1bce70d2-25c7-45a6-a86f-db302d949990","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":50,"box":{"x":461,"y":753,"width":471,"height":10}},{"id":"13b17d87-848a-45d1-abc5-10df83f81a7c","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":50,"box":{"x":461,"y":767,"width":471,"height":10}},{"id":"a9daaa55-66b8-44fc-b06d-1c35f5b1230a","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in-kind to you. The","page_number":50,"box":{"x":461,"y":780,"width":453,"height":11}},{"id":"caeba48a-025e-4359-822d-d93af6f10628","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":50,"box":{"x":461,"y":794,"width":405,"height":8}},{"id":"c5453101-9d04-4126-95c4-61486e697234","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":50,"box":{"x":461,"y":810,"width":408,"height":10}},{"id":"2b340738-545a-48dd-a49f-1e887ea13745","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":50,"box":{"x":461,"y":823,"width":457,"height":11}},{"id":"1b1f5074-ff0b-4910-bef1-54a28acb9412","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":50,"box":{"x":460,"y":837,"width":440,"height":10}},{"id":"3f7d1626-173c-4bb3-8b2c-2e4a2d4c5fa6","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":50,"box":{"x":460,"y":850,"width":340,"height":11}},{"id":"f579d499-0e34-473d-a84a-c8aaf9628769","block_type":"box","text":"44","page_number":50,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"8df83772-28bb-4b47-a0c4-6677a5a443b2","block_type":"box","text":"NM1026U-5982664-50/82","page_number":50,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"95370194-3dae-433c-889c-0aa5a7b8526f","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":51,"box":{"x":61,"y":46,"width":415,"height":13}},{"id":"599a0747-6fb4-4403-a971-ff9c11df0b6c","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":51,"box":{"x":213,"y":68,"width":478,"height":9}},{"id":"efd1abab-4d1a-4644-9b59-4854187f7e15","block_type":"box","text":"Exchange Privilege","page_number":51,"box":{"x":61,"y":85,"width":128,"height":10}},{"id":"4980cb3f-b3e1-4cc2-a1c7-737cc31c9229","block_type":"box","text":"Selling shares of one BlackRock","page_number":51,"box":{"x":214,"y":85,"width":212,"height":11}},{"id":"ac5419a6-8314-413d-96ff-ed1ec72160d1","block_type":"box","text":"Fund to purchase shares of","page_number":51,"box":{"x":214,"y":99,"width":181,"height":10}},{"id":"554dcfdb-ef4e-4358-a86e-f053748f5507","block_type":"box","text":"another BlackRock Fund","page_number":51,"box":{"x":214,"y":113,"width":158,"height":8}},{"id":"b7e82b2f-3942-4044-9b25-c5220cbf99b8","block_type":"box","text":"(“exchanging”)","page_number":51,"box":{"x":214,"y":126,"width":95,"height":10}},{"id":"33b78895-1fdf-4de1-9611-b5c02a3dce5d","block_type":"box","text":"Investor or Institutional Shares of the Fund are generally exchangeable","page_number":51,"box":{"x":461,"y":85,"width":466,"height":11}},{"id":"ffb082c5-6d27-47fc-b4b4-539b1740700b","block_type":"box","text":"for shares of the same class of another BlackRock Fund, to the extent","page_number":51,"box":{"x":460,"y":99,"width":465,"height":9}},{"id":"44887d50-d99a-49a8-8cde-01d1ae7f78b3","block_type":"box","text":"such shares are offered by your Financial Intermediary.","page_number":51,"box":{"x":461,"y":112,"width":362,"height":11}},{"id":"96eabdfc-6b84-40d2-8e60-0d92bb53e941","block_type":"box","text":"You can exchange $1,000 or more of Investor Shares from one fund","page_number":51,"box":{"x":460,"y":128,"width":450,"height":11}},{"id":"0adca964-5414-43e1-b1a2-7bcb160c9b73","block_type":"box","text":"into the same class of another fund which offers that class of shares","page_number":51,"box":{"x":461,"y":142,"width":457,"height":8}},{"id":"c62dbd58-9ab1-45e4-9395-20bd474b5736","block_type":"box","text":"(you can exchange less than $1,000 of Investor Shares if you already","page_number":51,"box":{"x":461,"y":155,"width":459,"height":11}},{"id":"6ab87f54-76b6-4b20-b9cf-3c78e6a5cb8a","block_type":"box","text":"have an account in the fund into which you are exchanging). Investors","page_number":51,"box":{"x":461,"y":169,"width":459,"height":10}},{"id":"a7986b75-a181-40c4-8de6-50d9b8008f52","block_type":"box","text":"who currently own Institutional Shares of the Fund may make","page_number":51,"box":{"x":460,"y":183,"width":403,"height":10}},{"id":"0c1c116b-42b3-4647-9e24-b8d505906a4b","block_type":"box","text":"exchanges into Institutional Shares of other BlackRock Funds except for","page_number":51,"box":{"x":461,"y":196,"width":475,"height":11}},{"id":"d7d4163a-fc95-45b9-85c2-939358619b28","block_type":"box","text":"investors holding shares through certain client accounts at Financial","page_number":51,"box":{"x":461,"y":210,"width":450,"height":10}},{"id":"4c1cef3a-dd96-492c-9270-916938dd14e7","block_type":"box","text":"Intermediaries that are omnibus with the Fund and do not meet","page_number":51,"box":{"x":461,"y":223,"width":419,"height":8}},{"id":"307909dc-13a6-4754-92ae-007966737a9a","block_type":"box","text":"applicable minimums. There is no required minimum amount with","page_number":51,"box":{"x":461,"y":237,"width":431,"height":10}},{"id":"37e1939e-0f27-4346-9e4c-c5457d7f1c3c","block_type":"box","text":"respect to exchanges of Institutional Shares.","page_number":51,"box":{"x":461,"y":250,"width":295,"height":11}},{"id":"5034f5f1-fe8c-43fd-98cd-0b34b894b1d7","block_type":"box","text":"You may only exchange into a share class and fund that are open to","page_number":51,"box":{"x":460,"y":266,"width":449,"height":11}},{"id":"52d721d4-d1a3-4ade-a721-cd1a7434b497","block_type":"box","text":"new investors or in which you have a current account if the fund is","page_number":51,"box":{"x":461,"y":280,"width":437,"height":10}},{"id":"a5dceaba-0d11-4c1c-a9e0-a2df3e25f529","block_type":"box","text":"closed to new investors.","page_number":51,"box":{"x":461,"y":294,"width":159,"height":8}},{"id":"a449805c-ee91-473a-bb95-7654527f020c","block_type":"box","text":"Some of the BlackRock Funds impose a different initial or deferred","page_number":51,"box":{"x":461,"y":310,"width":441,"height":10}},{"id":"295956ad-6395-4547-bc20-b9ec2d6e48d4","block_type":"box","text":"sales charge schedule. The CDSC will continue to be measured from","page_number":51,"box":{"x":461,"y":323,"width":453,"height":10}},{"id":"95842c0f-0704-4d3f-96fd-3ca40ac62584","block_type":"box","text":"the date of the original purchase. The CDSC schedule applicable to your","page_number":51,"box":{"x":460,"y":337,"width":477,"height":10}},{"id":"6f64905f-ae84-4ec1-bd61-e00182b4be4d","block_type":"box","text":"original purchase will apply to the shares you receive in the exchange","page_number":51,"box":{"x":461,"y":350,"width":457,"height":11}},{"id":"ec6e8c7a-272a-4662-a666-c48152ae5399","block_type":"box","text":"and any subsequent exchange.","page_number":51,"box":{"x":461,"y":364,"width":203,"height":10}},{"id":"ded103b5-4ad3-4200-8e2a-cb7b2d2415ce","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":51,"box":{"x":460,"y":380,"width":435,"height":10}},{"id":"cbc9ba2e-cf8c-42b1-af2d-998f56f508c7","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":51,"box":{"x":461,"y":393,"width":406,"height":11}},{"id":"1f37ff2e-9b19-4d86-a6d0-b2ce993928b8","block_type":"box","text":"BlackRock, you may: (i) call (800) 441-7762 and speak with one of our","page_number":51,"box":{"x":461,"y":407,"width":468,"height":10}},{"id":"43f3be46-769b-435a-aabe-6856ed8fd190","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":51,"box":{"x":461,"y":421,"width":455,"height":10}},{"id":"e3c906d5-40e9-4e72-a5cf-5151cc01facb","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":51,"box":{"x":460,"y":434,"width":423,"height":10}},{"id":"9b1e0555-4161-41e5-9c71-de56a500123b","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":51,"box":{"x":461,"y":447,"width":398,"height":11}},{"id":"7382d34a-9261-4d11-ac62-7facb637d3de","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":51,"box":{"x":461,"y":461,"width":409,"height":10}},{"id":"c851fd01-dd6c-4591-a398-9cb097138fa3","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":51,"box":{"x":461,"y":475,"width":469,"height":10}},{"id":"8249eb5e-27f9-4de1-90ad-dcb0a4eafa14","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":51,"box":{"x":460,"y":488,"width":461,"height":11}},{"id":"092d06d2-66cb-4148-afe3-2bcf1f5a27d6","block_type":"box","text":"this option either in writing or by calling (800) 441-7762. The Fund has","page_number":51,"box":{"x":460,"y":502,"width":469,"height":10}},{"id":"173c4b5b-152d-4fc3-bc3b-57c771071fe9","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":51,"box":{"x":460,"y":515,"width":368,"height":11}},{"id":"cdb80e7f-5091-476f-880d-64edc86e7758","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":51,"box":{"x":460,"y":531,"width":450,"height":11}},{"id":"c44e5932-86ab-4167-bfb5-f6f60ed0cce9","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":51,"box":{"x":460,"y":545,"width":473,"height":10}},{"id":"bb88cb5c-baf0-4a50-bd41-63ed619fded0","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":51,"box":{"x":461,"y":558,"width":420,"height":11}},{"id":"bcf01839-bcd9-478c-8139-386fa83fa414","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":51,"box":{"x":461,"y":572,"width":439,"height":10}},{"id":"9c1a0343-ef71-4fcf-bf3a-a4adab9575cb","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":51,"box":{"x":461,"y":586,"width":460,"height":10}},{"id":"ffaf5b39-470e-4997-856e-b1447095b6c4","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":51,"box":{"x":461,"y":599,"width":430,"height":10}},{"id":"4586680d-6c0c-49fd-8842-77479a2c61e0","block_type":"box","text":"income tax purposes a share exchange is a taxable event and a capital","page_number":51,"box":{"x":461,"y":613,"width":469,"height":10}},{"id":"8c73550c-a7cb-4631-81b1-ee3a840223e6","block_type":"box","text":"gain or loss may be realized. Please consult your tax adviser or other","page_number":51,"box":{"x":460,"y":626,"width":456,"height":10}},{"id":"6e2796c9-94c1-46eb-b58c-5a6072cfdc15","block_type":"box","text":"Financial Intermediary before making an exchange request.","page_number":51,"box":{"x":461,"y":640,"width":390,"height":10}},{"id":"c3669559-3c05-4e08-bb0c-9d05af3c6436","block_type":"box","text":"Transfer Shares to","page_number":51,"box":{"x":60,"y":658,"width":124,"height":8}},{"id":"0dd10221-4e19-4890-ab56-a5603b180cfd","block_type":"box","text":"Another Financial","page_number":51,"box":{"x":60,"y":669,"width":118,"height":9}},{"id":"46baba08-d163-4c9b-ae0e-028be86a30c7","block_type":"box","text":"Intermediary","page_number":51,"box":{"x":61,"y":681,"width":85,"height":10}},{"id":"ed48491d-aee9-4c55-b562-164bcb3d94f6","block_type":"box","text":"Transfer to a participating","page_number":51,"box":{"x":213,"y":658,"width":171,"height":10}},{"id":"78be5d28-763c-488c-8004-df1e1b0d725a","block_type":"box","text":"Financial Intermediary","page_number":51,"box":{"x":214,"y":671,"width":145,"height":10}},{"id":"6ebc5836-5377-4707-b20c-b9ee54990605","block_type":"box","text":"You may transfer your shares of the Fund only to another Financial","page_number":51,"box":{"x":460,"y":658,"width":436,"height":10}},{"id":"e03b8f6d-9d26-4fad-b338-93437406f692","block_type":"box","text":"Intermediary that has entered into an agreement with the Distributor.","page_number":51,"box":{"x":461,"y":671,"width":455,"height":11}},{"id":"400dfa4b-bf2d-4f39-b712-96968455a176","block_type":"box","text":"Certain shareholder services may not be available for the transferred","page_number":51,"box":{"x":461,"y":685,"width":456,"height":10}},{"id":"e97d56d3-d896-48b1-b34e-018444b17091","block_type":"box","text":"shares. All future trading of these assets must be coordinated by the","page_number":51,"box":{"x":461,"y":698,"width":456,"height":11}},{"id":"06989a19-7820-4d5a-a7d7-2510b58f338e","block_type":"box","text":"receiving firm.","page_number":51,"box":{"x":461,"y":712,"width":91,"height":10}},{"id":"2a61bb47-99ad-4837-84ca-9937d92bd13f","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":51,"box":{"x":461,"y":728,"width":390,"height":10}},{"id":"ffb1424d-04a1-498b-9e90-b0b84433b0c8","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":51,"box":{"x":461,"y":742,"width":443,"height":10}},{"id":"68001777-44f7-4221-a626-511749af1dc0","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":51,"box":{"x":461,"y":755,"width":394,"height":10}},{"id":"50d35673-01e0-43f5-857f-d15f680f9f03","block_type":"box","text":"Transfer to a non-participating","page_number":51,"box":{"x":213,"y":773,"width":199,"height":10}},{"id":"18fcc1e0-6b36-4b6d-83e6-ad00fd5dfbb7","block_type":"box","text":"Financial Intermediary","page_number":51,"box":{"x":214,"y":787,"width":145,"height":10}},{"id":"be610e85-b761-47ee-a524-5516a0cda23d","block_type":"box","text":"You must either:","page_number":51,"box":{"x":460,"y":773,"width":107,"height":8}},{"id":"03530ced-3804-4b20-9ee1-5c3dee24e76f","block_type":"box","text":"•","page_number":51,"box":{"x":464,"y":789,"width":3,"height":3}},{"id":"f285b84c-d24a-4a98-a453-ff463adc6e1f","block_type":"box","text":"Transfer your shares to an account with the Fund; or","page_number":51,"box":{"x":470,"y":787,"width":346,"height":10}},{"id":"ef636927-530c-48d9-9b0e-c4c9e103cc24","block_type":"box","text":"•","page_number":51,"box":{"x":464,"y":803,"width":3,"height":3}},{"id":"7a9b3954-c9f0-4d95-a24b-63d9923b4fa4","block_type":"box","text":"Sell your shares, paying any applicable deferred sales charge.","page_number":51,"box":{"x":471,"y":800,"width":409,"height":10}},{"id":"b02d16ed-a063-428a-89a7-75e152522a6e","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":51,"box":{"x":461,"y":816,"width":390,"height":10}},{"id":"9f83f5a3-c142-45e2-8b10-527e9e8744d1","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":51,"box":{"x":461,"y":830,"width":443,"height":10}},{"id":"b3ae27c0-ac1d-4aa2-ba42-8304c6674dec","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":51,"box":{"x":461,"y":843,"width":394,"height":11}},{"id":"ed9df08c-9930-4591-9206-557b52ab25a4","block_type":"box","text":"45","page_number":51,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"4684e30c-7163-45ba-a185-4a9d71973c04","block_type":"box","text":"NM1026U-5982664-51/82","page_number":51,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"241aeb1f-c2bd-42b8-9f46-113fa2039fae","block_type":"box","text":"Account Services and Privileges","page_number":52,"box":{"x":60,"y":47,"width":292,"height":13}},{"id":"d92f3a28-d82f-4ed8-94a9-80a378939148","block_type":"box","text":"The following table provides examples of account services and privileges available in your BlackRock account. Certain","page_number":52,"box":{"x":60,"y":73,"width":865,"height":11}},{"id":"5a031efe-b648-4fa4-9d72-093fe64e60a0","block_type":"box","text":"of these account services and privileges are only available to shareholders of Investor Shares whose accounts are","page_number":52,"box":{"x":61,"y":88,"width":841,"height":11}},{"id":"6ec52045-240f-4791-b702-9ff215ddc3e8","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":52,"box":{"x":61,"y":102,"width":816,"height":12}},{"id":"ab54cb37-05a9-4040-8477-0d02df266f65","block_type":"box","text":"www.blackrock.com for additional information as well as forms and applications. Otherwise, please contact your","page_number":52,"box":{"x":60,"y":117,"width":824,"height":12}},{"id":"c90ded57-b9a5-42ff-8301-83bd1cad9697","block_type":"box","text":"Financial Intermediary for assistance in requesting one or more of the following services and privileges.","page_number":52,"box":{"x":62,"y":132,"width":759,"height":12}},{"id":"db181336-3ee9-4312-b90f-22335325f011","block_type":"box","text":"Automatic","page_number":52,"box":{"x":60,"y":161,"width":70,"height":9}},{"id":"ee898388-3d8c-4e08-8853-507e40f70c95","block_type":"box","text":"Investment Plan","page_number":52,"box":{"x":61,"y":173,"width":109,"height":8}},{"id":"8384dd3d-495d-4194-a95d-d2c1c5c0c858","block_type":"box","text":"Allows systematic investments","page_number":52,"box":{"x":213,"y":162,"width":202,"height":10}},{"id":"f7760607-b706-4789-9bb8-fe321ecdb0c8","block_type":"box","text":"on a periodic basis from your","page_number":52,"box":{"x":214,"y":175,"width":192,"height":10}},{"id":"e4c0aa01-c5e4-4f09-8e40-9376c2ecf516","block_type":"box","text":"checking or savings account.","page_number":52,"box":{"x":214,"y":189,"width":189,"height":10}},{"id":"8bbf84c7-5a45-4406-ab4d-8aab6b51d83d","block_type":"box","text":"BlackRock’s AIP allows you to invest a specific amount on a periodic","page_number":52,"box":{"x":461,"y":161,"width":451,"height":11}},{"id":"cec7a426-fcec-48d4-bab5-b1cf5324b744","block_type":"box","text":"basis from your checking or savings account into your investment","page_number":52,"box":{"x":461,"y":175,"width":431,"height":10}},{"id":"6bb1ffa8-0d10-4d93-8ca6-3fe99872f615","block_type":"box","text":"account. You may apply for this option upon account opening or by","page_number":52,"box":{"x":461,"y":188,"width":437,"height":11}},{"id":"559a6e61-e1fa-4d4a-9e64-079a746d4282","block_type":"box","text":"completing the AIP application. The minimum investment amount for","page_number":52,"box":{"x":461,"y":202,"width":451,"height":10}},{"id":"2e71f223-ef99-43e6-881f-a0c962497150","block_type":"box","text":"an automatic investment is $50 per portfolio.","page_number":52,"box":{"x":461,"y":215,"width":300,"height":11}},{"id":"8c4aa9ed-061d-4466-81e4-0af9354425dd","block_type":"box","text":"Dividend Allocation","page_number":52,"box":{"x":61,"y":234,"width":129,"height":8}},{"id":"f7ac0068-861a-4a71-ad8a-f2e0e2cfad84","block_type":"box","text":"Plan","page_number":52,"box":{"x":61,"y":245,"width":28,"height":8}},{"id":"58f459b6-4dc1-4e1a-8dbe-65688ebeddb3","block_type":"box","text":"Automatically invests your","page_number":52,"box":{"x":213,"y":234,"width":172,"height":10}},{"id":"236aefe2-2e68-4a23-bb9d-993b644355bd","block_type":"box","text":"distributions into another","page_number":52,"box":{"x":214,"y":247,"width":165,"height":8}},{"id":"fe8b831b-070d-43c9-bf72-c81471fcd944","block_type":"box","text":"BlackRock Fund of your choice","page_number":52,"box":{"x":214,"y":261,"width":200,"height":10}},{"id":"b2376d78-e064-4cc7-85b1-20aefcc2567a","block_type":"box","text":"pursuant to your instructions,","page_number":52,"box":{"x":214,"y":274,"width":193,"height":10}},{"id":"71eaeb93-472e-49ff-82aa-8605f0a333da","block_type":"box","text":"without any fees or sales","page_number":52,"box":{"x":213,"y":288,"width":165,"height":10}},{"id":"c8e58804-74ad-4da7-b40f-9e506d2c6de0","block_type":"box","text":"charges.","page_number":52,"box":{"x":214,"y":301,"width":55,"height":11}},{"id":"d2b17ba5-8039-447c-a3af-7ab86e214e2d","block_type":"box","text":"Dividend and capital gains distributions may be reinvested in your","page_number":52,"box":{"x":461,"y":234,"width":433,"height":10}},{"id":"36e20188-ab96-4376-8bcc-e9e9ff193608","block_type":"box","text":"account to purchase additional shares or paid in cash. Using the","page_number":52,"box":{"x":461,"y":247,"width":427,"height":10}},{"id":"9a241bc9-719f-43ba-bcbd-1dcca5df09a3","block_type":"box","text":"Dividend Allocation Plan, you can direct your distributions to your bank","page_number":52,"box":{"x":461,"y":261,"width":463,"height":10}},{"id":"230be173-81d4-4b7c-92c5-010515acc858","block_type":"box","text":"account (checking or savings), to purchase shares of another fund at","page_number":52,"box":{"x":461,"y":274,"width":455,"height":11}},{"id":"c7654fdd-1e83-4a81-ab01-0ff7249d0736","block_type":"box","text":"BlackRock without any fees or sales charges, or by check to a special","page_number":52,"box":{"x":461,"y":288,"width":459,"height":10}},{"id":"60570175-6006-4f63-a5a3-28997acf990e","block_type":"box","text":"payee. Please call (800) 441-7762 for details. If investing in another","page_number":52,"box":{"x":461,"y":301,"width":454,"height":11}},{"id":"ec532f05-9e2b-4bdd-b7b1-3047f9004b63","block_type":"box","text":"fund at BlackRock, the receiving fund must be open to new purchases.","page_number":52,"box":{"x":460,"y":315,"width":467,"height":10}},{"id":"78157b83-c8f2-4a24-b6c1-1dd019e9cdfc","block_type":"box","text":"EZ Trader","page_number":52,"box":{"x":61,"y":333,"width":65,"height":8}},{"id":"fa5f5739-b3c3-46dc-b974-76fa1a6b65d8","block_type":"box","text":"Allows an investor to purchase or","page_number":52,"box":{"x":213,"y":333,"width":220,"height":10}},{"id":"fc56622c-ea2e-4101-b70b-65d90b921429","block_type":"box","text":"sell Investor Shares by telephone","page_number":52,"box":{"x":214,"y":346,"width":219,"height":11}},{"id":"8c270bf7-7fde-403d-bcba-23913e2fb2da","block_type":"box","text":"or over the Internet through ACH.","page_number":52,"box":{"x":214,"y":360,"width":216,"height":10}},{"id":"53cbc246-8ab8-47ea-8a24-dc2142bb1eb7","block_type":"box","text":"(NOTE: This option is offered to shareholders whose accounts are held","page_number":52,"box":{"x":461,"y":333,"width":467,"height":10}},{"id":"91c9d896-df89-432f-9b0f-840f3de17d5a","block_type":"box","text":"directly with BlackRock. Please speak with your Financial Intermediary","page_number":52,"box":{"x":461,"y":347,"width":462,"height":10}},{"id":"026d780b-c920-4167-80a0-6788860594e4","block_type":"box","text":"if your account is held elsewhere.)","page_number":52,"box":{"x":461,"y":360,"width":225,"height":10}},{"id":"2a2f685a-9014-47aa-a065-5b719d4fa4ec","block_type":"box","text":"Prior to establishing an EZ Trader account, please contact your bank to","page_number":52,"box":{"x":461,"y":376,"width":467,"height":10}},{"id":"201a8197-cb43-40da-9546-14d1570a6908","block_type":"box","text":"confirm that it is a member of the ACH system. Once confirmed,","page_number":52,"box":{"x":461,"y":389,"width":423,"height":11}},{"id":"38e0363a-3adc-4989-98f0-30bc0883fda3","block_type":"box","text":"complete an application, making sure to include the appropriate bank","page_number":52,"box":{"x":461,"y":403,"width":459,"height":10}},{"id":"d5eea588-cd89-42bd-ba14-521a2ba1efd9","block_type":"box","text":"information, and return the application to the address listed on the","page_number":52,"box":{"x":461,"y":417,"width":442,"height":10}},{"id":"79f3bff1-54db-4e1b-84e0-c9a8dcdaaa1c","block_type":"box","text":"form.","page_number":52,"box":{"x":460,"y":430,"width":34,"height":8}},{"id":"57d305b5-b3b0-4ff5-b219-ba6905933bd1","block_type":"box","text":"Prior to placing a telephone or Internet purchase or sale order, please","page_number":52,"box":{"x":461,"y":446,"width":460,"height":11}},{"id":"df8033f1-fb03-4f14-a64c-7e73255c0abf","block_type":"box","text":"call (800) 441-7762 to confirm that your bank information has been","page_number":52,"box":{"x":461,"y":460,"width":449,"height":10}},{"id":"c22688ce-c875-46b6-afbd-fc223d802de7","block_type":"box","text":"updated on your account. Once this is established, you may place your","page_number":52,"box":{"x":461,"y":473,"width":466,"height":11}},{"id":"11093573-7408-489d-aaa7-980037a12650","block_type":"box","text":"request to sell shares with the Fund by telephone or Internet. Proceeds","page_number":52,"box":{"x":461,"y":487,"width":470,"height":10}},{"id":"0d87d8ec-242f-4eea-ac30-0e2d55f0188b","block_type":"box","text":"will be sent to your pre-designated bank account.","page_number":52,"box":{"x":460,"y":501,"width":323,"height":10}},{"id":"3da7f554-6e6d-46c4-b4fb-300ded0fe5ca","block_type":"box","text":"Systematic","page_number":52,"box":{"x":60,"y":519,"width":76,"height":10}},{"id":"fbbb2a35-4217-42cb-9616-68797d746e81","block_type":"box","text":"Exchange Plan","page_number":52,"box":{"x":61,"y":530,"width":99,"height":10}},{"id":"05b676dd-ca92-4768-a9c4-12e66a48c3ad","block_type":"box","text":"This feature can be used by","page_number":52,"box":{"x":213,"y":518,"width":184,"height":11}},{"id":"0954fdad-a966-451a-9d7a-bbc1b4512413","block_type":"box","text":"investors to systematically","page_number":52,"box":{"x":214,"y":532,"width":175,"height":10}},{"id":"71fa3f4c-0c3f-4cec-ac70-7775034ccadf","block_type":"box","text":"exchange money from one fund","page_number":52,"box":{"x":214,"y":545,"width":205,"height":11}},{"id":"72a3376b-a7c8-419c-8749-2f5b777b56a6","block_type":"box","text":"to up to four other funds.","page_number":52,"box":{"x":213,"y":559,"width":165,"height":10}},{"id":"5232b2ea-2460-45a4-a476-6f525bd7518d","block_type":"box","text":"A minimum of $10,000 in the initial BlackRock Fund is required, and","page_number":52,"box":{"x":460,"y":518,"width":454,"height":11}},{"id":"544b0a0d-d85c-4c83-9007-11cb947c5c8a","block_type":"box","text":"investments in any additional funds must meet minimum initial","page_number":52,"box":{"x":461,"y":532,"width":414,"height":10}},{"id":"0339b0d6-2cbb-49ad-ba64-fa4d8bf882ca","block_type":"box","text":"investment requirements.","page_number":52,"box":{"x":461,"y":546,"width":167,"height":10}},{"id":"51ca175a-67a5-4a8d-988b-873ed30f109a","block_type":"box","text":"Systematic","page_number":52,"box":{"x":60,"y":577,"width":76,"height":10}},{"id":"7c130c1c-752b-475d-b081-35060c248795","block_type":"box","text":"Withdrawal Plan","page_number":52,"box":{"x":60,"y":589,"width":110,"height":8}},{"id":"75ca8fc4-e1aa-4983-a8fa-cf0f3ea105e3","block_type":"box","text":"This feature can be used by","page_number":52,"box":{"x":213,"y":577,"width":184,"height":10}},{"id":"d272fcd0-abbd-4646-9b96-f6267a1f3e18","block_type":"box","text":"investors who want to receive","page_number":52,"box":{"x":214,"y":591,"width":194,"height":8}},{"id":"0bb6d921-ef67-4f07-b3b4-872a3e4c6ab4","block_type":"box","text":"regular distributions from their","page_number":52,"box":{"x":214,"y":604,"width":200,"height":11}},{"id":"6d1dca25-e8e7-4f66-9a10-16664a4c5e49","block_type":"box","text":"accounts.","page_number":52,"box":{"x":214,"y":618,"width":62,"height":8}},{"id":"17402a99-ca94-4a7c-933d-bcb869def1d4","block_type":"box","text":"To start an SWP, a shareholder must have a current investment of","page_number":52,"box":{"x":460,"y":577,"width":438,"height":10}},{"id":"645b5fdf-9810-42a8-94fd-7fc57aeab30c","block_type":"box","text":"$10,000 or more in a BlackRock Fund.","page_number":52,"box":{"x":461,"y":590,"width":255,"height":10}},{"id":"d9a8da0f-6958-459b-8a7a-fe8a77fab22b","block_type":"box","text":"Shareholders can elect to receive cash payments of $50 or more at any","page_number":52,"box":{"x":461,"y":606,"width":475,"height":11}},{"id":"c627d4cd-17d3-4f82-9d71-9873da71f9f3","block_type":"box","text":"interval they choose. Shareholders may sign up by completing the SWP","page_number":52,"box":{"x":461,"y":620,"width":469,"height":11}},{"id":"598ff555-85fa-410c-887f-3b743d70083b","block_type":"box","text":"Application Form, which may be obtained from BlackRock. Shareholders","page_number":52,"box":{"x":460,"y":634,"width":474,"height":10}},{"id":"16ac81c6-199e-4fe1-8d23-b67559ce0903","block_type":"box","text":"should realize that if withdrawals exceed income the invested principal","page_number":52,"box":{"x":461,"y":647,"width":464,"height":10}},{"id":"4e634fd1-bb14-449d-bd13-4d61014e080a","block_type":"box","text":"in their account will be depleted.","page_number":52,"box":{"x":461,"y":661,"width":213,"height":10}},{"id":"e21f7c27-8b3a-4b27-92ec-6fe6cf8b9909","block_type":"box","text":"To participate in the SWP, shareholders must have their dividends","page_number":52,"box":{"x":460,"y":677,"width":435,"height":10}},{"id":"ab37056e-54f8-46c4-a95b-1922022d779b","block_type":"box","text":"reinvested. 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No CDSC will be assessed on","page_number":52,"box":{"x":461,"y":745,"width":450,"height":10}},{"id":"77c6049c-1ece-4712-972e-d642b868794a","block_type":"box","text":"redemptions of Investor A or Investor C Shares made through the SWP,","page_number":52,"box":{"x":461,"y":758,"width":467,"height":11}},{"id":"557cf659-bb79-4c3e-99b6-933ea3e92d37","block_type":"box","text":"that do not exceed 12% of the account’s net asset value on an","page_number":52,"box":{"x":460,"y":772,"width":416,"height":8}},{"id":"2f9bba2c-f5eb-4000-8584-e1eef0f3d7e4","block_type":"box","text":"annualized basis. For example, monthly, quarterly, and semi-annual","page_number":52,"box":{"x":461,"y":785,"width":442,"height":11}},{"id":"ca228d15-cc22-456e-8c1d-866df508c38f","block_type":"box","text":"SWP redemptions of Investor A or Investor C Shares will not be subject","page_number":52,"box":{"x":461,"y":799,"width":468,"height":10}},{"id":"b132ad4d-dcce-4778-97a5-94000897d031","block_type":"box","text":"to the CDSC if they do not exceed 1%, 3% and 6%, respectively, of an","page_number":52,"box":{"x":460,"y":812,"width":457,"height":11}},{"id":"ef91ef17-e4ef-4da2-aeb1-29012c4e5aaa","block_type":"box","text":"account’s net asset value on the redemption date. SWP redemptions of","page_number":52,"box":{"x":461,"y":826,"width":474,"height":10}},{"id":"487080a0-0ca1-4e41-9fc3-da1b5ce7e360","block_type":"box","text":"Investor A or Investor C Shares in excess of this limit will still pay any","page_number":52,"box":{"x":461,"y":839,"width":458,"height":11}},{"id":"a46facb0-78eb-4878-841d-2ddce465f247","block_type":"box","text":"applicable CDSC.","page_number":52,"box":{"x":461,"y":853,"width":112,"height":10}},{"id":"7002702e-ee5a-48cd-b650-16ce50ce3c0e","block_type":"box","text":"Ask your Financial Intermediary for details.","page_number":52,"box":{"x":460,"y":869,"width":281,"height":10}},{"id":"f6d36610-4b7d-4217-bcdc-5ad2aa0973d5","block_type":"box","text":"46","page_number":52,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"2022bb85-137c-4398-8b16-73c251c8e151","block_type":"box","text":"NM1026U-5982664-52/82","page_number":52,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8fed9280-400b-4ec4-afd9-2276fed4ad79","block_type":"box","text":"Reinstatement","page_number":53,"box":{"x":61,"y":51,"width":99,"height":8}},{"id":"400c5924-6248-4ed7-a0bb-be3b8aae95c4","block_type":"box","text":"Privilege","page_number":53,"box":{"x":61,"y":63,"width":57,"height":10}},{"id":"b5f842b5-75e6-4fb0-ae01-daa2ce2e234b","block_type":"box","text":"If you redeem Investor A or Institutional Shares and buy new Investor A","page_number":53,"box":{"x":461,"y":51,"width":468,"height":10}},{"id":"7f6bd7f9-2782-4caf-b902-aac51b747d82","block_type":"box","text":"Shares of the same or another BlackRock Fund (equal to all or a","page_number":53,"box":{"x":461,"y":65,"width":424,"height":10}},{"id":"ce3049cb-40d4-4588-8326-cd6c8af8c1ba","block_type":"box","text":"portion of the redemption amount) within 90 days of such redemption,","page_number":53,"box":{"x":461,"y":78,"width":464,"height":10}},{"id":"ab2dc865-23dc-4834-9d94-00b3e47cf58e","block_type":"box","text":"you will not pay a sales charge on the new purchase amount. This right","page_number":53,"box":{"x":460,"y":92,"width":470,"height":10}},{"id":"504e3f04-d46a-4ee8-82c4-a383ffe0092d","block_type":"box","text":"may be exercised within 90 days of the redemption, provided that the","page_number":53,"box":{"x":461,"y":105,"width":458,"height":10}},{"id":"6b8e89cf-5594-4a18-b7f3-9d2e9983f64f","block_type":"box","text":"Investor A Share class of that fund is currently open to new investors","page_number":53,"box":{"x":461,"y":119,"width":456,"height":10}},{"id":"0a6a51a5-213a-4cef-ad1f-3f609187ddb1","block_type":"box","text":"or the shareholder has a current account in that closed fund. Shares","page_number":53,"box":{"x":461,"y":132,"width":454,"height":9}},{"id":"8e28802c-e5bc-4990-9b87-4bb888cc608b","block_type":"box","text":"will be purchased at the net asset value calculated at the close of","page_number":53,"box":{"x":460,"y":146,"width":438,"height":10}},{"id":"c69112c4-2800-47eb-a237-da7ff903a4fc","block_type":"box","text":"trading on the day the request is received. To exercise this privilege,","page_number":53,"box":{"x":460,"y":160,"width":450,"height":10}},{"id":"b0507c97-f388-4cc2-8a0f-edcc4842e2e9","block_type":"box","text":"the Fund must receive written notification from the shareholder of","page_number":53,"box":{"x":460,"y":173,"width":435,"height":8}},{"id":"158c4f96-a6c2-4337-9b4f-c9097d5ca2a7","block_type":"box","text":"record or the Financial Intermediary of record, at the time of purchase.","page_number":53,"box":{"x":461,"y":186,"width":466,"height":11}},{"id":"990bd84c-f415-4d88-a71b-484498c599c0","block_type":"box","text":"Investors should consult a tax adviser concerning the tax","page_number":53,"box":{"x":461,"y":200,"width":376,"height":10}},{"id":"16e4f1b0-cf38-4f83-a974-9c62a7f51889","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":53,"box":{"x":461,"y":213,"width":371,"height":11}},{"id":"e98298c6-0d33-48b3-af5d-333c24f30559","block_type":"box","text":"Fund’s Rights","page_number":53,"box":{"x":61,"y":254,"width":124,"height":14}},{"id":"63d840af-5fcc-439a-b358-405704c23ec8","block_type":"box","text":"The Fund may:","page_number":53,"box":{"x":60,"y":281,"width":106,"height":11}},{"id":"d21ff58c-667b-4c97-bf13-a531f4c3a8d8","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":53,"box":{"x":81,"y":300,"width":840,"height":12}},{"id":"e2449a34-b38c-4884-bdf5-ba83e5468ce4","block_type":"box","text":"described in the Investment Company Act;","page_number":53,"box":{"x":81,"y":315,"width":308,"height":11}},{"id":"a3689486-1c83-4c92-88fe-9c2e5f1febc6","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":53,"box":{"x":81,"y":335,"width":789,"height":12}},{"id":"6141b338-53a3-4222-9f4f-30ca9c25481b","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":53,"box":{"x":81,"y":350,"width":850,"height":11}},{"id":"6de5fdc6-66b7-4647-8634-07bbfa0f8106","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":53,"box":{"x":82,"y":365,"width":368,"height":11}},{"id":"c009bd3a-38bf-42d9-acf0-81461a87102e","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":53,"box":{"x":82,"y":385,"width":781,"height":11}},{"id":"d1fa4e2e-49b2-4dbe-a649-44ce76b0a73c","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":53,"box":{"x":82,"y":405,"width":798,"height":11}},{"id":"71a5c6f8-48c2-4485-bce8-3e57348d2ffb","block_type":"box","text":"specified level.","page_number":53,"box":{"x":81,"y":419,"width":108,"height":12}},{"id":"d03ce6cd-58e4-4617-bb7b-2684e6550b8e","block_type":"box","text":"Note on Low Balance Accounts.","page_number":53,"box":{"x":61,"y":442,"width":239,"height":9}},{"id":"92762b63-f9aa-482d-b78a-00892988ce3e","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":53,"box":{"x":307,"y":442,"width":600,"height":12}},{"id":"e95c5366-1aa7-4aa3-b3cd-e1219b154356","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":53,"box":{"x":61,"y":456,"width":854,"height":12}},{"id":"42f80ac8-6daa-424d-b788-b315c858dad7","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":53,"box":{"x":61,"y":471,"width":837,"height":12}},{"id":"347493e1-b9e1-425c-a3b8-ca9f7a8cb26f","block_type":"box","text":"reason, including market fluctuation.","page_number":53,"box":{"x":61,"y":487,"width":267,"height":11}},{"id":"e3c36ce4-6246-49b0-94d9-7f0732ed0c4b","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":53,"box":{"x":60,"y":509,"width":799,"height":12}},{"id":"05da448a-0d70-4b30-822b-912f6b55d4dc","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":53,"box":{"x":62,"y":524,"width":796,"height":11}},{"id":"cfa83392-3150-4c28-bd3d-50184b465665","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":53,"box":{"x":62,"y":538,"width":800,"height":12}},{"id":"9a34b580-6150-4553-9e38-ea3aba5d1c88","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":53,"box":{"x":61,"y":554,"width":859,"height":11}},{"id":"e1cfd033-1d22-4a81-a2be-2f8a14325080","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":53,"box":{"x":61,"y":568,"width":868,"height":12}},{"id":"cd357e6b-d929-4173-8bc8-2c28cdd9c7ef","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":53,"box":{"x":61,"y":583,"width":420,"height":12}},{"id":"2cbc3354-3160-4d3e-8669-10a39175a410","block_type":"box","text":"Participation in Fee-Based Programs","page_number":53,"box":{"x":61,"y":622,"width":331,"height":14}},{"id":"ab5340db-74c3-4ed4-a25b-4b67ea8a5193","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":53,"box":{"x":62,"y":648,"width":821,"height":12}},{"id":"cf1418c7-fac0-4caa-b59c-e1dda130d7ed","block_type":"box","text":"Intermediaries that have agreements with the Distributor or in certain fee-based programs in which BlackRock","page_number":53,"box":{"x":62,"y":663,"width":806,"height":12}},{"id":"123c3796-dae9-4ee0-9dea-c13d3695b251","block_type":"box","text":"participates, you may be able to buy Institutional Shares, including by exchanges from other share classes. Sales","page_number":53,"box":{"x":62,"y":678,"width":833,"height":12}},{"id":"ec9639ba-0541-4e6a-8a3d-61ab0b88173a","block_type":"box","text":"charges on the shares being exchanged may be reduced or waived under certain circumstances. You generally cannot","page_number":53,"box":{"x":61,"y":693,"width":865,"height":11}},{"id":"7c5f5dfd-9dc7-4d46-afc2-2ec8bf89a792","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":53,"box":{"x":60,"y":708,"width":863,"height":11}},{"id":"edc63a87-c6f9-4bca-b495-336ca3939db4","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":53,"box":{"x":62,"y":722,"width":865,"height":12}},{"id":"89f40545-8269-4010-818b-7690d488dc67","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":53,"box":{"x":61,"y":737,"width":842,"height":12}},{"id":"8b88193b-f30a-406e-8e3f-882cd811e1d2","block_type":"box","text":"charges or redemption fee. Please speak to your Financial Intermediary for information about specific policies and","page_number":53,"box":{"x":61,"y":752,"width":838,"height":12}},{"id":"d728fff5-0bf7-4b6a-84c8-89e91b941f57","block_type":"box","text":"procedures applicable to your account.","page_number":53,"box":{"x":62,"y":767,"width":282,"height":11}},{"id":"a695ce78-6bb2-4ba6-a64d-0c5079b5508e","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":53,"box":{"x":61,"y":789,"width":835,"height":12}},{"id":"f1c7d384-2567-474b-baac-951014c0acb8","block_type":"box","text":"account. In certain instances, when a shareholder chooses to continue to hold the shares, whatever share class was","page_number":53,"box":{"x":61,"y":805,"width":861,"height":10}},{"id":"7aabf38b-4ba9-4409-9878-db1884c55fc5","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":53,"box":{"x":61,"y":819,"width":849,"height":12}},{"id":"ca59e1c4-0cb8-4725-bc5f-6a66d1316abe","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":53,"box":{"x":60,"y":834,"width":867,"height":12}},{"id":"003e03af-a0e0-4f5b-b32b-d8f81066ab69","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":53,"box":{"x":62,"y":849,"width":873,"height":11}},{"id":"e7c78f43-20f6-4efe-b6da-bd0c286eb726","block_type":"box","text":"upfront sales charges with respect to Investor A Shares. Additional purchases of Institutional Shares are permitted","page_number":53,"box":{"x":61,"y":864,"width":844,"height":11}},{"id":"d205552d-207d-4018-b298-2bbbfcbb1f2c","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":53,"box":{"x":61,"y":878,"width":865,"height":12}},{"id":"8533f7b0-7f8e-4418-bbfc-64b00b27c539","block_type":"box","text":"Please speak to your Financial Intermediary for more information.","page_number":53,"box":{"x":61,"y":893,"width":480,"height":12}},{"id":"bb9ad1ff-9cbd-47eb-9af1-25b7716228cf","block_type":"box","text":"47","page_number":53,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"6a426ab9-e7ca-4dfa-8fac-6a6dfb739f24","block_type":"box","text":"NM1026U-5982664-53/82","page_number":53,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d593b450-6a7c-4bbe-a736-3b0c6047f61d","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":54,"box":{"x":61,"y":46,"width":854,"height":11}},{"id":"495c9920-8098-4d7b-b5db-e8a8c6963c03","block_type":"box","text":"based program or upon termination of the fee-based program) or otherwise in accordance with the Financial","page_number":54,"box":{"x":61,"y":60,"width":790,"height":12}},{"id":"c8b8c983-7f3d-4dcd-9e49-fed2860c8d09","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":54,"box":{"x":62,"y":75,"width":855,"height":12}},{"id":"56eebe25-728d-43e1-abaf-3d50bb83546e","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":54,"box":{"x":61,"y":90,"width":831,"height":12}},{"id":"cf329a8f-4474-4867-bb70-743ee5dedfb6","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your Financial Intermediary for information about","page_number":54,"box":{"x":61,"y":105,"width":828,"height":12}},{"id":"330b7729-f7a5-4fe0-b7cb-c000f8f7170c","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":54,"box":{"x":61,"y":120,"width":437,"height":11}},{"id":"51b1b80d-1a93-46d6-a705-be42985b8496","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":54,"box":{"x":62,"y":142,"width":859,"height":12}},{"id":"5365a42a-7c47-41da-973f-c3437bd34213","block_type":"box","text":"the client agreement for each fee-based program and are available from your Financial Intermediary. Please speak to","page_number":54,"box":{"x":60,"y":157,"width":858,"height":12}},{"id":"205f7c45-d236-46b9-a67f-67f141c3c0ff","block_type":"box","text":"your Financial Intermediary for more information.","page_number":54,"box":{"x":60,"y":172,"width":357,"height":11}},{"id":"6f06f5a7-4d7e-4495-9da9-9e4d6baf1752","block_type":"box","text":"Short-Term Trading Policy","page_number":54,"box":{"x":61,"y":211,"width":232,"height":13}},{"id":"514e7cef-fb3d-4667-af9a-778b1ee63f75","block_type":"box","text":"The Board has determined that the interests of long-term shareholders and the Fund’s ability to manage its","page_number":54,"box":{"x":60,"y":237,"width":790,"height":12}},{"id":"085cca1b-7ed6-416e-902e-6dc18ec05547","block_type":"box","text":"investments may be adversely affected when shares are repeatedly bought, sold or exchanged in response to short","page_number":54,"box":{"x":62,"y":252,"width":853,"height":11}},{"id":"70f63da6-a2a8-42cb-8a9b-91238a69185a","block_type":"box","text":"term market fluctuations — also known as “market timing.” The Fund is not designed for market timing organizations","page_number":54,"box":{"x":60,"y":267,"width":863,"height":11}},{"id":"65bc70e2-de3d-4822-a519-6b6b6a256d3a","block_type":"box","text":"or other entities using programmed or frequent purchases and sales or exchanges. The exchange privilege for","page_number":54,"box":{"x":61,"y":282,"width":806,"height":11}},{"id":"eb910bfe-b0ce-490f-84d7-60572985c3ca","block_type":"box","text":"Investor Shares and Institutional Shares is not intended as a vehicle for short-term trading. Excessive purchase and","page_number":54,"box":{"x":62,"y":296,"width":851,"height":12}},{"id":"aa4db79b-2d00-4f1c-8918-2268d78d1bfa","block_type":"box","text":"sale or exchange activity may interfere with portfolio management, increase expenses and taxes and may have an","page_number":54,"box":{"x":61,"y":311,"width":839,"height":12}},{"id":"63cd87b9-92cf-468f-aae9-cf8b6999b020","block_type":"box","text":"adverse effect on the performance of the Fund and its returns to shareholders. For example, large flows of cash into","page_number":54,"box":{"x":61,"y":326,"width":857,"height":12}},{"id":"539bf380-d158-4b94-86b6-3a5c915bfa40","block_type":"box","text":"and out of the Fund may require the management team to allocate a significant amount of assets to cash or other","page_number":54,"box":{"x":61,"y":341,"width":839,"height":11}},{"id":"d1ee3f25-d386-4c31-a2db-b4ab7d9cbb39","block_type":"box","text":"short-term investments or sell securities, rather than maintaining such assets in securities selected to achieve the","page_number":54,"box":{"x":61,"y":356,"width":844,"height":11}},{"id":"51430197-586f-41fb-8f27-acf198a5ae83","block_type":"box","text":"Fund’s investment objective. Frequent trading may cause the Fund to sell securities at less favorable prices, and","page_number":54,"box":{"x":62,"y":370,"width":826,"height":12}},{"id":"0b55f66e-7f06-44ca-84dc-9ddfd0ab7b0d","block_type":"box","text":"transaction costs, such as brokerage commissions, can reduce the Fund’s performance.","page_number":54,"box":{"x":60,"y":385,"width":652,"height":12}},{"id":"16b7af65-50b2-49c5-b961-ac1667715239","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":54,"box":{"x":60,"y":408,"width":873,"height":11}},{"id":"350cf1d8-28e7-4ac2-85c7-c0e05d33e634","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":54,"box":{"x":61,"y":423,"width":872,"height":11}},{"id":"09c85a4a-0d92-426c-9d7a-b1c9c199b0e2","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":54,"box":{"x":61,"y":438,"width":865,"height":11}},{"id":"7181a7c4-b447-49ee-9ff7-07c14426f140","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":54,"box":{"x":61,"y":452,"width":817,"height":12}},{"id":"d7b6b577-20f7-4f2a-bec8-6650438f7cad","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":54,"box":{"x":61,"y":467,"width":818,"height":12}},{"id":"ee4dae9a-5f7c-4ad8-8cea-5c7f5c2c5640","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":54,"box":{"x":60,"y":482,"width":865,"height":12}},{"id":"3b0894c2-50df-41ba-ae40-accc854dbfe4","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":54,"box":{"x":61,"y":497,"width":829,"height":11}},{"id":"c8c9ec2a-3633-4eef-8825-fd6e8826b6ca","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":54,"box":{"x":62,"y":512,"width":671,"height":11}},{"id":"f02b665b-1ce7-4a31-9040-a8d6c227bfb8","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":54,"box":{"x":60,"y":534,"width":869,"height":12}},{"id":"81d940ff-568f-4d15-8fcf-03a5f2b381d0","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":54,"box":{"x":60,"y":549,"width":839,"height":12}},{"id":"98d725d0-0788-4ab8-b2b1-5267fa1fa98d","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":54,"box":{"x":61,"y":564,"width":869,"height":11}},{"id":"f713753f-3e56-4c85-93fb-0c83a48fea36","block_type":"box","text":"on purchases, sales and exchanges of Fund shares because certain legitimate strategies will not result in harm to the","page_number":54,"box":{"x":61,"y":579,"width":870,"height":11}},{"id":"98fb1ddd-4611-48a8-b77e-109f47283887","block_type":"box","text":"Fund or its shareholders.","page_number":54,"box":{"x":62,"y":594,"width":181,"height":9}},{"id":"2f402c2a-aafd-4fa1-a328-3b80820c9b4f","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":54,"box":{"x":62,"y":616,"width":796,"height":12}},{"id":"654ae9b5-682c-4397-bac7-ec4bb26c9d77","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":54,"box":{"x":61,"y":631,"width":860,"height":11}},{"id":"0c26ebb2-3ca3-48d2-ac5c-cc7af575c7c5","block_type":"box","text":"in market timing activity, it reserves the right to reject any specific purchase or exchange order. 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Transactions","page_number":54,"box":{"x":61,"y":690,"width":829,"height":12}},{"id":"b6c94031-3848-48f3-9db9-6faec5b7e94e","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":54,"box":{"x":62,"y":705,"width":862,"height":12}},{"id":"29b5f32e-ad5b-49a7-8e38-83ff677b57a8","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":54,"box":{"x":61,"y":720,"width":849,"height":11}},{"id":"5ac70fa0-b3a5-4f11-a42f-93bccfdb5578","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":54,"box":{"x":61,"y":735,"width":866,"height":11}},{"id":"83861f9c-ed00-41b6-a2ae-419a0d173c6e","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":54,"box":{"x":60,"y":750,"width":806,"height":11}},{"id":"640db256-9aae-423d-ad2c-dd38b0bb2803","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":54,"box":{"x":61,"y":764,"width":804,"height":12}},{"id":"d322c50e-6f12-45a3-9f7e-ffe66dfc87ad","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":54,"box":{"x":61,"y":779,"width":849,"height":12}},{"id":"298ab021-39ba-43bc-beea-b46ec510505e","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":54,"box":{"x":61,"y":794,"width":875,"height":12}},{"id":"f1ae9220-511a-422a-ba49-01c5658bea21","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":54,"box":{"x":62,"y":809,"width":869,"height":11}},{"id":"2e3df767-be64-45dd-b8ca-65bc9d151bc0","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":54,"box":{"x":61,"y":824,"width":845,"height":11}},{"id":"6c6d60dc-379b-492b-9c6c-755b4e12c609","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":54,"box":{"x":62,"y":839,"width":868,"height":11}},{"id":"830c67cd-8fb8-4acc-875b-c537cf555b09","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":54,"box":{"x":61,"y":854,"width":861,"height":11}},{"id":"2aff9d29-9b90-4f00-a2ea-092cf45492b3","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":54,"box":{"x":61,"y":868,"width":868,"height":12}},{"id":"f7d8a614-3068-4fa3-8da7-ef5532ee94a1","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":54,"box":{"x":60,"y":883,"width":847,"height":12}},{"id":"404f64f0-61b4-4c7e-9707-9635e8fe29d4","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Distributor,","page_number":54,"box":{"x":60,"y":898,"width":837,"height":11}},{"id":"2b61eedf-6e91-465d-977e-3d7601af4450","block_type":"box","text":"suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":54,"box":{"x":61,"y":913,"width":663,"height":11}},{"id":"77dc6833-389d-4a99-acc7-b93373730a2b","block_type":"box","text":"48","page_number":54,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"a8757cf0-d0cf-48fd-978c-05fcec2792a1","block_type":"box","text":"NM1026U-5982664-54/82","page_number":54,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"05e63c37-e489-44f1-93fb-9400e3087322","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":55,"box":{"x":60,"y":46,"width":824,"height":11}},{"id":"3598a8c9-8814-4ce6-a98e-bfdb3bbcdf8e","block_type":"box","text":"deemed abusive.","page_number":55,"box":{"x":61,"y":61,"width":123,"height":9}},{"id":"3797945e-2d33-4937-b2bc-5aa805eb45a8","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":55,"box":{"x":60,"y":83,"width":841,"height":12}},{"id":"f21b5881-345b-4d60-8a01-c83c1156dd9a","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":55,"box":{"x":60,"y":98,"width":572,"height":11}},{"id":"22796d00-bbe7-4c6e-9077-38e41b39d424","block_type":"box","text":"49","page_number":55,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"6b6dbbc5-a79a-418d-bcbe-e1ee38857ffa","block_type":"box","text":"NM1026U-5982664-55/82","page_number":55,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e1f94957-9f26-4e11-aeff-eed8d2a9c135","block_type":"box","text":"Management of the Fund","page_number":56,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"e7d0a13d-06cc-4578-a3d5-6e048e0db440","block_type":"box","text":"BlackRock","page_number":56,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"0ee56f76-05d6-42f1-8903-c1543e054374","block_type":"box","text":"BlackRock, the Fund’s investment adviser, manages the Fund’s investments and its business operations subject to","page_number":56,"box":{"x":62,"y":183,"width":846,"height":11}},{"id":"d74333ca-3120-4627-aaa0-4377a1fb7746","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":56,"box":{"x":60,"y":197,"width":873,"height":12}},{"id":"59c4e535-e063-472a-bc9a-14d203cd4056","block_type":"box","text":"able to draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":56,"box":{"x":61,"y":212,"width":851,"height":12}},{"id":"2bc95bbf-7f89-4865-98f2-106574a7b790","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":56,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"d4e00197-e03b-45fb-8221-b599accff1d1","block_type":"box","text":"BlackRock, Inc.","page_number":56,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"b8f8ed77-4f7e-44f8-915c-ee616258ced6","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":56,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"40381050-3410-4d40-84b3-fca42b671f0a","block_type":"box","text":"companies. BlackRock International Limited (“BIL”) and BlackRock (Singapore) Limited (“BSL”), the sub-advisers to the","page_number":56,"box":{"x":61,"y":279,"width":874,"height":12}},{"id":"ca0d2ef4-7f5a-43ce-a92c-5f5898cf7ff2","block_type":"box","text":"Fund (together, the “Sub-Advisers”), are registered investment advisers organized in 1995 and 2000, respectively.","page_number":56,"box":{"x":62,"y":294,"width":838,"height":11}},{"id":"4173f066-ae73-4068-a184-75bedfdaae2d","block_type":"box","text":"BlackRock and its affiliates had approximately $13.9 trillion in investment company and other portfolio assets under","page_number":56,"box":{"x":62,"y":308,"width":857,"height":12}},{"id":"1bc9dd7f-981f-413e-8aab-134430a23957","block_type":"box","text":"management as of March 31, 2026.","page_number":56,"box":{"x":61,"y":323,"width":267,"height":12}},{"id":"51d4f491-ffa9-41fa-88f2-965403eda83a","block_type":"box","text":"The Fund has entered into a management agreement (the “Management Agreement”) with BlackRock. Under the","page_number":56,"box":{"x":60,"y":346,"width":827,"height":12}},{"id":"944a2753-d244-4a3a-ab08-e9799ed8a02e","block_type":"box","text":"Management Agreement, BlackRock receives for its services to the Fund a fee computed daily and payable monthly in","page_number":56,"box":{"x":62,"y":361,"width":865,"height":11}},{"id":"f32078ac-e0dc-4f79-9c05-6ec2d9626d27","block_type":"box","text":"arrears. The annual management fees payable to BlackRock (as a percentage of average daily net assets) are","page_number":56,"box":{"x":61,"y":376,"width":808,"height":11}},{"id":"a67db9ff-1221-4cb9-9302-3d081018ceec","block_type":"box","text":"calculated as follows:","page_number":56,"box":{"x":61,"y":390,"width":157,"height":10}},{"id":"de2584c1-2667-4621-9302-eeac903a026f","block_type":"box","text":"Average Daily Net Assets","page_number":56,"box":{"x":69,"y":429,"width":151,"height":9}},{"id":"65412e62-976c-419d-a92e-cb7e9b39f22e","block_type":"box","text":"Rate of","page_number":56,"box":{"x":844,"y":419,"width":43,"height":7}},{"id":"dc34ebe8-2c6e-4e82-8add-f7711f491018","block_type":"box","text":"Management Fee","page_number":56,"box":{"x":813,"y":429,"width":104,"height":9}},{"id":"078e11f8-65dc-4c6a-8d81-0efedd5e2599","block_type":"box","text":"Not exceeding $1 billion","page_number":56,"box":{"x":70,"y":446,"width":157,"height":11}},{"id":"8c6e5030-a896-4220-8baa-141a36f43b25","block_type":"box","text":"0.50%","page_number":56,"box":{"x":849,"y":446,"width":42,"height":8}},{"id":"ca8d490f-6a40-4ce4-832d-d4d67b18e3a9","block_type":"box","text":"In excess of $1 billion but not more than $3 billion 0.47%","page_number":56,"box":{"x":70,"y":464,"width":821,"height":9}},{"id":"640a5959-f33f-408c-9cd1-ba256e24d970","block_type":"box","text":"In excess of $3 billion but not more than $5 billion 0.45%","page_number":56,"box":{"x":70,"y":482,"width":821,"height":9}},{"id":"5bbcbcd8-2de2-4239-892c-6b1a29e37644","block_type":"box","text":"In excess of $5 billion but not more than $10 billion 0.44%","page_number":56,"box":{"x":70,"y":500,"width":821,"height":9}},{"id":"918485f6-da32-415d-8f7e-a7b2356a608d","block_type":"box","text":"In excess of $10 billion","page_number":56,"box":{"x":70,"y":518,"width":153,"height":9}},{"id":"a010d455-3770-4411-ad8d-d9e0541ee84f","block_type":"box","text":"0.43%","page_number":56,"box":{"x":849,"y":518,"width":42,"height":9}},{"id":"f96b31a8-35a1-4fe4-a5ee-5c143e96f50d","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets","page_number":56,"box":{"x":62,"y":550,"width":840,"height":12}},{"id":"a63dd369-ef95-4e33-a8bd-a1f9329743fa","block_type":"box","text":"estimated to be attributable to investments in (i) other equity and fixed-income mutual funds and ETFs managed by","page_number":56,"box":{"x":61,"y":565,"width":844,"height":12}},{"id":"e5b1376e-8200-476d-86d7-b7627d7ec37f","block_type":"box","text":"BlackRock or its affiliates that have a contractual management fee and (ii) other exchange-traded products sponsored","page_number":56,"box":{"x":62,"y":580,"width":864,"height":12}},{"id":"ed277696-de34-4dd7-b48f-5dc8e0ed2b80","block_type":"box","text":"by BlackRock or its affiliates, through June 30, 2027. In addition, BlackRock has contractually agreed to waive its","page_number":56,"box":{"x":61,"y":595,"width":835,"height":11}},{"id":"c6d7cf80-5cec-4917-b3f9-84e65f5d9fab","block_type":"box","text":"management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its","page_number":56,"box":{"x":61,"y":610,"width":812,"height":11}},{"id":"857e88e2-ea05-4db2-a35f-e26b93fb5e91","block_type":"box","text":"investment in money market funds managed by BlackRock or its affiliates, through June 30, 2027. The contractual","page_number":56,"box":{"x":62,"y":624,"width":842,"height":12}},{"id":"5d550d37-8393-497e-9775-c07f5b286173","block_type":"box","text":"agreements may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund or by a","page_number":56,"box":{"x":61,"y":639,"width":857,"height":12}},{"id":"85e6637e-bd6e-47ca-9702-53aacf334e00","block_type":"box","text":"vote of a majority of the outstanding voting securities of the Fund.","page_number":56,"box":{"x":60,"y":654,"width":482,"height":12}},{"id":"61f08894-b3b4-4b51-9db6-407406b4f6dc","block_type":"box","text":"BlackRock has entered into sub-advisory agreements with the Sub-Advisers, affiliates of BlackRock. Under the sub","page_number":56,"box":{"x":62,"y":677,"width":844,"height":11}},{"id":"15478650-21fb-4cbb-be66-019b6a9c9bfc","block_type":"box","text":"advisory agreements, BlackRock pays the Sub-Advisers for services they provide for that portion of the Fund for which","page_number":56,"box":{"x":61,"y":691,"width":865,"height":12}},{"id":"bbfa4319-781b-4510-83dd-cf0558184fe4","block_type":"box","text":"each Sub-Adviser acts as a sub-adviser a fee equal to a percentage of the management fee paid to BlackRock under","page_number":56,"box":{"x":61,"y":706,"width":855,"height":12}},{"id":"9ef0653a-9f85-46bf-a22e-386974850375","block_type":"box","text":"the Management Agreement.","page_number":56,"box":{"x":60,"y":721,"width":212,"height":12}},{"id":"561f8b74-5395-4c19-b0c3-e162dcca9d22","block_type":"box","text":"In rendering investment advisory services to the Fund, BlackRock uses the portfolio management, research and other","page_number":56,"box":{"x":62,"y":744,"width":866,"height":11}},{"id":"edd5c972-336e-49e5-bf43-a8bf7c289195","block_type":"box","text":"resources of BlackRock Investment Management (Australia) Limited (“BlackRock Australia”), a foreign affiliate of","page_number":56,"box":{"x":61,"y":759,"width":828,"height":11}},{"id":"5186017d-f2b5-4162-b6bc-e73ceac555a2","block_type":"box","text":"BlackRock that is not registered under the Investment Advisers Act of 1940, as amended. 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The terms of a fund’s index licensing agreement with BlackRock or its","page_number":59,"box":{"x":62,"y":262,"width":870,"height":11}},{"id":"0775118c-1eac-43d5-a6f2-ccf1875ca89a","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":59,"box":{"x":60,"y":276,"width":545,"height":12}},{"id":"009e0762-fb99-4161-afe5-3d758dd5865b","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":59,"box":{"x":60,"y":299,"width":837,"height":12}},{"id":"6f8b6546-f82a-4f1f-aeb0-fec7e2fdaf20","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":59,"box":{"x":61,"y":314,"width":865,"height":11}},{"id":"811d8d1d-27a3-4285-b310-7230dc1f2ea0","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":59,"box":{"x":62,"y":329,"width":819,"height":11}},{"id":"a7e18724-4878-43ed-8b69-9bbd9cce83b6","block_type":"box","text":"Valuation of Fund Investments","page_number":59,"box":{"x":63,"y":367,"width":271,"height":11}},{"id":"71bb9206-df03-459b-97ad-be5533902ad3","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":59,"box":{"x":60,"y":394,"width":869,"height":11}},{"id":"4d4e02a2-c477-462a-83e9-fe561976786d","block_type":"box","text":"are also redeemed at their net asset value, minus any applicable deferred sales charge or redemption fee. The net","page_number":59,"box":{"x":61,"y":409,"width":845,"height":11}},{"id":"92e75508-595e-4254-95ea-5eee16309773","block_type":"box","text":"asset value used in determining your share price is the next one calculated after your purchase or redemption order is","page_number":59,"box":{"x":61,"y":423,"width":868,"height":12}},{"id":"b3bc327c-333f-467a-aa36-6fe3965a3170","block_type":"box","text":"received. The net asset value of each class of shares normally is determined once daily Monday through Friday,","page_number":59,"box":{"x":61,"y":438,"width":818,"height":12}},{"id":"ce495bcc-c29a-41a6-8454-a94ae09aa6bf","block_type":"box","text":"generally as of the close of regular trading hours of the New York Stock Exchange (“NYSE”) (normally 4:00 p.m.,","page_number":59,"box":{"x":60,"y":453,"width":822,"height":12}},{"id":"88323f79-f558-47a4-a59e-b417a18d49f3","block_type":"box","text":"Eastern time), on each day that the NYSE is open for trading, based on prices at the time of closing, provided that any","page_number":59,"box":{"x":62,"y":468,"width":868,"height":11}},{"id":"2e9007a0-5d44-419a-8d28-17690b1e0d36","block_type":"box","text":"Fund assets or liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the","page_number":59,"box":{"x":62,"y":483,"width":849,"height":9}},{"id":"61bcc7e5-83a8-4a0f-ba51-53ec20f42034","block_type":"box","text":"prevailing market rates on the date of valuation as quoted by one or more data service providers. 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Also, dividends paid on Investor A and","page_number":59,"box":{"x":62,"y":565,"width":841,"height":11}},{"id":"a8dfc4bd-76bf-4c12-8503-0a440bcfd3fb","block_type":"box","text":"Institutional Shares will generally be higher than dividends paid on Investor C Shares because Investor A and","page_number":59,"box":{"x":62,"y":579,"width":797,"height":12}},{"id":"48e718fc-5a96-4868-8bf6-dc53cf101eaa","block_type":"box","text":"Institutional Shares have lower expenses.","page_number":59,"box":{"x":62,"y":594,"width":304,"height":11}},{"id":"72f9a565-ecb2-495a-80cb-f34ce9744936","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":59,"box":{"x":60,"y":617,"width":844,"height":11}},{"id":"71dfb10f-a594-42cc-a8dd-9e6a896933cb","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":59,"box":{"x":60,"y":632,"width":837,"height":11}},{"id":"4317b02f-c69d-4706-92d8-2881487455b8","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":59,"box":{"x":62,"y":647,"width":464,"height":11}},{"id":"d6ad6389-c125-4194-a9b7-7ad53e7fc189","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":59,"box":{"x":62,"y":669,"width":863,"height":11}},{"id":"32e17bf8-1e90-464e-81b4-69a8a5101591","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":59,"box":{"x":60,"y":684,"width":858,"height":11}},{"id":"f8303dc2-b6d5-4089-9e8b-7e4b6c599bf0","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":59,"box":{"x":62,"y":699,"width":863,"height":11}},{"id":"54db5419-4c86-4afe-bd03-71e24edf60af","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":59,"box":{"x":61,"y":713,"width":852,"height":12}},{"id":"bdda0686-6b2d-4edc-a03a-10d480bc9419","block_type":"box","text":"end funds (including money market funds) are valued at net asset value. Shares of underlying exchange-traded closed","page_number":59,"box":{"x":61,"y":728,"width":869,"height":12}},{"id":"68c587b2-da53-4c90-a079-d9beda8e430f","block_type":"box","text":"end funds or other ETFs are valued at their most recent closing price.","page_number":59,"box":{"x":61,"y":743,"width":507,"height":12}},{"id":"200fc902-cc59-4d29-8d77-faf03b7d17b7","block_type":"box","text":"The Fund values fixed-income portfolio securities and certain derivative instruments using bid prices provided by","page_number":59,"box":{"x":60,"y":766,"width":826,"height":11}},{"id":"e9267774-2f11-4ce1-b234-dd62e524a094","block_type":"box","text":"dealers or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services,","page_number":59,"box":{"x":61,"y":781,"width":871,"height":11}},{"id":"b2b8c9fc-f611-48f7-9959-3e795f46081d","block_type":"box","text":"each in accordance with BlackRock’s valuation policies and procedures. Pricing services may use valuation models","page_number":59,"box":{"x":61,"y":796,"width":845,"height":11}},{"id":"6a285036-b73e-41eb-bcf8-58b21a537b9d","block_type":"box","text":"that utilize certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities","page_number":59,"box":{"x":60,"y":810,"width":848,"height":12}},{"id":"b670a7b4-2481-4344-b915-1723ace8b2a8","block_type":"box","text":"assuming orderly transactions of an institutional round lot size, but the Fund may hold or transact in such securities in","page_number":59,"box":{"x":61,"y":825,"width":869,"height":11}},{"id":"2017f7ac-5183-4e77-8d63-a63040327370","block_type":"box","text":"smaller odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round","page_number":59,"box":{"x":61,"y":840,"width":867,"height":11}},{"id":"03cfa9cc-3c70-451c-a9c0-56cd442eafcd","block_type":"box","text":"lots, and the value ultimately realized when the securities are sold could differ from the prices used by the Fund. The","page_number":59,"box":{"x":62,"y":855,"width":858,"height":11}},{"id":"b247c7e1-c4e5-47db-8b15-56b4a8799b25","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":59,"box":{"x":61,"y":869,"width":845,"height":12}},{"id":"267f3cc2-6621-4c4e-bfbd-3b2f548522d4","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":59,"box":{"x":61,"y":884,"width":733,"height":12}},{"id":"31ae0fe8-0dec-470a-897f-785e4360a64f","block_type":"box","text":"53","page_number":59,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"44039ad3-6b38-49f1-8a76-e2e91e221451","block_type":"box","text":"NM1026U-5982664-59/82","page_number":59,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2edc1853-a3be-4903-b87e-6d1f3ad6e7ea","block_type":"box","text":"Generally, trading in non-U.S. securities, U.S. government securities, money market instruments and certain fixed","page_number":60,"box":{"x":61,"y":46,"width":832,"height":11}},{"id":"93c5e26b-4764-41a0-b3c1-c6cab8a7dcad","block_type":"box","text":"income securities is substantially completed each day at various times prior to the close of regular trading hours of the","page_number":60,"box":{"x":62,"y":60,"width":873,"height":12}},{"id":"731cb4ac-0063-4ee0-935e-a604e8f8bcd3","block_type":"box","text":"NYSE. The values of such securities used in computing the net asset value of the Fund’s shares are determined as of","page_number":60,"box":{"x":62,"y":75,"width":867,"height":12}},{"id":"d7d75cf5-6b21-4c0a-b06c-05d7beec33b0","block_type":"box","text":"such times.","page_number":60,"box":{"x":61,"y":90,"width":84,"height":9}},{"id":"f4ce652e-3732-45f6-b477-4d228637c827","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, BlackRock will fair","page_number":60,"box":{"x":60,"y":113,"width":839,"height":11}},{"id":"6ddf2e53-b169-428e-8710-9d8434b6b248","block_type":"box","text":"value the Fund’s investments in accordance with its policies and procedures. BlackRock may conclude that a market","page_number":60,"box":{"x":60,"y":128,"width":858,"height":11}},{"id":"b80ec155-c24d-4b24-ae84-1d0568f3ceec","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":60,"box":{"x":61,"y":142,"width":844,"height":12}},{"id":"bee86e84-cc7b-4e46-84c5-d6cbddf32f10","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":60,"box":{"x":61,"y":157,"width":845,"height":12}},{"id":"171e26df-976a-41e6-ac1a-72b21bb9310c","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":60,"box":{"x":61,"y":172,"width":841,"height":12}},{"id":"53378b66-2751-4036-be91-2a5ba1037385","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":60,"box":{"x":60,"y":187,"width":820,"height":11}},{"id":"4bbcdebc-c291-4ab6-94be-44d158d96d28","block_type":"box","text":"security is listed is suspended or closed and no appropriate alternative trading market is available. A “significant","page_number":60,"box":{"x":61,"y":202,"width":828,"height":11}},{"id":"76891946-5399-45ae-ade8-c7b7468a5e8c","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":60,"box":{"x":61,"y":216,"width":836,"height":12}},{"id":"05020116-197b-49b3-ae0f-2690de5f0064","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":60,"box":{"x":62,"y":232,"width":862,"height":11}},{"id":"28043c1e-fdf6-45f4-9a3b-4d986f4ecea9","block_type":"box","text":"price or closing market price of one or more assets held by, or liabilities of, the Fund.","page_number":60,"box":{"x":62,"y":246,"width":623,"height":12}},{"id":"a8a22356-1430-48a6-9e91-6f7edbe9488f","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the","page_number":60,"box":{"x":62,"y":269,"width":817,"height":11}},{"id":"9501253e-3545-48d6-a7b3-6493098a11f4","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":60,"box":{"x":62,"y":336,"width":825,"height":11}},{"id":"0352ceca-90b9-438b-8bba-9e6e1a251b9d","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":60,"box":{"x":62,"y":351,"width":871,"height":11}},{"id":"5cceba9b-3fdc-4c8b-ad98-62597b785cae","block_type":"box","text":"or the cost to extinguish that liability in an arm’s-length transaction. 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The Fund will be","page_number":60,"box":{"x":60,"y":418,"width":830,"height":11}},{"id":"d0715feb-3252-46ff-99a0-2e10b53323ca","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":60,"box":{"x":61,"y":433,"width":848,"height":11}},{"id":"120eea86-13e6-4677-a67e-33a5d6228f9e","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":60,"box":{"x":61,"y":447,"width":868,"height":12}},{"id":"e7109ee7-d0c0-4616-800b-f16e620cbe94","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":60,"box":{"x":61,"y":462,"width":856,"height":12}},{"id":"a1ceac41-7d93-49cd-b3cc-eb5419ccc725","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":60,"box":{"x":61,"y":501,"width":311,"height":13}},{"id":"b152acd8-a1d2-42e9-a195-d22cfac570bc","block_type":"box","text":"BUYING A DIVIDEND","page_number":60,"box":{"x":423,"y":542,"width":152,"height":9}},{"id":"f86282fe-ac5c-4272-aac0-035eb7a51f0c","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":60,"box":{"x":72,"y":564,"width":831,"height":12}},{"id":"93176840-d088-4056-83f8-d385ca637504","block_type":"box","text":"pays a dividend. 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Before investing you may want to consult your tax adviser.","page_number":60,"box":{"x":70,"y":609,"width":554,"height":12}},{"id":"6a76c293-a0ed-454f-9a22-1dca901b78b7","block_type":"box","text":"The Fund will distribute net investment income, if any, monthly and net realized capital gains, if any, at least annually.","page_number":60,"box":{"x":60,"y":650,"width":861,"height":11}},{"id":"2ecc263e-9f6a-40da-8854-743713d3926b","block_type":"box","text":"The Fund may also pay a special distribution at the end of the calendar year to comply with federal tax requirements.","page_number":60,"box":{"x":60,"y":664,"width":857,"height":12}},{"id":"ee3b5698-c31e-433b-bd00-386bf7edc73f","block_type":"box","text":"Dividends may be reinvested automatically in shares of the Fund at net asset value without a sales charge or may be","page_number":60,"box":{"x":62,"y":679,"width":859,"height":12}},{"id":"a327c81b-d116-4c0d-8b4e-78dff19f4265","block_type":"box","text":"taken in cash. If you would like to receive dividends in cash, contact your Financial Intermediary or the Fund. Although","page_number":60,"box":{"x":60,"y":694,"width":864,"height":12}},{"id":"308a66ba-2a63-4e4e-b397-021319581232","block_type":"box","text":"this cannot be predicted with any certainty, the Fund anticipates that a significant amount of its dividends, if any, will","page_number":60,"box":{"x":60,"y":709,"width":857,"height":11}},{"id":"a03ac72a-2eed-4e0f-9bcf-2e45a10d01d8","block_type":"box","text":"consist of ordinary income. Capital gains may be taxable to you at different rates depending on how long the Fund held","page_number":60,"box":{"x":61,"y":724,"width":874,"height":11}},{"id":"854261e5-08a4-44d2-a0a7-1e46a6bc3f18","block_type":"box","text":"the assets sold.","page_number":60,"box":{"x":60,"y":739,"width":118,"height":9}},{"id":"84f04b0f-b8db-4da8-8880-4331467eb247","block_type":"box","text":"You will pay tax on dividends from the Fund whether you receive them in cash or additional shares. If you redeem Fund","page_number":60,"box":{"x":60,"y":761,"width":869,"height":12}},{"id":"a081116d-dbcd-4cd3-a0d4-11e5816dcb05","block_type":"box","text":"shares or exchange them for shares of another fund, you generally will be treated as having sold your shares and any","page_number":60,"box":{"x":61,"y":776,"width":862,"height":12}},{"id":"11b2a684-7d01-4da1-acaf-5f43dbac7ded","block_type":"box","text":"gain on the transaction may be subject to tax. Fund distributions derived from qualified dividend income, which","page_number":60,"box":{"x":60,"y":791,"width":812,"height":11}},{"id":"dfb0aecb-93a6-4eee-8fe0-40dc763c19c2","block_type":"box","text":"consists of dividends received from U.S. corporations and qualifying foreign corporations, and from long-term capital","page_number":60,"box":{"x":61,"y":806,"width":852,"height":11}},{"id":"1dc8f73c-882c-4b2c-91c5-7efe79429c85","block_type":"box","text":"gains are eligible for taxation at a maximum rate of 15% or 20% for individuals, depending on whether their income","page_number":60,"box":{"x":60,"y":820,"width":844,"height":12}},{"id":"40442043-5ed5-4848-ae79-9f10869d4a8f","block_type":"box","text":"exceeds certain threshold amounts, which are adjusted annually for inflation.","page_number":60,"box":{"x":61,"y":835,"width":565,"height":12}},{"id":"7e978b4d-845a-464f-8b91-9007c8eff56f","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes, but is not limited to, interest,","page_number":60,"box":{"x":60,"y":858,"width":803,"height":11}},{"id":"ce5a98fb-701d-4072-b7b8-278d018e9efd","block_type":"box","text":"dividends and net gain from investments) of U.S. individuals with income exceeding $200,000, or $250,000 if married","page_number":60,"box":{"x":61,"y":872,"width":873,"height":12}},{"id":"e44ce6be-637a-483b-b0f5-e7356ed32504","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":60,"box":{"x":60,"y":887,"width":282,"height":12}},{"id":"560185fe-6627-4f0a-9966-c70b45a96c2b","block_type":"box","text":"54","page_number":60,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"fb7d8c59-a3dd-4174-b9b9-59e77d13b1f1","block_type":"box","text":"NM1026U-5982664-60/82","page_number":60,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"777d5283-a6a2-4b01-abb9-4e9281909709","block_type":"box","text":"Your dividends and redemption proceeds will be subject to backup withholding tax if you have not provided a taxpayer","page_number":61,"box":{"x":60,"y":46,"width":861,"height":11}},{"id":"48844b53-2e79-45fb-b6f7-7ca3c5a75c90","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":61,"box":{"x":62,"y":60,"width":679,"height":12}},{"id":"0f18c7a8-499b-4b95-b7b1-daad728ed0c9","block_type":"box","text":"The Subsidiary will not be subject to U.S. federal income tax. It will, however, be considered a controlled foreign","page_number":61,"box":{"x":60,"y":83,"width":821,"height":12}},{"id":"1a111eba-cbab-4802-8d8e-9b5514c69370","block_type":"box","text":"corporation, and the Fund will be required to include as income annually amounts earned by the Subsidiary during that","page_number":61,"box":{"x":61,"y":98,"width":870,"height":11}},{"id":"2cb3fb4c-e04b-485f-b6d5-1d31014871c2","block_type":"box","text":"year. Based on final regulations on which taxpayers may rely for taxable years beginning after September 28, 2016,","page_number":61,"box":{"x":60,"y":113,"width":849,"height":11}},{"id":"42454ef3-498f-4b2d-a1eb-89441cec2960","block_type":"box","text":"the Fund anticipates treating the income and gain generated from its investment in the Subsidiary as “qualifying","page_number":61,"box":{"x":60,"y":127,"width":826,"height":12}},{"id":"7ffb40ff-8cb6-43c8-b35a-1dc967479e00","block_type":"box","text":"income” for regulated investment company qualification purposes. Gains from the sales of investments by the","page_number":61,"box":{"x":62,"y":142,"width":808,"height":12}},{"id":"20e27d17-4520-4f4e-82ec-3aafd2e80baf","block_type":"box","text":"Subsidiary will not be eligible for capital gains treatment but instead will be treated as ordinary income when included","page_number":61,"box":{"x":61,"y":157,"width":865,"height":12}},{"id":"40475323-1593-492d-9eee-9f2fdaed7aa7","block_type":"box","text":"in income by the Fund. 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Such shareholders can reduce their initial sales charge on the purchase of Investor A Shares as","page_number":68,"box":{"x":62,"y":260,"width":846,"height":11}},{"id":"0d16b155-2431-4dae-895c-d208557d7627","block_type":"box","text":"follows:","page_number":68,"box":{"x":60,"y":274,"width":55,"height":10}},{"id":"883a3389-3d21-42c6-9f83-08911997109c","block_type":"box","text":"Transaction size breakpoints,","page_number":68,"box":{"x":83,"y":295,"width":212,"height":11}},{"id":"dc8f9476-f3db-485d-95be-7de29d02e8df","block_type":"box","text":"as described in this Fund’s prospectus or SAI.","page_number":68,"box":{"x":302,"y":295,"width":337,"height":11}},{"id":"88039104-f578-46a1-b82e-4f3afd7e81d2","block_type":"box","text":"Rights of accumulation (ROA),","page_number":68,"box":{"x":82,"y":314,"width":216,"height":12}},{"id":"8d9bc963-eb56-4e8b-ad99-b586dc557cf3","block_type":"box","text":"as described in this Fund’s prospectus or SAI.","page_number":68,"box":{"x":305,"y":315,"width":338,"height":11}},{"id":"7004d708-7217-449a-b657-2e945740da35","block_type":"box","text":"Letter of intent,","page_number":68,"box":{"x":82,"y":334,"width":111,"height":11}},{"id":"0de56872-5da8-4bbd-84cb-de284fecc1fe","block_type":"box","text":"as described in this Fund’s prospectus or SAI.","page_number":68,"box":{"x":200,"y":335,"width":337,"height":11}},{"id":"3f8ff9d3-91bd-4681-b289-f0bc7011f8f0","block_type":"box","text":"Front-end sales charge waivers on Investor A shares purchased through Ameriprise Financial","page_number":68,"box":{"x":61,"y":357,"width":766,"height":13}},{"id":"de2cea11-c67f-47a1-bb93-3d802616864e","block_type":"box","text":"Shareholders purchasing Fund shares through an Ameriprise Financial platform or account are eligible for the following","page_number":68,"box":{"x":61,"y":374,"width":870,"height":11}},{"id":"d50308d5-465f-422f-8a57-7cb9366da9e5","block_type":"box","text":"front-end sales charge waivers, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.","page_number":68,"box":{"x":60,"y":389,"width":838,"height":11}},{"id":"a741cc2d-88e6-4ee2-b95c-dcfdb59c855e","block_type":"box","text":"Such shareholders may purchase Investor A shares at NAV without payment of a sales charge as follows:","page_number":68,"box":{"x":61,"y":403,"width":772,"height":12}},{"id":"7e4d8e78-0237-413e-b15c-ab411a7eccfb","block_type":"box","text":"Shares purchased by employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored","page_number":68,"box":{"x":81,"y":423,"width":817,"height":12}},{"id":"00ba9ec1-b78a-4a07-9769-ea25651ed99d","block_type":"box","text":"403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this","page_number":68,"box":{"x":81,"y":438,"width":821,"height":12}},{"id":"92cb6deb-57de-42d5-ad8a-91b263daaf1b","block_type":"box","text":"provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.","page_number":68,"box":{"x":82,"y":453,"width":728,"height":11}},{"id":"e73394b4-d12a-47e3-9829-d717a67648b6","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":68,"box":{"x":81,"y":473,"width":835,"height":12}},{"id":"03a4f0fb-26e2-4583-ac0f-d65913b4f96f","block_type":"box","text":"shares of the same Fund (but not any other fund within BlackRock Funds).","page_number":68,"box":{"x":81,"y":488,"width":542,"height":11}},{"id":"9fdf55c4-de2c-4031-8a91-567a4d939127","block_type":"box","text":"Shares exchanged from Investor C Shares of the same fund in the month of or following the 7-year anniversary of","page_number":68,"box":{"x":81,"y":508,"width":833,"height":11}},{"id":"5a36ca5c-cdd4-4203-8e48-c09390cd0081","block_type":"box","text":"the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of","page_number":68,"box":{"x":80,"y":523,"width":846,"height":11}},{"id":"b8e6d43d-c067-473e-9227-ff338422157b","block_type":"box","text":"Investor C Shares or conversion of Investor C Shares following a shorter holding period, that waiver will apply to","page_number":68,"box":{"x":82,"y":537,"width":818,"height":12}},{"id":"607908c5-c74c-48b3-8b70-31ba039e9650","block_type":"box","text":"exchanges following such shorter period. To the extent that this Fund’s prospectus elsewhere provides for a waiver","page_number":68,"box":{"x":81,"y":552,"width":845,"height":12}},{"id":"24161224-a0cc-46cf-a134-3f6639a83dd4","block_type":"box","text":"with respect to exchanges of Investor C Shares for load waived shares, that waiver will also apply to such","page_number":68,"box":{"x":80,"y":567,"width":774,"height":12}},{"id":"a5cc5536-8c11-416b-85da-b0f9f0b739b5","block_type":"box","text":"exchanges.","page_number":68,"box":{"x":81,"y":582,"width":81,"height":11}},{"id":"454f15ca-a41d-4ae2-825b-b52ea7e057f8","block_type":"box","text":"Shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their","page_number":68,"box":{"x":81,"y":602,"width":824,"height":11}},{"id":"e3b7ef9f-36ec-4c31-ad34-955c724b84d2","block_type":"box","text":"immediate family members.","page_number":68,"box":{"x":82,"y":617,"width":201,"height":11}},{"id":"3c87ec9f-a200-44f3-8f84-444da653035f","block_type":"box","text":"Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s,","page_number":68,"box":{"x":81,"y":637,"width":847,"height":11}},{"id":"ba6d076d-a803-4607-bc3d-ed041c8791e4","block_type":"box","text":"403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an","page_number":68,"box":{"x":81,"y":652,"width":844,"height":11}},{"id":"5e83ecbe-2129-4d67-b767-8b1b3f1b9ebd","block_type":"box","text":"Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother,","page_number":68,"box":{"x":81,"y":666,"width":837,"height":12}},{"id":"f1824bde-aac7-4381-ae56-da7439e48d15","block_type":"box","text":"grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step","page_number":68,"box":{"x":81,"y":681,"width":810,"height":12}},{"id":"49811864-b424-4d73-b8e9-d72e9b18cce7","block_type":"box","text":"daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family","page_number":68,"box":{"x":81,"y":696,"width":792,"height":12}},{"id":"94f47bc9-bce5-4849-9233-06fc55b93d21","block_type":"box","text":"member who is a lineal descendant.","page_number":68,"box":{"x":82,"y":711,"width":263,"height":9}},{"id":"6fcfccb6-5bc1-4cfe-9560-c8c48da2feaf","block_type":"box","text":"Shares purchased from the proceeds of redemptions within BlackRock Funds, provided (1) the repurchase occurs","page_number":68,"box":{"x":81,"y":731,"width":834,"height":11}},{"id":"8bb802c0-c405-4792-a8da-fa0fd99bbdb5","block_type":"box","text":"within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and","page_number":68,"box":{"x":80,"y":746,"width":781,"height":11}},{"id":"1da6ebcc-2644-49c7-bb56-b8c5045628a5","block_type":"box","text":"(3) redeemed shares were subject to a front-end or deferred sales charge (i.e. Rights of Reinstatement).","page_number":68,"box":{"x":81,"y":760,"width":766,"height":12}},{"id":"802daddb-0153-47d5-931b-e8baffea80f7","block_type":"box","text":"CDSC waivers on Investor A and C Shares purchased through Ameriprise Financial","page_number":68,"box":{"x":61,"y":784,"width":679,"height":12}},{"id":"db87eb98-4366-4064-9e13-69aeecffbcb6","block_type":"box","text":"Fund shares purchased through an Ameriprise Financial retail brokerage account are eligible only for the following","page_number":68,"box":{"x":62,"y":800,"width":832,"height":11}},{"id":"8b6ff6bb-7cdf-40f7-990b-770cca4d6b19","block_type":"box","text":"CDSC waivers, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI:","page_number":68,"box":{"x":61,"y":813,"width":715,"height":12}},{"id":"a54b349b-e294-4ff2-a781-af2c9a7c12c7","block_type":"box","text":"Redemptions due to death or disability of the shareholder","page_number":68,"box":{"x":82,"y":830,"width":423,"height":11}},{"id":"214f1f62-c9f9-415b-958c-5948d6cd5bcd","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in this Fund’s prospectus or SAI","page_number":68,"box":{"x":81,"y":846,"width":720,"height":11}},{"id":"70d15919-d49e-4f86-abca-ea7d26fb0f16","block_type":"box","text":"Redemptions made in connection with a return of excess contributions from an IRA account","page_number":68,"box":{"x":82,"y":862,"width":671,"height":11}},{"id":"f95f1a13-9da7-4c3a-af74-69c86a67c682","block_type":"box","text":"Shares purchased through a Right of Reinstatement (as defined above)","page_number":68,"box":{"x":81,"y":878,"width":522,"height":12}},{"id":"51619765-38dc-437c-8e90-ae272c6fbcc2","block_type":"box","text":"Redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the","page_number":68,"box":{"x":82,"y":895,"width":814,"height":11}},{"id":"b9ba6081-d2d1-42a7-8505-3e5c8a87e62d","block_type":"box","text":"Internal Revenue Code","page_number":68,"box":{"x":82,"y":908,"width":164,"height":10}},{"id":"34871724-a177-4020-a0a3-bd93cb36c7fd","block_type":"box","text":"A-1","page_number":68,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"91e189dc-1b7b-4efa-8751-bad7a73d066e","block_type":"box","text":"NM1026U-5982664-68/82","page_number":68,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"02d3de8c-d90e-4427-ac78-597414bced4b","block_type":"box","text":"D.A. Davidson & Co. (“D.A. Davidson”):","page_number":69,"box":{"x":61,"y":46,"width":324,"height":12}},{"id":"885fce17-701c-4a70-91d8-e6127ab9dfe8","block_type":"box","text":"Effective March 1, 2021, shareholders purchasing Fund shares including existing Fund shareholders, through a D.A.","page_number":69,"box":{"x":62,"y":62,"width":852,"height":12}},{"id":"9b4b86bc-7c57-4f7b-a0fa-c094ef9210ac","block_type":"box","text":"Davidson platform or account, or through an introducing broker-dealer or independent registered investment advisor for","page_number":69,"box":{"x":62,"y":77,"width":873,"height":12}},{"id":"8848eb45-3af4-4e4f-a35e-764f2cf986d1","block_type":"box","text":"which D.A. Davidson provides trade execution, clearance, and/or custody services, will be eligible for the following","page_number":69,"box":{"x":60,"y":92,"width":840,"height":12}},{"id":"012354e8-9785-491e-a2bb-f95ba8baa420","block_type":"box","text":"sales charge waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and","page_number":69,"box":{"x":61,"y":107,"width":864,"height":11}},{"id":"8a2384e4-6261-4060-ad47-079f44c41080","block_type":"box","text":"discounts, which may differ from those disclosed elsewhere in this Prospectus or the Fund’s SAI.","page_number":69,"box":{"x":61,"y":122,"width":713,"height":11}},{"id":"da7d6185-5d7c-4110-aec6-1852cb181f03","block_type":"box","text":"Front-End Sales Charge Waivers on Investor A Shares Available at D.A. Davidson","page_number":69,"box":{"x":61,"y":145,"width":664,"height":12}},{"id":"e155b0ea-1ad6-4ad4-a441-aa6f1247ec75","block_type":"box","text":"Shares purchased of the same Fund or another BlackRock Fund through a systematic reinvestment of capital gains","page_number":69,"box":{"x":81,"y":166,"width":845,"height":12}},{"id":"50ad080d-cf14-4eff-8bd2-0ea0ec9ce5fb","block_type":"box","text":"and dividend distributions.","page_number":69,"box":{"x":81,"y":181,"width":192,"height":9}},{"id":"02192b4b-7417-47d3-b170-bf7456e574bd","block_type":"box","text":"Shares purchased by employees and registered representatives of D.A. Davidson or its affiliates and their family","page_number":69,"box":{"x":81,"y":201,"width":827,"height":12}},{"id":"d7605216-a3f4-483f-be35-0a323c23d364","block_type":"box","text":"members as designated by D.A. Davidson.","page_number":69,"box":{"x":82,"y":216,"width":309,"height":11}},{"id":"f73d92a5-1a27-48b0-8b7f-f60ac1ec3c73","block_type":"box","text":"Shares purchased from the proceeds of redemptions of the same Fund or another BlackRock Fund, provided (1) the","page_number":69,"box":{"x":81,"y":236,"width":851,"height":11}},{"id":"e487737e-f7d0-43d9-90c6-a74b894718ee","block_type":"box","text":"repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same","page_number":69,"box":{"x":82,"y":251,"width":820,"height":11}},{"id":"df4dd98c-2093-4576-b8fc-f9fa8f424617","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":69,"box":{"x":81,"y":265,"width":792,"height":12}},{"id":"0fd70540-5e8e-4c88-b942-19f278814d2a","block_type":"box","text":"Reinstatement).","page_number":69,"box":{"x":82,"y":281,"width":114,"height":11}},{"id":"fd837d06-a8e2-4f87-a435-1ecb080ac31d","block_type":"box","text":"A shareholder in the Fund’s Investor C Shares will have their shares converted at net asset value to Investor A","page_number":69,"box":{"x":81,"y":300,"width":812,"height":9}},{"id":"a8f8afa2-58a1-4636-9aef-24487bb5b5f4","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":69,"box":{"x":81,"y":315,"width":776,"height":12}},{"id":"779bfd5e-a566-4ca5-b38d-522b9b823ece","block_type":"box","text":"conversion is consistent with D.A. Davidson’s policies and procedures.","page_number":69,"box":{"x":81,"y":330,"width":519,"height":11}},{"id":"03612bf2-104c-4ba4-acc5-2a091964fe2b","block_type":"box","text":"CDSC Waivers on Investor A and C Shares Available at D.A. Davidson","page_number":69,"box":{"x":61,"y":353,"width":571,"height":10}},{"id":"177332f5-a022-466b-86fc-09832ac16f33","block_type":"box","text":"Shares sold due to the death or disability of the shareholder.","page_number":69,"box":{"x":81,"y":374,"width":446,"height":12}},{"id":"94de7246-235e-4eec-a8e6-8326fac47c1b","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus.","page_number":69,"box":{"x":81,"y":394,"width":672,"height":12}},{"id":"8e23a00a-be35-46a1-96ab-4d9c0f1e9853","block_type":"box","text":"Shares bought due to return of excess contributions from an IRA account.","page_number":69,"box":{"x":81,"y":414,"width":540,"height":12}},{"id":"5488c982-3fa7-42d7-86e9-c4b51e23edef","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA or other qualifying retirement accounts pursuant to","page_number":69,"box":{"x":81,"y":434,"width":836,"height":12}},{"id":"99fc30be-53dc-4ad8-ac3f-3d793d2d4d83","block_type":"box","text":"the Internal Revenue Code.","page_number":69,"box":{"x":80,"y":449,"width":199,"height":9}},{"id":"d6f100b6-7fac-4221-98bd-3294289c23fd","block_type":"box","text":"Shares acquired through a Right of Reinstatement.","page_number":69,"box":{"x":81,"y":469,"width":372,"height":12}},{"id":"8b7dcb0c-ed58-40f5-9dad-d64d74b6b01f","block_type":"box","text":"Front-End Sales Charge Discounts Available at D.A. Davidson: Breakpoints, Rights of Accumulation and/","page_number":69,"box":{"x":61,"y":492,"width":867,"height":13}},{"id":"a5eac6f1-dcf6-436a-91e9-00b44cf943cc","block_type":"box","text":"or Letters of Intent","page_number":69,"box":{"x":61,"y":509,"width":155,"height":10}},{"id":"7e228d4c-2c03-45c1-9134-d39e5c061ba6","block_type":"box","text":"Breakpoints as described in this Prospectus.","page_number":69,"box":{"x":82,"y":531,"width":327,"height":11}},{"id":"2d3c297c-f56a-4b4e-a033-8f7ae6b40b19","block_type":"box","text":"Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on","page_number":69,"box":{"x":82,"y":550,"width":849,"height":12}},{"id":"3ca6de47-6693-41b3-a5c5-690dcb638c8c","block_type":"box","text":"the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at D.A.","page_number":69,"box":{"x":80,"y":565,"width":796,"height":12}},{"id":"892ce47b-e58f-4634-b607-8332a70ad8e2","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":69,"box":{"x":82,"y":580,"width":837,"height":12}},{"id":"4c2e690a-f780-4c87-bf80-f55fba9de69f","block_type":"box","text":"accumulation only if the shareholder notifies his or her financial advisor about such assets.","page_number":69,"box":{"x":81,"y":595,"width":670,"height":11}},{"id":"a5ee75e6-6e84-4d04-9d8f-0f570f8ef5a9","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases of BlackRock Funds, over a","page_number":69,"box":{"x":82,"y":615,"width":833,"height":11}},{"id":"594aa57d-da77-4091-8781-b9a29d8ce104","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":69,"box":{"x":82,"y":630,"width":841,"height":11}},{"id":"3ca3e30e-8d38-424f-8ec1-2625edee7171","block_type":"box","text":"of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":69,"box":{"x":81,"y":644,"width":705,"height":12}},{"id":"da028bc7-17d8-4691-8fd0-2b7bfac2f30c","block_type":"box","text":"A-2","page_number":69,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"4f4ddffe-8f0a-4ddc-bbdf-ecc808f06c50","block_type":"box","text":"NM1026U-5982664-69/82","page_number":69,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"631cf96e-ef94-4f0c-9350-0b98fb4ae099","block_type":"box","text":"Edward D. Jones & Co., L.P. (“Edward Jones”):","page_number":70,"box":{"x":61,"y":46,"width":383,"height":12}},{"id":"3af03835-69e7-4413-ac89-18ab13b48767","block_type":"box","text":"Policies Regarding Transactions Through Edward Jones","page_number":70,"box":{"x":61,"y":71,"width":456,"height":12}},{"id":"0ab7160d-a9f9-4653-8c94-d7a394e23c4f","block_type":"box","text":"The following information has been provided by Edward Jones:","page_number":70,"box":{"x":62,"y":102,"width":455,"height":11}},{"id":"e339dd56-2ad4-4ce6-8094-a17f071e1931","block_type":"box","text":"Effective on or after August 1, 2024, the following information supersedes prior information with respect to","page_number":70,"box":{"x":62,"y":124,"width":786,"height":12}},{"id":"4ef83271-9ba2-49ff-b2aa-6285446415c3","block_type":"box","text":"transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also","page_number":70,"box":{"x":60,"y":139,"width":817,"height":12}},{"id":"62a3e093-bff9-4b4a-9565-980895d708ce","block_type":"box","text":"referred to as “shareholders”) purchasing fund shares on the Edward Jones commission and fee-based platforms are","page_number":70,"box":{"x":61,"y":154,"width":863,"height":11}},{"id":"6c3deb8e-5ef4-4ddc-af83-d56eca77825c","block_type":"box","text":"eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ","page_number":70,"box":{"x":61,"y":169,"width":860,"height":11}},{"id":"0e85af91-653b-4ca8-a3a3-c775d4eb2236","block_type":"box","text":"from discounts and waivers described elsewhere in this prospectus or statement of additional information (“SAI”) or","page_number":70,"box":{"x":60,"y":184,"width":854,"height":11}},{"id":"746ab186-5d2a-42cd-a634-f4bf54829de5","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":70,"box":{"x":60,"y":198,"width":875,"height":12}},{"id":"c66a1bd9-14e4-4751-8533-9c96dbac8c21","block_type":"box","text":"of purchase of any relationship, holdings of BlackRock Funds, or other facts qualifying the purchaser for discounts or","page_number":70,"box":{"x":61,"y":213,"width":857,"height":12}},{"id":"52e3ff09-e8cc-429e-b966-e5a0d4e46e36","block_type":"box","text":"waivers. Edward Jones can ask for documentation of such circumstance. 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The inclusion of eligible BlackRock Funds","page_number":70,"box":{"x":81,"y":639,"width":827,"height":11}},{"id":"4007119a-82a7-4670-9e10-ebca4e5bb8a4","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":70,"box":{"x":81,"y":653,"width":845,"height":12}},{"id":"c1d10245-6c71-4c29-b89a-f0e8774a8afe","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":70,"box":{"x":81,"y":668,"width":851,"height":12}},{"id":"74618e4e-b1cc-4d5d-88ac-2ef4dc0ce7ba","block_type":"box","text":"reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.","page_number":70,"box":{"x":82,"y":683,"width":680,"height":12}},{"id":"57f695c9-e2e3-4426-a1d8-6e33124f52c4","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":70,"box":{"x":82,"y":703,"width":842,"height":12}},{"id":"4fc5bb4a-ec82-4e76-be88-7e807190eb4c","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":70,"box":{"x":82,"y":718,"width":829,"height":11}},{"id":"194f94d8-8e68-4377-9d07-2bccf438c796","block_type":"box","text":"established by the employer.","page_number":70,"box":{"x":81,"y":733,"width":209,"height":11}},{"id":"0a8e077f-9ab0-4ae0-92f7-fe786fdb44ca","block_type":"box","text":"Sales Charge Waivers","page_number":70,"box":{"x":60,"y":756,"width":180,"height":12}},{"id":"45e2b702-6356-45d3-8b8c-8afec6d48934","block_type":"box","text":"Sales charges are waived for the following shareholders and in the following situations:","page_number":70,"box":{"x":61,"y":772,"width":639,"height":12}},{"id":"82772fd9-af37-4aad-bb5c-cf4336797e59","block_type":"box","text":"Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by","page_number":70,"box":{"x":81,"y":792,"width":806,"height":12}},{"id":"83190911-a80c-464f-b5e2-055520228c61","block_type":"box","text":"Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the","page_number":70,"box":{"x":82,"y":807,"width":850,"height":11}},{"id":"1d03b49a-f572-49dd-9bff-e3ee5e1d6a42","block_type":"box","text":"associate’s life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant","page_number":70,"box":{"x":81,"y":822,"width":846,"height":11}},{"id":"eddb19d8-ee7b-4bff-95ad-8b9a9e041572","block_type":"box","text":"to Edward Jones’ policies and procedures.","page_number":70,"box":{"x":80,"y":837,"width":310,"height":11}},{"id":"664078cb-b508-4993-817b-654e3212b122","block_type":"box","text":"Shares purchased in an Edward Jones fee-based program.","page_number":70,"box":{"x":81,"y":856,"width":427,"height":12}},{"id":"8ed26c96-0ebb-4c13-859a-44ba1d3b0f42","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.","page_number":70,"box":{"x":81,"y":876,"width":710,"height":12}},{"id":"fdadea4e-539d-4502-b494-b17cd952788c","block_type":"box","text":"A-3","page_number":70,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"c8311288-6695-4788-81a9-ca194fe96c47","block_type":"box","text":"NM1026U-5982664-70/82","page_number":70,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ab45ee17-e15f-4124-8f73-04dde7051302","block_type":"box","text":"Shares purchased from the proceeds of redeemed shares of BlackRock Funds so long as the following conditions","page_number":71,"box":{"x":81,"y":46,"width":834,"height":11}},{"id":"128c0ed2-54ee-4a0f-a88d-219f8f04a37c","block_type":"box","text":"are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made","page_number":71,"box":{"x":81,"y":60,"width":850,"height":12}},{"id":"953ca2f3-1a85-4cd0-8039-ffd9a7cc0b3d","block_type":"box","text":"from a share class that charges a front load and one of the following (“Right of Reinstatement”):","page_number":71,"box":{"x":81,"y":75,"width":708,"height":12}},{"id":"76ed0012-a500-43ed-88f6-d087154619f8","block_type":"box","text":"The redemption and repurchase occur in the same account.","page_number":71,"box":{"x":101,"y":96,"width":438,"height":11}},{"id":"d3708942-b04e-458e-9cde-2b1844380f1c","block_type":"box","text":"The redemption proceeds are used to process an: IRA contribution, return of excess contributions, conversion,","page_number":71,"box":{"x":101,"y":115,"width":811,"height":11}},{"id":"17fd878d-4958-42f3-8f4d-7d34bdbe1408","block_type":"box","text":"recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same","page_number":71,"box":{"x":102,"y":130,"width":784,"height":12}},{"id":"835b9a96-9e02-42dd-9a2a-989f58c5f4f3","block_type":"box","text":"Edward Jones grouping for ROA.","page_number":71,"box":{"x":102,"y":145,"width":231,"height":11}},{"id":"28f3b341-d0d6-4f86-96c8-72c790f41f98","block_type":"box","text":"The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases","page_number":71,"box":{"x":76,"y":166,"width":839,"height":12}},{"id":"13cd71ce-debf-44b6-80eb-369a72a68862","block_type":"box","text":"made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund","page_number":71,"box":{"x":76,"y":179,"width":805,"height":12}},{"id":"d20c4e40-f9b3-4d5f-9903-94f41dc67955","block_type":"box","text":"products.","page_number":71,"box":{"x":77,"y":192,"width":66,"height":11}},{"id":"f87562a3-6913-4291-b0dd-f3476930da59","block_type":"box","text":"Shares exchanged into Investor A Shares from another share class so long as the exchange is into the same fund","page_number":71,"box":{"x":81,"y":210,"width":837,"height":12}},{"id":"3678ef49-f4e8-47cd-b25d-e3d8901d0cb4","block_type":"box","text":"and was initiated at the discretion of Edward Jones. 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A Merrill representative may ask for reasonable documentation of such","page_number":74,"box":{"x":61,"y":159,"width":870,"height":12}},{"id":"017c78d5-687f-4cb2-8a8c-70ccc1cc025a","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":74,"box":{"x":60,"y":174,"width":823,"height":11}},{"id":"18bde16e-a1d9-4328-bb5a-c62bd6218df4","block_type":"box","text":"Additional information on waivers, discounts, and share class exchanges is available in the Merrill Sales Load Waiver","page_number":74,"box":{"x":60,"y":196,"width":862,"height":12}},{"id":"a4a2bc8f-631c-45a2-8a22-819ba02dfcbe","block_type":"box","text":"and Discounts Supplement (the “Merrill SLWD Supplement”) and in the Mutual Fund Investing at Merrill pamphlet at","page_number":74,"box":{"x":61,"y":211,"width":853,"height":12}},{"id":"a0169d82-7e24-4d51-bffb-bbaabfcf020c","block_type":"box","text":"ml.com/funds. 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