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Any representation to the contrary is a criminal offense.","page_number":2,"box":{"x":63,"y":886,"width":615,"height":10}},{"id":"cd3825f1-b049-4cbc-b823-49a576b0f6e9","block_type":"box","text":"Not FDIC Insured","page_number":2,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"7e590ca2-e8e4-498b-8bbb-3105f8f11512","block_type":"box","text":"•","page_number":2,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"7d5c536f-7600-4b4a-8ede-1ae1e1ef214b","block_type":"box","text":"May Lose Value","page_number":2,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"707b5fd1-5062-4380-bf69-8bc0c5ebdccb","block_type":"box","text":"•","page_number":2,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"28309197-1f85-4b41-93ed-bcbc60b82fe2","block_type":"box","text":"No Bank 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Although your actual costs may be higher","page_number":5,"box":{"x":61,"y":107,"width":859,"height":11}},{"id":"f8666c27-bd0d-4159-8d56-e90165cd5816","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":5,"box":{"x":61,"y":122,"width":436,"height":11}},{"id":"45effa22-cef6-4ed6-8366-f813836fa763","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":5,"box":{"x":631,"y":150,"width":292,"height":9}},{"id":"deab7c59-3436-447c-9cef-8fd733898334","block_type":"box","text":"Investor A Shares $534 $778 $1,041 $1,791","page_number":5,"box":{"x":70,"y":168,"width":848,"height":10}},{"id":"519a9673-afbe-4aa7-ad00-e99bf2a181c1","block_type":"box","text":"Investor C Shares $294 $610 $1,053 $2,079","page_number":5,"box":{"x":70,"y":186,"width":848,"height":10}},{"id":"c0627d33-9ad9-4791-ac8c-1ba7871282bd","block_type":"box","text":"Institutional Shares $ 94 $304 $ 531 $1,185","page_number":5,"box":{"x":70,"y":204,"width":848,"height":10}},{"id":"f1dcd82d-8fcf-44d6-99cb-09f753ea7a6e","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":5,"box":{"x":60,"y":236,"width":532,"height":12}},{"id":"c4de5dc7-b718-4ac9-8b3e-c6f39f950631","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":5,"box":{"x":631,"y":265,"width":292,"height":8}},{"id":"0e8a147f-fc8c-4730-bfb7-5e8964b29897","block_type":"box","text":"Investor C Shares $194 $610 $1,053 $2,079","page_number":5,"box":{"x":70,"y":283,"width":848,"height":10}},{"id":"9b49a8bd-3345-4621-853b-1a93e1636fcb","block_type":"box","text":"Portfolio Turnover:","page_number":5,"box":{"x":61,"y":308,"width":151,"height":10}},{"id":"a5cda651-6a30-436a-a9c1-afa6ab1904f6","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":5,"box":{"x":60,"y":324,"width":800,"height":12}},{"id":"ae47d5f4-8285-4e6d-8f37-917f5324af77","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":5,"box":{"x":62,"y":339,"width":850,"height":11}},{"id":"4db27b41-70af-4d24-84e9-5ba4b2084ea4","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":5,"box":{"x":61,"y":354,"width":870,"height":11}},{"id":"da772ddc-03cd-42c9-a7e5-bcae26288d33","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was","page_number":5,"box":{"x":62,"y":369,"width":839,"height":11}},{"id":"5ab437f3-155c-4a42-b91c-253891a08e03","block_type":"box","text":"31% of the average value of its portfolio.","page_number":5,"box":{"x":61,"y":383,"width":298,"height":12}},{"id":"3bbf919e-b93b-470d-b683-ef2d5155dd78","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":5,"box":{"x":61,"y":422,"width":394,"height":14}},{"id":"4f8dcaf8-15e6-48f1-b48b-64be9df6b2b8","block_type":"box","text":"Under normal circumstances, the Fund will invest at least 80% of its assets in municipal bonds. For the purposes of","page_number":5,"box":{"x":62,"y":448,"width":852,"height":12}},{"id":"c41ae13e-b026-49be-bfef-a5b7c347be8c","block_type":"box","text":"the foregoing 80% policy, “assets” are the Fund’s net assets, plus the amount of any borrowings for investment","page_number":5,"box":{"x":60,"y":463,"width":824,"height":12}},{"id":"e005d42a-9b5c-4b56-a1e0-bfbdcdc00ea4","block_type":"box","text":"purposes. The Fund’s investments in derivatives will be counted toward the Fund’s 80% policy to the extent that they","page_number":5,"box":{"x":62,"y":478,"width":857,"height":12}},{"id":"11916dd9-7e12-49d0-8953-311da5186977","block_type":"box","text":"provide investment exposure to the securities included within that policy or to one or more market risk factors","page_number":5,"box":{"x":62,"y":493,"width":805,"height":11}},{"id":"96fdcf5a-7d24-455a-94e7-219119aaa782","block_type":"box","text":"associated with such securities. Municipal bonds may be obligations of a variety of issuers including governmental","page_number":5,"box":{"x":61,"y":508,"width":840,"height":11}},{"id":"8e6fcd76-176a-449b-9bd7-606d3a10171b","block_type":"box","text":"entities or other qualifying issuers, the payments from which, in the opinion of bond counsel to the issuer, are","page_number":5,"box":{"x":61,"y":523,"width":807,"height":11}},{"id":"6103ebd8-9c7a-49d8-9e5c-7dccc8682a44","block_type":"box","text":"excludable from gross income for Federal income tax purposes (although certain investors may be subject to a Federal","page_number":5,"box":{"x":61,"y":537,"width":870,"height":12}},{"id":"6762e0de-020c-42dd-a8e1-39170d3e240e","block_type":"box","text":"alternative minimum tax on dividends attributable to the Fund’s investments in private activity bonds). Issuers may be","page_number":5,"box":{"x":61,"y":553,"width":864,"height":11}},{"id":"8deb19cb-082c-44f3-8ea1-8c9e8773a651","block_type":"box","text":"states, territories and possessions of the United States, including the District of Columbia, and their political","page_number":5,"box":{"x":61,"y":567,"width":800,"height":12}},{"id":"585d9aa4-d5e0-44db-808f-5449a6c33d02","block_type":"box","text":"subdivisions, agencies and instrumentalities. Municipal bonds also include short-term tax-exempt obligations like","page_number":5,"box":{"x":61,"y":582,"width":832,"height":11}},{"id":"914406f0-8591-4fee-b9bb-cdf77c28c7c0","block_type":"box","text":"municipal notes, variable rate demand obligations, private activity bonds and insured municipal bonds. The Fund may","page_number":5,"box":{"x":61,"y":597,"width":860,"height":11}},{"id":"5d77b76a-7048-4525-8be5-bb45939c1863","block_type":"box","text":"invest in both fixed rate and variable rate obligations.","page_number":5,"box":{"x":62,"y":612,"width":388,"height":11}},{"id":"7f9a694e-4b0c-464d-a7d8-d88cbd3185c7","block_type":"box","text":"The Fund may invest in bonds of any maturity.","page_number":5,"box":{"x":60,"y":634,"width":335,"height":12}},{"id":"9e0021fe-77ed-48ee-9c9f-e794b5877fb1","block_type":"box","text":"The Fund is permitted to engage in transactions in certain derivatives, such as financial futures contracts and options","page_number":5,"box":{"x":60,"y":657,"width":866,"height":11}},{"id":"efb2d0c0-0c1d-472b-8fbf-57727073d293","block_type":"box","text":"thereon, for hedging purposes (including anticipatory hedges) or to seek to enhance returns. The Fund may also invest","page_number":5,"box":{"x":60,"y":671,"width":872,"height":12}},{"id":"ab333730-0191-4c76-90c1-3c11ac91f199","block_type":"box","text":"in other derivatives, such as indexed and inverse floating rate obligations and swap agreements, including credit","page_number":5,"box":{"x":62,"y":686,"width":824,"height":12}},{"id":"4f90122b-fb33-4822-849a-88ae812b75d5","block_type":"box","text":"default swap agreements, for hedging purposes (including anticipatory hedges) or to enhance income. Derivatives are","page_number":5,"box":{"x":61,"y":701,"width":863,"height":12}},{"id":"07dc494b-012a-4587-9080-5b4200262807","block_type":"box","text":"financial instruments whose value is derived from another security or an index. The Fund may use derivative","page_number":5,"box":{"x":60,"y":716,"width":793,"height":11}},{"id":"89c99645-8f3a-4884-aa84-6a442ec9d75f","block_type":"box","text":"instruments to hedge its investments or to seek to enhance returns. Derivatives allow the Fund to increase or","page_number":5,"box":{"x":62,"y":731,"width":806,"height":11}},{"id":"e66a6ce5-fba7-4911-9ba7-864cbd1d76d5","block_type":"box","text":"decrease its risk exposure more quickly and efficiently than other types of instruments.","page_number":5,"box":{"x":61,"y":746,"width":641,"height":11}},{"id":"a0dc3dd5-2733-4ec6-86af-fdaa1622c3de","block_type":"box","text":"The Fund may invest up to 20% of its net assets in securities that are not municipal securities (including, but not","page_number":5,"box":{"x":60,"y":768,"width":831,"height":12}},{"id":"ca0271d7-cadd-41b0-9b3b-8a71eff3b5e4","block_type":"box","text":"limited to, taxable municipal bonds, U.S. Treasury and Government agency issues, and investment grade corporate","page_number":5,"box":{"x":62,"y":783,"width":844,"height":12}},{"id":"5e8ee0fe-7fa3-4650-8331-a183c6a67b0c","block_type":"box","text":"bonds).","page_number":5,"box":{"x":61,"y":798,"width":53,"height":11}},{"id":"98d20c3d-d71e-43c3-9761-6495c82040cf","block_type":"box","text":"The Fund may invest up to 50% of its net assets in non-investment grade bonds (commonly called “high yield” or “junk","page_number":5,"box":{"x":60,"y":820,"width":871,"height":12}},{"id":"5e1f7957-9d7f-440d-8df5-79f108c4b76f","block_type":"box","text":"bonds”). Non-investment grade bonds are bonds that, at the time of acquisition, are rated in the lower rating","page_number":5,"box":{"x":61,"y":835,"width":798,"height":12}},{"id":"8d81db66-6db5-46ed-a7eb-b6eef6dafdf3","block_type":"box","text":"categories of the major rating agencies (BB or lower by Standard & Poor’s or Fitch Ratings, Inc. or Ba or lower by","page_number":5,"box":{"x":61,"y":850,"width":826,"height":12}},{"id":"70793d4e-8fdf-4a48-bf55-424ce6f7c3f1","block_type":"box","text":"Moody’s Investor Service, Inc.) or are determined by Fund management to be of similar quality. Split rated bonds will","page_number":5,"box":{"x":62,"y":865,"width":855,"height":11}},{"id":"15044c70-1db7-4758-b63f-2a59d17f49d3","block_type":"box","text":"be considered to have the higher credit rating. Split rated bonds are bonds that receive different ratings from two or","page_number":5,"box":{"x":61,"y":880,"width":851,"height":11}},{"id":"e2836277-f18b-4125-83a6-9ea1ce60cfd3","block_type":"box","text":"more rating agencies.","page_number":5,"box":{"x":61,"y":895,"width":157,"height":11}},{"id":"e411837f-9124-4a2c-91d7-06a777d70c5a","block_type":"box","text":"4","page_number":5,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"8101d927-3841-4b71-b3da-683f08085b58","block_type":"box","text":"NM0926U-5974826-5/73","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"87a1f5d0-6733-4621-ba82-25cef7d26eab","block_type":"box","text":"The Fund may leverage its assets through the use of proceeds received through tender option bond transactions. In a","page_number":6,"box":{"x":60,"y":46,"width":864,"height":11}},{"id":"7abac0be-634f-4989-b702-d847ed5fd9ea","block_type":"box","text":"tender option bond transaction, the Fund transfers municipal bonds or other municipal securities into a special","page_number":6,"box":{"x":60,"y":60,"width":814,"height":12}},{"id":"8feb4e69-315a-4b5b-bcd0-6edd6f67329b","block_type":"box","text":"purpose entity (a “TOB Trust”). A TOB Trust typically issues two classes of beneficial interests: short-term floating rate","page_number":6,"box":{"x":62,"y":75,"width":868,"height":12}},{"id":"a06844c4-8217-4c1a-9f3d-fae2676ad0a2","block_type":"box","text":"interests (“TOB Floaters”), which are sold to third party investors, and residual inverse floating rate interests (“TOB","page_number":6,"box":{"x":62,"y":90,"width":845,"height":12}},{"id":"94fbc17c-a4bb-4cf4-a695-ffd35e54a8b5","block_type":"box","text":"Residuals”), which are generally issued to the Fund. The Fund may invest in TOB Residuals and may also invest in TOB","page_number":6,"box":{"x":62,"y":105,"width":871,"height":12}},{"id":"204bf766-7152-40c6-adaa-70bd3b5cc7d1","block_type":"box","text":"Floaters. The Fund will look through to the underlying municipal bond held by a TOB Trust for purposes of the Fund’s","page_number":6,"box":{"x":62,"y":120,"width":850,"height":11}},{"id":"c4c86c98-f0cd-4f70-a79f-eb895d2a14f7","block_type":"box","text":"80% policy.","page_number":6,"box":{"x":61,"y":135,"width":80,"height":11}},{"id":"da74f249-5785-4c27-9bfb-fed136230254","block_type":"box","text":"The Fund may also buy when-issued securities and participate in delayed delivery transactions.","page_number":6,"box":{"x":60,"y":157,"width":698,"height":12}},{"id":"d4fccd28-b3a6-4e75-9db2-fda5b2ddd8fc","block_type":"box","text":"The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.","page_number":6,"box":{"x":60,"y":180,"width":874,"height":11}},{"id":"3ab002d1-294e-4c0b-9246-9ec1f40156ac","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":6,"box":{"x":61,"y":219,"width":354,"height":13}},{"id":"dbafc2a8-0f41-4609-bad4-d53a3768c464","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":6,"box":{"x":62,"y":245,"width":860,"height":11}},{"id":"e1afe5e8-78e6-4c47-8617-ec5495f8a250","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":6,"box":{"x":61,"y":260,"width":802,"height":11}},{"id":"4b2828ca-0bce-4add-8a00-d877548fa857","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":6,"box":{"x":62,"y":274,"width":866,"height":12}},{"id":"b9bdd5c7-2475-4f76-b6db-7d2166c41a9e","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":6,"box":{"x":62,"y":289,"width":869,"height":12}},{"id":"b34128cb-a698-4309-b0de-e6a8f89b30b9","block_type":"box","text":"Government agency. The following is a summary description of principal risks of investing in the Fund. The relative","page_number":6,"box":{"x":61,"y":304,"width":837,"height":12}},{"id":"eab8a724-0a5c-40a8-b6f7-e171bb945051","block_type":"box","text":"significance of each risk factor below may change over time and you should review each risk factor carefully.","page_number":6,"box":{"x":61,"y":319,"width":793,"height":12}},{"id":"8e1f43d5-1e6b-410a-8400-d0aff6d57dba","block_type":"box","text":"Debt Securities Risk","page_number":6,"box":{"x":81,"y":339,"width":155,"height":9}},{"id":"fb0cd5a0-0a4b-495c-93cc-6d8e25b51657","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":6,"box":{"x":240,"y":339,"width":633,"height":11}},{"id":"35da0e55-5de2-49b1-bda9-d326cdc5f4bc","block_type":"box","text":"extension risk, and prepayment risk, each of which are described in further detail below:","page_number":6,"box":{"x":81,"y":354,"width":648,"height":11}},{"id":"3471a85b-4bd7-48c1-bb61-e7098ef16ea6","block_type":"box","text":"Credit Risk","page_number":6,"box":{"x":82,"y":374,"width":80,"height":9}},{"id":"2929b2f3-d4ad-493e-a4b3-4404f39c2513","block_type":"box","text":"— Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be","page_number":6,"box":{"x":166,"y":374,"width":737,"height":11}},{"id":"434a2316-8ee1-41c9-9677-19af100e03bc","block_type":"box","text":"able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s","page_number":6,"box":{"x":81,"y":389,"width":816,"height":11}},{"id":"a3306750-1b32-4f00-a645-5b1316400bf5","block_type":"box","text":"perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The","page_number":6,"box":{"x":82,"y":403,"width":826,"height":12}},{"id":"1e94df82-9953-4f12-b1dd-4740ba283e65","block_type":"box","text":"degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.","page_number":6,"box":{"x":81,"y":418,"width":777,"height":12}},{"id":"8618a699-a300-4731-a3ba-39d50978460e","block_type":"box","text":"Interest Rate Risk","page_number":6,"box":{"x":82,"y":438,"width":132,"height":9}},{"id":"bb1a4e26-8154-49b6-809f-deb48e8c4553","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":6,"box":{"x":218,"y":438,"width":704,"height":12}},{"id":"eb141387-bf70-4f99-b18a-33ef8f866ba4","block_type":"box","text":"rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities","page_number":6,"box":{"x":82,"y":453,"width":835,"height":12}},{"id":"d71b20c6-7798-4211-8376-dd67947ceff6","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":6,"box":{"x":80,"y":468,"width":513,"height":9}},{"id":"f0dcd2f6-c118-46fd-9318-ae33574e082e","block_type":"box","text":"The Fund may be subject to a greater risk of rising interest rates during a period of low interest rates. For example,","page_number":6,"box":{"x":81,"y":488,"width":843,"height":11}},{"id":"297ec6c8-a113-4fd7-a7ae-e675301489dd","block_type":"box","text":"if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being","page_number":6,"box":{"x":82,"y":503,"width":806,"height":11}},{"id":"6baaae58-6f5f-472f-b284-9ddee6a4d76a","block_type":"box","text":"equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the","page_number":6,"box":{"x":81,"y":517,"width":831,"height":12}},{"id":"c49c1cb9-9e7b-489a-bf56-734a555df968","block_type":"box","text":"price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude","page_number":6,"box":{"x":82,"y":532,"width":854,"height":12}},{"id":"55f3ef84-a2ae-425a-b743-75ab7a2d7f7b","block_type":"box","text":"of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those","page_number":6,"box":{"x":81,"y":547,"width":827,"height":12}},{"id":"eee24e83-3ceb-4e8c-97d6-c752e47281f4","block_type":"box","text":"securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest","page_number":6,"box":{"x":81,"y":562,"width":840,"height":12}},{"id":"404ba405-7d8b-4a51-90ff-c9eb758f13f7","block_type":"box","text":"income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The","page_number":6,"box":{"x":82,"y":577,"width":851,"height":11}},{"id":"7f38615d-bfd5-458c-8531-c84e4c7b2981","block_type":"box","text":"Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund","page_number":6,"box":{"x":82,"y":592,"width":808,"height":11}},{"id":"bd6da095-4b34-43ec-90a2-65892390a6dc","block_type":"box","text":"management.","page_number":6,"box":{"x":82,"y":607,"width":98,"height":11}},{"id":"d2f1bd03-f792-47f1-81da-db95591507cd","block_type":"box","text":"To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage","page_number":6,"box":{"x":81,"y":626,"width":852,"height":12}},{"id":"e4445e06-a09e-47b3-8750-afae2b1b908e","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":6,"box":{"x":81,"y":641,"width":840,"height":12}},{"id":"f66ba760-7ee1-4975-811c-7283e46d32c8","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset","page_number":6,"box":{"x":80,"y":656,"width":834,"height":12}},{"id":"5b4b4466-e126-41ef-be82-a7ac634db932","block_type":"box","text":"only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be","page_number":6,"box":{"x":81,"y":671,"width":803,"height":11}},{"id":"6d5c7daf-6e36-4199-9339-b6578f150336","block_type":"box","text":"expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate","page_number":6,"box":{"x":81,"y":686,"width":839,"height":11}},{"id":"44cb3b7b-85e3-44d3-bddc-fb9f60226c96","block_type":"box","text":"debt securities.","page_number":6,"box":{"x":81,"y":701,"width":112,"height":9}},{"id":"5aaf6dc6-b936-4fa2-b0c0-4261231312af","block_type":"box","text":"These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith","page_number":6,"box":{"x":81,"y":720,"width":839,"height":12}},{"id":"e0f7cb21-b345-4f46-a3c5-0d2796fdf91a","block_type":"box","text":"and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not","page_number":6,"box":{"x":81,"y":735,"width":839,"height":12}},{"id":"2d5f5f71-54ab-4d8f-a675-d8c856b866dc","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":6,"box":{"x":82,"y":750,"width":831,"height":12}},{"id":"edae2277-41f3-4c0c-a4a7-d746db395bc2","block_type":"box","text":"value when interest rates change.","page_number":6,"box":{"x":80,"y":765,"width":248,"height":12}},{"id":"e8ce4060-d2b7-43e1-a8ef-f93d91922a5c","block_type":"box","text":"A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large","page_number":6,"box":{"x":81,"y":785,"width":855,"height":12}},{"id":"82bdd3d8-a676-4cd5-bb2f-eb2d33f0d7fe","block_type":"box","text":"scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy","page_number":6,"box":{"x":81,"y":800,"width":801,"height":11}},{"id":"09b2502b-8d57-4529-8337-b12cdee8933d","block_type":"box","text":"redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could","page_number":6,"box":{"x":82,"y":815,"width":827,"height":11}},{"id":"a13289a9-53e3-4151-b61e-4a96272c9273","block_type":"box","text":"hurt the Fund’s performance.","page_number":6,"box":{"x":82,"y":829,"width":214,"height":12}},{"id":"a0d4eb87-9a44-4cee-98de-f103249d1b44","block_type":"box","text":"Extension Risk","page_number":6,"box":{"x":82,"y":850,"width":107,"height":9}},{"id":"b9d8ff6f-1419-4be5-ae85-c98748999d80","block_type":"box","text":"— When interest rates rise, certain obligations will be paid off by the obligor more slowly than","page_number":6,"box":{"x":193,"y":849,"width":691,"height":12}},{"id":"bbdc4c61-59db-41f7-8d0c-e12923247a18","block_type":"box","text":"anticipated, causing the value of these obligations to fall.","page_number":6,"box":{"x":81,"y":864,"width":420,"height":12}},{"id":"24314143-7339-4e40-a3d8-ddd45b89dbb8","block_type":"box","text":"Prepayment Risk","page_number":6,"box":{"x":81,"y":884,"width":124,"height":12}},{"id":"d6ad7a1f-a18e-4072-81ab-c069cb04ddff","block_type":"box","text":"— When interest rates fall, certain obligations will be paid off by the obligor more quickly than","page_number":6,"box":{"x":209,"y":884,"width":691,"height":12}},{"id":"62c73844-7b8c-449a-8060-462274362849","block_type":"box","text":"originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.","page_number":6,"box":{"x":81,"y":899,"width":724,"height":12}},{"id":"6429bc79-4fa2-4d1a-8633-9a73b1c9ce78","block_type":"box","text":"5","page_number":6,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"89e86f03-edcc-4b18-a3c2-b5e68eb13aae","block_type":"box","text":"NM0926U-5974826-6/73","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"d50c6dbb-01ef-4d0f-9d76-a2624a5d4a2a","block_type":"box","text":"Municipal Securities Risks","page_number":7,"box":{"x":81,"y":46,"width":201,"height":11}},{"id":"e384346e-2a01-4491-afa1-8de9e25218a0","block_type":"box","text":"— Municipal securities risks include the ability of the issuer to repay the obligation, the","page_number":7,"box":{"x":286,"y":46,"width":643,"height":11}},{"id":"0203622e-49d5-4626-a31d-fc2688f66261","block_type":"box","text":"relative lack of information about certain issuers of municipal securities, and the possibility of future legislative","page_number":7,"box":{"x":82,"y":60,"width":817,"height":12}},{"id":"c6d9787c-d9d5-4b0a-a824-f5695432ec37","block_type":"box","text":"changes which could affect the market for and value of municipal securities. Budgetary constraints of local, state,","page_number":7,"box":{"x":81,"y":75,"width":837,"height":12}},{"id":"f4a2d05a-3f7a-40f6-ad7a-a5d63e40e320","block_type":"box","text":"and federal governments upon which the issuers may be relying for funding may also impact municipal securities.","page_number":7,"box":{"x":81,"y":90,"width":832,"height":12}},{"id":"8064ba7e-ffcd-484f-a74a-c08153c292be","block_type":"box","text":"These risks include:","page_number":7,"box":{"x":81,"y":105,"width":145,"height":9}},{"id":"353fc980-ed6b-4ff0-b6c4-5be4d221b5ed","block_type":"box","text":"General Obligation Bonds Risks —","page_number":7,"box":{"x":82,"y":125,"width":253,"height":11}},{"id":"444e1fd4-418b-44f3-92b3-18ec90295136","block_type":"box","text":"Timely payments depend on the issuer’s credit quality, ability to raise tax","page_number":7,"box":{"x":339,"y":125,"width":536,"height":11}},{"id":"0ecbf983-b60e-494a-933a-a3b504f42f24","block_type":"box","text":"revenues and ability to maintain an adequate tax base.","page_number":7,"box":{"x":82,"y":140,"width":402,"height":11}},{"id":"ebfb8ced-b537-41db-8143-962df94b92da","block_type":"box","text":"Revenue Bonds Risks —","page_number":7,"box":{"x":82,"y":160,"width":181,"height":9}},{"id":"297abcae-3a69-470b-892d-a1427bb46948","block_type":"box","text":"These payments depend on the money earned by the particular facility or class of","page_number":7,"box":{"x":267,"y":160,"width":600,"height":11}},{"id":"7391ecdc-d425-40dd-9263-a2b030101bd9","block_type":"box","text":"facilities, or the amount of revenues derived from another source.","page_number":7,"box":{"x":81,"y":175,"width":482,"height":10}},{"id":"c8d7db43-16e6-4ff6-b8a0-f5d839f4918d","block_type":"box","text":"Private Activity Bonds Risks —","page_number":7,"box":{"x":81,"y":195,"width":224,"height":11}},{"id":"14e801a1-59dd-41d5-aa76-4d91ceea9d6d","block_type":"box","text":"Municipalities and other public authorities issue private activity bonds to finance","page_number":7,"box":{"x":311,"y":195,"width":589,"height":11}},{"id":"45db7bba-3016-45c7-9a03-7d6745ae620f","block_type":"box","text":"development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and","page_number":7,"box":{"x":81,"y":209,"width":813,"height":12}},{"id":"2a00cc18-d2aa-4bb2-a1f3-410abd603910","block_type":"box","text":"interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. The Fund’s","page_number":7,"box":{"x":82,"y":224,"width":852,"height":12}},{"id":"f6f17f4f-633a-4ad3-97b8-aaa4b1536c4d","block_type":"box","text":"investments may consist of private activity bonds that may subject certain shareholders to an alternative minimum","page_number":7,"box":{"x":82,"y":239,"width":841,"height":11}},{"id":"45ad0692-17fa-46f0-a9d0-b50a30aef899","block_type":"box","text":"tax.","page_number":7,"box":{"x":80,"y":255,"width":26,"height":8}},{"id":"803c6cd1-49c6-44c8-b8ce-5b387a21bbda","block_type":"box","text":"Moral Obligation Bonds Risks —","page_number":7,"box":{"x":82,"y":274,"width":238,"height":11}},{"id":"ea85dff1-a79e-421a-b447-85081c0cb955","block_type":"box","text":"Moral obligation bonds are generally issued by special purpose public authorities","page_number":7,"box":{"x":325,"y":274,"width":593,"height":11}},{"id":"36f2d767-b045-4c83-8243-87539922ff37","block_type":"box","text":"of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral","page_number":7,"box":{"x":81,"y":289,"width":854,"height":11}},{"id":"e3691bc5-4bfe-4f9d-92e6-915ef15d1226","block_type":"box","text":"commitment, but not a legal obligation, of the state or municipality.","page_number":7,"box":{"x":81,"y":303,"width":492,"height":12}},{"id":"8c3ffb4e-1092-442a-9414-cb608c7f38c9","block_type":"box","text":"Municipal Notes Risks —","page_number":7,"box":{"x":82,"y":324,"width":185,"height":11}},{"id":"e5f828a9-ef89-48fe-bcbf-c0731c30b227","block_type":"box","text":"Municipal notes are shorter term municipal debt obligations. If there is a shortfall in the","page_number":7,"box":{"x":273,"y":323,"width":646,"height":12}},{"id":"43dd085f-4b6e-4af2-bd4b-d9ce21a22734","block_type":"box","text":"anticipated proceeds, the notes may not be fully repaid and the Fund may lose money.","page_number":7,"box":{"x":81,"y":338,"width":633,"height":12}},{"id":"e8e836d2-c424-4f83-a12a-0cc5c1093329","block_type":"box","text":"Municipal Lease Obligations Risks —","page_number":7,"box":{"x":82,"y":358,"width":273,"height":12}},{"id":"545406c5-52e5-4aa2-85e3-76e144545c84","block_type":"box","text":"In a municipal lease obligation, the issuer agrees to make payments when","page_number":7,"box":{"x":361,"y":359,"width":544,"height":11}},{"id":"77b688c9-a1e5-413a-afbb-57566fab494e","block_type":"box","text":"due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease","page_number":7,"box":{"x":81,"y":373,"width":852,"height":12}},{"id":"8da6d109-0a1b-43fa-8a10-685a00242bd2","block_type":"box","text":"obligation, the lease obligation is secured by the leased property.","page_number":7,"box":{"x":81,"y":388,"width":479,"height":11}},{"id":"7d5e4c1b-1b64-4b74-a493-aa143cc971da","block_type":"box","text":"Tax-Exempt Status Risk —","page_number":7,"box":{"x":83,"y":408,"width":191,"height":11}},{"id":"7d89a29b-104f-4ac3-aab8-97e51278e620","block_type":"box","text":"The Fund and its investment manager will rely on the opinion of issuers’ bond counsel","page_number":7,"box":{"x":278,"y":408,"width":632,"height":11}},{"id":"8a3f0af5-96a7-4415-9427-44819ddaad4d","block_type":"box","text":"and, in the case of derivative securities, sponsors’ counsel, on the tax-exempt status of interest on municipal bonds","page_number":7,"box":{"x":81,"y":423,"width":855,"height":11}},{"id":"af713de8-b03c-4071-b81d-1d9db632b7c0","block_type":"box","text":"and payments under derivative securities. Neither the Fund nor its investment manager will independently review the","page_number":7,"box":{"x":81,"y":438,"width":854,"height":11}},{"id":"54393209-265f-43d1-8a91-5abcf495141b","block_type":"box","text":"bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its","page_number":7,"box":{"x":81,"y":452,"width":809,"height":12}},{"id":"754e3474-1b8f-49e0-a09f-2970b38f2d88","block_type":"box","text":"shareholders to substantial tax liabilities.","page_number":7,"box":{"x":81,"y":467,"width":302,"height":9}},{"id":"3df1c166-5a2b-4ab1-95c0-b041d139a118","block_type":"box","text":"U.S. Government Obligations Risk","page_number":7,"box":{"x":82,"y":487,"width":254,"height":12}},{"id":"489c1eb0-484c-42dc-99f1-cb5b8d3014ea","block_type":"box","text":"— Certain securities in which the Fund may invest, including securities issued by","page_number":7,"box":{"x":340,"y":487,"width":596,"height":12}},{"id":"40593ab3-0293-464c-bca6-d4c3a960f80b","block_type":"box","text":"certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S.","page_number":7,"box":{"x":81,"y":502,"width":819,"height":12}},{"id":"2924bca0-1527-4a2a-afd1-dee9ff45253d","block_type":"box","text":"Government or supported by the full faith and credit of the United States. In addition, circumstances could arise","page_number":7,"box":{"x":81,"y":517,"width":824,"height":11}},{"id":"4f58fe61-e521-4650-bbba-94114fdb1389","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":7,"box":{"x":80,"y":532,"width":846,"height":11}},{"id":"591316c9-d8b8-4675-a25b-a5c04954c6b3","block_type":"box","text":"legislative “debt ceiling.” Such non-payment could result in losses to the Fund and substantial negative","page_number":7,"box":{"x":82,"y":547,"width":757,"height":11}},{"id":"84763ba3-43ed-4ea0-b7dd-891ccc107f36","block_type":"box","text":"consequences for the U.S. economy and the global financial system.","page_number":7,"box":{"x":81,"y":561,"width":502,"height":12}},{"id":"d653b303-ed2c-4254-a7f9-2a9366a4e935","block_type":"box","text":"Derivatives Risk","page_number":7,"box":{"x":81,"y":581,"width":123,"height":10}},{"id":"c459dc05-69aa-4c04-b8d8-0eec31dcc75f","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":7,"box":{"x":207,"y":581,"width":664,"height":12}},{"id":"6e9e5ddf-7265-445a-bb4f-d751dd531222","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":7,"box":{"x":82,"y":596,"width":469,"height":12}},{"id":"0ff7f7d1-6b61-4927-9223-89699b6ca7ba","block_type":"box","text":"Leverage Risk","page_number":7,"box":{"x":82,"y":616,"width":102,"height":12}},{"id":"1681c3e6-e571-4d54-9322-2437f2e67b42","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":7,"box":{"x":188,"y":616,"width":723,"height":12}},{"id":"f9fd234e-be95-4642-a5be-a135e68061ca","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":7,"box":{"x":82,"y":631,"width":832,"height":11}},{"id":"e9a115ab-9414-48e1-bdb7-f59703c91181","block_type":"box","text":"exceed the amount originally invested.","page_number":7,"box":{"x":81,"y":646,"width":280,"height":11}},{"id":"df1f2ad1-9404-4694-8fc5-2ffbc76481d9","block_type":"box","text":"Market Risk","page_number":7,"box":{"x":82,"y":666,"width":87,"height":9}},{"id":"3abeae13-bf30-435c-96bd-24c204121986","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":7,"box":{"x":173,"y":666,"width":728,"height":11}},{"id":"2a5457ad-f2a3-4d05-af76-fb3c3f08e86f","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":7,"box":{"x":81,"y":681,"width":834,"height":11}},{"id":"0c5896c3-35d8-4391-a837-64ae9eb44eda","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":7,"box":{"x":82,"y":696,"width":832,"height":11}},{"id":"1b49a80a-f4c7-4102-b253-d561b82ff686","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":7,"box":{"x":80,"y":710,"width":779,"height":11}},{"id":"21c4ccc3-8217-45e7-bb02-36fc2185fc40","block_type":"box","text":"derivatives positions to lose value.","page_number":7,"box":{"x":81,"y":725,"width":253,"height":11}},{"id":"f2ced3c7-364d-4f29-832a-0e742fa2f74c","block_type":"box","text":"Counterpar ty Risk","page_number":7,"box":{"x":82,"y":745,"width":131,"height":11}},{"id":"4d58e020-4b0e-478a-94df-d4f870675c72","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":7,"box":{"x":217,"y":745,"width":697,"height":11}},{"id":"9867cf03-45eb-4561-a5be-eeae4bf7ae54","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":7,"box":{"x":80,"y":760,"width":855,"height":11}},{"id":"c661d16e-288f-4ab4-9587-bed6e299604a","block_type":"box","text":"exposure to such a counterparty.","page_number":7,"box":{"x":81,"y":775,"width":240,"height":11}},{"id":"ba02de8c-8a2a-428d-b847-3433ff129258","block_type":"box","text":"Illiquidity Risk","page_number":7,"box":{"x":82,"y":795,"width":100,"height":11}},{"id":"ca5e51fa-7e23-47cd-8fd8-32f568442bfc","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":7,"box":{"x":186,"y":795,"width":750,"height":11}},{"id":"94bb04cc-d040-4149-921c-33c1ba0c1da7","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":7,"box":{"x":80,"y":810,"width":839,"height":11}},{"id":"d3db277a-9858-4d96-84dc-3f6fd01f6d64","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":7,"box":{"x":81,"y":824,"width":293,"height":12}},{"id":"ecb71a18-2a96-4274-ab08-083175ae2ba2","block_type":"box","text":"Operational Risk","page_number":7,"box":{"x":82,"y":844,"width":120,"height":11}},{"id":"d7f1a18a-34f8-4254-8c84-3e7c893ae8e8","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":7,"box":{"x":206,"y":844,"width":727,"height":12}},{"id":"0f470281-6fad-4c50-b93b-b61f135e99f5","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":7,"box":{"x":82,"y":859,"width":607,"height":12}},{"id":"7f29fec9-e4c0-4d43-8227-8441308b922a","block_type":"box","text":"Legal Risk","page_number":7,"box":{"x":82,"y":879,"width":75,"height":12}},{"id":"b6e43a88-05db-48cb-ae0b-f20c54de77bc","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":7,"box":{"x":161,"y":879,"width":761,"height":12}},{"id":"37b91dc5-de4b-462b-89dc-2fa13ea604ae","block_type":"box","text":"enforceability of a contract.","page_number":7,"box":{"x":81,"y":894,"width":198,"height":11}},{"id":"a9b7608d-fdcc-4a11-a4ac-2661e6b5888b","block_type":"box","text":"6","page_number":7,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"4e8edbca-773d-45f8-8926-05c4fd35e41e","block_type":"box","text":"NM0926U-5974826-7/73","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"1aacf867-a8c3-4ea2-832a-a1fa75953761","block_type":"box","text":"Volatility and Correlation Risk","page_number":8,"box":{"x":83,"y":46,"width":214,"height":11}},{"id":"7bb5055e-8366-48b1-9702-b80779c58195","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":8,"box":{"x":300,"y":46,"width":590,"height":11}},{"id":"cea3dfc0-3ba9-43b3-a418-18c303036461","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":8,"box":{"x":81,"y":60,"width":775,"height":12}},{"id":"b0ed61d3-f88a-4708-b7a7-7be5d2ac5c87","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":8,"box":{"x":81,"y":75,"width":589,"height":12}},{"id":"f1f9ebaf-20c4-4e78-a2dc-48bda588fb47","block_type":"box","text":"Valuation Risk","page_number":8,"box":{"x":83,"y":96,"width":102,"height":8}},{"id":"e0509bc1-49dd-49f3-bf64-a86e41f3eb11","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":8,"box":{"x":189,"y":95,"width":747,"height":12}},{"id":"e9131856-2684-4278-9ec5-555ae48c1b0e","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":8,"box":{"x":82,"y":110,"width":783,"height":12}},{"id":"ea5c40f2-896d-42c3-8f90-136497d9f42f","block_type":"box","text":"instruments or quote prices for them.","page_number":8,"box":{"x":82,"y":125,"width":273,"height":11}},{"id":"d0130741-5e8a-4595-8aba-a4eca4f2f69b","block_type":"box","text":"Hedging Risk","page_number":8,"box":{"x":82,"y":145,"width":95,"height":11}},{"id":"4c0a9b95-d95d-48ae-961e-53e6ea5cf039","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":8,"box":{"x":181,"y":145,"width":728,"height":11}},{"id":"66307b10-3c85-4376-ba38-901edaacdf5e","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":8,"box":{"x":81,"y":160,"width":839,"height":11}},{"id":"0a4d9a86-8b32-4943-bc49-7779dc184aed","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":8,"box":{"x":82,"y":175,"width":354,"height":11}},{"id":"916930be-7e97-42f6-9744-7512b7441bb3","block_type":"box","text":"Tax Risk","page_number":8,"box":{"x":83,"y":195,"width":59,"height":9}},{"id":"314b67a3-647d-4b80-8f0a-45c5bdbca2fd","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":8,"box":{"x":145,"y":195,"width":719,"height":11}},{"id":"6e7e9f0a-ffde-44f8-a1e1-5a00044a11a2","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":8,"box":{"x":81,"y":209,"width":801,"height":12}},{"id":"2b9711be-6619-4b40-894f-b9dda9acf71f","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":8,"box":{"x":82,"y":224,"width":802,"height":12}},{"id":"2c670f74-e84c-4493-afca-2a37580b1f1d","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":8,"box":{"x":82,"y":239,"width":830,"height":12}},{"id":"120a4589-15e7-4f06-8fdc-aaed1108b6bd","block_type":"box","text":"realizes from its investments.","page_number":8,"box":{"x":82,"y":254,"width":215,"height":9}},{"id":"d79ed2d4-2185-4b8b-923e-811d6dae517e","block_type":"box","text":"High Portfolio Turnover Risk","page_number":8,"box":{"x":81,"y":274,"width":212,"height":11}},{"id":"c6c377aa-c46f-47bf-a674-63909a258dd2","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":8,"box":{"x":297,"y":274,"width":629,"height":11}},{"id":"0bba82d3-de90-402c-8da7-435bb89abd70","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":8,"box":{"x":82,"y":289,"width":812,"height":11}},{"id":"08329412-6f03-49f3-8fe5-bdc53f4825f6","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":8,"box":{"x":81,"y":303,"width":817,"height":12}},{"id":"11dd4fd5-cd42-4248-ad30-34ef532622ab","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":8,"box":{"x":81,"y":318,"width":760,"height":12}},{"id":"2f14988b-d021-4243-a5be-4d8a76d92f46","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":8,"box":{"x":81,"y":333,"width":852,"height":12}},{"id":"d29edae5-0df4-4c57-8fc4-9a7e6f6ea6c6","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":8,"box":{"x":81,"y":348,"width":589,"height":12}},{"id":"06e17a5b-b5c3-4d37-a59e-9c9d274fd206","block_type":"box","text":"High Yield Bonds Risk","page_number":8,"box":{"x":81,"y":368,"width":167,"height":11}},{"id":"46309a06-36e0-48ff-bee4-fb7050c39ac9","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":8,"box":{"x":252,"y":368,"width":667,"height":11}},{"id":"08adf8e2-702e-4da6-a3c7-f9f0dd2a41a1","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":8,"box":{"x":79,"y":383,"width":835,"height":11}},{"id":"2806e8b4-13de-4146-aa6a-71266ece03e5","block_type":"box","text":"for the Fund.","page_number":8,"box":{"x":81,"y":398,"width":91,"height":9}},{"id":"3c7a3389-1f5b-4e20-b40b-a679760fbeac","block_type":"box","text":"Illiquid Investments Risk","page_number":8,"box":{"x":81,"y":418,"width":186,"height":11}},{"id":"6533550a-b8ea-4a90-bac8-4d919e6b8f5d","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":8,"box":{"x":271,"y":418,"width":648,"height":11}},{"id":"6d572e94-3126-412c-8565-533dab32e556","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":8,"box":{"x":80,"y":432,"width":841,"height":12}},{"id":"49d1d3b2-a56f-416c-b7ff-c0b4bf6f9595","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":8,"box":{"x":82,"y":447,"width":831,"height":12}},{"id":"ced5dd8b-5bba-4660-80ad-1caf7b5b9cd0","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":8,"box":{"x":81,"y":462,"width":811,"height":12}},{"id":"4e4a99ee-eb53-47e2-ad15-4d73c6090baa","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":8,"box":{"x":82,"y":477,"width":825,"height":11}},{"id":"0ba38d7c-8c37-4444-847c-7f032fbddd77","block_type":"box","text":"There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue","page_number":8,"box":{"x":81,"y":492,"width":837,"height":11}},{"id":"d16746e2-5a92-4a1f-b75c-810874baaed4","block_type":"box","text":"to be liquid for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an","page_number":8,"box":{"x":80,"y":506,"width":851,"height":12}},{"id":"04ce2a87-cab1-419f-bd01-60c9b8db8847","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":8,"box":{"x":82,"y":522,"width":835,"height":11}},{"id":"d03c889f-e30c-42ca-868d-5f207469051e","block_type":"box","text":"reduce the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time","page_number":8,"box":{"x":82,"y":536,"width":835,"height":12}},{"id":"616154ff-796c-4959-93ae-3dee8057e513","block_type":"box","text":"or price. In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when","page_number":8,"box":{"x":81,"y":551,"width":791,"height":12}},{"id":"5ff2a18a-5267-431d-adec-1fc5812b0b38","block_type":"box","text":"shareholders are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to","page_number":8,"box":{"x":81,"y":566,"width":846,"height":11}},{"id":"86107ded-bb54-4007-adb3-2e1bd649d72a","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":8,"box":{"x":81,"y":581,"width":835,"height":11}},{"id":"e261d8ec-e1b2-4a18-94e8-6fd18811be58","block_type":"box","text":"Fund’s holdings. An investment may be illiquid due to, among other things, the reduced number and capacity of","page_number":8,"box":{"x":82,"y":595,"width":818,"height":12}},{"id":"7a2975ea-072b-4d78-9422-3240d954aa56","block_type":"box","text":"traditional market participants to make a market in fixed-income securities or the lack of an active trading market.","page_number":8,"box":{"x":80,"y":610,"width":837,"height":12}},{"id":"d2cb0a1b-c461-46f2-bd39-d91efff888ed","block_type":"box","text":"To the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":8,"box":{"x":81,"y":625,"width":854,"height":12}},{"id":"264f6bba-9567-48dc-8e16-f59da3f851d4","block_type":"box","text":"and/or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments.","page_number":8,"box":{"x":81,"y":640,"width":815,"height":12}},{"id":"8a50eab3-a4b2-43db-9e72-92916e638f23","block_type":"box","text":"Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these","page_number":8,"box":{"x":82,"y":655,"width":835,"height":11}},{"id":"c4301245-e69d-4659-97d5-676a2a5e38ad","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":8,"box":{"x":82,"y":670,"width":790,"height":11}},{"id":"ab4a926d-2cb3-4f66-af14-4d53079db0bc","block_type":"box","text":"magnified in a rising interest rate environment or other circumstances where investor redemptions or sales of Fund","page_number":8,"box":{"x":82,"y":684,"width":844,"height":12}},{"id":"93e1b05a-860a-44a0-ae3f-7465b0cf7605","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":8,"box":{"x":81,"y":699,"width":810,"height":12}},{"id":"9e5d7cc7-fda3-41f6-aebe-605a2999aa21","block_type":"box","text":"Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.","page_number":8,"box":{"x":82,"y":714,"width":715,"height":11}},{"id":"f348233f-3740-40d7-83e2-c3a5f8cba162","block_type":"box","text":"Insurance Risk","page_number":8,"box":{"x":81,"y":734,"width":113,"height":9}},{"id":"62bdddd0-1005-4be1-bd02-e6c3bbb8b9b8","block_type":"box","text":"— Insurance guarantees that interest payments on a municipal security will be made on time and","page_number":8,"box":{"x":197,"y":734,"width":716,"height":12}},{"id":"9bcc2461-7083-4d0b-a5bb-59019c7b12a3","block_type":"box","text":"that the principal will be repaid when the security matures. However, insurance does not protect against losses","page_number":8,"box":{"x":80,"y":749,"width":817,"height":11}},{"id":"98435404-e041-4e23-aa36-c53a625d93db","block_type":"box","text":"caused by declines in a municipal security’s value. The Fund cannot be certain that any insurance company will","page_number":8,"box":{"x":81,"y":764,"width":816,"height":11}},{"id":"cee8fdcf-4100-4d1d-88ca-56ebeb123d8b","block_type":"box","text":"make the payments it guarantees. If a municipal security’s insurer fails to fulfill its obligations or loses its credit","page_number":8,"box":{"x":82,"y":778,"width":823,"height":12}},{"id":"ccfd0aac-381b-4c35-9437-2967a62ede74","block_type":"box","text":"rating, the value of the security could drop.","page_number":8,"box":{"x":82,"y":793,"width":312,"height":12}},{"id":"2f6f74ea-af06-46a6-af89-819b2441d97e","block_type":"box","text":"Leverage Risk","page_number":8,"box":{"x":81,"y":813,"width":107,"height":12}},{"id":"40f9d044-0a39-4676-b3a9-3a6322d1e738","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":8,"box":{"x":192,"y":813,"width":741,"height":12}},{"id":"9a7a0fa0-e56c-40ad-9824-847488ed250c","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may","page_number":8,"box":{"x":81,"y":828,"width":853,"height":12}},{"id":"2545f94e-b882-4e38-b34d-928ab33334ba","block_type":"box","text":"cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":8,"box":{"x":81,"y":843,"width":856,"height":12}},{"id":"74cacfaa-6b8a-4470-a737-564459119aae","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules","page_number":8,"box":{"x":80,"y":858,"width":775,"height":11}},{"id":"e0915417-d066-44f3-9942-8ae920de7dc5","block_type":"box","text":"thereunder. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses","page_number":8,"box":{"x":80,"y":873,"width":814,"height":11}},{"id":"f47bac66-4c7c-447b-8b00-0d1b5e969298","block_type":"box","text":"leverage.","page_number":8,"box":{"x":82,"y":888,"width":63,"height":11}},{"id":"491a350a-f5c7-489a-af4e-b1437bb6fa4d","block_type":"box","text":"7","page_number":8,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"a36f74b5-86fe-469f-b828-99e5db9c08ad","block_type":"box","text":"NM0926U-5974826-8/73","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"a2381539-a265-479c-96bf-31bac688af1d","block_type":"box","text":"Market Risk and Selection Risk","page_number":9,"box":{"x":81,"y":46,"width":240,"height":9}},{"id":"262c5e48-e6e6-4629-b4c3-5ba8de36f3c3","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":9,"box":{"x":324,"y":46,"width":593,"height":9}},{"id":"880cb02e-9abb-4b42-976b-d67f4a760a81","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":9,"box":{"x":81,"y":61,"width":851,"height":11}},{"id":"f9b6fc42-baea-42cf-aa76-516208436606","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":9,"box":{"x":82,"y":75,"width":824,"height":12}},{"id":"311314f1-8e11-4522-81cf-a1da789225d7","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":9,"box":{"x":82,"y":90,"width":851,"height":12}},{"id":"6df3a9f0-dc76-45fa-b653-015f9225f808","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":9,"box":{"x":82,"y":105,"width":802,"height":11}},{"id":"fde94e91-4702-467b-a5ea-f6b1bf02c085","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":9,"box":{"x":81,"y":120,"width":849,"height":11}},{"id":"ff95c8d3-36c6-4b26-be17-4c65a2fb4a9a","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":9,"box":{"x":81,"y":135,"width":843,"height":11}},{"id":"33495a3c-6ecd-47d9-8402-4678ce673a24","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":9,"box":{"x":81,"y":149,"width":830,"height":12}},{"id":"fdbfc814-058e-4c62-926f-13159b7cfa8c","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":9,"box":{"x":82,"y":164,"width":840,"height":12}},{"id":"20e56f3b-22b2-4809-8c37-c65ffb5c8ca8","block_type":"box","text":"The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic","page_number":9,"box":{"x":81,"y":179,"width":851,"height":11}},{"id":"143e1271-bec4-4814-ae80-d72fbe3c9b23","block_type":"box","text":"uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency","page_number":9,"box":{"x":82,"y":194,"width":815,"height":11}},{"id":"46db1943-8426-4fbb-bcab-18c646aef1ad","block_type":"box","text":"exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental","page_number":9,"box":{"x":81,"y":209,"width":826,"height":11}},{"id":"a01cf352-e9a5-464e-8cbc-0df6df34be0a","block_type":"box","text":"disasters, the spread of infectious illness or other public healthissues like pandemics or epidemics, recessions, or","page_number":9,"box":{"x":81,"y":224,"width":845,"height":11}},{"id":"751dc956-e000-4047-9878-c1945ba1c733","block_type":"box","text":"other events.","page_number":9,"box":{"x":81,"y":239,"width":95,"height":9}},{"id":"8fffe17b-362c-4230-8945-1b57f60a7d08","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":9,"box":{"x":82,"y":258,"width":818,"height":12}},{"id":"c2342065-7c0b-4585-adfe-353d187429f9","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":9,"box":{"x":80,"y":273,"width":819,"height":12}},{"id":"1935fe29-172b-4775-9345-2a42d6ab4b8b","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":9,"box":{"x":81,"y":288,"width":819,"height":12}},{"id":"b3f7ba65-e3bd-424c-9d14-cb5a665227b4","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":9,"box":{"x":81,"y":303,"width":846,"height":11}},{"id":"35d192a5-0c3c-49a1-9756-59ea65cdeae0","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":9,"box":{"x":81,"y":318,"width":848,"height":11}},{"id":"c9f1d2e4-6fae-4edc-8d96-7112343638b2","block_type":"box","text":"the Fund invests.","page_number":9,"box":{"x":80,"y":333,"width":125,"height":9}},{"id":"d713a998-5446-42fc-99d9-d45f7c979592","block_type":"box","text":"Operational and Technology Risks","page_number":9,"box":{"x":82,"y":353,"width":254,"height":11}},{"id":"5ed24516-c972-475c-aed0-fc3a92e02b8a","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":9,"box":{"x":340,"y":353,"width":578,"height":11}},{"id":"688078e9-a908-4bb9-8a00-bb3888fcf6e8","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":9,"box":{"x":82,"y":367,"width":779,"height":12}},{"id":"fe68b4a7-bbae-434a-b148-d057cc5b6b1b","block_type":"box","text":"cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":9,"box":{"x":81,"y":382,"width":848,"height":12}},{"id":"bef960a3-a12a-485c-b572-2e495084d38f","block_type":"box","text":"for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are","page_number":9,"box":{"x":81,"y":397,"width":806,"height":11}},{"id":"6e3dfdf5-00b6-44a9-aa5c-b58ef0ba5fc5","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":9,"box":{"x":82,"y":412,"width":807,"height":11}},{"id":"925bbcb1-cfb2-495a-ace1-999597c443ba","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":9,"box":{"x":82,"y":427,"width":846,"height":11}},{"id":"f6e3b6cd-2353-458b-817e-3cb46c2327b6","block_type":"box","text":"for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and","page_number":9,"box":{"x":81,"y":441,"width":836,"height":12}},{"id":"de5c7c2c-caae-4f60-a940-a09002880a8b","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":9,"box":{"x":82,"y":456,"width":474,"height":12}},{"id":"b0101c25-8dcd-4e8c-b10d-625e9b15b4aa","block_type":"box","text":"Taxability Risk","page_number":9,"box":{"x":82,"y":476,"width":110,"height":12}},{"id":"5319a0f5-67d1-4b09-887e-597138ffd971","block_type":"box","text":"— Future laws, regulations, rulings or court decisions may cause interest on municipal securities to","page_number":9,"box":{"x":196,"y":476,"width":734,"height":12}},{"id":"731ce718-821f-4b0a-92b4-6b1024d7c5a2","block_type":"box","text":"be subject, directly or indirectly, to U.S. federal income taxation or currently exempt interest on state municipal","page_number":9,"box":{"x":81,"y":491,"width":813,"height":11}},{"id":"1d072a52-5b55-43d9-aa8d-15ce0b1b4abb","block_type":"box","text":"securities to be subject to state or local income taxation, or the value of state municipal securities that are currently","page_number":9,"box":{"x":81,"y":506,"width":856,"height":11}},{"id":"01a9eb28-d2c3-4613-ae08-05acb3e853da","block_type":"box","text":"exempt to be subject to state or local intangible personal property tax, or may otherwise prevent the Fund from","page_number":9,"box":{"x":81,"y":521,"width":816,"height":11}},{"id":"9ae82b22-6e5f-473f-9a6a-92076b7460f4","block_type":"box","text":"realizing the full current benefit of the tax-exempt status of such securities. Any such change could also affect the","page_number":9,"box":{"x":82,"y":535,"width":836,"height":12}},{"id":"98e96ad9-1546-414e-991b-59e948bf0eba","block_type":"box","text":"market price of such securities, and thus the value of an investment in the Fund.","page_number":9,"box":{"x":82,"y":550,"width":591,"height":12}},{"id":"3db0346a-56b7-4611-8307-7a69e54486f4","block_type":"box","text":"Legal Opinion Risk —","page_number":9,"box":{"x":82,"y":570,"width":157,"height":12}},{"id":"137c735e-42d3-49df-b32d-901332f4220b","block_type":"box","text":"The Fund will rely on legal opinions of counsel to issuers of municipal securities as to the tax","page_number":9,"box":{"x":244,"y":570,"width":687,"height":12}},{"id":"3fac78ab-9042-4ee8-9141-668b3b1a5212","block_type":"box","text":"exempt status of investments and will not do its own analysis. The status of a municipal security as tax-exempt may","page_number":9,"box":{"x":81,"y":585,"width":853,"height":12}},{"id":"b823d757-a09b-40a1-b1b6-baeabba66be8","block_type":"box","text":"be affected by events that occur after the municipal security is issued.","page_number":9,"box":{"x":81,"y":600,"width":517,"height":11}},{"id":"176e7ba2-58ac-4484-ba55-0bda5ebb69b4","block_type":"box","text":"Tender Option Bonds Risk","page_number":9,"box":{"x":82,"y":620,"width":194,"height":11}},{"id":"560d44ea-a1a7-4a77-a295-5c6f15a284c1","block_type":"box","text":"— The Fund’s participation in tender option bond transactions may reduce the Fund’s","page_number":9,"box":{"x":279,"y":620,"width":630,"height":11}},{"id":"f828e667-863c-4195-a973-09e2e3f2f099","block_type":"box","text":"returns and/or increase volatility. Investments in tender option bond transactions expose the Fund to counterparty","page_number":9,"box":{"x":82,"y":635,"width":840,"height":11}},{"id":"d495ce74-3c61-4d3a-a206-b3fcf865d143","block_type":"box","text":"risk and leverage risk. An investment in a tender option bond transaction typically will involve greater risk than an","page_number":9,"box":{"x":82,"y":650,"width":828,"height":11}},{"id":"2dc0a246-3715-44a6-b909-420cbca2ec8a","block_type":"box","text":"investment in a municipal fixed rate security, including the risk of loss of principal. Distributions on TOB Residuals","page_number":9,"box":{"x":82,"y":664,"width":835,"height":12}},{"id":"467181c8-7edd-42f2-8a47-54e87a8cdf9c","block_type":"box","text":"will bear an inverse relationship to short-term municipal security interest rates. Distributions on TOB Residuals paid","page_number":9,"box":{"x":80,"y":679,"width":850,"height":12}},{"id":"f1affe67-93cd-4884-9af7-3c23bddbe2a2","block_type":"box","text":"to the Fund will be reduced or, in the extreme, eliminated as short-term municipal interest rates rise and will","page_number":9,"box":{"x":80,"y":694,"width":796,"height":11}},{"id":"265f1ece-d7f7-4438-acc3-fca8b84ac8cc","block_type":"box","text":"increase when short-term municipal interest rates fall. TOB Residuals generally will underperform the market for","page_number":9,"box":{"x":82,"y":709,"width":823,"height":11}},{"id":"b37edbcb-7025-4a80-a95f-9a07fb7ad2ec","block_type":"box","text":"fixed rate municipal securities in a rising interest rate environment. The Fund may invest in TOB Trusts on either a","page_number":9,"box":{"x":81,"y":724,"width":836,"height":11}},{"id":"8cb6bcd3-37f5-41f3-8276-689f50846d7f","block_type":"box","text":"non-recourse or recourse basis. If the Fund invests in a TOB Trust on a recourse basis, it could suffer losses in","page_number":9,"box":{"x":82,"y":739,"width":815,"height":10}},{"id":"e9449928-4d52-49b2-a3c9-c99e55f3db6c","block_type":"box","text":"excess of the value of its TOB Residuals.","page_number":9,"box":{"x":81,"y":753,"width":300,"height":10}},{"id":"83dd894e-2f5a-4c21-b7f1-ca96ce41de54","block_type":"box","text":"Variable Rate Demand Obligations Risks","page_number":9,"box":{"x":83,"y":773,"width":301,"height":12}},{"id":"4a27f26d-053a-4106-8b14-ec5c0c6164a4","block_type":"box","text":"—","page_number":9,"box":{"x":389,"y":779,"width":17,"height":1}},{"id":"c2300659-c987-44b7-9ca5-11f562e8d29a","block_type":"box","text":"Variable rate demand obligations are floating rate securities that","page_number":9,"box":{"x":410,"y":773,"width":473,"height":12}},{"id":"cda44ed3-ff09-4945-8eee-ad68ae3b1b3e","block_type":"box","text":"combine an interest in a long term municipal bond with a right to demand payment before maturity from a bank or","page_number":9,"box":{"x":81,"y":788,"width":836,"height":12}},{"id":"a4584440-4231-4001-8b8b-d46cde6cca9d","block_type":"box","text":"other financial institution. If the bank or financial institution is unable to pay, the Fund may lose money.","page_number":9,"box":{"x":81,"y":803,"width":756,"height":11}},{"id":"4df8a761-8571-41ea-b757-ebd026ca65c6","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":9,"box":{"x":83,"y":823,"width":584,"height":11}},{"id":"1a9ce3b3-7054-4651-9b28-d39bea984e8b","block_type":"box","text":"— When-issued and delayed","page_number":9,"box":{"x":671,"y":823,"width":208,"height":11}},{"id":"6808bf53-4f7a-49b7-9649-e39fd7cacf2e","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":9,"box":{"x":81,"y":838,"width":843,"height":11}},{"id":"6862293c-83e7-4f5d-b2e2-ccb7b68c35a0","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":9,"box":{"x":82,"y":853,"width":830,"height":11}},{"id":"a65dcaed-36f5-479f-8ac5-37b6f7cd212f","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":9,"box":{"x":82,"y":867,"width":849,"height":12}},{"id":"5a0e852d-448c-4694-b1dd-aa0c0e520ed0","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":9,"box":{"x":80,"y":882,"width":425,"height":12}},{"id":"5a2c6bf4-c521-448b-8519-37013c78c38c","block_type":"box","text":"8","page_number":9,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"edfcd836-6aa5-43a8-b1e0-6c45822ee1fc","block_type":"box","text":"NM0926U-5974826-9/73","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"3d69c2be-972f-4f32-9aa6-a568aac59796","block_type":"box","text":"Performance Information","page_number":10,"box":{"x":61,"y":46,"width":224,"height":11}},{"id":"3d1c098b-d44e-4983-8191-ee3b0a04ecac","block_type":"box","text":"The information shows you how the Fund’s performance has varied year by year and provides some indication of the","page_number":10,"box":{"x":60,"y":73,"width":855,"height":11}},{"id":"09363d2d-2838-46c0-85f5-b53a0b075a19","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s performance to that of the Bloomberg Municipal Bond","page_number":10,"box":{"x":61,"y":88,"width":850,"height":11}},{"id":"677dce02-9597-4b2a-b31c-51fb5f1a8ba4","block_type":"box","text":"Index and a customized weighted index comprised of the Bloomberg Municipal Bond Index Total Return Index Value","page_number":10,"box":{"x":62,"y":102,"width":842,"height":12}},{"id":"80152216-6f59-4c72-8682-d7b479b91d8c","block_type":"box","text":"Unhedged (75%), the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (20%), and the","page_number":10,"box":{"x":62,"y":117,"width":863,"height":12}},{"id":"487f7e18-09d5-4279-a1b7-7c210169cf1e","block_type":"box","text":"Bloomberg Municipal Index Taxable Bonds Total Return Index Value (5%) (the “Customized Reference Benchmark”). The","page_number":10,"box":{"x":62,"y":132,"width":874,"height":12}},{"id":"ae7d5907-2444-4e67-b34a-f25e03397528","block_type":"box","text":"Customized Reference Benchmark is relevant to the Fund because it has characteristics similar to the Fund’s","page_number":10,"box":{"x":61,"y":147,"width":803,"height":9}},{"id":"d150cc7d-bf63-4ba7-bfb8-abdd8d26b7a6","block_type":"box","text":"investment strategy. To the extent that dividends and distributions have been paid by the Fund, the performance","page_number":10,"box":{"x":62,"y":162,"width":823,"height":11}},{"id":"eabc59fa-5869-4cc6-b9f0-ad9c03f71f95","block_type":"box","text":"information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. As with all","page_number":10,"box":{"x":62,"y":176,"width":846,"height":10}},{"id":"5075511f-4b9f-44dd-b7d4-f779f804e7d5","block_type":"box","text":"such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are","page_number":10,"box":{"x":61,"y":191,"width":860,"height":12}},{"id":"edbf79e0-f7a0-424f-9fc5-207f59c8e4f4","block_type":"box","text":"not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all","page_number":10,"box":{"x":61,"y":206,"width":845,"height":12}},{"id":"2fd2d2cc-a915-4c38-999c-4be299c69e5a","block_type":"box","text":"applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed","page_number":10,"box":{"x":61,"y":221,"width":855,"height":12}},{"id":"f56deb0d-e792-4c55-bf08-3b7cf8dff6c6","block_type":"box","text":"certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the","page_number":10,"box":{"x":61,"y":236,"width":850,"height":11}},{"id":"33bdfc60-53e1-46ca-82ad-06e42681ce7a","block_type":"box","text":"Fund’s performance, including its current net asset value, can be obtained by visiting http://www.blackrock.com or","page_number":10,"box":{"x":62,"y":251,"width":845,"height":11}},{"id":"a5c50624-f4d0-4b97-904e-ade64bc4ea1d","block_type":"box","text":"can be obtained by phone at 800-882-0052.","page_number":10,"box":{"x":61,"y":266,"width":325,"height":11}},{"id":"ca1e1dc0-a2eb-4f85-80f0-1c363d3f6f75","block_type":"box","text":"Institutional Shares","page_number":10,"box":{"x":419,"y":289,"width":160,"height":10}},{"id":"5dfb9b9b-d481-4eaa-bd12-966143798ef1","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":10,"box":{"x":392,"y":305,"width":212,"height":10}},{"id":"cf80f39b-3ff4-401f-85ea-1f3cdafb41ba","block_type":"box","text":"BlackRock Strategic Municipal Opportunities Fund","page_number":10,"box":{"x":289,"y":321,"width":419,"height":12}},{"id":"25591bff-b458-4ee9-b968-852c27091dce","block_type":"box","text":"As of 12/31","page_number":10,"box":{"x":447,"y":337,"width":103,"height":12}},{"id":"e73ef2ba-e0f4-40be-a0db-3def8e3920f9","block_type":"box","text":"0.79%","page_number":10,"box":{"x":295,"y":426,"width":37,"height":7}},{"id":"a63afde9-b4b2-4bfc-ae70-b06c76048b79","block_type":"box","text":"8.05%","page_number":10,"box":{"x":343,"y":388,"width":37,"height":8}},{"id":"59c8d0c8-8cc3-4664-a958-fdda191ef2b8","block_type":"box","text":"1.26%","page_number":10,"box":{"x":392,"y":424,"width":36,"height":7}},{"id":"c15310b5-49a3-4b65-a5c6-86da427579ac","block_type":"box","text":"6.66%","page_number":10,"box":{"x":440,"y":396,"width":36,"height":7}},{"id":"092a0f91-d8fc-4745-baa7-7ac80ef19c06","block_type":"box","text":"0.57%","page_number":10,"box":{"x":488,"y":427,"width":37,"height":7}},{"id":"4bec9d87-911d-44d9-ac16-6ba58659abf9","block_type":"box","text":"5.83%","page_number":10,"box":{"x":536,"y":400,"width":37,"height":7}},{"id":"a1c2da6d-332d-427c-a0f4-031d2d723c17","block_type":"box","text":"-11.53%","page_number":10,"box":{"x":578,"y":505,"width":49,"height":7}},{"id":"647f8b9e-66af-4b64-9cb4-e4fe66a3f0df","block_type":"box","text":"5.17%","page_number":10,"box":{"x":632,"y":403,"width":37,"height":8}},{"id":"dade02de-d0cf-4ab1-844b-c05978ed6e9f","block_type":"box","text":"3.26%","page_number":10,"box":{"x":681,"y":413,"width":36,"height":8}},{"id":"3948ae5b-8eb4-4c8e-bda3-a8a7d4ecb252","block_type":"box","text":"2.67%","page_number":10,"box":{"x":729,"y":416,"width":37,"height":8}},{"id":"e8b9d02b-8fd7-4157-99e6-64ff4880b012","block_type":"box","text":"-15%","page_number":10,"box":{"x":237,"y":515,"width":28,"height":8}},{"id":"a13685cd-6394-4e60-9d62-bf740ba33908","block_type":"box","text":"-10%","page_number":10,"box":{"x":237,"y":490,"width":28,"height":7}},{"id":"51cb86a6-ef0f-4a9a-9da0-b148e895fe38","block_type":"box","text":"-5%","page_number":10,"box":{"x":245,"y":464,"width":20,"height":7}},{"id":"5db26abc-e917-4b40-8a88-cf43ec65419e","block_type":"box","text":"0%","page_number":10,"box":{"x":248,"y":438,"width":17,"height":7}},{"id":"2fa99305-30ef-428d-b056-d50ede213dc7","block_type":"box","text":"5%","page_number":10,"box":{"x":248,"y":412,"width":17,"height":7}},{"id":"55293087-7198-4d09-b302-e2dd8514f590","block_type":"box","text":"10%","page_number":10,"box":{"x":241,"y":386,"width":24,"height":7}},{"id":"267a484a-b542-4788-bf44-378368a9fae6","block_type":"box","text":"15%","page_number":10,"box":{"x":241,"y":360,"width":24,"height":7}},{"id":"44cf872b-48a9-482c-a1b3-ede1c98e72af","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":10,"box":{"x":298,"y":525,"width":465,"height":7}},{"id":"a491ec4a-aab7-44e6-a6e2-a62322f42ae8","block_type":"box","text":"During the ten-year period shown in the bar chart, the highest return for a quarter was 7.68% (quarter ended","page_number":10,"box":{"x":62,"y":546,"width":796,"height":11}},{"id":"e088834e-056a-491a-a049-3469b21f125b","block_type":"box","text":"December 31, 2023) and the lowest return for a quarter was -7.44% (quarter ended March 31, 2020). The year-to","page_number":10,"box":{"x":62,"y":561,"width":843,"height":11}},{"id":"ad243203-4a86-4a2c-ba8f-665b1b7dbec8","block_type":"box","text":"date return as of June 30, 2026 was 3.27%.","page_number":10,"box":{"x":61,"y":575,"width":327,"height":11}},{"id":"4d5d1cee-9ac0-4817-893f-1eeff22367b6","block_type":"box","text":"For the periods ended 12/31/25","page_number":10,"box":{"x":70,"y":604,"width":223,"height":10}},{"id":"76065b3f-2e90-4971-aaef-410ff729f495","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":10,"box":{"x":69,"y":616,"width":854,"height":10}},{"id":"66fa504d-5622-4f28-8aed-808e4cf6ae72","block_type":"box","text":"BlackRock Strategic Municipal Opportunities Fund — Institutional Shares","page_number":10,"box":{"x":70,"y":634,"width":481,"height":10}},{"id":"1737dc4f-cfcb-4b29-b525-a945df1a8ae4","block_type":"box","text":"Return Before Taxes 2.67% 0.86% 2.13%","page_number":10,"box":{"x":85,"y":647,"width":835,"height":8}},{"id":"1ec451f2-b82a-42d3-871b-f5085e83128c","block_type":"box","text":"Return After Taxes on Distributions 2.53% 0.74% 1.92%","page_number":10,"box":{"x":85,"y":660,"width":835,"height":8}},{"id":"d981d21f-7911-4ee3-9005-d5e1effc98c9","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 2.99% 1.22% 2.16%","page_number":10,"box":{"x":85,"y":672,"width":835,"height":9}},{"id":"607065a8-4ac2-4f46-91a1-0f9ffd02b109","block_type":"box","text":"BlackRock Strategic Municipal Opportunities Fund — Investor A Shares","page_number":10,"box":{"x":70,"y":691,"width":469,"height":10}},{"id":"6768d5cb-b8ad-4cb7-82c8-fe7a7dc867a7","block_type":"box","text":"Return Before Taxes (1.80)% (0.20)% 1.47%","page_number":10,"box":{"x":85,"y":703,"width":835,"height":11}},{"id":"ae7c7532-3e78-4082-a1bb-905228c02dc5","block_type":"box","text":"BlackRock Strategic Municipal Opportunities Fund — Investor C Shares","page_number":10,"box":{"x":70,"y":722,"width":470,"height":10}},{"id":"c6827081-bb11-4da4-8730-2623dea9a25a","block_type":"box","text":"Return Before Taxes 0.68% (0.12)% 1.29%","page_number":10,"box":{"x":85,"y":734,"width":835,"height":10}},{"id":"86b2d63e-e5e9-4f41-aa00-9da5b121a65a","block_type":"box","text":"Bloomberg Municipal Bond Index","page_number":10,"box":{"x":70,"y":753,"width":215,"height":10}},{"id":"a203c724-810d-4418-8f7b-4ec3212a49ea","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 4.25% 0.80% 2.34%","page_number":10,"box":{"x":69,"y":766,"width":851,"height":10}},{"id":"8a29da07-5dd5-4391-a435-4ba91839e0c5","block_type":"box","text":"Customized Reference Benchmark","page_number":10,"box":{"x":69,"y":784,"width":227,"height":8}},{"id":"dd102ad5-d44c-46af-b1be-3e254890e35c","block_type":"box","text":"1","page_number":10,"box":{"x":296,"y":784,"width":4,"height":4}},{"id":"37ad065f-138e-4432-b1a8-e97c71390a35","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 4.07% 1.03% —","page_number":10,"box":{"x":69,"y":797,"width":841,"height":11}},{"id":"5f526fc5-e927-40f5-86a4-eafa270f3e3e","block_type":"box","text":"1","page_number":10,"box":{"x":910,"y":798,"width":4,"height":3}},{"id":"5e825b2d-0714-41d7-b0a5-8755474081d1","block_type":"box","text":"1 The Customized Reference Benchmark commenced in November 2017 and therefore the Customized Reference Benchmark does not have 10-","page_number":10,"box":{"x":61,"y":817,"width":858,"height":7}},{"id":"a3b14d99-98b0-4f1a-a40a-466b75605971","block_type":"box","text":"year returns.","page_number":10,"box":{"x":80,"y":828,"width":74,"height":9}},{"id":"eaad2ee2-32df-4602-9aa5-74a1fe8f7be8","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":10,"box":{"x":60,"y":853,"width":840,"height":11}},{"id":"5c6fd09b-3281-488c-8fa1-661cc06b07f6","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":10,"box":{"x":61,"y":867,"width":835,"height":12}},{"id":"c02fb5a5-676f-4c0f-b497-b14d673979e3","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":10,"box":{"x":61,"y":882,"width":851,"height":12}},{"id":"fd272774-7b85-4935-b9ee-fee2acd7ffe1","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for","page_number":10,"box":{"x":60,"y":897,"width":840,"height":12}},{"id":"32d26368-e651-405f-9696-e5ca37cb100b","block_type":"box","text":"Institutional Shares only, and the after-tax returns for Investor A and Investor C Shares will vary.","page_number":10,"box":{"x":62,"y":912,"width":700,"height":11}},{"id":"c47d5b7f-444e-436e-8dd2-a0b9563ef136","block_type":"box","text":"9","page_number":10,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"2aee5d78-e22a-4f1f-9d4e-f802b0c703b0","block_type":"box","text":"NM0926U-5974826-10/73","page_number":10,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"879a5af1-043e-43b2-854c-6bfb048a1c43","block_type":"box","text":"Investment Manager","page_number":11,"box":{"x":62,"y":47,"width":187,"height":13}},{"id":"90f04e24-6a93-499f-a70d-c7b7d7ce7673","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":11,"box":{"x":60,"y":73,"width":709,"height":11}},{"id":"952ca73d-431b-4a6b-af1b-3a1438e58c68","block_type":"box","text":"Portfolio Managers","page_number":11,"box":{"x":61,"y":112,"width":173,"height":13}},{"id":"a2ca108c-1d1d-4653-a538-b0402088a006","block_type":"box","text":"Portfolio Manager","page_number":11,"box":{"x":70,"y":156,"width":121,"height":10}},{"id":"3deaf3e7-fad6-43f9-a01b-7ec71d38cb13","block_type":"box","text":"Portfolio Manager","page_number":11,"box":{"x":376,"y":144,"width":121,"height":10}},{"id":"ce257ed9-2397-47e1-a545-09f319e7c2e1","block_type":"box","text":"of the Fund Since Title","page_number":11,"box":{"x":377,"y":156,"width":413,"height":8}},{"id":"34810eee-352f-425c-be8c-36da601bbb5f","block_type":"box","text":"Michael Kalinoski, CFA 2014 Director of BlackRock, Inc.","page_number":11,"box":{"x":70,"y":174,"width":791,"height":9}},{"id":"7c8b12e8-ee78-4fb3-b58a-4fa03319b680","block_type":"box","text":"Kevin Maloney, CFA 2022 Managing Director of BlackRock, Inc.","page_number":11,"box":{"x":70,"y":192,"width":825,"height":10}},{"id":"a6aa5cc3-c419-4884-898f-38dbb5b24012","block_type":"box","text":"Ryan McDonald, CFA 2023 Managing Director of BlackRock, Inc.","page_number":11,"box":{"x":70,"y":210,"width":825,"height":10}},{"id":"946e0a82-5c58-4dbd-b978-58d2381d6a1e","block_type":"box","text":"Phillip Soccio, CFA 2023 Director of BlackRock, Inc.","page_number":11,"box":{"x":70,"y":228,"width":791,"height":10}},{"id":"6a6e4cbe-a036-4530-8ae7-30ac2637b1ad","block_type":"box","text":"Sean Carney 2023 Managing Director of BlackRock, Inc.","page_number":11,"box":{"x":69,"y":246,"width":826,"height":10}},{"id":"d64c0ccb-cf90-4c1c-af3e-9979d3b0fbbb","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":11,"box":{"x":61,"y":286,"width":309,"height":11}},{"id":"10b77ef6-453a-4b65-9a66-65233371f83a","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell","page_number":11,"box":{"x":60,"y":312,"width":857,"height":12}},{"id":"ae10fa69-f7af-44cd-b52b-eac3ff5d2818","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":11,"box":{"x":61,"y":327,"width":873,"height":12}},{"id":"ebb7dd1b-30ab-403e-83ec-6a20fbc8979c","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":11,"box":{"x":60,"y":342,"width":833,"height":12}},{"id":"439e4ede-5f1c-4a43-a3ea-ed4279d1504e","block_type":"box","text":"15253-4429), or by the Internet at www.blackrock.com. 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a","page_number":13,"box":{"x":61,"y":161,"width":816,"height":12}},{"id":"e2edea83-98e8-489d-ae40-544f02a2737a","block_type":"box","text":"shareholder.","page_number":13,"box":{"x":61,"y":176,"width":89,"height":9}},{"id":"ec6acab6-ce5e-4987-987b-53eb56ce6e92","block_type":"box","text":"How the Fund Invests","page_number":13,"box":{"x":61,"y":215,"width":196,"height":11}},{"id":"0ed40ffb-1543-4c94-884b-d3efccd002dc","block_type":"box","text":"Investment Objective","page_number":13,"box":{"x":61,"y":241,"width":175,"height":13}},{"id":"ed7c2a01-c33a-41d6-ae73-cd5d796e35cd","block_type":"box","text":"The investment objective of the Fund is to provide shareholders with a high level of income exempt from Federal","page_number":13,"box":{"x":60,"y":258,"width":822,"height":11}},{"id":"d2589482-463d-4136-a9f2-3e43cbd5ea9c","block_type":"box","text":"income taxes. This investment objective is a fundamental policy of the Fund and may not be changed without approval","page_number":13,"box":{"x":62,"y":273,"width":865,"height":11}},{"id":"341835df-51ec-450d-b851-f2f4edfa3027","block_type":"box","text":"of a majority of the Fund’s outstanding voting securities, as defined in the Investment Company Act of 1940, as","page_number":13,"box":{"x":61,"y":287,"width":821,"height":12}},{"id":"c628be59-7b47-4559-86bb-3b14c069849e","block_type":"box","text":"amended (the “Investment Company Act”).","page_number":13,"box":{"x":61,"y":302,"width":312,"height":12}},{"id":"76947faa-ac18-4688-a182-a5e86304d0d5","block_type":"box","text":"Investment Process","page_number":13,"box":{"x":61,"y":325,"width":163,"height":10}},{"id":"615c2df3-0403-468c-9cd7-5e2b03d91732","block_type":"box","text":"The Fund’s investment process begins with bottom-up, fundamental analysis focused on sector and security selection,","page_number":13,"box":{"x":60,"y":341,"width":870,"height":12}},{"id":"7d1eaaef-e029-4333-82bd-f41ad9643e4a","block_type":"box","text":"and then incorporates a macroeconomic framework for evaluating and managing risk, including geographic, technical","page_number":13,"box":{"x":61,"y":356,"width":855,"height":12}},{"id":"8332c00e-3c4e-4a4b-a263-f10df862ffd1","block_type":"box","text":"and economic risk. The Fund’s investment process is generally expected to place greater emphasis on duration","page_number":13,"box":{"x":61,"y":371,"width":817,"height":12}},{"id":"1d8d6a60-1860-43c1-8f99-25e575cfbd57","block_type":"box","text":"management and capital structure compared to that of a more traditional municipal fixed income fund. Fund","page_number":13,"box":{"x":61,"y":386,"width":793,"height":12}},{"id":"bb97825b-8515-4853-bbe6-83912d875d68","block_type":"box","text":"management may, but is not required to, regularly employ hedging techniques in the Fund.","page_number":13,"box":{"x":61,"y":401,"width":661,"height":11}},{"id":"33a4bd02-f2de-4c28-892d-f7bcdcf5855e","block_type":"box","text":"Credit Quality of Issuers","page_number":13,"box":{"x":81,"y":421,"width":182,"height":11}},{"id":"39a92b60-c3e0-47d5-8d2f-ac1921498cff","block_type":"box","text":"— based on bottom up credit research combined with relative value analysis.","page_number":13,"box":{"x":267,"y":421,"width":567,"height":11}},{"id":"046a6dd1-76ac-430e-b918-e0733c779738","block_type":"box","text":"Yield Analysis","page_number":13,"box":{"x":83,"y":441,"width":103,"height":11}},{"id":"2858bd9a-4dba-4638-b687-52518249e545","block_type":"box","text":"— takes into account factors such as the shape of the yield curve (longer term obligations typically","page_number":13,"box":{"x":190,"y":441,"width":729,"height":11}},{"id":"c24f962d-93f0-42a9-a9fe-9463c82ed22f","block_type":"box","text":"have higher yields), coupon structure and call features of the security.","page_number":13,"box":{"x":82,"y":456,"width":511,"height":11}},{"id":"6ed9e6c6-771c-4098-a9fd-6c06410561cf","block_type":"box","text":"Duration Analysis","page_number":13,"box":{"x":81,"y":476,"width":131,"height":11}},{"id":"2bbb63a9-c8b6-489e-bd19-5a00fb1c7fd5","block_type":"box","text":"— the average portfolio duration of the portfolio will generally be maintained within a range as","page_number":13,"box":{"x":217,"y":476,"width":692,"height":11}},{"id":"6422e6ff-970e-4718-bdce-24c8491d883b","block_type":"box","text":"determined from time to time. Duration is a measure, expressed in years, of the price sensitivity of a bond or a","page_number":13,"box":{"x":81,"y":490,"width":816,"height":12}},{"id":"bec34fa6-30fb-4ed8-83de-a4398d3d8678","block_type":"box","text":"portfolio to changes in interest rates. Factors considered include interest rates, economic environment, Federal","page_number":13,"box":{"x":82,"y":505,"width":818,"height":12}},{"id":"e3e54920-ffa8-467f-b63f-80db95765eda","block_type":"box","text":"Reserve policy, market conditions, and characteristics of a particular security.","page_number":13,"box":{"x":82,"y":520,"width":569,"height":11}},{"id":"370f93b5-2d0d-4c49-b49b-045d09f2f940","block_type":"box","text":"Principal Investment Strategies","page_number":13,"box":{"x":61,"y":543,"width":260,"height":13}},{"id":"508cbffd-799f-4fd4-ba49-c36cb7a60b91","block_type":"box","text":"Under normal circumstances, the Fund will invest at least 80% of its assets in municipal bonds. For the purposes of","page_number":13,"box":{"x":62,"y":559,"width":852,"height":12}},{"id":"1b752383-d46c-4174-a857-d959ce4d882d","block_type":"box","text":"the foregoing 80% policy, “assets” are the Fund’s net assets, plus the amount of any borrowings for investment","page_number":13,"box":{"x":60,"y":574,"width":824,"height":12}},{"id":"e5a567e6-3b17-4112-be9a-b275a35ed51d","block_type":"box","text":"purposes. The Fund’s investments in derivatives will be counted toward the Fund’s 80% policy to the extent that they","page_number":13,"box":{"x":62,"y":589,"width":857,"height":11}},{"id":"0c388477-a437-4aee-83c2-1fd93c53472b","block_type":"box","text":"provide investment exposure to the securities included within that policy or to one or more market risk factors","page_number":13,"box":{"x":62,"y":604,"width":805,"height":11}},{"id":"f501e46a-f8fe-41de-91f8-a44aa33b3974","block_type":"box","text":"associated with such securities. Municipal bonds may be obligations of a variety of issuers including governmental","page_number":13,"box":{"x":61,"y":619,"width":840,"height":11}},{"id":"fac1a20b-094b-4faf-b441-a55c8b305047","block_type":"box","text":"entities or other qualifying issuers, the payments from which, in the opinion of bond counsel to the issuer, are","page_number":13,"box":{"x":61,"y":633,"width":807,"height":12}},{"id":"30a8c241-43fe-4fd3-85cd-d9c27b0aa8d3","block_type":"box","text":"excludable from gross income for Federal income tax purposes (although certain investors may be subject to a Federal","page_number":13,"box":{"x":61,"y":648,"width":870,"height":12}},{"id":"ebd5c2e5-a61c-4865-a447-86f5896a3714","block_type":"box","text":"alternative minimum tax on dividends attributable to the Fund’s investments in private activity bonds). Issuers may be","page_number":13,"box":{"x":61,"y":663,"width":864,"height":12}},{"id":"e42cb599-8490-4341-bc78-d421e6aa5b56","block_type":"box","text":"states, territories and possessions of the United States, including the District of Columbia, and their political","page_number":13,"box":{"x":61,"y":678,"width":800,"height":12}},{"id":"22bb968b-33db-45a1-a083-f69e3c1c5c54","block_type":"box","text":"subdivisions, agencies and instrumentalities. Municipal bonds also include short-term tax-exempt obligations like","page_number":13,"box":{"x":61,"y":693,"width":832,"height":11}},{"id":"ff085fdf-c718-465b-a334-ab482090b90d","block_type":"box","text":"municipal notes, variable rate demand obligations, private activity bonds and insured municipal bonds. The Fund may","page_number":13,"box":{"x":61,"y":708,"width":860,"height":11}},{"id":"22618d3b-b61b-4bc8-8f60-5da9d3a609fd","block_type":"box","text":"invest in both fixed rate and variable rate obligations.","page_number":13,"box":{"x":62,"y":722,"width":388,"height":12}},{"id":"658574ca-aa57-4c81-8811-d8363ab958b3","block_type":"box","text":"The policy of investing at least 80% of its assets in municipal bonds is a fundamental policy of the Fund and may not","page_number":13,"box":{"x":60,"y":745,"width":859,"height":12}},{"id":"2fd10c1f-2efc-4ca6-b5d2-7ba6b1c33997","block_type":"box","text":"be changed without the approval of a majority of the Fund’s outstanding voting securities, as defined in the Investment","page_number":13,"box":{"x":61,"y":760,"width":872,"height":11}},{"id":"9fc7efa2-b4cd-477e-8d32-096e0df3bbf6","block_type":"box","text":"Company Act.","page_number":13,"box":{"x":61,"y":775,"width":98,"height":11}},{"id":"1f3ab541-a693-4e9a-8bc5-cd06e3bc6589","block_type":"box","text":"The Fund may invest in bonds of any maturity.","page_number":13,"box":{"x":60,"y":797,"width":335,"height":12}},{"id":"a04c01cf-94c6-4b88-93fe-1a632f67156b","block_type":"box","text":"The Fund is permitted to engage in transactions in certain derivatives, such as financial futures contracts and options","page_number":13,"box":{"x":60,"y":820,"width":866,"height":11}},{"id":"4f3c19e2-77bb-49ca-bab2-50bf2e684db1","block_type":"box","text":"thereon, for hedging purposes (including anticipatory hedges) or to seek to enhance returns. The Fund may also invest","page_number":13,"box":{"x":60,"y":835,"width":872,"height":11}},{"id":"d38a2bfd-6046-407c-8e2c-e6bb214d48fa","block_type":"box","text":"in other derivatives, such as indexed and inverse floating rate obligations and swap agreements, including credit","page_number":13,"box":{"x":62,"y":849,"width":824,"height":12}},{"id":"db8fee13-5dfe-46e9-a099-f9a3c2ac827e","block_type":"box","text":"default swap agreements, for hedging purposes (including anticipatory hedges) or to enhance income. Derivatives are","page_number":13,"box":{"x":61,"y":864,"width":863,"height":12}},{"id":"35300638-e82c-4d23-a24f-4ca95d9c7981","block_type":"box","text":"financial instruments whose value is derived from another security or an index. The Fund may use derivative","page_number":13,"box":{"x":60,"y":879,"width":793,"height":11}},{"id":"90eca2e9-ffba-40cb-8ebe-328005dc188a","block_type":"box","text":"instruments to hedge its investments or to seek to enhance returns. Derivatives allow the Fund to increase or","page_number":13,"box":{"x":62,"y":894,"width":806,"height":11}},{"id":"c03e0d43-53c9-4d48-8f16-e33f1c20eb2e","block_type":"box","text":"decrease its risk exposure more quickly and efficiently than other types of instruments.","page_number":13,"box":{"x":61,"y":909,"width":641,"height":11}},{"id":"aab0c817-e773-470b-951b-e6462083facf","block_type":"box","text":"12","page_number":13,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"06830270-5a65-49f8-b52a-df0eab87445a","block_type":"box","text":"NM0926U-5974826-13/73","page_number":13,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"1a67f015-c2e5-44d9-afaf-e078eb600706","block_type":"box","text":"The Fund may invest up to 20% of its net assets in securities that are not municipal securities (including, but not","page_number":14,"box":{"x":60,"y":46,"width":831,"height":11}},{"id":"9ea27693-ab6e-4774-9051-1be9e3cbb8d7","block_type":"box","text":"limited to, taxable municipal bonds, U.S. Treasury and Government agency issues, and investment grade corporate","page_number":14,"box":{"x":62,"y":61,"width":844,"height":11}},{"id":"8144d951-ab07-456c-a7e3-280e2339bdb3","block_type":"box","text":"bonds).","page_number":14,"box":{"x":61,"y":76,"width":53,"height":11}},{"id":"9ca2991e-05b8-446e-9f6a-73516164b86b","block_type":"box","text":"The Fund may invest up to 50% of its net assets in non-investment grade bonds (commonly called “high yield” or “junk","page_number":14,"box":{"x":60,"y":98,"width":871,"height":11}},{"id":"027a077a-bfa8-495d-b3d8-07daf126c952","block_type":"box","text":"bonds”). Non-investment grade bonds are bonds that, at the time of acquisition, are rated in the lower rating","page_number":14,"box":{"x":61,"y":113,"width":798,"height":11}},{"id":"b8a20e88-0daa-4011-8b75-258554786880","block_type":"box","text":"categories of the major rating agencies (BB or lower by Standard & Poor’s or Fitch Ratings, Inc. or Ba or lower by","page_number":14,"box":{"x":61,"y":127,"width":826,"height":12}},{"id":"5ddf4867-9462-4d93-9169-2bbd472c5bdb","block_type":"box","text":"Moody’s Investor Service, Inc.) or are determined by Fund management to be of similar quality. Split rated bonds will","page_number":14,"box":{"x":62,"y":142,"width":855,"height":12}},{"id":"55e0c304-13df-42ff-9dbb-fa0d50f2c30b","block_type":"box","text":"be considered to have the higher credit rating. Split rated bonds are bonds that receive different ratings from two or","page_number":14,"box":{"x":61,"y":157,"width":851,"height":12}},{"id":"48d24e4b-3878-40b9-8370-0f4f6e4957e0","block_type":"box","text":"more rating agencies.","page_number":14,"box":{"x":61,"y":172,"width":157,"height":12}},{"id":"2f823808-fddf-4adf-8540-0f3e2d5fca02","block_type":"box","text":"The Fund may leverage its assets through the use of proceeds received through tender option bond transactions. In a","page_number":14,"box":{"x":60,"y":195,"width":864,"height":11}},{"id":"f1261627-189b-4eac-a5f7-7de6200f1dcf","block_type":"box","text":"tender option bond transaction, the Fund transfers municipal bonds or other municipal securities into a special","page_number":14,"box":{"x":60,"y":209,"width":814,"height":12}},{"id":"8e98b349-9516-4436-bafb-965e3290a753","block_type":"box","text":"purpose entity (a “TOB Trust”). A TOB Trust typically issues two classes of beneficial interests: short-term floating rate","page_number":14,"box":{"x":62,"y":224,"width":868,"height":12}},{"id":"0371384e-7c7b-4507-bc37-59c8e22897de","block_type":"box","text":"interests (“TOB Floaters”), which are sold to third party investors, and residual inverse floating rate interests (“TOB","page_number":14,"box":{"x":62,"y":239,"width":845,"height":12}},{"id":"2ad58135-3948-4ae5-a026-5f6e5f664d46","block_type":"box","text":"Residuals”), which are generally issued to the Fund. The Fund may invest in TOB Residuals and may also invest in TOB","page_number":14,"box":{"x":62,"y":254,"width":871,"height":11}},{"id":"52426d8f-b152-47bc-9181-40c2ae7c96e2","block_type":"box","text":"Floaters. The Fund will look through to the underlying municipal bond held by a TOB Trust for purposes of the Fund’s","page_number":14,"box":{"x":62,"y":269,"width":850,"height":11}},{"id":"1c8dc95d-4d8e-4be2-9a2c-4bda452b194c","block_type":"box","text":"80% policy. TOB Trusts have historically been established by third party sponsors (e.g., banks, broker-dealers and","page_number":14,"box":{"x":61,"y":284,"width":834,"height":11}},{"id":"6041d207-0568-4972-8d05-d1314d035deb","block_type":"box","text":"other financial institutions). Rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":14,"box":{"x":61,"y":298,"width":835,"height":12}},{"id":"911c546e-d5ec-4385-a63a-b1e857c0cc11","block_type":"box","text":"Protection Act (the “Volcker Rule”) may preclude banking entities and their affiliates from sponsoring TOB Trusts as","page_number":14,"box":{"x":61,"y":313,"width":847,"height":12}},{"id":"f83ba270-0d44-46ed-ae34-fd90ad779fd7","block_type":"box","text":"such Trusts have been structured prior to the effective date of the Volcker Rule. In response to these restrictions,","page_number":14,"box":{"x":61,"y":328,"width":835,"height":11}},{"id":"65b0652a-abb3-4708-ba62-c1029b2ba69b","block_type":"box","text":"market participants have developed a new structure for TOB Trusts designed to ensure that no banking entity is","page_number":14,"box":{"x":61,"y":343,"width":821,"height":11}},{"id":"66ce2a80-276b-40b0-958e-d887efe8834e","block_type":"box","text":"sponsoring the TOB Trust for purposes of the Volcker Rule.","page_number":14,"box":{"x":61,"y":358,"width":429,"height":11}},{"id":"d5391148-6cbb-49a8-8b4d-39ea45f5275e","block_type":"box","text":"The Fund may also buy when-issued securities and participate in delayed delivery transactions.","page_number":14,"box":{"x":60,"y":380,"width":698,"height":12}},{"id":"79f153a3-8a2c-4526-bac8-970151671e38","block_type":"box","text":"The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.","page_number":14,"box":{"x":60,"y":403,"width":874,"height":11}},{"id":"af8df137-f125-4168-9104-658e44e72794","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":14,"box":{"x":61,"y":426,"width":327,"height":12}},{"id":"112c97e7-b3b5-4e01-9705-6d1150267279","block_type":"box","text":"In addition to the principal investment strategies discussed above, the Fund may also invest or engage in the following","page_number":14,"box":{"x":62,"y":442,"width":870,"height":12}},{"id":"7ed783fe-754a-4451-ab40-a664d18745b9","block_type":"box","text":"investments/strategies:","page_number":14,"box":{"x":62,"y":457,"width":173,"height":11}},{"id":"52de423b-c409-46b9-b402-30a6840cb512","block_type":"box","text":"Borrowing","page_number":14,"box":{"x":81,"y":477,"width":78,"height":11}},{"id":"2728500b-0634-4b73-9de0-bf662a878f18","block_type":"box","text":"— The Fund may borrow for temporary or emergency purposes, including to meet redemptions, for the","page_number":14,"box":{"x":162,"y":477,"width":751,"height":11}},{"id":"319c23d2-4f40-42ab-bc75-a9f034c75151","block_type":"box","text":"payment of dividends, for share repurchases or for the clearance of transactions, subject to the limits set forth","page_number":14,"box":{"x":82,"y":492,"width":815,"height":11}},{"id":"f86624ee-116c-4a46-bb3a-06ff863362c2","block_type":"box","text":"under the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.","page_number":14,"box":{"x":82,"y":506,"width":801,"height":12}},{"id":"ac98a80d-ced2-404c-a589-5bfe4d9d5817","block_type":"box","text":"Illiquid Investments","page_number":14,"box":{"x":81,"y":527,"width":148,"height":11}},{"id":"49cccc50-0077-4be6-8055-12ec39650402","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":14,"box":{"x":233,"y":526,"width":677,"height":12}},{"id":"c954e367-f84a-4834-a041-e22fe0b8ae29","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":14,"box":{"x":82,"y":541,"width":811,"height":12}},{"id":"8874c8c8-9863-4cc8-bc38-b872b6e4663d","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":556,"width":831,"height":12}},{"id":"c80d84d9-a946-4a9c-844e-cdc93daf1a69","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":14,"box":{"x":81,"y":571,"width":811,"height":12}},{"id":"061bccf8-9fd1-40d0-b508-5205b846d667","block_type":"box","text":"Investment Companies","page_number":14,"box":{"x":81,"y":591,"width":172,"height":11}},{"id":"96db84f9-f227-49ab-b562-6e3e52cf17eb","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":14,"box":{"x":258,"y":591,"width":643,"height":12}},{"id":"0a3ef276-9a2f-4115-a539-c2bb15f8db4f","block_type":"box","text":"traded funds, unit investment trusts, and open-end and closed-end funds. The Fund may invest in affiliated","page_number":14,"box":{"x":80,"y":606,"width":785,"height":11}},{"id":"f7407916-15b4-4273-a56a-8b10ad25da93","block_type":"box","text":"investment companies, including affiliated money market funds and affiliated exchange-traded funds.","page_number":14,"box":{"x":82,"y":621,"width":741,"height":11}},{"id":"f9d28d35-10fa-4d38-a6bf-c9bd36dbf636","block_type":"box","text":"Restricted Securities","page_number":14,"box":{"x":81,"y":641,"width":159,"height":9}},{"id":"6ca159a6-b8f4-43af-9483-3aa7e9ef44ca","block_type":"box","text":"—","page_number":14,"box":{"x":245,"y":646,"width":17,"height":1}},{"id":"2cc8da20-ea5f-4b1d-a469-298cc9a3f265","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":14,"box":{"x":268,"y":641,"width":602,"height":11}},{"id":"29560d9a-76ac-47da-8f6b-1f51c5d7d9bd","block_type":"box","text":"registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their","page_number":14,"box":{"x":82,"y":656,"width":820,"height":11}},{"id":"6dd55192-332a-4df2-92d2-d1c10cb4cf52","block_type":"box","text":"resale. They may include Rule 144A securities, which are privately placed securities that can be resold to qualified","page_number":14,"box":{"x":82,"y":670,"width":839,"height":12}},{"id":"b1d31dcf-c435-4e94-b001-dc0231dfd621","block_type":"box","text":"institutional buyers but not to the general public, securities of private companies, U.S. and non-U.S. issuers that are","page_number":14,"box":{"x":82,"y":685,"width":853,"height":12}},{"id":"95e2e788-1fa9-4a2f-8d7e-c6b5f1351cf4","block_type":"box","text":"offered pursuant to Regulation S under the Securities Act of 1933, as amended, and securities of private","page_number":14,"box":{"x":81,"y":700,"width":774,"height":11}},{"id":"e16121db-cdbd-42d3-a792-bbb77b576dd5","block_type":"box","text":"companies.","page_number":14,"box":{"x":81,"y":715,"width":83,"height":11}},{"id":"9b2dbb1f-4591-4b6f-94a4-275549978b0d","block_type":"box","text":"Securities Lending","page_number":14,"box":{"x":81,"y":735,"width":140,"height":11}},{"id":"7488ea5f-4900-47ea-b7ea-79f74d4b0f3f","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":14,"box":{"x":225,"y":735,"width":396,"height":11}},{"id":"96444b38-59d3-4d82-936b-2a2bee596db4","block_type":"box","text":"1⁄","page_number":14,"box":{"x":622,"y":735,"width":6,"height":5}},{"id":"ac3865fb-ed38-46a9-ae32-16ec5e32850e","block_type":"box","text":"1⁄3","page_number":14,"box":{"x":626,"y":735,"width":8,"height":9}},{"id":"82dd1faa-4e2d-4416-a9d9-d693bd86bbe0","block_type":"box","text":"⁄3","page_number":14,"box":{"x":632,"y":738,"width":6,"height":6}},{"id":"8eeff939-b823-4e9f-9969-67b8d92191f0","block_type":"box","text":"% of its total assets to financial","page_number":14,"box":{"x":639,"y":735,"width":231,"height":9}},{"id":"85b1e243-f667-447d-a2bc-85571cba9a8d","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":14,"box":{"x":82,"y":750,"width":748,"height":11}},{"id":"c7549953-6078-432a-b74e-addd4132a3da","block_type":"box","text":"Standby Commitment Agreements","page_number":14,"box":{"x":81,"y":770,"width":259,"height":11}},{"id":"81c0a381-1859-4e16-ac08-e8bc9d14bfe0","block_type":"box","text":"— Standby commitment agreements commit the Fund, for a stated period of","page_number":14,"box":{"x":344,"y":769,"width":563,"height":12}},{"id":"6765880d-ce69-4df6-98cc-017f4916fbd1","block_type":"box","text":"time, to purchase a stated amount of securities that may be issued and sold to the Fund at the option of the issuer.","page_number":14,"box":{"x":80,"y":784,"width":854,"height":12}},{"id":"b59f16a9-602c-47a1-957f-b02485806d77","block_type":"box","text":"Temporary Defensive Strategies","page_number":14,"box":{"x":82,"y":804,"width":238,"height":12}},{"id":"e3ea565a-07b6-47ea-b2c9-11eb4ed91c6b","block_type":"box","text":"— For temporary defensive purposes, for example, to respond to adverse market,","page_number":14,"box":{"x":325,"y":804,"width":600,"height":12}},{"id":"ff0f0bf2-51fa-424d-bd60-656c3ee22fa4","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":14,"box":{"x":81,"y":819,"width":802,"height":12}},{"id":"dd6925f0-f4b0-4496-8538-c054692c9831","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":14,"box":{"x":82,"y":834,"width":833,"height":11}},{"id":"7be52de5-86b0-4923-9ef5-82942eb56945","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":14,"box":{"x":81,"y":849,"width":796,"height":11}},{"id":"a3567e1e-411e-44cc-93c7-b4d8fac556a0","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":14,"box":{"x":81,"y":864,"width":802,"height":11}},{"id":"7ce72c2f-d230-4279-9a76-c78744462660","block_type":"box","text":"unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed income","page_number":14,"box":{"x":82,"y":878,"width":778,"height":12}},{"id":"ff32f264-86a8-4eba-a024-daa5489a5fc0","block_type":"box","text":"securities. Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":14,"box":{"x":81,"y":893,"width":781,"height":12}},{"id":"41a4d393-db3b-4121-b5bf-d20db461b06b","block_type":"box","text":"13","page_number":14,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"2820e52d-cb6f-49ac-b97b-ec5198ded17a","block_type":"box","text":"NM0926U-5974826-14/73","page_number":14,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"5ab095f1-f369-43cb-81b6-821699727069","block_type":"box","text":"Zero Coupon Securities","page_number":15,"box":{"x":82,"y":46,"width":176,"height":11}},{"id":"18dd883e-8708-4190-b8f0-84b0a8426a43","block_type":"box","text":"—","page_number":15,"box":{"x":263,"y":51,"width":17,"height":1}},{"id":"eebe0961-ae95-4ef8-89f7-f3aeee8b19f6","block_type":"box","text":"The Fund may invest in zero coupon securities, which are securities that do not pay","page_number":15,"box":{"x":285,"y":46,"width":612,"height":11}},{"id":"4ccc153a-fe02-4009-bdb0-5b3cc2309904","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":15,"box":{"x":82,"y":60,"width":846,"height":12}},{"id":"edee21f4-463f-42ab-ac36-686fefd677d2","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":15,"box":{"x":81,"y":75,"width":813,"height":12}},{"id":"d07cf521-181f-4af7-8983-4a33e03ce8cb","block_type":"box","text":"investment plus the imputed interest).","page_number":15,"box":{"x":82,"y":90,"width":278,"height":11}},{"id":"c24d745f-6f84-4b7d-8783-705ab80d00c4","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":15,"box":{"x":272,"y":147,"width":453,"height":9}},{"id":"d9887026-cc71-40ca-ac06-f2c348d66be2","block_type":"box","text":"The Fund is managed by a team of financial professionals. Michael Kalinoski, CFA, Kevin Maloney, CFA, Ryan","page_number":15,"box":{"x":70,"y":169,"width":800,"height":12}},{"id":"7f8b91d7-fa82-4a8b-a69b-1a7964f59626","block_type":"box","text":"McDonald, CFA, Phillip Soccio, CFA, and Sean Carney are the portfolio managers and are jointly and primarily","page_number":15,"box":{"x":72,"y":184,"width":799,"height":12}},{"id":"02490395-edbb-411a-b52c-9deb6873e3a3","block_type":"box","text":"responsible for the day-to-day management of the Fund. Please see “Management of the Fund — Portfolio Manager","page_number":15,"box":{"x":72,"y":199,"width":849,"height":12}},{"id":"32b0b4d5-fef5-4750-8fdc-cfa108e6e9c3","block_type":"box","text":"Information” for additional information about the portfolio management team.","page_number":15,"box":{"x":72,"y":214,"width":568,"height":11}},{"id":"6432a09a-6727-4833-a15e-08d6c8dc775d","block_type":"box","text":"Investment Risks","page_number":15,"box":{"x":62,"y":266,"width":156,"height":11}},{"id":"888710cb-3db7-4bc0-bd3c-dfc7f99cdcd6","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objective and","page_number":15,"box":{"x":60,"y":292,"width":811,"height":11}},{"id":"f3503a67-1844-42ca-bebd-dd276a40cf83","block_type":"box","text":"Policies” section in the Statement of Additional Information (“SAI”) also includes more information about the Fund, its","page_number":15,"box":{"x":61,"y":307,"width":866,"height":11}},{"id":"fe19d7f1-d99d-406e-9067-27fa80c61f6a","block_type":"box","text":"investments and the related risks. As with any fund, there can be no guarantee that the Fund will meet its investment","page_number":15,"box":{"x":62,"y":321,"width":863,"height":12}},{"id":"3a715919-3976-42da-92e5-fa15bc741e37","block_type":"box","text":"objective or that the Fund’s performance will be positive for any period of time. An investment in the Fund is not","page_number":15,"box":{"x":61,"y":336,"width":822,"height":12}},{"id":"dbe30b19-43a8-4a30-96c7-632c1ee18b82","block_type":"box","text":"insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or governmental agency. The order","page_number":15,"box":{"x":62,"y":351,"width":867,"height":12}},{"id":"17664e0c-456e-4699-94f5-f74c38e2077f","block_type":"box","text":"of the below risk factors does not indicate the significance of any particular risk factor.","page_number":15,"box":{"x":61,"y":366,"width":635,"height":12}},{"id":"e7632821-5f55-4ea2-9acc-2a39716dbe45","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":15,"box":{"x":61,"y":389,"width":322,"height":12}},{"id":"9bf0116a-9d7a-48ca-9c07-eb8f697d5e58","block_type":"box","text":"Debt Securities Risk","page_number":15,"box":{"x":81,"y":411,"width":155,"height":9}},{"id":"e86d7687-5caf-41c9-ad63-ff7c117ea916","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":15,"box":{"x":240,"y":411,"width":633,"height":10}},{"id":"d0503974-cc31-4f24-a1f5-505ba4ccad42","block_type":"box","text":"extension risk, and prepayment risk, each of which is described in further detail below:","page_number":15,"box":{"x":81,"y":425,"width":637,"height":12}},{"id":"75329132-96f4-4ad1-b8da-061147199879","block_type":"box","text":"Credit Risk","page_number":15,"box":{"x":82,"y":448,"width":80,"height":9}},{"id":"2689e870-ad68-4e38-a452-d1f30c96b2b2","block_type":"box","text":"— Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be","page_number":15,"box":{"x":166,"y":448,"width":737,"height":11}},{"id":"e3f99380-b169-4bcd-b3c3-b76c6da52cf2","block_type":"box","text":"able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s","page_number":15,"box":{"x":81,"y":463,"width":816,"height":11}},{"id":"48c1327b-0d2a-4d68-8653-29a004a46716","block_type":"box","text":"perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The","page_number":15,"box":{"x":82,"y":477,"width":826,"height":12}},{"id":"585beb79-b658-4060-9d38-54fe4ab187fa","block_type":"box","text":"degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.","page_number":15,"box":{"x":81,"y":492,"width":777,"height":12}},{"id":"f1463be8-7247-4e8e-abbf-6f515bce82a1","block_type":"box","text":"Interest Rate Risk","page_number":15,"box":{"x":82,"y":515,"width":132,"height":9}},{"id":"d0b32f45-ba0a-4f76-9f22-8107c07ca855","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":15,"box":{"x":218,"y":515,"width":704,"height":11}},{"id":"c198b2e9-cf89-4d26-ac3c-be8201a5f1ce","block_type":"box","text":"rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities","page_number":15,"box":{"x":82,"y":530,"width":835,"height":11}},{"id":"8d297ab6-c178-452a-8ad4-a8d1dd8964ce","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":15,"box":{"x":80,"y":545,"width":513,"height":9}},{"id":"4dbbb230-5af2-4f6b-9d82-7f89b0eb737d","block_type":"box","text":"The Fund may be subject to a greater risk of rising interest rates during a period of low interest rates. For example,","page_number":15,"box":{"x":81,"y":567,"width":843,"height":12}},{"id":"4e59c51b-2964-43e6-a1e2-c4e5c5c695a1","block_type":"box","text":"if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being","page_number":15,"box":{"x":82,"y":582,"width":806,"height":11}},{"id":"180514fe-13bf-4027-ae3b-af8c1dad9133","block_type":"box","text":"equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the","page_number":15,"box":{"x":81,"y":597,"width":831,"height":11}},{"id":"7d32bbe3-86d9-49f9-96be-49a624a7eeb7","block_type":"box","text":"price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude","page_number":15,"box":{"x":82,"y":612,"width":854,"height":11}},{"id":"c76c6d42-b525-4a9a-b281-3af708e2c113","block_type":"box","text":"of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those","page_number":15,"box":{"x":81,"y":626,"width":827,"height":12}},{"id":"a08d22f3-d592-4a30-a2ae-c205e7411135","block_type":"box","text":"securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest","page_number":15,"box":{"x":81,"y":641,"width":840,"height":12}},{"id":"09b4d484-3711-4c28-a9e4-3ea7607ac5e8","block_type":"box","text":"income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The","page_number":15,"box":{"x":82,"y":656,"width":851,"height":11}},{"id":"e500a3c8-8224-4f0d-9c24-a639b7889de4","block_type":"box","text":"Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund","page_number":15,"box":{"x":82,"y":671,"width":808,"height":11}},{"id":"517b6632-540a-43e3-a7ca-192434ff5fe9","block_type":"box","text":"management.","page_number":15,"box":{"x":82,"y":686,"width":98,"height":11}},{"id":"c4bd700e-bd2a-4752-8d4d-a8bdb20d7916","block_type":"box","text":"To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage","page_number":15,"box":{"x":81,"y":708,"width":852,"height":12}},{"id":"3c03210a-6905-4878-84a4-5e2c03a532f6","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":15,"box":{"x":81,"y":723,"width":840,"height":12}},{"id":"1128840f-b08c-4454-b3a6-f5c695bdd7eb","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset","page_number":15,"box":{"x":80,"y":738,"width":834,"height":11}},{"id":"cff71445-4856-4cb2-ac56-890f41910daf","block_type":"box","text":"only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be","page_number":15,"box":{"x":81,"y":753,"width":803,"height":11}},{"id":"030686d5-7be3-4d9c-8cdd-3de1bfa1b035","block_type":"box","text":"expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate","page_number":15,"box":{"x":81,"y":768,"width":839,"height":11}},{"id":"a0516775-b9e8-4d9f-9b83-aa2a253bad24","block_type":"box","text":"debt securities.","page_number":15,"box":{"x":81,"y":783,"width":112,"height":9}},{"id":"a578a39d-a2cf-4b24-bf58-7b4c112ccf28","block_type":"box","text":"These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith","page_number":15,"box":{"x":81,"y":805,"width":839,"height":11}},{"id":"48fcbfac-7185-4ed5-9b53-a13e5a08ee75","block_type":"box","text":"and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not","page_number":15,"box":{"x":81,"y":820,"width":839,"height":11}},{"id":"1f0fe5bb-9dab-4502-9b3f-1cac6b44b1d5","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":15,"box":{"x":82,"y":835,"width":831,"height":11}},{"id":"178f43a2-89ea-4ae0-a5ad-364d004b2bab","block_type":"box","text":"value when interest rates change.","page_number":15,"box":{"x":80,"y":850,"width":248,"height":11}},{"id":"9550137d-2f9e-45e8-8b61-c7eb3897dec9","block_type":"box","text":"Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and","page_number":15,"box":{"x":81,"y":872,"width":842,"height":12}},{"id":"22ccb83f-6a01-4398-8c70-bf1cfb025622","block_type":"box","text":"could negatively impact the Fund’s performance. A general rise in interest rates has the potential to cause investors","page_number":15,"box":{"x":81,"y":887,"width":855,"height":11}},{"id":"e253e295-9bf0-4274-9a0b-758c8ab577e3","block_type":"box","text":"to move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that","page_number":15,"box":{"x":80,"y":902,"width":828,"height":11}},{"id":"779fb524-c72b-4477-bcfa-9eff1954a3d2","block_type":"box","text":"14","page_number":15,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"d60a97af-6693-4a70-b6f0-cc70c20c55d4","block_type":"box","text":"NM0926U-5974826-15/73","page_number":15,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"b476b131-02d7-489d-a071-375fa74c64b2","block_type":"box","text":"hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at","page_number":16,"box":{"x":82,"y":46,"width":770,"height":11}},{"id":"cc7ab306-e5b9-480d-a443-4a105542122c","block_type":"box","text":"inopportune times or at a loss or depressed value and could hurt the Fund’s performance.","page_number":16,"box":{"x":82,"y":60,"width":665,"height":12}},{"id":"b0b82250-8ea7-4afb-a08b-7eb44d821ca8","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":16,"box":{"x":82,"y":83,"width":836,"height":12}},{"id":"f8712755-c7e1-45e3-878c-5c5e5398c93d","block_type":"box","text":"countries have recently experienced negative interest rates on certain fixed-income instruments. Very low or","page_number":16,"box":{"x":81,"y":98,"width":793,"height":11}},{"id":"860ae43b-1f37-437b-969a-61b86e4cca1c","block_type":"box","text":"negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero,","page_number":16,"box":{"x":82,"y":113,"width":834,"height":11}},{"id":"19054fcf-d0f9-49ec-9ca8-86e4de92915d","block_type":"box","text":"may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund","page_number":16,"box":{"x":82,"y":127,"width":831,"height":12}},{"id":"63696568-a3e5-41c7-8c9b-5f946ba762f0","block_type":"box","text":"performance to the extent the Fund is exposed to such interest rates.","page_number":16,"box":{"x":82,"y":142,"width":511,"height":12}},{"id":"9c0c2310-cb30-4a7a-b3ef-d53bcae6248e","block_type":"box","text":"Extension Risk","page_number":16,"box":{"x":82,"y":165,"width":107,"height":9}},{"id":"07635ec9-67e2-4f1e-bf85-f08ec718a176","block_type":"box","text":"— When interest rates rise, certain obligations will be paid off by the obligor more slowly than","page_number":16,"box":{"x":193,"y":165,"width":691,"height":11}},{"id":"2bfa7394-1444-4783-a442-3068d7bc9984","block_type":"box","text":"anticipated, causing the value of these obligations to fall. Rising interest rates tend to extend the duration of","page_number":16,"box":{"x":81,"y":180,"width":800,"height":11}},{"id":"3c50ab2b-94e3-4c5c-9de4-73c155efb5ae","block_type":"box","text":"securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally","page_number":16,"box":{"x":81,"y":195,"width":832,"height":11}},{"id":"74005c9b-0889-449d-9e8d-92cb094a779c","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":16,"box":{"x":81,"y":209,"width":855,"height":12}},{"id":"c5765ff1-d200-4b1e-a75a-4dbf62617a95","block_type":"box","text":"interest rates, securities may exhibit additional volatility and may lose value.","page_number":16,"box":{"x":82,"y":224,"width":559,"height":12}},{"id":"7466ca52-dd9c-4791-be5d-02cdb377191b","block_type":"box","text":"Prepayment Risk","page_number":16,"box":{"x":81,"y":247,"width":124,"height":11}},{"id":"bef7c877-2547-4ced-9e30-a00655d74db5","block_type":"box","text":"— When interest rates fall, certain obligations will be paid off by the obligor more quickly than","page_number":16,"box":{"x":209,"y":247,"width":691,"height":11}},{"id":"3d5912ca-5f5d-4997-b001-e79431952b06","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":16,"box":{"x":81,"y":262,"width":823,"height":11}},{"id":"2459323f-8a68-4831-a214-887496173428","block_type":"box","text":"falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are","page_number":16,"box":{"x":81,"y":276,"width":793,"height":12}},{"id":"ec5ca40f-67a6-4dbd-8147-50e8c074bfaf","block_type":"box","text":"motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment","page_number":16,"box":{"x":82,"y":291,"width":830,"height":12}},{"id":"e21d5433-f4fd-436a-9015-e99c74cbef34","block_type":"box","text":"proceeds by the management team will generally be at lower rates of return than the return on the assets that were","page_number":16,"box":{"x":82,"y":306,"width":849,"height":12}},{"id":"51209ba1-7362-47d7-a890-cf2a6e7d3996","block_type":"box","text":"prepaid. Prepayment reduces the yield to maturity and the average life of the security.","page_number":16,"box":{"x":82,"y":321,"width":627,"height":11}},{"id":"543d4175-a108-4aae-9790-a5ddd83cbce8","block_type":"box","text":"Derivatives Risk","page_number":16,"box":{"x":81,"y":341,"width":123,"height":9}},{"id":"db2cfd96-f68e-4569-8d67-f6f9ee39c1d6","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":16,"box":{"x":207,"y":341,"width":664,"height":11}},{"id":"5a80581c-bcf5-408d-89bc-3d7ff6cb6e3e","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":16,"box":{"x":82,"y":356,"width":469,"height":11}},{"id":"b8da80d7-067e-417c-b4bb-462742bfc97f","block_type":"box","text":"Leverage Risk","page_number":16,"box":{"x":82,"y":379,"width":102,"height":11}},{"id":"1d327b0f-eb50-4658-ad28-a0d22d94c43f","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":16,"box":{"x":188,"y":378,"width":723,"height":12}},{"id":"0ddf9e0b-e0fe-41a6-8625-ee08fee1ee62","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":16,"box":{"x":82,"y":393,"width":832,"height":12}},{"id":"b3d79594-b944-44c8-a139-e8ac31118527","block_type":"box","text":"exceed the amount originally invested.","page_number":16,"box":{"x":81,"y":408,"width":280,"height":11}},{"id":"a6bd2c87-af83-449b-9440-7b6fdc5f9184","block_type":"box","text":"Market Risk","page_number":16,"box":{"x":82,"y":431,"width":87,"height":9}},{"id":"7bcb317f-0292-48af-a920-a3f526115940","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":16,"box":{"x":173,"y":430,"width":728,"height":12}},{"id":"57e9293f-939d-4d29-931f-f42dada83f7b","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":16,"box":{"x":81,"y":445,"width":834,"height":12}},{"id":"972d0e59-8957-4b50-b833-c7ac8c68dc0c","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":16,"box":{"x":82,"y":460,"width":832,"height":12}},{"id":"3a44951d-4f8e-4f75-a64c-c70520160350","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":16,"box":{"x":80,"y":475,"width":779,"height":11}},{"id":"d0f6170d-58a2-4d06-bd47-761b08aad1bd","block_type":"box","text":"derivatives positions to lose value.","page_number":16,"box":{"x":81,"y":490,"width":253,"height":11}},{"id":"e7424186-ecaf-44f2-9f79-1362f77b3f2a","block_type":"box","text":"Counterpar ty Risk","page_number":16,"box":{"x":82,"y":512,"width":131,"height":12}},{"id":"74f8aa40-ba0c-484a-8c99-0e1cdb5883f7","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":16,"box":{"x":217,"y":513,"width":697,"height":11}},{"id":"3d56c222-ad25-41ee-b440-b2e7b4f97cb0","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":16,"box":{"x":80,"y":527,"width":855,"height":12}},{"id":"75553e77-80df-4f1f-b912-762113b6dc9d","block_type":"box","text":"exposure to such a counterparty.","page_number":16,"box":{"x":81,"y":542,"width":240,"height":11}},{"id":"6f13a0ad-cdcb-41ea-b7c8-d5cdb1b9356e","block_type":"box","text":"Illiquidity Risk —","page_number":16,"box":{"x":82,"y":565,"width":122,"height":11}},{"id":"a60ce23a-b5c8-44df-9c0c-18b5366b882f","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":16,"box":{"x":208,"y":564,"width":728,"height":12}},{"id":"207795fd-d1f4-4a0d-b7ab-1b09ed5b4c3b","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":16,"box":{"x":80,"y":580,"width":839,"height":11}},{"id":"0a37b1d1-7160-4dd3-bfa1-474742a198c9","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":16,"box":{"x":81,"y":594,"width":293,"height":12}},{"id":"20106133-20a0-4026-9562-b9a8b1d1ef4d","block_type":"box","text":"Operational Risk","page_number":16,"box":{"x":82,"y":617,"width":120,"height":11}},{"id":"4c188e9e-c161-409d-b875-67a54b5914e8","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":16,"box":{"x":206,"y":617,"width":727,"height":11}},{"id":"7fac815a-d0ca-4799-aceb-4e1ddef0eed9","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":16,"box":{"x":82,"y":632,"width":607,"height":11}},{"id":"99a4799f-d262-49ba-a0ca-ad3633064d0a","block_type":"box","text":"Legal Risk","page_number":16,"box":{"x":82,"y":654,"width":75,"height":12}},{"id":"60907c97-579d-4fd8-8f13-60c7623efc9c","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":16,"box":{"x":161,"y":654,"width":761,"height":12}},{"id":"1373fdc4-68b4-4023-a60b-9e902cd1aca2","block_type":"box","text":"enforceability of a contract.","page_number":16,"box":{"x":81,"y":669,"width":198,"height":11}},{"id":"04e61184-8818-4366-bb7a-380df341d8d3","block_type":"box","text":"Volatility and Correlation Risk","page_number":16,"box":{"x":83,"y":692,"width":214,"height":11}},{"id":"de951040-4997-4623-bb6e-76e5f15e66be","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":16,"box":{"x":300,"y":691,"width":590,"height":12}},{"id":"f4cd3d11-3d65-450e-9302-fcfe961f6521","block_type":"box","text":"volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price","page_number":16,"box":{"x":80,"y":706,"width":855,"height":12}},{"id":"725c45fa-7e39-4d94-a6f9-dea1cd849303","block_type":"box","text":"within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not","page_number":16,"box":{"x":80,"y":721,"width":820,"height":12}},{"id":"12468109-c982-4816-91b5-bac7c4634094","block_type":"box","text":"correlate with the overall securities markets.","page_number":16,"box":{"x":81,"y":736,"width":326,"height":9}},{"id":"a1b36208-014f-4efb-a679-b1a5d2b81c4b","block_type":"box","text":"Valuation Risk","page_number":16,"box":{"x":83,"y":759,"width":102,"height":9}},{"id":"69331bfa-4fce-4a5a-8959-bd2cd0eb49c7","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":16,"box":{"x":189,"y":759,"width":747,"height":11}},{"id":"1ce06956-116c-48d1-ab81-53bac9e9713e","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":16,"box":{"x":82,"y":773,"width":783,"height":12}},{"id":"5a21d817-1c89-4df8-aab3-ef6f83e9a420","block_type":"box","text":"instruments or quote prices for them. Derivatives may also expose the Fund to greater risk and increase its costs.","page_number":16,"box":{"x":82,"y":788,"width":837,"height":12}},{"id":"4779a3a2-c5f0-4009-9cba-62afefd4f787","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":16,"box":{"x":81,"y":803,"width":826,"height":12}},{"id":"629eebf9-8978-456f-8eec-d88b593e5af9","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":16,"box":{"x":80,"y":818,"width":405,"height":11}},{"id":"f9c50333-dad5-4aa9-b9e7-40bca500698e","block_type":"box","text":"Hedging Risk","page_number":16,"box":{"x":82,"y":841,"width":95,"height":11}},{"id":"e0d793cc-2194-49fa-8398-2c25d4dc1858","block_type":"box","text":"— When a derivative is used as a hedge against a position that the Fund holds, any loss generated by","page_number":16,"box":{"x":181,"y":841,"width":752,"height":11}},{"id":"98e72886-57ea-4227-ae29-066305a77709","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":16,"box":{"x":80,"y":855,"width":820,"height":12}},{"id":"87d632ac-6726-4314-80b0-79567b62db62","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":16,"box":{"x":82,"y":870,"width":823,"height":12}},{"id":"00c4e8b5-736c-4825-a216-3ffc227a4902","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":16,"box":{"x":82,"y":885,"width":813,"height":11}},{"id":"615e1394-8645-46f7-97bf-fbc472b4de14","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":16,"box":{"x":82,"y":900,"width":832,"height":11}},{"id":"319585dc-dd12-47c6-94b9-ee8a2719094b","block_type":"box","text":"noted below.","page_number":16,"box":{"x":82,"y":915,"width":90,"height":9}},{"id":"b1d84aea-5334-47a3-b6e1-8971bdee0949","block_type":"box","text":"15","page_number":16,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"d0e91a76-f63a-4793-9075-1217951846d4","block_type":"box","text":"NM0926U-5974826-16/73","page_number":16,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"f8402c79-a20b-4f9f-afc9-ad949fe1f5b7","block_type":"box","text":"Tax Risk","page_number":17,"box":{"x":83,"y":46,"width":59,"height":9}},{"id":"11eb96b5-b517-4e03-87f8-69764aaba485","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":17,"box":{"x":145,"y":46,"width":766,"height":11}},{"id":"93a70f63-9fe1-4013-bc04-e89f6557416e","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":17,"box":{"x":82,"y":60,"width":826,"height":12}},{"id":"4e5000b1-9f8c-45cd-98d5-5144dbaf7418","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":17,"box":{"x":82,"y":75,"width":846,"height":12}},{"id":"affa82d4-885b-463f-83f3-ff0681429fee","block_type":"box","text":"as tax-exempt income or as capital gains. In addition, certain derivatives are subject to mark-to-market or straddle","page_number":17,"box":{"x":81,"y":90,"width":837,"height":12}},{"id":"4616557b-bc08-4a2c-ae24-0f6662a2760c","block_type":"box","text":"provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are","page_number":17,"box":{"x":82,"y":105,"width":851,"height":11}},{"id":"b2f620e9-b921-4542-88c3-4204e4e6f497","block_type":"box","text":"applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund. Payments","page_number":17,"box":{"x":81,"y":120,"width":849,"height":11}},{"id":"f04ddbcf-5676-4a05-ac47-819703771389","block_type":"box","text":"received by the Fund from swap agreements, if any, will generally produce taxable income, while payments made by","page_number":17,"box":{"x":82,"y":135,"width":847,"height":11}},{"id":"fe64ff55-35e6-4fcb-ba13-14d22a6094d8","block_type":"box","text":"the Fund on swap agreements will be allocated against both tax-exempt and taxable gross income, decreasing the","page_number":17,"box":{"x":80,"y":150,"width":839,"height":11}},{"id":"f063ccb7-058a-4ab3-8773-40c87036c9d1","block_type":"box","text":"Fund’s distributable net tax-exempt income. In addition, the tax treatment of certain derivatives, such as swaps, is","page_number":17,"box":{"x":82,"y":164,"width":841,"height":11}},{"id":"3bb53e8b-3df9-4136-8e68-dfc7145537fd","block_type":"box","text":"unsettled and may be subject to future legislation, regulation or administrative pronouncements issued by the","page_number":17,"box":{"x":82,"y":179,"width":805,"height":12}},{"id":"f1a9ecc3-3076-4476-bb83-3b1fc2641bcd","block_type":"box","text":"Internal Revenue Service (the “IRS”).","page_number":17,"box":{"x":82,"y":194,"width":270,"height":11}},{"id":"c92303eb-ea2f-4ad5-9d00-19fa35ea6fd8","block_type":"box","text":"Regulatory Risk","page_number":17,"box":{"x":82,"y":217,"width":115,"height":11}},{"id":"2089467c-cb6c-4534-849f-5ed8d4553d3c","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":17,"box":{"x":201,"y":216,"width":688,"height":12}},{"id":"a7bf7684-480e-4a4c-951f-ef114e64bd3d","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":17,"box":{"x":81,"y":231,"width":851,"height":12}},{"id":"709cef1b-4884-4519-a4ff-eebc3c286e25","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":17,"box":{"x":81,"y":246,"width":811,"height":12}},{"id":"cbce529a-f7d1-4c9a-bc66-1a64ad814dea","block_type":"box","text":"required to exchange variation margin with the Fund and may be required by applicable regulations to collect and/or","page_number":17,"box":{"x":82,"y":261,"width":850,"height":11}},{"id":"cf69fde7-85c9-420f-a707-70e590de3256","block_type":"box","text":"exchange initial margin with the Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":17,"box":{"x":81,"y":276,"width":850,"height":11}},{"id":"3a121447-a131-4abe-8379-1868c4509d61","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":17,"box":{"x":81,"y":291,"width":838,"height":11}},{"id":"8ab1e2cb-8288-417c-9aa4-8ce28c08eb23","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":17,"box":{"x":81,"y":306,"width":807,"height":11}},{"id":"c8c853e8-eb02-4926-9c81-db72787e2d1a","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":17,"box":{"x":81,"y":320,"width":787,"height":12}},{"id":"56b96d94-a29b-4501-bc93-49b5a8d99609","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":17,"box":{"x":82,"y":335,"width":837,"height":12}},{"id":"7e86bc0c-d0fe-4b05-992b-6a5be93bf7c1","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":17,"box":{"x":80,"y":350,"width":804,"height":11}},{"id":"56c2cb5f-b5e9-491e-a647-f0905704b370","block_type":"box","text":"support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or","page_number":17,"box":{"x":81,"y":365,"width":781,"height":11}},{"id":"fd195c1a-4a02-481f-8784-dc3aae76a6fe","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":17,"box":{"x":82,"y":380,"width":773,"height":11}},{"id":"75b9f905-b09a-45f7-b6ad-62be7535a79f","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":17,"box":{"x":82,"y":394,"width":836,"height":12}},{"id":"bdbcfed4-18d8-4fcb-9351-b5490d46d68d","block_type":"box","text":"increase the costs and risks to the Fund of trading in these instruments and, as a result, may affect returns to","page_number":17,"box":{"x":82,"y":409,"width":814,"height":12}},{"id":"e85759cb-583c-4a18-8047-daf5036160cc","block_type":"box","text":"investors in the Fund.","page_number":17,"box":{"x":82,"y":424,"width":156,"height":9}},{"id":"2ba6e26d-c906-4bc7-b94b-11078518ed27","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":17,"box":{"x":82,"y":447,"width":823,"height":11}},{"id":"b1c7cac7-ccba-4ede-b013-c4bf3ac68a7c","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":17,"box":{"x":82,"y":461,"width":827,"height":12}},{"id":"a62f3f74-6e0c-4021-98bd-2394ce48c13e","block_type":"box","text":"the effects of any new governmental regulation that may be implemented on the ability of the Fund to use swaps or","page_number":17,"box":{"x":80,"y":476,"width":849,"height":12}},{"id":"aadbfacc-a12d-40bd-b135-b4f0d04e7eb2","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":17,"box":{"x":81,"y":491,"width":846,"height":12}},{"id":"4481b1fb-e65c-414f-939e-c79de62e8b30","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":17,"box":{"x":81,"y":506,"width":509,"height":11}},{"id":"ab9318d5-2995-4865-af1b-2b5d7377e21e","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":17,"box":{"x":82,"y":528,"width":399,"height":12}},{"id":"83c455d9-b42d-4969-bb95-c4491bff3fd8","block_type":"box","text":"Swaps","page_number":17,"box":{"x":102,"y":549,"width":47,"height":11}},{"id":"514763db-b47d-41f1-bf24-73b42bdd4e34","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":17,"box":{"x":154,"y":548,"width":775,"height":12}},{"id":"dfeb7511-551c-4f3f-aae1-ea68c454e4ed","block_type":"box","text":"two-party contracts entered into for periods ranging from a few days to more than one year. In a standard “swap”","page_number":17,"box":{"x":101,"y":563,"width":829,"height":12}},{"id":"20138796-5676-4770-94e5-58ed9cd03232","block_type":"box","text":"transaction, two parties agree to exchange the value(s) or cash flow(s) of one asset for another over a certain","page_number":17,"box":{"x":101,"y":578,"width":807,"height":12}},{"id":"ab959039-dc6f-4c55-9bd4-65730e0127bd","block_type":"box","text":"period of time. Swap agreements involve the risk that the party with whom the Fund has entered into the swap","page_number":17,"box":{"x":102,"y":593,"width":811,"height":11}},{"id":"0abe9d58-df7b-41eb-a065-56d0023a611b","block_type":"box","text":"will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to","page_number":17,"box":{"x":101,"y":608,"width":820,"height":11}},{"id":"da232f69-d785-4c5a-9e9e-95aca76977b4","block_type":"box","text":"pay the other party to the agreement. Swap agreements may also involve the risk that there is an imperfect","page_number":17,"box":{"x":102,"y":623,"width":791,"height":11}},{"id":"b908dc14-c74e-47a8-bb08-c5cbd448ee48","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":17,"box":{"x":101,"y":637,"width":789,"height":12}},{"id":"f3ce9c23-be27-480a-b2cc-853ede87b4d7","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":17,"box":{"x":101,"y":652,"width":796,"height":12}},{"id":"0557f854-9eb2-4eaf-9902-a65492354f3e","block_type":"box","text":"Credit Default Swaps","page_number":17,"box":{"x":102,"y":672,"width":153,"height":11}},{"id":"7330971e-b08f-48be-aabf-15899f342a0c","block_type":"box","text":"— Credit default swaps may have as reference obligations one or more securities that are","page_number":17,"box":{"x":260,"y":672,"width":663,"height":12}},{"id":"bee8b149-a03d-4596-a4dd-3f955064ef32","block_type":"box","text":"not currently held by the Fund. The protection “buyer” may be obligated to pay the protection “seller” an up-front","page_number":17,"box":{"x":102,"y":687,"width":825,"height":12}},{"id":"3a8c89bc-faa0-4df1-9f92-9a025ff10a57","block_type":"box","text":"payment or a periodic stream of payments over the term of the contract, provided generally that no credit event","page_number":17,"box":{"x":102,"y":702,"width":816,"height":11}},{"id":"f0b67e22-5f94-4bd4-9d95-b2eea1ae4121","block_type":"box","text":"on a reference obligation has occurred. Credit default swaps involve special risks in addition to those mentioned","page_number":17,"box":{"x":101,"y":717,"width":827,"height":11}},{"id":"9dd6b392-7898-4876-97e7-75f36cb3aaed","block_type":"box","text":"above because they are difficult to value, are highly susceptible to illiquid investments risk and credit risk, and","page_number":17,"box":{"x":101,"y":731,"width":812,"height":12}},{"id":"cbfd28b6-bf7f-4498-9fa1-3182f6f27b4d","block_type":"box","text":"generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer","page_number":17,"box":{"x":101,"y":746,"width":822,"height":12}},{"id":"06c341c7-e27f-4834-9d88-fa6763ed4512","block_type":"box","text":"of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).","page_number":17,"box":{"x":101,"y":761,"width":758,"height":12}},{"id":"2e0f17bc-e57d-48fb-afb5-c9f16938c52b","block_type":"box","text":"Futures","page_number":17,"box":{"x":102,"y":781,"width":54,"height":9}},{"id":"fed84f3f-58c5-4b84-aa6e-8a58e8d5e1b2","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":17,"box":{"x":161,"y":781,"width":765,"height":12}},{"id":"9e6a71ff-ef3d-452e-ad18-3260609b6092","block_type":"box","text":"seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The","page_number":17,"box":{"x":101,"y":796,"width":786,"height":11}},{"id":"de19164f-8210-4c85-8637-539d8a9c3e2c","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":17,"box":{"x":102,"y":811,"width":769,"height":11}},{"id":"1e5b0d68-8934-4a0f-9769-aec0ceb70cfd","block_type":"box","text":"between the change in market value of the instruments held by the Fund and the price of the futures contract or","page_number":17,"box":{"x":102,"y":826,"width":822,"height":11}},{"id":"2f52a03f-abd8-4f27-bf3b-b89facc44914","block_type":"box","text":"option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close","page_number":17,"box":{"x":101,"y":840,"width":832,"height":12}},{"id":"702602ca-d817-4be0-a360-43948bf8e3a0","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":17,"box":{"x":101,"y":855,"width":806,"height":12}},{"id":"7b22fcb4-b5a8-42a8-a251-ea99209251dc","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":17,"box":{"x":102,"y":870,"width":793,"height":11}},{"id":"60c4aa4f-68b8-4324-a1cd-f4a138a747aa","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":17,"box":{"x":102,"y":885,"width":787,"height":11}},{"id":"f1d2484e-e348-4e57-9512-7d4b877cb232","block_type":"box","text":"default in the performance of its obligations.","page_number":17,"box":{"x":101,"y":900,"width":327,"height":11}},{"id":"15079516-ea90-4e65-a3d6-ff527a87c690","block_type":"box","text":"16","page_number":17,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"03bd199a-421e-4321-abbb-b1e593c63e00","block_type":"box","text":"NM0926U-5974826-17/73","page_number":17,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"d9a5ca85-7e20-490f-a658-fdbd92a98f2a","block_type":"box","text":"Options","page_number":18,"box":{"x":102,"y":46,"width":55,"height":11}},{"id":"70c16330-60bd-44e4-aa38-094fc40fcba5","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":18,"box":{"x":162,"y":46,"width":772,"height":11}},{"id":"43df28f9-4314-4873-9f72-e76e5da58dcf","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":18,"box":{"x":101,"y":60,"width":812,"height":12}},{"id":"0bb230ac-8cc3-4965-8637-4892f676a54b","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":18,"box":{"x":101,"y":75,"width":827,"height":12}},{"id":"e8ce7431-eff6-41b9-bcac-3a4d625448a8","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":18,"box":{"x":101,"y":90,"width":781,"height":11}},{"id":"722a662e-c97a-4561-a229-eb172a3adb85","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":18,"box":{"x":102,"y":105,"width":785,"height":12}},{"id":"a6604fbd-9c9d-495e-bbf1-f824336ba615","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":18,"box":{"x":101,"y":120,"width":831,"height":11}},{"id":"3b7d8361-2b84-4ce0-bf38-dff3175d50fb","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":18,"box":{"x":101,"y":135,"width":814,"height":11}},{"id":"3969c903-ef3a-4ab6-9bd3-f07694fc3b80","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":18,"box":{"x":101,"y":149,"width":826,"height":12}},{"id":"49e09d82-4b7c-4367-9b99-38488b5c9881","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":18,"box":{"x":101,"y":165,"width":822,"height":10}},{"id":"a804dc5f-e06b-49fe-8dca-ebb6079aacae","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":18,"box":{"x":101,"y":179,"width":816,"height":12}},{"id":"b77c8b19-fe4a-4ef4-ac74-04ff3d99cf0c","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":18,"box":{"x":101,"y":194,"width":442,"height":11}},{"id":"ed1573ef-1a12-4cfb-a705-04fcf60b0353","block_type":"box","text":"High Portfolio Turnover Risk","page_number":18,"box":{"x":81,"y":214,"width":212,"height":11}},{"id":"f9385ed1-b95a-471f-a411-5adc0a2e97e8","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":18,"box":{"x":297,"y":214,"width":629,"height":11}},{"id":"2801cfca-6777-47e7-845a-baea9a15e168","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":18,"box":{"x":82,"y":229,"width":812,"height":11}},{"id":"d888c3fc-4bbb-4c14-81cc-ac09987e049d","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":18,"box":{"x":81,"y":244,"width":817,"height":11}},{"id":"d2ca7f9f-5c09-4804-a058-2c6c98953a32","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":18,"box":{"x":81,"y":258,"width":760,"height":12}},{"id":"898138a2-acc2-4308-a421-152fb5e22cae","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":18,"box":{"x":81,"y":273,"width":852,"height":12}},{"id":"13bd9b74-a37c-436b-a0be-c033d68d2b69","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":18,"box":{"x":81,"y":288,"width":589,"height":12}},{"id":"b010f08e-4328-4a9b-b2aa-231700d4d9fb","block_type":"box","text":"High Yield Bonds Risk","page_number":18,"box":{"x":81,"y":308,"width":167,"height":11}},{"id":"1e910737-9a15-406c-9be1-bc72b2689639","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":18,"box":{"x":252,"y":308,"width":667,"height":12}},{"id":"31be47c5-3c8a-4761-8b48-23ebf3476e87","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":18,"box":{"x":79,"y":323,"width":835,"height":11}},{"id":"fdf8a642-85d9-40c7-ac29-e19e36067f24","block_type":"box","text":"for the Fund. The major risks of junk bond investments include:","page_number":18,"box":{"x":81,"y":338,"width":462,"height":11}},{"id":"2694e32c-6f95-48b9-bca2-da18a58ed3ea","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":18,"box":{"x":101,"y":358,"width":789,"height":11}},{"id":"8c804949-6eb6-44cd-ace8-4ee02f11b88f","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":18,"box":{"x":101,"y":372,"width":795,"height":12}},{"id":"4688f6ee-9fa3-46ed-8c0e-ca82d937535d","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":18,"box":{"x":102,"y":387,"width":802,"height":12}},{"id":"94bb6983-c8f1-41ac-8f78-b6f0a10de938","block_type":"box","text":"assets available to repay junk bond holders.","page_number":18,"box":{"x":101,"y":402,"width":323,"height":12}},{"id":"7ee5aefa-a61c-408f-a90c-f234e51b8a04","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and","page_number":18,"box":{"x":102,"y":422,"width":786,"height":12}},{"id":"4f2c8698-650a-49c2-8c3a-065d517c8d57","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":18,"box":{"x":101,"y":437,"width":811,"height":11}},{"id":"afc3d194-0fcf-4b20-b918-ade74905ea96","block_type":"box","text":"fixed-income securities.","page_number":18,"box":{"x":101,"y":452,"width":171,"height":9}},{"id":"73d5c634-6042-402c-b635-a5e59ee864eb","block_type":"box","text":"Issuers of junk bonds may be unable to meet their interest or principal payment obligations because of an","page_number":18,"box":{"x":102,"y":472,"width":778,"height":11}},{"id":"5ba5ad81-75ed-430b-9d1a-b11649b90740","block_type":"box","text":"economic downturn, specific issuer developments, or the unavailability of additional financing.","page_number":18,"box":{"x":101,"y":487,"width":689,"height":11}},{"id":"fd36ce4b-70e4-4d81-851f-6059e9c5e9ca","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from the Fund","page_number":18,"box":{"x":101,"y":506,"width":817,"height":12}},{"id":"2a09fec5-626b-413b-a692-2eebfe7289ae","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":18,"box":{"x":102,"y":521,"width":798,"height":12}},{"id":"1bf85e39-931e-4d55-ba0b-d54e75292f08","block_type":"box","text":"lower yields and may lose income.","page_number":18,"box":{"x":102,"y":536,"width":249,"height":12}},{"id":"378bdde4-53ae-4c06-8e6a-db369b8ff0fa","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities, even under normal economic conditions.","page_number":18,"box":{"x":101,"y":556,"width":831,"height":12}},{"id":"70f51b42-be1b-40c8-a4ce-deb378648802","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":18,"box":{"x":101,"y":571,"width":836,"height":12}},{"id":"71e868cf-7818-4a0a-9b95-6379f2a06d1c","block_type":"box","text":"junk bonds by the dealers. Because they are less liquid than higher rated fixed-income securities, judgment may","page_number":18,"box":{"x":99,"y":586,"width":825,"height":11}},{"id":"7542618c-cda6-4796-ace8-238a38150d57","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":18,"box":{"x":102,"y":601,"width":761,"height":11}},{"id":"0d89a913-8aa7-47af-a096-5fbb4f2b7375","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":18,"box":{"x":101,"y":621,"width":815,"height":11}},{"id":"a5c1497a-d8a4-4cb5-ace8-541a14f9748e","block_type":"box","text":"with a defaulting issuer.","page_number":18,"box":{"x":101,"y":635,"width":173,"height":12}},{"id":"44513c35-33dc-4c65-b79f-05c965e9bdf8","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":18,"box":{"x":81,"y":658,"width":817,"height":12}},{"id":"f216865f-d947-44b7-8452-2ef485926bf8","block_type":"box","text":"value may change from time to time, positively or negatively, to reflect new developments regarding the issuer.","page_number":18,"box":{"x":80,"y":673,"width":811,"height":11}},{"id":"1795dea8-a41c-4e90-826b-a60435c69540","block_type":"box","text":"Illiquid Investments Risk","page_number":18,"box":{"x":81,"y":693,"width":186,"height":11}},{"id":"d3a358a5-fa0a-4180-b06c-8e9bd3f8b478","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":18,"box":{"x":271,"y":693,"width":648,"height":11}},{"id":"63db01d4-8601-4278-93ed-ec88a14446d2","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":18,"box":{"x":80,"y":708,"width":841,"height":11}},{"id":"2e58292b-aa9d-43ba-aee8-26ba2b2fa6f1","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":18,"box":{"x":82,"y":722,"width":831,"height":12}},{"id":"f82ab5c1-a955-4875-9fa3-fd0a62ebaace","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":18,"box":{"x":81,"y":737,"width":811,"height":12}},{"id":"114abaab-c91e-496d-b9f2-41b6ff7632d8","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":18,"box":{"x":82,"y":752,"width":825,"height":12}},{"id":"0862509e-c450-4ab6-873c-23d1165de5ef","block_type":"box","text":"There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue","page_number":18,"box":{"x":81,"y":767,"width":837,"height":11}},{"id":"f62baf1f-4f88-4580-873c-4ca9e51f3f2f","block_type":"box","text":"to be liquid for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an","page_number":18,"box":{"x":80,"y":782,"width":851,"height":11}},{"id":"b47423cf-b33e-410a-9e26-4ce64f90987d","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":18,"box":{"x":82,"y":797,"width":835,"height":11}},{"id":"00748df0-e963-4af9-8fdf-87e5a831a83a","block_type":"box","text":"reduce the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time","page_number":18,"box":{"x":82,"y":811,"width":835,"height":12}},{"id":"16668e46-ec98-418f-949e-e1fb0ee4344c","block_type":"box","text":"or price. In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when","page_number":18,"box":{"x":81,"y":826,"width":791,"height":12}},{"id":"de30fb08-6c69-4735-a104-9f8d24798beb","block_type":"box","text":"shareholders are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to","page_number":18,"box":{"x":81,"y":841,"width":846,"height":12}},{"id":"01999012-eb10-4bda-b658-da164e2da391","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":18,"box":{"x":81,"y":856,"width":835,"height":11}},{"id":"af7027ae-dba8-475d-9112-d2cbb9f4b53e","block_type":"box","text":"Fund’s holdings. An investment may be illiquid due to, among other things, the reduced number and capacity of","page_number":18,"box":{"x":82,"y":871,"width":818,"height":11}},{"id":"0ec8ab57-c81f-48b1-9ad6-831fd8aa6743","block_type":"box","text":"traditional market participants to make a market in fixed-income securities or the lack of an active trading market.","page_number":18,"box":{"x":80,"y":885,"width":837,"height":12}},{"id":"8b3b7274-c900-4a28-83de-80bd6206864a","block_type":"box","text":"To the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":18,"box":{"x":81,"y":901,"width":854,"height":11}},{"id":"9759f917-2eb4-4add-9831-b4b38d43ac1b","block_type":"box","text":"and/or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments.","page_number":18,"box":{"x":81,"y":915,"width":815,"height":12}},{"id":"25768a4f-dd3e-403c-a29d-e7d62737501d","block_type":"box","text":"17","page_number":18,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"55031eda-90ce-4b42-a5e4-2577b1728eb4","block_type":"box","text":"NM0926U-5974826-18/73","page_number":18,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"28ece75a-9db0-4872-9bcd-9b4255e8c0ae","block_type":"box","text":"Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these","page_number":19,"box":{"x":82,"y":46,"width":835,"height":11}},{"id":"4681751e-f480-4209-b50c-ba30cd69fd65","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":19,"box":{"x":82,"y":60,"width":790,"height":12}},{"id":"805ddf5d-742e-48b2-92c5-e353a031a883","block_type":"box","text":"magnified in a rising interest rate environment or other circumstances where investor redemptions or sales of Fund","page_number":19,"box":{"x":82,"y":75,"width":844,"height":12}},{"id":"9adf40f8-1239-489d-82bb-a7af4b526de9","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":19,"box":{"x":81,"y":90,"width":810,"height":12}},{"id":"864866e2-94b8-4be7-a019-297801734092","block_type":"box","text":"Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.","page_number":19,"box":{"x":82,"y":105,"width":715,"height":11}},{"id":"2517ad8d-8899-4aed-9632-95e8427a77a9","block_type":"box","text":"Insurance Risk","page_number":19,"box":{"x":81,"y":125,"width":113,"height":9}},{"id":"8535b284-911e-469b-a231-91c1c3297073","block_type":"box","text":"—","page_number":19,"box":{"x":198,"y":130,"width":17,"height":1}},{"id":"8bbf790c-d2ad-489c-9de0-d04f4361f77e","block_type":"box","text":"The Fund may purchase municipal securities that are secured by insurance or may purchase","page_number":19,"box":{"x":219,"y":125,"width":677,"height":11}},{"id":"b6cdc07a-775d-4669-85f0-10efa43c72d7","block_type":"box","text":"insurance for municipal securities that it owns. Insurance guarantees that interest payments on a municipal security","page_number":19,"box":{"x":82,"y":140,"width":853,"height":11}},{"id":"560b146a-63cf-4139-a305-b093b86538c0","block_type":"box","text":"will be made on time and that the principal will be repaid when the security matures. Either the issuer of the","page_number":19,"box":{"x":80,"y":155,"width":795,"height":11}},{"id":"0fc700d1-64f3-460e-b01a-1d5c524f570e","block_type":"box","text":"municipal security or the Fund purchases the insurance. Insurance is expected to protect the Fund against losses","page_number":19,"box":{"x":82,"y":170,"width":833,"height":11}},{"id":"c443a0cf-354f-4d0b-8aae-abb71e1f0db7","block_type":"box","text":"caused by a municipal security issuer’s failure to make interest and principal payments. However, insurance does","page_number":19,"box":{"x":81,"y":184,"width":834,"height":12}},{"id":"8051565e-0599-4a64-b128-8679cf51175b","block_type":"box","text":"not protect the Fund or its shareholders against losses caused by declines in a municipal security’s value. Also, the","page_number":19,"box":{"x":82,"y":199,"width":850,"height":12}},{"id":"c6264118-818f-4b51-abe1-573a095b0688","block_type":"box","text":"Fund cannot be certain that any insurance company will make the payments it guarantees. While an insured","page_number":19,"box":{"x":82,"y":214,"width":791,"height":11}},{"id":"d0434af3-1658-4382-88e7-364f6d857e30","block_type":"box","text":"municipal security will typically be deemed to have the rating of its insurer, if the insurer of a municipal security","page_number":19,"box":{"x":82,"y":229,"width":815,"height":11}},{"id":"6bc63186-75be-4490-b943-eb74ff8d7e33","block_type":"box","text":"suffers a downgrade in its credit rating or the market discounts the value of the insurance provided by the insurer,","page_number":19,"box":{"x":81,"y":244,"width":837,"height":11}},{"id":"2afefe8e-6a29-4f3d-9266-a30b84bb1bbf","block_type":"box","text":"the rating of the underlying municipal security will be more relevant and the value of the municipal security would","page_number":19,"box":{"x":80,"y":258,"width":827,"height":12}},{"id":"169deef7-4f5a-4816-9aa3-16847836c5ef","block_type":"box","text":"more closely, if not entirely, reflect such rating. The Fund may lose money on its investment if the insurance","page_number":19,"box":{"x":82,"y":273,"width":789,"height":12}},{"id":"58a0460a-e61e-4a36-b66e-7d0be1f3678b","block_type":"box","text":"company does not make payments it guarantees. In addition, if the Fund purchases the insurance, it must pay the","page_number":19,"box":{"x":81,"y":288,"width":839,"height":12}},{"id":"f2039550-4620-4db8-92a0-ab43d6bdfb8c","block_type":"box","text":"premiums, which will reduce the Fund’s yield. If a municipal security’s insurer fails to fulfill its obligations or loses","page_number":19,"box":{"x":82,"y":303,"width":835,"height":11}},{"id":"e38899ac-b53a-4a80-ad9c-7dbdc967ce6f","block_type":"box","text":"its credit rating, the value of the security could drop.","page_number":19,"box":{"x":82,"y":318,"width":382,"height":11}},{"id":"c7184107-2851-4706-9725-b41b73330f63","block_type":"box","text":"Leverage Risk","page_number":19,"box":{"x":81,"y":338,"width":107,"height":11}},{"id":"b7b1f7ad-e59e-4b34-a21c-b00291c82ae8","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":19,"box":{"x":192,"y":338,"width":741,"height":11}},{"id":"4b760c4a-f249-45e6-917a-8835b8159967","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":19,"box":{"x":81,"y":353,"width":787,"height":11}},{"id":"b7190d4e-00a8-42c2-aaf5-633e1aa841f4","block_type":"box","text":"investment company registered with the Securities and Exchange Commission (the “SEC”), the Fund is subject to","page_number":19,"box":{"x":82,"y":367,"width":831,"height":12}},{"id":"30a98c63-be51-4a61-9756-ee255bbbc7b0","block_type":"box","text":"the federal securities laws, including the Investment Company Act and the rules thereunder. Under Rule 18f-4 under","page_number":19,"box":{"x":80,"y":382,"width":853,"height":12}},{"id":"2673643c-4aa8-4a43-ba50-8d812a8e5f03","block_type":"box","text":"the Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or","page_number":19,"box":{"x":80,"y":397,"width":808,"height":11}},{"id":"e4bd008b-420b-4a04-a19a-384660266d8d","block_type":"box","text":"comply with an outer limit on fund leverage risk based on value-at-risk. The use of leverage may cause the Fund to","page_number":19,"box":{"x":81,"y":412,"width":837,"height":11}},{"id":"bf74dd88-09ea-4085-aaa8-164af4006ff2","block_type":"box","text":"liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the","page_number":19,"box":{"x":82,"y":427,"width":807,"height":11}},{"id":"5ad390bb-3c0e-4d4d-a76c-5b05c0880e74","block_type":"box","text":"applicable requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the","page_number":19,"box":{"x":81,"y":441,"width":840,"height":12}},{"id":"3a4eeb84-9706-4dc2-809b-1759b2d7d417","block_type":"box","text":"value of the Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":19,"box":{"x":80,"y":456,"width":558,"height":12}},{"id":"f19a9027-eeed-4b17-b3d9-761418b80a07","block_type":"box","text":"Market Risk and Selection Risk","page_number":19,"box":{"x":81,"y":476,"width":240,"height":9}},{"id":"5191bb28-27cf-45c8-86cc-63f2f53465c1","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":19,"box":{"x":324,"y":476,"width":593,"height":9}},{"id":"63bb6683-55da-4efa-ab0c-5799247eedcd","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":19,"box":{"x":81,"y":491,"width":851,"height":12}},{"id":"ba65e849-105a-4ec6-93c8-e91cf216c3ba","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":19,"box":{"x":82,"y":506,"width":824,"height":11}},{"id":"e36eeb55-a0ea-4f47-a2b9-45964a92b2e6","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":19,"box":{"x":82,"y":521,"width":851,"height":11}},{"id":"9cd299a7-dd8b-45f7-9fb1-736773eb8861","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":19,"box":{"x":82,"y":535,"width":802,"height":12}},{"id":"6823dcae-188b-4e8b-8a7b-141d97f7af26","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":19,"box":{"x":81,"y":550,"width":849,"height":12}},{"id":"b2af9466-e1d2-462d-b635-20bec28bddf5","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":19,"box":{"x":81,"y":565,"width":843,"height":12}},{"id":"0cbe3334-d262-4ca6-aaca-d8bc67e59b6d","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":19,"box":{"x":81,"y":580,"width":830,"height":11}},{"id":"98cf048c-727e-45db-862c-100cf75fba5e","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":19,"box":{"x":82,"y":595,"width":840,"height":11}},{"id":"5cb206b4-f2f2-4ead-a3fa-07b782af4587","block_type":"box","text":"The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic","page_number":19,"box":{"x":81,"y":610,"width":851,"height":11}},{"id":"96cf9d29-0baa-4d4d-a4ae-b52975386ab1","block_type":"box","text":"uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency","page_number":19,"box":{"x":82,"y":624,"width":815,"height":12}},{"id":"6b9a38ee-f899-4bab-8543-69527e42abd2","block_type":"box","text":"exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental","page_number":19,"box":{"x":81,"y":639,"width":826,"height":12}},{"id":"7d7329f3-f4cf-45ef-be32-6850ac3e2aa0","block_type":"box","text":"disasters, the spread of infectious illness or other public healthissues like pandemics or epidemics, recessions, or","page_number":19,"box":{"x":81,"y":654,"width":845,"height":11}},{"id":"8c22e467-3dab-44fc-84b9-430550e6591a","block_type":"box","text":"other events.","page_number":19,"box":{"x":81,"y":669,"width":95,"height":9}},{"id":"f905f7ed-c200-42fb-842e-70616446ff68","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":19,"box":{"x":82,"y":689,"width":818,"height":11}},{"id":"413f2149-568b-498c-b8b9-8c43711fdd78","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":19,"box":{"x":80,"y":704,"width":819,"height":11}},{"id":"32945be2-4ea2-4380-9d41-e70d14a52c2a","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":19,"box":{"x":81,"y":719,"width":819,"height":11}},{"id":"088a5628-4897-4275-8122-9e717a255a35","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":19,"box":{"x":81,"y":733,"width":846,"height":12}},{"id":"0c48116f-0866-4807-be5b-4e09d35d4566","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":19,"box":{"x":81,"y":748,"width":848,"height":12}},{"id":"7dd27048-b7df-45f5-b0ce-d188100a2ca8","block_type":"box","text":"the Fund invests.","page_number":19,"box":{"x":80,"y":763,"width":125,"height":9}},{"id":"19b3f7ba-6b1c-4a7b-92b2-50775549997d","block_type":"box","text":"Municipal Securities Risks","page_number":19,"box":{"x":81,"y":783,"width":201,"height":11}},{"id":"2d5b66e1-d5fd-4e07-8537-81d35f259716","block_type":"box","text":"— Municipal securities risks include the ability of the issuer to repay the obligation, the","page_number":19,"box":{"x":286,"y":783,"width":643,"height":12}},{"id":"74d83557-fca8-4d21-8f2e-2b767a5dd1bc","block_type":"box","text":"relative lack of information about certain issuers of municipal securities, and the possibility of future legislative","page_number":19,"box":{"x":82,"y":798,"width":817,"height":11}},{"id":"30704085-b0a0-4eb5-bfc7-a15a3cbd9ec2","block_type":"box","text":"changes which could affect the market for and value of municipal securities. Budgetary constraints of local, state,","page_number":19,"box":{"x":81,"y":813,"width":837,"height":11}},{"id":"31345053-ec29-4ee4-976c-ca25e966b10b","block_type":"box","text":"and federal governments upon which the issuers may be relying for funding may also impact municipal securities.","page_number":19,"box":{"x":81,"y":827,"width":832,"height":12}},{"id":"e188ee76-c1a8-4846-a848-acc81ea6f42d","block_type":"box","text":"These risks include:","page_number":19,"box":{"x":81,"y":843,"width":145,"height":9}},{"id":"8aa2bcfd-4d1b-40d3-9f76-ab23f7ddb458","block_type":"box","text":"General Obligation Bonds Risks","page_number":19,"box":{"x":82,"y":862,"width":230,"height":12}},{"id":"82a1c790-06c0-43e0-80b3-56876f1ec491","block_type":"box","text":"— The full faith, credit and taxing power of the municipality that issues a general","page_number":19,"box":{"x":317,"y":862,"width":593,"height":12}},{"id":"c35b75cf-ca95-4141-9e37-ec978fd21ef3","block_type":"box","text":"obligation bond secures payment of interest and repayment of principal. Timely payments depend on the issuer’s","page_number":19,"box":{"x":81,"y":877,"width":831,"height":12}},{"id":"7188a6b8-0c3d-4e94-b9c6-31339e75b8c7","block_type":"box","text":"credit quality, ability to raise tax revenues and ability to maintain an adequate tax base.","page_number":19,"box":{"x":81,"y":892,"width":641,"height":11}},{"id":"1b47478c-88f2-42ec-b942-8cc2306b80b3","block_type":"box","text":"18","page_number":19,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"6add997e-0666-46cd-885e-f022653415d5","block_type":"box","text":"NM0926U-5974826-19/73","page_number":19,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"c2e9c49f-d236-46b0-90d7-825768712e76","block_type":"box","text":"Revenue Bonds Risks","page_number":20,"box":{"x":82,"y":46,"width":158,"height":9}},{"id":"e38f15a9-a7f0-4d65-9d31-96024b1a60b8","block_type":"box","text":"— Payments of interest and principal on revenue bonds are made only from the revenues","page_number":20,"box":{"x":245,"y":46,"width":658,"height":11}},{"id":"2132f745-0b48-49f1-a7b9-2c9fa06a17f5","block_type":"box","text":"generated by a particular facility, class of facilities or the proceeds of a special tax or other revenue source. These","page_number":20,"box":{"x":81,"y":60,"width":841,"height":12}},{"id":"140b23c1-cc82-48d2-b8f4-44c71abce480","block_type":"box","text":"payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues","page_number":20,"box":{"x":82,"y":75,"width":819,"height":12}},{"id":"93374443-a4a5-41bd-9364-7b93e0380f23","block_type":"box","text":"derived from another source.","page_number":20,"box":{"x":81,"y":90,"width":210,"height":9}},{"id":"2b6c357b-500e-4727-94f7-d6018c2c375b","block_type":"box","text":"Private Activity Bonds Risks","page_number":20,"box":{"x":81,"y":110,"width":202,"height":12}},{"id":"b2b916c8-bbbe-45e2-a164-1b43edb06e02","block_type":"box","text":"— Municipalities and other public authorities issue private activity bonds to finance","page_number":20,"box":{"x":288,"y":110,"width":612,"height":12}},{"id":"8bf125b9-3afc-4be3-a41b-10ae9a285aab","block_type":"box","text":"development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and","page_number":20,"box":{"x":81,"y":125,"width":813,"height":11}},{"id":"bd10da70-0ec1-4ac0-b1e4-37cfb3d2725d","block_type":"box","text":"interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. If the","page_number":20,"box":{"x":82,"y":140,"width":810,"height":11}},{"id":"6e6139ab-76f8-42c9-b874-d4af2b5a3c65","block_type":"box","text":"private enterprise defaults on its payments, the Fund may not receive any income or get its money back from the","page_number":20,"box":{"x":82,"y":155,"width":827,"height":11}},{"id":"b9869c73-f62b-43a0-96f1-89edb2fa34c7","block_type":"box","text":"investment. The Fund’s investments may consist of private activity bonds that may subject certain shareholders to","page_number":20,"box":{"x":82,"y":169,"width":840,"height":12}},{"id":"1275225a-8bff-46da-96e9-526ba2bb5f43","block_type":"box","text":"an alternative minimum tax.","page_number":20,"box":{"x":81,"y":184,"width":203,"height":9}},{"id":"c8138d75-e1c2-43b4-ad24-20edcab18d55","block_type":"box","text":"Moral Obligation Bonds Risks","page_number":20,"box":{"x":82,"y":204,"width":215,"height":12}},{"id":"90eea477-f101-49ea-8372-dc069748200c","block_type":"box","text":"— Moral obligation bonds are generally issued by special purpose public authorities","page_number":20,"box":{"x":302,"y":204,"width":616,"height":12}},{"id":"e875f227-c63e-45ff-80bf-bb6254a60089","block_type":"box","text":"of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral","page_number":20,"box":{"x":81,"y":219,"width":854,"height":12}},{"id":"497e1f3d-df0f-47d6-9dcd-847cfeef6333","block_type":"box","text":"commitment, but not a legal obligation, of the state or municipality.","page_number":20,"box":{"x":81,"y":234,"width":492,"height":11}},{"id":"22fd2311-60f9-4124-9bac-3046f22678ca","block_type":"box","text":"Municipal Notes Risks","page_number":20,"box":{"x":82,"y":254,"width":162,"height":11}},{"id":"bfabf4c2-9cf0-47f8-878a-f6260756a62e","block_type":"box","text":"— Municipal notes are shorter term municipal debt obligations. They may provide interim","page_number":20,"box":{"x":249,"y":254,"width":655,"height":11}},{"id":"9eec0e0f-c484-443b-8a13-a7a1ed7fac4f","block_type":"box","text":"financing in anticipation of, and are secured by, tax collection, bond sales or revenue receipts. If there is a shortfall","page_number":20,"box":{"x":81,"y":269,"width":847,"height":11}},{"id":"f8c07b28-d6d0-4305-8669-3626f8d850d2","block_type":"box","text":"in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money.","page_number":20,"box":{"x":82,"y":283,"width":679,"height":12}},{"id":"55bf870f-4c8d-4490-998e-a289c8255ba1","block_type":"box","text":"Municipal Lease Obligations Risks","page_number":20,"box":{"x":82,"y":304,"width":250,"height":11}},{"id":"2bbfc3c1-df56-4ce8-a0d0-ee4e935d5b1f","block_type":"box","text":"— In a municipal lease obligation, the issuer agrees to make payments when","page_number":20,"box":{"x":337,"y":304,"width":568,"height":11}},{"id":"d30eb9de-09fe-458d-8a32-b077ea5d9e59","block_type":"box","text":"due on the lease obligation. The issuer will generally appropriate municipal funds for that purpose, but is not","page_number":20,"box":{"x":81,"y":318,"width":798,"height":12}},{"id":"e9f0e729-d532-4328-b549-7257eb013569","block_type":"box","text":"obligated to do so. Although the issuer does not pledge its unlimited taxing power for payment of the lease","page_number":20,"box":{"x":81,"y":333,"width":784,"height":12}},{"id":"ee9fa2e2-ee51-4fb1-9668-c66e43892be1","block_type":"box","text":"obligation, the lease obligation is secured by the leased property. However, if the issuer does not fulfill its payment","page_number":20,"box":{"x":81,"y":348,"width":846,"height":12}},{"id":"4da925f0-2bff-4b0f-9cf5-b4716349c97e","block_type":"box","text":"obligation, it may be difficult to sell the property and the proceeds of a sale may not cover the Fund’s loss.","page_number":20,"box":{"x":81,"y":363,"width":786,"height":11}},{"id":"b1304acb-6902-4cef-abe9-9650e69ae2a9","block_type":"box","text":"Tax-Exempt Status Risk","page_number":20,"box":{"x":83,"y":383,"width":169,"height":11}},{"id":"4aa0087c-2df2-4710-93bc-80f10b58da3c","block_type":"box","text":"— In making investments, the Fund and its investment manager will rely on the opinion of","page_number":20,"box":{"x":256,"y":383,"width":661,"height":11}},{"id":"b0d3954b-2feb-4b4b-b25b-331cbd0b9866","block_type":"box","text":"issuers’ bond counsel and, in the case of derivative securities, sponsors’ counsel, on the tax-exempt status of","page_number":20,"box":{"x":82,"y":398,"width":812,"height":11}},{"id":"0e63f04e-a8b5-4e06-b1c7-7d5289a99ceb","block_type":"box","text":"interest on municipal obligations and payments under tax-exempt derivative securities. Neither the Fund nor its","page_number":20,"box":{"x":82,"y":413,"width":812,"height":11}},{"id":"430df113-f0d8-4bf9-8e9f-acee509c0367","block_type":"box","text":"investment manager will independently review the bases for those tax opinions. If any of those tax opinions are","page_number":20,"box":{"x":82,"y":427,"width":815,"height":12}},{"id":"2ebbf432-0eea-482e-aded-9cfe54dd0bd0","block_type":"box","text":"ultimately determined to be incorrect or if events occur after the security is acquired that impact the security’s tax","page_number":20,"box":{"x":82,"y":442,"width":840,"height":11}},{"id":"6bb50f29-0a32-40fc-9738-bae0082e0390","block_type":"box","text":"exempt status, the Fund and its shareholders could be subject to substantial tax liabilities. The IRS has generally","page_number":20,"box":{"x":81,"y":457,"width":833,"height":11}},{"id":"0abededf-bdff-4485-81d5-864be3384d58","block_type":"box","text":"not ruled on the taxability of the securities. An assertion by the IRS that a portfolio security is not exempt from U.S.","page_number":20,"box":{"x":82,"y":472,"width":848,"height":11}},{"id":"9ab60027-7605-48ba-a0e1-3abe7fbe3075","block_type":"box","text":"federal income tax (contrary to indications from the issuer) could affect the Fund’s and its shareholders’ income tax","page_number":20,"box":{"x":81,"y":487,"width":853,"height":11}},{"id":"281fa807-9057-49f2-92e1-9fcd335e0f95","block_type":"box","text":"liability for the current or past years and could create liability for information reporting penalties. In addition, an IRS","page_number":20,"box":{"x":82,"y":501,"width":847,"height":12}},{"id":"a920b1a1-10fa-48e0-87fe-641942dd3b7b","block_type":"box","text":"assertion of taxability may impair the liquidity and the fair market value of the securities.","page_number":20,"box":{"x":81,"y":516,"width":650,"height":12}},{"id":"87a981ed-7351-4d73-85b3-9b7d5d632faf","block_type":"box","text":"Taxability Risk","page_number":20,"box":{"x":82,"y":536,"width":110,"height":12}},{"id":"669a71de-8c54-47f2-845d-2b63044e5b28","block_type":"box","text":"— The Fund intends to minimize the payment of taxable income to shareholders by investing in tax","page_number":20,"box":{"x":196,"y":536,"width":729,"height":12}},{"id":"0f122bc0-3ab8-40e1-9f44-9c26d14ec593","block_type":"box","text":"exempt or municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer and,","page_number":20,"box":{"x":81,"y":551,"width":844,"height":11}},{"id":"68c65290-50a5-410d-bcb7-b7eef9b67afa","block_type":"box","text":"in the case of derivative securities, sponsors’ counsel, that the interest paid on those securities will be excludable","page_number":20,"box":{"x":82,"y":566,"width":841,"height":11}},{"id":"59bb5805-c5c6-463e-9411-d61ea8c7f6d6","block_type":"box","text":"from gross income for U.S. federal income tax purposes. Such securities, however, may be determined to pay, or","page_number":20,"box":{"x":81,"y":581,"width":829,"height":11}},{"id":"9b5afa27-59a8-43a9-b4ca-edee1540885c","block_type":"box","text":"have paid, taxable income subsequent to the Fund’s acquisition of the securities. In that event, the Internal","page_number":20,"box":{"x":82,"y":595,"width":789,"height":12}},{"id":"6304e4bc-c567-479a-a6d0-296939c0dbc4","block_type":"box","text":"Revenue Service may demand that the Fund pay U.S. federal income taxes on the affected interest income, and, if","page_number":20,"box":{"x":82,"y":610,"width":843,"height":12}},{"id":"afbc8bea-c593-4510-8ae5-c3952d703615","block_type":"box","text":"the Fund agrees to do so, the Fund’s yield could be adversely affected. In addition, the treatment of dividends","page_number":20,"box":{"x":80,"y":625,"width":809,"height":12}},{"id":"8a3c27f6-2077-4187-b2e2-4b59848ecf1f","block_type":"box","text":"previously paid or to be paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the","page_number":20,"box":{"x":82,"y":640,"width":849,"height":12}},{"id":"7aab97f3-8961-4fe2-a9dd-9b6f56b11d57","block_type":"box","text":"Fund’s shareholders to increased U.S. federal income tax liabilities. If the interest paid on any tax-exempt or","page_number":20,"box":{"x":82,"y":655,"width":795,"height":11}},{"id":"bc1fd2e8-15ba-4eef-b0ec-ed9fd6c9e243","block_type":"box","text":"municipal security held by the Fund is subsequently determined to be taxable, the Fund will dispose of that security","page_number":20,"box":{"x":82,"y":670,"width":846,"height":11}},{"id":"c43de142-100e-4276-ad9c-043955787327","block_type":"box","text":"as soon as reasonably practicable. In addition, future laws, regulations, rulings or court decisions may cause","page_number":20,"box":{"x":81,"y":684,"width":802,"height":12}},{"id":"d34616a9-24cc-40e3-a77b-aa56252dc0b4","block_type":"box","text":"interest on municipal securities to be subject, directly or indirectly, to U.S. federal income taxation or exempt","page_number":20,"box":{"x":82,"y":699,"width":798,"height":12}},{"id":"88503652-b2d3-4835-b8ed-166865eec242","block_type":"box","text":"interest on state municipal securities that are currently exempt to be subject to state or local income taxation, or","page_number":20,"box":{"x":82,"y":714,"width":830,"height":11}},{"id":"57f240a9-18ee-4ae7-8c94-f61a20d47c63","block_type":"box","text":"the value of state municipal securities to be subject to state or local intangible personal property tax, or may","page_number":20,"box":{"x":80,"y":729,"width":800,"height":11}},{"id":"32c0366f-7767-486f-8da4-abb8e3af1b59","block_type":"box","text":"otherwise prevent the Fund from realizing the full current benefit of the tax-exempt status of such securities. Any","page_number":20,"box":{"x":81,"y":744,"width":828,"height":11}},{"id":"54d0472a-8116-49ae-afc1-5276c25a861f","block_type":"box","text":"such change could also affect the market price of such securities, and thus the value of an investment in the Fund.","page_number":20,"box":{"x":81,"y":759,"width":847,"height":11}},{"id":"02eda748-ae96-4c17-87b5-b3431ac940c8","block_type":"box","text":"Legal Opinion Risk —","page_number":20,"box":{"x":82,"y":779,"width":157,"height":11}},{"id":"19676267-c8dc-4d9d-86dc-ee51525a31b6","block_type":"box","text":"The Fund will rely on legal opinions of counsel to issuers of municipal securities as to the tax","page_number":20,"box":{"x":244,"y":778,"width":687,"height":12}},{"id":"2b1f8420-1917-44d9-ae6f-2c491e3eb0bc","block_type":"box","text":"exempt status of investments and will not do its own analysis. The status of a municipal security as tax-exempt may","page_number":20,"box":{"x":81,"y":793,"width":853,"height":12}},{"id":"af3b51ed-3e34-44c9-b47f-239219c33753","block_type":"box","text":"be affected by events that occur after the municipal security is issued.","page_number":20,"box":{"x":81,"y":808,"width":517,"height":12}},{"id":"d0f627e3-a93b-488d-8bf8-3662afc54ecb","block_type":"box","text":"Tender Option Bonds Risk","page_number":20,"box":{"x":82,"y":828,"width":194,"height":11}},{"id":"6f835363-8ff2-47bd-af7a-a31e9394752a","block_type":"box","text":"— The Fund’s participation in tender option bond transactions may reduce the Fund’s","page_number":20,"box":{"x":279,"y":828,"width":630,"height":12}},{"id":"d116eab3-03df-429a-817f-67264c1b99df","block_type":"box","text":"returns and/or increase volatility. Investments in tender option bond transactions expose the Fund to counterparty","page_number":20,"box":{"x":82,"y":843,"width":840,"height":11}},{"id":"2e42a5bd-91f4-41fa-9adb-ad49c47149f4","block_type":"box","text":"risk and leverage risk. An investment in a tender option bond transaction typically will involve greater risk than an","page_number":20,"box":{"x":82,"y":858,"width":828,"height":11}},{"id":"436d8aac-9e5d-4971-94de-73bad5df12ec","block_type":"box","text":"investment in a municipal fixed rate security, including the risk of loss of principal. Distributions on TOB Residuals","page_number":20,"box":{"x":82,"y":873,"width":835,"height":11}},{"id":"9138ae51-7b40-40e0-87f7-f38287ae3ea9","block_type":"box","text":"will bear an inverse relationship to short-term municipal security interest rates. Distributions on TOB Residuals paid","page_number":20,"box":{"x":80,"y":888,"width":850,"height":11}},{"id":"1a97db77-1bcb-4b5e-911e-6b736bce2cdf","block_type":"box","text":"to the Fund will be reduced or, in the extreme, eliminated as short-term municipal interest rates rise and will","page_number":20,"box":{"x":80,"y":903,"width":796,"height":11}},{"id":"a00a5d88-abf8-4339-bff0-771884ba0a5b","block_type":"box","text":"19","page_number":20,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"86049f90-fedc-493d-8664-ef5cdc8526b9","block_type":"box","text":"NM0926U-5974826-20/73","page_number":20,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"3da81be4-7b4d-4a94-96d8-09e55f9b83ce","block_type":"box","text":"increase when short-term municipal interest rates fall. TOB Residuals generally will underperform the market for","page_number":21,"box":{"x":82,"y":46,"width":823,"height":11}},{"id":"09f939d9-a043-4b9c-bcac-078fae23ed26","block_type":"box","text":"fixed rate municipal securities in a rising interest rate environment.","page_number":21,"box":{"x":81,"y":60,"width":491,"height":12}},{"id":"29935a30-902b-4350-a625-826b1649d51a","block_type":"box","text":"The Fund may invest in TOB Trusts on either a non-recourse or recourse basis. TOB Trusts are typically supported by","page_number":21,"box":{"x":81,"y":81,"width":855,"height":11}},{"id":"4b9fb43a-288c-43a4-befc-927886105bac","block_type":"box","text":"a liquidity facility provided by a third-party bank or other financial institution (the “Liquidity Provider”) that allows the","page_number":21,"box":{"x":81,"y":95,"width":847,"height":12}},{"id":"50562682-4464-47e4-9bea-f52a5a76879a","block_type":"box","text":"holders of the TOB Floaters to tender their certificates in exchange for payment of par plus accrued interest on any","page_number":21,"box":{"x":82,"y":110,"width":843,"height":12}},{"id":"ea0b01e0-37d6-4c9a-bc05-e49923edca54","block_type":"box","text":"business day, subject to the non-occurrence of tender option termination events. When the Fund invests in a TOB","page_number":21,"box":{"x":81,"y":125,"width":832,"height":11}},{"id":"eb4cee19-c99f-4fad-b2a1-fb188a58457d","block_type":"box","text":"Trust on a non-recourse basis, and the Liquidity Provider is required to make a payment under the liquidity facility,","page_number":21,"box":{"x":81,"y":140,"width":834,"height":11}},{"id":"a6b35d67-8321-46f3-b47c-50ae4c3f7a68","block_type":"box","text":"the Liquidity Provider will typically liquidate all or a portion of the municipal securities held in the TOB Trust and then","page_number":21,"box":{"x":80,"y":155,"width":854,"height":11}},{"id":"a78c8909-206d-45fa-bf66-d11d70e93d49","block_type":"box","text":"fund the balance, if any, of the amount owed under the liquidity facility over the liquidation proceeds (the","page_number":21,"box":{"x":81,"y":169,"width":766,"height":12}},{"id":"822bc73f-92cb-438e-9d1e-097d8be3a3ba","block_type":"box","text":"“Liquidation Shortfall”).","page_number":21,"box":{"x":82,"y":184,"width":171,"height":12}},{"id":"d502e1e0-7cef-409e-9032-801df326d2f5","block_type":"box","text":"If the Fund invests in a TOB Trust on a recourse basis, the Fund will typically enter into a reimbursement agreement","page_number":21,"box":{"x":82,"y":204,"width":848,"height":12}},{"id":"10a98136-21c9-4495-b4f3-8aae1c16545b","block_type":"box","text":"with the Liquidity Provider where the Fund is required to reimburse the Liquidity Provider the amount of any","page_number":21,"box":{"x":80,"y":219,"width":784,"height":11}},{"id":"c36a2d3a-7b6c-4d97-8be5-0040c9e6a1d9","block_type":"box","text":"Liquidation Shortfall. As a result, if the Fund invests in a TOB Trust on a recourse basis, the Fund will bear the risk","page_number":21,"box":{"x":82,"y":234,"width":841,"height":11}},{"id":"f3b0f767-4dce-4864-bf54-d50afa917380","block_type":"box","text":"of loss with respect to any Liquidation Shortfall.","page_number":21,"box":{"x":81,"y":249,"width":350,"height":11}},{"id":"cc1eea0a-d2b1-4da6-a8aa-f82183633c77","block_type":"box","text":"To the extent that the Fund, rather than a third-party bank or financial institution, sponsors a TOB Trust, certain","page_number":21,"box":{"x":81,"y":269,"width":816,"height":11}},{"id":"d5097b8a-4ce7-4362-8b81-bcd10a860452","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be performed by, or on behalf of, the Fund. The","page_number":21,"box":{"x":82,"y":283,"width":828,"height":12}},{"id":"0e778f56-4be1-41fe-a6c5-1076fb7490ec","block_type":"box","text":"Fund’s additional duties and responsibilities under the new TOB Trust structure may give rise to certain additional","page_number":21,"box":{"x":82,"y":298,"width":834,"height":12}},{"id":"098f4736-6334-46ba-8aba-8162e000c197","block_type":"box","text":"risks including compliance, securities law and operational risks.","page_number":21,"box":{"x":82,"y":313,"width":466,"height":12}},{"id":"508768d5-8202-44c7-ba26-23d7b5bff383","block_type":"box","text":"U.S. Government Obligations Risk","page_number":21,"box":{"x":82,"y":333,"width":254,"height":12}},{"id":"0e0df3ad-df90-4a88-bcd5-4c136656145b","block_type":"box","text":"— Not all U.S. Government securities are backed by the full faith and credit of","page_number":21,"box":{"x":340,"y":333,"width":576,"height":12}},{"id":"a20dc64e-4147-4beb-870a-3c67d7cba5e1","block_type":"box","text":"the United States. Obligations of certain agencies, authorities, instrumentalities and sponsored enterprises of the","page_number":21,"box":{"x":80,"y":348,"width":840,"height":12}},{"id":"0f6b8242-469b-4087-816e-abe790da05e8","block_type":"box","text":"U.S. Government are backed by the full faith and credit of the United States (","page_number":21,"box":{"x":82,"y":363,"width":565,"height":11}},{"id":"685eeefc-38e4-4a2c-b56c-b63208772d13","block_type":"box","text":"e.g","page_number":21,"box":{"x":649,"y":364,"width":23,"height":10}},{"id":"cf1a0d35-22d3-42f6-ae9d-5ba0c960282c","block_type":"box","text":"., the Government National","page_number":21,"box":{"x":672,"y":363,"width":196,"height":11}},{"id":"01b288d4-6e0a-4c7a-9eab-a6d93628927b","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":21,"box":{"x":82,"y":378,"width":814,"height":11}},{"id":"359be6be-8ea0-4b42-a3d0-9a9c80ce52c7","block_type":"box","text":"(","page_number":21,"box":{"x":81,"y":393,"width":4,"height":11}},{"id":"565a35d9-7d70-4e24-9476-e8cfdf7a14a0","block_type":"box","text":"e.g","page_number":21,"box":{"x":86,"y":394,"width":24,"height":10}},{"id":"1d859ba1-6101-45b4-ad9f-99d37026439e","block_type":"box","text":"., the Federal Home Loan Banks) and others are supported by the discretionary authority of the U.S.","page_number":21,"box":{"x":110,"y":392,"width":734,"height":12}},{"id":"a0e7ca6a-56d0-43e6-9b7f-a4818d8d29f6","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":21,"box":{"x":81,"y":407,"width":843,"height":12}},{"id":"639a692d-6f50-464b-b55b-ba621541861a","block_type":"box","text":"instrumentality or sponsored enterprise issuing the obligation. No assurance can be given that the U.S. Government","page_number":21,"box":{"x":82,"y":422,"width":852,"height":12}},{"id":"3019a2b9-772f-4463-8d79-27eb54276eab","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":21,"box":{"x":80,"y":437,"width":758,"height":11}},{"id":"7de539b1-f3dd-4300-a43f-09e4f18a2f01","block_type":"box","text":"circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government","page_number":21,"box":{"x":81,"y":452,"width":794,"height":11}},{"id":"4c5f8f1f-ce2d-4f62-9751-c0dc9808bb1f","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":21,"box":{"x":81,"y":467,"width":854,"height":11}},{"id":"56f96eb0-5432-439e-9ace-2bd3e61ef0c1","block_type":"box","text":"substantial negative consequences for the U.S. economy and the global financial system.","page_number":21,"box":{"x":81,"y":481,"width":656,"height":12}},{"id":"751f2e1d-4315-4215-891a-98058e86e773","block_type":"box","text":"Variable Rate Demand Obligations Risks","page_number":21,"box":{"x":83,"y":501,"width":301,"height":12}},{"id":"7c295891-73c1-4d68-bdf9-0364775cf8d3","block_type":"box","text":"—","page_number":21,"box":{"x":389,"y":507,"width":17,"height":1}},{"id":"0e5158c1-41cc-45ee-9067-08f91816ca0e","block_type":"box","text":"Variable rate demand obligations are floating rate securities that","page_number":21,"box":{"x":410,"y":501,"width":473,"height":12}},{"id":"dd3af821-40bd-4bde-b7d6-2e5dedca21bc","block_type":"box","text":"combine an interest in a long term municipal bond with a right to demand payment before maturity from a bank or","page_number":21,"box":{"x":81,"y":516,"width":836,"height":12}},{"id":"0e0a3735-a706-4bc3-8995-761866814be3","block_type":"box","text":"other financial institution. If the bank or financial institution is unable to pay, the Fund may lose money.","page_number":21,"box":{"x":81,"y":531,"width":756,"height":11}},{"id":"02faf382-5272-45a6-88e0-848803b04d71","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":21,"box":{"x":83,"y":551,"width":584,"height":11}},{"id":"54de28c1-9659-40fa-9e55-262a3be31169","block_type":"box","text":"— When-issued and delayed","page_number":21,"box":{"x":671,"y":551,"width":208,"height":11}},{"id":"f07e0177-11bc-4d64-a984-cec2ad19d9db","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":21,"box":{"x":81,"y":566,"width":843,"height":11}},{"id":"bea9cb3c-d61a-4a08-a7eb-7a41bd9981e9","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":21,"box":{"x":82,"y":581,"width":830,"height":11}},{"id":"97b3d830-c5b2-4406-b581-c1295041ee94","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":21,"box":{"x":82,"y":595,"width":849,"height":12}},{"id":"a07c15b0-7b34-4c49-a048-e3b9c2769553","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":21,"box":{"x":80,"y":610,"width":425,"height":12}},{"id":"ae903c3f-8329-4b66-9a2b-f58ea4a3bd90","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":21,"box":{"x":81,"y":631,"width":832,"height":11}},{"id":"1b3e07b6-f510-48d9-ad91-6ab692c701b7","block_type":"box","text":"strategies, including:","page_number":21,"box":{"x":81,"y":645,"width":151,"height":12}},{"id":"a6771042-ed50-4290-a7da-b02562f0396c","block_type":"box","text":"Borrowing Risk","page_number":21,"box":{"x":81,"y":665,"width":115,"height":11}},{"id":"3100cea9-3802-43ce-b893-cedd60a7c115","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":21,"box":{"x":200,"y":665,"width":711,"height":12}},{"id":"8707ddb7-9fa3-4ff3-9e28-71d7a8c5c3ad","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":21,"box":{"x":80,"y":680,"width":813,"height":11}},{"id":"bdd31406-8b64-4d37-8694-5026505bc634","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":21,"box":{"x":82,"y":695,"width":846,"height":11}},{"id":"a3122dc0-6938-4154-9e0e-687d82d63df2","block_type":"box","text":"do so to satisfy its obligations.","page_number":21,"box":{"x":81,"y":710,"width":225,"height":11}},{"id":"38b782fe-79cd-46ab-b748-3158719ac21b","block_type":"box","text":"Expense Risk","page_number":21,"box":{"x":81,"y":730,"width":102,"height":11}},{"id":"2f0d3892-4726-46eb-a06a-f268db5edfe6","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":21,"box":{"x":187,"y":730,"width":734,"height":11}},{"id":"20d557ea-95cb-4f0c-98f3-51d575f2026f","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":21,"box":{"x":81,"y":745,"width":855,"height":11}},{"id":"5ecbf1e8-fd9e-4210-9a7e-1cd10f7bd5a4","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":21,"box":{"x":82,"y":759,"width":842,"height":12}},{"id":"fd7897bb-affa-4c3e-88e4-3a5ab59b2e07","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":21,"box":{"x":82,"y":774,"width":808,"height":12}},{"id":"0e8fd3d3-27c2-43e6-8bfc-9e8c26806e86","block_type":"box","text":"significant.","page_number":21,"box":{"x":81,"y":789,"width":78,"height":11}},{"id":"2eeccd2f-1671-4586-9df0-8df44bfc67b0","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":21,"box":{"x":81,"y":809,"width":366,"height":11}},{"id":"41f1a223-dff0-4c4e-9fa3-31df5fad31b5","block_type":"box","text":"— As with other investments, investments in other investment","page_number":21,"box":{"x":450,"y":809,"width":459,"height":11}},{"id":"b571db19-13f6-40a0-901c-3648b4b2ba51","block_type":"box","text":"companies, including exchange-traded funds (“ETFs”), are subject to market and selection risk. In addition, if the","page_number":21,"box":{"x":81,"y":824,"width":828,"height":11}},{"id":"6f812825-1f4f-45b8-a735-2fd33a0a81c0","block_type":"box","text":"Fund acquires shares of investment companies, including ones affiliated with the Fund, shareholders bear both","page_number":21,"box":{"x":82,"y":838,"width":817,"height":12}},{"id":"162c8bc2-48a6-446a-abb5-dfce25538f89","block_type":"box","text":"their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the","page_number":21,"box":{"x":80,"y":853,"width":822,"height":12}},{"id":"8c6b573d-eae0-46c3-b808-1fdf1b1ac91d","block_type":"box","text":"expenses of the investment companies (to the extent not offset by BlackRock through waivers). To the extent the","page_number":21,"box":{"x":81,"y":868,"width":830,"height":12}},{"id":"8cbb578b-d81e-470c-a7b3-173e574542b9","block_type":"box","text":"Fund is held by an affiliated fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":21,"box":{"x":82,"y":883,"width":836,"height":11}},{"id":"da687911-3df6-4e69-b734-cc72919756af","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":21,"box":{"x":81,"y":903,"width":396,"height":11}},{"id":"6ebedc42-d973-47e7-bc1a-53b2fa032720","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":21,"box":{"x":481,"y":903,"width":440,"height":11}},{"id":"7c1d7b98-a37c-4691-9696-a83a5b083f6f","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":21,"box":{"x":82,"y":918,"width":801,"height":11}},{"id":"133a38a5-263a-41aa-87aa-cd83d4d4b1b3","block_type":"box","text":"20","page_number":21,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"1f775607-027a-4f65-9ace-337b9c654885","block_type":"box","text":"NM0926U-5974826-21/73","page_number":21,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"5afe2817-b348-4bc1-8ea4-a5f318de03f2","block_type":"box","text":"substantial amount of Fund shares, , including funds or accounts over which the Fund’s adviser has discretion, or","page_number":22,"box":{"x":81,"y":46,"width":835,"height":11}},{"id":"0514b4a3-ada1-4236-b97d-7d51feec2ec8","block_type":"box","text":"may invest in the Fund and hold its investment for a limited period of time. There can be no assurance that any","page_number":22,"box":{"x":82,"y":60,"width":816,"height":12}},{"id":"00d57a95-b91d-43ba-bdf5-0ea9ab36ca36","block_type":"box","text":"large shareholder or large group of shareholders would not redeem their investment or that the size of the Fund","page_number":22,"box":{"x":82,"y":75,"width":818,"height":12}},{"id":"f2822304-7fa2-4118-81a9-e1fc0fff11c6","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":22,"box":{"x":80,"y":90,"width":835,"height":12}},{"id":"a6102e85-c882-4dcb-b338-a8688dd9edf0","block_type":"box","text":"the Fund’s liquidity and net assets. These redemptions may force the Fund to sell portfolio securities to meet","page_number":22,"box":{"x":80,"y":105,"width":807,"height":11}},{"id":"7ef263f2-16de-4269-a8d4-5a4d1043c5da","block_type":"box","text":"redemption requests when it might not otherwise do so, which may negatively impact the Fund’s NAV and increase","page_number":22,"box":{"x":82,"y":120,"width":841,"height":11}},{"id":"2ce4b380-9fcd-4910-b417-d1fba7ddfc9e","block_type":"box","text":"the Fund’s brokerage costs and/or accelerate the realization of taxable income and cause the Fund to make taxable","page_number":22,"box":{"x":80,"y":135,"width":855,"height":11}},{"id":"d99c38fa-9ab5-4230-916c-799ffc719cb4","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":22,"box":{"x":81,"y":150,"width":751,"height":10}},{"id":"24705eb6-e4f9-467f-bbe3-2de111f32ce3","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":22,"box":{"x":81,"y":165,"width":785,"height":11}},{"id":"006d712b-5b8a-41f8-bcdb-9a6fd0ea4e99","block_type":"box","text":"distribution during or with respect to such tax year. The effects of taxable income and/or gains resulting from such","page_number":22,"box":{"x":81,"y":179,"width":841,"height":12}},{"id":"61861a81-b860-463d-9562-a70e9bd520f5","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":22,"box":{"x":80,"y":194,"width":824,"height":11}},{"id":"4f35f785-f6e7-4634-8c43-63cdf9dab0be","block_type":"box","text":"401(k) plan or other tax-advantaged plan. To the extent that such transactions result in short-term capital gains,","page_number":22,"box":{"x":81,"y":209,"width":822,"height":11}},{"id":"aa08a9d8-a300-4f19-ab53-1510120e4b4a","block_type":"box","text":"such gains will generally be taxed at the ordinary income tax rate for shareholders who hold Fund shares in a","page_number":22,"box":{"x":81,"y":224,"width":801,"height":11}},{"id":"660fff8d-5f8f-402c-8c51-ec052c61dd67","block_type":"box","text":"taxable account. The Fund also may be required to sell its more liquid Fund investments to meet a large","page_number":22,"box":{"x":80,"y":239,"width":765,"height":11}},{"id":"70f58f78-b0f4-4588-875e-bfbac16eeb36","block_type":"box","text":"redemption, in which case the Fund’s remaining assets may be less liquid, more volatile, and more difficult to price.","page_number":22,"box":{"x":82,"y":253,"width":852,"height":12}},{"id":"37e84950-672d-43b9-88d0-5e8b013d5566","block_type":"box","text":"In addition, large redemptions can result in the Fund’s current expenses being allocated over a smaller asset base,","page_number":22,"box":{"x":82,"y":268,"width":847,"height":12}},{"id":"b9a0f1f3-3863-4a09-bd92-2c1b05b09d4a","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":22,"box":{"x":80,"y":283,"width":847,"height":11}},{"id":"959e0b6b-ae21-4e4b-96dc-59c1f04cc819","block_type":"box","text":"a portfolio manager’s ability to implement a fund’s investment strategy, the Fund also reserves the right to redeem","page_number":22,"box":{"x":81,"y":298,"width":845,"height":11}},{"id":"13e72165-1c5f-42e6-9b36-5e16f8410fc4","block_type":"box","text":"in-kind, subject to certain conditions. In addition, large purchases of Fund shares may adversely affect the Fund’s","page_number":22,"box":{"x":82,"y":312,"width":835,"height":12}},{"id":"6a379db1-937c-4021-bb82-d38d4a49a6a2","block_type":"box","text":"performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash","page_number":22,"box":{"x":82,"y":327,"width":839,"height":12}},{"id":"154899a0-4fa0-45ba-800a-36be8e0f41a1","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":22,"box":{"x":82,"y":342,"width":461,"height":12}},{"id":"0e207cc1-16c7-4090-b307-9ac6bb9a5b32","block_type":"box","text":"Operational and Technology Risks","page_number":22,"box":{"x":82,"y":362,"width":254,"height":12}},{"id":"c286557c-0c62-4866-872d-a22e37b2c33a","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":22,"box":{"x":340,"y":362,"width":549,"height":12}},{"id":"9192703d-b9e1-4d08-8a36-1f18f765f0ae","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":22,"box":{"x":81,"y":377,"width":790,"height":12}},{"id":"b8875415-45b2-4b01-ae7b-e5734f4f305a","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":22,"box":{"x":81,"y":392,"width":837,"height":11}},{"id":"c1c4d630-7759-4943-b347-c6c21f0db973","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":22,"box":{"x":82,"y":407,"width":845,"height":11}},{"id":"640ea31c-9c05-4655-9c05-79c77b86b0bd","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":22,"box":{"x":81,"y":422,"width":832,"height":11}},{"id":"1c1728a0-2da0-49d9-b5d6-5d548997807f","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":22,"box":{"x":82,"y":436,"width":763,"height":12}},{"id":"f6e8fdad-a26d-4827-9521-7bb317a40214","block_type":"box","text":"counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and","page_number":22,"box":{"x":81,"y":451,"width":825,"height":12}},{"id":"4c2a91f3-0020-4c02-be95-90dfc790b73f","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":22,"box":{"x":81,"y":466,"width":842,"height":11}},{"id":"b50f5553-06df-467d-8c61-a0d2ec66743b","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":22,"box":{"x":81,"y":481,"width":852,"height":11}},{"id":"65c04cbf-db42-4ff6-9797-a847d73b3310","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":22,"box":{"x":82,"y":496,"width":827,"height":11}},{"id":"3a2769b4-b93b-4c2d-bd68-b99427cc5fa7","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":22,"box":{"x":81,"y":516,"width":821,"height":11}},{"id":"ee9cfc7a-ac4f-44a2-91d7-54ef7147d545","block_type":"box","text":"Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized","page_number":22,"box":{"x":82,"y":530,"width":814,"height":12}},{"id":"415e6858-9091-42fc-b899-d81f957811e8","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":22,"box":{"x":81,"y":545,"width":824,"height":12}},{"id":"47e53657-8cb0-4a3c-ae79-2acc63c1fa99","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":22,"box":{"x":81,"y":560,"width":791,"height":11}},{"id":"cfdcbdc0-e91a-4c1b-a902-33b52659a4be","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":22,"box":{"x":82,"y":575,"width":852,"height":11}},{"id":"a2b2fbf7-0c17-4c88-ac6e-2147b7475765","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":22,"box":{"x":81,"y":590,"width":784,"height":11}},{"id":"6aa08e30-766e-4adb-a501-a08a9709d9af","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":22,"box":{"x":81,"y":604,"width":787,"height":12}},{"id":"e03ad004-7fd5-4091-9bd3-71c5111408e3","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations","page_number":22,"box":{"x":81,"y":619,"width":840,"height":12}},{"id":"0f525610-31ac-4a10-ab59-d704c67f6c61","block_type":"box","text":"of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":22,"box":{"x":81,"y":634,"width":809,"height":12}},{"id":"a68f6a47-9602-4f2f-a20a-aa59db6f8232","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":22,"box":{"x":81,"y":649,"width":829,"height":12}},{"id":"cb038820-0eaa-44a0-a4fc-99af80a56b92","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":22,"box":{"x":82,"y":664,"width":798,"height":11}},{"id":"6ef842eb-607b-48ed-bf00-1bbcbb72c521","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":22,"box":{"x":81,"y":679,"width":829,"height":11}},{"id":"82d8064b-c7ca-4beb-a109-8db535044238","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":22,"box":{"x":82,"y":693,"width":846,"height":12}},{"id":"83f57257-5dc9-455e-9e31-cbb12f0874da","block_type":"box","text":"relied upon by the Fund or its service providers, as well as market events that occur at a pace that overloads these","page_number":22,"box":{"x":82,"y":709,"width":846,"height":11}},{"id":"6e2ecd64-4f59-4142-aca0-8593b5e085aa","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. In addition, the risks of increased use of AI","page_number":22,"box":{"x":81,"y":723,"width":838,"height":12}},{"id":"920b8c92-e9d1-4c5b-a8d1-030aeff11de7","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":22,"box":{"x":80,"y":738,"width":770,"height":11}},{"id":"f087bbf5-2202-4ffc-aed2-11074839f52f","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":22,"box":{"x":80,"y":753,"width":792,"height":11}},{"id":"ae466475-d489-4f73-b4fb-c5aa8544a865","block_type":"box","text":"incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all relevant data into such","page_number":22,"box":{"x":82,"y":768,"width":845,"height":11}},{"id":"01325154-441b-4919-8241-91e402ccbba7","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":22,"box":{"x":80,"y":782,"width":840,"height":12}},{"id":"62194132-7d32-405f-8c23-61a720973146","block_type":"box","text":"or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are generated. AI","page_number":22,"box":{"x":81,"y":797,"width":841,"height":12}},{"id":"6eb58bde-e19f-49b0-a622-d9be863a5c12","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":22,"box":{"x":80,"y":812,"width":847,"height":12}},{"id":"ae8f1c14-b738-4613-bd1b-35bebf645272","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":22,"box":{"x":82,"y":827,"width":838,"height":11}},{"id":"2195f0e9-1e6e-4343-ad8e-571bd513addb","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":22,"box":{"x":81,"y":842,"width":847,"height":11}},{"id":"fcaf7eb4-595b-449e-9f86-063ee6b62fa7","block_type":"box","text":"operate, continue to quickly evolve, and it is impossible to anticipate the full scope of future AI capabilities or rules","page_number":22,"box":{"x":81,"y":856,"width":845,"height":12}},{"id":"838c7515-eb5e-4c1f-932e-fb7989256810","block_type":"box","text":"and the associated risks to the Fund.","page_number":22,"box":{"x":81,"y":872,"width":273,"height":9}},{"id":"666aa3ca-7725-4797-a68c-bb6d7abc9b98","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":22,"box":{"x":81,"y":891,"width":769,"height":12}},{"id":"2a86bf73-8f13-457f-8531-a48ec4ca2713","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":22,"box":{"x":81,"y":906,"width":855,"height":12}},{"id":"7bc7d478-2cb8-42f2-895e-9d323c2ef5c0","block_type":"box","text":"21","page_number":22,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"222e4d40-d500-4aa5-9ba7-5046036227ac","block_type":"box","text":"NM0926U-5974826-22/73","page_number":22,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"516eb778-ab22-4287-b9e9-a01bab0933ba","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":23,"box":{"x":80,"y":46,"width":848,"height":11}},{"id":"16996d6c-326c-430f-b5d5-d53f552c481f","block_type":"box","text":"Each Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":23,"box":{"x":82,"y":61,"width":785,"height":11}},{"id":"41ac2393-c983-459f-8090-b151b887942a","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":23,"box":{"x":81,"y":76,"width":824,"height":11}},{"id":"ae62a9ce-a771-420f-a252-e64a60952b7b","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":23,"box":{"x":81,"y":90,"width":785,"height":12}},{"id":"4ce608c4-96f3-4d0b-b78b-b7eea06be34d","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":23,"box":{"x":82,"y":105,"width":853,"height":12}},{"id":"9f3c3493-962d-49f3-856d-71fd91dad858","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":23,"box":{"x":82,"y":120,"width":855,"height":11}},{"id":"bb35f3f5-114c-4795-bdc4-8857eb5e8eac","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":23,"box":{"x":82,"y":135,"width":813,"height":11}},{"id":"97e47e2f-f152-4df1-9fac-b2e1b5dec530","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":23,"box":{"x":81,"y":149,"width":806,"height":12}},{"id":"fb945886-8a1d-4be2-8e1f-d7969b4aa1e5","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":23,"box":{"x":82,"y":164,"width":602,"height":11}},{"id":"6fe2d742-abbc-4b04-a62a-ed345b500e5e","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":23,"box":{"x":82,"y":184,"width":794,"height":12}},{"id":"00baa258-d1b0-4024-b6be-50ffaa53bcf7","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":23,"box":{"x":81,"y":199,"width":840,"height":12}},{"id":"9a1fb54b-da7a-43e4-9fe5-00f45adda59b","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":23,"box":{"x":81,"y":214,"width":801,"height":11}},{"id":"34ed54da-a421-4ef3-b501-8ce01d0a1687","block_type":"box","text":"resources to monitor and implement required changes.","page_number":23,"box":{"x":82,"y":229,"width":402,"height":11}},{"id":"127e50eb-37e8-4299-a8bf-5b140dd141e2","block_type":"box","text":"Reference Rate Replacement Risk","page_number":23,"box":{"x":81,"y":249,"width":260,"height":11}},{"id":"a149761a-5bbe-423c-a901-f2c57b740436","block_type":"box","text":"— The Fund’s investments, payment obligations and financing terms may be","page_number":23,"box":{"x":345,"y":249,"width":563,"height":11}},{"id":"c4751bfa-af3c-4e8e-8e8d-acfae9e1cc45","block_type":"box","text":"based on floating rates, such as the Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Interbank","page_number":23,"box":{"x":81,"y":263,"width":803,"height":12}},{"id":"602d65bd-f68f-4b64-8d91-c547810c723a","block_type":"box","text":"Average Rate (“SONIA”), and other similar types of reference rates (“Reference Rates”). The elimination of a","page_number":23,"box":{"x":81,"y":278,"width":796,"height":12}},{"id":"642684f7-9783-43ee-97d9-b5fb036d1553","block_type":"box","text":"Reference Rate or any other changes or reforms to the determination or supervision of a Reference Rate could have","page_number":23,"box":{"x":82,"y":293,"width":853,"height":12}},{"id":"567f3682-bf08-4acd-a02b-5932799bfef1","block_type":"box","text":"an adverse impact on the market for, or value of, any instruments (including debt instruments and certain derivative","page_number":23,"box":{"x":81,"y":308,"width":851,"height":12}},{"id":"7b6fcf24-ef72-4471-b6ac-56ef5a6dcda6","block_type":"box","text":"instruments) or payments linked to those Reference Rates. In addition, any substitute Reference Rate and any","page_number":23,"box":{"x":82,"y":323,"width":812,"height":11}},{"id":"9fc7ca0c-9b0e-49ce-b96f-26710d2cf72e","block_type":"box","text":"pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect the Fund’s","page_number":23,"box":{"x":82,"y":338,"width":804,"height":11}},{"id":"f870ffcf-2aa3-47a7-b447-d124b0577588","block_type":"box","text":"performance and/or net asset value.","page_number":23,"box":{"x":82,"y":352,"width":270,"height":12}},{"id":"af6f5660-7983-436f-88eb-c3002ecb4b76","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been the","page_number":23,"box":{"x":82,"y":372,"width":835,"height":12}},{"id":"0def24f0-fa9e-4a17-a0f0-9ad9d6c8f6ed","block_type":"box","text":"subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":23,"box":{"x":81,"y":387,"width":781,"height":12}},{"id":"f985ca53-e6b6-4404-8451-fcc8ba81ee7f","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":23,"box":{"x":82,"y":402,"width":768,"height":12}},{"id":"bdbca09b-b609-4683-90ec-7b45d465e8be","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by virtue","page_number":23,"box":{"x":82,"y":417,"width":847,"height":11}},{"id":"46429b18-be21-4465-b729-d3a197ab6de0","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":23,"box":{"x":81,"y":432,"width":846,"height":11}},{"id":"b14c10dd-6508-41c5-956d-0dd849c6890c","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":23,"box":{"x":81,"y":447,"width":822,"height":11}},{"id":"2a9e5b0c-2e47-42c2-8489-10d2d38c48b5","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may further","page_number":23,"box":{"x":82,"y":461,"width":798,"height":12}},{"id":"cd1068b0-5df6-4a74-8abe-fef0a8668a73","block_type":"box","text":"change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of","page_number":23,"box":{"x":81,"y":476,"width":839,"height":12}},{"id":"ffc18697-eaf8-44b6-933b-ca82fdc764d6","block_type":"box","text":"benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and","page_number":23,"box":{"x":81,"y":491,"width":826,"height":11}},{"id":"03958f8d-9e01-4eab-9fb2-975b8d36f4f7","block_type":"box","text":"certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and","page_number":23,"box":{"x":81,"y":506,"width":778,"height":11}},{"id":"7ec4c33c-d390-4494-9c64-fab39d3c1209","block_type":"box","text":"disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be","page_number":23,"box":{"x":81,"y":521,"width":851,"height":11}},{"id":"dd51944d-5e74-44f5-ac0a-2449d04b35f1","block_type":"box","text":"other consequences which cannot be predicted.","page_number":23,"box":{"x":81,"y":536,"width":350,"height":11}},{"id":"6e8a62e6-196b-47ee-8494-366dc87a2062","block_type":"box","text":"Reliance on Advisor Risk","page_number":23,"box":{"x":81,"y":556,"width":188,"height":9}},{"id":"f22ef85a-84d6-4b8c-a975-1930262491a1","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":23,"box":{"x":273,"y":556,"width":614,"height":11}},{"id":"eae64be6-ad75-4b17-a43f-1d2e414aaa13","block_type":"box","text":"therefore BlackRock’s parent, BlackRock, Inc. is not required to devote its full time to the business of the Fund and","page_number":23,"box":{"x":80,"y":570,"width":849,"height":12}},{"id":"15ee6962-e699-4c07-b57b-868ab27318f7","block_type":"box","text":"there is no guarantee or requirement that any investment professional or other employee of BlackRock will allocate","page_number":23,"box":{"x":80,"y":585,"width":846,"height":12}},{"id":"0c2806a7-d0ec-4c54-a13b-1933ace3b2d4","block_type":"box","text":"a substantial portion of his or her time to the Fund. The loss of, or changes in, BlackRock’s personnel could have a","page_number":23,"box":{"x":81,"y":600,"width":848,"height":12}},{"id":"ce932933-1243-4ef6-b424-ecb8ec211f1f","block_type":"box","text":"negative effect on the performance or the continued operation of the Fund.","page_number":23,"box":{"x":82,"y":615,"width":550,"height":11}},{"id":"86b137ca-8269-46d3-a0f1-b666e304f9aa","block_type":"box","text":"Restricted Securities Risk","page_number":23,"box":{"x":81,"y":635,"width":198,"height":9}},{"id":"b655f7a4-6877-4a11-8a34-8f35096c3dd7","block_type":"box","text":"—","page_number":23,"box":{"x":284,"y":640,"width":17,"height":1}},{"id":"65bba07c-243f-4449-8003-742f8498b1e4","block_type":"box","text":"Limitations on the resale, including any required lock-up or holding periods, of","page_number":23,"box":{"x":306,"y":635,"width":571,"height":11}},{"id":"5f05dda7-6814-4558-b551-01f4d3bf033b","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity, and may prevent the Fund","page_number":23,"box":{"x":82,"y":650,"width":843,"height":11}},{"id":"a35ec9a8-f226-4e1c-8212-210133731045","block_type":"box","text":"from disposing of them promptly at advantageous prices, if at all. Restricted securities may not be listed on an","page_number":23,"box":{"x":81,"y":664,"width":813,"height":12}},{"id":"11184e33-46ab-401a-938d-67fcb2ce8af7","block_type":"box","text":"exchange and may have no active trading market. In order to sell certain restricted securities, the Fund may have to","page_number":23,"box":{"x":81,"y":680,"width":851,"height":11}},{"id":"5abe2ff0-4e63-404f-8dd9-0349aeba722d","block_type":"box","text":"bear the expense of registering the securities for resale and the risk of substantial delays in effecting the","page_number":23,"box":{"x":81,"y":694,"width":774,"height":12}},{"id":"c49dd90f-fddc-414b-b3c1-809a19dd2948","block_type":"box","text":"registration. Other transaction costs may be higher for restricted securities than unrestricted securities. Restricted","page_number":23,"box":{"x":82,"y":709,"width":839,"height":11}},{"id":"5b520caf-0dd1-4e8a-8d30-5fae92241500","block_type":"box","text":"securities may be difficult to value because market quotations may not be readily available, there may be limited","page_number":23,"box":{"x":81,"y":724,"width":828,"height":11}},{"id":"1afc044a-e470-49b4-849d-c37677452166","block_type":"box","text":"other information regarding the investment’s market or fair value, and the securities’ values may have significant","page_number":23,"box":{"x":81,"y":739,"width":830,"height":11}},{"id":"ed8924e7-1798-4c0c-8141-fe371d392324","block_type":"box","text":"volatility. Also, the Fund may get only limited information about the issuer of a given restricted security, and","page_number":23,"box":{"x":80,"y":753,"width":787,"height":12}},{"id":"d409f13b-b7ea-4841-b600-5e34251af672","block_type":"box","text":"therefore may be less able to determine the security’s market or fair value or assess the investment risks as fully","page_number":23,"box":{"x":80,"y":768,"width":838,"height":12}},{"id":"19743dc6-71c0-4d8d-9ebf-24a6fdea6ddc","block_type":"box","text":"as for other issuers for which more information is available. Certain restricted securities may involve a high degree","page_number":23,"box":{"x":81,"y":783,"width":843,"height":12}},{"id":"d3c94c64-bcdf-421d-8025-1c8cc56640b0","block_type":"box","text":"of business and financial risk and may result in substantial losses to the Fund. Certain restricted securities may","page_number":23,"box":{"x":81,"y":798,"width":827,"height":11}},{"id":"d6ef7f24-2f03-44f0-8306-bd434d9f522e","block_type":"box","text":"represent limited investment opportunities and each shareholder’s proportionate investment exposure to such","page_number":23,"box":{"x":82,"y":813,"width":812,"height":11}},{"id":"199caa94-39cf-42e6-be35-63ad1291514b","block_type":"box","text":"limited investment opportunities may be reduced proportionately as the Fund’s net assets grow from new or","page_number":23,"box":{"x":82,"y":827,"width":795,"height":12}},{"id":"946e74ba-0ad9-4a6e-a74c-da5a0fa9884f","block_type":"box","text":"additional investments made in the Fund by other shareholders.","page_number":23,"box":{"x":81,"y":843,"width":468,"height":11}},{"id":"b5929806-81aa-42ba-9de4-d962906aa33e","block_type":"box","text":"Securities Lending Risk","page_number":23,"box":{"x":81,"y":862,"width":178,"height":12}},{"id":"ad87ca71-bb13-4e1a-bd0f-c6b1aface664","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":23,"box":{"x":263,"y":862,"width":661,"height":12}},{"id":"9b4b5d0a-8cf6-454e-b6ff-83beef399d44","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":23,"box":{"x":82,"y":877,"width":852,"height":12}},{"id":"808353d6-e35b-4def-bf94-5801e42cbd60","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":23,"box":{"x":81,"y":892,"width":811,"height":11}},{"id":"9c43a82c-7f45-4ebd-8483-bef64e4f00c1","block_type":"box","text":"22","page_number":23,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"8117b693-1024-4dfe-a586-75f6198d7646","block_type":"box","text":"NM0926U-5974826-23/73","page_number":23,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"4ec46358-dedf-460a-89c1-898a05eea1ba","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":24,"box":{"x":81,"y":46,"width":829,"height":11}},{"id":"45cbbd54-8397-4546-8750-624e5bab852c","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":24,"box":{"x":81,"y":60,"width":292,"height":12}},{"id":"02f0ae42-c019-44d0-a81d-7923e722a1ae","block_type":"box","text":"Standby Commitment Agreements Risk","page_number":24,"box":{"x":81,"y":81,"width":298,"height":11}},{"id":"d64278a0-88cd-44c0-95b9-966ed65eaacb","block_type":"box","text":"—","page_number":24,"box":{"x":383,"y":86,"width":17,"height":1}},{"id":"3a67b971-17b3-424f-a1b1-d258f123395c","block_type":"box","text":"Standby commitment agreements involve the risk that the security the","page_number":24,"box":{"x":405,"y":81,"width":514,"height":11}},{"id":"abce73f0-6f15-4ec4-b1b4-581947f0b024","block_type":"box","text":"Fund buys will lose value prior to its delivery to the Fund and will no longer be worth what the Fund has agreed to","page_number":24,"box":{"x":82,"y":96,"width":829,"height":11}},{"id":"dbb6ba11-eb99-4916-be3f-68fab0339dd3","block_type":"box","text":"pay for it. These agreements also involve the risk that if the security goes up in value, the counterparty will decide","page_number":24,"box":{"x":82,"y":110,"width":836,"height":12}},{"id":"f35401ca-6142-4ae8-898c-353cabe46fd7","block_type":"box","text":"not to issue the security. In this case, the Fund loses both the investment opportunity for the assets it set aside to","page_number":24,"box":{"x":82,"y":125,"width":844,"height":11}},{"id":"f2e02386-65e2-4c13-9e5f-3a2769052f14","block_type":"box","text":"pay for the security and any gain in the security’s price.","page_number":24,"box":{"x":82,"y":140,"width":403,"height":11}},{"id":"22cccac4-fc4a-4dba-a8fa-f964c4d82335","block_type":"box","text":"Valuation Risk","page_number":24,"box":{"x":83,"y":160,"width":107,"height":9}},{"id":"4ae44660-bda4-4cb4-b67b-bf410d3ad54e","block_type":"box","text":"—","page_number":24,"box":{"x":194,"y":165,"width":17,"height":1}},{"id":"ad540bb1-4889-4b16-811f-42712c997fff","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":24,"box":{"x":215,"y":160,"width":700,"height":11}},{"id":"33330483-c3fb-4b87-9a59-897c909a42bb","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":24,"box":{"x":81,"y":175,"width":835,"height":11}},{"id":"b03cda16-07d3-4dce-87f2-23dcdea216c7","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":24,"box":{"x":81,"y":189,"width":848,"height":12}},{"id":"e6b2aaa9-63b7-4ba6-bd92-43a5cfa92158","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":24,"box":{"x":82,"y":204,"width":845,"height":12}},{"id":"74b20d8e-e270-4721-8669-3451642c3267","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":24,"box":{"x":82,"y":219,"width":840,"height":12}},{"id":"5b04a442-2db9-4555-8eea-92c7bf557cd4","block_type":"box","text":"that value fixed-income securities generally utilize a range of market-based and security-specific inputs and","page_number":24,"box":{"x":80,"y":234,"width":783,"height":11}},{"id":"3259dfaa-52e7-4ed2-84a6-f3de8437323e","block_type":"box","text":"assumptions, as well as considerations about general market conditions, to establish a price. Pricing services","page_number":24,"box":{"x":81,"y":249,"width":810,"height":11}},{"id":"20d9c3ef-bcdf-48d0-ac28-a404739e7008","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund","page_number":24,"box":{"x":81,"y":263,"width":847,"height":12}},{"id":"b19bab0b-56aa-4709-bea2-454ed64e549b","block_type":"box","text":"may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may","page_number":24,"box":{"x":82,"y":278,"width":848,"height":12}},{"id":"3c7527b3-9dc3-4373-810f-ab187db512c8","block_type":"box","text":"trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold","page_number":24,"box":{"x":80,"y":293,"width":819,"height":12}},{"id":"c67ac8c2-88a1-4264-8f42-7362e3667391","block_type":"box","text":"could differ from the prices used by the Fund. The Fund’s ability to value its investments may also be impacted by","page_number":24,"box":{"x":81,"y":308,"width":837,"height":11}},{"id":"d1be60f4-365b-47c1-9d5b-c1eb54b5f8e3","block_type":"box","text":"technological issues and/or errors by pricing services or other third-party service providers.","page_number":24,"box":{"x":80,"y":323,"width":672,"height":11}},{"id":"033d57f8-2940-41af-8e49-5f3d0de64cd4","block_type":"box","text":"Zero Coupon Securities Risk","page_number":24,"box":{"x":82,"y":343,"width":215,"height":11}},{"id":"6f5bcfb9-26c7-4cf2-a76e-c901319e17e2","block_type":"box","text":"—","page_number":24,"box":{"x":302,"y":348,"width":17,"height":1}},{"id":"c61f061c-c4cc-4c8c-a47c-2b8b82bbe254","block_type":"box","text":"While interest payments are not made on such securities, holders of such","page_number":24,"box":{"x":323,"y":343,"width":543,"height":11}},{"id":"ab1602e5-b0bc-4de0-9d4c-770bcc50c8d5","block_type":"box","text":"securities are deemed to have received income (“phantom income”) annually, notwithstanding that cash may not be","page_number":24,"box":{"x":81,"y":358,"width":851,"height":11}},{"id":"298c2b0a-b338-4d54-b4ff-2811f1c24be1","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":24,"box":{"x":82,"y":372,"width":848,"height":12}},{"id":"f6abd24a-7cf3-4cdb-89f9-196a41fc1ea3","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":24,"box":{"x":82,"y":387,"width":805,"height":12}},{"id":"d7421ccd-384d-46df-8803-87c9956751e1","block_type":"box","text":"obligations. This implicit reinvestment of earnings at a fixed rate eliminates the risk of being unable to invest","page_number":24,"box":{"x":81,"y":402,"width":800,"height":12}},{"id":"8f8d0414-296c-4e17-8309-fd88b233b40b","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":24,"box":{"x":81,"y":417,"width":825,"height":11}},{"id":"3bc3f031-f8fe-4006-b564-2af5014f96f2","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":24,"box":{"x":82,"y":432,"width":844,"height":11}},{"id":"3b6f70f5-14f2-4b01-b661-a29b962d23ce","block_type":"box","text":"substantially greater price fluctuations during periods of changing market interest rates than are comparable","page_number":24,"box":{"x":81,"y":447,"width":796,"height":11}},{"id":"c0d9acae-0ac7-4545-83f1-ec176eb2bc64","block_type":"box","text":"securities that pay interest currently. Longer term zero coupon bonds are more exposed to interest rate risk than","page_number":24,"box":{"x":81,"y":462,"width":827,"height":11}},{"id":"f06731cf-61bc-4ddb-ae4c-437a9ab04715","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":24,"box":{"x":81,"y":476,"width":846,"height":12}},{"id":"8528a1e6-3635-467a-8be9-a91aa5a8ad88","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":24,"box":{"x":81,"y":491,"width":782,"height":12}},{"id":"5bf96c1d-8927-45d1-8b3a-6c81feb6c9cf","block_type":"box","text":"23","page_number":24,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"61964813-206e-4946-9437-8a08d1d68585","block_type":"box","text":"NM0926U-5974826-24/73","page_number":24,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"e01fcfca-0476-48b0-816c-1106fe223b82","block_type":"box","text":"Account Information","page_number":25,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"ce2536c5-6810-4e06-96eb-b28d4c5778bb","block_type":"box","text":"How to Choose the Share Class that Best Suits Your Needs","page_number":25,"box":{"x":61,"y":156,"width":536,"height":11}},{"id":"a147b074-babb-4971-9d4e-5983971a9719","block_type":"box","text":"The Fund currently offers multiple share classes (Investor A, Investor C and Institutional Shares in this prospectus),","page_number":25,"box":{"x":60,"y":182,"width":849,"height":12}},{"id":"047940c3-b062-4e98-b00d-fcfacafe3373","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":25,"box":{"x":61,"y":197,"width":844,"height":12}},{"id":"81d8cc53-72a8-4108-9786-f3b5c7b3e70b","block_type":"box","text":"Each share class represents an ownership interest in the same investment portfolio of the Fund. 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Financial Intermediaries may have different policies and","page_number":28,"box":{"x":61,"y":384,"width":840,"height":12}},{"id":"2b40403d-2e88-48ce-bba0-288edd73baf6","block_type":"box","text":"procedures regarding the availability of front-end sales charge waivers or deferred sales charge waivers, which are","page_number":28,"box":{"x":62,"y":399,"width":838,"height":11}},{"id":"02cf7571-afc5-4b1a-964c-5ffda8bd7bba","block_type":"box","text":"discussed below. 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Please see","page_number":28,"box":{"x":61,"y":458,"width":869,"height":12}},{"id":"94570231-a32b-4881-832b-68a70bb7fd35","block_type":"box","text":"the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus to","page_number":28,"box":{"x":60,"y":473,"width":872,"height":11}},{"id":"e15ee532-a27a-404e-9b45-3c5a398d4819","block_type":"box","text":"determine any sales charge waivers and reductions that may be available to you through your Financial","page_number":28,"box":{"x":61,"y":488,"width":776,"height":11}},{"id":"190ede54-897f-410d-851f-9cd4061b1100","block_type":"box","text":"Intermediary.","page_number":28,"box":{"x":61,"y":503,"width":97,"height":11}},{"id":"be3b0e02-c5c6-4638-ab6c-b16f7309de54","block_type":"box","text":"More information about existing sales charge reductions and waivers is available free of charge in a clear and","page_number":28,"box":{"x":62,"y":525,"width":805,"height":12}},{"id":"5738b1f7-3895-4e6c-8fac-ecef94b3f39f","block_type":"box","text":"prominent format via hyperlink at www.blackrock.com and in the SAI, which is available on the website or on request.","page_number":28,"box":{"x":62,"y":540,"width":857,"height":11}},{"id":"d150e63c-cdf9-48ea-ad30-8e038830577e","block_type":"box","text":"Details About the Share Classes","page_number":28,"box":{"x":61,"y":579,"width":293,"height":11}},{"id":"816d8e8f-4b64-49b5-928f-8d2036e77c12","block_type":"box","text":"Investor A Shares — Initial Sales Charge Option","page_number":28,"box":{"x":61,"y":606,"width":396,"height":12}},{"id":"901d19f9-7057-4a97-b609-8e3eba4d650b","block_type":"box","text":"The following table shows the front-end sales charges that you may pay if you buy Investor A Shares. The offering price","page_number":28,"box":{"x":60,"y":622,"width":873,"height":11}},{"id":"6eac9946-c4d4-4d4a-a065-d633b6a7f8ce","block_type":"box","text":"for Investor A Shares includes any front-end sales charge. The front-end sales charge expressed as a percentage of","page_number":28,"box":{"x":60,"y":637,"width":851,"height":11}},{"id":"e4414e23-a9ff-437d-9f1c-1f893f7feaba","block_type":"box","text":"the offering price may be higher or lower than the charge described below due to rounding. Similarly, any contingent","page_number":28,"box":{"x":60,"y":652,"width":850,"height":11}},{"id":"51e98333-80f8-40ab-a787-132530018103","block_type":"box","text":"deferred sales charge paid upon certain redemptions of Investor A Shares expressed as a percentage of the","page_number":28,"box":{"x":61,"y":666,"width":798,"height":12}},{"id":"e02d82d0-9b62-43fd-ae04-53a6f61ac6fa","block_type":"box","text":"applicable redemption amount may be higher or lower than the charge described below due to rounding. You may","page_number":28,"box":{"x":61,"y":681,"width":830,"height":12}},{"id":"db975d78-81f3-477f-b793-7272435c8050","block_type":"box","text":"qualify for a reduced front-end sales charge. Purchases of Investor A Shares at certain fixed dollar levels, known as","page_number":28,"box":{"x":61,"y":696,"width":848,"height":12}},{"id":"fcd035c7-bcee-4d66-b28c-1c22172f5dde","block_type":"box","text":"“breakpoints,” cause a reduction in the front-end sales charge. Once you achieve a breakpoint, you pay that sales","page_number":28,"box":{"x":62,"y":711,"width":837,"height":11}},{"id":"3a19d74d-eae7-43d4-a042-bdb1aa98ca33","block_type":"box","text":"charge on your entire purchase amount (and not just the portion above the breakpoint). If you select Investor A","page_number":28,"box":{"x":61,"y":726,"width":814,"height":11}},{"id":"46b0a16f-b86d-4b77-8981-2c49ad6b9290","block_type":"box","text":"Shares, you will pay a sales charge at the time of purchase as shown in the following table.","page_number":28,"box":{"x":61,"y":740,"width":671,"height":12}},{"id":"51b09f01-c49b-469b-a183-b50d5fc31f18","block_type":"box","text":"Your Investment","page_number":28,"box":{"x":69,"y":800,"width":96,"height":7}},{"id":"0ce7b775-ddef-4483-89ff-0b79b046472b","block_type":"box","text":"Sales Charge","page_number":28,"box":{"x":548,"y":779,"width":79,"height":9}},{"id":"d658c966-ec00-4a25-9d57-a79f133e87b1","block_type":"box","text":"as a % of","page_number":28,"box":{"x":561,"y":789,"width":54,"height":8}},{"id":"4d8389bc-40be-42c4-a069-bafbc84fe039","block_type":"box","text":"Offering Price","page_number":28,"box":{"x":547,"y":800,"width":82,"height":9}},{"id":"aaac5f25-2a9d-4335-8932-aaa54517e161","block_type":"box","text":"Sales Charge","page_number":28,"box":{"x":690,"y":779,"width":80,"height":9}},{"id":"6e33c15c-14e9-4472-9f09-868bae56a7f2","block_type":"box","text":"as a % of","page_number":28,"box":{"x":703,"y":789,"width":54,"height":8}},{"id":"8d019a9c-5e5b-47f4-b29a-84c8883256b1","block_type":"box","text":"Your Investment","page_number":28,"box":{"x":679,"y":800,"width":97,"height":7}},{"id":"b237b6c6-95aa-4420-aecd-7805baebd211","block_type":"box","text":"1","page_number":28,"box":{"x":777,"y":800,"width":4,"height":3}},{"id":"5fa2191a-6dbd-40a8-8582-085a3f6bdc4b","block_type":"box","text":"Dealer","page_number":28,"box":{"x":855,"y":769,"width":38,"height":7}},{"id":"76babfca-0903-4d6c-82c6-b4c2937bc83f","block_type":"box","text":"Compensation","page_number":28,"box":{"x":831,"y":779,"width":85,"height":9}},{"id":"59612b85-ae06-43d1-81e6-079bf254e17e","block_type":"box","text":"as a % of","page_number":28,"box":{"x":847,"y":789,"width":54,"height":8}},{"id":"50a24bc2-dc71-49af-8e52-883d60674ffc","block_type":"box","text":"Offering Price","page_number":28,"box":{"x":833,"y":800,"width":82,"height":9}},{"id":"018eaa66-6f56-4ed6-9586-e6936dd17f2c","block_type":"box","text":"Less than $100,000 4.25% 4.44% 4.00%","page_number":28,"box":{"x":70,"y":816,"width":830,"height":10}},{"id":"945ba03f-de31-4a94-adc6-1fbde56959d7","block_type":"box","text":"$100,000 but less than $250,000 3.25% 3.36% 3.00%","page_number":28,"box":{"x":70,"y":834,"width":830,"height":11}},{"id":"9b031254-f31b-4a30-b030-0d3cacbb3f55","block_type":"box","text":"$250,000 and over","page_number":28,"box":{"x":70,"y":852,"width":128,"height":11}},{"id":"1a4efa9b-3989-4801-828a-a737dea9d5d5","block_type":"box","text":"2","page_number":28,"box":{"x":198,"y":853,"width":4,"height":4}},{"id":"cd07b6bd-2e0c-45cb-a793-06915da41159","block_type":"box","text":"0.00% 0.00% —","page_number":28,"box":{"x":572,"y":853,"width":318,"height":8}},{"id":"eb687329-6551-4b01-959a-990bdf5ffb29","block_type":"box","text":"2","page_number":28,"box":{"x":890,"y":853,"width":4,"height":4}},{"id":"c36e476c-cb8a-4f45-8276-d38f364cfe88","block_type":"box","text":"1","page_number":28,"box":{"x":61,"y":873,"width":3,"height":3}},{"id":"253c9a86-c4d9-4379-b8ad-8cbd61b0fb98","block_type":"box","text":"Rounded to the nearest one-hundredth percent.","page_number":28,"box":{"x":81,"y":873,"width":278,"height":8}},{"id":"5961d333-a8bc-411d-af42-c2fecf36eb5f","block_type":"box","text":"2","page_number":28,"box":{"x":61,"y":886,"width":3,"height":3}},{"id":"83099048-a672-49c6-ba08-50785cc680c6","block_type":"box","text":"If you invest $250,000 or more in Investor A Shares, you will not pay an initial sales charge. In that case, BlackRock compensates the Financial","page_number":28,"box":{"x":82,"y":885,"width":845,"height":10}},{"id":"7a808a3c-c18d-4473-b05e-7f7adbd36f4b","block_type":"box","text":"Intermediary from its own resources. However, if you redeem your shares within 18 months after purchase, you may be charged a deferred sales","page_number":28,"box":{"x":82,"y":896,"width":851,"height":9}},{"id":"09a7fb46-6c1b-4cd5-96f6-99b669635674","block_type":"box","text":"charge of 1.00% of the lesser of the original cost of the shares being redeemed or your redemption proceeds. Such deferred sales charge may","page_number":28,"box":{"x":81,"y":906,"width":840,"height":9}},{"id":"457f8a80-a1ed-416b-acce-c02a766bdc88","block_type":"box","text":"be waived in connection with certain fee-based programs.","page_number":28,"box":{"x":81,"y":916,"width":337,"height":10}},{"id":"d1883b78-af91-4f3b-9c0c-32ec8d83548e","block_type":"box","text":"27","page_number":28,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"13a4e13f-9118-4459-a8e4-03c4044053a9","block_type":"box","text":"NM0926U-5974826-28/73","page_number":28,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"ae06b6e5-10dc-4ec8-a609-67d781ec7ab8","block_type":"box","text":"No initial sales charge applies to Investor A Shares that you buy through reinvestment of Fund dividends or capital","page_number":29,"box":{"x":62,"y":46,"width":837,"height":11}},{"id":"c1ead8f7-66b0-4055-b171-b8ccf188a502","block_type":"box","text":"gains.","page_number":29,"box":{"x":60,"y":61,"width":43,"height":11}},{"id":"80cacbeb-14eb-48e9-b9d1-52c455a9b32c","block_type":"box","text":"Sales Charges Reduced or Eliminated for Investor A Shares","page_number":29,"box":{"x":60,"y":83,"width":490,"height":13}},{"id":"631fb397-83d3-4a08-9fbb-18a4bcbef3ad","block_type":"box","text":"There are several ways in which the sales charge can be reduced or eliminated. Purchases of Investor A Shares at","page_number":29,"box":{"x":60,"y":100,"width":841,"height":11}},{"id":"d08c3e37-60e5-4944-a741-52d43b059514","block_type":"box","text":"certain fixed dollar levels, known as “breakpoints,” cause a reduction in the front-end sales charge (as described","page_number":29,"box":{"x":61,"y":115,"width":831,"height":11}},{"id":"3c3df731-b779-4ddc-b476-0a156ebda6e6","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":29,"box":{"x":61,"y":129,"width":876,"height":12}},{"id":"7a6fdb25-5aa1-4fb4-acaf-ebdbcf0a66c8","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":29,"box":{"x":61,"y":144,"width":856,"height":12}},{"id":"c8d71f82-b133-478e-963f-87d183a30739","block_type":"box","text":"reinstatement privilege (described under “Account Services and Privileges”), or a waiver of the sales charge (described","page_number":29,"box":{"x":61,"y":159,"width":872,"height":12}},{"id":"054a20e4-f635-4d44-9cba-9b4884017dc8","block_type":"box","text":"below).","page_number":29,"box":{"x":61,"y":174,"width":50,"height":11}},{"id":"4438d2d8-78d1-4533-a8ed-8192440babab","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":29,"box":{"x":62,"y":196,"width":840,"height":12}},{"id":"c84c780c-8b67-4c82-b98b-1f918589baf8","block_type":"box","text":"holdings in shares of mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”) owned by","page_number":29,"box":{"x":61,"y":211,"width":875,"height":12}},{"id":"ee3f7005-1c5a-4f15-ac2c-789a54d38b6f","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":29,"box":{"x":61,"y":226,"width":875,"height":12}},{"id":"4b51e0ab-ac4b-4c30-94fe-1eb47c2d7cfa","block_type":"box","text":"benefit of any such individuals. For this purpose, the value of an investor’s holdings means the offering price of the","page_number":29,"box":{"x":61,"y":241,"width":847,"height":12}},{"id":"b7a96e83-e164-42bc-8a2f-3ad855cb20e6","block_type":"box","text":"newly purchased shares (including any applicable sales charge) plus the current value (including any sales charges","page_number":29,"box":{"x":61,"y":256,"width":844,"height":11}},{"id":"ce1dd2c7-7b64-4f8d-944a-f04ba615760f","block_type":"box","text":"paid) of all other shares the investor already holds taken together.","page_number":29,"box":{"x":62,"y":271,"width":484,"height":11}},{"id":"9ea8f318-6440-43f3-a46d-8149b694a239","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":29,"box":{"x":61,"y":293,"width":861,"height":12}},{"id":"f3ab3bd5-df50-4254-a037-c7072282b6d2","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":29,"box":{"x":60,"y":308,"width":817,"height":12}},{"id":"39059470-99cb-48f7-b1dc-a85164fbcc7b","block_type":"box","text":"Qualifying Holdings","page_number":29,"box":{"x":62,"y":331,"width":143,"height":11}},{"id":"beb2db9c-3c1f-4de5-a217-2e71c9f6ed7c","block_type":"box","text":"— Investor A and A1, Investor C, Investor P, Institutional, Class K and Premier Shares (in most","page_number":29,"box":{"x":209,"y":331,"width":696,"height":11}},{"id":"372a2f89-0fd6-4a46-bd02-3b0f32c3dca5","block_type":"box","text":"BlackRock Funds), investments in certain unlisted closed-end management investment companies sponsored and","page_number":29,"box":{"x":62,"y":346,"width":836,"height":11}},{"id":"c8bacf79-7c9e-44dd-9711-a659ec331036","block_type":"box","text":"advised by BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and investments in the","page_number":29,"box":{"x":61,"y":360,"width":808,"height":12}},{"id":"4c052552-682c-4844-aaf3-9c9db219e6c0","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program.","page_number":29,"box":{"x":62,"y":375,"width":314,"height":12}},{"id":"6fd2e056-5441-49e8-82b1-49fee1951525","block_type":"box","text":"Qualifying Holdings may include shares held in accounts held at a Financial Intermediary, including personal accounts,","page_number":29,"box":{"x":61,"y":398,"width":867,"height":11}},{"id":"df488f61-9755-4ae3-9209-0b6fe6a32a4c","block_type":"box","text":"certain retirement accounts, UGMA/UTMA accounts, Joint Tenancy accounts, trust accounts and Transfer on Death","page_number":29,"box":{"x":61,"y":412,"width":844,"height":12}},{"id":"9d7d4d6c-5c6a-44f8-8862-9c6e9f10f6b0","block_type":"box","text":"accounts, as well as shares purchased by a trust of which the investor is a beneficiary. For purposes of the Letter of","page_number":29,"box":{"x":61,"y":427,"width":856,"height":12}},{"id":"eb9bcaf3-fc2b-44b7-bc27-cc29c75f853f","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":29,"box":{"x":62,"y":442,"width":818,"height":12}},{"id":"dae5dc33-7c4e-42f4-9254-7d1b9cf17b63","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":29,"box":{"x":62,"y":457,"width":811,"height":11}},{"id":"66fc5f25-e135-4274-97d9-c49af7fb69f7","block_type":"box","text":"nominee or custodian.","page_number":29,"box":{"x":61,"y":472,"width":162,"height":9}},{"id":"7cb09a02-8ab0-4cab-a4fa-c26a40c79b17","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":29,"box":{"x":62,"y":494,"width":861,"height":12}},{"id":"69426578-9941-4b5a-a49f-f3dc6e0a7831","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":29,"box":{"x":62,"y":509,"width":836,"height":12}},{"id":"13de01e9-34ad-4904-baf5-804b6cba405e","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":29,"box":{"x":62,"y":524,"width":862,"height":11}},{"id":"53b73a0f-8835-4d8d-80a6-9637efa3c5ef","block_type":"box","text":"notify the Financial Intermediary or BlackRock Funds may result in the investor not receiving the sales charge reduction","page_number":29,"box":{"x":61,"y":539,"width":875,"height":11}},{"id":"4cb69b08-0a34-46d6-813a-6458423133db","block_type":"box","text":"to which the investor is otherwise entitled.","page_number":29,"box":{"x":60,"y":554,"width":312,"height":9}},{"id":"8c35d82c-7f01-4ac8-b5e0-736ea6b8fa68","block_type":"box","text":"The Financial Intermediary or BlackRock Funds may request documentation — including account statements and","page_number":29,"box":{"x":60,"y":576,"width":828,"height":12}},{"id":"8ff0ac46-442a-4158-ae11-5e3bb33d9fd2","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":29,"box":{"x":61,"y":591,"width":850,"height":12}},{"id":"97ba27d6-8973-44de-9b11-9808d303f913","block_type":"box","text":"the investor qualifies for a reduced sales charge. The investor should retain these records because — depending on","page_number":29,"box":{"x":60,"y":606,"width":856,"height":11}},{"id":"9d874987-4dbf-4ed9-ae76-99bea5a403bc","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":29,"box":{"x":60,"y":621,"width":845,"height":11}},{"id":"c56154a7-70b7-4c07-853d-8acb2d20a543","block_type":"box","text":"Eligible Unlisted BlackRock Closed-End Funds may not be able to maintain this information.","page_number":29,"box":{"x":62,"y":635,"width":667,"height":12}},{"id":"6bf8289e-f81a-4726-8bfb-aa12c8cc007a","block_type":"box","text":"For more information, see the SAI or contact your Financial Intermediary.","page_number":29,"box":{"x":62,"y":658,"width":531,"height":11}},{"id":"de822b0e-6e19-423e-8a67-be1d83be03ca","block_type":"box","text":"Letter of Intent","page_number":29,"box":{"x":61,"y":681,"width":124,"height":10}},{"id":"d4623582-6854-4031-9001-36b45e3d040e","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":29,"box":{"x":60,"y":697,"width":839,"height":12}},{"id":"1c821296-7b24-470a-a6be-7e9b61b55816","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":29,"box":{"x":62,"y":712,"width":875,"height":12}},{"id":"ea5d67b9-f3f9-455c-a73c-b6f41b809029","block_type":"box","text":"all at once, qualify the investor for a reduced sales charge:","page_number":29,"box":{"x":61,"y":727,"width":431,"height":12}},{"id":"3626faca-c329-4980-852a-52cce7bb0f77","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":29,"box":{"x":82,"y":749,"width":794,"height":12}},{"id":"076eac62-de06-4a5a-973e-980202ac8e1c","block_type":"box","text":"ii. Make an investment in one or more Eligible Unlisted BlackRock Closed-End Funds and/or","page_number":29,"box":{"x":82,"y":772,"width":675,"height":12}},{"id":"55902bb4-504b-4ccd-8128-b29bd6f31966","block_type":"box","text":"iii. Make an investment through the BlackRock CollegeAdvantage 529 Program in one or more BlackRock Funds.","page_number":29,"box":{"x":82,"y":795,"width":820,"height":11}},{"id":"af666e99-a3b1-4adf-9937-333356f629de","block_type":"box","text":"The initial investment must meet the minimum initial purchase requirement. The 13-month Letter of Intent period","page_number":29,"box":{"x":60,"y":817,"width":830,"height":11}},{"id":"6991d490-889b-46d5-a35a-93d6abb37488","block_type":"box","text":"commences on the day that the Letter of Intent is received by the Fund.","page_number":29,"box":{"x":61,"y":832,"width":524,"height":11}},{"id":"2001c4a1-6148-42c8-9695-22bcc2a44032","block_type":"box","text":"The market value of current holdings in the BlackRock Funds (including Investor A, Investor C, Investor P, Institutional,","page_number":29,"box":{"x":60,"y":855,"width":865,"height":11}},{"id":"c2dcc9c5-1fc8-47d0-a12b-7c4e64dc43d9","block_type":"box","text":"Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the BlackRock CollegeAdvantage 529","page_number":29,"box":{"x":61,"y":870,"width":862,"height":11}},{"id":"27a4bd58-e637-4c3f-93fc-47335f55d535","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":29,"box":{"x":61,"y":884,"width":870,"height":12}},{"id":"36eb5181-1b69-4098-9e05-40a70c34fabd","block_type":"box","text":"may be counted towards the sales charge reduction.","page_number":29,"box":{"x":61,"y":899,"width":384,"height":12}},{"id":"34ebc96e-1fa5-47c9-9380-88b41c962bdc","block_type":"box","text":"28","page_number":29,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"405c0d3c-df8c-49c8-b661-40e97c7dca2e","block_type":"box","text":"NM0926U-5974826-29/73","page_number":29,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"bc1cc29d-c012-498b-adf9-eb04103cacb9","block_type":"box","text":"The investor must notify the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock","page_number":30,"box":{"x":60,"y":46,"width":823,"height":11}},{"id":"061a3486-b9d7-4fa6-8f83-e96efa38f323","block_type":"box","text":"Closed-End Funds and/or the BlackRock CollegeAdvantage 529 Program that should be counted towards the sales","page_number":30,"box":{"x":61,"y":61,"width":842,"height":11}},{"id":"21fdf0ff-417c-4a8a-9370-ebe3d5e62eab","block_type":"box","text":"charge reduction and (ii) any subsequent purchases that should be counted towards the Letter of Intent.","page_number":30,"box":{"x":61,"y":75,"width":765,"height":12}},{"id":"614a4e81-f225-4e90-b170-5d1491847a8e","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":30,"box":{"x":62,"y":98,"width":833,"height":11}},{"id":"a9a6e283-3d15-447a-ad8f-572c198321d2","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":30,"box":{"x":61,"y":113,"width":852,"height":11}},{"id":"bb8a127d-621a-4e12-8db0-5b4098076ec9","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":30,"box":{"x":61,"y":127,"width":872,"height":12}},{"id":"0749eff8-4ffe-4aae-be0f-125109140a80","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":30,"box":{"x":60,"y":142,"width":860,"height":12}},{"id":"08c34670-6577-4215-801d-6a4a55638e96","block_type":"box","text":"difference.","page_number":30,"box":{"x":61,"y":157,"width":77,"height":9}},{"id":"9027f1c9-d56e-4b52-90ea-f63e1dc13ca0","block_type":"box","text":"Right of Accumulation","page_number":30,"box":{"x":61,"y":180,"width":183,"height":13}},{"id":"0c1ea0f3-3661-4e4f-bef1-1b56f0c6d3a5","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":30,"box":{"x":62,"y":196,"width":839,"height":12}},{"id":"88c8e8c5-03ec-4f72-a0e7-e2bf766624cf","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":30,"box":{"x":61,"y":211,"width":856,"height":12}},{"id":"d66540b8-5d42-415a-a9d9-394912557b03","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":30,"box":{"x":82,"y":234,"width":821,"height":11}},{"id":"858401f0-93b4-4df1-8e89-aed25adc7238","block_type":"box","text":"Premier Shares in most BlackRock Funds,","page_number":30,"box":{"x":102,"y":249,"width":306,"height":10}},{"id":"43ea1ca4-e024-4def-aff1-a32068a380d5","block_type":"box","text":"ii. The current value of an investor’s existing shares of Eligible Unlisted BlackRock Closed-End Funds and","page_number":30,"box":{"x":82,"y":271,"width":771,"height":12}},{"id":"eb3fad0d-392a-4bf5-aa9b-36cd2244f70d","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":30,"box":{"x":82,"y":294,"width":788,"height":11}},{"id":"f4290b9e-3437-4722-8db5-6ca3b3d0adf5","block_type":"box","text":"investor’s spouse and children.","page_number":30,"box":{"x":102,"y":309,"width":228,"height":11}},{"id":"b4a34c8f-54d9-4370-994a-f465efc53698","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":30,"box":{"x":62,"y":331,"width":866,"height":12}},{"id":"040ec6e1-5547-4f11-bd74-bf6cde4332be","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":30,"box":{"x":61,"y":346,"width":866,"height":12}},{"id":"bfae8255-bc21-41b1-a004-3a1e574a0118","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":30,"box":{"x":62,"y":361,"width":854,"height":11}},{"id":"a7c17f2b-be60-4543-8a93-478de80a1b4b","block_type":"box","text":"any previously purchased shares.","page_number":30,"box":{"x":61,"y":376,"width":243,"height":11}},{"id":"f700a12c-b5f1-4e63-8471-c2df47a4cc72","block_type":"box","text":"Other Front-End Sales Charge Waivers","page_number":30,"box":{"x":61,"y":399,"width":314,"height":12}},{"id":"3171edba-7f31-4a52-9d8a-797873135f77","block_type":"box","text":"The following persons may also buy Investor A Shares without paying a sales charge:","page_number":30,"box":{"x":60,"y":415,"width":623,"height":12}},{"id":"cd2e1496-5a7f-4fae-be40-1f68cb9c4c03","block_type":"box","text":"Certain employer-sponsored retirement plans. For purposes of this waiver, employer-sponsored retirement plans do","page_number":30,"box":{"x":81,"y":435,"width":846,"height":11}},{"id":"b341797c-bd98-45b9-918e-135f87cb42fe","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs;","page_number":30,"box":{"x":82,"y":450,"width":352,"height":11}},{"id":"132cecf2-fbb6-4f61-8d80-34c9acbc1130","block_type":"box","text":"Rollovers of current investments through certain employer-sponsored retirement plans, provided the shares are","page_number":30,"box":{"x":82,"y":470,"width":817,"height":11}},{"id":"c52b6777-032b-48f6-84e0-94b5cf3fc6b7","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":30,"box":{"x":80,"y":485,"width":854,"height":11}},{"id":"91be87e1-616c-4a02-9a66-c604b4c81ad2","block_type":"box","text":"distribution, the rolled-over proceeds are contributed to a BlackRock IRA through an account directly with the Fund;","page_number":30,"box":{"x":81,"y":500,"width":840,"height":11}},{"id":"262658ba-0e7a-4c12-bd3c-002a03d3b7fe","block_type":"box","text":"or purchases by IRA programs that are sponsored by Financial Intermediary firms provided the Financial","page_number":30,"box":{"x":81,"y":514,"width":760,"height":12}},{"id":"c148142a-b706-44eb-ba73-938254801199","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":30,"box":{"x":82,"y":529,"width":812,"height":12}},{"id":"028e4274-c7ac-4ea6-acd1-b32393e6f150","block_type":"box","text":"Distributor;","page_number":30,"box":{"x":82,"y":544,"width":79,"height":11}},{"id":"a774a813-9e2d-42c2-a0ba-4dac85307732","block_type":"box","text":"Insurance company separate accounts;","page_number":30,"box":{"x":82,"y":564,"width":286,"height":11}},{"id":"ff5c8785-e6d5-4535-9fb5-c6c25f0a79e8","block_type":"box","text":"Registered investment advisers, trust companies and bank trust departments exercising discretionary investment","page_number":30,"box":{"x":82,"y":584,"width":836,"height":11}},{"id":"4a825fee-d061-446d-b57f-69d0179946d6","block_type":"box","text":"authority with respect to amounts to be invested in the Fund;","page_number":30,"box":{"x":81,"y":599,"width":446,"height":11}},{"id":"e358593d-a844-4c4b-878a-9718687f3ac2","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":30,"box":{"x":81,"y":619,"width":815,"height":11}},{"id":"78bd066f-36b8-499a-9475-4af3326aa802","block_type":"box","text":"broker-dealer or other financial institution;","page_number":30,"box":{"x":81,"y":633,"width":306,"height":11}},{"id":"e24f812d-2074-4432-a03e-2a5280af004a","block_type":"box","text":"Financial Intermediaries who have entered into an agreement with the Distributor and have been approved by the","page_number":30,"box":{"x":82,"y":654,"width":828,"height":11}},{"id":"1e7fbfb3-7182-472e-8c8c-b3a8592b9d89","block_type":"box","text":"Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not charge a","page_number":30,"box":{"x":82,"y":668,"width":800,"height":12}},{"id":"40d26b04-3bd8-4963-b7a0-01c10b7fae61","block_type":"box","text":"transaction fee;","page_number":30,"box":{"x":80,"y":683,"width":114,"height":11}},{"id":"964eba5f-c160-4313-80f7-7947cbb0801b","block_type":"box","text":"Persons associated with the Fund, the Fund’s manager, the Fund’s sub-adviser, transfer agent, Distributor, fund","page_number":30,"box":{"x":81,"y":703,"width":819,"height":12}},{"id":"fee7394a-a631-4c21-9f8c-3ca9d28ae0d4","block_type":"box","text":"accounting agents, Barclays PLC (“Barclays”) and their respective affiliates (to the extent permitted by these firms)","page_number":30,"box":{"x":81,"y":718,"width":846,"height":11}},{"id":"3a2f5027-8fcf-4183-aec0-c5d991aa8606","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees of firms who have entered","page_number":30,"box":{"x":82,"y":733,"width":843,"height":11}},{"id":"205179ee-104e-480e-9a27-dfb52194afed","block_type":"box","text":"into selling agreements to distribute shares of BlackRock Funds; (d) immediate family members of such persons;","page_number":30,"box":{"x":82,"y":748,"width":829,"height":11}},{"id":"96a6d704-e137-4ce3-835b-7b78560a64a6","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":30,"box":{"x":81,"y":762,"width":815,"height":12}},{"id":"50d29e37-ffc6-474c-9892-9be787779236","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":30,"box":{"x":81,"y":782,"width":841,"height":12}},{"id":"240deca4-d267-4b03-ae7f-423682ff3eb4","block_type":"box","text":"Internal Revenue Code; and","page_number":30,"box":{"x":82,"y":797,"width":201,"height":11}},{"id":"eea3ec7a-0b14-440c-8b17-fd23b51980f8","block_type":"box","text":"Accounts opened directly with the Fund that do not have a Financial Intermediary associated with the account.","page_number":30,"box":{"x":81,"y":817,"width":808,"height":12}},{"id":"5f208dd4-c098-41a9-a348-867bcd0bb2e2","block_type":"box","text":"In addition, a sales charge waiver may be available for investors exchanging Investor P Shares of another BlackRock","page_number":30,"box":{"x":62,"y":840,"width":852,"height":11}},{"id":"a8d8f6de-b847-458f-a713-304b63f38ec8","block_type":"box","text":"Fund for Investor A Shares of the Fund through an intermediary-processed exchange, provided that the investor had","page_number":30,"box":{"x":62,"y":855,"width":846,"height":11}},{"id":"da46b2d4-f866-4e7a-82d7-37026d3f00aa","block_type":"box","text":"previously paid a sales charge with respect to such shares.","page_number":30,"box":{"x":62,"y":870,"width":434,"height":11}},{"id":"294d5930-2103-4169-9397-77d117a5cf9b","block_type":"box","text":"In addition, Financial Intermediaries may, in connection with a change in account type or otherwise in accordance with","page_number":30,"box":{"x":62,"y":892,"width":864,"height":12}},{"id":"db332264-aaad-4232-a183-01d53545a14a","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":30,"box":{"x":61,"y":907,"width":852,"height":11}},{"id":"2fe5acb5-1e83-450b-9b1c-9583521b4781","block_type":"box","text":"29","page_number":30,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"36174815-7363-48cc-88f0-27c04544fee2","block_type":"box","text":"NM0926U-5974826-30/73","page_number":30,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"b613f7f1-18f7-48dd-ba3b-cedc1727c5f2","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":31,"box":{"x":62,"y":46,"width":837,"height":11}},{"id":"34567de3-8401-46c3-bc26-05fd863ce800","block_type":"box","text":"Investor A Shares sales charge waivers may depend on the policies, procedures and trading platforms of your Financial","page_number":31,"box":{"x":62,"y":60,"width":873,"height":12}},{"id":"a76ce2ec-54db-4027-b606-b8e5d95ff3a3","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":31,"box":{"x":62,"y":75,"width":317,"height":12}},{"id":"805ea1a4-4988-4fef-8b48-11a07bc9a4f2","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":31,"box":{"x":61,"y":98,"width":861,"height":11}},{"id":"76c306b9-47c1-47bd-b606-a7f90789dcc6","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":31,"box":{"x":60,"y":113,"width":817,"height":11}},{"id":"71d3d4e0-c942-40eb-a927-6058fbd6ff3d","block_type":"box","text":"Investor A Shares at Net Asset Value","page_number":31,"box":{"x":61,"y":136,"width":306,"height":10}},{"id":"d6935037-997e-4eb9-8ea1-7aea7531d5e0","block_type":"box","text":"If you invest $250,000 or more in Investor A Shares, you will not pay any initial sales charge. However, if you redeem","page_number":31,"box":{"x":62,"y":151,"width":859,"height":13}},{"id":"33deb271-3407-4efc-982e-a6f1fa037b32","block_type":"box","text":"your Investor A Shares within 18 months after purchase, you may be charged a deferred sales charge of 1.00% of the","page_number":31,"box":{"x":60,"y":167,"width":866,"height":11}},{"id":"621c807d-774a-4406-8a7a-b205a0336173","block_type":"box","text":"lesser of the original cost of the shares being redeemed or your redemption proceeds. For a discussion on waivers,","page_number":31,"box":{"x":62,"y":182,"width":845,"height":11}},{"id":"dfd25278-2399-40de-ae12-7ee12cdf14ea","block_type":"box","text":"see “Contingent Deferred Sales Charge Waivers.”","page_number":31,"box":{"x":61,"y":196,"width":363,"height":12}},{"id":"92dbce61-c64c-4be3-a98c-ea144135a672","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":31,"box":{"x":62,"y":219,"width":860,"height":12}},{"id":"a8df9168-0f39-4bf8-82e4-83716b664a5d","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":31,"box":{"x":61,"y":234,"width":847,"height":11}},{"id":"87da2e84-b3cc-4f81-9ecc-8a97bd1ea82d","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":31,"box":{"x":60,"y":249,"width":863,"height":11}},{"id":"a30a62fe-fb32-4218-9ec6-71302ac00742","block_type":"box","text":"monthly basis.","page_number":31,"box":{"x":61,"y":264,"width":105,"height":11}},{"id":"d72408ab-ae3a-41a2-a7f4-3b01003f1c69","block_type":"box","text":"Investor C Shares — Deferred Sales Charge Option","page_number":31,"box":{"x":61,"y":287,"width":420,"height":12}},{"id":"5704fa31-9d46-4e85-82f5-945e20d44aea","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":31,"box":{"x":62,"y":303,"width":865,"height":11}},{"id":"5204056a-67a9-4039-a56c-d2abf04775e8","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":31,"box":{"x":60,"y":318,"width":858,"height":11}},{"id":"0ec444ef-b685-478f-b8de-1b482631d8a0","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":31,"box":{"x":60,"y":332,"width":795,"height":12}},{"id":"aa9360a8-1831-4c36-aa3b-49f57e60a6e3","block_type":"box","text":"redemption. When you redeem Investor C Shares, the redemption order is processed so that the lowest deferred sales","page_number":31,"box":{"x":61,"y":347,"width":874,"height":12}},{"id":"8f1295b5-5469-4cab-8d0e-6a9cefb3ca54","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":31,"box":{"x":61,"y":362,"width":867,"height":12}},{"id":"cd2e6c06-f24b-4cfa-8c7a-7bef49a39a89","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":31,"box":{"x":60,"y":377,"width":843,"height":12}},{"id":"2a75b7a1-6483-4079-ae5f-e89634840940","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":31,"box":{"x":62,"y":392,"width":873,"height":11}},{"id":"60e770a7-ef51-445f-aad7-00850ec9a01a","block_type":"box","text":"the applicable redemption amount may be higher or lower than the charge described due to rounding.","page_number":31,"box":{"x":60,"y":407,"width":745,"height":11}},{"id":"c4e4d61a-327b-4db2-812f-13c7a9b8dc4f","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), Investor C Shares will automatically convert to Investor A Shares","page_number":31,"box":{"x":62,"y":429,"width":864,"height":12}},{"id":"a1f136ae-bb76-49c5-899e-755259d5487b","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":31,"box":{"x":61,"y":444,"width":870,"height":12}},{"id":"686bf72d-5975-4aa9-b1c2-399e003aa644","block_type":"box","text":"shareholder is credited with the proper holding period. As of the Effective Date, certain Financial Intermediaries,","page_number":31,"box":{"x":61,"y":459,"width":823,"height":11}},{"id":"ed1b3217-0645-49ed-b359-c14d7af5d8f5","block_type":"box","text":"including group retirement recordkeeping platforms, may not have been tracking such holding periods and therefore","page_number":31,"box":{"x":62,"y":474,"width":847,"height":11}},{"id":"79f7e869-777e-42e4-b1a6-10b4d62ef307","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":31,"box":{"x":61,"y":488,"width":842,"height":12}},{"id":"4e1b6537-880c-458c-975f-f58054fb7a8e","block_type":"box","text":"Investor A Shares will occur approximately eight years after the Effective Date. The automatic conversion of Investor C","page_number":31,"box":{"x":62,"y":503,"width":865,"height":12}},{"id":"19816fd8-25df-4139-b922-110c8c9bb58a","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":31,"box":{"x":61,"y":518,"width":832,"height":12}},{"id":"d0e73835-727a-4464-a112-eace29e23616","block_type":"box","text":"Intermediary for additional information.","page_number":31,"box":{"x":62,"y":533,"width":285,"height":11}},{"id":"35859c23-7b2d-4f6b-bacc-4dbbe39795b9","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":31,"box":{"x":62,"y":556,"width":869,"height":11}},{"id":"33937e2e-24ca-42c6-bbd7-bd2f4062a3d5","block_type":"box","text":"Shares, and any Investor C Shares held in such accounts will be automatically converted to Investor A Shares.","page_number":31,"box":{"x":61,"y":570,"width":810,"height":12}},{"id":"bf2650b8-85de-4386-8a5f-d04495a48400","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":31,"box":{"x":61,"y":593,"width":861,"height":11}},{"id":"134c076f-b1b5-4aa2-a48b-498f405725a9","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":31,"box":{"x":60,"y":608,"width":817,"height":11}},{"id":"4190de2e-ca07-4483-9959-1771b9f79a15","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":31,"box":{"x":60,"y":630,"width":870,"height":12}},{"id":"fa94f347-d57a-4623-9ac6-928e8f6d6e7b","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":31,"box":{"x":60,"y":645,"width":870,"height":12}},{"id":"dcd57e44-6106-4727-874c-2715b742fe09","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":31,"box":{"x":61,"y":660,"width":867,"height":11}},{"id":"7e713468-0233-450e-8340-a99c4ac8b3df","block_type":"box","text":"the deferred sales charges and the distribution fees to cover the costs of marketing, advertising and compensating","page_number":31,"box":{"x":60,"y":675,"width":849,"height":11}},{"id":"7e34890f-b9e6-45ae-9349-5ca2e230de6b","block_type":"box","text":"the Financial Intermediary who assists you in purchasing Fund shares.","page_number":31,"box":{"x":60,"y":690,"width":517,"height":11}},{"id":"d7273e72-4311-48a5-af82-e54053e147dc","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":31,"box":{"x":60,"y":712,"width":870,"height":12}},{"id":"e242ac57-1dd0-439d-b30d-de86ded89794","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":31,"box":{"x":61,"y":727,"width":853,"height":11}},{"id":"163301a5-4499-4070-aed8-cabed9f635b8","block_type":"box","text":"Investor C Shares service fee as an ongoing concession and as a shareholder servicing fee, respectively, to dealers","page_number":31,"box":{"x":62,"y":742,"width":851,"height":11}},{"id":"88c4bde5-98c5-43f3-912c-871483b3d2df","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":31,"box":{"x":60,"y":757,"width":856,"height":11}},{"id":"f205d520-32ea-480e-9498-c51a6c611b20","block_type":"box","text":"during the first year after purchase. For certain employer-sponsored retirement plans, the Distributor will pay the full","page_number":31,"box":{"x":61,"y":771,"width":850,"height":12}},{"id":"a05412e4-1dcd-464f-8832-46f720b22c83","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":31,"box":{"x":62,"y":786,"width":866,"height":12}},{"id":"9b0ba33c-905f-47ea-af7d-e704f57ef125","block_type":"box","text":"the sales concession. This may depend on the policies, procedures and trading platforms of your Financial","page_number":31,"box":{"x":60,"y":801,"width":782,"height":12}},{"id":"f83ad90a-0a11-4a63-868d-d2ed5eaf8d1e","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":31,"box":{"x":62,"y":816,"width":317,"height":11}},{"id":"f467b25a-3ecf-438d-9aae-b54f936ebea5","block_type":"box","text":"Contingent Deferred Sales Charge Waivers","page_number":31,"box":{"x":61,"y":839,"width":352,"height":12}},{"id":"441e706a-38e9-4dbe-adfc-d58ee1686e37","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":31,"box":{"x":60,"y":855,"width":788,"height":12}},{"id":"3c13ef78-8b9e-4a1d-8b2e-437a3d2ce8f2","block_type":"box","text":"circumstances, such as:","page_number":31,"box":{"x":61,"y":870,"width":177,"height":11}},{"id":"7b1f1b3b-7d68-4da6-95ea-1bb3a856d5c1","block_type":"box","text":"Redemptions of shares purchased through certain employer-sponsored retirement plans and rollovers of current","page_number":31,"box":{"x":82,"y":890,"width":824,"height":12}},{"id":"8c8164ae-2a33-4eb4-9888-7fedbbfb3939","block_type":"box","text":"investments in the Fund through such plans;","page_number":31,"box":{"x":82,"y":905,"width":324,"height":11}},{"id":"aa058520-f281-4517-a47f-ff3ea3a2f92f","block_type":"box","text":"30","page_number":31,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"ca79ae06-be54-4d3b-ae4a-2152112a5789","block_type":"box","text":"NM0926U-5974826-31/73","page_number":31,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"ae02eae9-98ee-4060-a3c4-c789ad90318e","block_type":"box","text":"Exchanges pursuant to the exchange privilege, as described in “How to Buy, Sell, Exchange and Transfer Shares —","page_number":32,"box":{"x":82,"y":46,"width":844,"height":11}},{"id":"025129ae-2afe-4683-a098-16322551b1ed","block_type":"box","text":"How to Exchange Shares or Transfer Your Account”;","page_number":32,"box":{"x":82,"y":60,"width":375,"height":12}},{"id":"b2a1b21c-7516-4dbe-a586-dfb17ac8abbd","block_type":"box","text":"Redemptions made in connection with minimum required distributions from IRA or 403(b)(7) accounts due to the","page_number":32,"box":{"x":82,"y":80,"width":826,"height":12}},{"id":"a90fc970-283c-4489-b052-82a71607359b","block_type":"box","text":"shareholder reaching the age of 72;","page_number":32,"box":{"x":81,"y":95,"width":262,"height":12}},{"id":"e4862292-3744-41e9-ad66-8c20a404cdf3","block_type":"box","text":"Redemptions made with respect to certain retirement plans sponsored by the Fund, BlackRock or an affiliate;","page_number":32,"box":{"x":82,"y":115,"width":804,"height":12}},{"id":"f31c9d3c-3df2-421e-9543-a3057c840cdb","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":32,"box":{"x":82,"y":135,"width":847,"height":12}},{"id":"810cd402-f7f0-4e72-923a-fc6b5178a764","block_type":"box","text":"later, reasonably promptly following completion of probate (including in connection with the distribution of account","page_number":32,"box":{"x":82,"y":150,"width":834,"height":12}},{"id":"e5977ace-508d-4355-ae9b-95b3d05c2f3f","block_type":"box","text":"assets to a beneficiary of the decedent);","page_number":32,"box":{"x":81,"y":165,"width":297,"height":11}},{"id":"59f7b70a-77fe-40c1-8af3-d91362c70634","block_type":"box","text":"Withdrawals resulting from shareholder disability (as defined in the Internal Revenue Code) as long as the disability","page_number":32,"box":{"x":81,"y":185,"width":847,"height":11}},{"id":"66086a3d-1e33-4e6a-8519-4fc2208c17f2","block_type":"box","text":"arose subsequent to the purchase of the shares;","page_number":32,"box":{"x":81,"y":200,"width":360,"height":11}},{"id":"974e91dc-d7fa-4584-a127-556f2609b9d4","block_type":"box","text":"Involuntary redemptions made of shares in accounts with low balances;","page_number":32,"box":{"x":82,"y":220,"width":525,"height":11}},{"id":"75806009-4dc9-4dbf-8cae-98b06295fcfb","block_type":"box","text":"Certain redemptions made through the Systematic Withdrawal Plan (“SWP”) offered by the Fund, BlackRock or an","page_number":32,"box":{"x":81,"y":240,"width":833,"height":11}},{"id":"2cf063c5-b992-4e09-a57c-d9dda7e3adcd","block_type":"box","text":"affiliate;","page_number":32,"box":{"x":81,"y":254,"width":59,"height":11}},{"id":"057fda0f-1070-4762-8f7e-ccd2101d0d7f","block_type":"box","text":"Redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":32,"box":{"x":82,"y":274,"width":823,"height":12}},{"id":"569d8e51-7736-4e8a-803a-ae425bcdad1a","block_type":"box","text":"Redemptions when a shareholder can demonstrate hardship, in the absolute discretion of the Fund.","page_number":32,"box":{"x":82,"y":294,"width":732,"height":12}},{"id":"bd05d0cc-1d21-4522-a4da-23c740d1cd25","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":32,"box":{"x":61,"y":317,"width":861,"height":12}},{"id":"a3ce6a7c-9ab8-420d-a51f-db7aaa06ba28","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries. More","page_number":32,"box":{"x":60,"y":332,"width":860,"height":11}},{"id":"485ba490-0772-4fde-a8a0-6bd4093db241","block_type":"box","text":"information about existing sales charge reductions and waivers is available free of charge in a clear and prominent","page_number":32,"box":{"x":62,"y":347,"width":843,"height":11}},{"id":"4d79c026-3f13-4221-a6c8-62cfdaba901b","block_type":"box","text":"format via hyperlink at www.blackrock.com and in the SAI, which is available on the website or on request.","page_number":32,"box":{"x":60,"y":361,"width":779,"height":12}},{"id":"22fabf38-32b0-4382-aced-d8066ff50362","block_type":"box","text":"Institutional Shares","page_number":32,"box":{"x":61,"y":385,"width":161,"height":10}},{"id":"17004996-d78e-4168-b4e1-92069a212cf5","block_type":"box","text":"Institutional Shares are not subject to any sales charge. Only certain investors are eligible to buy Institutional Shares.","page_number":32,"box":{"x":62,"y":401,"width":864,"height":11}},{"id":"7d780665-b4b1-4a24-9081-8af99a82d625","block_type":"box","text":"Your Financial Intermediary can help you determine whether you are eligible to buy Institutional Shares. The Fund may","page_number":32,"box":{"x":60,"y":416,"width":865,"height":11}},{"id":"b5c6c7a3-d557-4450-8a71-76ba27c65e70","block_type":"box","text":"permit a lower initial investment for certain investors if their purchase, combined with purchases by other investors","page_number":32,"box":{"x":62,"y":430,"width":845,"height":12}},{"id":"53b5e9b8-08ad-4d66-8ed0-0d497bfd9d23","block_type":"box","text":"received together by the Fund, meets the minimum investment requirement.","page_number":32,"box":{"x":61,"y":446,"width":557,"height":11}},{"id":"dcbe89ba-430e-40fd-b77d-d81d5553eade","block_type":"box","text":"Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional","page_number":32,"box":{"x":62,"y":468,"width":826,"height":11}},{"id":"388b2661-b653-4cb8-8b11-9e484664d577","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":32,"box":{"x":61,"y":483,"width":838,"height":11}},{"id":"3e5550bf-3f3c-4bf2-8a3b-0e854f4d56ef","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":32,"box":{"x":61,"y":497,"width":816,"height":12}},{"id":"1ce0d59f-7a17-44b4-a19d-34aff9ff004d","block_type":"box","text":"classes that have different fees and expenses.","page_number":32,"box":{"x":61,"y":512,"width":345,"height":12}},{"id":"fe8ba863-3f19-4742-92a6-9f1fda898102","block_type":"box","text":"Eligible Institutional Share investors include the following:","page_number":32,"box":{"x":62,"y":535,"width":421,"height":11}},{"id":"eb6d0e63-e36c-4ede-9140-17afd1e6851e","block_type":"box","text":"Individuals and “Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of","page_number":32,"box":{"x":82,"y":554,"width":854,"height":12}},{"id":"8d7b6ada-5ec6-4547-8cb2-1fb8e43f991a","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":32,"box":{"x":80,"y":570,"width":849,"height":11}},{"id":"5305d9cf-88cc-472a-97b8-fb09e976872f","block_type":"box","text":"shares;","page_number":32,"box":{"x":81,"y":585,"width":53,"height":10}},{"id":"bdafd9f6-4aa7-43ea-8edd-f50c19c80a92","block_type":"box","text":"Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar","page_number":32,"box":{"x":81,"y":604,"width":838,"height":12}},{"id":"8d86dfaa-4c26-4a31-b325-4c7ccbe617e3","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":32,"box":{"x":81,"y":619,"width":829,"height":12}},{"id":"1a6564ce-4089-4952-8448-cf4a450d05a3","block_type":"box","text":"program or investment platform, in each case, with no minimum initial investment;","page_number":32,"box":{"x":82,"y":634,"width":604,"height":12}},{"id":"6df2a643-e202-420d-a140-5b5932fb68df","block_type":"box","text":"Clients investing through Financial Intermediaries that have entered into an agreement with the Distributor to offer","page_number":32,"box":{"x":81,"y":654,"width":840,"height":12}},{"id":"3a4314c1-3c93-4f23-ba13-8b8d951c8c8f","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":32,"box":{"x":81,"y":669,"width":853,"height":12}},{"id":"25e51bcd-6d5f-49eb-aba9-f48afcf457bb","block_type":"box","text":"initial investment of $1,000;","page_number":32,"box":{"x":82,"y":683,"width":207,"height":12}},{"id":"0976c700-1fd3-4640-b5d4-9133a62b9f7c","block_type":"box","text":"Certain employee benefits plans, such as health savings accounts, and certain employer-sponsored retirement","page_number":32,"box":{"x":81,"y":704,"width":816,"height":11}},{"id":"e2c16a6d-4e20-45d5-9a42-d85e2ffa58cc","block_type":"box","text":"plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective","page_number":32,"box":{"x":82,"y":719,"width":821,"height":11}},{"id":"e76b1e9f-470d-42ef-88aa-74efedf96d7c","block_type":"box","text":"trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks","page_number":32,"box":{"x":80,"y":733,"width":835,"height":12}},{"id":"103b8baa-612f-4567-8c87-d81df3b3faaa","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":32,"box":{"x":81,"y":748,"width":835,"height":12}},{"id":"ccc060ea-4bc7-461d-a7f2-05edcd51eb03","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":32,"box":{"x":80,"y":763,"width":849,"height":12}},{"id":"4e6fb849-fc04-4631-8f27-ace314998e1a","block_type":"box","text":"shares;","page_number":32,"box":{"x":81,"y":778,"width":53,"height":11}},{"id":"64c64410-1a7f-4c9e-bfac-f4accff7e585","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":32,"box":{"x":81,"y":798,"width":810,"height":11}},{"id":"57cffd64-95e4-4714-9940-312bff5652ff","block_type":"box","text":"(excluding participant directed employee benefit plans); (ii) otherwise have investment discretion; or (iii) act as","page_number":32,"box":{"x":81,"y":813,"width":812,"height":11}},{"id":"ab9c7a9b-f530-4f53-9e9e-490f67da7dee","block_type":"box","text":"custodian for at least $2 million in assets, who are not subject to any minimum initial investment;","page_number":32,"box":{"x":81,"y":827,"width":719,"height":12}},{"id":"d775e53d-dccb-4fcb-8d3a-4edd84f7fce0","block_type":"box","text":"Holders of certain Bank of America Corporation (“BofA Corp.”) sponsored unit investment trusts (“UITs”) who","page_number":32,"box":{"x":82,"y":847,"width":799,"height":12}},{"id":"c421e03c-f7ce-48a6-800d-78c6d98f4887","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":32,"box":{"x":82,"y":862,"width":794,"height":12}},{"id":"186c249a-8a6d-4e26-867f-fb06a66ee53c","block_type":"box","text":"investment;","page_number":32,"box":{"x":82,"y":877,"width":83,"height":11}},{"id":"de28b16c-819a-497f-8160-b26a112d137a","block_type":"box","text":"31","page_number":32,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"8a58fe2d-6b20-4d6a-afd1-6e9d8927ecc6","block_type":"box","text":"NM0926U-5974826-32/73","page_number":32,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"0bed3feb-4c10-4871-94b7-d5ce2ab414b8","block_type":"box","text":"Employees, officers and directors/trustees of BlackRock, Inc., BlackRock Funds, BofA Corp., Barclays or their","page_number":33,"box":{"x":82,"y":46,"width":805,"height":11}},{"id":"83ba9a50-25cd-4113-8de6-acbfecd48518","block_type":"box","text":"respective affiliates and immediate family members of such persons who are not subject to any minimum initial","page_number":33,"box":{"x":82,"y":60,"width":819,"height":12}},{"id":"bbdd4220-67e2-4863-a01b-f5eb412e4940","block_type":"box","text":"investment;","page_number":33,"box":{"x":82,"y":76,"width":83,"height":10}},{"id":"a6cf2c30-5991-4c87-96b1-03a08198ba99","block_type":"box","text":"Tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s broker","page_number":33,"box":{"x":81,"y":95,"width":836,"height":12}},{"id":"cfafc993-ec63-4013-b623-a2f1d410908a","block_type":"box","text":"dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family members","page_number":33,"box":{"x":81,"y":110,"width":851,"height":12}},{"id":"7fc7a669-2b9c-427a-8e75-dedb9afae49c","block_type":"box","text":"of such persons; and","page_number":33,"box":{"x":81,"y":125,"width":154,"height":11}},{"id":"5300ad46-db83-4378-b792-f3477e1f358e","block_type":"box","text":"Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record","page_number":33,"box":{"x":81,"y":145,"width":816,"height":11}},{"id":"23f1a863-288e-4e77-b3b6-9c8a4251bb4b","block_type":"box","text":"keeper, provided that such program offers only mutual fund options and that the program maintains an account with","page_number":33,"box":{"x":82,"y":160,"width":851,"height":11}},{"id":"85a405db-9f7a-453a-928f-8dcd528f0a73","block_type":"box","text":"the Fund on an omnibus basis.","page_number":33,"box":{"x":80,"y":175,"width":227,"height":9}},{"id":"948e6af0-46db-48b2-94fe-eb0484eb9f20","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":33,"box":{"x":60,"y":197,"width":620,"height":12}},{"id":"1e08cb39-d3ff-4978-a2a1-d864fe267cb6","block_type":"box","text":"Distribution and Shareholder Servicing Payments","page_number":33,"box":{"x":61,"y":236,"width":442,"height":14}},{"id":"00612afd-3d0f-4661-adef-f4aa5abbd58f","block_type":"box","text":"Plan Payments","page_number":33,"box":{"x":61,"y":263,"width":122,"height":12}},{"id":"6e561f5c-9faa-49fe-99d4-6f571b4a7f2a","block_type":"box","text":"BlackRock Municipal Series Trust (the “Trust”), on behalf of the Fund, has adopted a plan (the “Plan”) pursuant to","page_number":33,"box":{"x":62,"y":279,"width":837,"height":11}},{"id":"ed0e9f3b-f42f-4057-9e1d-ab000fa8c9b0","block_type":"box","text":"Rule 12b-1 under the Investment Company Act with respect to the Investor Shares that allows the Fund to pay","page_number":33,"box":{"x":62,"y":294,"width":808,"height":11}},{"id":"03071a90-a46a-4f5d-b69c-c6b97a31ca28","block_type":"box","text":"distribution fees for the sale of its shares and/or shareholder servicing fees for certain services provided to its","page_number":33,"box":{"x":61,"y":309,"width":818,"height":11}},{"id":"15a07634-891b-4296-8ddf-9065a9dbf069","block_type":"box","text":"shareholders.","page_number":33,"box":{"x":61,"y":324,"width":99,"height":9}},{"id":"1a2cae09-6653-4948-9289-e0c27563a175","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":33,"box":{"x":62,"y":346,"width":874,"height":11}},{"id":"bdcbde8e-5491-40d1-bd49-aaef16ea4f96","block_type":"box","text":"support services. The distribution fees may be used to pay the Distributor for distribution and sales support services","page_number":33,"box":{"x":61,"y":361,"width":861,"height":11}},{"id":"7eff8b59-571f-499c-bf1c-db4ebe0122f2","block_type":"box","text":"and to pay the Distributor and BlackRock and its affiliates for sales support services provided and related expenses","page_number":33,"box":{"x":61,"y":376,"width":854,"height":11}},{"id":"a53f0267-abc9-4e7c-9635-e2b1b8043612","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":33,"box":{"x":62,"y":390,"width":829,"height":12}},{"id":"d0bf4374-c489-4a23-a2b8-073f11169d44","block_type":"box","text":"Intermediaries for sales support services and related expenses. All Investor C Shares pay a maximum distribution fee","page_number":33,"box":{"x":62,"y":405,"width":865,"height":12}},{"id":"b7468fca-7c32-4d05-813d-9d4513c1d5c2","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":33,"box":{"x":62,"y":420,"width":844,"height":12}},{"id":"e379271b-41db-4f36-bb15-f7e411e8257e","block_type":"box","text":"and Investor A Shares do not pay distribution fees.","page_number":33,"box":{"x":61,"y":435,"width":371,"height":11}},{"id":"41470e47-93d2-4c37-a13e-209a4cf4349a","block_type":"box","text":"Under the Plan, the Fund also pays shareholder servicing fees (also referred to as general shareholder liaison services","page_number":33,"box":{"x":62,"y":458,"width":873,"height":11}},{"id":"9790cc15-449e-4b28-be8d-1738e4397c4b","block_type":"box","text":"fees) to Financial Intermediaries for providing support services to their customers who own Investor Shares of the","page_number":33,"box":{"x":60,"y":472,"width":838,"height":12}},{"id":"b146f39d-f664-4720-b155-0700f3e0f159","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":33,"box":{"x":62,"y":487,"width":837,"height":12}},{"id":"0c304f78-155b-47fc-9771-25e7e1b24853","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":33,"box":{"x":62,"y":502,"width":853,"height":12}},{"id":"256f352f-3df3-4c7b-9c52-e17b97ef540d","block_type":"box","text":"shareholder servicing fee.","page_number":33,"box":{"x":61,"y":517,"width":189,"height":11}},{"id":"ad655558-20d5-4841-9cb4-e465a07b133f","block_type":"box","text":"In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of","page_number":33,"box":{"x":62,"y":539,"width":859,"height":12}},{"id":"5e6613e7-14d1-4b6b-9b6e-e7e78d52c5da","block_type":"box","text":"the following services to their customers who own Investor Shares:","page_number":33,"box":{"x":60,"y":554,"width":492,"height":12}},{"id":"94875989-8eb2-4dd6-822f-097b37957fe1","block_type":"box","text":"Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and","page_number":33,"box":{"x":81,"y":574,"width":848,"height":12}},{"id":"c7906c77-ff44-4e15-870e-5def69534002","block_type":"box","text":"redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers’","page_number":33,"box":{"x":82,"y":589,"width":811,"height":12}},{"id":"bb4b0bb3-b498-42f0-b19a-dc6d3b051c69","block_type":"box","text":"investments;","page_number":33,"box":{"x":82,"y":604,"width":92,"height":11}},{"id":"04ef57c5-d768-4df6-b5ab-e674bf219a0f","block_type":"box","text":"Assisting customers in designating and changing dividend options, account designations and addresses; and","page_number":33,"box":{"x":81,"y":624,"width":801,"height":11}},{"id":"56de4d49-29ae-4993-bdc5-1fa82cc8adac","block_type":"box","text":"Providing other similar shareholder liaison services.","page_number":33,"box":{"x":81,"y":644,"width":379,"height":11}},{"id":"353fc30f-e32b-45f7-ba09-71610fbb8d12","block_type":"box","text":"The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the","page_number":33,"box":{"x":60,"y":666,"width":856,"height":12}},{"id":"cc3a1238-e84f-4f3c-ab3c-f665d8a9447f","block_type":"box","text":"administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the","page_number":33,"box":{"x":61,"y":681,"width":848,"height":12}},{"id":"a079dae8-59e2-4e55-b645-4673c92b40ab","block_type":"box","text":"sale of the Fund’s shares.","page_number":33,"box":{"x":61,"y":696,"width":191,"height":9}},{"id":"ae4c575f-8bc4-49f6-bd44-929ce632961d","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":33,"box":{"x":62,"y":719,"width":850,"height":11}},{"id":"14efdc32-1da2-45f5-b468-fa5df7c674d5","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":33,"box":{"x":60,"y":733,"width":836,"height":12}},{"id":"8013c62c-1a14-4cf1-906a-563f382bc552","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":33,"box":{"x":61,"y":748,"width":848,"height":12}},{"id":"60a0d2b3-b9d4-4925-ac51-d01ef15223db","block_type":"box","text":"charge on Investor A Shares. For more information on the Plan, including a complete list of services provided","page_number":33,"box":{"x":61,"y":763,"width":800,"height":12}},{"id":"3a31eaad-e46a-4e57-8936-b7e75d30b18f","block_type":"box","text":"thereunder, see the SAI.","page_number":33,"box":{"x":60,"y":778,"width":178,"height":11}},{"id":"1c9268b6-d4a9-4c03-8ddb-6d8ca4adb6f3","block_type":"box","text":"Other Payments by the Fund","page_number":33,"box":{"x":61,"y":801,"width":233,"height":12}},{"id":"69775b50-05cc-4e12-b0ea-1d0426cf5cb3","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":33,"box":{"x":62,"y":817,"width":874,"height":12}},{"id":"bdb460a2-04d4-4ee1-900c-6c78fdeffb1e","block_type":"box","text":"transfer agent, BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”), BlackRock, on behalf of the Fund,","page_number":33,"box":{"x":60,"y":832,"width":846,"height":12}},{"id":"45512ec8-3dd8-4cb9-beb5-a9d502c7a7c2","block_type":"box","text":"may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund","page_number":33,"box":{"x":61,"y":847,"width":874,"height":11}},{"id":"b0a27c2b-ba66-471c-9632-98e7acbd7be8","block_type":"box","text":"will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting","page_number":33,"box":{"x":60,"y":862,"width":843,"height":11}},{"id":"d87caac9-e7a7-4719-b0b5-daa86243d776","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":33,"box":{"x":61,"y":876,"width":862,"height":12}},{"id":"86e2df86-2207-4c83-a10b-12f51d341d41","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":33,"box":{"x":61,"y":891,"width":815,"height":12}},{"id":"529bedc0-1388-468c-ac5e-b61b0a59c1af","block_type":"box","text":"account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial.","page_number":33,"box":{"x":61,"y":906,"width":791,"height":12}},{"id":"d14fd8cb-088d-4b2f-b334-528baac8de6a","block_type":"box","text":"32","page_number":33,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"0d1a4d4c-7896-4a08-ac20-2ff7de7e8325","block_type":"box","text":"NM0926U-5974826-33/73","page_number":33,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"1d599575-dac7-4c58-877c-593117dd619d","block_type":"box","text":"Other Payments by BlackRock","page_number":34,"box":{"x":61,"y":46,"width":252,"height":13}},{"id":"b361fb4b-b20a-4b23-a286-300aac359b05","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":34,"box":{"x":62,"y":62,"width":851,"height":12}},{"id":"862b84ed-08b2-4930-b4ac-3c0a348c45bf","block_type":"box","text":"networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or","page_number":34,"box":{"x":61,"y":77,"width":843,"height":12}},{"id":"cae195cc-74a0-47e6-8e65-44d9060716c7","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":34,"box":{"x":60,"y":92,"width":853,"height":11}},{"id":"5148c2e5-3f62-4d6b-9b18-a9dde66a9d03","block_type":"box","text":"affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments","page_number":34,"box":{"x":61,"y":107,"width":866,"height":11}},{"id":"4abc172d-676c-4322-bdf1-47273cd4f74b","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":34,"box":{"x":60,"y":122,"width":839,"height":11}},{"id":"a9eb4e88-7aa8-4c7b-8f32-48fbf44c89f3","block_type":"box","text":"based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage","page_number":34,"box":{"x":61,"y":137,"width":860,"height":11}},{"id":"2b474ea0-6272-4ea4-8faa-131aa9a0f504","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":34,"box":{"x":61,"y":151,"width":841,"height":12}},{"id":"86d48ccb-bd23-4c2b-8f24-4d112676511a","block_type":"box","text":"basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial","page_number":34,"box":{"x":61,"y":166,"width":856,"height":12}},{"id":"12a88e64-5250-409b-8ecb-b296189f4a55","block_type":"box","text":"and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated","page_number":34,"box":{"x":61,"y":181,"width":813,"height":11}},{"id":"eb16c05d-65ad-4b35-a476-538ccc3c9c7f","block_type":"box","text":"persons to recommend or sell shares of the Fund to you.","page_number":34,"box":{"x":62,"y":196,"width":415,"height":11}},{"id":"6faf591b-eaab-4e4e-bbbd-38a22a4c34ee","block_type":"box","text":"Please contact your Financial Intermediary for details about payments it may receive from the Fund or from BlackRock,","page_number":34,"box":{"x":61,"y":218,"width":869,"height":12}},{"id":"daafb2b5-5cff-46e4-8a8e-dc7c14a70690","block_type":"box","text":"the Distributor or their affiliates. For more information, see the SAI.","page_number":34,"box":{"x":60,"y":233,"width":495,"height":11}},{"id":"fb6ee950-dd24-4d49-bf91-dcd0e8a1fdca","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":34,"box":{"x":61,"y":272,"width":434,"height":14}},{"id":"1d8ab40b-7e39-40f3-92f4-c4a7df76d319","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":34,"box":{"x":60,"y":298,"width":846,"height":12}},{"id":"c86ef031-96cd-47a8-82eb-e81da33c36dc","block_type":"box","text":"Intermediary. You may also buy, sell, exchange and transfer shares through BlackRock if your account is held directly","page_number":34,"box":{"x":62,"y":313,"width":857,"height":12}},{"id":"17d8969b-d339-4665-9687-36615c80b854","block_type":"box","text":"with BlackRock. To learn more about buying, selling, exchanging or transferring shares through BlackRock, call","page_number":34,"box":{"x":60,"y":328,"width":809,"height":12}},{"id":"1ef7780a-bca7-43a5-a266-9d3af87ec17e","block_type":"box","text":"(800) 441-7762. Because the selection of a mutual fund involves many considerations, your Financial Intermediary","page_number":34,"box":{"x":61,"y":343,"width":847,"height":11}},{"id":"3717ac0d-fdde-4835-8188-82a56d95a7d6","block_type":"box","text":"may help you with this decision.","page_number":34,"box":{"x":61,"y":358,"width":232,"height":11}},{"id":"f93563db-7362-4162-9c2b-301b97906b50","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":34,"box":{"x":60,"y":380,"width":867,"height":12}},{"id":"ded86b08-e283-4192-b3aa-81668df82cb1","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":34,"box":{"x":61,"y":395,"width":858,"height":12}},{"id":"69c125c2-a7c0-4b22-9ccf-2d917086ffad","block_type":"box","text":"investments (including by way of exchange from another BlackRock Fund) into existing accounts, the Fund generally","page_number":34,"box":{"x":62,"y":410,"width":845,"height":11}},{"id":"d9d6da8b-05b7-46b8-b357-9ad487a9e172","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":34,"box":{"x":61,"y":425,"width":860,"height":11}},{"id":"745f3a61-17e4-4d9c-9317-4dfb7d640a04","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":34,"box":{"x":60,"y":439,"width":868,"height":12}},{"id":"105ff6b9-a4b5-48f3-bab6-552eca2bb1c1","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":34,"box":{"x":61,"y":454,"width":863,"height":12}},{"id":"a8004847-80cd-4751-a0c4-2879d9938fff","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":34,"box":{"x":61,"y":469,"width":787,"height":12}},{"id":"4bcb7296-dc20-4836-a240-86b21b9d56a4","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":34,"box":{"x":62,"y":484,"width":857,"height":12}},{"id":"8c297019-db0f-4bfc-9156-0e6c96153a78","block_type":"box","text":"restricted from making additional investments.","page_number":34,"box":{"x":61,"y":499,"width":341,"height":11}},{"id":"d47420aa-6835-4686-b495-d77743e8ac56","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":34,"box":{"x":60,"y":521,"width":861,"height":12}},{"id":"eb0ffedb-d0f4-45db-9083-4acf0a09a52c","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":34,"box":{"x":60,"y":536,"width":856,"height":12}},{"id":"117f1014-f4e3-467a-95f1-94a3856413d1","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":34,"box":{"x":61,"y":551,"width":822,"height":12}},{"id":"f2077fbe-e9a0-45e4-beb2-56804f94bf44","block_type":"box","text":"described below.","page_number":34,"box":{"x":61,"y":566,"width":121,"height":9}},{"id":"3157abd6-f318-4af8-bac2-2429b6d776eb","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":34,"box":{"x":62,"y":588,"width":797,"height":12}},{"id":"0fe06e46-2f48-4269-9dc8-0b78eed19c69","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":34,"box":{"x":61,"y":603,"width":487,"height":12}},{"id":"4215b0c6-80bf-4d54-8b71-f1504c5ba018","block_type":"box","text":"How to Buy Shares","page_number":34,"box":{"x":61,"y":626,"width":156,"height":13}},{"id":"034e59a1-dbe8-4c1a-a294-8cad30d4381c","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":34,"box":{"x":213,"y":648,"width":478,"height":9}},{"id":"4e4d725d-e955-4ebb-9d25-e16c439c359f","block_type":"box","text":"Initial Purchase","page_number":34,"box":{"x":61,"y":665,"width":105,"height":9}},{"id":"c30f8b46-2b46-41b8-bb87-612d4b98b383","block_type":"box","text":"First, select the share class","page_number":34,"box":{"x":214,"y":666,"width":183,"height":9}},{"id":"72977b72-13e4-49d0-8364-5af5c6826078","block_type":"box","text":"appropriate for you","page_number":34,"box":{"x":214,"y":679,"width":123,"height":10}},{"id":"e93e950d-7d85-411d-a4e3-610629aa293a","block_type":"box","text":"Refer to the “Share Classes at a Glance” table in this prospectus (be","page_number":34,"box":{"x":461,"y":665,"width":458,"height":11}},{"id":"9244a78a-1fda-4062-9a88-38ecb7ab4f11","block_type":"box","text":"sure to read this prospectus carefully). When you place your initial","page_number":34,"box":{"x":461,"y":679,"width":435,"height":10}},{"id":"7e419121-3d72-42f9-86e1-f23f626826db","block_type":"box","text":"order, you must indicate which share class you select (if you do not","page_number":34,"box":{"x":461,"y":692,"width":444,"height":11}},{"id":"18c65137-f0e2-49b7-82d6-ba438df87c30","block_type":"box","text":"specify a share class and do not qualify to purchase Institutional","page_number":34,"box":{"x":461,"y":706,"width":426,"height":10}},{"id":"e5fb9ab9-5cbd-4c81-8617-72d0655d872f","block_type":"box","text":"Shares, you will receive Investor A Shares).","page_number":34,"box":{"x":461,"y":720,"width":284,"height":10}},{"id":"13de76fb-27ae-4e52-b7d3-612a7c6e2a52","block_type":"box","text":"Certain factors, such as the amount of your investment, your time","page_number":34,"box":{"x":461,"y":736,"width":435,"height":10}},{"id":"f1ccd189-ddc5-4102-babe-8ce377dd2f96","block_type":"box","text":"frame for investing, and your financial goals, may affect which share","page_number":34,"box":{"x":460,"y":749,"width":451,"height":11}},{"id":"3aa6f0ee-5179-41b6-8493-e29bb289a0b6","block_type":"box","text":"class you choose. Your Financial Intermediary can help you determine","page_number":34,"box":{"x":461,"y":763,"width":460,"height":10}},{"id":"c73a4d53-4f6f-44ca-b263-3ddd2019000b","block_type":"box","text":"which share class is appropriate for you.","page_number":34,"box":{"x":460,"y":776,"width":267,"height":10}},{"id":"c01ea4cf-529f-4a7b-b149-0b7154fa792d","block_type":"box","text":"Next, determine the amount of","page_number":34,"box":{"x":214,"y":794,"width":203,"height":10}},{"id":"3d132436-317f-40d7-b28f-b156118fc871","block_type":"box","text":"your investment","page_number":34,"box":{"x":213,"y":808,"width":105,"height":10}},{"id":"852ccab4-75bb-43e3-9f68-098a9f68c955","block_type":"box","text":"Refer to the minimum initial investment in the “Share Classes at a","page_number":34,"box":{"x":461,"y":794,"width":440,"height":9}},{"id":"db41c1c6-d96a-452e-acb2-0b3ac8846d02","block_type":"box","text":"Glance” table of this prospectus. Be sure to note the maximum","page_number":34,"box":{"x":461,"y":808,"width":418,"height":10}},{"id":"82e24db9-4ba0-459b-bd7e-c8bcf12a2e85","block_type":"box","text":"investment amounts in Investor C Shares.","page_number":34,"box":{"x":461,"y":821,"width":276,"height":9}},{"id":"f8552f50-09c8-42fc-81d5-ffc521a7105b","block_type":"box","text":"See “Account Information — Details About the Share Classes” for","page_number":34,"box":{"x":461,"y":837,"width":437,"height":9}},{"id":"4fdad36a-5030-4757-939c-25e1b0643205","block_type":"box","text":"information on a lower initial investment requirement for certain Fund","page_number":34,"box":{"x":461,"y":851,"width":457,"height":10}},{"id":"8a03bfb1-63b7-4133-b8ec-76e837b804fb","block_type":"box","text":"investors if their purchase, combined with purchases by other investors","page_number":34,"box":{"x":461,"y":864,"width":471,"height":11}},{"id":"e13b84cd-1f35-40db-a0e8-98e683cfe77b","block_type":"box","text":"received together by the Fund, meets the minimum investment","page_number":34,"box":{"x":461,"y":878,"width":413,"height":10}},{"id":"e3d5835c-d54e-4676-9eca-ab387e5bf2e0","block_type":"box","text":"requirement.","page_number":34,"box":{"x":461,"y":892,"width":82,"height":10}},{"id":"56837c3b-1424-42f8-89fd-239f69321111","block_type":"box","text":"33","page_number":34,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"66a56eec-8e7b-4dad-96c8-30c6f2abbe68","block_type":"box","text":"NM0926U-5974826-34/73","page_number":34,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"e6c04342-89dd-45e5-b870-fee17faed7ad","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":35,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"a8e31a9f-d854-470b-b633-b8b5d7c5ee51","block_type":"box","text":"Initial Purchase","page_number":35,"box":{"x":61,"y":67,"width":105,"height":8}},{"id":"e2f1788a-98f1-43e8-a8b1-60c8e41918d1","block_type":"box","text":"(continued)","page_number":35,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"05855e44-01d7-49a7-98dc-f226020254e1","block_type":"box","text":"Have your Financial Intermediary","page_number":35,"box":{"x":214,"y":67,"width":215,"height":10}},{"id":"669f1387-9e38-450b-8293-1e87c520eaf7","block_type":"box","text":"submit your purchase order","page_number":35,"box":{"x":214,"y":81,"width":181,"height":10}},{"id":"8dd46a39-0658-4ac0-a956-ddd1689b6085","block_type":"box","text":"The price of your shares is based on the next calculation of the Fund’s","page_number":35,"box":{"x":460,"y":67,"width":466,"height":10}},{"id":"708c59cb-aaaf-4062-bfc1-004230bc2b22","block_type":"box","text":"net asset value after your order is placed. Any purchase orders placed","page_number":35,"box":{"x":461,"y":81,"width":463,"height":10}},{"id":"47408f13-a943-4c8c-b883-bbdef693f6c5","block_type":"box","text":"prior to the close of business on the New York Stock Exchange (the","page_number":35,"box":{"x":461,"y":94,"width":443,"height":11}},{"id":"72244bfc-040a-4dcf-84c1-2edeb5dced3b","block_type":"box","text":"“NYSE”) (generally 4:00 p.m. Eastern time) will be priced at the net","page_number":35,"box":{"x":461,"y":108,"width":445,"height":10}},{"id":"2e2fbea0-7ac4-434e-94ec-cbb5fc099713","block_type":"box","text":"asset value determined that day. Certain Financial Intermediaries,","page_number":35,"box":{"x":461,"y":121,"width":435,"height":11}},{"id":"b80be77b-6d8d-4e3b-ac7a-75a89aee34bb","block_type":"box","text":"however, may require submission of orders prior to that time. Purchase","page_number":35,"box":{"x":461,"y":135,"width":469,"height":10}},{"id":"c48755ae-4dcd-4b81-9c8a-d87b2784d741","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":35,"box":{"x":461,"y":148,"width":429,"height":11}},{"id":"41919954-974e-44b0-94a4-ac6540516f4d","block_type":"box","text":"determined on the next business day.","page_number":35,"box":{"x":461,"y":162,"width":247,"height":10}},{"id":"bbae3d10-2e48-4fc0-bd5c-c48a65adcd05","block_type":"box","text":"A broker-dealer or financial institution maintaining the account in which","page_number":35,"box":{"x":460,"y":178,"width":468,"height":10}},{"id":"9b54431a-5927-4646-b6a5-feb9e7f16fa7","block_type":"box","text":"you hold shares may charge a separate account, service or transaction","page_number":35,"box":{"x":460,"y":192,"width":470,"height":10}},{"id":"8508ac34-ebe9-417c-b377-b181cf64dc7e","block_type":"box","text":"fee on the purchase or sale of Fund shares that would be in addition to","page_number":35,"box":{"x":460,"y":205,"width":471,"height":10}},{"id":"7049c3cc-05e5-4475-b78b-bf583f2326ca","block_type":"box","text":"the fees and expenses shown in the Fund’s “Fees and Expenses”","page_number":35,"box":{"x":460,"y":219,"width":434,"height":10}},{"id":"c1c1dd2b-c48d-4558-9f98-8bdb0adce123","block_type":"box","text":"table.","page_number":35,"box":{"x":460,"y":232,"width":36,"height":8}},{"id":"344e638e-1387-4860-8264-103f0ac6ab74","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":35,"box":{"x":460,"y":249,"width":473,"height":10}},{"id":"e09595f3-1aaa-4f9a-8969-cd16b47daef8","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":35,"box":{"x":461,"y":262,"width":453,"height":10}},{"id":"96410835-48b9-41ae-afd8-20622f6f7503","block_type":"box","text":"processing fee to confirm a purchase.","page_number":35,"box":{"x":461,"y":275,"width":249,"height":11}},{"id":"be2e70c0-e6de-44a2-9d7a-2eda8a4b9996","block_type":"box","text":"Or contact BlackRock (for","page_number":35,"box":{"x":214,"y":293,"width":167,"height":11}},{"id":"353016f5-5e8c-42fd-98b7-4ecef1fbe76f","block_type":"box","text":"accounts held directly with","page_number":35,"box":{"x":214,"y":307,"width":173,"height":10}},{"id":"c85e7c09-106e-436c-b99f-5509d6a1a545","block_type":"box","text":"BlackRock)","page_number":35,"box":{"x":214,"y":321,"width":71,"height":10}},{"id":"6ce5cd2c-102f-435c-b25c-aa84b334ed2c","block_type":"box","text":"To purchase shares directly from BlackRock, call (800) 441-7762 and","page_number":35,"box":{"x":460,"y":293,"width":461,"height":11}},{"id":"3544b196-c19c-41fb-9ee2-750ff2f06cee","block_type":"box","text":"request a new account application. Mail the completed application","page_number":35,"box":{"x":461,"y":307,"width":438,"height":10}},{"id":"bcd1368c-954d-47fe-a598-a4e44ac2aad3","block_type":"box","text":"along with a check payable to “BlackRock Funds” to the Transfer Agent","page_number":35,"box":{"x":461,"y":320,"width":468,"height":11}},{"id":"b37c0ded-7459-46b2-a53c-795d5477b4b8","block_type":"box","text":"at the address on the application. The Fund limits purchases by","page_number":35,"box":{"x":461,"y":334,"width":421,"height":10}},{"id":"892b31f6-1a99-4827-be7c-81a4ddf467cb","block_type":"box","text":"personal check to $500,000 per trade.","page_number":35,"box":{"x":461,"y":347,"width":257,"height":11}},{"id":"31914408-c77c-4620-857b-8064a03e6781","block_type":"box","text":"Add to Your","page_number":35,"box":{"x":60,"y":366,"width":78,"height":8}},{"id":"8c0e1b50-94b4-438e-b725-fefa8774a816","block_type":"box","text":"Investment","page_number":35,"box":{"x":61,"y":377,"width":75,"height":9}},{"id":"1d2515ff-c72d-4034-af83-0b0703b7ad7f","block_type":"box","text":"Purchase additional shares For Investor A and Investor C Shares, the minimum investment for","page_number":35,"box":{"x":214,"y":366,"width":683,"height":9}},{"id":"f9d0df1a-eae8-46e0-baf3-80e83fe6deef","block_type":"box","text":"additional purchases is generally $50 for all accounts (with the","page_number":35,"box":{"x":461,"y":379,"width":415,"height":11}},{"id":"72bbe58d-ddae-49fa-a98d-3fa9062bdf97","block_type":"box","text":"exception of certain employer-sponsored retirement plans which may","page_number":35,"box":{"x":461,"y":393,"width":455,"height":10}},{"id":"08b1dcd7-f56c-4156-a13c-746e9793600a","block_type":"box","text":"have a lower minimum for additional purchases). The minimums for","page_number":35,"box":{"x":461,"y":406,"width":445,"height":10}},{"id":"b545d671-f4ce-4881-b79f-d0f772edaeba","block_type":"box","text":"additional purchases may be waived under certain circumstances.","page_number":35,"box":{"x":461,"y":420,"width":436,"height":10}},{"id":"c0dae8da-a0d8-46b7-bb13-eee45e09e5b5","block_type":"box","text":"Institutional Shares have no minimum for additional purchases.","page_number":35,"box":{"x":461,"y":433,"width":418,"height":10}},{"id":"40c76dc2-e1a7-4639-a1de-e9965b5099e5","block_type":"box","text":"Have your Financial Intermediary","page_number":35,"box":{"x":214,"y":452,"width":215,"height":10}},{"id":"f1a237ec-c0fc-445c-b1fa-3488a274b2f5","block_type":"box","text":"submit your purchase order for","page_number":35,"box":{"x":214,"y":465,"width":203,"height":10}},{"id":"51721325-9f89-468c-a557-8f0a809bb69f","block_type":"box","text":"additional shares","page_number":35,"box":{"x":214,"y":479,"width":113,"height":8}},{"id":"1f460bc7-ae4d-4a44-afad-c4b4c7262958","block_type":"box","text":"To purchase additional shares, you may contact your Financial","page_number":35,"box":{"x":460,"y":452,"width":409,"height":10}},{"id":"4db1dc05-fc6f-4a2c-b9b1-e0c96814754e","block_type":"box","text":"Intermediary. For more details on purchasing by Internet see below.","page_number":35,"box":{"x":461,"y":465,"width":444,"height":10}},{"id":"3ec19305-cd2d-4798-bb94-b8cfca0d186b","block_type":"box","text":"Or contact BlackRock (for","page_number":35,"box":{"x":214,"y":496,"width":167,"height":11}},{"id":"e97ced38-6876-48d1-9767-6d4ac6901151","block_type":"box","text":"accounts held directly with","page_number":35,"box":{"x":214,"y":510,"width":173,"height":10}},{"id":"10894082-5a8d-46e8-b1b3-b426f17ebda5","block_type":"box","text":"BlackRock)","page_number":35,"box":{"x":214,"y":524,"width":71,"height":10}},{"id":"91e087ff-8309-41e7-b851-a471423d9658","block_type":"box","text":"Purchase by Telephone:","page_number":35,"box":{"x":461,"y":497,"width":158,"height":10}},{"id":"eb9b9b3b-7d36-46bc-9663-fb48eb68dfc3","block_type":"box","text":"Call (800) 441-7762 and speak with one of","page_number":35,"box":{"x":625,"y":496,"width":288,"height":11}},{"id":"fbd7b805-26f7-485b-b23e-704fd1c3b759","block_type":"box","text":"our representatives. The Fund has the right to reject any telephone","page_number":35,"box":{"x":461,"y":510,"width":440,"height":10}},{"id":"05ae8616-aef1-4fb9-91b4-d53b67b91b77","block_type":"box","text":"request for any reason.","page_number":35,"box":{"x":461,"y":524,"width":152,"height":10}},{"id":"9e511dea-30c5-4aea-960e-189755b0bfc4","block_type":"box","text":"Purchase in Writing:","page_number":35,"box":{"x":461,"y":540,"width":135,"height":10}},{"id":"37a99fb1-a3ea-4938-9aeb-dcf9cd72fe29","block_type":"box","text":"You may send a written request to BlackRock at","page_number":35,"box":{"x":602,"y":540,"width":316,"height":10}},{"id":"98413f15-666d-4985-9269-bfbdf2b7141b","block_type":"box","text":"the address on the back cover of this prospectus.","page_number":35,"box":{"x":460,"y":553,"width":329,"height":10}},{"id":"f32f05d8-c130-43b2-ba16-58f3c34f08c7","block_type":"box","text":"Purchase by VRU:","page_number":35,"box":{"x":461,"y":570,"width":119,"height":10}},{"id":"560ac8c8-d64b-4c71-acfa-4ddc67649cce","block_type":"box","text":"Investor Shares may also be purchased by use of","page_number":35,"box":{"x":587,"y":569,"width":326,"height":11}},{"id":"dbbdda78-5add-4ab1-833e-044980ddabff","block_type":"box","text":"the Fund’s automated voice response unit (“VRU”) service at","page_number":35,"box":{"x":460,"y":583,"width":404,"height":10}},{"id":"93404b93-79a1-4e2d-9494-a4b95361943d","block_type":"box","text":"(800) 441-7762.","page_number":35,"box":{"x":461,"y":597,"width":110,"height":10}},{"id":"4f16b735-e809-44d8-8bb7-e6cdc9ea1316","block_type":"box","text":"Purchase by Internet:","page_number":35,"box":{"x":461,"y":613,"width":144,"height":10}},{"id":"01415ac0-fbe5-45e6-bde3-25ea83f2a5eb","block_type":"box","text":"You may purchase your shares and view activity","page_number":35,"box":{"x":611,"y":613,"width":314,"height":10}},{"id":"c81fc449-6dfa-4b0d-bc85-292c85313137","block_type":"box","text":"in your account by logging onto the BlackRock website at","page_number":35,"box":{"x":461,"y":626,"width":374,"height":10}},{"id":"6a6f5f5c-6ab8-4470-bfaf-b2ebfaa72c3d","block_type":"box","text":"www.blackrock.com. 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You may also wire Federal funds to the Fund","page_number":36,"box":{"x":461,"y":379,"width":465,"height":10}},{"id":"afe82443-18bb-40aa-b4d9-63906c75df3a","block_type":"box","text":"to purchase shares, but you must call (800) 441-7762 before doing so","page_number":36,"box":{"x":460,"y":393,"width":470,"height":10}},{"id":"4ae55544-840d-4dca-bc60-e0aaa6e353ba","block_type":"box","text":"to confirm the wiring instructions.","page_number":36,"box":{"x":460,"y":406,"width":221,"height":11}},{"id":"24de0b7f-8afc-4e5e-85fa-187ef47d59bb","block_type":"box","text":"How to Sell Shares","page_number":36,"box":{"x":61,"y":431,"width":156,"height":10}},{"id":"d11763b9-9e5e-4353-9c3b-2478dc017473","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":36,"box":{"x":213,"y":453,"width":478,"height":9}},{"id":"872566ab-2109-43e7-8ce3-83ccd1e9e7f8","block_type":"box","text":"Full or Partial","page_number":36,"box":{"x":61,"y":470,"width":90,"height":8}},{"id":"77264169-2fea-427d-9116-3e500d987bd9","block_type":"box","text":"Redemption of","page_number":36,"box":{"x":61,"y":482,"width":98,"height":10}},{"id":"1a26ff69-cb65-4af7-944d-913787608bbe","block_type":"box","text":"Shares","page_number":36,"box":{"x":60,"y":493,"width":46,"height":9}},{"id":"fefcb5c6-6248-4c5c-85a4-cdc4412277db","block_type":"box","text":"Have your Financial Intermediary","page_number":36,"box":{"x":214,"y":470,"width":215,"height":10}},{"id":"99f4f67e-d7ec-4e0e-8e0b-73f3b6dff48c","block_type":"box","text":"submit your sales order","page_number":36,"box":{"x":214,"y":484,"width":155,"height":10}},{"id":"415b5131-2022-45a0-8145-4a807b546a35","block_type":"box","text":"You can make redemption requests through your Financial","page_number":36,"box":{"x":460,"y":470,"width":382,"height":10}},{"id":"7078edb2-d94e-4681-93ed-5a9a9b9eff45","block_type":"box","text":"Intermediary. Shareholders should indicate whether they are","page_number":36,"box":{"x":461,"y":484,"width":398,"height":10}},{"id":"dee5c606-4841-49c1-95d9-1b7ae6cc650d","block_type":"box","text":"redeeming Investor A, Investor C or Institutional Shares. The price of","page_number":36,"box":{"x":461,"y":497,"width":453,"height":11}},{"id":"e96ba24b-ab4b-4e87-9536-46c8a632245e","block_type":"box","text":"your shares is based on the next calculation of the Fund’s net asset","page_number":36,"box":{"x":460,"y":511,"width":451,"height":10}},{"id":"ce946108-ba3b-44d9-8a6e-7638c8e57f17","block_type":"box","text":"value after your order is placed. 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Any redemption request placed after that time","page_number":36,"box":{"x":461,"y":592,"width":470,"height":10}},{"id":"569eaf5c-4b70-456d-9aa2-c0b3e4e73842","block_type":"box","text":"will be priced at the net asset value at the close of business on the","page_number":36,"box":{"x":460,"y":605,"width":447,"height":11}},{"id":"c7e38a8c-b5fb-458f-94a2-ff25e6b09caf","block_type":"box","text":"next business day.","page_number":36,"box":{"x":461,"y":619,"width":121,"height":10}},{"id":"4b98a4d9-4bc1-42f2-8600-bf52c1e14f75","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":36,"box":{"x":461,"y":635,"width":437,"height":10}},{"id":"3c91c836-fffc-4a41-97a7-647c79d968ab","block_type":"box","text":"redemption proceeds (check, wire or ACH), your redemption proceeds","page_number":36,"box":{"x":461,"y":649,"width":458,"height":10}},{"id":"a342e74c-0b68-4cfb-8491-e94dcc57847f","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":36,"box":{"x":460,"y":662,"width":465,"height":10}},{"id":"29674e99-5bbb-40a2-8508-3c38585dc1a8","block_type":"box","text":"but in any event, within seven days.","page_number":36,"box":{"x":461,"y":676,"width":233,"height":10}},{"id":"dee5b6bf-c41e-4df7-aa52-5644aaad9317","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":36,"box":{"x":461,"y":692,"width":415,"height":10}},{"id":"a70f57a9-002c-42ef-aadf-33975f4bf7ea","block_type":"box","text":"redemption of shares.","page_number":36,"box":{"x":461,"y":705,"width":144,"height":10}},{"id":"9ef9b665-14f2-4078-812e-095e33eb385f","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":36,"box":{"x":460,"y":722,"width":380,"height":10}},{"id":"486e9b26-291f-4287-96b4-aaff995d2e26","block_type":"box","text":"circumstances.","page_number":36,"box":{"x":461,"y":735,"width":98,"height":8}},{"id":"780cadee-2dc7-4562-9fef-a6b5b9f86453","block_type":"box","text":"Selling shares held directly with","page_number":36,"box":{"x":214,"y":753,"width":207,"height":10}},{"id":"bdf279b8-49bf-4ce1-936f-f03d8f0d9100","block_type":"box","text":"BlackRock","page_number":36,"box":{"x":214,"y":767,"width":67,"height":8}},{"id":"91c41069-8fad-4e79-8b71-378d63952dd2","block_type":"box","text":"Methods of Redeeming","page_number":36,"box":{"x":461,"y":753,"width":156,"height":10}},{"id":"d3d7ad97-4464-4707-9280-b2af080af520","block_type":"box","text":"Redeem by Telephone:","page_number":36,"box":{"x":461,"y":769,"width":150,"height":10}},{"id":"40cc3e96-520a-4f16-b423-0fefef614e65","block_type":"box","text":"You may redeem Investor Shares held directly","page_number":36,"box":{"x":617,"y":769,"width":302,"height":10}},{"id":"b5825d1e-ff10-477d-b68d-b0f2291d7739","block_type":"box","text":"with BlackRock by telephone request if certain conditions are met and","page_number":36,"box":{"x":460,"y":783,"width":464,"height":10}},{"id":"7dd66cb8-21b2-4b9d-b60a-1e11afcf164c","block_type":"box","text":"if the amount being sold is less than (i) $100,000 for payments by","page_number":36,"box":{"x":461,"y":796,"width":441,"height":11}},{"id":"569ae3ff-d1e5-4944-bb2b-4e2b8e99db9e","block_type":"box","text":"check or (ii) $250,000 for payments through ACH or wire transfer.","page_number":36,"box":{"x":461,"y":809,"width":433,"height":11}},{"id":"507c3636-f3ac-41d8-b73a-29e65d53c974","block_type":"box","text":"Certain redemption requests, such as those in excess of these","page_number":36,"box":{"x":461,"y":823,"width":418,"height":10}},{"id":"a55601cb-e7d8-4709-858e-5a9bfada9db4","block_type":"box","text":"amounts, must be in writing with a medallion signature guarantee. For","page_number":36,"box":{"x":461,"y":837,"width":462,"height":10}},{"id":"64d51512-247e-4716-8bc3-5d0f7db08739","block_type":"box","text":"Institutional Shares, certain redemption requests may require written","page_number":36,"box":{"x":461,"y":850,"width":456,"height":11}},{"id":"65dcf035-0c0e-40af-96cb-38467e8da95e","block_type":"box","text":"instructions with a medallion signature guarantee. Call (800) 441-7762","page_number":36,"box":{"x":461,"y":864,"width":472,"height":10}},{"id":"966b8b96-b11e-4cc5-b4bb-5c9cf246987f","block_type":"box","text":"for details.","page_number":36,"box":{"x":460,"y":877,"width":70,"height":9}},{"id":"adfd6fff-5ee0-4535-b08f-36895fb40575","block_type":"box","text":"You can obtain a medallion signature guarantee stamp from a bank,","page_number":36,"box":{"x":460,"y":894,"width":448,"height":10}},{"id":"3d241505-1894-4522-b0be-288a0f2272b2","block_type":"box","text":"securities dealer, securities broker, credit union, savings and loan","page_number":36,"box":{"x":461,"y":907,"width":434,"height":10}},{"id":"3babb991-cf50-4c64-8a63-83dc5cbe9965","block_type":"box","text":"35","page_number":36,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"d9d2e8dc-15b6-4177-bbc7-0835a929c731","block_type":"box","text":"NM0926U-5974826-36/73","page_number":36,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"51b6ba30-f866-41c1-b1cf-47b375550077","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":37,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"fd477621-f12a-41ee-9f80-89dcc19f3ea6","block_type":"box","text":"Full or Partial","page_number":37,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"c980600d-143b-47a1-9686-35646d5dd86e","block_type":"box","text":"Redemption of","page_number":37,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"b7735045-285b-49a9-944d-24872e45a85d","block_type":"box","text":"Shares (continued)","page_number":37,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"3e6894a8-e3fd-493f-8789-edcd3d0088f2","block_type":"box","text":"Selling shares held directly with","page_number":37,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"7e228046-df49-4b15-a38e-8f8cc23c13ea","block_type":"box","text":"BlackRock (continued)","page_number":37,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"21ac247a-785d-44d7-a375-8008df942158","block_type":"box","text":"association, national securities exchange or registered securities","page_number":37,"box":{"x":461,"y":67,"width":430,"height":11}},{"id":"ab198c7e-0b9d-4350-9435-16030c7e5030","block_type":"box","text":"association. A notary public seal will not be acceptable.","page_number":37,"box":{"x":461,"y":81,"width":366,"height":10}},{"id":"19c1bbe5-df55-47ea-a939-1ccfc5b30759","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":37,"box":{"x":460,"y":97,"width":468,"height":10}},{"id":"7f6362c1-266f-4f2a-9ee2-b17d0353b2ce","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":37,"box":{"x":461,"y":110,"width":474,"height":11}},{"id":"11d84025-de25-47eb-883d-6e1392fcceff","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":37,"box":{"x":460,"y":124,"width":450,"height":10}},{"id":"5d211a79-e13c-4a49-ae8f-6f7d61587421","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":37,"box":{"x":461,"y":137,"width":450,"height":11}},{"id":"4c66a570-317c-4d38-b39e-6a4055f86704","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":37,"box":{"x":460,"y":151,"width":445,"height":10}},{"id":"e8f16b14-befe-4a09-bc0b-4dee72687f90","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":37,"box":{"x":461,"y":164,"width":463,"height":11}},{"id":"ed8fcaa3-c26c-4965-b856-dfccb283c1a7","block_type":"box","text":"believes it is advisable to do so.","page_number":37,"box":{"x":461,"y":178,"width":212,"height":8}},{"id":"5cf90a28-c4ae-4382-9b98-81ab12bcbffa","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":37,"box":{"x":461,"y":194,"width":452,"height":11}},{"id":"cb06041d-a2da-4639-ad4a-05db52d68f64","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":37,"box":{"x":461,"y":208,"width":427,"height":10}},{"id":"47f80ae3-fee0-4ea6-813f-357d40f7fd2b","block_type":"box","text":"redemption methods below.","page_number":37,"box":{"x":461,"y":221,"width":181,"height":10}},{"id":"5739da20-0e4c-42dc-8722-9f1f568a8f06","block_type":"box","text":"Redeem by VRU:","page_number":37,"box":{"x":461,"y":238,"width":111,"height":10}},{"id":"4681088c-5884-4272-a880-7c477c28a58b","block_type":"box","text":"Investor Shares may also be redeemed by use of the","page_number":37,"box":{"x":579,"y":237,"width":348,"height":11}},{"id":"49d4a150-37ec-4dd8-a12e-835f38fb9464","block_type":"box","text":"Fund’s automated VRU service. Payment for Investor Shares redeemed","page_number":37,"box":{"x":461,"y":251,"width":469,"height":10}},{"id":"45a10dc2-d7f7-460e-88ac-ae2275fea56a","block_type":"box","text":"by the VRU service may be made for non-retirement accounts in","page_number":37,"box":{"x":461,"y":264,"width":420,"height":11}},{"id":"9ce3026b-d1c9-4868-8f78-d11a1ebf58e7","block_type":"box","text":"amounts up to $25,000, either through check, ACH or wire.","page_number":37,"box":{"x":461,"y":277,"width":392,"height":11}},{"id":"9703e7a9-142a-474b-94d1-8b3cc7ab89ef","block_type":"box","text":"Redeem by Internet:","page_number":37,"box":{"x":461,"y":294,"width":136,"height":10}},{"id":"8b45d745-015d-4625-b9ef-d5b732554c44","block_type":"box","text":"You may redeem in your account, by logging onto","page_number":37,"box":{"x":603,"y":294,"width":321,"height":10}},{"id":"2859c6e3-d43f-4740-a233-c43e385c79f0","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":37,"box":{"x":460,"y":308,"width":461,"height":8}},{"id":"78f06af3-789f-4f33-8077-3a46168569b5","block_type":"box","text":"redemptions may be sent via check, ACH or wire to the bank account of","page_number":37,"box":{"x":461,"y":321,"width":473,"height":10}},{"id":"8adc6ff1-6c13-4daa-afbd-b72da43377c0","block_type":"box","text":"record. Payment for shares redeemed by Internet may be made for non","page_number":37,"box":{"x":461,"y":335,"width":472,"height":10}},{"id":"5cb1544f-dc56-4c07-9ced-2c0f5f5c8d58","block_type":"box","text":"retirement accounts in amounts up to $100,000 per account per day,","page_number":37,"box":{"x":461,"y":348,"width":459,"height":11}},{"id":"45e9ddd8-a045-4933-b438-51c633d7ada3","block_type":"box","text":"either through check, ACH or wire. Different maximums may apply to","page_number":37,"box":{"x":461,"y":362,"width":451,"height":10}},{"id":"ff098b04-b802-4ddc-ac5c-ba21329e7454","block_type":"box","text":"certain institutional investors.","page_number":37,"box":{"x":461,"y":376,"width":196,"height":8}},{"id":"008d3d14-3517-4991-8068-00578a476487","block_type":"box","text":"Redeem in Writing:","page_number":37,"box":{"x":461,"y":392,"width":127,"height":10}},{"id":"3034fa8f-af74-40ce-a258-23093a948167","block_type":"box","text":"You may sell shares held at BlackRock by writing to","page_number":37,"box":{"x":594,"y":392,"width":338,"height":10}},{"id":"96d0d813-dc76-48d4-bc93-cd14760850cd","block_type":"box","text":"BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429 or","page_number":37,"box":{"x":461,"y":405,"width":468,"height":10}},{"id":"d55ee1ca-e0c0-4435-b54e-adabe1b5bf8c","block_type":"box","text":"for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":37,"box":{"x":460,"y":418,"width":446,"height":11}},{"id":"84c08327-eeab-4833-8f67-640dcbc5c25b","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. All shareholders on the account","page_number":37,"box":{"x":461,"y":432,"width":466,"height":10}},{"id":"9dda834c-3575-4a85-a415-80b3290ac9eb","block_type":"box","text":"must sign the letter. A medallion signature guarantee will generally be","page_number":37,"box":{"x":461,"y":446,"width":460,"height":10}},{"id":"fc6e0a88-df4f-4f5a-be2b-57eb61f2da16","block_type":"box","text":"required but may be waived in certain limited circumstances. You can","page_number":37,"box":{"x":461,"y":459,"width":457,"height":10}},{"id":"76e71295-5494-437f-9108-7f9a2834d260","block_type":"box","text":"obtain a medallion signature guarantee stamp from a bank, securities","page_number":37,"box":{"x":461,"y":473,"width":461,"height":10}},{"id":"de2ef279-cae7-4cae-b455-26142220c7d0","block_type":"box","text":"dealer, securities broker, credit union, savings and loan association,","page_number":37,"box":{"x":461,"y":486,"width":450,"height":11}},{"id":"461edbe5-4c93-4121-8491-c1bc53b117e7","block_type":"box","text":"national securities exchange or registered securities association. A","page_number":37,"box":{"x":461,"y":500,"width":443,"height":10}},{"id":"ec4fe371-7bf4-438f-8685-0fa0034ab5ab","block_type":"box","text":"notary public seal will not be acceptable. If you hold stock certificates,","page_number":37,"box":{"x":461,"y":513,"width":465,"height":11}},{"id":"118162ee-0a3a-4b7a-a79a-e4c69581d1a6","block_type":"box","text":"return the certificates with the letter. Proceeds from redemptions may","page_number":37,"box":{"x":461,"y":527,"width":462,"height":10}},{"id":"d62eed83-25b1-4c6d-8d41-d0ee0ce05ba8","block_type":"box","text":"be sent via check, ACH or wire to the bank account of record.","page_number":37,"box":{"x":461,"y":540,"width":404,"height":10}},{"id":"90ef54e8-1d22-4232-9284-dcbebe3e0b2c","block_type":"box","text":"Payment of Redemption Proceeds","page_number":37,"box":{"x":461,"y":554,"width":228,"height":10}},{"id":"6c9a171d-4603-4456-85bb-f257146f920d","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":37,"box":{"x":461,"y":570,"width":467,"height":10}},{"id":"a53430bc-3cca-4a65-88a8-379405ad4c08","block_type":"box","text":"banking information on file, through ACH or by wire transfer.","page_number":37,"box":{"x":461,"y":583,"width":393,"height":11}},{"id":"67aac519-5d84-4746-ab9a-aa91b932e503","block_type":"box","text":"Payment by Check:","page_number":37,"box":{"x":461,"y":600,"width":129,"height":10}},{"id":"35b2bf2b-84c0-4b2a-b127-210c197f5c82","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":37,"box":{"x":597,"y":600,"width":329,"height":10}},{"id":"02098662-ba74-42f7-8434-1b322571dd07","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":37,"box":{"x":460,"y":613,"width":430,"height":11}},{"id":"0151900e-7854-43a3-8498-96f48791794b","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":37,"box":{"x":461,"y":627,"width":460,"height":10}},{"id":"0a85b79e-1c52-4606-ac10-e371ed3ff61e","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":37,"box":{"x":461,"y":640,"width":468,"height":11}},{"id":"0523cf94-93b6-42ec-83dc-b42c2cdba64d","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":37,"box":{"x":461,"y":653,"width":467,"height":11}},{"id":"ad8010f9-f45c-4d30-bcd7-5b581c029605","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":37,"box":{"x":461,"y":667,"width":467,"height":11}},{"id":"f8058a35-4b02-4f08-9a27-c1508810d604","block_type":"box","text":"charges imposed by your bank for this service.","page_number":37,"box":{"x":461,"y":681,"width":307,"height":10}},{"id":"51080113-3979-41ff-9d18-4a1fe3f27d1d","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":37,"box":{"x":460,"y":697,"width":438,"height":10}},{"id":"8b7122e4-5378-4b99-bef7-a4a3f4689f46","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":37,"box":{"x":461,"y":711,"width":429,"height":10}},{"id":"620ab52b-aa23-4876-a4d1-fc08f61b1580","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":37,"box":{"x":461,"y":724,"width":403,"height":10}},{"id":"8e36cf73-349a-4e4d-b70a-16fabe13e67b","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":37,"box":{"x":461,"y":738,"width":467,"height":8}},{"id":"11df79c9-ac76-44e0-a1ae-1256cbf374bc","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":37,"box":{"x":460,"y":751,"width":456,"height":10}},{"id":"f807ce30-d543-4461-98ad-35c4100d5476","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":37,"box":{"x":460,"y":765,"width":402,"height":10}},{"id":"1cc6dccb-bead-4bb8-9385-1a77b66cb4e3","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":37,"box":{"x":461,"y":778,"width":430,"height":10}},{"id":"c834dc24-420d-4104-96ad-95c615ccc0b4","block_type":"box","text":"amounts are subject to the risk of loss like any Fund investment. If you","page_number":37,"box":{"x":461,"y":792,"width":468,"height":10}},{"id":"1f6d4b70-8bb6-4386-a3cf-3f0598fd1b46","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":37,"box":{"x":461,"y":805,"width":473,"height":9}},{"id":"a535e8f6-8fe5-4dd2-8bd4-74fcb5749f93","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":37,"box":{"x":461,"y":819,"width":456,"height":10}},{"id":"f45b8657-72a8-4bd0-b609-01e9e4e57bb5","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":37,"box":{"x":461,"y":832,"width":461,"height":11}},{"id":"35d637ad-a4d8-45d7-8961-2b7167cc95b1","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":37,"box":{"x":460,"y":846,"width":469,"height":10}},{"id":"f07faf89-a2dd-44bd-9948-0f0aec0290a5","block_type":"box","text":"as of the date of payment of the distribution.","page_number":37,"box":{"x":461,"y":859,"width":295,"height":11}},{"id":"2a4dcae6-72dc-4505-9fde-3d9940dec3cd","block_type":"box","text":"Payment by Wire Transfer:","page_number":37,"box":{"x":461,"y":876,"width":177,"height":10}},{"id":"2627f1cb-5665-4015-a32b-7222a9efab10","block_type":"box","text":"Payment for redeemed shares for which a","page_number":37,"box":{"x":644,"y":875,"width":275,"height":11}},{"id":"a1b622a1-4205-441a-8ce5-5d4500d7e1f5","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":37,"box":{"x":461,"y":889,"width":437,"height":10}},{"id":"952058ba-ebbf-4c0c-8551-2356d060d903","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":37,"box":{"x":461,"y":903,"width":471,"height":10}},{"id":"c3ac7d40-323c-496c-a651-27532604427b","block_type":"box","text":"36","page_number":37,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"255216d3-83ae-4986-a035-a6220d09af5a","block_type":"box","text":"NM0926U-5974826-37/73","page_number":37,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"8978fb63-4228-480a-82f3-7487c3fd946d","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":38,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"85b7c40e-4bd0-427b-a976-8be4af395557","block_type":"box","text":"Full or Partial","page_number":38,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"71c52075-6d3a-47ab-aa3a-c656665dde9a","block_type":"box","text":"Redemption of","page_number":38,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"426eb0db-f9f8-4059-b972-a63f062fdd77","block_type":"box","text":"Shares (continued)","page_number":38,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"790c2a4a-d2ee-400c-ace6-ab19c204e55c","block_type":"box","text":"Selling shares held directly with","page_number":38,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"93d355cc-202a-4aa7-9836-f7c119142bf9","block_type":"box","text":"BlackRock (continued)","page_number":38,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"4a119f95-6a09-4450-bfa8-0f5d811369a2","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":38,"box":{"x":461,"y":67,"width":417,"height":10}},{"id":"a80a03ed-550a-4aa9-8759-b1dc58e59195","block_type":"box","text":"custodian is also open for business. 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Payment","page_number":38,"box":{"x":461,"y":440,"width":467,"height":11}},{"id":"d1a535f3-f8d3-4ce2-b1af-f2f806c3dce8","block_type":"box","text":"for redemption orders received after 4:00 p.m. (Eastern time) or on a","page_number":38,"box":{"x":460,"y":454,"width":458,"height":10}},{"id":"78ac7027-276f-4c57-b9bd-b187ac80491f","block_type":"box","text":"day when the Fund’s custodian is closed is normally sent on the next","page_number":38,"box":{"x":461,"y":468,"width":457,"height":10}},{"id":"2caeb123-8358-4796-901e-459c7cab16bf","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":38,"box":{"x":461,"y":481,"width":449,"height":10}},{"id":"f9f6945b-39b0-437f-9baf-8a3ab6edf8c4","block_type":"box","text":"open for business.","page_number":38,"box":{"x":461,"y":495,"width":121,"height":10}},{"id":"a903ae80-73ac-4a61-8724-0fd0cc3fb7a3","block_type":"box","text":"The Fund reserves the right to send redemption proceeds within seven","page_number":38,"box":{"x":460,"y":511,"width":467,"height":10}},{"id":"3ad0e941-7731-494c-a801-f6e1fd077f2d","block_type":"box","text":"days after receiving a redemption order if, in the judgment of the Fund,","page_number":38,"box":{"x":461,"y":524,"width":465,"height":11}},{"id":"0b708f22-e4dc-42ee-bc71-de0722b359a4","block_type":"box","text":"an earlier payment could adversely affect the Fund. 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This delay will usually not exceed ten days.","page_number":38,"box":{"x":461,"y":608,"width":352,"height":10}},{"id":"5d390e24-3667-4a0c-a505-c430a7c6a0a6","block_type":"box","text":"Redemption","page_number":38,"box":{"x":61,"y":626,"width":80,"height":10}},{"id":"af2de795-039c-4bb8-9bae-98b5b3f8db2c","block_type":"box","text":"Proceeds","page_number":38,"box":{"x":61,"y":638,"width":62,"height":8}},{"id":"7014b39b-6ca4-47bd-abaa-b4f456e44eb4","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":38,"box":{"x":461,"y":629,"width":445,"height":10}},{"id":"0084f57d-fa39-4b50-bd2e-b9c8158b8b8e","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":38,"box":{"x":461,"y":642,"width":467,"height":11}},{"id":"ff2f7d58-9e42-4905-a050-3c23b0c06c1d","block_type":"box","text":"portfolio assets to generate cash. 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The","page_number":38,"box":{"x":461,"y":723,"width":453,"height":11}},{"id":"36d31679-8fa3-49a5-b146-c9bf9e8f718a","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":38,"box":{"x":461,"y":737,"width":405,"height":8}},{"id":"fc723d64-1973-49f7-9902-08ddab18ea8e","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":38,"box":{"x":461,"y":753,"width":408,"height":10}},{"id":"382a983b-70ab-4ad7-8bf0-685c08ef4239","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":38,"box":{"x":461,"y":767,"width":457,"height":10}},{"id":"76200219-266b-4870-a303-d4d870760474","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":38,"box":{"x":460,"y":780,"width":440,"height":10}},{"id":"0fb7fc38-538b-41e7-9c14-112b7aca85b5","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":38,"box":{"x":460,"y":794,"width":340,"height":10}},{"id":"621b38b3-1d36-49c8-8927-216edb04a678","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":38,"box":{"x":61,"y":818,"width":415,"height":13}},{"id":"214abb36-c033-455c-9363-ab35a5f5ec8c","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":38,"box":{"x":213,"y":840,"width":478,"height":9}},{"id":"237a98d8-cf83-46f0-b0e7-e93b10ccbfd4","block_type":"box","text":"Exchange Privilege","page_number":38,"box":{"x":61,"y":858,"width":128,"height":10}},{"id":"c3a8bc99-2d15-4ef5-a1ea-0df51f17ad3b","block_type":"box","text":"Selling shares of one BlackRock","page_number":38,"box":{"x":214,"y":857,"width":212,"height":11}},{"id":"6c172907-ec13-48b9-bc4f-3793c333d286","block_type":"box","text":"Fund to purchase shares 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Intermediary.","page_number":38,"box":{"x":461,"y":884,"width":362,"height":11}},{"id":"c2ca6037-1cb1-4c09-ab96-c5a28beafd87","block_type":"box","text":"37","page_number":38,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"7664f5f6-c612-4c59-835f-70ba18e739cf","block_type":"box","text":"NM0926U-5974826-38/73","page_number":38,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"4b6fe439-4ba8-4820-b684-4ae0779682d1","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":39,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"1c476b0b-275b-4f65-b852-8e47b282a52d","block_type":"box","text":"Exchange Privilege","page_number":39,"box":{"x":61,"y":67,"width":128,"height":10}},{"id":"20b7b347-8e68-40e9-8ab4-bf98e3000f0f","block_type":"box","text":"(continued)","page_number":39,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"dcfe3a3b-70b0-4c6f-ad3d-0f951541149e","block_type":"box","text":"Selling shares of one 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shares","page_number":39,"box":{"x":461,"y":83,"width":457,"height":9}},{"id":"66ef828d-6220-46e2-a773-fd9ca6ed5f73","block_type":"box","text":"(you can exchange less than $1,000 of Investor Shares if you already","page_number":39,"box":{"x":461,"y":96,"width":459,"height":11}},{"id":"e98948cb-e5a2-467f-80a6-d5e6bc4ab049","block_type":"box","text":"have an account in the fund into which you are exchanging). Investors","page_number":39,"box":{"x":461,"y":110,"width":459,"height":11}},{"id":"ae983951-9fa8-4dac-b834-4337c5a21939","block_type":"box","text":"who currently own Institutional Shares of the Fund may make","page_number":39,"box":{"x":460,"y":124,"width":403,"height":10}},{"id":"bbbbf9c5-5c73-4d8a-abf5-aca12d20b427","block_type":"box","text":"exchanges into Institutional Shares of other BlackRock Funds except for","page_number":39,"box":{"x":461,"y":137,"width":475,"height":11}},{"id":"cd32ee35-4dbf-44f3-ac7b-58870bf39559","block_type":"box","text":"investors holding shares through certain client accounts at Financial","page_number":39,"box":{"x":461,"y":151,"width":450,"height":10}},{"id":"7388683c-3aff-45a8-a6df-200358b2dfbc","block_type":"box","text":"Intermediaries that are omnibus with the Fund and do not meet","page_number":39,"box":{"x":461,"y":165,"width":419,"height":8}},{"id":"67336d5e-5275-4527-9545-1204c3f058e2","block_type":"box","text":"applicable minimums. There is no required minimum amount with","page_number":39,"box":{"x":461,"y":178,"width":431,"height":10}},{"id":"324663fe-25da-4293-81f5-45d51d6ea01d","block_type":"box","text":"respect to exchanges of Institutional Shares.","page_number":39,"box":{"x":461,"y":192,"width":295,"height":10}},{"id":"c11ba5e9-38c4-40ca-b056-2bf6defc4a6f","block_type":"box","text":"You may only exchange into a share class and fund that are open to","page_number":39,"box":{"x":460,"y":208,"width":449,"height":10}},{"id":"bb8d4119-3e5a-4df5-862d-54d948b5531e","block_type":"box","text":"new investors or in which you have a current account if the fund is","page_number":39,"box":{"x":461,"y":221,"width":437,"height":11}},{"id":"9f06c87b-4bb8-4815-b2d1-3f17b9330375","block_type":"box","text":"closed to new investors.","page_number":39,"box":{"x":461,"y":235,"width":159,"height":8}},{"id":"bb504b1e-2064-4196-b9b7-a8c203511573","block_type":"box","text":"Some of the BlackRock Funds impose a different initial or deferred","page_number":39,"box":{"x":461,"y":251,"width":441,"height":10}},{"id":"34a4ffa9-9c78-407b-9b99-0ed4a861a779","block_type":"box","text":"sales charge schedule. The CDSC will continue to be measured from","page_number":39,"box":{"x":461,"y":264,"width":453,"height":11}},{"id":"b0d35982-b173-451e-b588-7e4a33cae4d8","block_type":"box","text":"the date of the original purchase. The CDSC schedule applicable to your","page_number":39,"box":{"x":460,"y":278,"width":477,"height":10}},{"id":"5c2680ea-7ede-4fab-971c-314dcbd6fd70","block_type":"box","text":"original purchase will apply to the shares you receive in the exchange","page_number":39,"box":{"x":461,"y":292,"width":457,"height":10}},{"id":"355b97ef-fccd-40c6-b275-6763c9dd12df","block_type":"box","text":"and any subsequent exchange.","page_number":39,"box":{"x":461,"y":305,"width":203,"height":10}},{"id":"41221212-cd53-43e4-a73d-72d69e92fb6c","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":39,"box":{"x":460,"y":321,"width":435,"height":11}},{"id":"1f95d006-47ba-43e3-accc-4d8b1e3abdae","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":39,"box":{"x":461,"y":335,"width":406,"height":10}},{"id":"0027b897-b587-46e6-848f-f0019abe85dc","block_type":"box","text":"BlackRock, you may: (i) call (800) 441-7762 and speak with one of our","page_number":39,"box":{"x":461,"y":348,"width":468,"height":11}},{"id":"3e79ca34-82f8-46fa-be1b-979c47b731c9","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":39,"box":{"x":461,"y":362,"width":455,"height":10}},{"id":"ba2529c1-6106-487f-a7a4-86b284d5ca84","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":39,"box":{"x":460,"y":376,"width":423,"height":10}},{"id":"4801bc69-283d-4858-ba23-482ddeb9b8a0","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":39,"box":{"x":461,"y":389,"width":398,"height":10}},{"id":"503aa366-a7b2-4505-94d7-d7f09629aa8e","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":39,"box":{"x":461,"y":402,"width":409,"height":11}},{"id":"1353b012-4a0f-479c-9f6f-4642d71b69c8","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":39,"box":{"x":461,"y":416,"width":469,"height":10}},{"id":"474db5fb-054f-496b-96cb-1bf13c4c1331","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":39,"box":{"x":460,"y":430,"width":461,"height":10}},{"id":"1529cdaf-5879-4e2f-ae9f-f248374579fc","block_type":"box","text":"this option either in writing or by calling (800) 441-7762. The Fund has","page_number":39,"box":{"x":460,"y":443,"width":469,"height":10}},{"id":"2d4ed3df-2caf-46ef-8daa-08d72385e056","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":39,"box":{"x":460,"y":456,"width":368,"height":11}},{"id":"bedd03a1-0c71-4535-b02c-f5db2d318b2e","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":39,"box":{"x":460,"y":473,"width":450,"height":10}},{"id":"67c91260-83f5-45f8-9aaf-6a7d1aa29beb","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":39,"box":{"x":460,"y":486,"width":473,"height":11}},{"id":"88b2e70e-a5f9-42a3-9884-e1a509a67a0f","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":39,"box":{"x":461,"y":500,"width":420,"height":10}},{"id":"9f603ee4-5673-4521-bdca-7ac3b4d47fd6","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":39,"box":{"x":461,"y":513,"width":439,"height":11}},{"id":"07331e0c-c914-4aef-8155-d6ad18542033","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":39,"box":{"x":461,"y":527,"width":460,"height":10}},{"id":"1cf00d20-6669-4807-9c08-8d8b51d203a2","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":39,"box":{"x":461,"y":540,"width":430,"height":11}},{"id":"202680bc-f72e-43ad-b9c9-2ac88c2cd6cf","block_type":"box","text":"income tax purposes a share exchange is a taxable event and a capital","page_number":39,"box":{"x":461,"y":554,"width":469,"height":10}},{"id":"9335ff20-9f28-4bb9-867f-64030b473615","block_type":"box","text":"gain or loss may be realized.","page_number":39,"box":{"x":460,"y":568,"width":188,"height":10}},{"id":"e89859e3-4228-4a00-a99e-eab1e32ac480","block_type":"box","text":"Please consult your tax adviser or other Financial Intermediary before","page_number":39,"box":{"x":461,"y":583,"width":457,"height":11}},{"id":"5f7971d1-c3c8-4e8b-a122-200e216c6561","block_type":"box","text":"making an exchange request.","page_number":39,"box":{"x":461,"y":597,"width":192,"height":10}},{"id":"78224662-a231-4157-abda-dbc88baccdf0","block_type":"box","text":"Transfer Shares to","page_number":39,"box":{"x":60,"y":615,"width":124,"height":8}},{"id":"197a9916-ff8b-4f29-b652-1a158582555c","block_type":"box","text":"Another Financial","page_number":39,"box":{"x":60,"y":627,"width":118,"height":8}},{"id":"ea47ad6c-7f7c-4c4d-a93f-44a04940e549","block_type":"box","text":"Intermediary","page_number":39,"box":{"x":61,"y":638,"width":85,"height":11}},{"id":"136b65ef-f18b-4f2d-993a-e5b6f7a8ff25","block_type":"box","text":"Transfer to a participating","page_number":39,"box":{"x":213,"y":615,"width":171,"height":10}},{"id":"11fa29f2-f25d-4cc3-92be-5b6bcb63ec48","block_type":"box","text":"Financial Intermediary","page_number":39,"box":{"x":214,"y":629,"width":145,"height":10}},{"id":"b9a6c075-f584-4ea8-922c-b5416245bb51","block_type":"box","text":"You may transfer your shares of the Fund only to another Financial","page_number":39,"box":{"x":460,"y":615,"width":436,"height":10}},{"id":"2ddc5fa1-8648-4693-b6e0-444555c66b5a","block_type":"box","text":"Intermediary that has entered into an agreement with the Distributor.","page_number":39,"box":{"x":461,"y":629,"width":455,"height":10}},{"id":"d7f2f779-7a04-41cc-a350-d5952d73e36f","block_type":"box","text":"Certain shareholder services may not be available for the transferred","page_number":39,"box":{"x":461,"y":642,"width":456,"height":10}},{"id":"30c2f714-86f6-4a58-82f9-199b00d69ec4","block_type":"box","text":"shares. All future trading of these assets must be coordinated by the","page_number":39,"box":{"x":461,"y":656,"width":456,"height":10}},{"id":"9a0f35d9-5705-42fc-a06b-432cb5d3f3d3","block_type":"box","text":"receiving firm.","page_number":39,"box":{"x":461,"y":669,"width":91,"height":11}},{"id":"3a56674e-05d5-410e-ab96-ced5d3cc98ac","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":39,"box":{"x":461,"y":685,"width":390,"height":11}},{"id":"3bacf885-04fe-49b5-bfc7-9becb3c93923","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":39,"box":{"x":461,"y":699,"width":443,"height":10}},{"id":"0ecc329a-45eb-4b50-b83c-0eda22d064a9","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":39,"box":{"x":461,"y":712,"width":394,"height":11}},{"id":"c93f85e7-b4d6-4f92-b95f-a77662cb4ceb","block_type":"box","text":"Transfer to a non-participating","page_number":39,"box":{"x":213,"y":730,"width":199,"height":11}},{"id":"8aa8fcf1-ebda-43b0-9cc7-e0f113e496c6","block_type":"box","text":"Financial Intermediary","page_number":39,"box":{"x":214,"y":744,"width":145,"height":10}},{"id":"4bea5718-d0c0-4851-b2bc-dabe07bafa3a","block_type":"box","text":"You must either:","page_number":39,"box":{"x":460,"y":731,"width":107,"height":8}},{"id":"41e6e709-16a7-4d2f-9fdf-cf8396e750ef","block_type":"box","text":"•","page_number":39,"box":{"x":464,"y":747,"width":3,"height":3}},{"id":"c489351d-2513-4927-b59b-7e4187d95ccd","block_type":"box","text":"Transfer your shares to an account with the Fund; or","page_number":39,"box":{"x":470,"y":744,"width":346,"height":10}},{"id":"03c2b63b-b594-4c99-9c0c-a0ae33eb001b","block_type":"box","text":"•","page_number":39,"box":{"x":464,"y":760,"width":3,"height":3}},{"id":"fb2c7b39-b0f6-4e05-804d-2dc7a7703dbd","block_type":"box","text":"Sell your shares, paying any applicable deferred sales charge.","page_number":39,"box":{"x":471,"y":758,"width":409,"height":10}},{"id":"ff2e30fa-eae1-4157-b5ed-22bca5b7d194","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":39,"box":{"x":461,"y":774,"width":390,"height":10}},{"id":"68bb16bf-6ee0-4355-a165-e0141be3ea01","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":39,"box":{"x":461,"y":787,"width":443,"height":10}},{"id":"371f84c6-ddb5-4056-b52e-af78a0b9e16c","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":39,"box":{"x":461,"y":801,"width":394,"height":10}},{"id":"e70b7bbb-650a-4f77-b9e7-d713874d1585","block_type":"box","text":"Account Services and Privileges","page_number":39,"box":{"x":60,"y":841,"width":292,"height":14}},{"id":"fc021103-06a6-48a2-8c21-b38e37f049a7","block_type":"box","text":"The following table provides examples of account services and privileges available in your BlackRock account. Certain","page_number":39,"box":{"x":60,"y":867,"width":865,"height":12}},{"id":"d58bc11e-93d9-4c3c-8ebb-c22b101eebc8","block_type":"box","text":"of these account services and privileges are only available to shareholders of Investor Shares whose accounts are","page_number":39,"box":{"x":61,"y":882,"width":841,"height":12}},{"id":"b0c2d2ec-29ee-42f2-b058-84b8eab32d17","block_type":"box","text":"held directly with BlackRock. If your account is held directly with BlackRock, please call (800) 441-7762 or visit","page_number":39,"box":{"x":61,"y":897,"width":816,"height":12}},{"id":"00bd4cd2-036b-4cd6-bcfc-a1580d6d9295","block_type":"box","text":"38","page_number":39,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"fb53fb9d-d278-4966-8fe3-0f027f05ac66","block_type":"box","text":"NM0926U-5974826-39/73","page_number":39,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"830929d2-9d1b-487a-a90c-9d84b77ff7dd","block_type":"box","text":"www.blackrock.com for additional information as well as forms and applications. Otherwise, please contact your","page_number":40,"box":{"x":60,"y":46,"width":824,"height":11}},{"id":"200b26f0-7122-41a7-a3d0-caeb9a36a00c","block_type":"box","text":"Financial Intermediary for assistance in requesting one or more of the following services and privileges.","page_number":40,"box":{"x":62,"y":60,"width":759,"height":12}},{"id":"8617d511-4b7a-4521-9ff0-50e328ea93ce","block_type":"box","text":"Automatic","page_number":40,"box":{"x":60,"y":90,"width":70,"height":8}},{"id":"f416d2ef-4963-42f4-93a4-91ae38b262cb","block_type":"box","text":"Investment Plan","page_number":40,"box":{"x":61,"y":102,"width":109,"height":8}},{"id":"a3790851-b86f-4539-85f0-5460972584b8","block_type":"box","text":"Allows systematic investments","page_number":40,"box":{"x":213,"y":90,"width":202,"height":10}},{"id":"387f69a4-8e16-47af-9255-e4aeeb78c38a","block_type":"box","text":"on a periodic basis from your","page_number":40,"box":{"x":214,"y":103,"width":192,"height":11}},{"id":"5bd62f37-7ef9-4071-87ff-d143c9d7906e","block_type":"box","text":"checking or savings account.","page_number":40,"box":{"x":214,"y":117,"width":189,"height":10}},{"id":"9e9c2ca1-c951-4e5d-a795-662f3a53cd1f","block_type":"box","text":"BlackRock’s AIP allows you to invest a specific amount on a periodic","page_number":40,"box":{"x":461,"y":90,"width":451,"height":10}},{"id":"9165b373-e154-417e-8e41-61f5997c5753","block_type":"box","text":"basis from your checking or savings account into your investment","page_number":40,"box":{"x":461,"y":103,"width":431,"height":11}},{"id":"5587e054-39a8-4c95-bee4-7ed387c57321","block_type":"box","text":"account. You may apply for this option upon account opening or by","page_number":40,"box":{"x":461,"y":117,"width":437,"height":10}},{"id":"8d1fe0fd-d987-48ee-8c7a-9f76595b294b","block_type":"box","text":"completing the AIP application. The minimum investment amount for","page_number":40,"box":{"x":461,"y":130,"width":451,"height":11}},{"id":"4bb1c990-0db8-438a-8c2a-090980dcfe66","block_type":"box","text":"an automatic investment is $50 per portfolio.","page_number":40,"box":{"x":461,"y":143,"width":300,"height":11}},{"id":"adcf8a0d-7997-4a90-8cd3-879542a13c40","block_type":"box","text":"Dividend Allocation","page_number":40,"box":{"x":61,"y":162,"width":129,"height":8}},{"id":"b414073e-9886-4bbe-a575-91f0ec888a99","block_type":"box","text":"Plan","page_number":40,"box":{"x":61,"y":174,"width":28,"height":8}},{"id":"b6c9df33-5029-4136-b173-c33327e44935","block_type":"box","text":"Automatically invests your","page_number":40,"box":{"x":213,"y":162,"width":172,"height":10}},{"id":"e4102fc1-7886-4326-b912-46daa0bafd55","block_type":"box","text":"distributions into another","page_number":40,"box":{"x":214,"y":176,"width":165,"height":8}},{"id":"bc93423e-c390-477b-8a66-e6055811bd3a","block_type":"box","text":"BlackRock Fund of your choice","page_number":40,"box":{"x":214,"y":189,"width":200,"height":10}},{"id":"3b0e486b-5a2b-4515-98df-1ccd7a083e28","block_type":"box","text":"pursuant to your instructions,","page_number":40,"box":{"x":214,"y":203,"width":193,"height":10}},{"id":"2a2c741d-6b0b-498b-9f6c-19486921311a","block_type":"box","text":"without any fees or sales","page_number":40,"box":{"x":213,"y":216,"width":165,"height":10}},{"id":"75e1729e-0fba-4f71-a3c1-60aea265bf25","block_type":"box","text":"charges.","page_number":40,"box":{"x":214,"y":230,"width":55,"height":10}},{"id":"0d29ddbb-b78f-481b-a5b6-cbd3328b5ff5","block_type":"box","text":"Dividend and capital gains distributions may be reinvested in your","page_number":40,"box":{"x":461,"y":162,"width":433,"height":10}},{"id":"380e323c-473c-47d3-aee0-50654920ff24","block_type":"box","text":"account to purchase additional shares or paid in cash. Using the","page_number":40,"box":{"x":461,"y":176,"width":427,"height":10}},{"id":"1bf997ef-fb73-4edc-91cd-4e877d87a524","block_type":"box","text":"Dividend Allocation Plan, you can direct your distributions to your bank","page_number":40,"box":{"x":461,"y":189,"width":463,"height":10}},{"id":"e2e9e429-e940-4a93-8d43-0c9b5ae82a09","block_type":"box","text":"account (checking or savings), to purchase shares of another fund at","page_number":40,"box":{"x":461,"y":203,"width":455,"height":10}},{"id":"9f9db2d4-3163-4593-8a8f-0c198a943bcc","block_type":"box","text":"BlackRock without any fees or sales charges, or by check to a special","page_number":40,"box":{"x":461,"y":216,"width":459,"height":10}},{"id":"2778fb09-6280-46e8-9a1a-dc62067a14cf","block_type":"box","text":"payee. Please call (800) 441-7762 for details. If investing in another","page_number":40,"box":{"x":461,"y":230,"width":454,"height":10}},{"id":"e61a4149-1914-426d-af40-51fcd040ee5b","block_type":"box","text":"fund at BlackRock, the receiving fund must be open to new purchases.","page_number":40,"box":{"x":460,"y":243,"width":467,"height":11}},{"id":"da78805a-540d-4dfd-9f7f-929f56d5438d","block_type":"box","text":"EZ Trader","page_number":40,"box":{"x":61,"y":261,"width":65,"height":9}},{"id":"30dc31b8-ed66-4c3a-8619-dda664988e35","block_type":"box","text":"Allows an investor to purchase or","page_number":40,"box":{"x":213,"y":261,"width":220,"height":10}},{"id":"55eb6756-dea9-4373-a365-7847935b857c","block_type":"box","text":"sell Investor Shares by telephone","page_number":40,"box":{"x":214,"y":275,"width":219,"height":10}},{"id":"25528c74-8085-435f-bb1c-8a03b83c6c9e","block_type":"box","text":"or over the Internet through ACH.","page_number":40,"box":{"x":214,"y":288,"width":216,"height":11}},{"id":"88eaff72-0ab5-4fd0-b484-aa94643627d7","block_type":"box","text":"(NOTE: This option is offered to shareholders whose accounts are held","page_number":40,"box":{"x":461,"y":261,"width":467,"height":10}},{"id":"72f61906-7846-4bf8-b264-6d3cbe67542f","block_type":"box","text":"directly with BlackRock. Please speak with your Financial Intermediary","page_number":40,"box":{"x":461,"y":275,"width":462,"height":10}},{"id":"c885eb23-5e66-4b68-bd12-09ee9d8cf643","block_type":"box","text":"if your account is held elsewhere.)","page_number":40,"box":{"x":461,"y":288,"width":225,"height":11}},{"id":"4555b533-5d2a-4799-9ff5-2d35cfd3830c","block_type":"box","text":"Prior to establishing an EZ Trader account, please contact your bank to","page_number":40,"box":{"x":461,"y":305,"width":467,"height":10}},{"id":"f7ac4c27-bb7f-4a37-916b-bd8a4cd3f1d3","block_type":"box","text":"confirm that it is a member of the ACH system. Once confirmed,","page_number":40,"box":{"x":461,"y":318,"width":423,"height":10}},{"id":"fc9cc513-eab8-4638-856f-5a63d3662cc2","block_type":"box","text":"complete an application, making sure to include the appropriate bank","page_number":40,"box":{"x":461,"y":332,"width":459,"height":10}},{"id":"d2d1e6c7-bd63-44b0-8a9b-f68787e759c6","block_type":"box","text":"information, and return the application to the address listed on the","page_number":40,"box":{"x":461,"y":345,"width":442,"height":10}},{"id":"ead97880-d25a-4dc4-89ff-24fa76132f02","block_type":"box","text":"form.","page_number":40,"box":{"x":460,"y":359,"width":34,"height":8}},{"id":"d8bdc1c3-f024-40c0-8a53-081fd45ab163","block_type":"box","text":"Prior to placing a telephone or Internet purchase or sale order, please","page_number":40,"box":{"x":461,"y":375,"width":460,"height":10}},{"id":"021372aa-4a91-40c8-a557-a88736855787","block_type":"box","text":"call (800) 441-7762 to confirm that your bank information has been","page_number":40,"box":{"x":461,"y":388,"width":449,"height":10}},{"id":"12e4d465-64d5-48f3-99f3-2ba0ae6ffaa5","block_type":"box","text":"updated on your account. Once this is established, you may place your","page_number":40,"box":{"x":461,"y":402,"width":466,"height":10}},{"id":"aa6384d4-01a0-47eb-9113-cd8d42db9291","block_type":"box","text":"request to sell shares with the Fund by telephone or Internet. 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Shareholders that held Investor A or Institutional Shares in the","page_number":41,"box":{"x":60,"y":834,"width":867,"height":12}},{"id":"3ac778dd-fd6b-4d62-8c16-1ebfb8298aad","block_type":"box","text":"program may be eligible to purchase additional shares of the respective share class of the Fund, but may be subject to","page_number":41,"box":{"x":62,"y":849,"width":873,"height":11}},{"id":"62d4b2f7-1e23-416f-bad4-402d1d103217","block_type":"box","text":"upfront sales charges with respect to Investor A Shares. Additional purchases of Institutional Shares are permitted","page_number":41,"box":{"x":61,"y":864,"width":844,"height":11}},{"id":"0b56a8cb-e46a-4c59-9f2d-f4bb8caebdb4","block_type":"box","text":"only if you have an existing position at the time of purchase or are otherwise eligible to purchase Institutional Shares.","page_number":41,"box":{"x":61,"y":878,"width":865,"height":12}},{"id":"d8b32c71-b729-4806-bf42-c0ed4921c1ac","block_type":"box","text":"Please speak to your Financial Intermediary for more information.","page_number":41,"box":{"x":61,"y":893,"width":480,"height":12}},{"id":"e8bb29b7-24c7-4a63-9820-015c4710a37a","block_type":"box","text":"40","page_number":41,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"bf16ed7c-7db3-4658-b3f0-e576e43db421","block_type":"box","text":"NM0926U-5974826-41/73","page_number":41,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"538ab793-d739-40d3-b347-36a3be8f4bac","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":42,"box":{"x":61,"y":46,"width":854,"height":11}},{"id":"5774a8ea-dca8-48c9-a125-e6b5ec28488d","block_type":"box","text":"based program or upon termination of the fee-based program) or otherwise in accordance with the Financial","page_number":42,"box":{"x":61,"y":60,"width":790,"height":12}},{"id":"1f4f5667-16fa-4b03-9346-881328d875e8","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":42,"box":{"x":62,"y":75,"width":855,"height":12}},{"id":"e760a1d7-f7fc-43eb-90ba-85309dd717bd","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":42,"box":{"x":61,"y":90,"width":831,"height":12}},{"id":"3b2ca646-9f63-41b4-a77c-3e7b8495dbb8","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your Financial Intermediary for information about","page_number":42,"box":{"x":61,"y":105,"width":828,"height":12}},{"id":"8de70508-4773-4484-ae95-65987f703a0f","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":42,"box":{"x":61,"y":120,"width":437,"height":11}},{"id":"ad9223bd-d843-46f8-8116-26801d8f5716","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":42,"box":{"x":62,"y":142,"width":859,"height":12}},{"id":"3760558d-c8cd-48d7-b587-2777304ff98e","block_type":"box","text":"the client agreement for each fee-based program and are available from your Financial Intermediary. Please speak to","page_number":42,"box":{"x":60,"y":157,"width":858,"height":12}},{"id":"10127487-7622-4b96-846e-cea2c3225412","block_type":"box","text":"your Financial Intermediary for more information.","page_number":42,"box":{"x":60,"y":172,"width":357,"height":11}},{"id":"8c541683-2749-4622-8a8b-c858acdee3a7","block_type":"box","text":"Short-Term Trading Policy","page_number":42,"box":{"x":61,"y":211,"width":232,"height":13}},{"id":"b3d3eb5f-2bd2-431c-99a5-247d1910ebfd","block_type":"box","text":"The Board of Trustees (the “Board”) has determined that the interests of long-term shareholders and the Fund’s ability","page_number":42,"box":{"x":60,"y":237,"width":875,"height":12}},{"id":"bdf6ef93-3003-461a-adc6-1ebdd3a872b9","block_type":"box","text":"to manage its investments may be adversely affected when shares are repeatedly bought, sold or exchanged in","page_number":42,"box":{"x":60,"y":252,"width":819,"height":11}},{"id":"bfcde591-34ca-4835-b38c-1c729b8251bf","block_type":"box","text":"response to short-term market fluctuations — also known as “market timing.” The Fund is not designed for market","page_number":42,"box":{"x":61,"y":267,"width":845,"height":11}},{"id":"047f6c60-7dbe-4cb5-887d-0646c7764507","block_type":"box","text":"timing organizations or other entities using programmed or frequent purchases and sales or exchanges. The exchange","page_number":42,"box":{"x":60,"y":282,"width":869,"height":11}},{"id":"e75a2593-36d3-4a33-9112-c95719305829","block_type":"box","text":"privilege for Investor Shares and Institutional Shares is not intended as a vehicle for short-term trading. Excessive","page_number":42,"box":{"x":62,"y":296,"width":836,"height":12}},{"id":"7770f222-81fc-4dd0-a0d4-63a9b9c603b8","block_type":"box","text":"purchase and sale or exchange activity may interfere with portfolio management, increase expenses and taxes and","page_number":42,"box":{"x":62,"y":311,"width":845,"height":12}},{"id":"46d23a3a-42ad-4c13-9a1e-50a7f56a7e4e","block_type":"box","text":"may have an adverse effect on the performance of the Fund and its returns to shareholders. For example, large flows","page_number":42,"box":{"x":61,"y":326,"width":863,"height":12}},{"id":"9506833f-3f20-4d9c-90d6-c7e1c2c4524d","block_type":"box","text":"of cash into and out of the Fund may require the management team to allocate a significant amount of assets to cash","page_number":42,"box":{"x":61,"y":341,"width":867,"height":11}},{"id":"64b8c25e-60ce-4486-92b9-863ee86ef873","block_type":"box","text":"or other short-term investments or sell securities, rather than maintaining such assets in securities selected to","page_number":42,"box":{"x":61,"y":356,"width":817,"height":11}},{"id":"e1c5f751-a51a-45d3-9904-0b8644854670","block_type":"box","text":"achieve the Fund’s investment objective. Frequent trading may cause the Fund to sell securities at less favorable","page_number":42,"box":{"x":61,"y":370,"width":830,"height":12}},{"id":"f1c18e9e-226d-482e-bb73-0dee980bfa67","block_type":"box","text":"prices, and transaction costs, such as brokerage commissions, can reduce the Fund’s performance.","page_number":42,"box":{"x":62,"y":385,"width":737,"height":12}},{"id":"670cc8f9-b24c-471b-95f3-fc49a864fcdf","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":42,"box":{"x":60,"y":408,"width":873,"height":11}},{"id":"b5ed6a67-2d5e-46e0-ae19-b02ac6de56d4","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":42,"box":{"x":61,"y":423,"width":872,"height":11}},{"id":"c125718d-8acd-44fe-a4b0-0146b73e5b14","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":42,"box":{"x":61,"y":438,"width":865,"height":11}},{"id":"b42eab19-189d-4e1b-b720-daf814d43422","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":42,"box":{"x":61,"y":452,"width":817,"height":12}},{"id":"057b495b-f630-41dc-93ff-744f924301eb","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":42,"box":{"x":61,"y":467,"width":818,"height":12}},{"id":"17de2d3e-d9f2-451c-8c84-ae7ff68c70e8","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":42,"box":{"x":60,"y":482,"width":865,"height":12}},{"id":"bd9c3063-ffc7-4e6c-89cb-243d8c7a8b09","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":42,"box":{"x":61,"y":497,"width":829,"height":11}},{"id":"834083d1-d457-4503-9273-51f353e68cf1","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":42,"box":{"x":62,"y":512,"width":671,"height":11}},{"id":"fbdc9e94-3397-4959-a719-e54b50a56da6","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":42,"box":{"x":60,"y":534,"width":869,"height":12}},{"id":"3fe93f32-f7db-406e-a3de-c461ed96d670","block_type":"box","text":"that it determines may be detrimental to the Fund or long-term shareholders. The Board has approved the policies","page_number":42,"box":{"x":60,"y":549,"width":839,"height":12}},{"id":"68220249-d6a6-4f6d-bc68-754f98edf48e","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":42,"box":{"x":61,"y":564,"width":869,"height":11}},{"id":"ec0d83c1-3752-4ae5-bc23-f749ba906891","block_type":"box","text":"on purchases, sales and exchanges of Fund sharesbecause certain legitimate strategies will not result in harm to the","page_number":42,"box":{"x":61,"y":579,"width":865,"height":11}},{"id":"68264f51-6e3d-4c96-bedc-678b620d1484","block_type":"box","text":"Fund or its shareholders.","page_number":42,"box":{"x":62,"y":594,"width":181,"height":9}},{"id":"20a3c96f-21b6-4019-8137-6e519303febf","block_type":"box","text":"If as a result of its own investigation, information provided by a Financial Intermediary or other third-party, or","page_number":42,"box":{"x":62,"y":616,"width":795,"height":12}},{"id":"9a801f4e-f143-455c-8c29-3fdbfd08b0aa","block_type":"box","text":"otherwise, the Fund believes, in its sole discretion, that your short-term trading is excessive or that you are engaging","page_number":42,"box":{"x":61,"y":631,"width":860,"height":11}},{"id":"c0d4bf01-d0e5-42e4-9495-559dfe1cbdf6","block_type":"box","text":"in market timing activity, it reserves the right to reject any specific purchase or exchange order. 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The Distributor has entered into agreements with","page_number":42,"box":{"x":62,"y":809,"width":869,"height":11}},{"id":"b58a209c-1306-4931-a1e8-0f3ba46c0a49","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":42,"box":{"x":61,"y":824,"width":845,"height":11}},{"id":"ef024614-aec2-47d2-b05a-a90b4ac5f5ca","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":42,"box":{"x":62,"y":839,"width":868,"height":11}},{"id":"da5bb4cd-d502-48d3-906b-6c0a07e6d292","block_type":"box","text":"orders by their customers in order to detect and prevent short-term or excessive trading in the Fund’s shares through","page_number":42,"box":{"x":61,"y":854,"width":861,"height":11}},{"id":"4096a2e2-0bc0-41f6-873a-eb7ec16bbcb7","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. 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While BlackRock is ultimately responsible for the management of the Fund, it is","page_number":44,"box":{"x":60,"y":197,"width":875,"height":12}},{"id":"06f4bc28-57e3-407c-93ed-3b9c6b869692","block_type":"box","text":"able to draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":44,"box":{"x":61,"y":212,"width":851,"height":12}},{"id":"aa49ab7b-0c7f-4880-898b-b03db990f247","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":44,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"0a022176-ebd3-46e5-a679-819b4d856f1d","block_type":"box","text":"BlackRock, Inc.","page_number":44,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"5c05afee-d1c3-4f24-a016-e972513aa0e8","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":44,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"4b6306a0-5dcc-4b30-bd94-a096cf7dbc1c","block_type":"box","text":"companies. BlackRock and its affiliates had approximately $15.3 trillion in investment company and other portfolio","page_number":44,"box":{"x":61,"y":278,"width":845,"height":12}},{"id":"c2527786-ef18-499d-8793-9048958b983b","block_type":"box","text":"assets under management as of June 30, 2026.","page_number":44,"box":{"x":61,"y":294,"width":357,"height":11}},{"id":"1b766f0d-81bd-42c9-a996-4d58e7d8390a","block_type":"box","text":"The Fund has entered into a management agreement (the “Management Agreement”) with BlackRock. 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The agreement","page_number":44,"box":{"x":62,"y":543,"width":848,"height":12}},{"id":"0310f6b6-0903-4599-b537-d7cc8bb06b5a","block_type":"box","text":"may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a","page_number":44,"box":{"x":61,"y":558,"width":833,"height":12}},{"id":"fe498849-0145-46ce-b913-e5bf0ea6321b","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":44,"box":{"x":61,"y":573,"width":412,"height":11}},{"id":"435d5912-e3bd-47f8-9926-cf2e05b8e40e","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":44,"box":{"x":62,"y":595,"width":840,"height":12}},{"id":"681fc073-2b89-4ee4-87ff-852960440d9b","block_type":"box","text":"estimated to be attributable to investments in other equity and fixed-income mutual funds and ETFs managed by","page_number":44,"box":{"x":61,"y":610,"width":824,"height":12}},{"id":"6775f899-75be-41c4-84c5-db86e940fce3","block_type":"box","text":"BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. 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The contractual agreements may be terminated upon 90 days’ notice by","page_number":44,"box":{"x":61,"y":670,"width":872,"height":11}},{"id":"6e9a9337-6dbf-4fb1-89ff-18f328d7c6a4","block_type":"box","text":"a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of","page_number":44,"box":{"x":61,"y":684,"width":855,"height":12}},{"id":"21daf7cd-9200-4dd5-b6bc-f828cc8d62dc","block_type":"box","text":"the Fund.","page_number":44,"box":{"x":60,"y":699,"width":68,"height":9}},{"id":"29611ba8-a12f-4129-b4e5-161ef8b89134","block_type":"box","text":"For the fiscal year ended May 31, 2026, BlackRock received a management fee, net of management fee waivers, at","page_number":44,"box":{"x":62,"y":722,"width":851,"height":11}},{"id":"924a63c6-7ffc-4f1c-a6c0-7f6528702d7d","block_type":"box","text":"the annual rate of 0.47% of the Fund’s average daily net assets.","page_number":44,"box":{"x":60,"y":737,"width":473,"height":11}},{"id":"a57829e6-2ffd-4dd2-9026-cb98cdf391da","block_type":"box","text":"A discussion of the basis for the Board’s approval of the Management Agreement with BlackRock is available in the","page_number":44,"box":{"x":60,"y":759,"width":850,"height":12}},{"id":"8851b159-b2ee-4efe-bb8a-ef155b3c9d2e","block_type":"box","text":"Fund’s reports filed on Form N-CSR for the fiscal year ended May 31, 2026.","page_number":44,"box":{"x":62,"y":774,"width":556,"height":11}},{"id":"e38640b7-b883-4e59-9ad8-68cfad7be82d","block_type":"box","text":"From time to time, a manager, analyst, or other employee of BlackRock or its affiliates may express views regarding a","page_number":44,"box":{"x":62,"y":797,"width":864,"height":11}},{"id":"d6d49be7-c813-4148-8ef1-e113ba3b4f83","block_type":"box","text":"particular asset class, company, security, industry, or market sector. The views expressed by any such person are the","page_number":44,"box":{"x":62,"y":812,"width":863,"height":11}},{"id":"33b49996-6268-4c75-a11b-73df276dbacc","block_type":"box","text":"views of only that individual as of the time expressed and do not necessarily represent the views of BlackRock or any","page_number":44,"box":{"x":60,"y":826,"width":861,"height":12}},{"id":"497da353-11ee-4258-ac3e-3f27d9c2007b","block_type":"box","text":"other person within the BlackRock organization. Any such views are subject to change at any time based upon market","page_number":44,"box":{"x":61,"y":841,"width":864,"height":12}},{"id":"2c9721e1-d05e-4e48-9087-0e6071338eac","block_type":"box","text":"or other conditions and BlackRock disclaims any responsibility to update such views. These views may not be relied on","page_number":44,"box":{"x":61,"y":856,"width":872,"height":11}},{"id":"2a6c4119-5e5f-49ea-b891-7609f93ca004","block_type":"box","text":"as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be","page_number":44,"box":{"x":61,"y":871,"width":841,"height":11}},{"id":"94b2220d-d2e0-4170-b1c1-a4d31b851dfb","block_type":"box","text":"relied on as an indication of trading intent on behalf of the Fund.","page_number":44,"box":{"x":61,"y":885,"width":472,"height":12}},{"id":"61fa983f-8c5e-4b8a-80ce-743c55dc1e74","block_type":"box","text":"43","page_number":44,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"7e8a3195-967c-4ce2-8133-dfb9ce7107ef","block_type":"box","text":"NM0926U-5974826-44/73","page_number":44,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"6d030458-141b-43e6-85aa-ad52d85ebcfe","block_type":"box","text":"Portfolio Manager Information","page_number":45,"box":{"x":61,"y":46,"width":272,"height":14}},{"id":"729e34f2-e894-4d5b-8c74-3dede3a1bd8d","block_type":"box","text":"Information regarding the portfolio managers of the Fund is set forth below. Further information regarding the portfolio","page_number":45,"box":{"x":62,"y":73,"width":869,"height":11}},{"id":"72a80587-6927-4347-872d-e674389ca422","block_type":"box","text":"managers, including other accounts managed, compensation, ownership of Fund shares, and possible conflicts of","page_number":45,"box":{"x":61,"y":88,"width":837,"height":11}},{"id":"3a32e01d-2b85-43bd-b4e5-0a74706e3d28","block_type":"box","text":"interest, is available in the Fund’s SAI.","page_number":45,"box":{"x":62,"y":102,"width":281,"height":11}},{"id":"80e6bf89-d28f-433f-b728-8b906526c14c","block_type":"box","text":"The Fund is managed by a team of financial professionals. Michael Kalinoski, CFA, Kevin Maloney, CFA, Ryan","page_number":45,"box":{"x":60,"y":125,"width":800,"height":11}},{"id":"c09d7103-ade9-416c-b5a9-815636163336","block_type":"box","text":"McDonald, CFA, Phillip Soccio, CFA, and Sean Carney are jointly and primarily responsible for the day-to-day","page_number":45,"box":{"x":62,"y":140,"width":786,"height":11}},{"id":"d3b262ea-4f9c-4208-a056-ce424c734c5a","block_type":"box","text":"management of the Fund.","page_number":45,"box":{"x":61,"y":155,"width":187,"height":11}},{"id":"f2925163-f162-4004-af0a-7ed1863f9dbd","block_type":"box","text":"Portfolio Manager Primary Role Since Title and Recent Biography","page_number":45,"box":{"x":61,"y":182,"width":797,"height":10}},{"id":"ef04f317-2d0d-4713-82c6-2c8feb7cdcf5","block_type":"box","text":"Michael Kalinoski, CFA Jointly and primarily responsible for","page_number":45,"box":{"x":61,"y":200,"width":424,"height":10}},{"id":"f1eff35a-3488-4c03-8a2c-43b33d6c5609","block_type":"box","text":"the day-to-day management of the","page_number":45,"box":{"x":252,"y":213,"width":223,"height":11}},{"id":"4334f4a5-acbb-44e3-a7de-461b74f89205","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":45,"box":{"x":253,"y":227,"width":245,"height":10}},{"id":"8ba24850-1ef8-4cce-8780-8f947baac99d","block_type":"box","text":"Fund’s overall investment strategy","page_number":45,"box":{"x":253,"y":241,"width":225,"height":10}},{"id":"67022c49-2862-4f95-bd56-eefb12eef27d","block_type":"box","text":"and overseeing the management of","page_number":45,"box":{"x":253,"y":254,"width":233,"height":11}},{"id":"dd717ea5-4064-42b5-8f11-a1d30eeb95b6","block_type":"box","text":"the Fund.","page_number":45,"box":{"x":252,"y":268,"width":60,"height":8}},{"id":"fc68515d-ed09-4702-aaed-e30c4b796646","block_type":"box","text":"2014 Director of BlackRock, Inc. since 2006.","page_number":45,"box":{"x":545,"y":200,"width":328,"height":10}},{"id":"5fb98e25-221c-491e-adb8-5a5816c109a9","block_type":"box","text":"Kevin Maloney, CFA Jointly and primarily responsible for","page_number":45,"box":{"x":62,"y":286,"width":423,"height":10}},{"id":"660f417c-ee32-4083-95bc-40d04a0a7667","block_type":"box","text":"the day-to-day management of the","page_number":45,"box":{"x":252,"y":299,"width":223,"height":11}},{"id":"8e42f66e-e79c-46fe-ae15-01bdf61ddcd1","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":45,"box":{"x":253,"y":313,"width":245,"height":10}},{"id":"39a6f13f-15ca-42ab-81a3-c9a672316ce9","block_type":"box","text":"Fund’s overall investment strategy","page_number":45,"box":{"x":253,"y":327,"width":225,"height":10}},{"id":"3c2c2cf7-17fb-4655-b091-046d03e4d0b4","block_type":"box","text":"and overseeing the management of","page_number":45,"box":{"x":253,"y":340,"width":233,"height":10}},{"id":"84ec7f5e-a41f-499e-b5d6-695a219a3691","block_type":"box","text":"the Fund.","page_number":45,"box":{"x":252,"y":354,"width":60,"height":8}},{"id":"b127a8b9-3917-4312-871a-b9eb60b8721c","block_type":"box","text":"2022 Managing Director of BlackRock, Inc. since","page_number":45,"box":{"x":545,"y":286,"width":352,"height":10}},{"id":"891285d7-3f0a-442a-bdec-922916d3f161","block_type":"box","text":"2025; Director of BlackRock, Inc. from 2021","page_number":45,"box":{"x":615,"y":299,"width":295,"height":10}},{"id":"ff4c4a19-462d-487c-b61f-5394a2b29cad","block_type":"box","text":"to 2024.","page_number":45,"box":{"x":615,"y":313,"width":57,"height":8}},{"id":"04a35de1-115a-458a-bfd9-b7f297fc486e","block_type":"box","text":"Ryan McDonald, CFA Jointly and primarily responsible for","page_number":45,"box":{"x":61,"y":371,"width":424,"height":11}},{"id":"7fcc03b4-0984-42e0-a36f-c2b60ff7e1c6","block_type":"box","text":"the day-to-day management of the","page_number":45,"box":{"x":252,"y":385,"width":223,"height":10}},{"id":"17ac5e2b-4069-44fe-9de6-448311290c28","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":45,"box":{"x":253,"y":398,"width":245,"height":11}},{"id":"f2ffe23b-23f5-43c0-af0e-af4f6e784ec2","block_type":"box","text":"Fund’s overall investment strategy","page_number":45,"box":{"x":253,"y":412,"width":225,"height":10}},{"id":"ca99c270-6af6-468a-b798-2bc3da4721d8","block_type":"box","text":"and overseeing the management of","page_number":45,"box":{"x":253,"y":426,"width":233,"height":10}},{"id":"fadf63b3-a95c-4ddc-a83b-17f4832f42d1","block_type":"box","text":"the Fund.","page_number":45,"box":{"x":252,"y":439,"width":60,"height":8}},{"id":"d13e5048-031f-4e16-a767-67e2be1375d4","block_type":"box","text":"2023 Managing Director of BlackRock, Inc. since","page_number":45,"box":{"x":545,"y":371,"width":352,"height":11}},{"id":"2a2d7619-bcdc-4686-9dd3-d24dd3953fd2","block_type":"box","text":"2023; Director of BlackRock, Inc. from 2017","page_number":45,"box":{"x":615,"y":385,"width":294,"height":10}},{"id":"615206da-f103-464a-9226-786d9b1eb496","block_type":"box","text":"to 2022.","page_number":45,"box":{"x":615,"y":399,"width":57,"height":8}},{"id":"5e6e861a-2fef-421a-a851-f840c32a3636","block_type":"box","text":"Phillip Soccio, CFA Jointly and primarily responsible for","page_number":45,"box":{"x":61,"y":457,"width":424,"height":10}},{"id":"eb0d488b-b415-47eb-ba4b-6aea5077a1d7","block_type":"box","text":"the day-to-day management of the","page_number":45,"box":{"x":252,"y":471,"width":223,"height":10}},{"id":"8897306e-3b9d-466c-8d44-170c9d759641","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":45,"box":{"x":253,"y":484,"width":245,"height":11}},{"id":"acc52d12-41f1-45a6-9579-3e080715256f","block_type":"box","text":"Fund’s overall investment strategy","page_number":45,"box":{"x":253,"y":498,"width":225,"height":10}},{"id":"ff9e7004-0e0d-4d9a-99d0-ea1b3f3dbf80","block_type":"box","text":"and overseeing the management of","page_number":45,"box":{"x":253,"y":511,"width":233,"height":11}},{"id":"caac188b-6240-4432-918f-7cdab99d9fd6","block_type":"box","text":"the Fund.","page_number":45,"box":{"x":252,"y":525,"width":60,"height":8}},{"id":"938f4583-1cf7-4030-8f6e-1201c23d340d","block_type":"box","text":"2023 Director of BlackRock, Inc. since 2009.","page_number":45,"box":{"x":545,"y":457,"width":328,"height":10}},{"id":"9b39c22b-51ae-4599-9d46-136dc546e3c7","block_type":"box","text":"Sean Carney Jointly and primarily responsible for","page_number":45,"box":{"x":61,"y":543,"width":424,"height":10}},{"id":"cdea6f48-dadb-4139-a512-37337a9c1236","block_type":"box","text":"the day-to-day management of the","page_number":45,"box":{"x":252,"y":556,"width":223,"height":11}},{"id":"402bafdc-1cef-4683-bacb-8706b277ea8c","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":45,"box":{"x":253,"y":570,"width":245,"height":10}},{"id":"4b93a648-f549-492c-a80d-655f92100895","block_type":"box","text":"Fund’s overall investment strategy","page_number":45,"box":{"x":253,"y":584,"width":225,"height":10}},{"id":"76908dc9-6b68-4dac-bb3a-de39ed0e749c","block_type":"box","text":"and overseeing the management of","page_number":45,"box":{"x":253,"y":597,"width":233,"height":10}},{"id":"3dc84728-fc7e-47a0-912d-bfe71d5a43c3","block_type":"box","text":"the Fund.","page_number":45,"box":{"x":252,"y":611,"width":60,"height":8}},{"id":"f23e7984-3b6f-4ae9-8c88-ccbb20bc3bfa","block_type":"box","text":"2023 Managing Director of BlackRock, Inc. since","page_number":45,"box":{"x":545,"y":543,"width":352,"height":10}},{"id":"75512cdc-e414-4ea3-9f3d-0f598c27e4bf","block_type":"box","text":"2018.","page_number":45,"box":{"x":615,"y":557,"width":39,"height":8}},{"id":"661f4067-3cf5-4e52-8529-0dba83d85156","block_type":"box","text":"Conflicts of Interest","page_number":45,"box":{"x":61,"y":651,"width":181,"height":11}},{"id":"f907b722-f333-4e1f-b918-8c0ea230cb5f","block_type":"box","text":"The investment activities of BlackRock and its affiliates (including BlackRock, Inc. and its subsidiaries (collectively, the","page_number":45,"box":{"x":60,"y":677,"width":871,"height":12}},{"id":"ea60503e-b410-4062-bf52-d4314010d38a","block_type":"box","text":"“Affiliates”)), and their respective directors, officers or employees, in managing their own accounts and other","page_number":45,"box":{"x":62,"y":692,"width":801,"height":12}},{"id":"27bfac18-94b0-4bb0-8f64-f754bd6bbb80","block_type":"box","text":"accounts, may present conflicts of interest that could disadvantage the Fund and its shareholders.","page_number":45,"box":{"x":61,"y":707,"width":723,"height":12}},{"id":"ac8d063a-7c76-4b81-9f06-a4425b33655c","block_type":"box","text":"BlackRock and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management","page_number":45,"box":{"x":62,"y":730,"width":871,"height":11}},{"id":"91d7e66e-63b0-4254-9c51-c7c6d0e75e27","block_type":"box","text":"activities and in the ordinary course of business may engage in activities in which their interests or the interests of","page_number":45,"box":{"x":61,"y":744,"width":845,"height":12}},{"id":"7fd9de20-65cd-4d2f-8d79-4390e8168099","block_type":"box","text":"other clients may conflict with those of the Fund. BlackRock and its Affiliates act, or may act, as an investor, research","page_number":45,"box":{"x":61,"y":759,"width":865,"height":12}},{"id":"0b6aaaa4-65a3-42ae-9aab-db290caaed51","block_type":"box","text":"provider, investment manager, commodity pool operator, commodity trading advisor, financier, underwriter, adviser,","page_number":45,"box":{"x":62,"y":774,"width":839,"height":12}},{"id":"0af68986-e2d0-4429-9901-7e8ae987f69a","block_type":"box","text":"trader, lender, index provider, agent and/or principal. BlackRock and its Affiliates may have other direct and indirect","page_number":45,"box":{"x":60,"y":789,"width":850,"height":11}},{"id":"3b7bf238-2545-46cc-9f67-bd26516ca0f9","block_type":"box","text":"interests in securities, currencies, commodities, derivatives and other assets in which the Fund may directly or","page_number":45,"box":{"x":62,"y":804,"width":813,"height":11}},{"id":"58ce6192-644d-4b7b-a26f-e42c913e72a9","block_type":"box","text":"indirectly invest.","page_number":45,"box":{"x":62,"y":819,"width":116,"height":11}},{"id":"72ffe0a5-fda2-4d4e-a6b2-7ed4d971d5e3","block_type":"box","text":"BlackRock and its Affiliates may engage in proprietary trading and advise accounts and other funds that have","page_number":45,"box":{"x":62,"y":841,"width":801,"height":12}},{"id":"ae30f7c0-6a7f-4f63-b994-1cfcd9c477f5","block_type":"box","text":"investment objectives similar to those of the Fund and/or that engage in and compete for transactions in the same or","page_number":45,"box":{"x":62,"y":856,"width":865,"height":11}},{"id":"791fdfe3-2f4c-4e07-8797-d3eab6aa8e63","block_type":"box","text":"similar types of securities, currencies and other assets as are held by the Fund. 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These activities may result in BlackRock or an Affiliate having positions in assets that are senior or junior to, or","page_number":46,"box":{"x":62,"y":46,"width":862,"height":11}},{"id":"6e0bdc68-e025-4bd6-8e78-f048d2d4d0ee","block_type":"box","text":"that have interests different from or adverse to, the assets held by the Fund.","page_number":46,"box":{"x":60,"y":60,"width":565,"height":12}},{"id":"96f9e531-7bae-4665-a75a-a5e35f542543","block_type":"box","text":"The Fund may invest in securities issued by, or engage in other transactions with, entities with which an Affiliate has","page_number":46,"box":{"x":60,"y":83,"width":855,"height":12}},{"id":"efd3d994-b7d7-4574-a88e-96b28e10f872","block_type":"box","text":"significant debt or equity investments or other interests. 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The Fund also may invest in securities of, or engage in other transactions with, entities for which an Affiliate","page_number":46,"box":{"x":61,"y":127,"width":866,"height":12}},{"id":"178b9673-da5c-4f11-a506-ecf41ca98e67","block_type":"box","text":"provides or may provide research coverage or other analysis.","page_number":46,"box":{"x":62,"y":143,"width":444,"height":11}},{"id":"55a924cd-f6f0-4976-92b7-28f33f4024f1","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others","page_number":46,"box":{"x":60,"y":165,"width":862,"height":11}},{"id":"55f9e475-95fa-494b-874b-151cc17cf8ba","block_type":"box","text":"who recommend the Fund or who engage in transactions with or for the Fund.","page_number":46,"box":{"x":60,"y":180,"width":567,"height":11}},{"id":"090d7ec6-81d7-42fb-b81f-1fb46027132e","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with","page_number":46,"box":{"x":62,"y":202,"width":851,"height":12}},{"id":"3d7b4ec6-d43d-4437-940a-bed9141634b4","block_type":"box","text":"the Fund. 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The opposite result is also possible.","page_number":46,"box":{"x":61,"y":262,"width":815,"height":11}},{"id":"3863ce68-48ef-4dbd-94f1-c22295add840","block_type":"box","text":"In addition, the Fund may enter into transactions in which BlackRock or an Affiliate or their directors, officers,","page_number":46,"box":{"x":62,"y":284,"width":802,"height":12}},{"id":"191004ed-ac90-4771-8e99-d42e085bd38c","block_type":"box","text":"employees or clients have an adverse interest. 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The price, availability, liquidity, and (in some cases)","page_number":46,"box":{"x":60,"y":351,"width":814,"height":12}},{"id":"8b957e50-e110-4ca5-a06b-f4de3e5c68e0","block_type":"box","text":"expense ratio of the Fund may be impacted by purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":46,"box":{"x":61,"y":366,"width":853,"height":11}},{"id":"0ab25005-5674-40c9-b89d-f49ad95ac29c","block_type":"box","text":"The Fund’s activities may be limited because of regulatory restrictions applicable to BlackRock or an Affiliate or their","page_number":46,"box":{"x":60,"y":389,"width":858,"height":11}},{"id":"2f9303a7-9040-48fd-aca0-335ac19b754c","block_type":"box","text":"policies designed to comply with such restrictions.","page_number":46,"box":{"x":62,"y":404,"width":367,"height":11}},{"id":"7d6043bb-971e-4613-9a5b-ba5dcb8eb9af","block_type":"box","text":"Under a securities lending program approved by the Board, the Fund has retained BlackRock Investment Management,","page_number":46,"box":{"x":62,"y":426,"width":869,"height":12}},{"id":"13dfe160-c89a-4bcc-8efc-d9e846892003","block_type":"box","text":"LLC, an Affiliate of BlackRock, to serve as its securities lending agent to the extent that it participates in the securities","page_number":46,"box":{"x":62,"y":441,"width":875,"height":11}},{"id":"9bb2832d-189a-408c-8287-aa13909fcc20","block_type":"box","text":"lending program. For these services, the securities lending agent will receive a fee from the participating Fund based","page_number":46,"box":{"x":62,"y":456,"width":857,"height":11}},{"id":"94f383f2-d9b2-439e-98f2-323f2cfeb774","block_type":"box","text":"on the returns earned on the Fund’s lending activities, including the investment of the cash received as collateral for","page_number":46,"box":{"x":61,"y":470,"width":857,"height":12}},{"id":"da4db896-3cca-4347-a45e-94bed4141606","block_type":"box","text":"the loaned securities. 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The terms of a fund’s index licensing agreement with BlackRock or its","page_number":46,"box":{"x":62,"y":552,"width":870,"height":12}},{"id":"aab85354-c858-4a46-a2d5-359d21a63e0f","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":46,"box":{"x":60,"y":567,"width":545,"height":12}},{"id":"a3061b5c-ac13-4cda-8f42-056890831285","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":46,"box":{"x":60,"y":590,"width":837,"height":11}},{"id":"3f8c1880-34e4-42fd-ba1b-de74ecb4f95f","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":46,"box":{"x":61,"y":604,"width":865,"height":12}},{"id":"f2fe63e7-c6a9-4085-b81e-aec2d5a20650","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":46,"box":{"x":62,"y":619,"width":819,"height":12}},{"id":"5a5033d5-21fe-4baa-a8f4-4577fa7dea39","block_type":"box","text":"Valuation of Fund Investments","page_number":46,"box":{"x":63,"y":658,"width":271,"height":11}},{"id":"31b79cc8-2f98-4e65-9079-3073ec6b1d6c","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":46,"box":{"x":60,"y":684,"width":869,"height":12}},{"id":"4f0e2af9-2656-4541-a9b0-205518726d19","block_type":"box","text":"are also redeemed at their net asset value, minus any applicable sales charge or redemption fee. The net asset value","page_number":46,"box":{"x":61,"y":699,"width":868,"height":12}},{"id":"5f7c1c13-31c1-48b4-8534-0d2d96529830","block_type":"box","text":"used in determining your share price is the next one calculated after your purchase or redemption order is received.","page_number":46,"box":{"x":61,"y":714,"width":849,"height":12}},{"id":"c4163067-8247-4635-9001-bafb2bf8a05e","block_type":"box","text":"The net asset value of each class of shares normally is determined once daily Monday through Friday, generally as of","page_number":46,"box":{"x":60,"y":729,"width":862,"height":11}},{"id":"071b8716-f4f2-4e15-a99d-79dec0496c2d","block_type":"box","text":"the close of regular trading hours of the NYSE (normally 4:00 p.m., Eastern time), on each day that the NYSE is open","page_number":46,"box":{"x":60,"y":744,"width":861,"height":11}},{"id":"6b093935-5f68-4ee8-9691-c99ee0742b47","block_type":"box","text":"for trading, based on prices at the time of closing, provided that any Fund assets or liabilities denominated in","page_number":46,"box":{"x":60,"y":759,"width":803,"height":11}},{"id":"c5ee20d2-93e2-4856-b72f-b102785cf939","block_type":"box","text":"currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing market rates on the date of","page_number":46,"box":{"x":61,"y":773,"width":829,"height":12}},{"id":"7255daf0-e5dd-437a-99e9-c3965a3f0afc","block_type":"box","text":"valuation as quoted by one or more data service providers. The net asset value of shares is calculated by dividing the","page_number":46,"box":{"x":60,"y":788,"width":865,"height":12}},{"id":"6567b9a8-4604-4a95-8a79-5220ec88a834","block_type":"box","text":"value of the net assets of each class of shares (i.e., the value of its total assets less total liabilities) by the total","page_number":46,"box":{"x":60,"y":803,"width":829,"height":11}},{"id":"7c356c0f-9c73-4ab9-89d6-e62bf0da3d1b","block_type":"box","text":"number of outstanding shares of the class, generally rounded to the nearest cent.","page_number":46,"box":{"x":61,"y":818,"width":601,"height":11}},{"id":"c20bd51a-20e2-470d-b200-dd766ed2cb27","block_type":"box","text":"Generally, Institutional Shares will have the highest net asset value because that class has the lowest expenses.","page_number":46,"box":{"x":61,"y":841,"width":830,"height":11}},{"id":"76b686d6-083c-4ccf-9a96-9e10edcc9525","block_type":"box","text":"Investor A Shares will have a higher net asset value than Investor C Shares. Also, dividends paid on Investor A and","page_number":46,"box":{"x":62,"y":855,"width":841,"height":12}},{"id":"ef956804-016b-4f92-8f74-b0f4eb50ea1a","block_type":"box","text":"Institutional Shares will generally be higher than dividends paid on Investor C Shares because Investor A and","page_number":46,"box":{"x":62,"y":870,"width":797,"height":12}},{"id":"59243e16-a09e-46aa-8898-f52fb85cfcc7","block_type":"box","text":"Institutional Shares have lower expenses.","page_number":46,"box":{"x":62,"y":885,"width":304,"height":11}},{"id":"8efd57e1-72b2-4665-b753-fff3b7bbfb50","block_type":"box","text":"45","page_number":46,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"68ec91be-0532-4039-b4ed-8354e1e6e3db","block_type":"box","text":"NM0926U-5974826-46/73","page_number":46,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"6509552e-6cf6-4ca5-809e-da80776473e9","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":47,"box":{"x":60,"y":46,"width":844,"height":11}},{"id":"91b92c6d-e63d-478f-99b2-afd62ed5b3df","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":47,"box":{"x":60,"y":60,"width":837,"height":12}},{"id":"f76f4393-5ac5-4450-ae90-0bc50005a4f0","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":47,"box":{"x":62,"y":75,"width":464,"height":12}},{"id":"42095c66-9f6d-4f3c-a1b7-baa70dd4c6d3","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":47,"box":{"x":62,"y":98,"width":863,"height":11}},{"id":"301ad9f7-e227-464d-8c1a-18adf5dc366d","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":47,"box":{"x":60,"y":113,"width":858,"height":11}},{"id":"1c8e1317-92fe-4815-94c4-f927a18e0650","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":47,"box":{"x":62,"y":127,"width":863,"height":12}},{"id":"9d0a5fe3-feab-4c8b-afec-41e4eb6947c2","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":47,"box":{"x":61,"y":142,"width":852,"height":12}},{"id":"a6bee260-50c2-4f12-b074-b6ffc4a79942","block_type":"box","text":"end funds (including money market funds) are valued at net asset value. Shares of underlying exchange-traded closed","page_number":47,"box":{"x":61,"y":157,"width":869,"height":12}},{"id":"621a1fdc-ce38-4186-a84d-678fec9171fa","block_type":"box","text":"end funds or other ETFs are valued at their most recent closing price.","page_number":47,"box":{"x":61,"y":172,"width":507,"height":12}},{"id":"42e48372-24df-4b1c-861e-ee69b3baffbc","block_type":"box","text":"The Fund values fixed-income portfolio securities and certain derivative instruments using prices provided by dealers","page_number":47,"box":{"x":60,"y":195,"width":857,"height":11}},{"id":"2765c3a9-5019-4f0d-b439-2af1bb24b8a0","block_type":"box","text":"or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":47,"box":{"x":61,"y":210,"width":870,"height":11}},{"id":"8cf3f7e1-f28a-4c42-8926-8cb3e3bebb1a","block_type":"box","text":"accordance with BlackRock’s valuation policies and procedures. Pricing services may use valuation models that utilize","page_number":47,"box":{"x":61,"y":224,"width":868,"height":12}},{"id":"71890081-4ef2-4a3b-a696-cfd75f6d7dbf","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":47,"box":{"x":61,"y":239,"width":842,"height":12}},{"id":"e7939586-d1cb-4b4c-8dc6-563c8f920eef","block_type":"box","text":"orderly transactions of an institutional round lot size, but the Fund may hold or transact in such securities in smaller","page_number":47,"box":{"x":61,"y":254,"width":853,"height":11}},{"id":"be248e35-daeb-4701-b8ff-a6472df593a0","block_type":"box","text":"odd lot sizes. 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The","page_number":47,"box":{"x":61,"y":283,"width":822,"height":12}},{"id":"473cb74f-4e76-4efc-8703-1fe47347dfeb","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":47,"box":{"x":61,"y":298,"width":845,"height":12}},{"id":"47445bec-cbfa-4231-a954-24333fd8f83e","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":47,"box":{"x":61,"y":313,"width":733,"height":12}},{"id":"a618fa02-4f38-48fb-9499-c89be890437c","block_type":"box","text":"Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of","page_number":47,"box":{"x":61,"y":336,"width":829,"height":11}},{"id":"4ce59b3e-90e8-47b9-8955-8435dede1258","block_type":"box","text":"regular trading hours of the NYSE. 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This systematic fair value","page_number":47,"box":{"x":61,"y":574,"width":871,"height":11}},{"id":"fe1dc3e1-5512-4a7a-a899-605820de02ea","block_type":"box","text":"pricing methodology is designed to correlate the prices of foreign assets in one or more non-U.S. markets following the","page_number":47,"box":{"x":62,"y":588,"width":872,"height":12}},{"id":"25ef53b2-4823-42c3-a3cf-53f017453e96","block_type":"box","text":"close of the local markets to the prices that might have prevailed as of the Fund’s pricing time.","page_number":47,"box":{"x":61,"y":603,"width":697,"height":12}},{"id":"e5ae2421-f0f7-4669-bc83-a24af270e616","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. The fair value of an asset or","page_number":47,"box":{"x":62,"y":626,"width":825,"height":11}},{"id":"ad118a0b-7783-43bb-b432-7b4b8c5a0a3f","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":47,"box":{"x":62,"y":641,"width":871,"height":11}},{"id":"6b47a6be-0ac6-4bd3-951a-bcd81b272e72","block_type":"box","text":"or the cost to extinguish that liability in an arm’s-length transaction. Valuing the Fund’s investments using fair value","page_number":47,"box":{"x":61,"y":655,"width":847,"height":12}},{"id":"e21cb3be-c3a4-4921-bc8a-d978b5dd15ab","block_type":"box","text":"pricing will result in prices that may differ from current market valuations and that may not be the prices at which","page_number":47,"box":{"x":62,"y":670,"width":829,"height":12}},{"id":"9fa44a54-3ae6-4905-872a-6b5d038eb8a6","block_type":"box","text":"those investments could have been sold during the period in which the particular fair values were used.","page_number":47,"box":{"x":60,"y":685,"width":760,"height":12}},{"id":"b5772a04-09bf-47ef-a4b5-e8fca14b3141","block_type":"box","text":"The Fund may accept orders from certain authorized Financial Intermediaries or their designees. The Fund will be","page_number":47,"box":{"x":60,"y":708,"width":830,"height":11}},{"id":"eb58ed82-c62a-4189-9341-c3208259b730","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":47,"box":{"x":61,"y":723,"width":848,"height":11}},{"id":"4e6bde1c-5b88-4ee9-9440-bb1a8e429521","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":47,"box":{"x":61,"y":737,"width":868,"height":12}},{"id":"b13297f4-b738-4891-ae64-6db2e98128dc","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":47,"box":{"x":61,"y":752,"width":856,"height":12}},{"id":"30624bf2-6a2d-4315-9e53-0af848af787f","block_type":"box","text":"46","page_number":47,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"916f5dcb-3a18-421a-bfd5-5741c7ee4c80","block_type":"box","text":"NM0926U-5974826-47/73","page_number":47,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"62826ef6-a4aa-4074-a290-93af49b0838c","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":48,"box":{"x":61,"y":47,"width":311,"height":13}},{"id":"14637433-2ab7-4562-ab5d-de7aea1da96b","block_type":"box","text":"BUYING A DIVIDEND","page_number":48,"box":{"x":423,"y":88,"width":152,"height":9}},{"id":"338d87b9-4aa5-465e-a954-961912ecf3c9","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":48,"box":{"x":72,"y":110,"width":831,"height":12}},{"id":"06534c72-0420-45cc-a402-bd6b687aba98","block_type":"box","text":"pays a dividend, although the impact on you will be significantly less than if you were invested in a fund paying fully","page_number":48,"box":{"x":72,"y":125,"width":844,"height":11}},{"id":"06e9834f-68bf-41ec-91de-4b064682461c","block_type":"box","text":"taxable dividends. The reason? If you buy shares when the Fund has declared but not yet distributed taxable","page_number":48,"box":{"x":70,"y":140,"width":796,"height":11}},{"id":"c0cb60d9-1771-4c10-916c-d8a6aa59d649","block_type":"box","text":"ordinary income or capital gains, you will pay the full price for the shares and then receive a portion of the price","page_number":48,"box":{"x":71,"y":155,"width":820,"height":11}},{"id":"a1f30876-9cc8-4e3c-8f66-713b71b42847","block_type":"box","text":"back in the form of a taxable dividend. Before investing you may want to consult your tax adviser.","page_number":48,"box":{"x":71,"y":169,"width":711,"height":12}},{"id":"c2a3a0c3-0fe1-4e29-b574-10406e5b11ef","block_type":"box","text":"The Fund will distribute net investment income, if any, monthly and net realized capital gain, if any, at least annually.","page_number":48,"box":{"x":60,"y":210,"width":852,"height":12}},{"id":"39728466-6d7a-42ff-83f9-ba9dd47e2331","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":48,"box":{"x":60,"y":225,"width":857,"height":11}},{"id":"a708c769-3570-4b9f-95f8-d5e9ed37ceed","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":48,"box":{"x":62,"y":240,"width":859,"height":11}},{"id":"89c4469f-3161-497f-995e-99c75343089a","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":48,"box":{"x":60,"y":254,"width":864,"height":12}},{"id":"f0b75d28-6916-4ed2-bdff-7f594cadd84d","block_type":"box","text":"this cannot be predicted with any certainty, the Fund anticipates that a significant amount of its taxable dividends, if","page_number":48,"box":{"x":60,"y":269,"width":855,"height":12}},{"id":"be5e353c-741a-43c1-9597-9dc576b6c091","block_type":"box","text":"any, will consist of capital gains. Capital gains may be taxable to you at different rates depending on how long the Fund","page_number":48,"box":{"x":61,"y":284,"width":875,"height":12}},{"id":"460e8ce0-0172-411c-8efc-af2a0cb55185","block_type":"box","text":"held the assets sold.","page_number":48,"box":{"x":61,"y":299,"width":153,"height":9}},{"id":"d684ad44-9cd7-4d28-9283-992328b0a3d0","block_type":"box","text":"The Fund intends to make income distributions most of which will be excludable from gross income for federal income","page_number":48,"box":{"x":60,"y":321,"width":867,"height":12}},{"id":"4dd81376-71fd-4199-971d-2e413448a641","block_type":"box","text":"tax purposes. Some distributions may be taxable.","page_number":48,"box":{"x":60,"y":336,"width":364,"height":12}},{"id":"b362e699-3b4a-4d5d-b71e-c0543bcdc04e","block_type":"box","text":"The Fund will purchase a tax-exempt security only if it is accompanied by an opinion of counsel to the issuer, which is","page_number":48,"box":{"x":60,"y":359,"width":861,"height":11}},{"id":"4f17a2d6-67fa-4c39-8a29-8d614dbb5d2e","block_type":"box","text":"delivered on the date of issuance of the security, that the interest paid on such security is excludable from gross","page_number":48,"box":{"x":61,"y":374,"width":828,"height":11}},{"id":"4625f3ae-678f-4f53-957a-d528710fa58a","block_type":"box","text":"income for Federal income tax purposes. For purposes of the Fund’s investment strategies, municipal securities and","page_number":48,"box":{"x":62,"y":389,"width":853,"height":11}},{"id":"89571855-26e2-4998-a784-5c1a11b7905a","block_type":"box","text":"municipal bonds do not include certain tax credit bonds or tax subsidy bonds issued by municipalities and/or states,","page_number":48,"box":{"x":61,"y":404,"width":857,"height":11}},{"id":"f9029206-00fa-4b62-8920-2f9f3983d2b3","block_type":"box","text":"the interest of which is generally taxable for Federal income tax purposes. Holders of tax credit bonds may be entitled","page_number":48,"box":{"x":60,"y":418,"width":864,"height":12}},{"id":"e8af3bc4-3b19-4df1-99b2-ed02c52fa504","block_type":"box","text":"to be allocated income tax credits of certain amounts. To the extent that the dividends distributed by the Fund are","page_number":48,"box":{"x":60,"y":433,"width":838,"height":11}},{"id":"489ed46e-f248-4e11-851c-26ab2805ab27","block_type":"box","text":"derived from bond interest income that is excludable from gross income for Federal income tax purposes, they are","page_number":48,"box":{"x":61,"y":448,"width":839,"height":11}},{"id":"94e2a172-a886-425f-9719-c657046303f7","block_type":"box","text":"exempt from Federal income tax. However, as the Fund may invest in taxable securities as well, the Fund anticipates","page_number":48,"box":{"x":61,"y":463,"width":855,"height":11}},{"id":"0095358d-2dcc-4d6e-9f38-1260d9d81363","block_type":"box","text":"that some portion of its dividends may be taxable to investors.","page_number":48,"box":{"x":60,"y":477,"width":460,"height":12}},{"id":"218bbbb0-8694-48e2-b64e-3ecec467944b","block_type":"box","text":"There is a possibility that events occurring after the date of issuance of a security, or after the Fund’s acquisition of a","page_number":48,"box":{"x":60,"y":500,"width":864,"height":12}},{"id":"328393be-6c47-4379-8aff-fda6f091b118","block_type":"box","text":"security, may result in a determination that the interest on that security is, in fact, includable in gross income for","page_number":48,"box":{"x":61,"y":515,"width":829,"height":11}},{"id":"e50e47ec-e868-4caf-827a-68896802e4c1","block_type":"box","text":"Federal income tax purposes retroactively to its date of issue. Such a determination may cause a portion of prior","page_number":48,"box":{"x":62,"y":530,"width":829,"height":11}},{"id":"e82d16c1-3c4f-4217-a0b5-d0d903de7972","block_type":"box","text":"distributions received by shareholders to be taxable to those shareholders in the year of receipt.","page_number":48,"box":{"x":61,"y":545,"width":707,"height":11}},{"id":"f9c6f698-48ad-4ab8-935d-07ac05b6bc71","block_type":"box","text":"Distributions derived from taxable interest income, market discount or capital gains on portfolio securities or derivative","page_number":48,"box":{"x":62,"y":567,"width":872,"height":12}},{"id":"4ced82e8-b435-4585-9bf4-38ddbbfff938","block_type":"box","text":"instruments, if any, will be subject to Federal income taxes and will generally be subject to state and local income","page_number":48,"box":{"x":62,"y":582,"width":834,"height":11}},{"id":"1a07e6a6-d3d7-4f2d-96ff-56b5a09e0d76","block_type":"box","text":"taxes. If you redeem or exchange Fund shares, you generally will be treated as having sold your shares and any gain on","page_number":48,"box":{"x":60,"y":597,"width":876,"height":11}},{"id":"de09a4c7-f84b-4000-a5ea-303d1d9fbee5","block_type":"box","text":"the transaction may be subject to tax. Certain investors may be subject to a Federal alternative minimum tax on","page_number":48,"box":{"x":60,"y":612,"width":822,"height":11}},{"id":"7e2c0110-8991-42ef-baf4-1c600f181939","block_type":"box","text":"dividends attributable to the Fund’s investments in private activity bonds.","page_number":48,"box":{"x":61,"y":627,"width":536,"height":11}},{"id":"edcad29e-a771-4622-b266-5c8f6d19f9dc","block_type":"box","text":"Generally, within 60 days after the end of the calendar year, the Fund or your Financial Intermediary will tell you the","page_number":48,"box":{"x":61,"y":649,"width":843,"height":11}},{"id":"60efb91e-bed8-4103-88f5-4ffc64223251","block_type":"box","text":"amount of exempt-interest dividends, taxable income, and capital gain dividends you received that year. Capital gain","page_number":48,"box":{"x":61,"y":664,"width":851,"height":11}},{"id":"c0129055-3870-45f3-8758-3aa22cba93e2","block_type":"box","text":"dividends are taxable as long term capital gains to you if the Fund has held its positions for more than one year,","page_number":48,"box":{"x":61,"y":679,"width":823,"height":11}},{"id":"f4ff4186-780f-46c8-8c2e-248a33c868de","block_type":"box","text":"regardless of how long you have held your shares in the Fund. The tax treatment of dividends from the Fund is the","page_number":48,"box":{"x":61,"y":693,"width":837,"height":12}},{"id":"21cf7bdb-1382-47bd-8a2f-137a6de575a7","block_type":"box","text":"same whether you choose to receive them in cash or to have them reinvested in shares of the Fund.","page_number":48,"box":{"x":61,"y":708,"width":736,"height":12}},{"id":"397db495-ae01-427c-b3d7-853975f98c29","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":48,"box":{"x":60,"y":731,"width":869,"height":11}},{"id":"f4b5d70a-4363-42f3-ba44-abfc48a849e4","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":48,"box":{"x":61,"y":746,"width":862,"height":11}},{"id":"40f52151-d309-48fd-8116-c46d7c621f83","block_type":"box","text":"gain on the transaction may be subject to tax. Fund distributions derived from qualified dividend income, which","page_number":48,"box":{"x":60,"y":760,"width":812,"height":12}},{"id":"44d38ec2-f0c5-4a90-87a2-c9bd62b49352","block_type":"box","text":"consists of dividends received from U.S. corporations and qualifying foreign corporations, and from long-term capital","page_number":48,"box":{"x":61,"y":775,"width":852,"height":12}},{"id":"b582bfaf-8eff-4592-9033-76d5bf39c4ae","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":48,"box":{"x":60,"y":790,"width":844,"height":12}},{"id":"1b5ec2e7-3622-4ad0-abf2-4ace63aef2cf","block_type":"box","text":"exceeds certain threshold amounts, which are adjusted annually for inflation.","page_number":48,"box":{"x":61,"y":805,"width":565,"height":11}},{"id":"673bd588-5a14-42df-98dd-55555b074bf5","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":48,"box":{"x":60,"y":828,"width":803,"height":11}},{"id":"66c302fd-313a-492a-8315-7d8d393da1d0","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":48,"box":{"x":61,"y":842,"width":873,"height":12}},{"id":"8064cb77-fcc9-42a6-bcb1-24fa60952883","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":48,"box":{"x":60,"y":857,"width":282,"height":12}},{"id":"7e0f6c56-37e6-48e6-8af4-195af09acf1c","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":48,"box":{"x":60,"y":880,"width":861,"height":11}},{"id":"549a6006-6a8d-4351-94fa-1e76d292cee9","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":48,"box":{"x":62,"y":895,"width":679,"height":11}},{"id":"357de168-4f53-40ee-ab9c-9235b7fc605d","block_type":"box","text":"47","page_number":48,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"b5ca8b75-3c39-4caf-b17b-910800c1a2cd","block_type":"box","text":"NM0926U-5974826-48/73","page_number":48,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"ffc8cd65-4ce8-43e0-9623-93ec22c56cfe","block_type":"box","text":"If you are neither a tax resident nor a citizen of the United States or if you are a foreign entity (other than a pass","page_number":49,"box":{"x":62,"y":46,"width":827,"height":11}},{"id":"141b2e88-b408-4975-8698-79cfa055f119","block_type":"box","text":"through entity to the extent owned by U.S. persons), the Fund’s dividends will generally be subject to a 30% U.S.","page_number":49,"box":{"x":60,"y":61,"width":826,"height":11}},{"id":"82565757-ef0c-4a9d-8978-0ddd786d0774","block_type":"box","text":"withholding tax, unless a lower treaty rate applies. However, certain distributions reported by the Fund as capital gain","page_number":49,"box":{"x":60,"y":76,"width":863,"height":11}},{"id":"d6e8bdd2-8517-4d7d-929e-e5859a06b8aa","block_type":"box","text":"dividends, interest-related dividends or short-term capital gain dividends and paid to a foreign shareholder may be","page_number":49,"box":{"x":61,"y":90,"width":837,"height":12}},{"id":"fd1815c0-d7cd-4c03-a4d8-df20234b3600","block_type":"box","text":"eligible for an exemption from U.S. withholding tax.","page_number":49,"box":{"x":61,"y":105,"width":372,"height":12}},{"id":"139ca7d0-3876-41e7-9c88-80311a2fc468","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income items paid","page_number":49,"box":{"x":61,"y":128,"width":868,"height":11}},{"id":"6e17a871-fcf7-4457-9738-630f1f03ed9c","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To avoid","page_number":49,"box":{"x":60,"y":142,"width":808,"height":12}},{"id":"ce825f67-4a35-4add-9585-ea3282e0d053","block_type":"box","text":"withholding, foreign financial institutions and investment funds will generally either need to (a) collect and report to the","page_number":49,"box":{"x":60,"y":157,"width":874,"height":12}},{"id":"9d7b06cc-155f-473a-8780-a74ea706a7ac","block_type":"box","text":"IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due diligence","page_number":49,"box":{"x":62,"y":172,"width":789,"height":12}},{"id":"ad95b5b4-5afd-4bfe-a1dd-5e5c6232ba10","block_type":"box","text":"procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying foreign entities","page_number":49,"box":{"x":62,"y":187,"width":858,"height":11}},{"id":"399bf4d9-dcb4-4b68-885e-be61929794af","block_type":"box","text":"and account holders or (b) if an intergovernmental agreement is entered into and implementing legislation is adopted,","page_number":49,"box":{"x":61,"y":202,"width":865,"height":11}},{"id":"88596dd9-5ea0-48a1-9928-9de56922e299","block_type":"box","text":"comply with the agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":49,"box":{"x":61,"y":216,"width":802,"height":12}},{"id":"6d68a7dc-ed48-4f4b-a0e9-8e3f44529249","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":49,"box":{"x":62,"y":231,"width":639,"height":12}},{"id":"b10de122-ef46-44f8-a8ca-71016301827f","block_type":"box","text":"This section summarizes some of the consequences under current federal tax law of an investment in the Fund. It is","page_number":49,"box":{"x":60,"y":254,"width":855,"height":11}},{"id":"d82a0550-1bd1-47f0-b534-3c693cdc2588","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":49,"box":{"x":61,"y":269,"width":832,"height":11}},{"id":"7c043303-c04b-4eaf-a120-87fd61945336","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":49,"box":{"x":62,"y":284,"width":383,"height":11}},{"id":"827fcf30-897c-4214-afb2-4312300f1073","block_type":"box","text":"48","page_number":49,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"36fd984f-d045-4503-8ad5-ddd2c52c244a","block_type":"box","text":"NM0926U-5974826-49/73","page_number":49,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"ae739b8a-5ae1-45f5-a151-4ec0942295d8","block_type":"box","text":"The financial highlights tables are intended to help investors understand the Fund’s financial performance for the","page_number":50,"box":{"x":60,"y":75,"width":833,"height":12}},{"id":"eb062594-066e-48e3-b839-6281fe6d7560","block_type":"box","text":"periods shown. Certain information reflects financial results for a single share of the Fund. The total returns in the","page_number":50,"box":{"x":62,"y":90,"width":839,"height":12}},{"id":"b414c15e-bb7f-4d71-be58-978d481246a7","block_type":"box","text":"tables represent the rate of return that an investor would have earned (or lost) on an investment in the Fund,","page_number":50,"box":{"x":60,"y":105,"width":800,"height":11}},{"id":"181c9d1d-fd66-450b-9cd9-f0a5057a2426","block_type":"box","text":"assuming reinvestment of all dividends and distributions. The information has been audited by Deloitte & Touche LLP","page_number":50,"box":{"x":61,"y":120,"width":860,"height":11}},{"id":"6f39281f-f84d-4f05-a36d-4d5ca48b2102","block_type":"box","text":"whose report, along with the Fund’s audited financial statements, is included in the Fund’s Annual Financial","page_number":50,"box":{"x":60,"y":135,"width":792,"height":11}},{"id":"47a119ba-ef6f-497d-837f-6a217b7dbc0b","block_type":"box","text":"Statements and Additional Information for the fiscal year ended May 31, 2026, as filed with the SEC on Form N-CSR,","page_number":50,"box":{"x":61,"y":149,"width":859,"height":12}},{"id":"f2c68c89-9d3f-4336-8b08-739fe7bd6e15","block_type":"box","text":"which is available upon request and at www.blackrock.com.","page_number":50,"box":{"x":60,"y":165,"width":435,"height":10}},{"id":"17182609-a4ef-4d03-963d-de971f1999a1","block_type":"box","text":"BlackRock Strategic Municipal Opportunities 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The Fund makes its top ten holdings available on a monthly basis at www.blackrock.com generally","page_number":54,"box":{"x":62,"y":289,"width":867,"height":12}},{"id":"090da1bb-3541-4ccd-98c5-ef6873d4dd8a","block_type":"box","text":"within 5 business days after the end of the month to which the information applies.","page_number":54,"box":{"x":60,"y":304,"width":612,"height":12}},{"id":"7ba5a96a-0abf-48de-948b-105c7cb1c471","block_type":"box","text":"53","page_number":54,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"e5a237da-de29-423f-bd23-7386f101e6cc","block_type":"box","text":"NM0926U-5974826-54/73","page_number":54,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"c40d0a4e-4034-442f-8780-749e90015563","block_type":"box","text":"Glossary","page_number":55,"box":{"x":63,"y":82,"width":192,"height":34}},{"id":"2ea937c9-5882-4e07-820a-6e8230a3a0f5","block_type":"box","text":"This glossary contains an explanation of some of the common terms used in this prospectus. 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(“Edward Jones”):","page_number":58,"box":{"x":61,"y":46,"width":383,"height":12}},{"id":"0e62d09b-76e4-4803-8689-292b8fa267ab","block_type":"box","text":"Policies Regarding Transactions Through Edward Jones","page_number":58,"box":{"x":61,"y":71,"width":456,"height":12}},{"id":"d4941afb-445f-4d11-ae5e-c1301309a77d","block_type":"box","text":"The following information has been provided by Edward Jones:","page_number":58,"box":{"x":62,"y":102,"width":455,"height":11}},{"id":"9ad8471c-8a42-4077-8fa1-e50b60c42f5c","block_type":"box","text":"Effective on or after June 10, 2026, the following information supersedes prior information with respect to","page_number":58,"box":{"x":62,"y":124,"width":780,"height":12}},{"id":"dcd9764f-bb23-458e-acc8-8a97d4923ecd","block_type":"box","text":"transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also","page_number":58,"box":{"x":60,"y":139,"width":817,"height":12}},{"id":"ffff84c8-1b19-4117-a0f8-d06a113fd03d","block_type":"box","text":"referred to as “shareholders”) purchasing fund shares on the Edward Jones commission and fee-based platforms are","page_number":58,"box":{"x":61,"y":154,"width":863,"height":11}},{"id":"3ad6dd96-3084-4766-b402-39a733cbe413","block_type":"box","text":"eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ","page_number":58,"box":{"x":61,"y":169,"width":860,"height":11}},{"id":"4098dbf4-c73e-47ac-b9f2-95c362cb008a","block_type":"box","text":"from discounts and waivers described elsewhere in this prospectus or statement of additional information (“SAI”) or","page_number":58,"box":{"x":60,"y":184,"width":854,"height":11}},{"id":"0f142b9f-14cd-4a54-ac44-fa489d1f8ffc","block_type":"box","text":"through another broker-dealer. 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If grouping assets","page_number":58,"box":{"x":80,"y":376,"width":849,"height":12}},{"id":"109734f5-0f61-4e62-a2a1-8d4fdf829053","block_type":"box","text":"as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another","page_number":58,"box":{"x":81,"y":391,"width":793,"height":11}},{"id":"84ee4ae1-8455-42a2-8300-badc8145c1ba","block_type":"box","text":"platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder","page_number":58,"box":{"x":82,"y":406,"width":794,"height":12}},{"id":"d459d8c6-2ba3-449d-a8f3-18596ed36cf3","block_type":"box","text":"notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such","page_number":58,"box":{"x":82,"y":421,"width":811,"height":11}},{"id":"129718cf-818d-41be-8867-c1bcee44fccc","block_type":"box","text":"shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a","page_number":58,"box":{"x":81,"y":436,"width":841,"height":11}},{"id":"72382a3a-8245-4be4-823c-617257020256","block_type":"box","text":"sales charge.","page_number":58,"box":{"x":81,"y":451,"width":97,"height":11}},{"id":"e905bafd-11d8-4852-abfd-983f272d4bf5","block_type":"box","text":"The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA","page_number":58,"box":{"x":81,"y":470,"width":846,"height":12}},{"id":"28c7526c-c70c-403f-94ff-001f770b88b5","block_type":"box","text":"accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a","page_number":58,"box":{"x":81,"y":486,"width":769,"height":11}},{"id":"a700c294-1a78-46ef-9c1b-0ddb5edcac73","block_type":"box","text":"shareholder or pricing group level.","page_number":58,"box":{"x":81,"y":500,"width":248,"height":12}},{"id":"29b78f9d-6e7c-4787-8c71-4ea52d427a0d","block_type":"box","text":"ROA is determined by calculating the higher of cost minus redemptions or market value (current shares multiplied","page_number":58,"box":{"x":82,"y":520,"width":833,"height":12}},{"id":"85942e99-4a1b-49ff-9a52-3e20c84b545c","block_type":"box","text":"by NAV).","page_number":58,"box":{"x":81,"y":535,"width":58,"height":11}},{"id":"bcdfbac3-6d48-4f96-adaf-8750d838b6f3","block_type":"box","text":"Letter of Intent (“LOI”)","page_number":58,"box":{"x":61,"y":558,"width":188,"height":12}},{"id":"bd27cbd6-9c34-487c-a100-d5f0e672a69b","block_type":"box","text":"Through a LOI, a shareholder can receive the sales charge and breakpoint discounts for purchases such","page_number":58,"box":{"x":81,"y":579,"width":765,"height":12}},{"id":"fc4601ad-17bd-4b15-be79-64eef819e2ff","block_type":"box","text":"shareholder intends to make over a 13-month period from the date Edward Jones receives the LOI. 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The inclusion of eligible BlackRock Funds","page_number":58,"box":{"x":81,"y":653,"width":827,"height":12}},{"id":"624aa86d-51b8-4a57-97ef-a68086aa1966","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":58,"box":{"x":81,"y":668,"width":845,"height":12}},{"id":"061f6d22-41fe-4dcf-a127-718b9612bed8","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":58,"box":{"x":81,"y":683,"width":851,"height":12}},{"id":"4380e88c-a6cf-4e30-8b9d-28fc0e5ef356","block_type":"box","text":"reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.","page_number":58,"box":{"x":82,"y":698,"width":680,"height":12}},{"id":"14bca2fd-0e3f-426b-ac4d-1c735f270642","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":58,"box":{"x":82,"y":718,"width":842,"height":11}},{"id":"7f7e3e97-2561-48ea-8b1c-6501b378c377","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":58,"box":{"x":82,"y":733,"width":829,"height":11}},{"id":"e89ecfaa-2f51-4516-8639-7077e9d7dfc8","block_type":"box","text":"established by the employer.","page_number":58,"box":{"x":81,"y":748,"width":209,"height":11}},{"id":"eaba6355-59c8-4e88-aac1-70a2e270cb1b","block_type":"box","text":"Sales Charge Waivers","page_number":58,"box":{"x":60,"y":771,"width":180,"height":12}},{"id":"32407add-4863-4acc-8398-a5522a94f100","block_type":"box","text":"Sales charges are waived for the following shareholders and in the following situations:","page_number":58,"box":{"x":61,"y":787,"width":639,"height":11}},{"id":"b9525443-99b4-41b6-b7ab-c1aa169e8001","block_type":"box","text":"Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by","page_number":58,"box":{"x":81,"y":807,"width":806,"height":11}},{"id":"5e849c4a-bd4d-40b1-a82d-7c3736d06589","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":58,"box":{"x":82,"y":822,"width":850,"height":11}},{"id":"e7d212ec-0cbb-491c-88be-19489e7ffd7c","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":58,"box":{"x":81,"y":837,"width":846,"height":11}},{"id":"be5d2b96-0fe9-4131-b38a-344bacc9cfdc","block_type":"box","text":"to Edward Jones’ policies and procedures.","page_number":58,"box":{"x":80,"y":852,"width":310,"height":11}},{"id":"0f4e0baf-091c-48a4-b877-075381ccea9b","block_type":"box","text":"Shares purchased in an Edward Jones fee-based program.","page_number":58,"box":{"x":81,"y":871,"width":427,"height":12}},{"id":"182c9a05-e4c2-4ac8-abde-bfc20c4312cd","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.","page_number":58,"box":{"x":81,"y":891,"width":710,"height":12}},{"id":"103a203f-864f-41c1-b926-3f8f3462c048","block_type":"box","text":"A-3","page_number":58,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"c4c4f8c9-8a40-4292-a38f-2eb7f02bebeb","block_type":"box","text":"NM0926U-5974826-58/73","page_number":58,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"ce05fd64-8094-4813-9016-988f05071dac","block_type":"box","text":"Shares purchased from the proceeds of redeemed shares of BlackRock Funds so long as the following conditions","page_number":59,"box":{"x":81,"y":46,"width":834,"height":11}},{"id":"35a354ab-e1b2-497f-bdba-0528a97f6b5a","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":59,"box":{"x":81,"y":60,"width":850,"height":12}},{"id":"f76fab72-f881-474f-b6b7-4b6113f9b12f","block_type":"box","text":"from a share class that charges a front load and one of the following (“Right of Reinstatement”):","page_number":59,"box":{"x":81,"y":75,"width":708,"height":12}},{"id":"42c0d28d-d8b3-4652-968b-c5a52f00499d","block_type":"box","text":"The redemption and repurchase occur in the same account.","page_number":59,"box":{"x":101,"y":96,"width":438,"height":11}},{"id":"a1ec3d29-1437-4866-9407-f40e21051ca2","block_type":"box","text":"The redemption proceeds are used to process an: IRA contribution, return of excess contributions, conversion,","page_number":59,"box":{"x":101,"y":115,"width":811,"height":11}},{"id":"c973e081-2ad3-4b81-91fe-2a9a6b74e291","block_type":"box","text":"recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same","page_number":59,"box":{"x":102,"y":130,"width":784,"height":12}},{"id":"feeef83d-7181-4611-b614-a876e62318d1","block_type":"box","text":"Edward Jones grouping for ROA.","page_number":59,"box":{"x":102,"y":145,"width":231,"height":11}},{"id":"fc72bf52-929c-49a3-a3a1-9802c8596275","block_type":"box","text":"The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases","page_number":59,"box":{"x":76,"y":166,"width":839,"height":12}},{"id":"28130874-8608-44bd-8a83-bf93c1e1651c","block_type":"box","text":"made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund","page_number":59,"box":{"x":76,"y":179,"width":805,"height":12}},{"id":"da66c151-7e22-4d28-a88b-9c58dc0752ca","block_type":"box","text":"products.","page_number":59,"box":{"x":77,"y":192,"width":66,"height":11}},{"id":"b8580c8a-1da8-43f7-b17d-7e86d2cb9d46","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":59,"box":{"x":81,"y":210,"width":837,"height":12}},{"id":"edeedd2e-457f-4065-ae96-9fe1e1e12c81","block_type":"box","text":"and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSCs due to","page_number":59,"box":{"x":81,"y":225,"width":834,"height":11}},{"id":"08a8c840-5d5a-4fbb-b48d-0b3a54ff60a0","block_type":"box","text":"BlackRock, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the","page_number":59,"box":{"x":82,"y":240,"width":796,"height":11}},{"id":"cd89c1db-4362-4c4c-894c-46de5871b1d9","block_type":"box","text":"prospectus.","page_number":59,"box":{"x":82,"y":255,"width":84,"height":11}},{"id":"c2098ed3-ecd6-44d7-8f6c-65f32ab281ab","block_type":"box","text":"Exchanges from Investor C Shares to Investor A Shares of the same fund, generally, in the 84th month following the","page_number":59,"box":{"x":82,"y":274,"width":850,"height":12}},{"id":"c4d5c126-c3a6-495d-b464-72ca73f54012","block_type":"box","text":"anniversary of the purchase date or earlier at the discretion of Edward Jones.","page_number":59,"box":{"x":81,"y":289,"width":567,"height":12}},{"id":"9df78685-b8cb-4a7b-8af3-99e5cd51c8f3","block_type":"box","text":"Contingent Deferred Sales Charge (“CDSC”) Waivers","page_number":59,"box":{"x":61,"y":312,"width":437,"height":13}},{"id":"4c8685fa-aa17-4310-82a5-01498b0a9733","block_type":"box","text":"If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is","page_number":59,"box":{"x":62,"y":329,"width":854,"height":11}},{"id":"6edf7686-e51c-479a-b583-41f617a93a1b","block_type":"box","text":"expired, the shareholder is responsible to pay the CDSC except in the following conditions:","page_number":59,"box":{"x":61,"y":343,"width":665,"height":12}},{"id":"3e30dd83-8f2c-4e62-a7ad-d2bec1674e2e","block_type":"box","text":"The death or disability of the shareholder.","page_number":59,"box":{"x":81,"y":363,"width":304,"height":12}},{"id":"e4f8daaa-dea7-4dc2-8933-0de0f657fe02","block_type":"box","text":"Systematic withdrawals with up to 10% per year of the account value.","page_number":59,"box":{"x":81,"y":383,"width":508,"height":12}},{"id":"4a5b5b49-eae8-491d-b5cd-3e3db6f66655","block_type":"box","text":"Return of excess contributions from an IRA.","page_number":59,"box":{"x":82,"y":403,"width":317,"height":10}},{"id":"df4093bf-4b46-4684-9bf6-5e545c125fb2","block_type":"box","text":"Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is","page_number":59,"box":{"x":81,"y":423,"width":834,"height":12}},{"id":"13ef4f0c-9544-4ae4-9311-8c7406309cd5","block_type":"box","text":"taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.","page_number":59,"box":{"x":80,"y":438,"width":739,"height":12}},{"id":"aa12c769-b255-42e7-9d04-e5d6d5d54651","block_type":"box","text":"Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward","page_number":59,"box":{"x":81,"y":458,"width":820,"height":12}},{"id":"1b7f948f-7a53-46fc-801a-478bf3df77e8","block_type":"box","text":"Jones.","page_number":59,"box":{"x":81,"y":473,"width":46,"height":9}},{"id":"523db8b2-b792-4390-b807-1431c2e17704","block_type":"box","text":"Shares exchanged in an Edward Jones fee-based program.","page_number":59,"box":{"x":81,"y":493,"width":428,"height":12}},{"id":"2faf5041-f936-479b-8d26-d9665a30d665","block_type":"box","text":"Shares acquired through a NAV Reinstatement.","page_number":59,"box":{"x":81,"y":513,"width":344,"height":12}},{"id":"01cf6eff-6b3c-44b2-8474-b6219fca3f95","block_type":"box","text":"Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.","page_number":59,"box":{"x":81,"y":533,"width":705,"height":11}},{"id":"0f7134fb-a7c7-4016-b7db-dd907ac1d1ec","block_type":"box","text":"Other Important Information Regarding Transactions Through Edward Jones","page_number":59,"box":{"x":61,"y":556,"width":624,"height":12}},{"id":"b1fd2f94-9938-4de4-aed9-addb036a0bd4","block_type":"box","text":"Minimum Purchase Amounts for Investor A and Investor C Shares","page_number":59,"box":{"x":61,"y":580,"width":541,"height":11}},{"id":"e46aaa2b-bf79-4a1b-99a5-14a8b07d3de0","block_type":"box","text":"Initial purchase minimum: $250","page_number":59,"box":{"x":82,"y":601,"width":234,"height":12}},{"id":"ab57a721-9f65-40f4-85f0-7e79f81ce7cb","block_type":"box","text":"Subsequent purchase minimum: none","page_number":59,"box":{"x":81,"y":622,"width":279,"height":11}},{"id":"e6576cc5-622a-4d1d-8828-be2342a25972","block_type":"box","text":"Minimum Balances","page_number":59,"box":{"x":61,"y":645,"width":156,"height":10}},{"id":"a2c7354c-91d5-4935-9bf9-292ce5d12570","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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A Merrill representative may ask for reasonable documentation of such","page_number":62,"box":{"x":61,"y":159,"width":870,"height":12}},{"id":"302d8798-98b0-4668-b0bf-fb29eb2d3823","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":62,"box":{"x":60,"y":174,"width":823,"height":11}},{"id":"1684dbae-ad5b-4e04-8725-527305bf1240","block_type":"box","text":"Additional information on waivers, discounts, and share class exchanges is available in the Merrill Sales Load Waiver","page_number":62,"box":{"x":60,"y":196,"width":862,"height":12}},{"id":"170c3a22-2917-42cd-842f-e9d05c1f634a","block_type":"box","text":"and Discounts Supplement (the “Merrill SLWD Supplement”) and in the Mutual Fund Investing at Merrill pamphlet at","page_number":62,"box":{"x":61,"y":211,"width":853,"height":12}},{"id":"5a09bdea-c40d-4978-9949-9a8b6853bf1d","block_type":"box","text":"ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine","page_number":62,"box":{"x":61,"y":226,"width":863,"height":12}},{"id":"dd0edd48-7211-474a-b1a4-074961fcf931","block_type":"box","text":"whether a transaction is eligible for a waiver or discount.","page_number":62,"box":{"x":60,"y":241,"width":415,"height":12}},{"id":"d3614f62-1600-402e-b223-6962c407d6c0","block_type":"box","text":"Front-end Load Waivers Available at Merrill","page_number":62,"box":{"x":61,"y":264,"width":352,"height":10}},{"id":"5698f886-2a22-4520-a015-b93e4009a5dd","block_type":"box","text":"Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and","page_number":62,"box":{"x":81,"y":285,"width":811,"height":12}},{"id":"8a52749e-863b-4c48-97de-9b4f41ffc49b","block_type":"box","text":"employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares","page_number":62,"box":{"x":81,"y":300,"width":853,"height":12}},{"id":"a65f8b95-0314-4442-93e5-8648df68d1e0","block_type":"box","text":"are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes","page_number":62,"box":{"x":81,"y":315,"width":854,"height":12}},{"id":"355bc9d1-e8f6-44bc-852a-41290029008e","block_type":"box","text":"of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh","page_number":62,"box":{"x":81,"y":330,"width":832,"height":11}},{"id":"e19901fe-5db1-4e66-ac2a-47f7679898a1","block_type":"box","text":"plans","page_number":62,"box":{"x":82,"y":345,"width":38,"height":11}},{"id":"013309c9-4b63-480f-8b3c-fe0de94f0e01","block_type":"box","text":"Shares purchased through a Merrill investment advisory program","page_number":62,"box":{"x":81,"y":365,"width":476,"height":11}},{"id":"57b1220f-12bc-44d8-8a7b-dc7fbf833a2b","block_type":"box","text":"Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment","page_number":62,"box":{"x":82,"y":385,"width":853,"height":11}},{"id":"1768186d-aa6f-47b5-ba0c-8ae951e4a9c2","block_type":"box","text":"advisory program to a Merrill brokerage account","page_number":62,"box":{"x":81,"y":400,"width":352,"height":11}},{"id":"f42e57a9-23ec-4cbc-bbb3-8c9f2a6bd0ee","block_type":"box","text":"Shares purchased through the Merrill Edge Self-Directed platform","page_number":62,"box":{"x":81,"y":419,"width":479,"height":12}},{"id":"a4aa2d9b-5eda-4824-8935-e65f8148b950","block_type":"box","text":"Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment","page_number":62,"box":{"x":81,"y":439,"width":820,"height":12}},{"id":"8ec2ba46-104e-4e4e-99c5-1d4b03b2049e","block_type":"box","text":"when purchasing shares of the same mutual fund in the same account","page_number":62,"box":{"x":80,"y":454,"width":521,"height":12}},{"id":"fe164ffe-1137-47d8-8f0c-d11a33e68c7d","block_type":"box","text":"Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the","page_number":62,"box":{"x":81,"y":474,"width":839,"height":12}},{"id":"febb1f67-132b-401b-8a0b-1c700df6e6b2","block_type":"box","text":"description in the Merrill SLWD Supplement","page_number":62,"box":{"x":81,"y":489,"width":319,"height":11}},{"id":"c07e14e3-1cbb-42d6-8c47-481209ee8c08","block_type":"box","text":"Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in","page_number":62,"box":{"x":81,"y":509,"width":850,"height":12}},{"id":"f2fd612e-fdc3-4a0c-9df1-d0f4c49e2abc","block_type":"box","text":"accounts within the employee’s Merrill Household (as defined in the Merrill SLWD Supplement)","page_number":62,"box":{"x":81,"y":524,"width":697,"height":11}},{"id":"0a7bcab2-5dbb-4e18-8e5d-4d59500d8a3f","block_type":"box","text":"Shares purchased by eligible persons associated with the Fund as defined in this prospectus (e.g. the Fund’s","page_number":62,"box":{"x":81,"y":544,"width":803,"height":11}},{"id":"42b7f0b9-1ca4-4e61-9221-e31408b9d8e5","block_type":"box","text":"officers or trustees)","page_number":62,"box":{"x":81,"y":559,"width":145,"height":11}},{"id":"6658291b-103a-405f-bbfc-93e35f9c2c59","block_type":"box","text":"Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the","page_number":62,"box":{"x":81,"y":579,"width":788,"height":11}},{"id":"b4e9ee9f-0b31-4b0a-9aa7-c02c82fe18b4","block_type":"box","text":"repurchase is in a mutual fund within the same fund family, (2) the repurchase occurs within 90 calendar days from","page_number":62,"box":{"x":82,"y":594,"width":847,"height":11}},{"id":"5f21024b-e460-4724-b8ef-a43ee1d4a99d","block_type":"box","text":"the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of","page_number":62,"box":{"x":80,"y":608,"width":827,"height":12}},{"id":"c18a2d23-06ac-4bda-9c64-5e71f8ad4466","block_type":"box","text":"Reinstatement). 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For more detail","page_number":63,"box":{"x":76,"y":97,"width":859,"height":11}},{"id":"8aebeecc-f4c3-45d3-9686-769c6ec1d716","block_type":"box","text":"on the timing and calculation, please refer to the Merrill SLWD Supplement","page_number":63,"box":{"x":76,"y":109,"width":551,"height":12}},{"id":"74ff1f6c-897c-49c5-9996-c70f3d36d15e","block_type":"box","text":"Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future","page_number":63,"box":{"x":82,"y":127,"width":836,"height":12}},{"id":"923da77d-5ed0-4bbd-888d-25713b981ed6","block_type":"box","text":"eligible purchases within a fund family at Merrill, in accounts within your Merrill Household, as further described in","page_number":63,"box":{"x":81,"y":142,"width":840,"height":12}},{"id":"27e08ceb-124b-4ebe-bf3e-19faf461072e","block_type":"box","text":"the Merrill SLWD Supplement","page_number":63,"box":{"x":80,"y":157,"width":216,"height":11}},{"id":"3dca2788-2c29-479d-b7bc-d331c2a7d61f","block_type":"box","text":"On or about May 1, 2026, Merrill will no longer accept new LOIs. 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For purposes of this provision, employer","page_number":64,"box":{"x":81,"y":151,"width":826,"height":12}},{"id":"d0c61443-ddc6-4431-b6d4-b37a4a465183","block_type":"box","text":"sponsored retirement plans does not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans","page_number":64,"box":{"x":81,"y":166,"width":697,"height":12}},{"id":"51b62614-8d23-4b84-b32f-9516f6b84795","block_type":"box","text":"Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules","page_number":64,"box":{"x":82,"y":186,"width":807,"height":12}},{"id":"44c3dd36-224a-437f-a78e-b6dadf8692d0","block_type":"box","text":"Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the","page_number":64,"box":{"x":81,"y":206,"width":846,"height":12}},{"id":"22a67a89-500c-4973-8b4f-5d0154fc4989","block_type":"box","text":"same fund","page_number":64,"box":{"x":81,"y":221,"width":76,"height":9}},{"id":"ee5fba14-28eb-4b7c-824c-3fbb83b9092c","block_type":"box","text":"Shares purchased through a Morgan Stanley self-directed brokerage account","page_number":64,"box":{"x":81,"y":241,"width":564,"height":12}},{"id":"a09b7467-011b-4876-8ac3-f7f0cd737645","block_type":"box","text":"Investor C Shares that are no longer subject to a contingent deferred sales charge and are exchanged for Investor A","page_number":64,"box":{"x":82,"y":261,"width":852,"height":11}},{"id":"0d1bf7ce-6654-4fbc-9bc0-b742fe036e12","block_type":"box","text":"Shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program","page_number":64,"box":{"x":81,"y":276,"width":799,"height":11}},{"id":"b60074a7-e4b5-48e5-b32f-916a3d0d9f36","block_type":"box","text":"Shares purchased from the proceeds of redemptions within BlackRock Funds under a Rights of Reinstatement","page_number":64,"box":{"x":81,"y":296,"width":811,"height":11}},{"id":"f38fb634-2ba5-4dc7-b27a-9dff33a08372","block_type":"box","text":"provision, provided the repurchase occurs within 90 days following the redemption, the redemption and purchase","page_number":64,"box":{"x":82,"y":311,"width":830,"height":11}},{"id":"ca8ae9db-b4a0-4a17-887b-62cd0ee21aa8","block_type":"box","text":"occur in the same account, and redeemed shares were subject to a front-end or deferred sales charge","page_number":64,"box":{"x":81,"y":325,"width":753,"height":12}},{"id":"6b3b6c90-814b-4787-b5cc-8bed47cfaf1c","block_type":"box","text":"Unless specifically described above, no other front-end sales charge waivers are available to mutual fund purchases by","page_number":64,"box":{"x":62,"y":348,"width":874,"height":12}},{"id":"84526d7a-d3d2-40ff-90dd-de95349c2c98","block_type":"box","text":"Morgan Stanley Wealth Management clients through Morgan Stanley’s transactional brokerage accounts.","page_number":64,"box":{"x":62,"y":363,"width":770,"height":11}},{"id":"f3772a69-0404-45a8-be48-f030219e8927","block_type":"box","text":"A-9","page_number":64,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"c3c7ef3b-cf49-4541-82b4-593bace26228","block_type":"box","text":"NM0926U-5974826-64/73","page_number":64,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"e340cb9a-c959-4827-86ea-42711dd76d99","block_type":"box","text":"Oppenheimer & Co. Inc.:","page_number":65,"box":{"x":61,"y":46,"width":200,"height":12}},{"id":"f6efafc4-4cdc-48d3-9f48-801fe35bb2b5","block_type":"box","text":"Effective May 1, 2020, shareholders purchasing Fund shares through an Oppenheimer & Co. Inc. 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