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The Fund intends to invest at least 25% of its assets in equity securities and at least","page_number":4,"box":{"x":61,"y":496,"width":853,"height":12}},{"id":"88dfb264-ca5a-4293-b309-04a715375a5e","block_type":"box","text":"25% of its assets in senior fixed income securities, such as U.S. government debt securities, corporate debt","page_number":4,"box":{"x":61,"y":511,"width":798,"height":12}},{"id":"b7a47470-0d73-4fd9-8a51-afdd52dfef34","block_type":"box","text":"securities, and mortgage-backed and asset-backed securities.","page_number":4,"box":{"x":61,"y":526,"width":454,"height":11}},{"id":"eafdbe1c-c9a7-4788-a040-2195f94d3d0f","block_type":"box","text":"With respect to the Fund’s equity investments, the Fund primarily intends to invest in equity securities or other","page_number":4,"box":{"x":60,"y":549,"width":813,"height":11}},{"id":"c908cf7c-4046-470f-b8d7-76724e9dddf0","block_type":"box","text":"financial instruments that are components of, or have characteristics similar to, the securities included in the MSCI All","page_number":4,"box":{"x":60,"y":563,"width":871,"height":11}},{"id":"110ce29b-0e8a-4e51-9929-f120fc1f98aa","block_type":"box","text":"Country World Index (the “ACWI”). The ACWI is a capitalization-weighted index from a broad range of industries chosen","page_number":4,"box":{"x":61,"y":578,"width":868,"height":12}},{"id":"4c53dcf2-eec5-48e1-9c46-7143cb3c368b","block_type":"box","text":"for market size, liquidity and industry group representation. In selecting equity investments, the Fund primarily uses","page_number":4,"box":{"x":60,"y":593,"width":849,"height":11}},{"id":"05f97be4-7db6-4301-a63d-a0d8b0970f27","block_type":"box","text":"proprietary return forecast models that incorporate quantitative analysis. Equity securities include common stock and","page_number":4,"box":{"x":62,"y":608,"width":860,"height":11}},{"id":"98648fe9-488a-468a-83ea-b7adb58e81b2","block_type":"box","text":"preferred stock. The Fund primarily seeks to buy common stock and may also invest in preferred stock. 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The Fund may","page_number":4,"box":{"x":62,"y":667,"width":874,"height":12}},{"id":"b3be6c78-6334-49de-b256-57229aa0e3a0","block_type":"box","text":"invest in securities of companies of any market capitalization.","page_number":4,"box":{"x":62,"y":682,"width":451,"height":11}},{"id":"2a0537ed-9beb-4976-acef-d92f916e8515","block_type":"box","text":"With respect to the Fund’s fixed-income investments, the Fund will invest primarily using model-based asset allocation","page_number":4,"box":{"x":60,"y":704,"width":867,"height":12}},{"id":"409edf77-9b7c-4713-934d-7cfc18891324","block_type":"box","text":"and security selection models. The Fund may invest in obligations issued or guaranteed by the U.S. Government, its","page_number":4,"box":{"x":61,"y":719,"width":850,"height":12}},{"id":"56d1fcde-edeb-4831-940b-4a0743cc464a","block_type":"box","text":"agencies or instrumentalities; mortgage-backed securities issued or guaranteed by the U.S. Government or its","page_number":4,"box":{"x":61,"y":734,"width":809,"height":12}},{"id":"26f75798-0657-4922-b968-5636e5844b8a","block_type":"box","text":"agencies or instrumentalities, including U.S. agency mortgage pass-through securities; commercial mortgage-backed","page_number":4,"box":{"x":61,"y":749,"width":857,"height":11}},{"id":"5a545208-56d2-4a39-9663-0f3d27dfbdf1","block_type":"box","text":"securities; mortgage to-be-announced (“TBA”) securities; debt obligations of U.S. issuers, including corporate bonds;","page_number":4,"box":{"x":61,"y":764,"width":857,"height":11}},{"id":"76467a23-9bde-44a5-8b28-85d1f13a4352","block_type":"box","text":"municipal securities; asset-backed securities; and U.S.-registered dollar-denominated debt obligations of foreign","page_number":4,"box":{"x":61,"y":778,"width":823,"height":12}},{"id":"68d0e749-9ec6-43e6-b20d-304ee2fa2f54","block_type":"box","text":"issuers. The Fund may invest in bonds issued by companies located in countries other than the United States,","page_number":4,"box":{"x":62,"y":793,"width":809,"height":12}},{"id":"197b3dcf-441a-4b40-bc8c-bfce5c1f3220","block_type":"box","text":"including companies in emerging markets. These securities may have all types of interest rate payment and reset","page_number":4,"box":{"x":62,"y":808,"width":833,"height":12}},{"id":"fc0ddce1-fb39-4bd1-b4c4-71e61107bc43","block_type":"box","text":"terms, including fixed rate, adjustable rate, floating rate, zero coupon, contingent, deferred, payment in kind and","page_number":4,"box":{"x":60,"y":823,"width":825,"height":12}},{"id":"fa49d4dd-78b8-464e-a267-6aa1d664a3cf","block_type":"box","text":"auction rate features. The Fund seeks to invest a substantial portion of its assets in U.S.-registered, dollar","page_number":4,"box":{"x":61,"y":838,"width":789,"height":11}},{"id":"e8013a49-8b2b-4b09-b711-cd976d8957df","block_type":"box","text":"denominated bonds. The Fund may invest up to 10% of its assets in securities rated below investment grade (“high","page_number":4,"box":{"x":61,"y":853,"width":847,"height":11}},{"id":"061adc20-f5b5-44e7-a9d6-d3aaeb0a0977","block_type":"box","text":"yield” or “junk” bonds). The Fund may invest in bonds of any maturity or duration.","page_number":4,"box":{"x":60,"y":867,"width":597,"height":12}},{"id":"abc2a459-ce8b-466c-a92d-043e77653349","block_type":"box","text":"The Fund may invest a significant portion of its fixed income holdings in U.S. agency mortgage pass-through securities,","page_number":4,"box":{"x":60,"y":890,"width":874,"height":12}},{"id":"73728c86-4ca2-4849-a52d-1b984649eadc","block_type":"box","text":"which are securities issued by entities such as the Government National Mortgage Association (“GNMA”) and the","page_number":4,"box":{"x":60,"y":905,"width":833,"height":11}},{"id":"557fbfef-971e-4067-8fc7-1fe116c0782c","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"81c7bf9d-4c7e-4b99-b131-c64854010b98","block_type":"box","text":"NM0926U-5977302-4/76","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"e207464c-a389-4891-a043-c1e85f9dcb69","block_type":"box","text":"Federal National Mortgage Association that are backed by pools of mortgages. Most transactions in mortgage pass","page_number":5,"box":{"x":62,"y":46,"width":853,"height":11}},{"id":"3fd85caa-49c7-4408-8ebc-551412433f10","block_type":"box","text":"through securities occur through standardized contracts for future delivery in which the exact mortgage-backed","page_number":5,"box":{"x":60,"y":60,"width":812,"height":12}},{"id":"bd4a9994-e0af-42c0-8927-960e80393047","block_type":"box","text":"securities to be delivered are not specified until a few days prior to settlement. The Fund expects to enter into such","page_number":5,"box":{"x":61,"y":75,"width":848,"height":12}},{"id":"9e253b72-93ca-4f11-bbc9-029444232ade","block_type":"box","text":"contracts on a regular basis.","page_number":5,"box":{"x":61,"y":90,"width":209,"height":12}},{"id":"b856b927-6c3c-4f2f-9ee4-002054586581","block_type":"box","text":"The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps),","page_number":5,"box":{"x":60,"y":113,"width":834,"height":11}},{"id":"a69e90db-8802-478c-b6f3-ebe6c38e6456","block_type":"box","text":"forward contracts and various other instruments, both to seek to increase the return of the Fund and to hedge (or","page_number":5,"box":{"x":60,"y":127,"width":837,"height":12}},{"id":"c5d29666-4fef-4246-9155-026ba549d72a","block_type":"box","text":"protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements","page_number":5,"box":{"x":62,"y":142,"width":869,"height":12}},{"id":"94484dbf-3e9b-4698-a1fc-589264b44bc8","block_type":"box","text":"in the securities markets. The Fund may also invest in indexed and inverse securities.","page_number":5,"box":{"x":62,"y":157,"width":628,"height":12}},{"id":"0356e317-7347-4b04-8844-90246ae9664f","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":5,"box":{"x":61,"y":196,"width":354,"height":14}},{"id":"e2db1d83-56b2-4be5-99de-9adf3e4e1276","block_type":"box","text":"Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive","page_number":5,"box":{"x":62,"y":222,"width":860,"height":12}},{"id":"5f3b736f-d375-462b-950a-a1e7841d3d3e","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your","page_number":5,"box":{"x":61,"y":237,"width":802,"height":12}},{"id":"a1f755bc-4a9e-4095-b6da-ca41105930af","block_type":"box","text":"investment in the Fund or your investment may not perform as well as other similar investments. The following is a","page_number":5,"box":{"x":62,"y":252,"width":842,"height":11}},{"id":"e8c47a04-0d7e-4bb4-b487-6ef17e763363","block_type":"box","text":"summary description of principal risks of investing in the Fund. The relative significance of each risk factor below may","page_number":5,"box":{"x":61,"y":267,"width":864,"height":11}},{"id":"7e0dff01-d3cb-4115-9ac2-b462efc42496","block_type":"box","text":"change over time and you should review each risk factor carefully.","page_number":5,"box":{"x":61,"y":282,"width":481,"height":11}},{"id":"401e649a-813c-4088-8865-9caf9766e48c","block_type":"box","text":"Equity Securities Risk","page_number":5,"box":{"x":81,"y":302,"width":166,"height":11}},{"id":"c1bb1a6e-de9d-4294-be5a-adb42854be94","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":5,"box":{"x":251,"y":302,"width":685,"height":11}},{"id":"408170fa-25ce-4315-b819-f4dde040e7f7","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":5,"box":{"x":81,"y":316,"width":550,"height":12}},{"id":"40f45609-4aa5-448d-8eec-88f302bed3f3","block_type":"box","text":"Debt Securities Risk","page_number":5,"box":{"x":81,"y":336,"width":155,"height":10}},{"id":"4bce2fdb-8c15-483a-aaef-08caae8822bf","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":5,"box":{"x":240,"y":337,"width":633,"height":10}},{"id":"1daa9aaf-a253-4f3a-ba13-759a65e48479","block_type":"box","text":"extension risk, and prepayment risk, each of which are described in further detail below:","page_number":5,"box":{"x":81,"y":351,"width":648,"height":12}},{"id":"08e5f96e-e276-4d69-af8b-91e3b400bbbb","block_type":"box","text":"Credit Risk","page_number":5,"box":{"x":82,"y":371,"width":80,"height":9}},{"id":"5237f4dd-a62b-4e4a-8433-90c4046963bf","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":5,"box":{"x":166,"y":371,"width":737,"height":12}},{"id":"89f5c78f-6888-47da-8ea5-93105dd2fa31","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":5,"box":{"x":81,"y":386,"width":816,"height":12}},{"id":"54d1a1da-9e7d-487f-ae7e-f59f39d8e59f","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":5,"box":{"x":82,"y":401,"width":826,"height":11}},{"id":"fce95dfd-a000-443a-8b4c-ed046b77202a","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":5,"box":{"x":81,"y":416,"width":777,"height":11}},{"id":"7ea71415-a09f-40c0-a76a-11497f3a2484","block_type":"box","text":"Interest Rate Risk","page_number":5,"box":{"x":82,"y":436,"width":132,"height":9}},{"id":"fdebbaf2-45c9-4f43-bac8-141b487a08a7","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":5,"box":{"x":218,"y":436,"width":704,"height":11}},{"id":"f5effd30-d8a6-460a-8798-bf2a3342c848","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":5,"box":{"x":82,"y":450,"width":835,"height":12}},{"id":"ee4ce275-c2fc-4b24-ac89-fc20d6d92307","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":5,"box":{"x":80,"y":465,"width":513,"height":9}},{"id":"fcd5d4f0-665e-4d04-9e50-00655ffe621a","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":5,"box":{"x":81,"y":485,"width":843,"height":12}},{"id":"22e830e8-d58a-41fe-a39d-1239ac9ddc0b","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":5,"box":{"x":82,"y":500,"width":806,"height":12}},{"id":"111e42dc-e113-4655-b634-5d2f1f9e070e","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":5,"box":{"x":81,"y":515,"width":831,"height":11}},{"id":"3713bfaa-f015-4413-b7b2-d3120b0c73ec","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":5,"box":{"x":82,"y":530,"width":854,"height":11}},{"id":"31b9b839-c232-44a2-a719-37d7870f4c7c","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":5,"box":{"x":81,"y":545,"width":827,"height":11}},{"id":"a1c8d563-74ef-41b2-9ee0-4995387c4e5c","block_type":"box","text":"securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest","page_number":5,"box":{"x":81,"y":559,"width":840,"height":12}},{"id":"ca341de2-59a1-4c7f-b51f-a62acc47868d","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":5,"box":{"x":82,"y":574,"width":851,"height":12}},{"id":"2c078ea8-d7d6-484e-b1ef-995084d06390","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":5,"box":{"x":82,"y":589,"width":808,"height":12}},{"id":"358d59fa-2a0e-4030-ac25-689b81392285","block_type":"box","text":"management.","page_number":5,"box":{"x":82,"y":605,"width":98,"height":10}},{"id":"75fe62f8-5701-4258-bb2a-c3202feb565c","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":5,"box":{"x":81,"y":624,"width":852,"height":11}},{"id":"6bab1348-5cac-4933-9089-bbefbeda59a2","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":5,"box":{"x":81,"y":639,"width":840,"height":11}},{"id":"807bf963-8ec0-4dd9-88c4-1a27ef4cf689","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset","page_number":5,"box":{"x":80,"y":653,"width":834,"height":12}},{"id":"991c7c7a-bbe0-452a-9c99-8de4ec6fa7da","block_type":"box","text":"only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be","page_number":5,"box":{"x":81,"y":668,"width":803,"height":12}},{"id":"9e5003fb-2921-4d70-aca7-d8faee2ef97b","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":5,"box":{"x":81,"y":683,"width":839,"height":12}},{"id":"8d62011e-454b-4587-949d-696ea56b0d83","block_type":"box","text":"debt securities.","page_number":5,"box":{"x":81,"y":698,"width":112,"height":9}},{"id":"951df395-08aa-4662-9d07-be565bed2692","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":5,"box":{"x":81,"y":718,"width":839,"height":11}},{"id":"5cb22ec4-09b2-4fca-9451-301aefab62e1","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":5,"box":{"x":81,"y":733,"width":839,"height":11}},{"id":"d7858cb5-723c-4561-9e6a-06238cce0b4b","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":5,"box":{"x":82,"y":748,"width":831,"height":11}},{"id":"a8499b72-af1a-42cf-b3ec-eecc5d0753cf","block_type":"box","text":"value when interest rates change.","page_number":5,"box":{"x":80,"y":763,"width":248,"height":11}},{"id":"4340dcf6-2310-4ef3-ac4a-64aacd63d19c","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":5,"box":{"x":81,"y":782,"width":855,"height":12}},{"id":"bcc4048d-59ad-47db-a421-604a8e655709","block_type":"box","text":"scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy","page_number":5,"box":{"x":81,"y":797,"width":801,"height":12}},{"id":"25d4bba0-a3c8-458e-8f8c-ff27c65daf61","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":5,"box":{"x":82,"y":812,"width":827,"height":11}},{"id":"609b95b0-ccd9-437d-88a4-e74ab47032ad","block_type":"box","text":"hurt the Fund’s performance.","page_number":5,"box":{"x":82,"y":827,"width":214,"height":11}},{"id":"614a4b8d-f182-4f53-9332-b5aa11e67eae","block_type":"box","text":"Extension Risk","page_number":5,"box":{"x":82,"y":847,"width":107,"height":9}},{"id":"e7b58795-6aca-4dd0-8598-59c66933c065","block_type":"box","text":"— When interest rates rise, certain obligations will be paid off by the obligor more slowly than","page_number":5,"box":{"x":193,"y":847,"width":691,"height":11}},{"id":"debe8915-db42-4bd8-9b41-a39f4352e8f7","block_type":"box","text":"anticipated, causing the value of these obligations to fall.","page_number":5,"box":{"x":81,"y":862,"width":420,"height":11}},{"id":"f7cd74a0-234a-490f-ac12-b607f220280b","block_type":"box","text":"Prepayment Risk","page_number":5,"box":{"x":81,"y":882,"width":124,"height":11}},{"id":"5211dbf2-8620-4dc8-86a0-758066fb6f23","block_type":"box","text":"— When interest rates fall, certain obligations will be paid off by the obligor more quickly than","page_number":5,"box":{"x":209,"y":882,"width":691,"height":11}},{"id":"b99f1baa-3b79-4884-ac83-d74326e52025","block_type":"box","text":"originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.","page_number":5,"box":{"x":81,"y":897,"width":724,"height":11}},{"id":"6889f40b-a349-42be-9aed-bfdec6effdf6","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"648a8dc4-d000-4fa4-b3f9-d4e402a1d5ac","block_type":"box","text":"NM0926U-5977302-5/76","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"4a6a3ec6-bf01-4daa-b3cb-4da81e9bd9f6","block_type":"box","text":"Foreign Securities Risk","page_number":6,"box":{"x":81,"y":46,"width":176,"height":11}},{"id":"24648bb6-7064-4030-bda5-23ab2f78c25f","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":6,"box":{"x":260,"y":46,"width":668,"height":11}},{"id":"e17c2b2a-3215-495c-b55f-e493532db6d0","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":6,"box":{"x":82,"y":61,"width":531,"height":11}},{"id":"631958cc-278b-4462-8868-582b04c2af00","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":6,"box":{"x":101,"y":80,"width":823,"height":12}},{"id":"e94649b7-51dc-4ad4-a92f-2248d0781d6c","block_type":"box","text":"be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory","page_number":6,"box":{"x":102,"y":95,"width":823,"height":12}},{"id":"b1f7a582-ad26-4ec8-8984-639fbde51e31","block_type":"box","text":"oversight.","page_number":6,"box":{"x":101,"y":110,"width":70,"height":12}},{"id":"da971067-e8b8-49cf-89a4-ddc0f3c67ec7","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.","page_number":6,"box":{"x":101,"y":130,"width":644,"height":12}},{"id":"e20c2d98-212d-4491-bb85-5b073cb2d540","block_type":"box","text":"The economies of certain foreign markets may not compare favorably with the economy of the United States with","page_number":6,"box":{"x":101,"y":150,"width":830,"height":12}},{"id":"e80d0a2e-a528-43da-8f33-b944ecf70c39","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":6,"box":{"x":102,"y":165,"width":808,"height":11}},{"id":"7a1644a2-89cd-4ec0-b377-cb2685071fca","block_type":"box","text":"payments position.","page_number":6,"box":{"x":102,"y":180,"width":137,"height":11}},{"id":"9fafba8a-086d-4091-be4f-43a7258ccba4","block_type":"box","text":"The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or","page_number":6,"box":{"x":101,"y":200,"width":821,"height":11}},{"id":"4c81726a-9134-43ab-8143-cb51303e0084","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":6,"box":{"x":102,"y":214,"width":809,"height":12}},{"id":"8c924d52-1a0d-4945-8d02-d71294317a58","block_type":"box","text":"markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":6,"box":{"x":102,"y":229,"width":784,"height":12}},{"id":"bafc4aaf-732c-4f36-ad40-3b454a2e853b","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":6,"box":{"x":101,"y":244,"width":352,"height":12}},{"id":"f61fcf8e-f28c-4316-8537-303bf75625aa","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":6,"box":{"x":102,"y":264,"width":823,"height":12}},{"id":"cca23a3d-afc2-44f5-8b22-27562f9e8c8b","block_type":"box","text":"the same extent as does the United States and may not have laws to protect investors that are comparable to","page_number":6,"box":{"x":101,"y":279,"width":811,"height":11}},{"id":"b63b3f97-fd6d-4721-8fab-dcec10791c90","block_type":"box","text":"U.S. securities laws.","page_number":6,"box":{"x":102,"y":294,"width":148,"height":9}},{"id":"cd1530e9-3594-4193-a71f-e0c6e3b79517","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of","page_number":6,"box":{"x":101,"y":314,"width":834,"height":11}},{"id":"8eb08ee0-df01-4932-86a6-4b7ddd46e3e2","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":6,"box":{"x":101,"y":329,"width":628,"height":11}},{"id":"ecd39c05-0875-4eac-b1ca-160d167977dd","block_type":"box","text":"The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of","page_number":6,"box":{"x":101,"y":349,"width":830,"height":11}},{"id":"d3ea43a2-a049-4496-a355-8f8271a7c7d8","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":6,"box":{"x":101,"y":363,"width":831,"height":12}},{"id":"cf70ecde-d268-4573-aca8-3a1440d72954","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full,","page_number":6,"box":{"x":101,"y":378,"width":813,"height":12}},{"id":"47b65382-1798-4f8f-bbb2-36aa6ce56932","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":6,"box":{"x":101,"y":393,"width":395,"height":11}},{"id":"ca39b2e0-4909-4383-94cf-941623696734","block_type":"box","text":"Convertible Securities Risk","page_number":6,"box":{"x":81,"y":413,"width":206,"height":9}},{"id":"42cdf74b-430e-4caa-a0b5-cf5f3ecf7ce9","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":6,"box":{"x":291,"y":413,"width":593,"height":12}},{"id":"2c9811c7-182c-41e0-afe5-a9c354e72481","block_type":"box","text":"security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible","page_number":6,"box":{"x":81,"y":428,"width":853,"height":11}},{"id":"20f38f82-1e72-4791-8df1-7a7e8bed53f6","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":6,"box":{"x":81,"y":443,"width":855,"height":11}},{"id":"f04b2d03-c49a-4db0-ae83-00ec4171e85c","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":6,"box":{"x":80,"y":457,"width":816,"height":12}},{"id":"24fc9958-16c2-4184-a4a3-d1f434d86756","block_type":"box","text":"issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be","page_number":6,"box":{"x":82,"y":472,"width":796,"height":12}},{"id":"96b693d0-77da-46d8-b418-08f80b571fd9","block_type":"box","text":"converted, a convertible security is also subject to the same types of market and issuer risks that apply to the","page_number":6,"box":{"x":81,"y":487,"width":812,"height":12}},{"id":"543fee5c-75b6-4e61-a37c-e074ebc828bf","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":6,"box":{"x":82,"y":502,"width":809,"height":12}},{"id":"78fac816-1670-4b7e-9741-409ec8024eeb","block_type":"box","text":"Corporate Loans Risk","page_number":6,"box":{"x":81,"y":522,"width":162,"height":11}},{"id":"c492afe4-f7c7-4a2c-ad81-71d49794f482","block_type":"box","text":"— Commercial banks and other financial institutions or institutional investors make corporate","page_number":6,"box":{"x":247,"y":522,"width":689,"height":11}},{"id":"da5e929d-6d65-4a7c-b245-f7e25eb7aef6","block_type":"box","text":"loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at","page_number":6,"box":{"x":82,"y":537,"width":845,"height":11}},{"id":"389c96b0-e67f-4883-b128-2c6d12044d57","block_type":"box","text":"rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate","page_number":6,"box":{"x":82,"y":552,"width":827,"height":11}},{"id":"06e5d6ef-8fa9-4aac-8950-e813b4855432","block_type":"box","text":"(“SOFR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less","page_number":6,"box":{"x":81,"y":566,"width":821,"height":12}},{"id":"f6a8d774-9abd-4254-a3af-05cdf4d43c9f","block_type":"box","text":"exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest.","page_number":6,"box":{"x":81,"y":581,"width":840,"height":12}},{"id":"ba8bfb41-b8c1-44dc-9f0f-dcf5c9754c7f","block_type":"box","text":"The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition,","page_number":6,"box":{"x":81,"y":596,"width":826,"height":12}},{"id":"cf03340a-cb81-4ebf-a2ce-729514dd05be","block_type":"box","text":"transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate","page_number":6,"box":{"x":80,"y":611,"width":846,"height":11}},{"id":"aa327a8e-3210-4bc9-afec-c50547b80e60","block_type":"box","text":"loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. To","page_number":6,"box":{"x":82,"y":626,"width":847,"height":11}},{"id":"e165673d-07d7-41b8-83e2-de7fb5e616e2","block_type":"box","text":"the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional","page_number":6,"box":{"x":80,"y":641,"width":830,"height":11}},{"id":"760ef683-254e-4f5b-b732-f169e5248415","block_type":"box","text":"cash, sell investments or temporarily borrow from banks and other lenders.","page_number":6,"box":{"x":81,"y":655,"width":552,"height":12}},{"id":"87cfd802-b6b4-4ba6-a6e1-3b100686ed2d","block_type":"box","text":"Derivatives Risk","page_number":6,"box":{"x":81,"y":676,"width":123,"height":9}},{"id":"35e0c2ad-e10a-443c-828b-5cde4473badf","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":6,"box":{"x":207,"y":675,"width":664,"height":12}},{"id":"19a99a70-2cd7-4992-bd65-479a1b5a59f2","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":6,"box":{"x":82,"y":690,"width":469,"height":12}},{"id":"f4b28307-5925-40b4-8004-065bf596e190","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":82,"y":710,"width":102,"height":12}},{"id":"d5d458e1-142c-4ae9-9a87-1666eb514ea2","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":6,"box":{"x":188,"y":710,"width":723,"height":12}},{"id":"3dbf0815-5966-4dcb-af6c-d4059c490a92","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":6,"box":{"x":82,"y":725,"width":832,"height":12}},{"id":"31f7d5a8-83d1-494a-b76d-b2f3763f4fb8","block_type":"box","text":"exceed the amount originally invested.","page_number":6,"box":{"x":81,"y":740,"width":280,"height":11}},{"id":"75ae3d63-d55c-4bd7-831c-8f3b17db6aa3","block_type":"box","text":"Market Risk","page_number":6,"box":{"x":82,"y":760,"width":87,"height":9}},{"id":"09422625-e7ce-41e6-9e4c-9641eac1236e","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":6,"box":{"x":173,"y":760,"width":728,"height":11}},{"id":"fe940800-c983-4e32-b377-346117576453","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":6,"box":{"x":81,"y":775,"width":834,"height":11}},{"id":"9289a168-5576-42c3-825b-7eb416d1be2e","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":6,"box":{"x":82,"y":790,"width":832,"height":11}},{"id":"7241ed31-7a7f-4dea-bc73-9ebd30b9287b","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":6,"box":{"x":80,"y":804,"width":779,"height":12}},{"id":"de8019a6-a0ed-4244-8410-9b7476a75dee","block_type":"box","text":"derivatives positions to lose value.","page_number":6,"box":{"x":81,"y":819,"width":253,"height":11}},{"id":"16dadb74-074f-4df7-aa42-e015fe2bcf16","block_type":"box","text":"Counterpar ty Risk","page_number":6,"box":{"x":82,"y":839,"width":131,"height":12}},{"id":"f304af68-f711-433c-8a6b-e7a8576827b0","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":6,"box":{"x":217,"y":839,"width":697,"height":12}},{"id":"ee82350b-10da-4690-9ef5-a525ed4c84ec","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":6,"box":{"x":80,"y":854,"width":855,"height":12}},{"id":"adb6ff0d-6fe1-4f0b-90c3-09689108616b","block_type":"box","text":"exposure to such a counterparty.","page_number":6,"box":{"x":81,"y":869,"width":240,"height":11}},{"id":"5cbc7de5-d347-4ae6-9a1c-a88aba6a4787","block_type":"box","text":"Illiquidity Risk","page_number":6,"box":{"x":82,"y":889,"width":100,"height":11}},{"id":"97d894b0-8245-4de0-8cd1-017e9b15dcf5","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":6,"box":{"x":186,"y":889,"width":750,"height":11}},{"id":"fbdfa991-4432-42e9-887d-adee358e4c9b","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":6,"box":{"x":80,"y":904,"width":839,"height":11}},{"id":"77835f98-fd0c-4b8b-abd6-3b4192e56442","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":6,"box":{"x":81,"y":918,"width":293,"height":12}},{"id":"f738c24a-3e03-4490-a32a-389f02ce0218","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"d893e750-add0-4ae1-a57d-efbc15c6276e","block_type":"box","text":"NM0926U-5977302-6/76","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"852251a2-fcb4-49a5-a9b5-25dd58b6500b","block_type":"box","text":"Operational Risk","page_number":7,"box":{"x":82,"y":46,"width":120,"height":11}},{"id":"325d42ee-4220-4fcd-b676-8586e8847f6a","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":7,"box":{"x":206,"y":46,"width":727,"height":11}},{"id":"3d7e9468-8900-4abb-9375-2fb3748ee77a","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":7,"box":{"x":82,"y":60,"width":607,"height":12}},{"id":"17761d48-8e0e-4b57-b5b0-b0a27e753b44","block_type":"box","text":"Legal Risk","page_number":7,"box":{"x":82,"y":81,"width":75,"height":11}},{"id":"7156ad4d-fa5c-4165-9f9a-abe6a90d8112","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":80,"width":761,"height":12}},{"id":"6a2ba987-b783-4054-a507-03f8a3aa5e3c","block_type":"box","text":"enforceability of a contract.","page_number":7,"box":{"x":81,"y":95,"width":198,"height":12}},{"id":"5c2f664b-aa32-43b6-9d08-080917de2d32","block_type":"box","text":"Volatility and Correlation Risk","page_number":7,"box":{"x":83,"y":115,"width":214,"height":12}},{"id":"4446aa9b-51a9-48c2-a5a6-912cc8f5207b","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":7,"box":{"x":300,"y":115,"width":590,"height":12}},{"id":"ac7e2970-fa70-4624-b4cf-aa3b5d1fa82a","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":7,"box":{"x":81,"y":130,"width":775,"height":12}},{"id":"59264017-95cc-4489-850a-72527e841ac2","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":7,"box":{"x":81,"y":145,"width":589,"height":11}},{"id":"b71ecf0c-0fd7-46fd-a963-f3733dbd07e1","block_type":"box","text":"Valuation Risk","page_number":7,"box":{"x":83,"y":165,"width":102,"height":9}},{"id":"ac54206d-aaae-4ad8-81bd-55c53486729e","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":7,"box":{"x":189,"y":165,"width":747,"height":11}},{"id":"828d1bd2-3fed-41ef-9ca1-e7046a21a8da","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":7,"box":{"x":82,"y":180,"width":783,"height":11}},{"id":"16ab0d33-07f5-4b43-a689-a93191494ab1","block_type":"box","text":"instruments or quote prices for them.","page_number":7,"box":{"x":82,"y":195,"width":273,"height":11}},{"id":"a0ba6db5-0a7a-4c4e-a213-60e064b01f86","block_type":"box","text":"Hedging Risk","page_number":7,"box":{"x":82,"y":215,"width":95,"height":11}},{"id":"f5436bf1-13d1-4380-8fff-95c104b7325f","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":7,"box":{"x":181,"y":214,"width":728,"height":12}},{"id":"c9b88729-11aa-4291-a517-626af4f7a170","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":7,"box":{"x":81,"y":229,"width":839,"height":12}},{"id":"105069b7-998e-48f1-b3e5-61023f0ef459","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":7,"box":{"x":82,"y":244,"width":354,"height":12}},{"id":"2b9bd110-a63d-41a3-af9a-b5b057affffe","block_type":"box","text":"Tax Risk","page_number":7,"box":{"x":83,"y":264,"width":59,"height":9}},{"id":"5fa5146d-b9c4-4069-aff8-933f0e0816dc","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":7,"box":{"x":145,"y":264,"width":719,"height":12}},{"id":"281b07fa-0884-47df-919d-5c4df6e3215f","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":7,"box":{"x":81,"y":279,"width":801,"height":12}},{"id":"6054b153-2ae2-4118-b990-18fe1f5db55b","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":7,"box":{"x":82,"y":294,"width":802,"height":11}},{"id":"17eab917-fa50-42c7-b37a-12d6d71b8aa2","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":7,"box":{"x":82,"y":309,"width":830,"height":11}},{"id":"8b39f8cb-804e-47d9-8d02-2feb9267ed02","block_type":"box","text":"realizes from its investments.","page_number":7,"box":{"x":82,"y":323,"width":215,"height":10}},{"id":"6dd36076-bb12-496c-b00f-eb75838435bd","block_type":"box","text":"Emerging Markets Risk","page_number":7,"box":{"x":81,"y":344,"width":178,"height":11}},{"id":"e61dc73d-6bcb-4439-8264-c447394e879c","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":7,"box":{"x":263,"y":344,"width":617,"height":11}},{"id":"ebef2d11-0565-4c9f-94a5-e30cfeee625e","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":7,"box":{"x":81,"y":358,"width":825,"height":12}},{"id":"6f22769d-7701-4383-91f6-de3de19106c1","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":7,"box":{"x":82,"y":373,"width":822,"height":12}},{"id":"a7a20e12-05ac-4504-a82b-486d7d0560d1","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":7,"box":{"x":82,"y":388,"width":816,"height":11}},{"id":"0500e35e-17d3-4b00-bfec-76dc89b64be0","block_type":"box","text":"liquidity than developed markets.","page_number":7,"box":{"x":82,"y":403,"width":240,"height":11}},{"id":"cadc58dc-df13-4e26-a7c5-ce5a92725806","block_type":"box","text":"High Portfolio Turnover Risk","page_number":7,"box":{"x":81,"y":423,"width":212,"height":11}},{"id":"0f3e85ce-b5a2-43ab-a0d0-dea43805164f","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":7,"box":{"x":297,"y":423,"width":629,"height":11}},{"id":"a4afd5cb-c6fb-4c51-aae3-78674a284328","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":7,"box":{"x":82,"y":438,"width":812,"height":11}},{"id":"8d86bae4-99e0-4559-ba70-b5fd48b95996","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":7,"box":{"x":81,"y":452,"width":817,"height":12}},{"id":"295cca1a-bb7c-4dd9-82c5-b28fea02b4e0","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":7,"box":{"x":81,"y":467,"width":760,"height":12}},{"id":"84c1e0be-1d20-4a4b-873b-05946a112295","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":7,"box":{"x":81,"y":482,"width":852,"height":12}},{"id":"4c9367e6-d067-48c9-a6d3-e7acc0fe23e7","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":7,"box":{"x":81,"y":497,"width":589,"height":11}},{"id":"f17deae6-6e4d-48d5-9416-fe92ca73398b","block_type":"box","text":"High Yield Bonds Risk","page_number":7,"box":{"x":81,"y":517,"width":167,"height":11}},{"id":"ea06f521-8dff-4a58-92ba-8cebaa5e57cc","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":7,"box":{"x":252,"y":517,"width":667,"height":11}},{"id":"0c8eecdc-f800-43ca-9620-173af769f90e","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":7,"box":{"x":79,"y":532,"width":835,"height":11}},{"id":"a69cdd02-792e-4dd7-b9b0-651901bf1e40","block_type":"box","text":"for the Fund.","page_number":7,"box":{"x":81,"y":546,"width":91,"height":10}},{"id":"103061bb-6731-43ac-ad48-31c85433ed6c","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":7,"box":{"x":81,"y":567,"width":271,"height":9}},{"id":"842f31bc-9f7f-49ee-92ce-4e24b62df854","block_type":"box","text":"—","page_number":7,"box":{"x":356,"y":572,"width":17,"height":1}},{"id":"e1977a60-ba55-4af9-91d5-936ff2d34925","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":7,"box":{"x":379,"y":567,"width":499,"height":11}},{"id":"3e32d602-2e2a-47d2-b3bd-2c314791ce90","block_type":"box","text":"particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect","page_number":7,"box":{"x":82,"y":581,"width":839,"height":12}},{"id":"5562e4a0-3be6-42de-9334-e725671766d1","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":7,"box":{"x":80,"y":596,"width":799,"height":12}},{"id":"d47e3811-20c8-4e13-8435-6df48dc3040f","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":7,"box":{"x":82,"y":611,"width":796,"height":11}},{"id":"c6da6ec7-1923-4bdf-97fb-0f08ac90b7b5","block_type":"box","text":"securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index","page_number":7,"box":{"x":81,"y":626,"width":855,"height":11}},{"id":"2cfe1d3e-fdff-4d11-b9e4-eaa0985e0d66","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":7,"box":{"x":82,"y":641,"width":441,"height":11}},{"id":"9f353d00-1b12-44fd-9d77-fd9eb21cb5aa","block_type":"box","text":"Leverage Risk","page_number":7,"box":{"x":81,"y":661,"width":107,"height":11}},{"id":"336672d3-f41e-4a06-b62b-7d0ea7a1d186","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":7,"box":{"x":192,"y":661,"width":741,"height":11}},{"id":"b5237bca-b59e-43ef-ae34-aec7132bc954","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":7,"box":{"x":81,"y":675,"width":853,"height":12}},{"id":"f0072175-9c9f-4ebd-b678-98403c1ad3a1","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":7,"box":{"x":81,"y":690,"width":856,"height":12}},{"id":"e9b0c34e-31d8-43ec-8c8c-b57fdb493a63","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended (the “Investment","page_number":7,"box":{"x":80,"y":705,"width":796,"height":11}},{"id":"74a52525-c511-45d8-acaa-96c42fb6af59","block_type":"box","text":"Company Act”), and the rules thereunder. Increases and decreases in the value of the Fund’s portfolio will be","page_number":7,"box":{"x":81,"y":720,"width":805,"height":11}},{"id":"a6777948-3593-4aee-93ba-558717e1d2dd","block_type":"box","text":"magnified when the Fund uses leverage.","page_number":7,"box":{"x":82,"y":735,"width":293,"height":11}},{"id":"afb80c5c-1c0e-4a44-b707-40a42471e5b1","block_type":"box","text":"Market Risk and Selection Risk","page_number":7,"box":{"x":81,"y":755,"width":240,"height":9}},{"id":"1a3b37bc-5e56-4ab6-b3d1-c6aabe760682","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":7,"box":{"x":324,"y":755,"width":593,"height":9}},{"id":"f94b4d0f-1a02-413c-9c50-25e0421be15f","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":7,"box":{"x":81,"y":770,"width":851,"height":11}},{"id":"75fc6065-4b08-491f-8b12-e87d3424e14f","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":7,"box":{"x":82,"y":784,"width":824,"height":12}},{"id":"a1afe091-1bf8-410b-96e1-1b615facd81f","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":7,"box":{"x":82,"y":799,"width":851,"height":12}},{"id":"6407a548-1082-4c99-9efd-782c6d82e23e","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":7,"box":{"x":82,"y":814,"width":802,"height":11}},{"id":"fd07cf3e-61d2-4942-ad57-8e876ba8eace","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":7,"box":{"x":81,"y":829,"width":849,"height":11}},{"id":"f6f03157-1bba-485d-8738-a16ad94c5857","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":7,"box":{"x":81,"y":844,"width":843,"height":11}},{"id":"7f58d2e4-990d-4d37-afbe-cdbd8e9d68a4","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":7,"box":{"x":81,"y":858,"width":830,"height":12}},{"id":"1a5a1457-e1ac-4ce9-91c5-1b4f2609ef01","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":7,"box":{"x":82,"y":873,"width":840,"height":12}},{"id":"fc7228ca-0548-4537-8155-19aa006dab9c","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":7,"box":{"x":81,"y":888,"width":789,"height":12}},{"id":"6d4b729d-3b8a-4b88-92d2-3bf03bc2059f","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":7,"box":{"x":81,"y":903,"width":823,"height":11}},{"id":"7d1b5b37-b252-4a9a-91a0-f73d9d2c95c4","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":7,"box":{"x":81,"y":918,"width":784,"height":11}},{"id":"958e5e84-cb94-4dce-beae-46411c635e63","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"8f27cf22-0df8-4c05-b107-35928a9c2492","block_type":"box","text":"NM0926U-5977302-7/76","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"c44c4417-492c-4620-839e-4913b0006fc9","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":8,"box":{"x":81,"y":46,"width":844,"height":11}},{"id":"eda6b954-0964-4806-bf0f-843cc8271c15","block_type":"box","text":"The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis","page_number":8,"box":{"x":81,"y":61,"width":855,"height":11}},{"id":"93139350-b6b6-437f-a5a6-6ce35bc44690","block_type":"box","text":"and is subject to “Model Risk” as described below.","page_number":8,"box":{"x":81,"y":76,"width":373,"height":11}},{"id":"df420757-e07e-46f6-bddd-4dc36435ec94","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":8,"box":{"x":82,"y":95,"width":818,"height":12}},{"id":"53b0304f-2f11-42f8-b306-ea9a38911813","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":8,"box":{"x":80,"y":110,"width":819,"height":12}},{"id":"2070197f-1918-4ec6-8903-2e738ed2bf37","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":8,"box":{"x":81,"y":125,"width":819,"height":11}},{"id":"d9f7f6bf-55d0-467d-b34a-0f063c0c4220","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":8,"box":{"x":81,"y":140,"width":846,"height":11}},{"id":"bff7e1d8-e876-4eb0-baa0-6de8b15add6e","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":8,"box":{"x":81,"y":155,"width":848,"height":11}},{"id":"7c3013d5-256d-4079-a165-68db12ed8a82","block_type":"box","text":"the Fund invests.","page_number":8,"box":{"x":80,"y":170,"width":125,"height":9}},{"id":"9432cbb3-d7b8-44ab-851d-08ec5def79b7","block_type":"box","text":"Mid Cap Securities Risk","page_number":8,"box":{"x":81,"y":190,"width":182,"height":11}},{"id":"48b8486c-8043-4478-b879-10cc4f7ad25c","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":8,"box":{"x":267,"y":189,"width":665,"height":12}},{"id":"098d355e-7522-4912-b24e-240b0c296765","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":8,"box":{"x":81,"y":204,"width":789,"height":12}},{"id":"46073fb2-76fc-488d-8c92-10929217133f","block_type":"box","text":"Model Risk","page_number":8,"box":{"x":81,"y":224,"width":85,"height":9}},{"id":"b618efbe-b6f6-4310-a861-26617db47fd1","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":8,"box":{"x":170,"y":224,"width":722,"height":12}},{"id":"d93029f2-47cc-4fd2-9ed2-3eb3649d6b3b","block_type":"box","text":"quantitative analysis. Investments selected using these models may perform differently than as forecasted due to","page_number":8,"box":{"x":81,"y":239,"width":840,"height":12}},{"id":"fbbe1d67-d909-43d6-9166-bf182452f32d","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, changes from historical trends, and","page_number":8,"box":{"x":80,"y":254,"width":807,"height":11}},{"id":"2094f829-a383-4ba4-ac54-4dd412467206","block_type":"box","text":"issues in the construction and implementation of the models (including, but not limited to, software issues, issues","page_number":8,"box":{"x":82,"y":269,"width":842,"height":11}},{"id":"f97c2539-9b03-45ea-8e5b-6ac805b7aa66","block_type":"box","text":"related to the use of artificial intelligence and machine learning (“AI”), and other technological issues). There is no","page_number":8,"box":{"x":82,"y":283,"width":841,"height":12}},{"id":"49ff47ad-03c0-4892-aa26-a0f1f6b97598","block_type":"box","text":"guarantee that BlackRock’s use of these models will result in effective investment decisions for the Fund.","page_number":8,"box":{"x":81,"y":298,"width":777,"height":12}},{"id":"00864700-0737-4462-8a00-be363fd80ce7","block_type":"box","text":"The information and data used in the models may be supplied by third parties. Inaccurate or incomplete data may","page_number":8,"box":{"x":81,"y":318,"width":837,"height":12}},{"id":"8e75cbf4-36a1-4548-a0d9-6f09af578d3f","block_type":"box","text":"limit the effectiveness of the models. In addition, some of the data that BlackRock uses may be historical data,","page_number":8,"box":{"x":82,"y":333,"width":819,"height":12}},{"id":"7e4a662c-c816-4797-a072-a79b9016b50a","block_type":"box","text":"which may not accurately predict future market movement. There is a risk that the models will not be successful in","page_number":8,"box":{"x":80,"y":348,"width":843,"height":11}},{"id":"8739d3ea-bd5f-492d-ac99-ed6680e5229a","block_type":"box","text":"selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve","page_number":8,"box":{"x":81,"y":363,"width":834,"height":11}},{"id":"f4f5a90a-1619-4176-bfd9-92bf04440b26","block_type":"box","text":"its investment objective.","page_number":8,"box":{"x":82,"y":378,"width":176,"height":11}},{"id":"ddf3777f-6ee5-435e-b050-a2e37fbf6c42","block_type":"box","text":"Money Market Securities Risk","page_number":8,"box":{"x":81,"y":398,"width":229,"height":11}},{"id":"9f469322-894c-4804-80de-5873dd70fd77","block_type":"box","text":"— If market conditions improve while the Fund has invested some or all of its","page_number":8,"box":{"x":314,"y":398,"width":570,"height":11}},{"id":"0f84c51a-c522-47e7-b34f-c25a98a10513","block_type":"box","text":"assets in high quality money market securities, this strategy could result in reducing the potential gain from the","page_number":8,"box":{"x":81,"y":412,"width":819,"height":12}},{"id":"f488b00b-dbcd-4249-b6fa-75c7725daccf","block_type":"box","text":"market upswing, thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":8,"box":{"x":82,"y":427,"width":657,"height":12}},{"id":"e235fda2-c720-47cc-b369-133e4dd84275","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks","page_number":8,"box":{"x":81,"y":447,"width":346,"height":12}},{"id":"2e34d144-263f-4974-85b6-a317c23db26b","block_type":"box","text":"— Mortgage- and asset-backed securities represent interests in","page_number":8,"box":{"x":432,"y":447,"width":469,"height":12}},{"id":"d275abd8-f6e2-44b2-844c-e557b11f690f","block_type":"box","text":"“pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset","page_number":8,"box":{"x":82,"y":462,"width":839,"height":12}},{"id":"f6f8afa8-298a-49ef-9e3a-ddd92165923a","block_type":"box","text":"backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are","page_number":8,"box":{"x":81,"y":477,"width":822,"height":11}},{"id":"573289c9-d2b0-4f2a-99ed-49ba7794acb4","block_type":"box","text":"subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.","page_number":8,"box":{"x":81,"y":492,"width":821,"height":11}},{"id":"d07e8d5a-1220-40a5-8e4f-2a452337f08e","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of","page_number":8,"box":{"x":81,"y":506,"width":851,"height":12}},{"id":"c3c8c0c2-5cc8-4f36-be56-fd5dd3f333d2","block_type":"box","text":"certain mortgage-backed securities.","page_number":8,"box":{"x":81,"y":522,"width":263,"height":11}},{"id":"a1636513-811c-4490-adfe-3051e0327c96","block_type":"box","text":"Municipal Securities Risks","page_number":8,"box":{"x":81,"y":541,"width":201,"height":12}},{"id":"75491dfc-f8fd-4bf8-b8e9-f31071f44579","block_type":"box","text":"— Municipal securities risks include the ability of the issuer to repay the obligation, the","page_number":8,"box":{"x":286,"y":541,"width":643,"height":12}},{"id":"c2ce71bc-e174-4ccb-8c10-0d0c577dde91","block_type":"box","text":"relative lack of information about certain issuers of municipal securities, and the possibility of future legislative","page_number":8,"box":{"x":82,"y":556,"width":817,"height":12}},{"id":"5e3a1fff-30d1-40d9-8578-739e00a9a9c6","block_type":"box","text":"changes which could affect the market for and value of municipal securities. Budgetary constraints of local, state,","page_number":8,"box":{"x":81,"y":571,"width":837,"height":12}},{"id":"4c68f765-a5f2-4e14-929b-c9dbc28e622e","block_type":"box","text":"and federal governments upon which the issuers may be relying for funding may also impact municipal securities.","page_number":8,"box":{"x":81,"y":586,"width":832,"height":11}},{"id":"fff1f00c-76c2-409a-a3bf-27d68971345d","block_type":"box","text":"These risks include:","page_number":8,"box":{"x":81,"y":601,"width":145,"height":9}},{"id":"a2408bb2-8ea1-492f-9d63-f19372fc01cf","block_type":"box","text":"General Obligation Bonds Risks","page_number":8,"box":{"x":82,"y":621,"width":230,"height":11}},{"id":"a27efafe-e7db-4346-966e-885b247fe2c3","block_type":"box","text":"— Timely payments depend on the issuer’s credit quality, ability to raise tax","page_number":8,"box":{"x":317,"y":621,"width":558,"height":11}},{"id":"b9d3f64c-e10a-49d3-ba48-597a0dee3ce8","block_type":"box","text":"revenues and ability to maintain an adequate tax base.","page_number":8,"box":{"x":82,"y":636,"width":402,"height":11}},{"id":"424c16ba-c226-4839-82e1-02723b1c03ee","block_type":"box","text":"Revenue Bonds Risks","page_number":8,"box":{"x":82,"y":656,"width":158,"height":9}},{"id":"e846ac43-d144-4242-b3f1-9032dc2c0a8d","block_type":"box","text":"— These payments depend on the money earned by the particular facility or class of","page_number":8,"box":{"x":245,"y":655,"width":622,"height":12}},{"id":"24e32080-fc1c-4051-91d6-ba824bc0ec93","block_type":"box","text":"facilities, or the amount of revenues derived from another source.","page_number":8,"box":{"x":81,"y":670,"width":482,"height":11}},{"id":"957543e1-67c0-4b94-a138-2fa288a2adc3","block_type":"box","text":"Private Activity Bonds Risks","page_number":8,"box":{"x":81,"y":690,"width":202,"height":12}},{"id":"dbaffc40-3ddc-4702-a78e-d9bb9e3b7fdb","block_type":"box","text":"— Municipalities and other public authorities issue private activity bonds to finance","page_number":8,"box":{"x":288,"y":690,"width":612,"height":12}},{"id":"da2de64b-2cbc-420f-bc34-f765786924a9","block_type":"box","text":"development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and","page_number":8,"box":{"x":81,"y":705,"width":813,"height":11}},{"id":"0b93edfb-431f-42e8-96a5-9ab5ea3aa945","block_type":"box","text":"interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment.","page_number":8,"box":{"x":82,"y":720,"width":766,"height":11}},{"id":"680139c4-7859-42bd-8b71-13453c573cbc","block_type":"box","text":"Moral Obligation Bonds Risks","page_number":8,"box":{"x":82,"y":740,"width":215,"height":11}},{"id":"67d9f227-2478-4252-afde-1b5afb799481","block_type":"box","text":"— Moral obligation bonds are generally issued by special purpose public authorities","page_number":8,"box":{"x":302,"y":740,"width":616,"height":11}},{"id":"66dbf155-9311-4132-8084-8ad7a3082193","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":8,"box":{"x":81,"y":755,"width":854,"height":11}},{"id":"82ead6ff-9034-459b-ab0a-0debf235a380","block_type":"box","text":"commitment, but not a legal obligation, of the state or municipality.","page_number":8,"box":{"x":81,"y":769,"width":492,"height":12}},{"id":"49e371c2-c8b7-4a30-bee3-578c042c36d0","block_type":"box","text":"Municipal Notes Risks","page_number":8,"box":{"x":82,"y":790,"width":162,"height":11}},{"id":"bde6f69b-71f7-44d5-ad5f-e4c4fe2686f8","block_type":"box","text":"— Municipal notes are shorter term municipal debt obligations. If there is a shortfall in the","page_number":8,"box":{"x":249,"y":789,"width":670,"height":12}},{"id":"0839f691-e56d-47c5-9500-bd9789b78a2a","block_type":"box","text":"anticipated proceeds, the notes may not be fully repaid and the Fund may lose money.","page_number":8,"box":{"x":81,"y":804,"width":633,"height":12}},{"id":"1239428c-17e8-4c37-936d-bdacc241ffa8","block_type":"box","text":"Municipal Lease Obligations Risks","page_number":8,"box":{"x":82,"y":824,"width":250,"height":12}},{"id":"63063e3b-b623-40e4-bfc9-f8a4f113e87e","block_type":"box","text":"— In a municipal lease obligation, the issuer agrees to make payments when","page_number":8,"box":{"x":337,"y":825,"width":568,"height":11}},{"id":"2cd59f4a-5742-4476-823c-9d95043d89b0","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":8,"box":{"x":81,"y":839,"width":852,"height":12}},{"id":"9b6d97ff-ac17-4928-96aa-3e9732c38eaa","block_type":"box","text":"obligation, the lease obligation is secured by the leased property.","page_number":8,"box":{"x":81,"y":854,"width":479,"height":12}},{"id":"7216e022-92b1-4e6b-b140-134c32eeac57","block_type":"box","text":"Tax-Exempt Status Risk","page_number":8,"box":{"x":83,"y":874,"width":169,"height":11}},{"id":"7b51b4bd-8044-4334-8d5d-049ab7fa2ae7","block_type":"box","text":"— The Fund and its investment manager will rely on the opinion of issuers’ bond counsel","page_number":8,"box":{"x":256,"y":874,"width":654,"height":11}},{"id":"2e674014-07ff-442a-b30f-a75d8ec83547","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":8,"box":{"x":81,"y":889,"width":855,"height":11}},{"id":"d4b9c7fc-e01b-4250-a8a1-5dc686c4084e","block_type":"box","text":"and payments under derivative securities. Neither the Fund nor its investment manager will independently review the","page_number":8,"box":{"x":81,"y":904,"width":854,"height":11}},{"id":"25639fd5-eb82-437c-8cdb-860d3aeab49e","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"6e099b60-3c8f-4918-a687-30c0c00d76b9","block_type":"box","text":"NM0926U-5977302-8/76","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"3ea13557-2ce3-445d-9e75-ead01de04403","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":9,"box":{"x":81,"y":46,"width":809,"height":11}},{"id":"26fd5a0e-3636-46f4-8024-4c962fe04d7d","block_type":"box","text":"shareholders to substantial tax liabilities.","page_number":9,"box":{"x":81,"y":61,"width":302,"height":9}},{"id":"d35d1916-d747-46d8-acfe-0ca1515b627f","block_type":"box","text":"“New Issues” Risk","page_number":9,"box":{"x":83,"y":81,"width":139,"height":9}},{"id":"6775c31b-919f-4d76-9c6c-790361955007","block_type":"box","text":"—","page_number":9,"box":{"x":227,"y":86,"width":17,"height":1}},{"id":"ed3972db-3ac3-48d9-a2e3-3ca83412657f","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":9,"box":{"x":249,"y":80,"width":681,"height":12}},{"id":"804c1206-8874-46c2-ba85-b7bae90fa50c","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":9,"box":{"x":81,"y":95,"width":843,"height":12}},{"id":"b5f24ee6-1de8-496d-88af-334d93a249c5","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shortly after the IPO.","page_number":9,"box":{"x":81,"y":110,"width":517,"height":12}},{"id":"14b852b7-22d2-49c2-8a0f-aef963b0e272","block_type":"box","text":"Operational and Technology Risks","page_number":9,"box":{"x":82,"y":130,"width":254,"height":11}},{"id":"bacbaa05-5102-4405-9011-39565c655f20","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":9,"box":{"x":340,"y":130,"width":578,"height":12}},{"id":"460b558c-7fd2-40d3-a32a-2b054ad481e9","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":9,"box":{"x":82,"y":145,"width":779,"height":11}},{"id":"69f956a3-0a0c-4cc8-8056-fa3ccafcab9f","block_type":"box","text":"cybersecurity incidents, and the use of AI, which may result in losses for the Fund and its shareholders or may","page_number":9,"box":{"x":81,"y":160,"width":811,"height":11}},{"id":"c5b6e3cf-36fb-4a6b-b71e-4cd2b765341d","block_type":"box","text":"impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":9,"box":{"x":82,"y":175,"width":806,"height":11}},{"id":"3f9fdeb9-f1cc-44a7-9897-8aa74ae8c8e9","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management","page_number":9,"box":{"x":82,"y":189,"width":853,"height":12}},{"id":"b82b4337-dda6-45e4-b4b4-4926e4be6d0b","block_type":"box","text":"may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could","page_number":9,"box":{"x":82,"y":204,"width":841,"height":12}},{"id":"06e00755-ffda-4256-b618-4e96f8577369","block_type":"box","text":"also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":9,"box":{"x":81,"y":219,"width":808,"height":11}},{"id":"e7b7086e-e615-4584-8fe3-7b6269ef5833","block_type":"box","text":"issuers to lose value.","page_number":9,"box":{"x":82,"y":234,"width":155,"height":9}},{"id":"7eb34915-5e89-4df8-a7ae-dbd3449bafc2","block_type":"box","text":"Preferred Securities Risk","page_number":9,"box":{"x":81,"y":254,"width":189,"height":9}},{"id":"6833e07b-3bbf-4b24-a343-944e217333a3","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":9,"box":{"x":274,"y":254,"width":636,"height":11}},{"id":"8bcd3a31-c596-4cc2-9c25-8e5edf18409e","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":9,"box":{"x":81,"y":269,"width":824,"height":11}},{"id":"dc035c8d-45e9-48fc-8aa5-8b2fa874caec","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":9,"box":{"x":82,"y":283,"width":806,"height":12}},{"id":"8b66a943-c79d-4850-bff0-a963646a0f91","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":9,"box":{"x":81,"y":298,"width":842,"height":12}},{"id":"bacdd4fd-f775-440e-96e1-662c94e74d21","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":9,"box":{"x":81,"y":313,"width":781,"height":12}},{"id":"d6ebb337-3533-47d6-a1ba-e74e9bf36ee2","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":9,"box":{"x":81,"y":328,"width":812,"height":11}},{"id":"ef5d19f9-70a0-4d92-880d-50d6b15664db","block_type":"box","text":"larger companies.","page_number":9,"box":{"x":82,"y":343,"width":129,"height":11}},{"id":"d93d23b2-c41a-467a-bfbe-0c2f55d933e3","block_type":"box","text":"Sovereign Debt Risk","page_number":9,"box":{"x":81,"y":363,"width":154,"height":11}},{"id":"7c0d4202-9bab-4296-af20-1602541038c1","block_type":"box","text":"—","page_number":9,"box":{"x":239,"y":368,"width":17,"height":1}},{"id":"34f4dd94-9b6b-4de2-81c5-06d0f9637f7e","block_type":"box","text":"Sovereign debt instruments are subject to the risk that a governmental entity may delay or","page_number":9,"box":{"x":261,"y":363,"width":664,"height":11}},{"id":"4d30e62a-fda5-4f5f-81de-4cd951e48575","block_type":"box","text":"refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient","page_number":9,"box":{"x":82,"y":378,"width":844,"height":11}},{"id":"055d7896-d4c4-457a-8123-1e0478932dd6","block_type":"box","text":"foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in","page_number":9,"box":{"x":81,"y":392,"width":821,"height":12}},{"id":"09daab52-1c12-4d6b-8f42-2c2c38125c15","block_type":"box","text":"relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund","page_number":9,"box":{"x":82,"y":407,"width":845,"height":12}},{"id":"47d1196a-d0d2-4c98-b6b7-0b0eed56583a","block_type":"box","text":"or other multilateral agencies.","page_number":9,"box":{"x":81,"y":422,"width":218,"height":12}},{"id":"791ec8c1-9b0f-4962-87a8-da8d63d53d21","block_type":"box","text":"Structured Securities Risk","page_number":9,"box":{"x":81,"y":442,"width":200,"height":9}},{"id":"ae7c3c91-d9dd-4519-a2b3-818aad2132e2","block_type":"box","text":"— Because structured securities of the type in which the Fund may invest typically","page_number":9,"box":{"x":285,"y":442,"width":605,"height":11}},{"id":"7d08be86-81e8-4b18-bb8d-febddc782087","block_type":"box","text":"involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments,","page_number":9,"box":{"x":82,"y":457,"width":823,"height":11}},{"id":"4205b528-5ea9-4634-990b-4d6b0f6b35d2","block_type":"box","text":"index or reference obligation and will also be subject to counterparty risk. The Fund may have the right to receive","page_number":9,"box":{"x":82,"y":472,"width":827,"height":11}},{"id":"f3059fce-6058-46dd-b1c2-bf5c798cd43a","block_type":"box","text":"payments only from the structured security, and generally does not have direct rights against the issuer or the entity","page_number":9,"box":{"x":82,"y":487,"width":852,"height":11}},{"id":"f99e50ca-38fd-4041-96f9-b5e69b25c531","block_type":"box","text":"that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed","page_number":9,"box":{"x":80,"y":502,"width":823,"height":11}},{"id":"751262db-4536-4026-b3ad-ee8f20a2cadd","block_type":"box","text":"herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions","page_number":9,"box":{"x":82,"y":516,"width":818,"height":12}},{"id":"7c85cede-5ce2-48d9-9e20-15b1d46d4276","block_type":"box","text":"from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may","page_number":9,"box":{"x":81,"y":531,"width":842,"height":11}},{"id":"9821a8e7-eefb-452a-b416-445660d060d8","block_type":"box","text":"decline in value or default; and the possibility that the structured securities are subordinate to other classes. The","page_number":9,"box":{"x":81,"y":546,"width":834,"height":11}},{"id":"9115be56-2ec3-49cd-9429-1763e9233f55","block_type":"box","text":"Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the","page_number":9,"box":{"x":82,"y":561,"width":834,"height":11}},{"id":"78cda1a4-a996-43a4-adde-9748f54ddf4f","block_type":"box","text":"right of payment of another class. Subordinated structured securities typically have higher yields and present","page_number":9,"box":{"x":82,"y":575,"width":799,"height":12}},{"id":"a485ad64-ea5c-42fe-a10d-5347d33c8239","block_type":"box","text":"greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement","page_number":9,"box":{"x":81,"y":590,"width":851,"height":12}},{"id":"9879ac2d-a67f-4e46-8519-01f9fd49bd8b","block_type":"box","text":"transactions, and there currently is no active trading market for structured securities. Structured securities are","page_number":9,"box":{"x":80,"y":605,"width":814,"height":12}},{"id":"31eeea6e-aedc-4da4-b906-b8fde8197600","block_type":"box","text":"based upon the movement of one or more factors, including currency exchange rates, interest rates, reference","page_number":9,"box":{"x":81,"y":620,"width":812,"height":12}},{"id":"e970d51d-be98-4785-af99-7e0431fea3dc","block_type":"box","text":"bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price","page_number":9,"box":{"x":81,"y":635,"width":816,"height":11}},{"id":"25c81ae4-05cb-4211-b2df-4b7748b92796","block_type":"box","text":"fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the","page_number":9,"box":{"x":81,"y":650,"width":795,"height":11}},{"id":"5c04af90-3675-4699-a215-4949bf4daf7a","block_type":"box","text":"structured security to be reduced to zero. Certain issuers of such structured securities may be deemed to be","page_number":9,"box":{"x":81,"y":664,"width":802,"height":12}},{"id":"7030d7a0-0d98-4619-b13a-9faf9a12a5c7","block_type":"box","text":"“investment companies” as defined in the Investment Company Act. As a result, the Fund’s investment in such","page_number":9,"box":{"x":82,"y":679,"width":816,"height":12}},{"id":"c15b79d9-02ea-4ae5-9c99-665c2d9464e6","block_type":"box","text":"securities may be limited by certain investment restrictions contained in the Investment Company Act.","page_number":9,"box":{"x":81,"y":694,"width":749,"height":12}},{"id":"127182e4-754a-4089-bd11-847a61921ee2","block_type":"box","text":"U.S. Government Issuer Risk","page_number":9,"box":{"x":82,"y":714,"width":215,"height":9}},{"id":"0e6536bd-671f-4390-9624-231803a3d411","block_type":"box","text":"—","page_number":9,"box":{"x":302,"y":719,"width":17,"height":1}},{"id":"5b707d75-ceb3-4b80-b5b2-243436102ef2","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":9,"box":{"x":323,"y":714,"width":612,"height":12}},{"id":"2db9a469-78d8-4167-a019-af70e2247b33","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying","page_number":9,"box":{"x":81,"y":729,"width":797,"height":11}},{"id":"6e994725-1f9d-410d-981a-ba8a780e38d9","block_type":"box","text":"degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can","page_number":9,"box":{"x":81,"y":744,"width":850,"height":11}},{"id":"57864323-bab2-4eaf-8368-f844fd53e1e7","block_type":"box","text":"be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated","page_number":9,"box":{"x":81,"y":759,"width":843,"height":11}},{"id":"3f42e117-5afa-4ea3-96ce-447749f9f0d2","block_type":"box","text":"by law to do so.","page_number":9,"box":{"x":81,"y":774,"width":114,"height":11}},{"id":"368a2754-409b-4088-8975-138878234352","block_type":"box","text":"U.S. Government Mortgage-Related Securities Risk","page_number":9,"box":{"x":82,"y":793,"width":386,"height":12}},{"id":"fb4e946a-dbeb-4d87-a17b-081295f2c394","block_type":"box","text":"— There are a number of important differences among the","page_number":9,"box":{"x":472,"y":793,"width":433,"height":12}},{"id":"d083ca1f-829c-46c0-a3fc-085ffbe4a867","block_type":"box","text":"agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the","page_number":9,"box":{"x":81,"y":808,"width":804,"height":12}},{"id":"dd7d1c45-0f14-4b02-be30-20e7a2b73efb","block_type":"box","text":"securities that they issue. Mortgage-related securities guaranteed by the Government National Mortgage","page_number":9,"box":{"x":81,"y":823,"width":768,"height":12}},{"id":"12f9e23d-4413-43bf-896c-a5c26c985135","block_type":"box","text":"Association (“GNMA” or “Ginnie Mae”) are guaranteed as to the timely payment of principal and interest by GNMA","page_number":9,"box":{"x":81,"y":838,"width":838,"height":11}},{"id":"6a82a9c1-bc92-4d23-82e8-fd26ac4081a1","block_type":"box","text":"and such guarantee is backed by the full faith and credit of the United States. GNMA securities also are supported","page_number":9,"box":{"x":81,"y":853,"width":843,"height":11}},{"id":"a86dba6c-04ee-4dc0-b3f5-12b53fe19cda","block_type":"box","text":"by the right of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. Mortgage","page_number":9,"box":{"x":81,"y":867,"width":816,"height":12}},{"id":"677cf650-ac41-4886-a1d6-4bf6423c85d6","block_type":"box","text":"related securities issued by Fannie Mae or Freddie Mac are solely the obligations of Fannie Mae or Freddie Mac, as","page_number":9,"box":{"x":82,"y":882,"width":846,"height":12}},{"id":"6ac8eaf0-cc18-444e-ac5e-1535e83f51dd","block_type":"box","text":"the case may be, and are not backed by or entitled to the full faith and credit of the United States but are","page_number":9,"box":{"x":80,"y":897,"width":776,"height":12}},{"id":"60f9ee5f-9a31-495f-8475-5f5f235c31b3","block_type":"box","text":"supported by the right of the issuer to borrow from the Treasury.","page_number":9,"box":{"x":81,"y":912,"width":472,"height":12}},{"id":"1a1fb0e3-eacd-43ae-961b-04249d6e0f4a","block_type":"box","text":"9","page_number":9,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"99f6edcc-5f3b-4de6-bcfe-e09730352adc","block_type":"box","text":"NM0926U-5977302-9/76","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"0d8a3994-565e-4148-a1db-2ac1fd813f38","block_type":"box","text":"Performance Information","page_number":10,"box":{"x":61,"y":46,"width":224,"height":11}},{"id":"49041f78-d214-40a8-b89c-65472e9a54ec","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":"d8420490-d587-49ed-ab96-760311d17b8d","block_type":"box","text":"risks of investing in the Fund. Effective March 3, 2025, the Fund changed its name, investment process and","page_number":10,"box":{"x":61,"y":88,"width":796,"height":11}},{"id":"16d9a594-1826-4dcc-a5af-3420955d8519","block_type":"box","text":"investment strategies. Performance for the periods prior to March 3, 2025 shown below is based on the investment","page_number":10,"box":{"x":62,"y":102,"width":853,"height":12}},{"id":"ccac4852-4b3f-414e-a371-88fe5ed25061","block_type":"box","text":"process and investment strategies utilized by the Fund under the name “BlackRock Sustainable Balanced Fund, Inc.”","page_number":10,"box":{"x":62,"y":117,"width":858,"height":12}},{"id":"25398e91-cbc7-4e6e-b89d-f26ac64bf561","block_type":"box","text":"Effective April 8, 2022, the Fund changed its name, investment process and investment strategies. Performance for","page_number":10,"box":{"x":62,"y":132,"width":854,"height":12}},{"id":"a4afa863-50cb-45ae-bc32-c1386d4f23d5","block_type":"box","text":"the periods prior to April 8, 2022 shown below is based on the investment process and investment strategies utilized","page_number":10,"box":{"x":60,"y":147,"width":864,"height":11}},{"id":"f7c61ee4-5682-4b24-8cfd-c9b8c9100fed","block_type":"box","text":"by the Fund under the name “BlackRock Balanced Capital Fund, Inc.” The table compares the Fund’s performance to","page_number":10,"box":{"x":61,"y":162,"width":859,"height":11}},{"id":"f19d29b6-3f19-40b1-bafa-2bcc1e1e5c68","block_type":"box","text":"that of the MSCI All Country World Index (Net), the Bloomberg U.S. Aggregate Bond Index and a customized weighted","page_number":10,"box":{"x":60,"y":176,"width":858,"height":12}},{"id":"3ec00791-1b90-4ab8-82f6-5a24c725439c","block_type":"box","text":"index comprised of the returns of the MSCI All Country World Index (Net) (60%) and the Bloomberg U.S. Aggregate","page_number":10,"box":{"x":62,"y":191,"width":836,"height":12}},{"id":"3fd5ed24-c7fd-4b73-addb-fc00aa087434","block_type":"box","text":"Bond Index (40%) (the “Custom Benchmark”). The Bloomberg U.S. Aggregate Bond Index and the Custom Benchmark","page_number":10,"box":{"x":62,"y":206,"width":861,"height":12}},{"id":"7e42e733-1bd7-44f9-bf52-8dc91cda68e3","block_type":"box","text":"are relevant to the Fund because they have characteristics similar to the Fund’s investment strategies. To the extent","page_number":10,"box":{"x":61,"y":221,"width":856,"height":12}},{"id":"59aaad8d-22ce-49ff-b9b0-d6f135bf259b","block_type":"box","text":"that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and","page_number":10,"box":{"x":60,"y":236,"width":875,"height":11}},{"id":"8ce13edd-2862-48b9-8f9a-bef02e164fcc","block_type":"box","text":"table assumes reinvestment of the dividends and distributions. As with all such investments, past performance","page_number":10,"box":{"x":60,"y":251,"width":821,"height":11}},{"id":"d38923f7-85d7-4aba-8483-81f3ef9d169a","block_type":"box","text":"(before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they","page_number":10,"box":{"x":61,"y":265,"width":856,"height":12}},{"id":"573a0fa4-da0a-4b3c-9db0-7a52731008b6","block_type":"box","text":"were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If","page_number":10,"box":{"x":60,"y":280,"width":852,"height":12}},{"id":"8cd4a642-5c36-481c-bbc4-9af81854876d","block_type":"box","text":"the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these","page_number":10,"box":{"x":60,"y":295,"width":849,"height":12}},{"id":"eb44c0b1-1c54-4411-a1f0-589b57ecaca3","block_type":"box","text":"periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance, including its","page_number":10,"box":{"x":62,"y":310,"width":832,"height":11}},{"id":"ce8d0ad6-67f2-4d53-8077-6a80adad1d12","block_type":"box","text":"current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at","page_number":10,"box":{"x":61,"y":325,"width":757,"height":11}},{"id":"cf331fc4-f3fc-4f4a-b8d9-c425592f666d","block_type":"box","text":"(800) 882-0052.","page_number":10,"box":{"x":61,"y":340,"width":122,"height":11}},{"id":"4954c5e1-8f87-4ad9-ada8-a778ce8471cf","block_type":"box","text":"Investor A Shares","page_number":10,"box":{"x":427,"y":363,"width":144,"height":10}},{"id":"b23d61ba-916d-4001-bba4-364e1e8accdb","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":10,"box":{"x":392,"y":379,"width":212,"height":10}},{"id":"bcd0e71a-65cc-4e58-9662-5ffd4a2a4e38","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":10,"box":{"x":370,"y":395,"width":257,"height":12}},{"id":"e23ab78d-aaf2-4161-8fcd-29081b2e9660","block_type":"box","text":"As of 12/31","page_number":10,"box":{"x":447,"y":411,"width":103,"height":12}},{"id":"80123b7a-c50b-4728-b4e8-ce74743bcfb0","block_type":"box","text":"8.20%","page_number":10,"box":{"x":295,"y":494,"width":37,"height":8}},{"id":"a4acf55e-c89e-42e2-a43f-e74cc46a239b","block_type":"box","text":"14.24%","page_number":10,"box":{"x":340,"y":476,"width":44,"height":7}},{"id":"c1ce1851-d29d-4a2e-8516-c9e6db0c76db","block_type":"box","text":"-3.41%","page_number":10,"box":{"x":389,"y":546,"width":41,"height":7}},{"id":"f49ba506-8cc3-4954-a28a-7a084cd9d75f","block_type":"box","text":"21.57%","page_number":10,"box":{"x":436,"y":453,"width":45,"height":7}},{"id":"6147ec5f-d536-4552-82fb-55724825de37","block_type":"box","text":"15.12%","page_number":10,"box":{"x":484,"y":473,"width":45,"height":7}},{"id":"ff0cdb3a-b37a-49b1-a89e-868842c9cac8","block_type":"box","text":"16.32%","page_number":10,"box":{"x":532,"y":469,"width":45,"height":7}},{"id":"b4cc4d51-ec48-4c57-b003-a8bfb85d786d","block_type":"box","text":"-15.69%","page_number":10,"box":{"x":578,"y":584,"width":49,"height":7}},{"id":"3e377f2c-df55-4493-be95-be5fb1388799","block_type":"box","text":"16.59%","page_number":10,"box":{"x":629,"y":468,"width":44,"height":7}},{"id":"de0e0303-1a26-41b9-bac4-8491dc6c175d","block_type":"box","text":"12.48%","page_number":10,"box":{"x":677,"y":481,"width":44,"height":7}},{"id":"9a4e396a-d41b-43bc-9ef8-ceab2dc87a57","block_type":"box","text":"15.31%","page_number":10,"box":{"x":725,"y":472,"width":45,"height":7}},{"id":"feb935c4-c4f4-4c1f-95d9-f01439c52ca4","block_type":"box","text":"-20%","page_number":10,"box":{"x":237,"y":590,"width":28,"height":7}},{"id":"3c96ce60-5c3f-4615-8422-49fcaccb6c16","block_type":"box","text":"-10%","page_number":10,"box":{"x":237,"y":558,"width":28,"height":8}},{"id":"55bb48ac-7d2c-4138-9b7f-2e064c7661f4","block_type":"box","text":"0%","page_number":10,"box":{"x":248,"y":527,"width":17,"height":8}},{"id":"9d535910-de99-427b-b8df-82022f3482dd","block_type":"box","text":"10%","page_number":10,"box":{"x":241,"y":496,"width":24,"height":8}},{"id":"974f1722-29d2-40ff-8043-994365858914","block_type":"box","text":"20%","page_number":10,"box":{"x":240,"y":465,"width":25,"height":7}},{"id":"a2819cc2-5ba8-43af-bad5-bd76f9fb4eab","block_type":"box","text":"30%","page_number":10,"box":{"x":240,"y":434,"width":25,"height":7}},{"id":"11cf75c6-4f14-4996-9cc8-7c18b1443b25","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":10,"box":{"x":298,"y":599,"width":465,"height":8}},{"id":"8dde7b94-1b69-434d-897e-99238233d37a","block_type":"box","text":"During the ten-year period shown in the bar chart, the highest return for a quarter was 15.44% (quarter ended","page_number":10,"box":{"x":62,"y":620,"width":806,"height":12}},{"id":"33b5113e-426d-4115-80b9-c3ea0f6a76d4","block_type":"box","text":"June 30, 2020) and the lowest return for a quarter was -13.04% (quarter ended March 31, 2020). The year-to-date","page_number":10,"box":{"x":61,"y":635,"width":845,"height":11}},{"id":"18815807-aef1-4eda-9563-88e076856cfb","block_type":"box","text":"return as of June 30, 2026 was 7.67%.","page_number":10,"box":{"x":61,"y":650,"width":289,"height":10}},{"id":"c0b0bd38-38b4-41de-8e2a-3b79aa0e4d41","block_type":"box","text":"For the periods ended 12/31/25","page_number":10,"box":{"x":70,"y":678,"width":223,"height":10}},{"id":"5dcc87a8-7d05-4e05-826b-19747caf200c","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":10,"box":{"x":69,"y":690,"width":854,"height":10}},{"id":"7d24a0c8-9d70-4c91-bdb4-f046fd56a3ad","block_type":"box","text":"BlackRock Balanced Fund, Inc. — Investor A Shares","page_number":10,"box":{"x":70,"y":708,"width":342,"height":10}},{"id":"b036f376-9292-4d7f-9fa4-f2e4b0cd8cfa","block_type":"box","text":"Return Before Taxes 9.25% 7.04% 8.91%","page_number":10,"box":{"x":85,"y":721,"width":840,"height":8}},{"id":"3b8dcb29-7bca-4f45-b270-69df119fc896","block_type":"box","text":"Return After Taxes on Distributions 6.38% 4.88% 6.66%","page_number":10,"box":{"x":85,"y":734,"width":840,"height":8}},{"id":"f6ae0d2f-e5e8-4e34-8240-957a3b13d374","block_type":"box","text":"Return After Taxes on Distributions","page_number":10,"box":{"x":85,"y":747,"width":228,"height":8}},{"id":"c81b2a9a-bbd8-49b9-a6f4-46674b41c129","block_type":"box","text":"and Sale of Fund Shares 6.22% 4.81% 6.37%","page_number":10,"box":{"x":85,"y":758,"width":840,"height":8}},{"id":"802ad6e0-36bd-49eb-b7be-0fe222a32897","block_type":"box","text":"BlackRock Balanced Fund, Inc. — Investor C Shares","page_number":10,"box":{"x":70,"y":776,"width":343,"height":10}},{"id":"8c8063fd-9523-4227-b7bd-85e21cadfe4b","block_type":"box","text":"Return Before Taxes 13.39% 7.36% 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ended 12/31/25","page_number":11,"box":{"x":70,"y":51,"width":223,"height":10}},{"id":"1b0826e9-a005-4417-8c15-2296cb5abe22","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":11,"box":{"x":69,"y":62,"width":854,"height":10}},{"id":"4a0adb0e-a9ea-47a2-aa6c-82972026ec9e","block_type":"box","text":"Bloomberg U.S. Aggregate Bond Index","page_number":11,"box":{"x":70,"y":80,"width":250,"height":10}},{"id":"fe916ca9-e01e-41ad-afb0-74560c7451ce","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 7.30% (0.36)% 2.01%","page_number":11,"box":{"x":69,"y":94,"width":856,"height":10}},{"id":"0999a5e9-71a8-4dc0-a311-25c03917c171","block_type":"box","text":"Custom Benchmark","page_number":11,"box":{"x":69,"y":112,"width":129,"height":8}},{"id":"d8d5b655-c3c6-459f-a09b-a4ff95c05aec","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes, except for 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Actual after-tax returns depend on the investor’s tax situation and may","page_number":11,"box":{"x":61,"y":240,"width":835,"height":11}},{"id":"5e58070b-498e-4ef8-9421-bd3992eb8700","block_type":"box","text":"differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through","page_number":11,"box":{"x":61,"y":254,"width":851,"height":12}},{"id":"768e3afd-311a-4328-8626-b9d66179509e","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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To purchase or sell","page_number":11,"box":{"x":60,"y":673,"width":857,"height":11}},{"id":"86423a72-27ad-415c-acee-803f4f5e8cd8","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":688,"width":873,"height":11}},{"id":"b5e86832-cf6b-405f-bcdd-387c15297983","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":703,"width":833,"height":11}},{"id":"a6f380c1-6a90-4e0c-a49a-b933c7aabf3e","block_type":"box","text":"15253-4429), or by the Internet at www.blackrock.com. 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The Fund may","page_number":14,"box":{"x":62,"y":694,"width":874,"height":11}},{"id":"82244bee-c90b-448e-8f11-8efc8534bd05","block_type":"box","text":"invest in securities of companies of any market capitalization.","page_number":14,"box":{"x":62,"y":708,"width":451,"height":12}},{"id":"5ac3b1c8-4025-44c2-944b-0bc795b6bb43","block_type":"box","text":"With respect to the Fund’s fixed-income investments, the Fund will invest primarily using model-based asset allocation","page_number":14,"box":{"x":60,"y":731,"width":867,"height":11}},{"id":"a66c1758-6e49-48ff-a6b8-0fa523155461","block_type":"box","text":"and security selection models. The Fund may invest in obligations issued or guaranteed by the U.S. Government, its","page_number":14,"box":{"x":61,"y":746,"width":850,"height":11}},{"id":"301da2fe-b0cc-41ce-bd6e-efec9b2ca552","block_type":"box","text":"agencies or instrumentalities; mortgage-backed securities issued or guaranteed by the U.S. Government or its","page_number":14,"box":{"x":61,"y":761,"width":809,"height":11}},{"id":"a49e8d8d-8ffc-45b1-ad50-8e38090c9191","block_type":"box","text":"agencies or instrumentalities, including U.S. agency mortgage pass-through securities; commercial mortgage-backed","page_number":14,"box":{"x":61,"y":775,"width":857,"height":12}},{"id":"875f9241-194e-4c91-935d-52f4130ca2a8","block_type":"box","text":"securities; mortgage to-be-announced (“TBA”) securities; debt obligations of U.S. issuers, including corporate bonds;","page_number":14,"box":{"x":61,"y":790,"width":857,"height":12}},{"id":"6e8bc434-e6fb-465f-9775-0029b0b6549d","block_type":"box","text":"municipal securities; asset-backed securities; and U.S.-registered dollar-denominated debt obligations of foreign","page_number":14,"box":{"x":61,"y":805,"width":823,"height":12}},{"id":"5f684a4b-4bc9-4e1e-9f47-343eb6ffb7bf","block_type":"box","text":"issuers. The Fund may invest in bonds issued by companies located in countries other than the United States,","page_number":14,"box":{"x":62,"y":820,"width":809,"height":11}},{"id":"e3fb04fb-3e05-4038-b0ca-e8c471413e1f","block_type":"box","text":"including companies in emerging markets. These securities may have all types of interest rate payment and reset","page_number":14,"box":{"x":62,"y":835,"width":833,"height":11}},{"id":"446f320e-af60-483f-a64e-fcce78600fda","block_type":"box","text":"terms, including fixed rate, adjustable rate, floating rate, zero coupon, contingent, deferred, payment in kind and","page_number":14,"box":{"x":60,"y":849,"width":825,"height":12}},{"id":"d4aea357-254c-41bd-980e-e8d804639106","block_type":"box","text":"auction rate features. The Fund seeks to invest a substantial portion of its assets in U.S.-registered, dollar","page_number":14,"box":{"x":61,"y":864,"width":789,"height":12}},{"id":"752e874e-59a4-431a-893e-426eecb85445","block_type":"box","text":"denominated bonds. The Fund may invest up to 10% of its assets in securities rated below investment grade (“high","page_number":14,"box":{"x":61,"y":879,"width":847,"height":12}},{"id":"8cf41aef-40da-4e2b-a166-ee0be671c70c","block_type":"box","text":"yield” or “junk” bonds). The Fund may invest in bonds of any maturity or duration.","page_number":14,"box":{"x":60,"y":894,"width":597,"height":11}},{"id":"62b6e2b7-2496-41f9-8653-893e861d856c","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"ccd56ad3-5f2a-48ca-bf8f-85233267ebed","block_type":"box","text":"NM0926U-5977302-14/76","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8edcf606-c702-4ac3-962b-d956169b573c","block_type":"box","text":"The Fund may invest a significant portion of its fixed income holdings in U.S. agency mortgage pass-through securities,","page_number":15,"box":{"x":60,"y":46,"width":874,"height":11}},{"id":"2858bbb7-7bb9-46e2-abf1-9e5ba44ea975","block_type":"box","text":"which are securities issued by entities such as the Government National Mortgage Association (“GNMA”) and the","page_number":15,"box":{"x":60,"y":61,"width":833,"height":11}},{"id":"0528183c-6077-49ea-b70f-ca506f5f3ea7","block_type":"box","text":"Federal National Mortgage Association that are backed by pools of mortgages. Most transactions in mortgage pass","page_number":15,"box":{"x":62,"y":75,"width":853,"height":12}},{"id":"08a21c43-9d13-4f51-9bfc-77b203610a8e","block_type":"box","text":"through securities occur through standardized contracts for future delivery in which the exact mortgage-backed","page_number":15,"box":{"x":60,"y":90,"width":812,"height":12}},{"id":"e433eaeb-f14d-43f3-872e-44ad6ea82a70","block_type":"box","text":"securities to be delivered are not specified until a few days prior to settlement. The Fund expects to enter into such","page_number":15,"box":{"x":61,"y":105,"width":848,"height":11}},{"id":"a2424084-9516-444b-a6b3-74e5b370f56e","block_type":"box","text":"contracts on a regular basis.","page_number":15,"box":{"x":61,"y":120,"width":209,"height":11}},{"id":"7afc8843-3a4a-4cb3-b5f2-c670823bcdb6","block_type":"box","text":"The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps)","page_number":15,"box":{"x":60,"y":142,"width":830,"height":12}},{"id":"5208e27d-3623-497c-8142-fd2fd9c245e9","block_type":"box","text":"forward contracts and various other instruments, both to seek to increase the return of the Fund and to hedge (or","page_number":15,"box":{"x":60,"y":157,"width":837,"height":12}},{"id":"1ffd5886-914c-44ae-afe8-616d9d32eba4","block_type":"box","text":"protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements","page_number":15,"box":{"x":62,"y":172,"width":869,"height":12}},{"id":"ae29cba8-469c-46c0-a1c9-199936042145","block_type":"box","text":"in the securities markets. The Fund may also invest in indexed and inverse securities.","page_number":15,"box":{"x":62,"y":187,"width":628,"height":11}},{"id":"19383495-d564-4064-844e-62086f9bd01d","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":15,"box":{"x":61,"y":210,"width":327,"height":12}},{"id":"20af6d33-8576-411a-957c-3acd90f94da4","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":15,"box":{"x":62,"y":226,"width":870,"height":12}},{"id":"ecef157e-adc3-4c06-8e4a-5e87f02d1e7e","block_type":"box","text":"investments/strategies:","page_number":15,"box":{"x":62,"y":241,"width":173,"height":12}},{"id":"71316855-a00c-41e8-81eb-f7c1f8a43b97","block_type":"box","text":"Borrowing","page_number":15,"box":{"x":81,"y":261,"width":78,"height":11}},{"id":"1f64e620-9dfa-486a-a8f2-b0d7e1b200be","block_type":"box","text":"— The Fund may borrow up to the limits set forth under the Investment Company Act, the rules and","page_number":15,"box":{"x":162,"y":261,"width":732,"height":11}},{"id":"a9013293-a1a7-4d9a-8072-9a19c772539d","block_type":"box","text":"regulations thereunder and any applicable exemptive relief.","page_number":15,"box":{"x":82,"y":276,"width":432,"height":11}},{"id":"615927e2-b4b2-40f7-bc0a-0869beb349b4","block_type":"box","text":"Collateralized Debt Obligations","page_number":15,"box":{"x":81,"y":296,"width":233,"height":11}},{"id":"212f62a1-c268-4f50-8d4c-966e356485b3","block_type":"box","text":"— The Fund may invest up to 10% of its net assets in collateralized debt","page_number":15,"box":{"x":318,"y":296,"width":535,"height":11}},{"id":"42c6deb4-9814-4470-946c-51cec17e6ded","block_type":"box","text":"obligations (“CDOs”), of which 5% (as a percentage of the Fund’s net assets) may be in collateralized loan","page_number":15,"box":{"x":81,"y":311,"width":781,"height":11}},{"id":"6e01e4e2-99b4-4749-921b-22e2ba341cf6","block_type":"box","text":"obligations (“CLOs”). CDOs are types of asset-backed securities. CLOs are ordinarily issued by a trust or other","page_number":15,"box":{"x":81,"y":325,"width":811,"height":12}},{"id":"88f3a34c-9776-4f56-a73e-a0f3b3ea16eb","block_type":"box","text":"special purpose entity and are typically collateralized by a pool of loans, which may include, among others, domestic","page_number":15,"box":{"x":81,"y":340,"width":854,"height":12}},{"id":"fa53a080-c10c-4e45-9249-6fce717b0533","block_type":"box","text":"and non-U.S. senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that","page_number":15,"box":{"x":81,"y":355,"width":838,"height":12}},{"id":"75b0e5f8-6438-4d29-9fc8-8d66f3698498","block_type":"box","text":"may be rated below investment grade or equivalent unrated loans, held by such issuer.","page_number":15,"box":{"x":82,"y":370,"width":635,"height":11}},{"id":"493db6a8-32cb-4744-96f2-38ce24fe78bc","block_type":"box","text":"Illiquid Investments","page_number":15,"box":{"x":81,"y":390,"width":148,"height":11}},{"id":"ca2d84d2-a71f-45b0-aeb4-44bfdc2f24a9","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":15,"box":{"x":233,"y":390,"width":677,"height":11}},{"id":"23048925-c401-4cf9-86a7-bb283717ca02","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":15,"box":{"x":82,"y":405,"width":811,"height":11}},{"id":"45349aac-6a30-488d-9fb7-22f023a96fbe","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":15,"box":{"x":82,"y":419,"width":831,"height":12}},{"id":"b4fd714d-5b8e-4ecd-b023-16d154c5c099","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":15,"box":{"x":81,"y":434,"width":811,"height":12}},{"id":"d48a27a5-2fc5-4975-bd71-8a1dea4ec1bc","block_type":"box","text":"Investment Companies","page_number":15,"box":{"x":81,"y":454,"width":172,"height":12}},{"id":"73a7b814-b004-472e-91b1-3eb50f306ffa","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":15,"box":{"x":258,"y":455,"width":643,"height":11}},{"id":"ed118372-0ba7-432b-8e60-96fa4048c6ca","block_type":"box","text":"traded funds (“ETFs”), unit investment trusts, and open-end and closed-end funds, subject to the applicable limits","page_number":15,"box":{"x":80,"y":469,"width":837,"height":12}},{"id":"84208e7c-5e7d-4cb4-bb4e-27f711df1bdd","block_type":"box","text":"under the Investment Company Act and the rules thereunder. The Fund may invest in affiliated investment","page_number":15,"box":{"x":82,"y":484,"width":777,"height":11}},{"id":"f909d187-dd04-4698-866d-f1e288790325","block_type":"box","text":"companies, including affiliated money market funds and affiliated ETFs.","page_number":15,"box":{"x":81,"y":499,"width":525,"height":11}},{"id":"52910297-a20b-40a6-b578-edcaee1c07a4","block_type":"box","text":"Real Estate Investment Trusts","page_number":15,"box":{"x":81,"y":519,"width":229,"height":9}},{"id":"922ca571-1c71-4005-a4cf-853ce97c2b32","block_type":"box","text":"— The Fund may invest in real estate investment trusts (“REITs”).","page_number":15,"box":{"x":314,"y":519,"width":484,"height":11}},{"id":"59ee98eb-4d37-4dd6-8bdd-1144d658747c","block_type":"box","text":"Real Estate-Related Securities","page_number":15,"box":{"x":81,"y":539,"width":231,"height":9}},{"id":"47e2f760-7cd7-4a45-bf18-abaf72c88a65","block_type":"box","text":"— The Fund may also invest in securities of companies that derive a significant","page_number":15,"box":{"x":316,"y":539,"width":584,"height":11}},{"id":"856d73cd-a6ac-4e96-b7ef-a4cd3e7a102e","block_type":"box","text":"proportion of their revenues and profits from, or have a significant proportion of their assets invested in, (i) the","page_number":15,"box":{"x":82,"y":554,"width":815,"height":11}},{"id":"31366098-09d9-4caf-a4d4-909d08a8248e","block_type":"box","text":"development, construction, management, or sale of real estate; (ii) real estate holdings; or (iii) products or services","page_number":15,"box":{"x":81,"y":568,"width":850,"height":12}},{"id":"13674c60-dd92-4359-a59a-644a23c27138","block_type":"box","text":"related to the real estate industry.","page_number":15,"box":{"x":82,"y":583,"width":249,"height":12}},{"id":"fc136602-f5a8-46e7-84bd-e72289d83213","block_type":"box","text":"Securities Lending","page_number":15,"box":{"x":81,"y":603,"width":140,"height":12}},{"id":"bad85985-29f1-4c32-989c-f0633f280bc0","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":15,"box":{"x":225,"y":603,"width":396,"height":12}},{"id":"8b5c77f9-b69e-4672-88a2-b1eb871fafff","block_type":"box","text":"1⁄","page_number":15,"box":{"x":622,"y":604,"width":6,"height":5}},{"id":"a021ef7f-9ee5-40b3-bb0c-529d1d529439","block_type":"box","text":"1⁄3","page_number":15,"box":{"x":626,"y":603,"width":8,"height":9}},{"id":"e392076f-8513-49eb-8287-1685084f16f0","block_type":"box","text":"⁄3","page_number":15,"box":{"x":632,"y":607,"width":6,"height":5}},{"id":"1447000a-b1a5-426a-84b7-5f4adf6347aa","block_type":"box","text":"% of its total assets to financial","page_number":15,"box":{"x":639,"y":603,"width":231,"height":9}},{"id":"0d649149-7e6a-41d7-ab05-1cbdc2293223","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":15,"box":{"x":82,"y":618,"width":748,"height":12}},{"id":"25e150f8-e2dc-4efd-a2cc-56b68bac4976","block_type":"box","text":"Short Sales","page_number":15,"box":{"x":81,"y":638,"width":87,"height":9}},{"id":"c50bd928-4bfa-4754-b736-67fd24b2e5a9","block_type":"box","text":"— The Fund may make short sales of securities, either as a hedge against potential declines in value","page_number":15,"box":{"x":173,"y":638,"width":747,"height":12}},{"id":"f3070c7a-dd11-4699-92e5-611d9661eae0","block_type":"box","text":"of a portfolio security or to realize appreciation when a security that the Fund does not own declines in value. The","page_number":15,"box":{"x":81,"y":653,"width":833,"height":11}},{"id":"5afd6584-3011-4bbc-9205-47131164fc06","block_type":"box","text":"Fund will not make a short sale if, after giving effect to such sale, the market value of all securities sold short","page_number":15,"box":{"x":82,"y":668,"width":809,"height":11}},{"id":"e0759105-fa2f-4ae5-a88f-c132fe00a28b","block_type":"box","text":"exceeds 10% of the value of its total assets. The Fund may also make short sales “against-the-box” without regard","page_number":15,"box":{"x":81,"y":682,"width":845,"height":12}},{"id":"ead34c89-f969-47cb-afe2-b7792c625c4f","block_type":"box","text":"to this restriction. In this type of short sale, at the time of the sale, the Fund owns or has the immediate and","page_number":15,"box":{"x":80,"y":697,"width":801,"height":12}},{"id":"843a801d-09e5-487f-a0b8-534c0b89d8b4","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost.","page_number":15,"box":{"x":82,"y":712,"width":529,"height":12}},{"id":"3bd143d9-472d-46cf-8068-b35c22ad1c4b","block_type":"box","text":"Small Cap and Emerging Growth Securities","page_number":15,"box":{"x":81,"y":732,"width":324,"height":12}},{"id":"9fd63712-73a4-4b0c-93b8-ed5b49cb4588","block_type":"box","text":"—","page_number":15,"box":{"x":410,"y":738,"width":17,"height":0}},{"id":"626001f0-a582-4c50-adeb-7d84f1f4e203","block_type":"box","text":"The Fund may invest in equity securities of issuers with limited","page_number":15,"box":{"x":431,"y":732,"width":460,"height":12}},{"id":"9e599844-4e77-4ece-895a-b59943410667","block_type":"box","text":"product lines or markets.","page_number":15,"box":{"x":82,"y":747,"width":182,"height":11}},{"id":"e676fd48-9a68-420b-8b4b-4c2ebb2c21be","block_type":"box","text":"Standby Commitment Agreements","page_number":15,"box":{"x":81,"y":767,"width":259,"height":11}},{"id":"704e9bee-80fe-4a06-83b2-ed0f48a73593","block_type":"box","text":"—","page_number":15,"box":{"x":345,"y":772,"width":17,"height":1}},{"id":"f64440a4-b927-4369-83df-ea06e77061c2","block_type":"box","text":"Standby commitment agreements commit the Fund, for a stated period of","page_number":15,"box":{"x":367,"y":767,"width":540,"height":11}},{"id":"3234399c-72fc-4f27-85f4-64ef3d233a77","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":15,"box":{"x":80,"y":782,"width":854,"height":11}},{"id":"21f40cbd-69c4-4100-b21f-e4b141319ef4","block_type":"box","text":"Temporary Defensive Strategies","page_number":15,"box":{"x":82,"y":802,"width":238,"height":11}},{"id":"3f08472e-cf5c-4a0c-8d7d-d21a6c4c5714","block_type":"box","text":"— For temporary defensive purposes, for example, to respond to adverse market,","page_number":15,"box":{"x":325,"y":802,"width":600,"height":11}},{"id":"3ab4ca0c-33a0-41ab-a9d0-4b8e77fbe884","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":15,"box":{"x":81,"y":817,"width":802,"height":11}},{"id":"927a8526-2fba-493b-a2db-25abfcb8d47d","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":15,"box":{"x":82,"y":832,"width":833,"height":11}},{"id":"a105f6a1-06dd-4265-aad2-f9b35ac9b36d","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":15,"box":{"x":81,"y":846,"width":796,"height":12}},{"id":"3d84a36e-4506-4024-ac23-5ebea678ff32","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":15,"box":{"x":81,"y":861,"width":802,"height":12}},{"id":"b260d32b-c297-4ef3-99d0-0a4cb1a540f6","block_type":"box","text":"unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed income","page_number":15,"box":{"x":82,"y":876,"width":778,"height":11}},{"id":"27ab69f5-8791-4c4d-8f1d-fa3060302286","block_type":"box","text":"securities. Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":15,"box":{"x":81,"y":891,"width":781,"height":11}},{"id":"6859b33f-d566-4191-9918-953b44cc63fa","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"2841fe46-36cd-47c6-a2d4-cdd54fac281f","block_type":"box","text":"NM0926U-5977302-15/76","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3dfce7ce-5cfb-4930-b502-2718fd595f59","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":16,"box":{"x":83,"y":46,"width":545,"height":11}},{"id":"c72d6f80-01f6-4c7d-a435-f9b82f1940ff","block_type":"box","text":"— The purchase or sale of securities on","page_number":16,"box":{"x":632,"y":46,"width":295,"height":11}},{"id":"076dd96f-cc99-4fd5-8946-8a02a673b2c7","block_type":"box","text":"a when-issued basis, on a delayed delivery basis or through a forward commitment involves the purchase or sale of","page_number":16,"box":{"x":81,"y":60,"width":851,"height":12}},{"id":"335d2271-3ee4-4ab2-b3b2-8358dc009cc5","block_type":"box","text":"securities by the Fund at an established price with payment and delivery taking place in the future. The Fund enters","page_number":16,"box":{"x":81,"y":75,"width":847,"height":12}},{"id":"b8a4ee5b-54d9-44d3-af84-b23703909de3","block_type":"box","text":"into these transactions to obtain what is considered an advantageous price to the Fund at the time of entering into","page_number":16,"box":{"x":82,"y":90,"width":842,"height":12}},{"id":"984df5c1-283a-4d57-9d3e-4956fcd8afc4","block_type":"box","text":"the transaction.","page_number":16,"box":{"x":80,"y":105,"width":115,"height":9}},{"id":"f0a1b2fa-80f9-4f8b-a4e5-ab2cee056e96","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":16,"box":{"x":272,"y":162,"width":453,"height":9}},{"id":"4ef963dc-d92b-4e4c-8d46-a2f61cee39b4","block_type":"box","text":"The Fund is managed by a team of financial professionals. Philip Green, Michael Pensky, CFA, Daniel Felder, CFA,","page_number":16,"box":{"x":70,"y":184,"width":831,"height":12}},{"id":"6f2b1ce8-3eda-4d78-8e63-13b0c09e812c","block_type":"box","text":"Raffaele Savi, Richard Mathieson, Anna Hawley, CFA, Scott Radell and Jasmita Mohan are the portfolio managers","page_number":16,"box":{"x":72,"y":199,"width":833,"height":12}},{"id":"5ec2e9d3-800e-4ab2-bb0c-8040135aac08","block_type":"box","text":"and are jointly and primarily responsible for the day-to-day management of the Fund. Please see “Management of","page_number":16,"box":{"x":71,"y":214,"width":831,"height":11}},{"id":"c3a9f8cd-8426-4330-b6cd-8df8bf4bdc45","block_type":"box","text":"the Fund — Portfolio Manager Information” for additional information about the portfolio management team.","page_number":16,"box":{"x":70,"y":229,"width":797,"height":11}},{"id":"589cb3fa-2474-4ef2-b57f-bcbe7ee91fef","block_type":"box","text":"Investment Risks","page_number":16,"box":{"x":62,"y":281,"width":156,"height":10}},{"id":"6c873684-b27f-4e3f-a7ef-ce3150c12422","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objectives and","page_number":16,"box":{"x":60,"y":307,"width":820,"height":11}},{"id":"63ea5f76-33e7-44f9-8abf-97c2dfeafa9d","block_type":"box","text":"Policies” section in the Statement of Additional Information (“SAI”) also includes more information about the Fund, its","page_number":16,"box":{"x":61,"y":321,"width":866,"height":12}},{"id":"45c58cad-6666-41ba-8d0e-da061fdfd9c7","block_type":"box","text":"investments and the related risks. As with any fund, there can be no guarantee that the Fund will meet its investment","page_number":16,"box":{"x":62,"y":336,"width":863,"height":12}},{"id":"852b5643-60fa-4b04-a458-245a3990d2d9","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":16,"box":{"x":61,"y":351,"width":822,"height":12}},{"id":"2d29f93c-6b56-4062-a48f-828bfcdc97e6","block_type":"box","text":"insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or governmental agency. The order","page_number":16,"box":{"x":62,"y":366,"width":867,"height":12}},{"id":"e1094c15-af55-4bc2-a595-6e32d1d2e258","block_type":"box","text":"of the below risk factors does not indicate the significance of any particular risk factor.","page_number":16,"box":{"x":61,"y":381,"width":635,"height":11}},{"id":"bb5676d2-03aa-432d-81e8-a1cbd28ea3c1","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":16,"box":{"x":61,"y":404,"width":322,"height":12}},{"id":"bac48bbe-e412-43e0-b1f0-54fc2bace3d5","block_type":"box","text":"Convertible Securities Risk","page_number":16,"box":{"x":81,"y":425,"width":206,"height":10}},{"id":"0a72924b-d969-463e-b75e-5c72ed7e316d","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":16,"box":{"x":291,"y":425,"width":593,"height":12}},{"id":"5d3aa8b3-2a32-4614-88bb-516e22b8748d","block_type":"box","text":"security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible","page_number":16,"box":{"x":81,"y":440,"width":853,"height":12}},{"id":"2481a877-a466-404b-a439-9638076e855f","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":16,"box":{"x":81,"y":455,"width":855,"height":11}},{"id":"b44f4053-e490-4653-82e9-6dfd0faa90f7","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":16,"box":{"x":80,"y":470,"width":816,"height":11}},{"id":"391bde50-358b-4945-9714-e196d70c6985","block_type":"box","text":"issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be","page_number":16,"box":{"x":82,"y":485,"width":796,"height":11}},{"id":"1c37a7f0-8493-4775-8138-cd88e5e6eac6","block_type":"box","text":"converted, a convertible security is also subject to the same types of market and issuer risks that apply to the","page_number":16,"box":{"x":81,"y":499,"width":812,"height":12}},{"id":"3e5148a7-6165-4207-9f46-fbe1aee53e03","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":16,"box":{"x":82,"y":514,"width":809,"height":12}},{"id":"9abb51b3-a954-4ea3-a191-6d3fdbe53f78","block_type":"box","text":"Corporate Loans Risk","page_number":16,"box":{"x":81,"y":534,"width":162,"height":12}},{"id":"079644c6-8f78-4620-8b54-ad46cbbde9a5","block_type":"box","text":"— Commercial banks and other financial institutions or institutional investors make corporate","page_number":16,"box":{"x":247,"y":534,"width":689,"height":11}},{"id":"29246aad-9f63-41a2-907c-be0e019f5473","block_type":"box","text":"loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at","page_number":16,"box":{"x":82,"y":549,"width":845,"height":12}},{"id":"e3d0eb65-6f10-4246-a895-ac7cb12f6c8d","block_type":"box","text":"rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate","page_number":16,"box":{"x":82,"y":564,"width":827,"height":11}},{"id":"b01ad9c8-481d-4a09-b920-645e276e8c8e","block_type":"box","text":"(“SOFR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less","page_number":16,"box":{"x":81,"y":579,"width":821,"height":11}},{"id":"3dc0228d-acfe-457d-9a31-97c9ddf8d240","block_type":"box","text":"exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest.","page_number":16,"box":{"x":81,"y":594,"width":840,"height":11}},{"id":"1e6f2448-7f0e-4825-b6d9-7749c65572e3","block_type":"box","text":"However, because the trading market for certain corporate loans may be less developed than the secondary market","page_number":16,"box":{"x":82,"y":608,"width":850,"height":12}},{"id":"785ae28d-cc37-449c-b3f1-cfc8055a76c1","block_type":"box","text":"for bonds and notes, the Fund may experience difficulties in selling its corporate loans. Transactions in corporate","page_number":16,"box":{"x":81,"y":623,"width":831,"height":12}},{"id":"0b0ab424-4b25-442b-aa4d-3179a20b8fa7","block_type":"box","text":"loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily","page_number":16,"box":{"x":82,"y":638,"width":841,"height":11}},{"id":"e058ec58-b988-4cd7-84dd-959d914d7f31","block_type":"box","text":"available to make additional investments or to meet the Fund’s redemption obligations. To the extent the extended","page_number":16,"box":{"x":81,"y":653,"width":843,"height":11}},{"id":"45c0d05a-de59-4976-94ed-716da4d5ffc8","block_type":"box","text":"settlement process gives rise to short-term liquidity needs, the Fund may hold additional cash, sell investments or","page_number":16,"box":{"x":81,"y":668,"width":841,"height":11}},{"id":"d357603d-4d83-4954-b956-039f911f689c","block_type":"box","text":"temporarily borrow from banks and other lenders. Leading financial institutions often act as agent for a broader","page_number":16,"box":{"x":80,"y":682,"width":819,"height":12}},{"id":"0b1509f9-bd45-40ae-9a86-f0007a2bc8da","block_type":"box","text":"group of lenders, generally referred to as a syndicate. The syndicate’s agent arranges the corporate loans, holds","page_number":16,"box":{"x":81,"y":697,"width":827,"height":12}},{"id":"cde75969-4417-4c91-9a18-44e18cfb76a7","block_type":"box","text":"collateral and accepts payments of principal and interest. If the agent develops financial problems, the Fund may","page_number":16,"box":{"x":81,"y":712,"width":831,"height":12}},{"id":"b7660f13-a81a-408a-8f91-f8664776653f","block_type":"box","text":"not recover its investment or recovery may be delayed. By investing in a corporate loan, the Fund may become a","page_number":16,"box":{"x":82,"y":727,"width":822,"height":12}},{"id":"e38211b5-3f77-4c69-8ae4-61a48ce51828","block_type":"box","text":"member of the syndicate.","page_number":16,"box":{"x":82,"y":742,"width":184,"height":11}},{"id":"8dd7bd55-7193-42aa-9ca4-9566dbd39d45","block_type":"box","text":"The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads.","page_number":16,"box":{"x":81,"y":764,"width":739,"height":12}},{"id":"84ba3a76-0b2b-4fa5-8db4-a49e7d436e53","block_type":"box","text":"The corporate loans in which the Fund invests are subject to the risk of loss of principal and income. Although","page_number":16,"box":{"x":81,"y":787,"width":806,"height":11}},{"id":"1a7d62f0-adb1-48a0-b7ec-ffa1d37900c6","block_type":"box","text":"borrowers frequently provide collateral to secure repayment of these obligations they do not always do so. If they do","page_number":16,"box":{"x":81,"y":802,"width":852,"height":11}},{"id":"947e0c03-cb07-46a2-9042-541cfca03d91","block_type":"box","text":"provide collateral, the value of the collateral may not completely cover the borrower’s obligations at the time of a","page_number":16,"box":{"x":82,"y":817,"width":827,"height":11}},{"id":"f786f158-6860-43e6-9abf-5a86ae497b0c","block_type":"box","text":"default. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit the","page_number":16,"box":{"x":81,"y":831,"width":847,"height":12}},{"id":"12807e6f-06e6-4468-bd5e-085d0515b39d","block_type":"box","text":"Fund’s rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event of","page_number":16,"box":{"x":82,"y":846,"width":852,"height":12}},{"id":"4cfe9ab2-11dd-41e6-a3e3-e72dfd8850b8","block_type":"box","text":"a bankruptcy, the holder of a corporate loan may not recover its principal, may experience a long delay in recovering","page_number":16,"box":{"x":81,"y":861,"width":849,"height":12}},{"id":"98934527-3ff1-4577-a0df-a0932e63c575","block_type":"box","text":"its investment and may not receive interest during the delay.","page_number":16,"box":{"x":82,"y":876,"width":441,"height":11}},{"id":"a2279b87-7f5b-4b68-88da-1b4613242ca4","block_type":"box","text":"Debt Securities Risk","page_number":16,"box":{"x":81,"y":896,"width":155,"height":9}},{"id":"6619ca0f-8a6f-4011-b8c8-a0efc5c16b36","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":16,"box":{"x":240,"y":896,"width":633,"height":11}},{"id":"396677b9-f999-4870-b114-5f45da2f2a23","block_type":"box","text":"extension risk, and prepayment risk, each of which is described in further detail below:","page_number":16,"box":{"x":81,"y":911,"width":637,"height":11}},{"id":"f84f5e42-9ce2-461f-beb1-84f22d6946d8","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"fda264cc-00df-4229-be71-6c0625821989","block_type":"box","text":"NM0926U-5977302-16/76","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5114ab46-6115-437d-966e-eeaf2d40b3a9","block_type":"box","text":"Credit Risk","page_number":17,"box":{"x":82,"y":46,"width":80,"height":9}},{"id":"50938bd5-ae93-4b0d-8379-3f06cb2c1459","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":17,"box":{"x":166,"y":46,"width":737,"height":11}},{"id":"c38efa11-9385-4e63-b853-c1fd49e63293","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":17,"box":{"x":81,"y":60,"width":816,"height":12}},{"id":"8d686491-c4b0-48d2-8ea5-c66ec9e418e9","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":17,"box":{"x":82,"y":75,"width":826,"height":12}},{"id":"e66c09ec-39d8-44df-8e90-2325da9eb36f","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":17,"box":{"x":81,"y":90,"width":777,"height":12}},{"id":"627ac9c4-fe57-45e9-958d-f4cf55245d72","block_type":"box","text":"Interest Rate Risk","page_number":17,"box":{"x":82,"y":113,"width":132,"height":9}},{"id":"0ad7b81a-3be7-43f2-9d1f-84d2069d7bd2","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":17,"box":{"x":218,"y":113,"width":704,"height":11}},{"id":"7b9c2487-d33b-461e-8333-2319be5f7c91","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":17,"box":{"x":82,"y":127,"width":835,"height":12}},{"id":"313f34f1-c608-409c-808e-679d084a1259","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":17,"box":{"x":80,"y":142,"width":513,"height":10}},{"id":"63c0d109-8005-444d-860d-e0feb6ec346f","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":17,"box":{"x":81,"y":165,"width":843,"height":11}},{"id":"f85b33bb-b70a-4ec2-8d56-09ac31803355","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":17,"box":{"x":82,"y":180,"width":806,"height":11}},{"id":"ff2ebcf1-6bfd-4b5e-81b7-fc002c6c1046","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":17,"box":{"x":81,"y":195,"width":831,"height":11}},{"id":"d9d8e88a-41b8-4f19-8f72-f78f57b56228","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":17,"box":{"x":82,"y":209,"width":854,"height":12}},{"id":"0320a540-31dd-4187-8f01-aedb1286d2fb","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":17,"box":{"x":81,"y":224,"width":827,"height":12}},{"id":"8366a203-07aa-405d-9867-23d30c88ca8d","block_type":"box","text":"securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest","page_number":17,"box":{"x":81,"y":239,"width":840,"height":12}},{"id":"24420570-d068-461c-84e3-fe6c8c2132b2","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":17,"box":{"x":82,"y":254,"width":851,"height":11}},{"id":"b189a316-5086-442c-957f-b3b0c1cc2fdc","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":17,"box":{"x":82,"y":269,"width":808,"height":11}},{"id":"7e206b43-ff6e-41f5-8f81-a60e14939cff","block_type":"box","text":"management.","page_number":17,"box":{"x":82,"y":284,"width":98,"height":11}},{"id":"88e3252d-9284-4dbc-a201-188b5fde5028","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":17,"box":{"x":81,"y":306,"width":852,"height":12}},{"id":"e85d0ad2-33d8-4d63-a845-9161f13b132d","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":17,"box":{"x":81,"y":321,"width":840,"height":11}},{"id":"fbfe5f43-da6a-4401-a66f-3e95bf129076","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset","page_number":17,"box":{"x":80,"y":336,"width":834,"height":11}},{"id":"f71fc15b-20e0-421e-840b-4fc63db7b0a7","block_type":"box","text":"only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be","page_number":17,"box":{"x":81,"y":351,"width":803,"height":11}},{"id":"b7a29b34-c578-4abc-8524-cae88a0b88b8","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":17,"box":{"x":81,"y":365,"width":839,"height":12}},{"id":"918ff08e-e746-4098-a3d8-17e578527c7e","block_type":"box","text":"debt securities.","page_number":17,"box":{"x":81,"y":380,"width":112,"height":9}},{"id":"4390c2d6-5932-4251-8aad-c66715ff95a6","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":17,"box":{"x":81,"y":403,"width":839,"height":11}},{"id":"57c2c083-16e9-4433-b03b-4e333a0b9fea","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":17,"box":{"x":81,"y":418,"width":839,"height":11}},{"id":"b0742bd5-60db-40ee-a91c-d39bb59b47bd","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":17,"box":{"x":82,"y":432,"width":831,"height":12}},{"id":"1a53a5aa-44d5-45a9-b69e-6bcc3ce767e5","block_type":"box","text":"value when interest rates change.","page_number":17,"box":{"x":80,"y":447,"width":248,"height":12}},{"id":"5ae1e556-c28a-4d6e-9cd9-016cb209eacc","block_type":"box","text":"Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and","page_number":17,"box":{"x":81,"y":470,"width":842,"height":11}},{"id":"b7d24a32-0f89-40d9-93a6-478ac0665001","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":17,"box":{"x":81,"y":485,"width":855,"height":11}},{"id":"a15b51ed-7252-446c-b0df-683103febca3","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":17,"box":{"x":80,"y":499,"width":828,"height":12}},{"id":"ddbbbc98-0f2b-4424-84ac-c76995f66bb9","block_type":"box","text":"hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at","page_number":17,"box":{"x":82,"y":514,"width":770,"height":12}},{"id":"75fe49cc-016b-4d21-a41c-01b6ed9b8bb5","block_type":"box","text":"inopportune times or at a loss or depressed value and could hurt the Fund’s performance.","page_number":17,"box":{"x":82,"y":529,"width":665,"height":11}},{"id":"7709fd20-f29a-4a87-b7c6-90cbc2533d1c","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":17,"box":{"x":82,"y":552,"width":836,"height":11}},{"id":"cd461d97-a4f3-4a18-87a0-1eea7f3ea410","block_type":"box","text":"countries have recently experienced negative interest rates on certain fixed-income instruments. Very low or","page_number":17,"box":{"x":81,"y":566,"width":793,"height":12}},{"id":"99802afd-fdd2-423f-a5d1-057c65cb5076","block_type":"box","text":"negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero,","page_number":17,"box":{"x":82,"y":581,"width":834,"height":12}},{"id":"f3a355e1-61f4-42ac-a721-3a285fb555e3","block_type":"box","text":"may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund","page_number":17,"box":{"x":82,"y":596,"width":831,"height":12}},{"id":"11ac7c61-ad9b-4dae-8e81-f7bd5c27d23f","block_type":"box","text":"performance to the extent the Fund is exposed to such interest rates.","page_number":17,"box":{"x":82,"y":611,"width":511,"height":11}},{"id":"e73b049b-3c2b-4cdf-a246-63ca2dc7f4da","block_type":"box","text":"Extension Risk","page_number":17,"box":{"x":82,"y":634,"width":107,"height":9}},{"id":"60c5b16a-65bb-41bd-b713-20266ab782e5","block_type":"box","text":"— When interest rates rise, certain obligations will be paid off by the obligor more slowly than","page_number":17,"box":{"x":193,"y":633,"width":691,"height":12}},{"id":"1a6c300b-e8f6-4421-90d4-159d9f0dfd31","block_type":"box","text":"anticipated, causing the value of these obligations to fall. Rising interest rates tend to extend the duration of","page_number":17,"box":{"x":81,"y":648,"width":800,"height":12}},{"id":"05d59c8f-f262-4efd-9f71-264672e1cadc","block_type":"box","text":"securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally","page_number":17,"box":{"x":81,"y":663,"width":832,"height":12}},{"id":"33dda82e-6ba9-40a3-80e7-ba1b8d77bff3","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":17,"box":{"x":81,"y":678,"width":855,"height":12}},{"id":"4fd36dd8-f8b9-453e-80c4-9274cc266659","block_type":"box","text":"interest rates, securities may exhibit additional volatility and may lose value.","page_number":17,"box":{"x":82,"y":693,"width":559,"height":11}},{"id":"c4d29ea3-a57f-4e74-bdcd-c9b0c9d7f973","block_type":"box","text":"Prepayment Risk","page_number":17,"box":{"x":81,"y":716,"width":124,"height":11}},{"id":"bacfdafb-d419-4843-863c-9d417b636faf","block_type":"box","text":"— When interest rates fall, certain obligations will be paid off by the obligor more quickly than","page_number":17,"box":{"x":209,"y":715,"width":691,"height":12}},{"id":"8809c78d-ca42-4eb2-93ad-f0f7246f06c6","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":17,"box":{"x":81,"y":730,"width":823,"height":12}},{"id":"e806d0fb-7826-41d3-95c6-00f6bf9a4aa6","block_type":"box","text":"falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are","page_number":17,"box":{"x":81,"y":745,"width":793,"height":12}},{"id":"a43009c7-a39b-4d76-a12d-9157270a5bff","block_type":"box","text":"motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment","page_number":17,"box":{"x":82,"y":760,"width":830,"height":11}},{"id":"33d0376c-c7fd-44f3-8e7f-ca3d4b9fba7b","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":17,"box":{"x":82,"y":775,"width":849,"height":11}},{"id":"c33934a0-38e9-4201-b89e-63fa1a72d528","block_type":"box","text":"prepaid. Prepayment reduces the yield to maturity and the average life of the security.","page_number":17,"box":{"x":82,"y":789,"width":627,"height":12}},{"id":"8437acff-aef8-4742-9458-ed6eb9496967","block_type":"box","text":"Derivatives Risk","page_number":17,"box":{"x":81,"y":810,"width":123,"height":9}},{"id":"8861db8f-9fd0-4f95-8d75-92ad8bbf1d91","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":17,"box":{"x":207,"y":809,"width":664,"height":12}},{"id":"094b9be2-7be2-4aaf-a0df-9225e4186b74","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":17,"box":{"x":82,"y":824,"width":469,"height":12}},{"id":"380cbd5e-7706-4dd8-a1c6-dd7691d774de","block_type":"box","text":"Leverage Risk","page_number":17,"box":{"x":82,"y":845,"width":102,"height":11}},{"id":"d473755b-521a-4878-991e-aae84d008a7d","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":17,"box":{"x":188,"y":844,"width":723,"height":12}},{"id":"0bb5ee65-8a6b-4f95-a2e4-586746745102","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":17,"box":{"x":82,"y":859,"width":832,"height":12}},{"id":"68f136b2-bf61-4ec0-b625-c221d7ade7d9","block_type":"box","text":"exceed the amount originally invested.","page_number":17,"box":{"x":81,"y":874,"width":280,"height":11}},{"id":"1cd20989-07cc-4a27-a678-7436f3bdbbbb","block_type":"box","text":"Market Risk","page_number":17,"box":{"x":82,"y":894,"width":87,"height":9}},{"id":"394eaac2-6e6a-44b9-88ce-cc90495024d8","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":17,"box":{"x":173,"y":894,"width":728,"height":11}},{"id":"ac2b65c0-191e-4b51-a3d6-7cb3f1ebedf6","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":17,"box":{"x":81,"y":909,"width":834,"height":11}},{"id":"b3e71249-9a89-40eb-bd5c-eba15e4d3539","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"9c20a0a7-2192-4162-acea-0c7f62aaab2d","block_type":"box","text":"NM0926U-5977302-17/76","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e1ac270c-5510-4ee3-b719-8e753d45b0a2","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":18,"box":{"x":82,"y":46,"width":832,"height":11}},{"id":"c14b6c5e-70dc-41bd-8087-d7f87ac8482a","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":18,"box":{"x":80,"y":60,"width":779,"height":12}},{"id":"15527cbb-6b85-4f52-86ce-679a46fadaf1","block_type":"box","text":"derivatives positions to lose value.","page_number":18,"box":{"x":81,"y":76,"width":253,"height":11}},{"id":"ae8a2b82-061e-42e0-a929-9d8dc4000bd1","block_type":"box","text":"Counterpar ty Risk","page_number":18,"box":{"x":82,"y":95,"width":131,"height":12}},{"id":"03f7a810-298b-4e3a-9273-60d32f0ff545","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":18,"box":{"x":217,"y":96,"width":697,"height":11}},{"id":"4c5bf060-9ec4-4ec1-ac8d-5e42bc41fca6","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":18,"box":{"x":80,"y":110,"width":855,"height":12}},{"id":"dd809221-3d2f-49b7-ac35-dc4bce9c00e9","block_type":"box","text":"exposure to such a counterparty.","page_number":18,"box":{"x":81,"y":125,"width":240,"height":11}},{"id":"764efe65-fe76-4eb8-8fb2-f22999378d38","block_type":"box","text":"Illiquidity Risk","page_number":18,"box":{"x":82,"y":145,"width":100,"height":11}},{"id":"88df1200-2520-4c95-9622-6736cbccc238","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":18,"box":{"x":186,"y":145,"width":750,"height":11}},{"id":"d19b3386-bb88-4891-866c-3b31a7f4ae1f","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":18,"box":{"x":80,"y":160,"width":839,"height":11}},{"id":"b3f2032c-a911-4810-a84f-951aa6c50864","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":18,"box":{"x":81,"y":175,"width":293,"height":11}},{"id":"84855df4-1c78-4c04-83d2-9059db224a6f","block_type":"box","text":"Operational Risk","page_number":18,"box":{"x":82,"y":195,"width":120,"height":11}},{"id":"34eab014-2e3c-4897-8566-fdf86d41013b","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":18,"box":{"x":206,"y":195,"width":727,"height":11}},{"id":"b540f74d-0f1d-4055-9776-bea402717726","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":18,"box":{"x":82,"y":209,"width":607,"height":12}},{"id":"773b0acc-eef3-48e4-89bd-f84a3dc0cf86","block_type":"box","text":"Legal Risk","page_number":18,"box":{"x":82,"y":230,"width":75,"height":11}},{"id":"e86592b5-1ae0-4397-8af0-1b337bd00999","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":18,"box":{"x":161,"y":229,"width":761,"height":12}},{"id":"d749956a-6ddd-4424-bd9c-6e6c337d384d","block_type":"box","text":"enforceability of a contract.","page_number":18,"box":{"x":81,"y":244,"width":198,"height":12}},{"id":"91d71fd3-4857-4720-9441-75c3b55b1477","block_type":"box","text":"Volatility and Correlation Risk","page_number":18,"box":{"x":83,"y":264,"width":214,"height":12}},{"id":"9c376cb2-ddb0-4f59-9b69-199a4c1aaf89","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":18,"box":{"x":300,"y":264,"width":590,"height":12}},{"id":"addf2e43-a47b-4246-9663-14963a8d552c","block_type":"box","text":"volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price","page_number":18,"box":{"x":80,"y":279,"width":855,"height":12}},{"id":"612d3dae-ae49-44a1-90d1-e0edc2982afa","block_type":"box","text":"within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not","page_number":18,"box":{"x":80,"y":294,"width":820,"height":11}},{"id":"fc32de7f-4376-4d19-82d5-e0f34f35aa49","block_type":"box","text":"correlate with the overall securities markets.","page_number":18,"box":{"x":81,"y":309,"width":326,"height":9}},{"id":"bd7e429b-1eea-4931-84c3-68a4e482a4f8","block_type":"box","text":"Valuation Risk","page_number":18,"box":{"x":83,"y":329,"width":102,"height":9}},{"id":"3c504d7f-d0a1-4e3e-b867-807720017c87","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":18,"box":{"x":189,"y":329,"width":747,"height":11}},{"id":"939dfa9d-b040-46ac-af2c-ab6852318325","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":18,"box":{"x":82,"y":343,"width":783,"height":12}},{"id":"8d5dc1d8-f64c-4f55-9dfb-c20c0e2dfbbf","block_type":"box","text":"instruments or quote prices for them. Derivatives may also expose the Fund to greater risk and increase its costs.","page_number":18,"box":{"x":82,"y":358,"width":837,"height":12}},{"id":"5d1e8ea3-c538-4139-aaa0-d85035c6ea12","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":18,"box":{"x":81,"y":373,"width":826,"height":12}},{"id":"c6e713c1-15be-4308-a632-fed2d59f7a63","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":18,"box":{"x":80,"y":388,"width":405,"height":11}},{"id":"5ec1be08-eacf-41c0-bb1b-48458831fb2f","block_type":"box","text":"Hedging Risk","page_number":18,"box":{"x":82,"y":408,"width":95,"height":11}},{"id":"de3c0033-26ed-46a4-a91f-ce65457d2b74","block_type":"box","text":"— When a derivative is used as a hedge against a position that the Fund holds, any loss generated by","page_number":18,"box":{"x":181,"y":408,"width":752,"height":11}},{"id":"fd4a600a-6aea-4247-97a0-3643519f0ec0","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":18,"box":{"x":80,"y":423,"width":820,"height":11}},{"id":"dcc91660-7c9e-4315-b015-e323f24be5c5","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":18,"box":{"x":82,"y":438,"width":823,"height":11}},{"id":"beb89fbd-3ce7-46c9-9c99-17ed7e186ae1","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":18,"box":{"x":82,"y":452,"width":813,"height":12}},{"id":"96e76f6e-3040-48cc-be33-b770bce5f857","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":18,"box":{"x":82,"y":467,"width":832,"height":12}},{"id":"05285194-cb3c-4a27-ab28-251123d9fa88","block_type":"box","text":"noted below.","page_number":18,"box":{"x":82,"y":482,"width":90,"height":9}},{"id":"cf2f141c-ae54-41ca-98a4-088939c73f67","block_type":"box","text":"Tax Risk","page_number":18,"box":{"x":83,"y":502,"width":59,"height":9}},{"id":"072b1f94-4233-4a4e-a70d-4080dc529b5c","block_type":"box","text":"— The federal income tax treatment of a derivative may not be as favorable as a direct investment in an","page_number":18,"box":{"x":145,"y":502,"width":766,"height":11}},{"id":"34b8ca02-753b-4c5b-aefb-5b7656db28d3","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":18,"box":{"x":82,"y":517,"width":826,"height":11}},{"id":"0648f9d8-44a7-459f-8558-0327c1915df1","block_type":"box","text":"investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than","page_number":18,"box":{"x":82,"y":532,"width":846,"height":11}},{"id":"5383d469-fdb0-4b46-b7fd-c6599aef6821","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":18,"box":{"x":81,"y":546,"width":817,"height":12}},{"id":"b463ea89-2465-46de-bfc8-c7c3aa9221d2","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could","page_number":18,"box":{"x":82,"y":561,"width":835,"height":12}},{"id":"01b663ea-c62d-4efb-bd7c-e68994ce1428","block_type":"box","text":"be an increase (or decrease) in the amount of taxable dividends paid by the Fund. In addition, the tax treatment of","page_number":18,"box":{"x":81,"y":576,"width":840,"height":12}},{"id":"4004b2e8-a82a-451e-8bf7-7463654e987d","block_type":"box","text":"certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or","page_number":18,"box":{"x":81,"y":591,"width":750,"height":12}},{"id":"6864636b-ad4c-425e-82f3-f39b372842a0","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":18,"box":{"x":81,"y":606,"width":611,"height":11}},{"id":"c1b8b081-229b-4430-8a10-6def259a3544","block_type":"box","text":"Regulatory Risk","page_number":18,"box":{"x":82,"y":626,"width":115,"height":11}},{"id":"84805423-e42e-45d0-a6d0-53f8b307f2a4","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":18,"box":{"x":201,"y":626,"width":688,"height":11}},{"id":"e76d9d23-9d0e-4706-b88a-1b62f5307720","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":18,"box":{"x":81,"y":641,"width":851,"height":11}},{"id":"7dc2b6bd-529c-4037-97aa-29b1f8edbb3b","block_type":"box","text":"and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers are","page_number":18,"box":{"x":81,"y":656,"width":811,"height":11}},{"id":"096e708e-d0de-49b2-a088-81173fd5c8c4","block_type":"box","text":"required to exchange variation margin with the Fund and may be required by applicable regulations to collect and/or","page_number":18,"box":{"x":82,"y":670,"width":850,"height":12}},{"id":"b2522157-9d56-4e26-987b-a5d3dcfdf542","block_type":"box","text":"exchange initial margin with the Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":18,"box":{"x":81,"y":685,"width":850,"height":12}},{"id":"b1e50adf-5210-40bf-add9-f987d20a0907","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":18,"box":{"x":81,"y":700,"width":838,"height":11}},{"id":"78e00722-d81d-427b-ba86-93c5886e7b32","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":18,"box":{"x":81,"y":715,"width":807,"height":11}},{"id":"e2350c7e-612b-4c90-b740-f622759e7e88","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":18,"box":{"x":81,"y":730,"width":787,"height":11}},{"id":"8a344c35-b675-41f8-8bde-1668837f0e75","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":18,"box":{"x":82,"y":744,"width":837,"height":12}},{"id":"c023bc8f-7c79-4789-93ab-db9590c5c50b","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":18,"box":{"x":80,"y":759,"width":804,"height":12}},{"id":"56c96105-7237-416d-a943-8b5e8078b06b","block_type":"box","text":"support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or","page_number":18,"box":{"x":81,"y":774,"width":781,"height":11}},{"id":"c026cef1-6003-414b-b170-551ebd6a4b3b","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":18,"box":{"x":82,"y":789,"width":773,"height":11}},{"id":"8f05750f-6bb7-4741-b425-e550351d7045","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":18,"box":{"x":82,"y":804,"width":836,"height":11}},{"id":"41c3dcfd-1917-4462-bce9-c175b9c9c75d","block_type":"box","text":"increase the costs and risks to the Fund of trading in these instruments and, as a result, may affect returns to","page_number":18,"box":{"x":82,"y":818,"width":814,"height":12}},{"id":"25030d4d-4b70-412b-9482-a943761125aa","block_type":"box","text":"investors in the Fund.","page_number":18,"box":{"x":82,"y":834,"width":156,"height":9}},{"id":"13804b0d-8ff6-4ad2-80b5-8c746a11f7c7","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":18,"box":{"x":82,"y":854,"width":823,"height":11}},{"id":"be163250-d84b-424c-82c3-ade7daeaa1cd","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":18,"box":{"x":82,"y":868,"width":827,"height":12}},{"id":"ea6a6a06-05e2-445c-a8e9-ad2257a16c66","block_type":"box","text":"the effects of any new governmental regulation that may be implemented on the ability of the Fund to use swaps or","page_number":18,"box":{"x":80,"y":883,"width":849,"height":12}},{"id":"b1cda2fb-3adb-489e-b6fc-b9dc3dc255a4","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":18,"box":{"x":81,"y":898,"width":846,"height":11}},{"id":"0aa6aabb-eea7-4ab6-bdb4-01481d4f1b9d","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":18,"box":{"x":81,"y":913,"width":509,"height":11}},{"id":"7ca4b32f-fcf9-4416-b46d-9c98c59a8aeb","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"65c2f907-b52a-4a5f-b0cf-16368c769134","block_type":"box","text":"NM0926U-5977302-18/76","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"76f95299-07e6-4180-b3de-30e654d55b3e","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":19,"box":{"x":82,"y":46,"width":399,"height":11}},{"id":"7437d82a-1f7f-4ebb-96a3-dcc5444d929a","block_type":"box","text":"Swaps","page_number":19,"box":{"x":102,"y":66,"width":47,"height":11}},{"id":"7c29d558-c3ee-4e62-aa29-1da21cf81873","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":19,"box":{"x":154,"y":66,"width":775,"height":11}},{"id":"51e18c95-92f7-4e07-85c5-7662463d6ac8","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":19,"box":{"x":101,"y":80,"width":829,"height":12}},{"id":"9e010257-4c8e-4820-9209-b63f4fd89d60","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":19,"box":{"x":101,"y":95,"width":807,"height":12}},{"id":"60198d44-69f8-4cf9-9a4d-1615dd89acda","block_type":"box","text":"period of time. Swap agreements involve the risk that the party with whom the Fund has entered into the swap","page_number":19,"box":{"x":102,"y":110,"width":811,"height":12}},{"id":"5f41573a-0ff5-42c1-92c1-3c9d9b395413","block_type":"box","text":"will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to","page_number":19,"box":{"x":101,"y":125,"width":820,"height":11}},{"id":"52d6af89-e797-444c-85d0-88e89e1b0617","block_type":"box","text":"pay the other party to the agreement. Swap agreements may also involve the risk that there is an imperfect","page_number":19,"box":{"x":102,"y":140,"width":791,"height":11}},{"id":"7dd16d3c-930a-4fec-bc4c-cf06468a9b7d","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":19,"box":{"x":101,"y":155,"width":789,"height":11}},{"id":"9618da15-694e-4958-8a03-210b7bff1f67","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":19,"box":{"x":101,"y":170,"width":796,"height":11}},{"id":"d491ddd4-a134-40fe-af7e-ef63b20cd085","block_type":"box","text":"Credit Default Swaps","page_number":19,"box":{"x":102,"y":189,"width":153,"height":12}},{"id":"e169a2f9-ff67-43dc-98c1-c2e88d9c61df","block_type":"box","text":"— Credit default swaps may have as reference obligations one or more securities that are","page_number":19,"box":{"x":260,"y":189,"width":663,"height":12}},{"id":"cc45a9d8-c0e3-46c1-a915-2cb1b1a798ea","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":19,"box":{"x":102,"y":204,"width":825,"height":12}},{"id":"da7a7f00-7051-4af8-a7db-7859f5cb201a","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":19,"box":{"x":102,"y":219,"width":816,"height":12}},{"id":"39753347-ebff-4dd8-bbad-be7607633de3","block_type":"box","text":"on a reference obligation has occurred. Credit default swaps involve special risks in addition to those mentioned","page_number":19,"box":{"x":101,"y":234,"width":827,"height":11}},{"id":"e2f08cfc-75cf-4678-ad1f-94516b7ffd71","block_type":"box","text":"above because they are difficult to value, are highly susceptible to illiquid investments risk and credit risk, and","page_number":19,"box":{"x":101,"y":249,"width":812,"height":11}},{"id":"2497f7ff-1dc2-4b17-80e5-481c886695de","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":19,"box":{"x":101,"y":263,"width":822,"height":12}},{"id":"4e32eec3-8ca0-4998-92aa-da0401fc5192","block_type":"box","text":"of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).","page_number":19,"box":{"x":101,"y":278,"width":758,"height":12}},{"id":"46ef61ba-5841-4a62-a0ca-d05976cb08aa","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":19,"box":{"x":102,"y":298,"width":335,"height":12}},{"id":"35ba1e71-7776-4330-a7e2-e0495bc5651c","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":19,"box":{"x":442,"y":298,"width":437,"height":12}},{"id":"0ab82981-17eb-40ca-854d-bc88e98b8fa5","block_type":"box","text":"contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a price","page_number":19,"box":{"x":101,"y":313,"width":820,"height":12}},{"id":"1c359567-92c6-41b7-9ff8-afe810d4de06","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":19,"box":{"x":101,"y":328,"width":801,"height":12}},{"id":"e1fa6c13-9921-425f-8f60-6e4a4096a81b","block_type":"box","text":"fluctuations in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for","page_number":19,"box":{"x":101,"y":343,"width":824,"height":11}},{"id":"0a9a4980-771b-4cbe-a074-40115c127273","block_type":"box","text":"a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain.","page_number":19,"box":{"x":101,"y":358,"width":831,"height":11}},{"id":"2d89615d-1939-4174-9a9f-9984b27305cc","block_type":"box","text":"Futures","page_number":19,"box":{"x":102,"y":378,"width":54,"height":9}},{"id":"22f7d74a-306d-4df5-a73f-7470da9f16fa","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":19,"box":{"x":161,"y":378,"width":765,"height":11}},{"id":"9e2a473c-7bbd-4f84-801a-fb16b6b7fb55","block_type":"box","text":"seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The","page_number":19,"box":{"x":101,"y":392,"width":786,"height":12}},{"id":"25a634b2-d21e-48fb-bef8-9f585f99cb16","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlation between","page_number":19,"box":{"x":102,"y":407,"width":827,"height":12}},{"id":"0ea7def7-89f9-4458-80ee-ed4d5815719e","block_type":"box","text":"the change in market value of the instruments held by the Fund and the price of the futures contract or option;","page_number":19,"box":{"x":101,"y":422,"width":811,"height":12}},{"id":"d8a1383a-1bdc-4ff3-af94-cf4fd2cb3c39","block_type":"box","text":"(b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close a","page_number":19,"box":{"x":101,"y":437,"width":791,"height":11}},{"id":"f9088852-d41d-440a-8495-4589e989ddfb","block_type":"box","text":"futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":19,"box":{"x":101,"y":452,"width":791,"height":11}},{"id":"d47991b9-e7e3-4ade-88e3-c8df10aa520f","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":19,"box":{"x":102,"y":467,"width":793,"height":11}},{"id":"1aa211c8-a0c9-4221-b346-c5718fa175e2","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":19,"box":{"x":102,"y":481,"width":787,"height":12}},{"id":"f358e616-0cb9-4c2b-b2af-05fe05f45384","block_type":"box","text":"default in the performance of its obligations.","page_number":19,"box":{"x":101,"y":496,"width":327,"height":12}},{"id":"c118dd7f-9de2-4300-a660-4260bf8677db","block_type":"box","text":"Options","page_number":19,"box":{"x":102,"y":516,"width":55,"height":11}},{"id":"0fb0aa02-a140-49bb-818b-1c847f858f59","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":19,"box":{"x":162,"y":516,"width":772,"height":12}},{"id":"3cb6dae6-f12c-4d17-bc97-1e540fd35a93","block_type":"box","text":"the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for","page_number":19,"box":{"x":101,"y":531,"width":812,"height":12}},{"id":"beda3d84-681e-4548-afff-242f33c94888","block_type":"box","text":"cash in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during","page_number":19,"box":{"x":101,"y":546,"width":827,"height":11}},{"id":"0ee91c7a-92e1-4946-bf39-6df528a05c17","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":19,"box":{"x":101,"y":561,"width":781,"height":11}},{"id":"4e5abf5e-a224-426d-b8b5-94f719a4a19a","block_type":"box","text":"purchases an option, it may lose the total premium paid for it if the price of the underlying security or other","page_number":19,"box":{"x":102,"y":575,"width":785,"height":12}},{"id":"f1eb24c0-3d40-4926-abf3-3c8b8b69dca5","block_type":"box","text":"assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case","page_number":19,"box":{"x":101,"y":590,"width":831,"height":12}},{"id":"e3958909-0d16-4c49-8ded-47a1cea6b835","block_type":"box","text":"of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price","page_number":19,"box":{"x":101,"y":605,"width":814,"height":11}},{"id":"b537ae84-7aa3-493c-b3a5-1b54185ae934","block_type":"box","text":"(in the case of a put option). If a put or call option purchased by the Fund were permitted to expire without being","page_number":19,"box":{"x":101,"y":620,"width":826,"height":12}},{"id":"51996a8d-e330-491c-8e61-82f0e66776cd","block_type":"box","text":"sold or exercised, its premium would represent a loss to the Fund. To the extent that the Fund writes or sells an","page_number":19,"box":{"x":101,"y":635,"width":822,"height":11}},{"id":"b2ae6aa7-4a8b-4951-a286-07692b24eab1","block_type":"box","text":"option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the","page_number":19,"box":{"x":101,"y":650,"width":816,"height":11}},{"id":"b3eaf14b-ffa3-49f8-9af2-2f5784c97dae","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":19,"box":{"x":101,"y":665,"width":442,"height":11}},{"id":"2fe71966-0812-4169-871c-dd002c424666","block_type":"box","text":"Emerging Markets Risk","page_number":19,"box":{"x":81,"y":685,"width":178,"height":11}},{"id":"4c8ff0e3-7c15-4545-b381-28fb468b4dd1","block_type":"box","text":"— The risks of foreign investments are usually much greater for emerging markets.","page_number":19,"box":{"x":263,"y":684,"width":610,"height":12}},{"id":"7fc0e9d4-3ad7-4a55-ac86-8d70b3556e80","block_type":"box","text":"Investments in emerging markets may be considered speculative. Emerging markets may include those in countries","page_number":19,"box":{"x":82,"y":699,"width":848,"height":12}},{"id":"02e849e2-a0b2-4ea5-a40b-131dae7bf2be","block_type":"box","text":"considered emerging or developing by the World Bank, the International Finance Corporation or the United Nations.","page_number":19,"box":{"x":81,"y":714,"width":842,"height":12}},{"id":"ff13632b-1481-4473-8de0-7e2dcfd5148f","block_type":"box","text":"Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never","page_number":19,"box":{"x":82,"y":729,"width":838,"height":11}},{"id":"281ad3ef-9d2c-4503-80da-d2eaaba2426f","block_type":"box","text":"fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":19,"box":{"x":81,"y":744,"width":825,"height":11}},{"id":"1cf3593e-22b3-4103-8c35-fa9eb0e9ac1c","block_type":"box","text":"returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than","page_number":19,"box":{"x":82,"y":759,"width":847,"height":11}},{"id":"3927418c-d59a-4411-b00a-9c394d77a0bb","block_type":"box","text":"developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price","page_number":19,"box":{"x":81,"y":773,"width":853,"height":12}},{"id":"4da8e09d-1629-4709-9c90-1e0ac1362b85","block_type":"box","text":"changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few","page_number":19,"box":{"x":81,"y":788,"width":823,"height":12}},{"id":"21470adf-b35f-4463-baac-04838ce411a8","block_type":"box","text":"large investors. In addition, traditional measures of investment value used in the United States, such as price to","page_number":19,"box":{"x":82,"y":803,"width":825,"height":12}},{"id":"7053ca59-2729-4a1a-b012-446d09f1e31f","block_type":"box","text":"earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about","page_number":19,"box":{"x":81,"y":818,"width":855,"height":11}},{"id":"3992a7c0-db75-4d34-a73a-d909921edab6","block_type":"box","text":"issuers in emerging markets than would be available about issuers in more developed capital markets, and such","page_number":19,"box":{"x":82,"y":833,"width":827,"height":11}},{"id":"07c776db-82d4-4892-80f0-440717a98eaf","block_type":"box","text":"issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable","page_number":19,"box":{"x":82,"y":847,"width":843,"height":12}},{"id":"7c1ed44d-8b01-417d-bda6-5363b48cdf8c","block_type":"box","text":"to those to which U.S. companies are subject.","page_number":19,"box":{"x":80,"y":862,"width":339,"height":12}},{"id":"6e90dc14-bd02-4cc8-91b2-bdaf70db1f51","block_type":"box","text":"Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their","page_number":19,"box":{"x":82,"y":882,"width":802,"height":12}},{"id":"c758bdf1-dd39-46f3-948a-84277c2c3beb","block_type":"box","text":"governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign","page_number":19,"box":{"x":81,"y":897,"width":774,"height":12}},{"id":"b218b0fd-65c3-40d2-94ed-39f19a7e305a","block_type":"box","text":"investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high","page_number":19,"box":{"x":82,"y":912,"width":830,"height":12}},{"id":"a36425ae-587e-48df-8b95-4b104a7286f9","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"5edbd32a-14b3-4ba1-b26b-25b93f1e6bca","block_type":"box","text":"NM0926U-5977302-19/76","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"00a2c80c-b1d8-4a88-b631-fc8115ca0f90","block_type":"box","text":"rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have","page_number":20,"box":{"x":82,"y":46,"width":769,"height":11}},{"id":"401611ef-5c06-4722-887d-d7687b4aa69a","block_type":"box","text":"expropriated substantial amounts of private property, and most claims of the property owners have never been fully","page_number":20,"box":{"x":81,"y":60,"width":849,"height":12}},{"id":"04cd64fa-e574-4232-9db5-0124f5c40c1d","block_type":"box","text":"settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that the","page_number":20,"box":{"x":81,"y":76,"width":820,"height":11}},{"id":"2c1ea181-17fd-4b65-8a2d-858fbcb3bc29","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. Some countries have pervasive","page_number":20,"box":{"x":82,"y":90,"width":779,"height":11}},{"id":"f1e27079-9a57-4e58-8afe-6c9dc91434f4","block_type":"box","text":"corruption and crime that may hinder investments. Certain emerging markets may also face other significant","page_number":20,"box":{"x":81,"y":105,"width":798,"height":12}},{"id":"1215b79b-c2d3-415c-b336-632bbde4a5dd","block_type":"box","text":"internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition,","page_number":20,"box":{"x":82,"y":120,"width":755,"height":11}},{"id":"c4b48958-cc52-425b-a741-34268b1461f3","block_type":"box","text":"governments in many emerging market countries participate to a significant degree in their economies and","page_number":20,"box":{"x":81,"y":135,"width":783,"height":11}},{"id":"0dc726bb-2d3c-463b-95bb-a543497a5bd5","block_type":"box","text":"securities markets, which may impair investment and economic growth. National policies that may limit the Fund’s","page_number":20,"box":{"x":81,"y":150,"width":839,"height":11}},{"id":"eb431b5b-27ea-4918-a8a9-28248ba0e4e1","block_type":"box","text":"investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national","page_number":20,"box":{"x":82,"y":165,"width":827,"height":10}},{"id":"206e399c-3242-4bb4-8e8c-623c6f7dc42c","block_type":"box","text":"interests.","page_number":20,"box":{"x":82,"y":179,"width":67,"height":9}},{"id":"b2f754da-986c-4f15-8209-5cd04adb76bb","block_type":"box","text":"Emerging markets may also have differing legal systems and the existence or possible imposition of exchange","page_number":20,"box":{"x":82,"y":199,"width":809,"height":12}},{"id":"a9fc46f0-08ce-4bde-aad6-4254c6d38a8e","block_type":"box","text":"controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such","page_number":20,"box":{"x":81,"y":214,"width":783,"height":11}},{"id":"ab3e183b-b52a-43a0-84b2-1e9280a2bca3","block_type":"box","text":"investments may adversely affect the Fund’s performance. Sometimes, they may lack or be in the relatively early","page_number":20,"box":{"x":82,"y":229,"width":829,"height":11}},{"id":"48c762a2-85eb-4688-9ad3-77d94dab6f4c","block_type":"box","text":"development of legal structures governing private and foreign investments and private property. Many emerging","page_number":20,"box":{"x":81,"y":244,"width":818,"height":11}},{"id":"27c99f7c-3840-4a5c-aa19-2d974f396e77","block_type":"box","text":"markets do not have income tax treaties with the United States, and as a result, investments by the Fund may be","page_number":20,"box":{"x":82,"y":258,"width":833,"height":12}},{"id":"fe60cec9-42f6-4b59-a16f-fa31e9fbcf2f","block_type":"box","text":"subject to higher withholding taxes in such countries. In addition, some countries with emerging markets may","page_number":20,"box":{"x":81,"y":273,"width":803,"height":12}},{"id":"06555e24-b3bd-42f0-b9a0-af367223e96a","block_type":"box","text":"impose differential capital gains taxes on foreign investors. Foreign companies with securities listed on U.S.","page_number":20,"box":{"x":82,"y":288,"width":793,"height":12}},{"id":"9eeb3064-d500-4750-8798-8c12072171b0","block_type":"box","text":"exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which","page_number":20,"box":{"x":81,"y":303,"width":855,"height":11}},{"id":"d4b3d1a0-46c2-4b14-8e52-b517e1d473bb","block_type":"box","text":"may significantly decrease the liquidity and value of the securities.","page_number":20,"box":{"x":82,"y":318,"width":485,"height":11}},{"id":"356ab881-3fdd-491a-bda7-474ccd45a69f","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in","page_number":20,"box":{"x":81,"y":338,"width":843,"height":11}},{"id":"6e15f6f1-d8ba-411b-a8c3-e9c069ee9904","block_type":"box","text":"developed markets, in part because the Fund will need to use brokers and counterparties that are less well","page_number":20,"box":{"x":81,"y":353,"width":790,"height":11}},{"id":"820d8026-b321-4cde-8609-5767a65f41dc","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":20,"box":{"x":81,"y":367,"width":823,"height":12}},{"id":"454b4f6a-c733-435d-a423-4abef7a9ec35","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":20,"box":{"x":82,"y":382,"width":843,"height":12}},{"id":"90f9a5af-074a-492a-ad17-6f86ee4402ce","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would","page_number":20,"box":{"x":82,"y":397,"width":845,"height":12}},{"id":"9efba697-5a0d-4293-a02a-e6e008228f0e","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation. In","page_number":20,"box":{"x":81,"y":412,"width":837,"height":11}},{"id":"5b5a360c-eb89-47c4-8cfb-a37f8d0627cb","block_type":"box","text":"addition, communications between the United States and emerging market countries may be unreliable, increasing","page_number":20,"box":{"x":81,"y":427,"width":844,"height":11}},{"id":"3dea9cdb-0b80-4c45-9007-6207544f63fe","block_type":"box","text":"the risk of delayed settlements or losses of security certificates.","page_number":20,"box":{"x":80,"y":441,"width":474,"height":12}},{"id":"30c7e469-eac9-4a62-8ae1-46a7285e76e8","block_type":"box","text":"Equity Securities Risk","page_number":20,"box":{"x":81,"y":462,"width":166,"height":11}},{"id":"e843374c-2ae0-4023-97f9-015ff1b1d1ba","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":20,"box":{"x":251,"y":461,"width":666,"height":12}},{"id":"5962557f-942e-4cf6-9ae3-b8baf8e712c9","block_type":"box","text":"are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing","page_number":20,"box":{"x":81,"y":476,"width":850,"height":12}},{"id":"9018f77e-b0cb-4168-a621-87e83f025058","block_type":"box","text":"in equities. The value of equity securities purchased by the Fund could decline if the financial condition of the","page_number":20,"box":{"x":82,"y":491,"width":802,"height":11}},{"id":"b56d7649-3f60-4bd7-8074-34c496b07783","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":20,"box":{"x":81,"y":506,"width":854,"height":11}},{"id":"f03c35a8-ec8e-46f1-9d61-9de0c4e0f4b9","block_type":"box","text":"securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or","page_number":20,"box":{"x":81,"y":521,"width":848,"height":11}},{"id":"6c8a767c-5d17-4911-b0ad-bba9bbadc0d3","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":20,"box":{"x":81,"y":536,"width":824,"height":11}},{"id":"21a3a907-e61e-4391-8d7f-1521e88026e2","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or","page_number":20,"box":{"x":81,"y":550,"width":782,"height":12}},{"id":"5fe85a65-2534-4342-a154-0b43cba78d2e","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":20,"box":{"x":82,"y":565,"width":849,"height":12}},{"id":"b4344d32-ee88-452c-af2b-faad2bd78b5a","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":20,"box":{"x":82,"y":580,"width":482,"height":12}},{"id":"480971c0-90d5-4858-afa9-02cca11c59f7","block_type":"box","text":"Foreign Securities Risk","page_number":20,"box":{"x":81,"y":600,"width":176,"height":11}},{"id":"1a334948-6170-41d0-883f-6d9afba2b9ab","block_type":"box","text":"— Securities traded in foreign markets have often (though not always) performed differently","page_number":20,"box":{"x":260,"y":600,"width":677,"height":12}},{"id":"175be58c-045d-4920-ac8e-6bdd0c318eaa","block_type":"box","text":"from securities traded in the United States. However, such investments often involve special risks not present in","page_number":20,"box":{"x":81,"y":615,"width":827,"height":11}},{"id":"5a03d321-96be-411c-a07f-5812e272e198","block_type":"box","text":"U.S. investments that can increase the chances that the Fund will lose money. In particular, the Fund is subject to","page_number":20,"box":{"x":82,"y":630,"width":837,"height":11}},{"id":"0be1237a-124e-49bb-a157-904414281e5f","block_type":"box","text":"the risk that because there may be fewer investors on foreign exchanges and a smaller number of securities traded","page_number":20,"box":{"x":80,"y":644,"width":849,"height":12}},{"id":"af563055-8fd2-4fa7-bee4-edb6deccdf7d","block_type":"box","text":"each day, it may be more difficult for the Fund to buy and sell securities on those exchanges. In addition, prices of","page_number":20,"box":{"x":81,"y":659,"width":841,"height":12}},{"id":"5851b3e2-109c-44b9-9b9e-f3a0e891a2f0","block_type":"box","text":"foreign securities may go up and down more than prices of securities traded in the United States.","page_number":20,"box":{"x":81,"y":674,"width":716,"height":12}},{"id":"86a649d5-b75e-4f57-be13-3a5e9a994295","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States","page_number":20,"box":{"x":82,"y":694,"width":468,"height":12}},{"id":"3695fc9b-7906-403c-a338-feceb92ac1d8","block_type":"box","text":"— The Fund generally holds its foreign securities","page_number":20,"box":{"x":555,"y":694,"width":358,"height":12}},{"id":"2e98792b-cbcf-442b-aa65-74d0657f741a","block_type":"box","text":"and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be","page_number":20,"box":{"x":81,"y":709,"width":813,"height":11}},{"id":"1707c98c-d3ef-46e9-8d55-fac7cd6e62c4","block_type":"box","text":"recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory","page_number":20,"box":{"x":82,"y":724,"width":791,"height":11}},{"id":"9414c97e-bbe3-4ad5-9cf2-688fda51b053","block_type":"box","text":"oversight of their operations. Also, the laws of certain countries limit the Fund’s ability to recover its assets if a","page_number":20,"box":{"x":81,"y":739,"width":818,"height":11}},{"id":"0e7633a6-acfa-4605-9afe-50d2c9b8b4b4","block_type":"box","text":"foreign bank, depository or issuer of a security, or any of their agents, goes bankrupt. In addition, it is often more","page_number":20,"box":{"x":81,"y":753,"width":833,"height":12}},{"id":"c9de60e1-9846-4dc8-a38d-4443346cd8e2","block_type":"box","text":"expensive for the Fund to buy, sell and hold securities in certain foreign markets than in the United States. The","page_number":20,"box":{"x":81,"y":768,"width":816,"height":12}},{"id":"cd8fbc21-f7f7-4d55-b945-61416e2fd637","block_type":"box","text":"increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments and","page_number":20,"box":{"x":82,"y":783,"width":827,"height":12}},{"id":"299c856e-b0aa-4613-a787-616f853ea465","block_type":"box","text":"typically results in a higher operating expense ratio for the Fund than for investment companies invested only in the","page_number":20,"box":{"x":80,"y":798,"width":848,"height":11}},{"id":"4ecf97cb-3250-4d73-82c7-ba0cb1ca2108","block_type":"box","text":"United States.","page_number":20,"box":{"x":82,"y":813,"width":102,"height":9}},{"id":"1498d357-ad26-48c7-9f55-0f43ac41ce69","block_type":"box","text":"Currency Risk","page_number":20,"box":{"x":82,"y":833,"width":100,"height":11}},{"id":"d498d456-da7f-4c07-8c8f-ca5a646820b0","block_type":"box","text":"— Securities and other instruments in which the Fund invests may be denominated or quoted in","page_number":20,"box":{"x":186,"y":833,"width":706,"height":11}},{"id":"758acf01-fb0c-46c7-a17c-4088af5832df","block_type":"box","text":"currencies other than the U.S. dollar. For this reason, changes in foreign currency exchange rates can affect the","page_number":20,"box":{"x":81,"y":847,"width":823,"height":12}},{"id":"9e27399c-3ea3-44c3-b42b-b8092ab644b1","block_type":"box","text":"value of the Fund’s portfolio.","page_number":20,"box":{"x":80,"y":862,"width":211,"height":12}},{"id":"27d0368c-4f2a-4933-9eeb-1e05e3a2b31a","block_type":"box","text":"Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency","page_number":20,"box":{"x":81,"y":882,"width":823,"height":12}},{"id":"5f957856-b319-4f73-a93a-c4f0004531b6","block_type":"box","text":"loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value","page_number":20,"box":{"x":82,"y":897,"width":834,"height":12}},{"id":"16a4992d-296d-4ded-824f-b70c1cf58e8f","block_type":"box","text":"against a foreign currency, a security denominated in that currency gains value because the currency is worth more","page_number":20,"box":{"x":81,"y":912,"width":846,"height":12}},{"id":"afa12a5b-edc6-49d6-b55f-221a8117a3ee","block_type":"box","text":"20","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"37f901eb-0342-4fa0-b0f7-1425bfae4a26","block_type":"box","text":"NM0926U-5977302-20/76","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e4e584d2-5da8-4933-ad6c-3c2253a2b9c2","block_type":"box","text":"U.S. dollars. This risk, generally known as “currency risk,” means that a strong U.S. dollar will reduce returns for","page_number":21,"box":{"x":82,"y":46,"width":826,"height":11}},{"id":"6bc505d7-c2ab-4329-8214-36369eb38d86","block_type":"box","text":"U.S. investors while a weak U.S. dollar will increase those returns.","page_number":21,"box":{"x":82,"y":61,"width":486,"height":9}},{"id":"17e9418d-4f09-4e3d-95c4-c1789c43be97","block_type":"box","text":"Should the Fund invest in a debt security denominated in U.S. dollars and issued by an issuer whose functional","page_number":21,"box":{"x":81,"y":80,"width":817,"height":12}},{"id":"169eb87e-b876-4c3d-ad21-86ee572147c1","block_type":"box","text":"currency is a currency other than the U.S. dollar, and such currency decreases in value against the U.S. dollar, such","page_number":21,"box":{"x":81,"y":95,"width":851,"height":12}},{"id":"0357b9a4-cff3-4daf-a674-184f32a4e66d","block_type":"box","text":"issuer’s ability to repay its obligation under the U.S. dollar-denominated security may be negatively impacted.","page_number":21,"box":{"x":82,"y":110,"width":799,"height":12}},{"id":"c588ca17-f165-46ac-8a33-d6228482b20c","block_type":"box","text":"Foreign Economy Risk","page_number":21,"box":{"x":82,"y":130,"width":160,"height":12}},{"id":"5cc41351-659c-4907-9cf5-8528db06e917","block_type":"box","text":"— The economies of certain foreign markets may not compare favorably with the economy of","page_number":21,"box":{"x":246,"y":130,"width":685,"height":12}},{"id":"b37027ba-99b4-413c-95d6-9e8d78a66c82","block_type":"box","text":"the United States with respect to such issues as growth of gross national product, reinvestment of capital,","page_number":21,"box":{"x":80,"y":145,"width":785,"height":11}},{"id":"c33f224f-79ec-4b0c-afb8-f477c0c2ae49","block_type":"box","text":"resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or","page_number":21,"box":{"x":82,"y":160,"width":845,"height":11}},{"id":"2ee9a23f-1b7c-4f85-98bf-e0f1f3d8680f","block_type":"box","text":"foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a","page_number":21,"box":{"x":81,"y":175,"width":853,"height":11}},{"id":"14e02427-df39-4a27-8f69-df871cb7d558","block_type":"box","text":"particular country or countries, changes in international trading patterns, trade barriers and other protectionist or","page_number":21,"box":{"x":82,"y":190,"width":831,"height":11}},{"id":"7f187db7-ae46-48d5-9a1e-70338ccc5dc9","block_type":"box","text":"retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such","page_number":21,"box":{"x":82,"y":204,"width":846,"height":12}},{"id":"74c795b7-d827-4a04-bd7d-93593fcfc940","block_type":"box","text":"as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the","page_number":21,"box":{"x":81,"y":219,"width":808,"height":11}},{"id":"2f9e33c4-6728-4351-8369-9c035df57f68","block_type":"box","text":"imposition of punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest","page_number":21,"box":{"x":82,"y":234,"width":851,"height":11}},{"id":"1721e3c3-dd6a-46b7-9d57-a2d838eb6576","block_type":"box","text":"rates, political events, military action and other conditions may, without prior warning, lead to the governments of","page_number":21,"box":{"x":82,"y":249,"width":832,"height":11}},{"id":"c9fa005e-e4b0-46fa-be59-e7f99e3cdeb1","block_type":"box","text":"certain countries, or the U.S. Government with respect to certain countries, prohibiting or imposing substantial","page_number":21,"box":{"x":81,"y":264,"width":814,"height":11}},{"id":"19890499-14d4-4d34-9197-8d2c12eb63d5","block_type":"box","text":"restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain","page_number":21,"box":{"x":82,"y":278,"width":805,"height":12}},{"id":"38381b8d-137e-4671-a585-a478600788da","block_type":"box","text":"industries in those countries. Capital controls and/or sanctions may include the prohibition of, or restrictions on,","page_number":21,"box":{"x":82,"y":293,"width":827,"height":12}},{"id":"16e6e0e6-af07-4762-9316-62efd86bfbef","block_type":"box","text":"the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory","page_number":21,"box":{"x":80,"y":308,"width":801,"height":11}},{"id":"47aab0d4-e1d4-45b1-94f9-386d8f15d6b8","block_type":"box","text":"actions of one government against another government, such as seizure of assets. Any of these actions could","page_number":21,"box":{"x":81,"y":323,"width":809,"height":11}},{"id":"7c4b0c6e-c77d-4e93-9442-4198f5635c2e","block_type":"box","text":"severely impair the Fund’s ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign","page_number":21,"box":{"x":81,"y":338,"width":849,"height":11}},{"id":"f670a01f-a5af-4d54-bd94-f6c02fe12608","block_type":"box","text":"securities and assets, including the ability to transfer the Fund’s assets or income back into the United States, and","page_number":21,"box":{"x":81,"y":352,"width":848,"height":12}},{"id":"578e733f-677f-4e5a-9fc3-7d7b2ab77ccb","block_type":"box","text":"could negatively impact the value and/or liquidity of such assets or otherwise adversely affect the Fund’s","page_number":21,"box":{"x":81,"y":367,"width":774,"height":12}},{"id":"eb70183b-ee84-41f8-8b59-2b05cfecd38b","block_type":"box","text":"operations, causing the Fund to decline in value.","page_number":21,"box":{"x":81,"y":382,"width":355,"height":12}},{"id":"baffe942-81e6-411a-905e-659f6e801286","block_type":"box","text":"Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on","page_number":21,"box":{"x":81,"y":402,"width":838,"height":12}},{"id":"4510f1af-6b88-4f6f-9c22-79dcafdf6b18","block_type":"box","text":"foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social","page_number":21,"box":{"x":81,"y":417,"width":815,"height":11}},{"id":"ed419365-0255-417e-a278-3b2d9c8e11dc","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":21,"box":{"x":82,"y":432,"width":827,"height":11}},{"id":"9d59c278-c44b-469f-8a25-c00b15ddbd44","block_type":"box","text":"regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets,","page_number":21,"box":{"x":82,"y":447,"width":832,"height":11}},{"id":"c2e0673e-378f-4ab7-b534-50c556a8eb28","block_type":"box","text":"and the value of the Fund’s investments, in non-U.S. countries. These factors are extremely difficult, if not","page_number":21,"box":{"x":81,"y":461,"width":781,"height":12}},{"id":"c2b5eb58-2ed1-4ee8-b98d-5dbb1a6e05f6","block_type":"box","text":"impossible, to predict and take into account with respect to the Fund’s investments.","page_number":21,"box":{"x":82,"y":476,"width":617,"height":11}},{"id":"92ca6908-dfbf-4887-8b91-a70f166de35f","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":21,"box":{"x":82,"y":496,"width":476,"height":12}},{"id":"51911936-73b0-40f4-b0d9-5b8931c40e28","block_type":"box","text":"— Many foreign governments do not supervise","page_number":21,"box":{"x":563,"y":496,"width":344,"height":12}},{"id":"31956236-77b6-4533-812c-95bb16906d45","block_type":"box","text":"and regulate stock exchanges, brokers and the sale of securities to the same extent as such regulations exist in","page_number":21,"box":{"x":81,"y":511,"width":827,"height":12}},{"id":"86203c8b-c1ac-416b-af11-5ed1c034b983","block_type":"box","text":"the United States. They also may not have laws to protect investors that are comparable to U.S. securities laws. For","page_number":21,"box":{"x":80,"y":526,"width":855,"height":11}},{"id":"374b051e-dfbd-4f2f-b4f5-f92a5cede85d","block_type":"box","text":"example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a","page_number":21,"box":{"x":81,"y":541,"width":831,"height":11}},{"id":"eddfbc23-dcc8-451b-b17d-c5722972dd20","block_type":"box","text":"person buys or sells a company’s securities based on material non-public information about that company. In","page_number":21,"box":{"x":82,"y":555,"width":800,"height":12}},{"id":"0e9b4dbb-7fa2-406a-8f3c-51abde9c525e","block_type":"box","text":"addition, some countries may have legal systems that may make it difficult for the Fund to vote proxies, exercise","page_number":21,"box":{"x":81,"y":570,"width":829,"height":12}},{"id":"3469ebe5-f6d3-459c-ae8d-bad2062677c7","block_type":"box","text":"shareholder rights, and pursue legal remedies with respect to its foreign investments. Accounting standards in other","page_number":21,"box":{"x":81,"y":585,"width":856,"height":12}},{"id":"687b3e69-8ec9-406c-80ec-d41415775700","block_type":"box","text":"countries are not necessarily the same as in the United States. If the accounting standards in another country do","page_number":21,"box":{"x":81,"y":600,"width":834,"height":12}},{"id":"cc92ea6c-1fa8-42e1-9407-e84784fa9672","block_type":"box","text":"not require as much detail as U.S. accounting standards, it may be harder for Fund management to completely and","page_number":21,"box":{"x":82,"y":615,"width":844,"height":11}},{"id":"9374aeda-ba4d-40ad-b55c-9e631b517737","block_type":"box","text":"accurately determine a company’s financial condition.","page_number":21,"box":{"x":81,"y":630,"width":393,"height":11}},{"id":"7fb349b1-1151-471f-a8fb-a7d416f42105","block_type":"box","text":"Settlement Risk","page_number":21,"box":{"x":82,"y":650,"width":117,"height":9}},{"id":"78be85e0-e9df-4f91-8cbd-545d0e7abbbd","block_type":"box","text":"— Settlement and clearance procedures in certain foreign markets differ significantly from those in","page_number":21,"box":{"x":203,"y":650,"width":730,"height":11}},{"id":"5b0cfb6e-acdc-46bf-b1ed-5fe32f9d0289","block_type":"box","text":"the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks","page_number":21,"box":{"x":80,"y":665,"width":856,"height":11}},{"id":"7122c72b-711b-4591-88fb-6f6a6562f645","block_type":"box","text":"(such as delays in payment for or delivery of securities) not typically associated with the settlement of U.S.","page_number":21,"box":{"x":81,"y":679,"width":784,"height":12}},{"id":"9d85b7ea-ba47-4a32-84da-36f19a8699fd","block_type":"box","text":"investments.","page_number":21,"box":{"x":82,"y":694,"width":92,"height":9}},{"id":"4ff07373-94c8-4c82-86e2-36c80fa3ea4e","block_type":"box","text":"At times, settlements in certain foreign countries have not kept pace with the number of securities transactions.","page_number":21,"box":{"x":81,"y":714,"width":825,"height":12}},{"id":"6fb3d50a-cfe9-47ec-8511-c0028611475e","block_type":"box","text":"These problems may make it difficult for the Fund to carry out transactions. If the Fund cannot settle or is delayed","page_number":21,"box":{"x":81,"y":729,"width":839,"height":11}},{"id":"d971672c-1ef2-4894-bb14-d0874a9b11e6","block_type":"box","text":"in settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be","page_number":21,"box":{"x":82,"y":744,"width":854,"height":11}},{"id":"83614bcf-da94-4e55-9e38-658bfa497088","block_type":"box","text":"uninvested with no return earned thereon for some period. If the Fund cannot settle or is delayed in settling a sale","page_number":21,"box":{"x":82,"y":759,"width":839,"height":11}},{"id":"7197b6d0-d736-4548-9188-54bab8ab9210","block_type":"box","text":"of securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security","page_number":21,"box":{"x":81,"y":773,"width":841,"height":12}},{"id":"5ae7567b-f661-4b81-b296-a8f487576198","block_type":"box","text":"to another party, the Fund could be liable for any losses incurred.","page_number":21,"box":{"x":80,"y":788,"width":480,"height":12}},{"id":"2f737ba9-b67a-4bad-8407-2335f6a3a5b8","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":21,"box":{"x":83,"y":808,"width":221,"height":12}},{"id":"1895ced7-6275-4f7b-b41b-8acf4d3aebd7","block_type":"box","text":"— The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":21,"box":{"x":308,"y":808,"width":589,"height":12}},{"id":"e10214ec-3773-440e-b752-c24d12505d9a","block_type":"box","text":"interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or","page_number":21,"box":{"x":82,"y":823,"width":838,"height":12}},{"id":"6541ef08-6b6a-4869-99ad-11bc94eb1a27","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding tax","page_number":21,"box":{"x":81,"y":838,"width":834,"height":11}},{"id":"69399dd8-ddee-490c-885a-8d1dffe31a49","block_type":"box","text":"refund is within the control of the tax authorities in such countries. Where the Fund expects to recover withholding","page_number":21,"box":{"x":82,"y":853,"width":836,"height":11}},{"id":"4f664bd3-1545-4539-85a2-093ea75c6b97","block_type":"box","text":"taxes, the net asset value of the Fund generally includes accruals for such tax refunds. The Fund regularly evaluates","page_number":21,"box":{"x":80,"y":867,"width":854,"height":12}},{"id":"1e5d21f8-48c3-48a4-97c9-94ed57b5b10e","block_type":"box","text":"the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax","page_number":21,"box":{"x":80,"y":882,"width":831,"height":12}},{"id":"80c9683a-f914-4736-857a-cc295dc73f19","block_type":"box","text":"regulation or approach in the foreign country, accruals in the Fund’s net asset value for such refunds may be written","page_number":21,"box":{"x":82,"y":897,"width":852,"height":12}},{"id":"4f5287b2-bccf-4f43-a3c7-4bb0ce6c6a82","block_type":"box","text":"down partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in the Fund at the time","page_number":21,"box":{"x":81,"y":912,"width":848,"height":11}},{"id":"4da610c9-6aea-49eb-a646-315f08077ae5","block_type":"box","text":"21","page_number":21,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"ab294ac6-b5ca-4e50-a76a-33bed520d192","block_type":"box","text":"NM0926U-5977302-21/76","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"bb64ae6b-7823-402c-9f41-abc15b5f021d","block_type":"box","text":"an accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether","page_number":22,"box":{"x":81,"y":46,"width":831,"height":11}},{"id":"b73011be-5004-46b4-b2da-846f285eafaf","block_type":"box","text":"they were shareholders during the accrual period. Conversely, if the Fund receives a tax refund that has not been","page_number":22,"box":{"x":80,"y":60,"width":830,"height":12}},{"id":"6da89b44-28bb-43b0-a83b-e8193ac5a031","block_type":"box","text":"previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting","page_number":22,"box":{"x":82,"y":75,"width":832,"height":12}},{"id":"86f71eaa-6744-4fc6-b929-e5b2c09b1eb1","block_type":"box","text":"increase in the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit from","page_number":22,"box":{"x":82,"y":90,"width":836,"height":11}},{"id":"0154e092-b107-461d-9cb4-03bcb0f2d11d","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":22,"box":{"x":81,"y":105,"width":325,"height":9}},{"id":"548ca9c3-898c-468a-b033-e79ce25e8c24","block_type":"box","text":"High Portfolio Turnover Risk","page_number":22,"box":{"x":81,"y":125,"width":212,"height":11}},{"id":"70a6f476-9e7f-45b8-adf6-9c6808be2ea4","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":22,"box":{"x":297,"y":125,"width":629,"height":11}},{"id":"ecdd92cb-fa4a-4a06-a8d6-eb92c4d938e1","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":22,"box":{"x":82,"y":140,"width":812,"height":11}},{"id":"894546ce-134b-46e3-9fba-54f676aab94a","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":22,"box":{"x":81,"y":155,"width":817,"height":11}},{"id":"c5489451-606b-47ce-8f44-34ed04acc9da","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":22,"box":{"x":81,"y":169,"width":760,"height":12}},{"id":"8c4f6ed5-b128-4b95-850c-77a6f5d63620","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":22,"box":{"x":81,"y":184,"width":852,"height":12}},{"id":"4cad40ed-1c71-45b8-ae9a-bb198e8e378f","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":22,"box":{"x":81,"y":199,"width":589,"height":12}},{"id":"d2cafbc1-3a36-4dd7-8be3-b6e0f648ab9e","block_type":"box","text":"High Yield Bonds Risk","page_number":22,"box":{"x":81,"y":219,"width":167,"height":11}},{"id":"3a7e1e20-f0eb-415e-8d11-2f82e7d04296","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":22,"box":{"x":252,"y":219,"width":667,"height":12}},{"id":"b3e3b203-b89d-43ba-bfc0-2523d1fd9924","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":22,"box":{"x":79,"y":234,"width":835,"height":11}},{"id":"6ad11d97-4f4a-4e28-b98e-6b6b282aad63","block_type":"box","text":"for the Fund. The major risks of junk bond investments include:","page_number":22,"box":{"x":81,"y":249,"width":462,"height":11}},{"id":"a97ae13e-e48a-40b9-845a-d99d97d88e8e","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":22,"box":{"x":101,"y":269,"width":789,"height":11}},{"id":"fc49fd88-405a-4581-8dfa-7a8bf53fa39f","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":22,"box":{"x":101,"y":283,"width":795,"height":12}},{"id":"e1c3817b-a3ca-4d1b-a809-1a91438a4ca2","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":22,"box":{"x":102,"y":298,"width":802,"height":12}},{"id":"a69b1112-84de-4e1d-b503-3d5479cafa4c","block_type":"box","text":"assets available to repay junk bond holders.","page_number":22,"box":{"x":101,"y":313,"width":323,"height":12}},{"id":"b6f3748f-0c2b-4672-9d30-d1df9574626d","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and","page_number":22,"box":{"x":102,"y":333,"width":786,"height":12}},{"id":"78319f21-b202-4c77-8c42-fb50cc3fdbac","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":22,"box":{"x":101,"y":348,"width":811,"height":12}},{"id":"0afe1452-9250-4dcf-b2b8-5844261edeae","block_type":"box","text":"fixed-income securities.","page_number":22,"box":{"x":101,"y":363,"width":171,"height":9}},{"id":"27a61390-db98-4e86-9eae-c3c496fdc078","block_type":"box","text":"Issuers of junk bonds may be unable to meet their interest or principal payment obligations because of an","page_number":22,"box":{"x":102,"y":383,"width":778,"height":11}},{"id":"53b3ac78-039f-4208-b162-f82795df77cf","block_type":"box","text":"economic downturn, specific issuer developments, or the unavailability of additional financing.","page_number":22,"box":{"x":101,"y":398,"width":689,"height":11}},{"id":"1820c9e3-eaed-4cf5-9fcb-39dcbda03516","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from the Fund","page_number":22,"box":{"x":101,"y":418,"width":817,"height":11}},{"id":"2165f9cc-9478-49ef-8b07-fcb0c452adcb","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":22,"box":{"x":102,"y":432,"width":798,"height":12}},{"id":"4c17c520-14a1-4f51-b2b1-5738f4a83dcb","block_type":"box","text":"lower yields and may lose income.","page_number":22,"box":{"x":102,"y":447,"width":249,"height":12}},{"id":"33aa2766-985e-4c76-9005-53ebfc24c55d","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities, even under normal economic conditions.","page_number":22,"box":{"x":101,"y":467,"width":831,"height":12}},{"id":"a726a7b9-523a-4bb4-b536-9fb7798198a5","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":22,"box":{"x":101,"y":482,"width":836,"height":12}},{"id":"c137ccd4-9e27-4ad8-b56c-733faec66d01","block_type":"box","text":"junk bonds by the dealers. Because they are less liquid than higher rated fixed-income securities, judgment may","page_number":22,"box":{"x":99,"y":497,"width":825,"height":11}},{"id":"e5a948b0-ff02-4971-b6bf-26eb58ac3564","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":22,"box":{"x":102,"y":512,"width":761,"height":11}},{"id":"711dfc84-3fa9-42f8-a34c-a5f23c67a6a6","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":22,"box":{"x":101,"y":532,"width":815,"height":11}},{"id":"868b6b31-3fa5-4334-8359-9ea9e2b5bc0a","block_type":"box","text":"with a defaulting issuer.","page_number":22,"box":{"x":101,"y":546,"width":173,"height":12}},{"id":"d55f79d5-5463-4fb1-a9d4-d7ed1be29f51","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":22,"box":{"x":81,"y":569,"width":817,"height":12}},{"id":"ba086d03-1088-47f7-a5d6-9e458a29e431","block_type":"box","text":"value may change from time to time, positively or negatively, to reflect new developments regarding the issuer.","page_number":22,"box":{"x":80,"y":584,"width":811,"height":11}},{"id":"eea68fd9-4b81-4891-99ca-422db0a47eec","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":22,"box":{"x":81,"y":604,"width":271,"height":9}},{"id":"d3124c99-453c-4235-bc21-7deb3c179492","block_type":"box","text":"—","page_number":22,"box":{"x":356,"y":609,"width":17,"height":1}},{"id":"77c9bf36-d543-4cef-9c28-e526422f817f","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":22,"box":{"x":379,"y":604,"width":499,"height":11}},{"id":"d028d632-356f-4fad-99c8-60457f62d23a","block_type":"box","text":"particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect","page_number":22,"box":{"x":82,"y":619,"width":839,"height":11}},{"id":"51658d35-d55c-41de-9d8a-ba9b249bf050","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":22,"box":{"x":80,"y":633,"width":799,"height":12}},{"id":"45fb80ef-9b13-43ec-a4cc-00c906ab6eb7","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":22,"box":{"x":82,"y":649,"width":796,"height":11}},{"id":"6f6222eb-7590-4164-b233-340f1aaf8531","block_type":"box","text":"securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index","page_number":22,"box":{"x":81,"y":663,"width":855,"height":12}},{"id":"88d1033b-f7e5-401f-ae84-a6d7666d0345","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":22,"box":{"x":82,"y":678,"width":441,"height":12}},{"id":"b6dc0af3-24a3-47f0-aa99-cb2f7c05c994","block_type":"box","text":"Leverage Risk","page_number":22,"box":{"x":81,"y":698,"width":107,"height":11}},{"id":"3d5e5931-6a22-4dfd-96ba-bc68c01b7049","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":22,"box":{"x":192,"y":698,"width":741,"height":12}},{"id":"c0ff69c3-8996-41ec-8c29-30a2182cbe52","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":22,"box":{"x":81,"y":713,"width":787,"height":11}},{"id":"eec9a555-c2b9-4349-ada4-56095b7ec8f0","block_type":"box","text":"investment company registered with the Securities and Exchange Commission (the “SEC”), the Fund is subject to","page_number":22,"box":{"x":82,"y":728,"width":831,"height":11}},{"id":"0a4eb5b8-e572-4e64-a12c-1f61d57163cd","block_type":"box","text":"the federal securities laws, including the Investment Company Act and the rules thereunder. Under Rule 18f-4 under","page_number":22,"box":{"x":80,"y":742,"width":853,"height":12}},{"id":"3acc7aa2-117c-45d0-9835-dcef10fc7f2f","block_type":"box","text":"the Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or","page_number":22,"box":{"x":80,"y":757,"width":808,"height":12}},{"id":"6c80d5b0-c77c-483c-adc1-3a064380b514","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":22,"box":{"x":81,"y":772,"width":837,"height":12}},{"id":"650054e1-e2d6-4f69-bae4-e069c92174a7","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":22,"box":{"x":82,"y":787,"width":807,"height":11}},{"id":"1c12cd8d-cfab-4e8f-9a80-c4750b7e7fd2","block_type":"box","text":"applicable requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the","page_number":22,"box":{"x":81,"y":802,"width":840,"height":11}},{"id":"4b6ef514-40e4-435e-bd60-48a4f7cad247","block_type":"box","text":"value of the Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":22,"box":{"x":80,"y":817,"width":558,"height":11}},{"id":"a1055583-79bd-4a96-9f23-2f10cc66e59f","block_type":"box","text":"Market Risk and Selection Risk","page_number":22,"box":{"x":81,"y":837,"width":240,"height":9}},{"id":"7f158ef4-c2e4-4f63-89fc-e1dd05e3fda8","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":22,"box":{"x":324,"y":837,"width":593,"height":9}},{"id":"647f1bac-adc4-427a-9919-ebd9c2d4780b","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":22,"box":{"x":81,"y":852,"width":851,"height":11}},{"id":"6134101e-b63e-43b4-84ad-d428c1d32724","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":22,"box":{"x":82,"y":866,"width":824,"height":12}},{"id":"088690be-952c-467a-973a-f4a48b124129","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":22,"box":{"x":82,"y":881,"width":851,"height":12}},{"id":"b5c2beee-f7af-4ac4-a776-b2b0e0e91303","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":22,"box":{"x":82,"y":896,"width":802,"height":11}},{"id":"abc19558-c0c0-42ca-b62a-55981b383f3a","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":22,"box":{"x":81,"y":911,"width":849,"height":11}},{"id":"cfa3ca74-1a77-4a94-b693-85505b5f48aa","block_type":"box","text":"22","page_number":22,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"cd673c8d-b9c4-40d0-96b3-a87b1676703c","block_type":"box","text":"NM0926U-5977302-22/76","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1d1a3407-4443-49a9-ab0a-bf60fe1635de","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":23,"box":{"x":81,"y":46,"width":843,"height":11}},{"id":"c961813f-d6e1-43e4-86d4-ffd164163a43","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or","page_number":23,"box":{"x":81,"y":60,"width":830,"height":12}},{"id":"b8c7edb7-a2d0-48c6-b6c4-4e8b5ca9ddfe","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":23,"box":{"x":82,"y":75,"width":840,"height":12}},{"id":"e42003e3-931b-4a41-8027-da1cb7fd1026","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":23,"box":{"x":81,"y":90,"width":789,"height":12}},{"id":"cbf224a7-63de-4bab-acc9-a0fb1eb145c4","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":23,"box":{"x":81,"y":105,"width":823,"height":12}},{"id":"769baf58-a2c1-4b1d-b06d-453809862337","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":23,"box":{"x":81,"y":120,"width":784,"height":11}},{"id":"52a3de5f-39cb-4a07-ad13-a5fde43242f3","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":23,"box":{"x":81,"y":135,"width":844,"height":11}},{"id":"b13a16d8-0916-4f6a-a390-f27e0bf2726d","block_type":"box","text":"The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis","page_number":23,"box":{"x":81,"y":150,"width":855,"height":11}},{"id":"2c45bb69-5117-4d7f-ac37-c852531d6e72","block_type":"box","text":"and is subject to “Model Risk” as described below.","page_number":23,"box":{"x":81,"y":165,"width":373,"height":11}},{"id":"7f5c43ac-a304-4cee-afb3-54a3338af225","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":23,"box":{"x":82,"y":184,"width":818,"height":12}},{"id":"27b6b91d-f01b-45f1-86f7-722339cd322c","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":23,"box":{"x":80,"y":199,"width":819,"height":12}},{"id":"40eab606-b593-4e6c-b724-030a332e6b63","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":23,"box":{"x":81,"y":214,"width":819,"height":11}},{"id":"5a10dd0b-1a9b-4e07-a662-ba67e1b0491c","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":23,"box":{"x":81,"y":229,"width":846,"height":11}},{"id":"ececfb7d-7d6f-412d-99c8-ad26d78485bb","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":23,"box":{"x":81,"y":244,"width":848,"height":11}},{"id":"ca169dc5-fcad-45bb-968b-bf2661c3ef35","block_type":"box","text":"the Fund invests.","page_number":23,"box":{"x":80,"y":259,"width":125,"height":9}},{"id":"babed058-2df5-4bb4-b229-2cb0fe20faba","block_type":"box","text":"Mid Cap Securities Risk","page_number":23,"box":{"x":81,"y":278,"width":182,"height":12}},{"id":"abe2bcbe-b27d-47ab-a125-09f6d5e26c40","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":23,"box":{"x":267,"y":278,"width":665,"height":12}},{"id":"17deea8a-67e6-4fe1-b092-74051c809e9f","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":23,"box":{"x":81,"y":293,"width":789,"height":12}},{"id":"cdc7b42c-eaec-464f-accd-addbdae14e48","block_type":"box","text":"Model Risk","page_number":23,"box":{"x":81,"y":313,"width":85,"height":9}},{"id":"82e99331-e740-4c0d-b7ef-d630293800a2","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":23,"box":{"x":170,"y":313,"width":722,"height":12}},{"id":"69ba9a82-a380-4a1e-8554-e89f8662b28b","block_type":"box","text":"quantitative analysis. Investments selected using these models may perform differently than as forecasted due to","page_number":23,"box":{"x":81,"y":328,"width":840,"height":12}},{"id":"a6e9de2d-88ad-4391-a4f1-32b7384127d2","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, as well as the level and scope of changes","page_number":23,"box":{"x":80,"y":343,"width":854,"height":11}},{"id":"9f217397-0e5b-417b-9e9d-13b39bbadf99","block_type":"box","text":"from historical trends. In addition, issues in the construction and implementation of the models, including software","page_number":23,"box":{"x":81,"y":358,"width":845,"height":11}},{"id":"59cb07ef-91c4-40bb-91ed-3ca67e5bfa63","block_type":"box","text":"or hardware malfunction, power loss, software bugs, malicious code, viruses, system crashes, issues related to the","page_number":23,"box":{"x":81,"y":372,"width":852,"height":12}},{"id":"ebeb2621-cc53-4871-a20d-0b8bb451175d","block_type":"box","text":"use of artificial intelligence and machine learning (“AI”), and other technological failures or various other events or","page_number":23,"box":{"x":82,"y":387,"width":840,"height":12}},{"id":"73f4425c-55f3-4e24-9af7-076641105030","block_type":"box","text":"circumstances within or beyond the control of BlackRock, may adversely impact the Fund. Please see also","page_number":23,"box":{"x":81,"y":402,"width":779,"height":12}},{"id":"26316058-5e36-4cc1-9309-2bdf9737f33a","block_type":"box","text":"“Operational and Technology Risks” below. There is no guarantee that BlackRock’s use of these models will result","page_number":23,"box":{"x":82,"y":417,"width":838,"height":11}},{"id":"a5dc9320-e9e3-41c4-9506-87097a56eeb0","block_type":"box","text":"in effective investment decisions for the Fund.","page_number":23,"box":{"x":82,"y":432,"width":338,"height":9}},{"id":"a4240516-529e-4290-8187-4b203dae10be","block_type":"box","text":"Some of the models used by BlackRock rely on historical data and may not accurately predict future market","page_number":23,"box":{"x":81,"y":452,"width":789,"height":11}},{"id":"a8588a21-240e-4a4b-927f-6d70957edb07","block_type":"box","text":"movements. The Fund bears the risk that the models used by BlackRock will not be successful in forecasting","page_number":23,"box":{"x":82,"y":467,"width":800,"height":11}},{"id":"d86e8557-0491-4a4a-8ec6-44780fcb4803","block_type":"box","text":"movements in the market or in determining the size, direction, and/or weighting of investment positions that will","page_number":23,"box":{"x":82,"y":481,"width":824,"height":12}},{"id":"ff89e8cc-19e5-4bb9-8c1b-1c8eaf02545e","block_type":"box","text":"enable the Fund to achieve its investment objective. In addition, the models may not be reliable in the event of","page_number":23,"box":{"x":81,"y":496,"width":814,"height":12}},{"id":"f970cde4-75bc-48cd-b925-b0b5c9486235","block_type":"box","text":"unusual or disruptive events that cause market movements, which may be inconsistent with the historical","page_number":23,"box":{"x":82,"y":511,"width":774,"height":11}},{"id":"52caf876-1c19-497b-9728-e8e94a4cf008","block_type":"box","text":"performance of individual markets. In such instances, the models may produce unexpected results, which can","page_number":23,"box":{"x":82,"y":526,"width":808,"height":11}},{"id":"f6ee967b-ba13-41d5-8ff4-19d8a6d18d56","block_type":"box","text":"result in losses for the Fund. Furthermore, because predictive models may be constructed based on data supplied","page_number":23,"box":{"x":82,"y":541,"width":840,"height":11}},{"id":"18278c00-fb33-4534-8d12-aff8d57b4ee1","block_type":"box","text":"by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of such","page_number":23,"box":{"x":81,"y":555,"width":834,"height":12}},{"id":"2dfe27eb-eab2-4554-8ad4-a7636035476d","block_type":"box","text":"data.","page_number":23,"box":{"x":81,"y":571,"width":36,"height":9}},{"id":"918bae67-cda5-48a0-b60c-6bdf1e5dac5f","block_type":"box","text":"Money Market Securities Risk","page_number":23,"box":{"x":81,"y":590,"width":229,"height":12}},{"id":"b7a36138-9b85-4781-a060-4caeae808fec","block_type":"box","text":"— If market conditions improve while the Fund has invested some or all of its","page_number":23,"box":{"x":314,"y":590,"width":570,"height":12}},{"id":"f0550e0e-3577-4b8e-a601-b47c020ae61c","block_type":"box","text":"assets in high quality money market securities, this strategy could result in reducing the potential gain from the","page_number":23,"box":{"x":81,"y":605,"width":819,"height":12}},{"id":"310986e8-5bbb-4b00-bb98-26787a089c28","block_type":"box","text":"market upswing, thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":23,"box":{"x":82,"y":620,"width":657,"height":12}},{"id":"3069d9d9-125d-44c5-a3cd-aa166bf8e140","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks","page_number":23,"box":{"x":81,"y":640,"width":346,"height":11}},{"id":"f48cd969-98ca-4bc6-ac7c-59807b66e96c","block_type":"box","text":"— Mortgage-backed securities (residential and commercial) and","page_number":23,"box":{"x":432,"y":640,"width":470,"height":12}},{"id":"6cafb166-679e-4495-b72a-ad57f6a99aaf","block_type":"box","text":"asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or","page_number":23,"box":{"x":81,"y":655,"width":835,"height":11}},{"id":"1a46e61d-aa8a-4d3e-982b-22e88a0b419f","block_type":"box","text":"receivables held in trust. Although asset-backed and commercial mortgage-backed securities (“CMBS”) generally","page_number":23,"box":{"x":82,"y":670,"width":828,"height":11}},{"id":"f6b85d18-db13-4800-8b0e-288742224c7c","block_type":"box","text":"experience less prepayment than residential mortgage-backed securities, mortgage-backed and asset-backed","page_number":23,"box":{"x":81,"y":685,"width":804,"height":11}},{"id":"c24ac774-e546-4ea7-93f0-8ee189a61cb5","block_type":"box","text":"securities, like traditional fixed-income securities, are subject to credit, interest rate, prepayment and extension","page_number":23,"box":{"x":81,"y":699,"width":820,"height":12}},{"id":"9d38fbb3-4c17-46fb-bcf9-8664d598af96","block_type":"box","text":"risks.","page_number":23,"box":{"x":82,"y":714,"width":37,"height":9}},{"id":"2ddefd17-c5e0-43dd-8243-7b28051bba20","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of","page_number":23,"box":{"x":81,"y":734,"width":851,"height":12}},{"id":"ea0903fc-1c75-46fe-9fff-9931f522cf17","block_type":"box","text":"certain mortgage-backed securities. The Fund’s investments in asset-backed securities are subject to risks similar","page_number":23,"box":{"x":81,"y":749,"width":842,"height":11}},{"id":"40955fb0-ada8-4efa-9533-044d05bf32e1","block_type":"box","text":"to those associated with mortgage-related securities, as well as additional risks associated with the nature of the","page_number":23,"box":{"x":80,"y":764,"width":837,"height":11}},{"id":"6512406d-52a5-4dc4-91e2-ec4a0a30941f","block_type":"box","text":"assets and the servicing of those assets. These securities also are subject to the risk of default on the underlying","page_number":23,"box":{"x":81,"y":778,"width":840,"height":12}},{"id":"2c1233ab-35a1-4743-95a5-894061acd285","block_type":"box","text":"mortgages or assets, particularly during periods of economic downturn. Certain CMBS are issued in several classes","page_number":23,"box":{"x":82,"y":793,"width":852,"height":12}},{"id":"d3ac54e7-71d6-4775-a86f-52ca5812d0e5","block_type":"box","text":"with different levels of yield and credit protection. The Fund’s investments in CMBS with several classes may be in","page_number":23,"box":{"x":80,"y":808,"width":842,"height":12}},{"id":"9166edd4-db85-4187-aa6d-a7fdfacc18da","block_type":"box","text":"the lower classes that have greater risks than the higher classes, including greater interest rate, credit and","page_number":23,"box":{"x":80,"y":823,"width":787,"height":12}},{"id":"6476718a-1e6b-41f9-8831-227c5218ff31","block_type":"box","text":"prepayment risks.","page_number":23,"box":{"x":82,"y":838,"width":128,"height":11}},{"id":"909c4049-135b-47b6-a086-2ba54b9c9dfc","block_type":"box","text":"Mortgage-backed securities may be either pass-through securities or collateralized mortgage obligations (“CMOs”).","page_number":23,"box":{"x":82,"y":858,"width":842,"height":11}},{"id":"4c0d8aab-dbb3-45db-9df5-954456194c4d","block_type":"box","text":"Pass-through securities represent a right to receive principal and interest payments collected on a pool of","page_number":23,"box":{"x":81,"y":873,"width":776,"height":11}},{"id":"5fa0cdbb-8164-47d3-a5d9-0bb0be9cfce3","block_type":"box","text":"mortgages, which are passed through to security holders. CMOs are created by dividing the principal and interest","page_number":23,"box":{"x":82,"y":888,"width":831,"height":11}},{"id":"8ba0c35a-c7a6-4118-a891-3124c1ab8843","block_type":"box","text":"payments collected on a pool of mortgages into several revenue streams (“tranches”) with different priority rights to","page_number":23,"box":{"x":82,"y":902,"width":852,"height":12}},{"id":"bc2b8750-c518-4b90-9c8c-08add20889c4","block_type":"box","text":"portions of the underlying mortgage payments. Certain CMO tranches may represent a right to receive interest only","page_number":23,"box":{"x":82,"y":917,"width":846,"height":12}},{"id":"92c3c4bc-05e6-4ca8-93aa-470e70e277f5","block_type":"box","text":"23","page_number":23,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"d0b61268-bc52-4bbf-bbc6-342883fc1583","block_type":"box","text":"NM0926U-5977302-23/76","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"55cb74a2-47e0-44ba-8d28-487e515c7ee0","block_type":"box","text":"(“IOs”), principal only (“POs”) or an amount that remains after floating-rate tranches are paid (an “inverse floater”).","page_number":24,"box":{"x":81,"y":46,"width":843,"height":11}},{"id":"7d93febe-ca4a-44f0-bc99-e0607a1a935b","block_type":"box","text":"These securities are frequently referred to as “mortgage derivatives” and may be extremely sensitive to changes in","page_number":24,"box":{"x":81,"y":60,"width":846,"height":12}},{"id":"f00c897d-07f0-4c5c-bd54-3498f77836cb","block_type":"box","text":"interest rates. Interest rates on inverse floaters, for example, vary inversely with a short-term floating rate (which","page_number":24,"box":{"x":82,"y":75,"width":828,"height":12}},{"id":"97724e6e-bde2-45aa-9caa-1089fd559540","block_type":"box","text":"may be reset periodically). Interest rates on inverse floaters will decrease when short-term rates increase, and will","page_number":24,"box":{"x":82,"y":90,"width":838,"height":12}},{"id":"fa05476c-b70e-4cec-a421-1bd7bc80a425","block_type":"box","text":"increase when short-term rates decrease. These securities have the effect of providing a degree of investment","page_number":24,"box":{"x":82,"y":105,"width":813,"height":12}},{"id":"cbcad766-07fe-44b9-9fc6-ffabd5209c33","block_type":"box","text":"leverage. In response to changes in market interest rates or other market conditions, the value of an inverse floater","page_number":24,"box":{"x":82,"y":120,"width":850,"height":11}},{"id":"5225b2c7-08bf-47d1-a975-e820f7b18d5a","block_type":"box","text":"may increase or decrease at a multiple of the increase or decrease in the value of the underlying securities. If the","page_number":24,"box":{"x":82,"y":135,"width":834,"height":11}},{"id":"50eb7e64-0a5f-4995-bb72-b3fccdbd7fa9","block_type":"box","text":"Fund invests in CMO tranches (including CMO tranches issued by government agencies) and interest rates move in","page_number":24,"box":{"x":82,"y":150,"width":842,"height":11}},{"id":"35f6cdd5-e9bd-4fa3-b361-241521c90c32","block_type":"box","text":"a manner not anticipated by Fund management, it is possible that the Fund could lose all or substantially all of its","page_number":24,"box":{"x":81,"y":164,"width":836,"height":12}},{"id":"1e72441e-10c7-4462-9be4-bc242257b929","block_type":"box","text":"investment. Certain mortgage-backed securities in which the Fund may invest may also provide a degree of","page_number":24,"box":{"x":82,"y":179,"width":787,"height":12}},{"id":"aef40de8-a679-4052-805d-41501fd091af","block_type":"box","text":"investment leverage, which could cause the Fund to lose all or substantially all of its investment.","page_number":24,"box":{"x":82,"y":194,"width":708,"height":11}},{"id":"954a2018-4ba4-42c8-924f-8137254d7069","block_type":"box","text":"The mortgage market in the United States has experienced difficulties that may adversely affect the performance","page_number":24,"box":{"x":81,"y":214,"width":834,"height":11}},{"id":"b1020233-1d1b-44f5-8800-1b3769ed2cb5","block_type":"box","text":"and market value of certain of the Fund’s mortgage-related investments. Delinquencies and losses on mortgage","page_number":24,"box":{"x":81,"y":229,"width":825,"height":11}},{"id":"fb89dda0-177f-4b2e-b42d-dd266aad5b40","block_type":"box","text":"loans (including subprime and second-lien mortgage loans) and a decline in or flattening of real estate values (in","page_number":24,"box":{"x":82,"y":244,"width":825,"height":11}},{"id":"ab722e98-1582-444a-812f-0b640d3cf4e7","block_type":"box","text":"each case as has been experienced and may continue to be experienced in many housing markets) may exacerbate","page_number":24,"box":{"x":81,"y":259,"width":850,"height":11}},{"id":"043c3417-50e9-4a9e-a206-eec8e0ff0a69","block_type":"box","text":"such delinquencies and losses. Also, a number of mortgage loan originators have experienced serious financial","page_number":24,"box":{"x":81,"y":273,"width":818,"height":12}},{"id":"964e2184-c321-40ed-b2c5-5071916dc320","block_type":"box","text":"difficulties or bankruptcy. Reduced investor demand for mortgage loans and mortgage-related securities and","page_number":24,"box":{"x":81,"y":288,"width":796,"height":12}},{"id":"934e30f2-cd75-4ebd-8f63-adb31394b267","block_type":"box","text":"increased investor yield requirements have caused limited liquidity in the secondary market for mortgage-related","page_number":24,"box":{"x":82,"y":303,"width":825,"height":11}},{"id":"367934a9-ff4d-4e40-b14e-7981c8bb0ba7","block_type":"box","text":"securities, which can adversely affect the market value of mortgage-related securities. It is possible that such","page_number":24,"box":{"x":81,"y":318,"width":807,"height":11}},{"id":"d5b1c3a1-762f-4b78-8d0b-662958922649","block_type":"box","text":"limited liquidity in such secondary markets could continue or worsen.","page_number":24,"box":{"x":82,"y":333,"width":505,"height":11}},{"id":"94aaec3a-188f-4522-ae7d-0781ecb80c01","block_type":"box","text":"Asset-backed securities entail certain risks not presented by mortgage-backed securities, including the risk that in","page_number":24,"box":{"x":81,"y":353,"width":839,"height":11}},{"id":"d0ac996f-2148-45f4-a8d4-6ff48937260c","block_type":"box","text":"certain states it may be difficult to perfect the liens securing the collateral backing certain asset-backed securities.","page_number":24,"box":{"x":81,"y":367,"width":849,"height":12}},{"id":"49d9ecbb-cff3-4aeb-a698-6bfc498f1e3b","block_type":"box","text":"In addition, certain asset-backed securities are based on loans that are unsecured, which means that there is no","page_number":24,"box":{"x":82,"y":382,"width":832,"height":11}},{"id":"ccd1e882-f078-43ca-ab5a-9871ed0b5ae4","block_type":"box","text":"collateral to seize if the underlying borrower defaults.","page_number":24,"box":{"x":81,"y":397,"width":388,"height":12}},{"id":"f52d0726-5e2c-43eb-afe2-d1517093b0df","block_type":"box","text":"Municipal Securities Risks","page_number":24,"box":{"x":81,"y":417,"width":201,"height":11}},{"id":"ed9a8755-6d0b-4944-a2a8-d1c1ded5a624","block_type":"box","text":"— Municipal securities risks include the ability of the issuer to repay the obligation, the","page_number":24,"box":{"x":286,"y":417,"width":643,"height":11}},{"id":"f82273ee-6f38-4c8e-a83f-2bf71b13e72f","block_type":"box","text":"relative lack of information about certain issuers of municipal securities, and the possibility of future legislative","page_number":24,"box":{"x":82,"y":432,"width":817,"height":11}},{"id":"6cce48cd-cbb3-4ef7-b106-a95d8ee47f6b","block_type":"box","text":"changes which could affect the market for and value of municipal securities. Budgetary constraints of local, state,","page_number":24,"box":{"x":81,"y":447,"width":837,"height":11}},{"id":"d6c147d4-510d-41fb-9577-386c427bbaaa","block_type":"box","text":"and federal governments upon which the issuers may be relying for funding may also impact municipal securities.","page_number":24,"box":{"x":81,"y":461,"width":832,"height":12}},{"id":"2b078f84-74af-47b6-be5a-cf4dbcddede9","block_type":"box","text":"These risks include:","page_number":24,"box":{"x":81,"y":476,"width":145,"height":9}},{"id":"47e42ddd-045e-4c44-bf76-6b0f37f2cac7","block_type":"box","text":"General Obligation Bonds Risks","page_number":24,"box":{"x":82,"y":496,"width":230,"height":12}},{"id":"85bbd037-c126-43db-b8ea-8cd69de08793","block_type":"box","text":"— The full faith, credit and taxing power of the municipality that issues a general","page_number":24,"box":{"x":317,"y":496,"width":593,"height":12}},{"id":"b33434bf-a0b6-4002-b701-342a7f883de4","block_type":"box","text":"obligation bond secures payment of interest and repayment of principal. Timely payments depend on the issuer’s","page_number":24,"box":{"x":81,"y":511,"width":831,"height":12}},{"id":"769eb158-be40-4dd5-bd08-9396d7c455d6","block_type":"box","text":"credit quality, ability to raise tax revenues and ability to maintain an adequate tax base.","page_number":24,"box":{"x":81,"y":526,"width":641,"height":11}},{"id":"2a3110a8-398d-4df8-a793-0acc1d1d5cc3","block_type":"box","text":"Revenue Bonds Risks","page_number":24,"box":{"x":82,"y":546,"width":158,"height":9}},{"id":"1e415472-cd90-4c36-acc5-d488650b7376","block_type":"box","text":"— Payments of interest and principal on revenue bonds are made only from the revenues","page_number":24,"box":{"x":245,"y":546,"width":658,"height":11}},{"id":"5345fa87-f656-463e-93a8-8682dadc878a","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":24,"box":{"x":81,"y":561,"width":841,"height":11}},{"id":"f37b839c-95e6-4547-9e47-2e91636707d1","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":24,"box":{"x":82,"y":575,"width":819,"height":12}},{"id":"5c00d8d6-e4fb-498e-979f-5ef3ada88e7e","block_type":"box","text":"derived from another source.","page_number":24,"box":{"x":81,"y":590,"width":210,"height":10}},{"id":"48ef1fca-6ae9-412e-b0b1-b7313837c64f","block_type":"box","text":"Private Activity Bonds Risks","page_number":24,"box":{"x":81,"y":611,"width":202,"height":11}},{"id":"b0b4d5ae-ddc1-40ea-9e0b-e0d40a30a279","block_type":"box","text":"— Municipalities and other public authorities issue private activity bonds to finance","page_number":24,"box":{"x":288,"y":610,"width":612,"height":12}},{"id":"7a7df0d7-0f68-44fe-b939-585a592c2de6","block_type":"box","text":"development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and","page_number":24,"box":{"x":81,"y":625,"width":813,"height":12}},{"id":"391b2164-22f6-474a-8a1f-d448df69fba2","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":24,"box":{"x":82,"y":640,"width":810,"height":12}},{"id":"6c2266a6-cac3-4439-9df6-a61a197d5e6e","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":24,"box":{"x":82,"y":655,"width":827,"height":11}},{"id":"0a41badd-449e-4efc-8b39-82296abb1992","block_type":"box","text":"investment.","page_number":24,"box":{"x":82,"y":670,"width":83,"height":9}},{"id":"7fd6a11b-77cf-4369-a11d-bfdf00ad73bd","block_type":"box","text":"Moral Obligation Bonds Risks","page_number":24,"box":{"x":82,"y":690,"width":215,"height":11}},{"id":"603e635b-b137-4e15-9646-10fd5f038379","block_type":"box","text":"— Moral obligation bonds are generally issued by special purpose public authorities","page_number":24,"box":{"x":302,"y":690,"width":616,"height":11}},{"id":"6fe6ed53-1870-4a1a-bb0b-23c05b7de575","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":24,"box":{"x":81,"y":704,"width":854,"height":12}},{"id":"7b614009-8cf1-474a-9ddb-19f291b77f09","block_type":"box","text":"commitment, but not a legal obligation, of the state or municipality.","page_number":24,"box":{"x":81,"y":719,"width":492,"height":12}},{"id":"98d71d57-e854-429e-80bd-c90e0aafc06c","block_type":"box","text":"Municipal Notes Risks","page_number":24,"box":{"x":82,"y":739,"width":162,"height":11}},{"id":"6cd68921-b2ff-4fd0-9c59-ca2c9e3ee982","block_type":"box","text":"— Municipal notes are shorter term municipal debt obligations. They may provide interim","page_number":24,"box":{"x":249,"y":739,"width":655,"height":12}},{"id":"01d294de-2077-4078-886f-2a8717bc64ae","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":24,"box":{"x":81,"y":754,"width":847,"height":12}},{"id":"2a148379-f5fc-4180-8ed3-576c49b2ad5f","block_type":"box","text":"in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money.","page_number":24,"box":{"x":82,"y":769,"width":679,"height":11}},{"id":"39d06cf8-8e0f-4252-a659-60c82752977b","block_type":"box","text":"Municipal Lease Obligations Risks","page_number":24,"box":{"x":82,"y":789,"width":250,"height":11}},{"id":"b513a77e-34ad-438d-a610-7ef859f68e50","block_type":"box","text":"— In a municipal lease obligation, the issuer agrees to make payments when","page_number":24,"box":{"x":337,"y":789,"width":568,"height":11}},{"id":"0e6fd339-5d70-4cef-b9e2-c076ef735f0f","block_type":"box","text":"due on the lease obligation. The issuer will generally appropriate municipal funds for that purpose, but is not","page_number":24,"box":{"x":81,"y":804,"width":798,"height":11}},{"id":"d8c5c238-4477-4d8b-a556-3dd9a7813fae","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":24,"box":{"x":81,"y":818,"width":784,"height":12}},{"id":"2f6e5015-4533-4f85-ae0c-71ff3b1ee05e","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":24,"box":{"x":81,"y":833,"width":846,"height":12}},{"id":"22319051-a210-47ca-b476-79ce979083b2","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":24,"box":{"x":81,"y":848,"width":786,"height":12}},{"id":"0a3e77b4-b67d-450f-b6fb-0b294e1937e3","block_type":"box","text":"Tax-Exempt Status Risk","page_number":24,"box":{"x":83,"y":868,"width":169,"height":11}},{"id":"9c4a3466-e733-4354-95ea-0a5de48c1c7a","block_type":"box","text":"— In making investments, the Fund and its investment manager will rely on the opinion of","page_number":24,"box":{"x":256,"y":868,"width":661,"height":12}},{"id":"ad47b2f5-e6a0-4a0d-841a-8a4378212324","block_type":"box","text":"issuers’ bond counsel and, in the case of derivative securities, sponsors’ counsel, on the tax-exempt status of","page_number":24,"box":{"x":82,"y":883,"width":812,"height":11}},{"id":"0990eb72-bc5a-4081-b044-8c049879b4d5","block_type":"box","text":"interest on municipal obligations and payments under tax-exempt derivative securities. Neither the Fund nor its","page_number":24,"box":{"x":82,"y":898,"width":812,"height":11}},{"id":"8654265c-d393-4300-a417-76b762668b41","block_type":"box","text":"investment manager will independently review the bases for those tax opinions. If any of those tax opinions are","page_number":24,"box":{"x":82,"y":913,"width":815,"height":11}},{"id":"ae63d069-ac58-4814-8771-30aa2543bd89","block_type":"box","text":"24","page_number":24,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"d1e0dc07-6af4-48f8-9287-62c171fdda60","block_type":"box","text":"NM0926U-5977302-24/76","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"dd22ae48-bd16-488c-96de-df4abecb0c3e","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":25,"box":{"x":82,"y":46,"width":840,"height":11}},{"id":"cf92c5d1-1c63-4f0c-8efc-c7cbe119bad0","block_type":"box","text":"exempt status, the Fund and its shareholders could be subject to substantial tax liabilities. The IRS has generally","page_number":25,"box":{"x":81,"y":61,"width":833,"height":11}},{"id":"e60af1c7-7936-4ca5-a541-815b79f3a046","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":25,"box":{"x":82,"y":75,"width":848,"height":12}},{"id":"995bf54a-54b9-48ac-bd9c-32cbb853b18d","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":25,"box":{"x":81,"y":90,"width":853,"height":12}},{"id":"88effaaf-d968-4ced-bf8d-33ec5c1b1562","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":25,"box":{"x":82,"y":105,"width":847,"height":12}},{"id":"ac033a59-3a86-4eef-b415-dc3e0db91cfe","block_type":"box","text":"assertion of taxability may impair the liquidity and the fair market value of the securities.","page_number":25,"box":{"x":81,"y":120,"width":650,"height":11}},{"id":"0d733093-8ffc-46ac-adaa-bea300b2801d","block_type":"box","text":"“New Issues” Risk","page_number":25,"box":{"x":83,"y":140,"width":139,"height":9}},{"id":"56b0024d-ffdc-4fbe-afaa-f7c23c2cc834","block_type":"box","text":"— “New issues” are IPOs of equity securities. Investments in companies that have recently","page_number":25,"box":{"x":226,"y":140,"width":673,"height":11}},{"id":"2eabc1fe-50a0-44be-938f-6082da7cc922","block_type":"box","text":"gone public have the potential to produce substantial gains for the Fund. However, there is no assurance that the","page_number":25,"box":{"x":81,"y":155,"width":833,"height":11}},{"id":"7ee49629-3533-45ad-895c-b560a010c8aa","block_type":"box","text":"Fund will have access to profitable IPOs and therefore investors should not rely on these past gains as an indication","page_number":25,"box":{"x":82,"y":169,"width":853,"height":12}},{"id":"d02551e0-712b-4838-8af0-dbcbdeadcf88","block_type":"box","text":"of future performance. The investment performance of the Fund during periods when it is unable to invest","page_number":25,"box":{"x":81,"y":184,"width":778,"height":12}},{"id":"4940e9a5-96bd-448f-a872-d019a381b1f0","block_type":"box","text":"significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. In addition, as the","page_number":25,"box":{"x":81,"y":199,"width":827,"height":12}},{"id":"d852b57c-fe2c-40e4-a836-b00bba02a204","block_type":"box","text":"Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease. Securities issued in","page_number":25,"box":{"x":82,"y":214,"width":838,"height":11}},{"id":"03ecec8b-44d0-4842-ac48-ad41590b211d","block_type":"box","text":"IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":25,"box":{"x":82,"y":229,"width":776,"height":11}},{"id":"6c3b26a1-a9cc-4a53-9e5e-efef90932664","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":25,"box":{"x":81,"y":244,"width":830,"height":11}},{"id":"92f68865-5f4d-4970-8282-8895809d448f","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after","page_number":25,"box":{"x":82,"y":258,"width":834,"height":12}},{"id":"24baf28e-7f77-4b8c-96f9-90183c5bd2c1","block_type":"box","text":"the IPO. When an IPO is brought to the market, availability may be limited and the Fund may not be able to buy any","page_number":25,"box":{"x":80,"y":273,"width":844,"height":12}},{"id":"3c502546-4d82-4e1f-a042-61942787afee","block_type":"box","text":"shares at the offering price, or, if it is able to buy shares, it may not be able to buy as many shares at the offering","page_number":25,"box":{"x":81,"y":288,"width":840,"height":12}},{"id":"ff729089-2f15-4f7a-bef7-ebdd2d2ee7c9","block_type":"box","text":"price as it would like.","page_number":25,"box":{"x":82,"y":303,"width":153,"height":11}},{"id":"2f90c5a9-de7b-4af6-bea8-0b34970e6f60","block_type":"box","text":"Operational and Technology Risks","page_number":25,"box":{"x":82,"y":323,"width":254,"height":11}},{"id":"069f4a37-4f5f-486e-ac66-bd7e342cf09e","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":25,"box":{"x":340,"y":323,"width":549,"height":11}},{"id":"7f160b76-051e-443c-9f7d-777c10b16459","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":25,"box":{"x":81,"y":338,"width":790,"height":11}},{"id":"4228b507-8534-4443-8956-f3f9a91d1300","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of AI, which may result in losses for","page_number":25,"box":{"x":81,"y":352,"width":833,"height":12}},{"id":"828c2924-530a-464a-88d3-122d3402d89b","block_type":"box","text":"the Fund and its shareholders or impair the Fund’s operations. These entities include, but are not limited to, the","page_number":25,"box":{"x":80,"y":368,"width":826,"height":11}},{"id":"8761ad4f-c6d1-4aa2-a95f-2012eb89cc39","block_type":"box","text":"Fund’s adviser, administrator, distributor, other service providers (e.g., index and benchmark providers,","page_number":25,"box":{"x":82,"y":382,"width":754,"height":12}},{"id":"3f3b3b87-0d00-4752-9c81-884450d9f2fa","block_type":"box","text":"accountants, custodians, and transfer agents), financial intermediaries, counterparties, market makers, authorized","page_number":25,"box":{"x":81,"y":397,"width":845,"height":11}},{"id":"354b4792-9435-4311-81b6-efb24cf6fac1","block_type":"box","text":"participants, listing exchanges, other financial market operators, and governmental authorities, as applicable.","page_number":25,"box":{"x":82,"y":412,"width":805,"height":11}},{"id":"9a333660-cd6e-45ef-a0ff-86ec485a8542","block_type":"box","text":"Operational and technology risks for the issuers in which the Fund invests could also result in material adverse","page_number":25,"box":{"x":81,"y":427,"width":815,"height":11}},{"id":"6c050ebd-7157-434b-a3d7-45ee61fe5e1b","block_type":"box","text":"consequences for such issuers and may cause the Fund’s investments in such issuers to lose value. The Fund may","page_number":25,"box":{"x":81,"y":441,"width":850,"height":12}},{"id":"aec3af59-a012-41ff-acb6-37de8db4d1fc","block_type":"box","text":"incur substantial costs in order to mitigate operational and technology risks.","page_number":25,"box":{"x":82,"y":456,"width":558,"height":12}},{"id":"44a00be9-ca9f-4aa9-868b-fb56031af9f7","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":25,"box":{"x":81,"y":476,"width":821,"height":12}},{"id":"70151c1b-94e7-488b-9a90-df0b214a7c5d","block_type":"box","text":"Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized","page_number":25,"box":{"x":82,"y":491,"width":814,"height":12}},{"id":"ad64f180-c3d0-4a5e-9b44-c5e0a13fff65","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":25,"box":{"x":81,"y":506,"width":824,"height":11}},{"id":"4c26c2dd-af0b-4359-a707-a9b1a3daba3f","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":25,"box":{"x":81,"y":521,"width":791,"height":11}},{"id":"97a8c2ae-4b6c-42c0-ada3-5af102b53cee","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":25,"box":{"x":82,"y":535,"width":852,"height":12}},{"id":"e8acc2f7-d835-4f62-b859-b0d9e4c834f3","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":25,"box":{"x":81,"y":550,"width":784,"height":12}},{"id":"c55c9556-fd3f-4ab1-a8d6-c40bec1cd6e7","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":25,"box":{"x":81,"y":565,"width":787,"height":12}},{"id":"ade1e982-6a47-4004-9845-6fbbb7418bd5","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations","page_number":25,"box":{"x":81,"y":580,"width":840,"height":11}},{"id":"d8af9120-6c53-40ac-869d-589a1c44c2bf","block_type":"box","text":"of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":25,"box":{"x":81,"y":595,"width":809,"height":11}},{"id":"4a370747-dcd7-4e00-bfc4-0a71773d152f","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":25,"box":{"x":81,"y":610,"width":829,"height":11}},{"id":"a41a3b49-3b6f-4e9b-98bc-5536e618dcec","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":25,"box":{"x":82,"y":624,"width":798,"height":12}},{"id":"36dd70b1-2927-4fde-a373-ab8dffcbdd51","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":25,"box":{"x":81,"y":639,"width":829,"height":12}},{"id":"f9f049dd-cfd2-41b9-91c0-c418aca3f4b7","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":25,"box":{"x":82,"y":654,"width":846,"height":12}},{"id":"3802a5e6-85a1-4043-8f49-4a61c1c3abc2","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":25,"box":{"x":82,"y":669,"width":846,"height":11}},{"id":"5f3f0085-57cf-408f-8ca5-3641e5b6f7e7","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":25,"box":{"x":81,"y":684,"width":838,"height":11}},{"id":"44103f5b-bc3e-48d3-a33e-a5bff534a622","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":25,"box":{"x":80,"y":699,"width":770,"height":11}},{"id":"06f4955f-d17b-4601-8bbb-74137f7f7b9a","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":25,"box":{"x":80,"y":713,"width":792,"height":12}},{"id":"02d0aac2-29a3-4c85-ae2c-fddfc2320792","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":25,"box":{"x":82,"y":729,"width":845,"height":10}},{"id":"76befffa-6323-4714-a827-7d0894031f64","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":25,"box":{"x":80,"y":743,"width":840,"height":12}},{"id":"dd36e4a0-c0b6-4e15-b053-7b5301b19a05","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":25,"box":{"x":81,"y":758,"width":841,"height":11}},{"id":"afbf2661-b127-457b-9bf5-b1cd21e4455f","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":25,"box":{"x":80,"y":773,"width":847,"height":11}},{"id":"06687e03-aad3-472e-81c0-d60ad526bf25","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":25,"box":{"x":82,"y":788,"width":838,"height":11}},{"id":"60f72037-7b80-4dbb-8b9d-5db29473ce42","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":25,"box":{"x":81,"y":802,"width":847,"height":12}},{"id":"165d030d-c444-4d1d-a63a-519c18137f60","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":25,"box":{"x":81,"y":817,"width":845,"height":12}},{"id":"1cc90905-7b74-4fa1-aaaa-94fb36c4aee4","block_type":"box","text":"and the associated risks to the Fund.","page_number":25,"box":{"x":81,"y":832,"width":273,"height":9}},{"id":"1a89782f-596a-4bb5-b775-32b3c74a1500","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":25,"box":{"x":81,"y":852,"width":769,"height":11}},{"id":"48c1b803-70a4-41c2-a8eb-6209f5330e6f","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":25,"box":{"x":81,"y":867,"width":855,"height":11}},{"id":"ef0c1ae1-4036-4d75-9418-e0e74b26ba4c","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":25,"box":{"x":80,"y":882,"width":848,"height":11}},{"id":"b5ae2600-68c7-4014-8146-3b3e508b90aa","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":25,"box":{"x":81,"y":897,"width":777,"height":11}},{"id":"7fd465ca-ce6b-4a7e-b45a-80d98d1f03d8","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":25,"box":{"x":81,"y":912,"width":824,"height":11}},{"id":"5df0ee9c-3b80-4377-bd36-84da80486405","block_type":"box","text":"25","page_number":25,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"46e2bfa7-03ef-4efb-8e40-3d17bb485215","block_type":"box","text":"NM0926U-5977302-25/76","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"cf31db66-4404-4bb5-a451-cc8eb99d898b","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":26,"box":{"x":81,"y":46,"width":785,"height":11}},{"id":"cb9428e6-6c39-46f7-9285-4238ec8da043","block_type":"box","text":"identified or may emerge in the future; that such plans and systems may not completely eliminate the occurrence or","page_number":26,"box":{"x":82,"y":60,"width":853,"height":12}},{"id":"6cb769bc-3c3c-41c5-99d7-aef06131b230","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":26,"box":{"x":82,"y":75,"width":855,"height":12}},{"id":"466e84f3-dfb7-4757-87e4-9e909787de90","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":26,"box":{"x":82,"y":90,"width":813,"height":12}},{"id":"e1eda296-b8a2-4408-9734-54ebc8d8197d","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":26,"box":{"x":81,"y":105,"width":806,"height":11}},{"id":"d515e2f8-389b-4ee0-8ed2-5e11a85c1a4d","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":26,"box":{"x":82,"y":120,"width":602,"height":11}},{"id":"a8c85ced-0c7e-438e-8d70-da5a7abb5262","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":26,"box":{"x":82,"y":140,"width":794,"height":11}},{"id":"84ea6fc2-d303-4502-8513-7eb0c68c0f7a","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":26,"box":{"x":81,"y":155,"width":840,"height":11}},{"id":"e8c7940e-4d74-43f3-bd79-eb226dfbbdc4","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":26,"box":{"x":81,"y":170,"width":801,"height":11}},{"id":"2a56f903-516d-4ad7-9155-6a12dfd9b341","block_type":"box","text":"resources to monitor and implement required changes.","page_number":26,"box":{"x":82,"y":184,"width":402,"height":12}},{"id":"bea9f918-fd0b-43c5-8df1-4861a935fc69","block_type":"box","text":"Preferred Securities Risk","page_number":26,"box":{"x":81,"y":204,"width":189,"height":9}},{"id":"0dac4f74-62c7-48aa-9761-2591ca52c420","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":26,"box":{"x":274,"y":204,"width":636,"height":12}},{"id":"30e3491f-467e-4800-b95b-5907c4dd80e8","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":26,"box":{"x":81,"y":219,"width":824,"height":12}},{"id":"3deca324-33a8-4e75-88ea-683cc9172164","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":26,"box":{"x":82,"y":234,"width":806,"height":11}},{"id":"a63ac995-b707-453d-82bb-6e6671118140","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":26,"box":{"x":81,"y":249,"width":842,"height":11}},{"id":"8cd13f75-c6f7-46b1-8605-ff3483aaf7f4","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":26,"box":{"x":81,"y":263,"width":781,"height":12}},{"id":"34691e97-aa7e-4f02-80e5-5ed5a4928970","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":26,"box":{"x":81,"y":278,"width":812,"height":12}},{"id":"3b211628-db1e-4a76-971a-512c14c12f7a","block_type":"box","text":"larger companies.","page_number":26,"box":{"x":82,"y":293,"width":129,"height":12}},{"id":"8b464da7-77d5-492f-beb6-71d1e5953461","block_type":"box","text":"Sovereign Debt Risk","page_number":26,"box":{"x":81,"y":313,"width":154,"height":12}},{"id":"e1b4272d-b12f-414b-8330-56ad9e9dde86","block_type":"box","text":"— Sovereign debt instruments are subject to the risk that a governmental entity may delay or","page_number":26,"box":{"x":239,"y":313,"width":686,"height":12}},{"id":"5a71c39c-e48b-4864-ba53-d620c5f26b10","block_type":"box","text":"refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient","page_number":26,"box":{"x":82,"y":328,"width":844,"height":12}},{"id":"7ff80e9c-9bd4-4adf-a4bb-c277ca369276","block_type":"box","text":"foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in","page_number":26,"box":{"x":81,"y":343,"width":821,"height":11}},{"id":"bd4996d4-cc8e-4aaa-bc9b-b528365ca6f0","block_type":"box","text":"relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund","page_number":26,"box":{"x":82,"y":358,"width":845,"height":11}},{"id":"18f76dba-d19d-4d26-858a-ee743ba4c897","block_type":"box","text":"or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for","page_number":26,"box":{"x":81,"y":372,"width":810,"height":12}},{"id":"b1cc0fce-c0f7-4710-a63d-197fa27b07d0","block_type":"box","text":"further loans. There is no legal process for collecting sovereign debt that a government does not pay nor are there","page_number":26,"box":{"x":81,"y":387,"width":840,"height":12}},{"id":"4b43ec23-8a2b-4e54-be74-a05692d17048","block_type":"box","text":"bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid","page_number":26,"box":{"x":81,"y":402,"width":826,"height":12}},{"id":"2446f14f-b309-4ca0-b4cb-626e36b6e9f0","block_type":"box","text":"may be collected.","page_number":26,"box":{"x":82,"y":417,"width":126,"height":11}},{"id":"a003f136-d4c1-44d5-85dd-c5dc3e048a51","block_type":"box","text":"Structured Securities Risk","page_number":26,"box":{"x":81,"y":437,"width":200,"height":9}},{"id":"48a3173f-ab05-4015-b51d-44b19fe323ee","block_type":"box","text":"— Because structured securities of the type in which the Fund may invest typically","page_number":26,"box":{"x":285,"y":437,"width":605,"height":11}},{"id":"c0e530ad-80fe-4b45-b45f-801c49c14564","block_type":"box","text":"involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments,","page_number":26,"box":{"x":82,"y":452,"width":823,"height":11}},{"id":"28d7a3a7-2377-4336-8723-203cb106938f","block_type":"box","text":"index or reference obligation and will also be subject to counterparty risk. The Fund may have the right to receive","page_number":26,"box":{"x":82,"y":467,"width":827,"height":11}},{"id":"13557581-b5a6-4cd9-b482-3a8b8bd5a5f8","block_type":"box","text":"payments only from the structured security, and generally does not have direct rights against the issuer or the entity","page_number":26,"box":{"x":82,"y":481,"width":852,"height":12}},{"id":"3c465600-b2bf-4ecd-a5e4-76ed3e71f717","block_type":"box","text":"that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed","page_number":26,"box":{"x":80,"y":496,"width":823,"height":12}},{"id":"e0c13961-d028-4baf-a173-f6e54c8d57d1","block_type":"box","text":"herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions","page_number":26,"box":{"x":82,"y":511,"width":818,"height":12}},{"id":"8d467c13-b89d-4f60-ba58-fb99f059e758","block_type":"box","text":"from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may","page_number":26,"box":{"x":81,"y":526,"width":842,"height":11}},{"id":"3fefa36f-d8d9-4c18-b943-754cae2e43aa","block_type":"box","text":"decline in value or default; and the possibility that the structured securities are subordinate to other classes. The","page_number":26,"box":{"x":81,"y":541,"width":834,"height":11}},{"id":"22a22a66-8cc0-4043-9a56-cceb611a6568","block_type":"box","text":"Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the","page_number":26,"box":{"x":82,"y":555,"width":834,"height":12}},{"id":"202a7a8e-b984-4e08-8027-fd0f5d77e9c2","block_type":"box","text":"right of payment of another class. Subordinated structured securities typically have higher yields and present","page_number":26,"box":{"x":82,"y":570,"width":799,"height":12}},{"id":"2d3a0985-883b-4037-a794-94ed56690094","block_type":"box","text":"greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement","page_number":26,"box":{"x":81,"y":585,"width":851,"height":12}},{"id":"2dbd96d7-6400-4027-aaf0-153e3705099a","block_type":"box","text":"transactions, and there currently is no active trading market for structured securities. Structured securities are","page_number":26,"box":{"x":80,"y":600,"width":814,"height":12}},{"id":"f30e1c91-ad0c-422e-b3b8-32fd773ba0f7","block_type":"box","text":"based upon the movement of one or more factors, including currency exchange rates, interest rates, reference","page_number":26,"box":{"x":81,"y":615,"width":812,"height":11}},{"id":"3c5f4d1c-d95d-46a6-9357-013341ea9299","block_type":"box","text":"bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price","page_number":26,"box":{"x":81,"y":630,"width":816,"height":11}},{"id":"e396c5c3-815f-4adb-add2-d405f2244ea3","block_type":"box","text":"fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the","page_number":26,"box":{"x":81,"y":644,"width":795,"height":12}},{"id":"d7fb44e4-cd9d-4e01-a5fc-b3f4bdca2289","block_type":"box","text":"structured security to be reduced to zero. Certain issuers of such structured securities may be deemed to be","page_number":26,"box":{"x":81,"y":659,"width":802,"height":12}},{"id":"c51d519e-42d8-43bd-abfd-24c64821f295","block_type":"box","text":"“investment companies” as defined in the Investment Company Act. As a result, the Fund’s investment in such","page_number":26,"box":{"x":82,"y":674,"width":816,"height":12}},{"id":"1baeca60-4e13-4625-9644-5217b5d000eb","block_type":"box","text":"securities may be limited by certain investment restrictions contained in the Investment Company Act.","page_number":26,"box":{"x":81,"y":689,"width":749,"height":11}},{"id":"45ee2cd5-791d-4368-9803-391c4d4eefd9","block_type":"box","text":"U.S. Government Issuer Risk","page_number":26,"box":{"x":82,"y":709,"width":215,"height":9}},{"id":"43e05207-b748-4ea4-9fed-a350118ef60e","block_type":"box","text":"—","page_number":26,"box":{"x":302,"y":714,"width":17,"height":1}},{"id":"2b06bd0a-7bf6-4e9f-9b0d-ae83f0e49e37","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":26,"box":{"x":323,"y":709,"width":612,"height":11}},{"id":"17e08788-df28-453a-b351-e5110f2ec8a5","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying","page_number":26,"box":{"x":81,"y":724,"width":797,"height":11}},{"id":"15f18b4b-af78-42dd-9997-f66b6dde81c2","block_type":"box","text":"degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can","page_number":26,"box":{"x":81,"y":739,"width":850,"height":11}},{"id":"5c8c7b25-947b-4082-994a-5360ff667c59","block_type":"box","text":"be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated","page_number":26,"box":{"x":81,"y":753,"width":843,"height":12}},{"id":"7bb12aec-c391-4cfb-a429-ab5765c5d80e","block_type":"box","text":"by law to do so.","page_number":26,"box":{"x":81,"y":768,"width":114,"height":12}},{"id":"20fad743-4034-417c-ab41-dd66eb313c50","block_type":"box","text":"U.S. Government Mortgage-Related Securities Risk","page_number":26,"box":{"x":82,"y":788,"width":386,"height":12}},{"id":"7a7a151e-9c24-4494-892e-f94b0a78a2c9","block_type":"box","text":"— There are a number of important differences among the","page_number":26,"box":{"x":472,"y":788,"width":433,"height":12}},{"id":"d30ff5da-37c5-44f3-99e4-fa717623ccbe","block_type":"box","text":"agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the","page_number":26,"box":{"x":81,"y":803,"width":804,"height":12}},{"id":"57361e40-9440-412f-aaf2-aaf821bd8185","block_type":"box","text":"securities that they issue. Mortgage-related securities guaranteed by the Government National Mortgage","page_number":26,"box":{"x":81,"y":818,"width":768,"height":11}},{"id":"98144bbe-2aa8-4f54-9b59-d7831f9d74a3","block_type":"box","text":"Association (“GNMA” or “Ginnie Mae”) are guaranteed as to the timely payment of principal and interest by GNMA","page_number":26,"box":{"x":81,"y":833,"width":838,"height":11}},{"id":"dc21e766-6568-4a92-9bc9-65e21e2eabcf","block_type":"box","text":"and such guarantee is backed by the full faith and credit of the United States. GNMA securities also are supported","page_number":26,"box":{"x":81,"y":847,"width":843,"height":12}},{"id":"59a381c3-f4be-4489-87e3-21ae462450a6","block_type":"box","text":"by the right of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. Mortgage","page_number":26,"box":{"x":81,"y":862,"width":816,"height":12}},{"id":"b60b904e-e6ff-46e6-9a1f-6cbfce0b6b7d","block_type":"box","text":"related securities issued by Fannie Mae or Freddie Mac are solely the obligations of Fannie Mae or Freddie Mac, as","page_number":26,"box":{"x":82,"y":877,"width":846,"height":12}},{"id":"5be02b56-42f3-4697-b4d9-ac5335fe10be","block_type":"box","text":"the case may be, and are not backed by or entitled to the full faith and credit of the United States but are","page_number":26,"box":{"x":80,"y":892,"width":776,"height":11}},{"id":"654cd95f-fe02-431e-89f9-f1570d2cd1d6","block_type":"box","text":"supported by the right of the issuer to borrow from the Treasury.","page_number":26,"box":{"x":81,"y":907,"width":472,"height":11}},{"id":"a71f2ff3-12a6-4ab5-b055-a4375c1d6cb1","block_type":"box","text":"26","page_number":26,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"8c7614fa-efc2-4dc0-9a09-99778f51ff0f","block_type":"box","text":"NM0926U-5977302-26/76","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"812b78c8-2602-41c5-a10a-2d3442b42ee6","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":27,"box":{"x":61,"y":46,"width":323,"height":14}},{"id":"43cb7bac-18d8-4ea2-835d-fb00f56b5bb6","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":27,"box":{"x":60,"y":72,"width":832,"height":11}},{"id":"4161b8de-4ade-486a-aae5-803c3ba6e6aa","block_type":"box","text":"strategies, including:","page_number":27,"box":{"x":61,"y":87,"width":151,"height":11}},{"id":"60a9dbc4-7c25-47a0-a5d7-7b7a05691122","block_type":"box","text":"Borrowing Risk","page_number":27,"box":{"x":81,"y":106,"width":115,"height":12}},{"id":"7c95d471-582b-4cca-a188-5466cb3c7922","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":27,"box":{"x":200,"y":106,"width":711,"height":12}},{"id":"a0b9150c-b156-4514-9523-4da5f36a319c","block_type":"box","text":"the Fund’s portfolio. Borrowing will cost the Fund interest expense and other fees. The costs of borrowing may","page_number":27,"box":{"x":80,"y":121,"width":813,"height":12}},{"id":"d6e94f20-ad86-43f4-b3d6-3738ad50f388","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":27,"box":{"x":82,"y":136,"width":846,"height":11}},{"id":"9e1f4064-cc98-4b24-b83e-6b490bd0a846","block_type":"box","text":"do so to satisfy its obligations.","page_number":27,"box":{"x":81,"y":151,"width":225,"height":11}},{"id":"b7ca26ef-8128-47fe-8d75-26b78bc5d5e1","block_type":"box","text":"Collateralized Debt Obligations Risk","page_number":27,"box":{"x":81,"y":171,"width":271,"height":11}},{"id":"3667ef58-fa88-41d6-94d6-b52514f1c93a","block_type":"box","text":"— In addition to the typical risks associated with fixed-income securities and","page_number":27,"box":{"x":356,"y":171,"width":563,"height":11}},{"id":"24c636b9-c108-472d-bb6e-5b9ad6bc25ed","block_type":"box","text":"asset-backed securities, CDOs, including CLOs, carry additional risks including, but not limited to: (i) the possibility","page_number":27,"box":{"x":81,"y":186,"width":845,"height":11}},{"id":"b3aac38c-aa96-48b2-a370-4d57c2416724","block_type":"box","text":"that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that","page_number":27,"box":{"x":80,"y":200,"width":854,"height":12}},{"id":"51dd81a1-35b0-4882-9559-2cac18b618c2","block_type":"box","text":"the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical rating","page_number":27,"box":{"x":80,"y":215,"width":841,"height":12}},{"id":"63a7ee54-ffaa-4b2e-8290-c6c643ac640f","block_type":"box","text":"organization; (iii) the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure","page_number":27,"box":{"x":81,"y":230,"width":843,"height":12}},{"id":"72291aaa-ffca-4559-8adf-f68b53c7daa8","block_type":"box","text":"and complexity of the transaction and the legal documents could lead to disputes among investors regarding the","page_number":27,"box":{"x":81,"y":245,"width":826,"height":11}},{"id":"18d1b907-0ad0-451f-9bbf-f3810b774146","block_type":"box","text":"characterization of proceeds; (v) the investment return achieved by the Fund could be significantly different than","page_number":27,"box":{"x":81,"y":260,"width":821,"height":11}},{"id":"44770d34-9717-4a66-bd95-5f72762cc599","block_type":"box","text":"those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of","page_number":27,"box":{"x":80,"y":274,"width":836,"height":12}},{"id":"228c4459-0c0f-4db4-bd60-9b0f9b8d9664","block_type":"box","text":"forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager","page_number":27,"box":{"x":81,"y":289,"width":841,"height":12}},{"id":"b8c7938a-e316-4fb6-a70c-8ea536d301ca","block_type":"box","text":"may perform poorly.","page_number":27,"box":{"x":82,"y":304,"width":143,"height":12}},{"id":"11299859-7927-4e7f-9db8-6fc7740bd0ea","block_type":"box","text":"Expense Risk","page_number":27,"box":{"x":81,"y":324,"width":102,"height":11}},{"id":"ecd0b170-10b0-402a-82f8-94b010c7a39b","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":27,"box":{"x":187,"y":324,"width":734,"height":12}},{"id":"191ca5a4-a938-43ab-9806-26304f2c4416","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":27,"box":{"x":81,"y":339,"width":855,"height":11}},{"id":"8047b21e-827d-43a3-8dd8-7f1d4b83c1ea","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":27,"box":{"x":82,"y":354,"width":842,"height":11}},{"id":"b64f79f3-f77a-4ba2-9cdf-8e1fa04767ac","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":27,"box":{"x":82,"y":369,"width":808,"height":11}},{"id":"31594935-3a95-4358-b70e-30e2b45b1d02","block_type":"box","text":"significant.","page_number":27,"box":{"x":81,"y":383,"width":78,"height":12}},{"id":"b41f2190-82f0-407b-bb22-8543d41076bf","block_type":"box","text":"Illiquid Investments Risk","page_number":27,"box":{"x":81,"y":404,"width":186,"height":11}},{"id":"790321d5-8129-4882-8891-90284ea7facd","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":27,"box":{"x":271,"y":403,"width":648,"height":12}},{"id":"ea2f8ce3-ef3c-4606-8ca2-8b1f40d17265","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":27,"box":{"x":80,"y":418,"width":841,"height":12}},{"id":"156a23fd-026e-44c7-9762-b8ee5ef5385d","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":27,"box":{"x":82,"y":433,"width":831,"height":11}},{"id":"7f5e6a91-689b-4780-b61a-eca3d80e28dd","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":27,"box":{"x":81,"y":448,"width":811,"height":11}},{"id":"4ad7ece0-2933-4d69-9848-224ee4af1fcb","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":27,"box":{"x":82,"y":463,"width":825,"height":11}},{"id":"bc6f599c-083f-4012-834c-8693f23d6e30","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":27,"box":{"x":81,"y":478,"width":837,"height":11}},{"id":"42b9691a-9e40-46c3-a3be-25d6ea7c84d3","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":27,"box":{"x":80,"y":492,"width":851,"height":12}},{"id":"913042e1-d20d-4e5f-92c8-965e12a07724","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":27,"box":{"x":82,"y":507,"width":835,"height":12}},{"id":"10528a7d-60af-4f7f-a3cf-e17ebd30e792","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":27,"box":{"x":82,"y":522,"width":835,"height":12}},{"id":"b1ff7d9c-8eb5-42fa-a0bd-d5826e3f4f77","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":27,"box":{"x":81,"y":537,"width":791,"height":11}},{"id":"c0a761af-1268-4cb6-9bc9-069969a3ca7b","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":27,"box":{"x":81,"y":552,"width":846,"height":11}},{"id":"c6d0f0b6-8931-4183-b36a-c0a5a81f77b4","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":27,"box":{"x":81,"y":566,"width":835,"height":12}},{"id":"bda4e3ac-2b52-4a6c-92c0-e0a528229f62","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":27,"box":{"x":82,"y":581,"width":818,"height":12}},{"id":"0c67241c-e74c-4b69-b083-3ae540dc6f24","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":27,"box":{"x":80,"y":596,"width":837,"height":12}},{"id":"209509c2-fd86-4d14-a045-3de49736e472","block_type":"box","text":"To the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":27,"box":{"x":81,"y":611,"width":854,"height":11}},{"id":"83b6dd93-a7cc-4cda-831c-b5b54d4d691a","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":27,"box":{"x":81,"y":626,"width":815,"height":11}},{"id":"852b0df2-f077-4790-9b74-8c5407a07d8b","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":27,"box":{"x":82,"y":641,"width":835,"height":11}},{"id":"a7045a8b-48c4-48a5-8c8c-ed732751339d","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":27,"box":{"x":82,"y":655,"width":790,"height":12}},{"id":"39a2c297-17ee-4438-8a41-2df34e5573bf","block_type":"box","text":"magnified in a rising interest rate environment or other circumstances where investor redemptions or sale of Fund","page_number":27,"box":{"x":82,"y":670,"width":835,"height":12}},{"id":"a992d1f4-0623-471e-804a-edbce30deba4","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":27,"box":{"x":81,"y":685,"width":810,"height":12}},{"id":"774d4058-5805-4e25-a88c-41a41f264234","block_type":"box","text":"Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.","page_number":27,"box":{"x":82,"y":700,"width":715,"height":11}},{"id":"a4685df7-3f66-4a60-9a99-d9c14b4027c3","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":27,"box":{"x":81,"y":720,"width":366,"height":11}},{"id":"c08bbe4a-fd15-4189-b767-de36ec8ab217","block_type":"box","text":"— As with other investments, investments in other investment","page_number":27,"box":{"x":450,"y":720,"width":459,"height":11}},{"id":"98ea8328-3fbc-4c86-b709-fddb02b425d7","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":27,"box":{"x":81,"y":735,"width":815,"height":11}},{"id":"a0206e80-b2e1-411e-af82-779fcf1810a8","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":27,"box":{"x":82,"y":749,"width":844,"height":12}},{"id":"3e0db091-68cd-4008-9f04-e31e9ced9b2c","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":27,"box":{"x":81,"y":764,"width":822,"height":12}},{"id":"ff85fb67-3587-45b4-b847-acc81470a975","block_type":"box","text":"companies (to the extent not offset by BlackRock through waivers). To the extent the Fund is held by an affiliated","page_number":27,"box":{"x":81,"y":779,"width":829,"height":12}},{"id":"e9279455-6d96-4078-b4dc-ed0b9dcd39ea","block_type":"box","text":"fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":27,"box":{"x":81,"y":794,"width":628,"height":11}},{"id":"e3fe18fe-44ac-4bce-8069-d8165447cc12","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":27,"box":{"x":81,"y":814,"width":396,"height":11}},{"id":"447c0bd7-b77d-4eeb-9b9a-35096a3eee60","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":27,"box":{"x":481,"y":814,"width":440,"height":12}},{"id":"eee684b6-2bef-4e5f-b261-f260244ff896","block_type":"box","text":"Fund’s adviser or an affiliate of the Fund’s adviser, or another entity, may from time to time own or manage a","page_number":27,"box":{"x":82,"y":829,"width":801,"height":11}},{"id":"ae90dc59-a4ff-47d6-84e4-8c7273ec24ce","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":27,"box":{"x":81,"y":844,"width":825,"height":11}},{"id":"14dea17f-d79a-4dac-bab6-ae4424aeba5f","block_type":"box","text":"may invest in the Fund and hold its investment for a limited period of time. There can be no assurance that any","page_number":27,"box":{"x":82,"y":858,"width":816,"height":12}},{"id":"33c78b5a-1862-48ca-a166-1a4bedd18cc1","block_type":"box","text":"large shareholder or large group of shareholders would not redeem their investment or that the size of the Fund","page_number":27,"box":{"x":82,"y":873,"width":818,"height":12}},{"id":"973809f0-bb55-4979-952a-f73e2cc711d9","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":27,"box":{"x":80,"y":888,"width":835,"height":12}},{"id":"70c52ceb-dedd-4715-a279-ae233863f1d9","block_type":"box","text":"the Fund’s liquidity and net assets. These redemptions may force the Fund to sell portfolio securities to meet","page_number":27,"box":{"x":80,"y":903,"width":807,"height":11}},{"id":"66e9e9a7-e228-468f-9642-44ab96327d04","block_type":"box","text":"redemption requests when it might not otherwise do so, which may negatively impact the Fund’s NAV and increase","page_number":27,"box":{"x":82,"y":918,"width":841,"height":11}},{"id":"7fabaf8b-2fa5-44c9-aa2c-2be9a9ebc19e","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"a0467cc9-41b6-49df-8fab-e1a9572fc913","block_type":"box","text":"NM0926U-5977302-27/76","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"829f26f2-af45-4ecf-9e7b-c1348246052c","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":28,"box":{"x":80,"y":46,"width":855,"height":11}},{"id":"e8f97e35-c6b8-428d-ace1-b62b9eea67c6","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":28,"box":{"x":81,"y":61,"width":751,"height":10}},{"id":"ce424f0e-8bcb-4b5d-b19d-6feb5d984973","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":28,"box":{"x":81,"y":76,"width":785,"height":11}},{"id":"8d89cc2d-3250-4f46-b8f0-dabbd7866ee7","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":28,"box":{"x":81,"y":90,"width":841,"height":12}},{"id":"d92368e0-2ec0-4cdf-87dd-761b1cf3ed55","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":28,"box":{"x":80,"y":105,"width":824,"height":12}},{"id":"ea1763b6-5435-4fc9-9fb9-b8feb0bd8c9b","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":28,"box":{"x":81,"y":120,"width":822,"height":11}},{"id":"ca0775ca-0606-4dee-9e0b-b25e930fbcff","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":28,"box":{"x":81,"y":135,"width":801,"height":11}},{"id":"1c5d095b-580a-428c-bd57-7e6bed9d72f2","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":28,"box":{"x":80,"y":150,"width":765,"height":11}},{"id":"fa03793b-3b0e-48fb-a3b3-c9794775362b","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":28,"box":{"x":82,"y":164,"width":852,"height":12}},{"id":"fd8cbc34-e55e-42b8-943e-e77b5df5ecc7","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":28,"box":{"x":82,"y":179,"width":847,"height":12}},{"id":"3ec4d163-d727-4799-8a6b-04ccb36a7aed","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":28,"box":{"x":80,"y":194,"width":847,"height":11}},{"id":"31ed982c-d263-4d7e-a4e9-e1934eb2b6fd","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":28,"box":{"x":81,"y":209,"width":845,"height":11}},{"id":"58d17306-4004-4d3a-81c0-ff6b6881356f","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":28,"box":{"x":82,"y":224,"width":835,"height":11}},{"id":"571b0d7d-97bd-4eec-9525-ebc5758ed2f7","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":28,"box":{"x":82,"y":238,"width":839,"height":12}},{"id":"d8fe688c-5bfb-4c31-b123-3ca4bb69d90d","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":28,"box":{"x":82,"y":253,"width":461,"height":12}},{"id":"37b98956-22b0-499b-b1f6-efb12d0243c6","block_type":"box","text":"Ownership Limitations Risk","page_number":28,"box":{"x":82,"y":273,"width":205,"height":11}},{"id":"e1acc156-5ef9-4964-9a57-9d15717b0439","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":28,"box":{"x":291,"y":273,"width":610,"height":12}},{"id":"e3152db4-00ad-46c5-bc7b-95edccd40399","block_type":"box","text":"transactions undertaken by BlackRock, its affiliates or the Fund, or as a result of third-party transactions or actions","page_number":28,"box":{"x":80,"y":288,"width":849,"height":11}},{"id":"02db2f54-50c7-4a27-8e24-ddf00d2c4201","block_type":"box","text":"by an issuer or regulator, the ability of BlackRock and its affiliates on behalf of clients (including the Fund) to","page_number":28,"box":{"x":81,"y":303,"width":798,"height":11}},{"id":"1342792c-8da8-4de1-bbe6-3d8607f44db4","block_type":"box","text":"purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law,","page_number":28,"box":{"x":82,"y":318,"width":833,"height":11}},{"id":"b7c9eebc-d4e5-47c5-9be9-c7b4da322b7f","block_type":"box","text":"regulation or rule or otherwise impaired. The capacity of the Fund to invest in certain securities or other assets may","page_number":28,"box":{"x":82,"y":332,"width":851,"height":12}},{"id":"34148263-c06f-4768-ba11-a35877d956f3","block_type":"box","text":"be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and","page_number":28,"box":{"x":81,"y":347,"width":813,"height":12}},{"id":"2d706300-8929-4b6e-bf8b-8ce978b456e6","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":28,"box":{"x":82,"y":362,"width":331,"height":12}},{"id":"34263a23-0d59-4ca2-ad01-c51eac33115e","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":28,"box":{"x":82,"y":382,"width":826,"height":12}},{"id":"0b06c188-eec6-4429-8d7c-74793f556a0a","block_type":"box","text":"certain international markets. Such limits also may apply where the investing entity (such as the Fund) is subject to","page_number":28,"box":{"x":81,"y":397,"width":848,"height":12}},{"id":"dc24af99-e38f-44b3-a083-710a22c9ba46","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":28,"box":{"x":81,"y":412,"width":799,"height":11}},{"id":"068b35f4-6641-4c58-ae4e-3470f9352b33","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":28,"box":{"x":81,"y":427,"width":828,"height":11}},{"id":"25a5116a-083e-427f-abb9-7d4636904353","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":28,"box":{"x":81,"y":441,"width":828,"height":12}},{"id":"130b6b3b-067c-4822-af0b-8141731de728","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":28,"box":{"x":80,"y":456,"width":837,"height":12}},{"id":"80aff4d2-9a61-4d53-b5ca-fa3f7028da2e","block_type":"box","text":"there is no guarantee that permission will be granted, or that, once granted, it will not be modified or revoked at a","page_number":28,"box":{"x":80,"y":471,"width":837,"height":12}},{"id":"06ae071d-a1cf-47b1-9a16-f18aa7bafdff","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":28,"box":{"x":82,"y":486,"width":800,"height":11}},{"id":"a569128b-4b18-4155-b2a8-e267b6a0de8a","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":28,"box":{"x":81,"y":501,"width":678,"height":11}},{"id":"a2c7f94b-742c-4d6f-9b5a-f7bc9775f4ac","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or be","page_number":28,"box":{"x":81,"y":521,"width":842,"height":11}},{"id":"74bbdce6-2c18-49c4-8a8a-a748b0521f6e","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":28,"box":{"x":81,"y":536,"width":833,"height":11}},{"id":"e1ed50f6-2702-4c3a-9971-595fd3e83cc7","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":28,"box":{"x":82,"y":550,"width":582,"height":12}},{"id":"2f9052a0-7df1-4999-ba14-1c40c56b7a0b","block_type":"box","text":"Real Estate-Related Securities Risk","page_number":28,"box":{"x":81,"y":570,"width":269,"height":10}},{"id":"7ad1dd2a-7918-48df-9985-930cfa49844e","block_type":"box","text":"— The main risk of real estate-related securities is that the value of the","page_number":28,"box":{"x":354,"y":570,"width":527,"height":10}},{"id":"8ac29c00-ce4e-4032-9c86-0ad0b39fe6c1","block_type":"box","text":"underlying real estate may go down. Many factors may affect real estate values. These factors include both the","page_number":28,"box":{"x":82,"y":585,"width":816,"height":12}},{"id":"c6385be5-2911-4e5d-88fd-f3a9bcbe8fc4","block_type":"box","text":"general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re-lease","page_number":28,"box":{"x":81,"y":600,"width":845,"height":12}},{"id":"b0aa696a-dc27-4c03-8390-8a27df3f5808","block_type":"box","text":"space under expiring leases on attractive terms, the amount of new construction in a particular area, the laws and","page_number":28,"box":{"x":81,"y":615,"width":841,"height":11}},{"id":"2d02c889-7b40-4058-a3bc-d86c85fa6dbd","block_type":"box","text":"regulations (including zoning, environmental and tax laws) affecting real estate and the costs of owning, maintaining","page_number":28,"box":{"x":82,"y":630,"width":852,"height":11}},{"id":"03ff3a7c-d66c-404e-9de5-8d9d98c7d1d9","block_type":"box","text":"and improving real estate. The availability of mortgage financing and changes in interest rates may also affect real","page_number":28,"box":{"x":81,"y":644,"width":841,"height":12}},{"id":"76f34631-bc16-45b5-81e4-3f6530471063","block_type":"box","text":"estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in one","page_number":28,"box":{"x":81,"y":659,"width":807,"height":12}},{"id":"5fd7f9be-7a9a-46c6-b5fb-cc81d9b80547","block_type":"box","text":"property type, the Fund will be particularly subject to the risks associated with that area or property type. Many","page_number":28,"box":{"x":82,"y":674,"width":815,"height":12}},{"id":"c4993cd7-3d11-4dc7-90a0-258600625790","block_type":"box","text":"issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities.","page_number":28,"box":{"x":82,"y":689,"width":845,"height":11}},{"id":"07472b17-06f8-4194-8397-eecfd303ba3a","block_type":"box","text":"The value of the securities the Fund buys will not necessarily track the value of the underlying investments of the","page_number":28,"box":{"x":81,"y":704,"width":828,"height":11}},{"id":"78fd89b7-54be-4c30-8e2b-6e9167d305cc","block_type":"box","text":"issuers of such securities. In addition, certain issuers of real estate-related securities may have developed or","page_number":28,"box":{"x":82,"y":719,"width":805,"height":11}},{"id":"97e00a56-8ee3-4da3-afb0-f3db06c81518","block_type":"box","text":"commenced development on properties and may develop additional properties in the future. Real estate","page_number":28,"box":{"x":81,"y":733,"width":767,"height":12}},{"id":"6cf3f1c6-331f-442a-ba6e-fac5ce389108","block_type":"box","text":"development involves significant risks in addition to those involved in the ownership and operation of established","page_number":28,"box":{"x":81,"y":748,"width":831,"height":12}},{"id":"8e2abc3c-76f5-4189-a44c-7ea40c6f76b8","block_type":"box","text":"properties. Real estate securities may have limited diversification and are, therefore, subject to risks inherent in","page_number":28,"box":{"x":82,"y":763,"width":824,"height":11}},{"id":"3de186ca-f8ed-4787-beb8-8d3f29f5611b","block_type":"box","text":"operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow","page_number":28,"box":{"x":81,"y":778,"width":817,"height":11}},{"id":"44174169-5738-4116-9ba2-84aed90dac13","block_type":"box","text":"dependency and defaults by borrowers or tenants.","page_number":28,"box":{"x":81,"y":793,"width":367,"height":11}},{"id":"ed6af5b9-6262-4255-b3b3-8f81f0cfa3ed","block_type":"box","text":"Reference Rate Replacement Risk","page_number":28,"box":{"x":81,"y":813,"width":260,"height":11}},{"id":"45c86a9a-f343-490f-806b-4e8e6582bb16","block_type":"box","text":"— The Fund’s investments, payment obligations and financing terms may be","page_number":28,"box":{"x":345,"y":813,"width":563,"height":11}},{"id":"d469d6e4-db23-4713-8008-78b89de13e43","block_type":"box","text":"based on floating rates, such as the Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Interbank","page_number":28,"box":{"x":81,"y":827,"width":803,"height":12}},{"id":"be7c63f8-5658-412c-9c11-312cf78d13d8","block_type":"box","text":"Average Rate (“SONIA”), and other similar types of reference rates (“Reference Rates”). The elimination of a","page_number":28,"box":{"x":81,"y":842,"width":796,"height":12}},{"id":"fd69c254-75b5-4819-8100-5d580f7f8838","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":28,"box":{"x":82,"y":857,"width":853,"height":12}},{"id":"e1ba5810-1d29-43a3-b828-269b42c02aa1","block_type":"box","text":"an adverse impact on the market for, or value of, any instruments (including debt instruments and certain derivative","page_number":28,"box":{"x":81,"y":872,"width":851,"height":12}},{"id":"1fe51123-49b7-46d6-a17c-5e3834184090","block_type":"box","text":"instruments) or payments linked to those Reference Rates. In addition, any substitute Reference Rate and any","page_number":28,"box":{"x":82,"y":887,"width":812,"height":11}},{"id":"eada2379-c354-4747-87f9-50b00222e8dd","block_type":"box","text":"pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect the Fund’s","page_number":28,"box":{"x":82,"y":902,"width":804,"height":11}},{"id":"e36d75c2-0e22-4ab1-a732-2decd00c1c6a","block_type":"box","text":"performance and/or net asset value.","page_number":28,"box":{"x":82,"y":916,"width":270,"height":12}},{"id":"279ac07f-31c6-4a29-95fe-4ea72b5df5a9","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"1649bd8b-0d5f-4201-bfe9-ed775c9266d8","block_type":"box","text":"NM0926U-5977302-28/76","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3dc1446f-8b91-4f39-b876-0784360fdaa9","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":29,"box":{"x":82,"y":46,"width":835,"height":11}},{"id":"642ff640-8349-4964-9d05-9adc3878c777","block_type":"box","text":"subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":29,"box":{"x":81,"y":60,"width":781,"height":12}},{"id":"5d4d9eca-af00-4310-9d45-6d0a0056ed77","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":29,"box":{"x":82,"y":75,"width":768,"height":12}},{"id":"95df5596-bf63-4939-82ce-41d451b9af9b","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by virtue","page_number":29,"box":{"x":82,"y":90,"width":847,"height":12}},{"id":"ceac5b27-d62c-461f-8059-5ec11a07f1dd","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":29,"box":{"x":81,"y":105,"width":846,"height":11}},{"id":"69a97033-4212-435e-acc2-2d5e96daf14f","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":29,"box":{"x":81,"y":120,"width":822,"height":11}},{"id":"6799c829-606e-4d0b-b9b9-0567f28b1ea6","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may further","page_number":29,"box":{"x":82,"y":135,"width":798,"height":11}},{"id":"8dcc9c6b-a50b-41cc-9055-e37b86c1bcca","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":29,"box":{"x":81,"y":149,"width":839,"height":12}},{"id":"3790088f-71f9-4ff5-8530-2231198c861e","block_type":"box","text":"benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and","page_number":29,"box":{"x":81,"y":165,"width":826,"height":11}},{"id":"bd9e7163-245c-4e3e-b58f-c63adc319085","block_type":"box","text":"certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and","page_number":29,"box":{"x":81,"y":179,"width":778,"height":12}},{"id":"4bc08fa9-1376-4a14-86dd-d5fcd1502f32","block_type":"box","text":"disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be","page_number":29,"box":{"x":81,"y":194,"width":851,"height":11}},{"id":"faf4159a-c7f5-4f5d-979a-39ed405dc6e9","block_type":"box","text":"other consequences which cannot be predicted.","page_number":29,"box":{"x":81,"y":209,"width":350,"height":11}},{"id":"3ab9842f-2ec9-431b-a375-a81745a19f4f","block_type":"box","text":"REIT Investment Risk","page_number":29,"box":{"x":81,"y":229,"width":163,"height":9}},{"id":"26ebe1ee-8986-40e7-992a-8987320326a7","block_type":"box","text":"— In addition to the risks facing real estate-related securities, such as a decline in property","page_number":29,"box":{"x":248,"y":229,"width":676,"height":11}},{"id":"eea1a03d-a233-49ec-b467-bdbab12c2c48","block_type":"box","text":"values due to increasing vacancies, a decline in rents resulting from unanticipated economic, legal or technological","page_number":29,"box":{"x":80,"y":244,"width":846,"height":11}},{"id":"f98b0563-8615-445d-8a4a-7dc754c37989","block_type":"box","text":"developments or a decline in the price of securities of real estate companies due to a failure of borrowers to pay","page_number":29,"box":{"x":81,"y":258,"width":829,"height":12}},{"id":"4edc0371-6d3a-4e34-8ee2-9b27db70a4a7","block_type":"box","text":"their loans or poor management, investments in REITs involve unique risks. REITs may have limited financial","page_number":29,"box":{"x":80,"y":273,"width":793,"height":12}},{"id":"c0d4a1ae-d1db-4218-9ef0-add6c5f41f1f","block_type":"box","text":"resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may","page_number":29,"box":{"x":82,"y":288,"width":836,"height":12}},{"id":"38ecd016-d2a0-4a57-ab52-cc79c8485111","block_type":"box","text":"be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment","page_number":29,"box":{"x":81,"y":303,"width":814,"height":11}},{"id":"5c4fffe6-3cf1-4008-bc0e-65852f03ef2f","block_type":"box","text":"company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code, which","page_number":29,"box":{"x":81,"y":318,"width":825,"height":11}},{"id":"a13d60c2-4bce-4ba0-ae3b-3e21f7c38d41","block_type":"box","text":"allows REITs to reduce their corporate taxable income for dividends paid to their shareholders. Ordinary REIT","page_number":29,"box":{"x":81,"y":332,"width":797,"height":12}},{"id":"f2977588-5c95-43cd-89f2-7b19891922f2","block_type":"box","text":"dividends received by the Fund and distributed to the Fund’s shareholders will generally be taxable as ordinary","page_number":29,"box":{"x":81,"y":348,"width":812,"height":11}},{"id":"3eb89b5a-9458-47ca-8a20-bb8df0dc2128","block_type":"box","text":"income and will not constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT","page_number":29,"box":{"x":82,"y":362,"width":838,"height":12}},{"id":"ca64dd67-ac30-4fe5-a485-7d540092f249","block_type":"box","text":"shareholder may claim a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated","page_number":29,"box":{"x":81,"y":377,"width":832,"height":12}},{"id":"2113f743-0df8-4c66-b17f-20fd172073d9","block_type":"box","text":"investment company may report dividends as eligible for this deduction to the extent the regulated investment","page_number":29,"box":{"x":82,"y":392,"width":809,"height":11}},{"id":"3b9f2029-f755-4db6-869b-71e677170840","block_type":"box","text":"company’s income is derived from ordinary REIT dividends (reduced by allocable regulated investment company","page_number":29,"box":{"x":81,"y":407,"width":819,"height":11}},{"id":"7ab6c68e-7c69-4f2d-89dc-c80231ecfd66","block_type":"box","text":"expenses). A shareholder may treat the dividends as such provided the regulated investment company and the","page_number":29,"box":{"x":81,"y":422,"width":813,"height":11}},{"id":"fc0cc5d9-7790-46ec-8da0-7c1e85675565","block_type":"box","text":"shareholder satisfy applicable holding period requirements.","page_number":29,"box":{"x":81,"y":436,"width":434,"height":12}},{"id":"b40d374d-e81b-40a8-833e-1b3ddba17e27","block_type":"box","text":"Reliance on Advisor Risk","page_number":29,"box":{"x":81,"y":456,"width":188,"height":9}},{"id":"c2a4dd04-7ffc-4e4a-b685-b5cb317b19c8","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":29,"box":{"x":273,"y":456,"width":614,"height":12}},{"id":"ad4cd93c-b7a9-4942-a267-9d4022ed477f","block_type":"box","text":"therefore BlackRock’s parent, BlackRock, Inc. BlackRock is not required to devote its full time to the business of","page_number":29,"box":{"x":80,"y":471,"width":830,"height":11}},{"id":"ed450578-355a-40af-b818-6967d240a89d","block_type":"box","text":"the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock","page_number":29,"box":{"x":80,"y":486,"width":856,"height":11}},{"id":"f70ba9d0-26c6-46c0-b92f-e8b9ce818a36","block_type":"box","text":"will allocate a substantial portion of his or her time to the Fund. The loss of, or changes in, BlackRock’s personnel","page_number":29,"box":{"x":80,"y":501,"width":841,"height":11}},{"id":"c59df5ca-f302-432b-a466-cb6497616239","block_type":"box","text":"could have a negative effect on the performance or the continued operation of the Fund.","page_number":29,"box":{"x":81,"y":516,"width":649,"height":11}},{"id":"8fe8618e-12f9-445a-9b4c-765568e79010","block_type":"box","text":"Securities Lending Risk","page_number":29,"box":{"x":81,"y":536,"width":178,"height":11}},{"id":"57b46759-7349-499e-b13b-4f24f687a543","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":29,"box":{"x":263,"y":536,"width":661,"height":11}},{"id":"3dfbf697-567c-4354-8970-c1afecd61cc2","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":29,"box":{"x":82,"y":550,"width":852,"height":12}},{"id":"4b9e37a4-d233-496a-a760-7c0d33383bb8","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":29,"box":{"x":81,"y":565,"width":811,"height":12}},{"id":"170ae99d-616f-4b8a-89ff-51df76236096","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":29,"box":{"x":81,"y":580,"width":829,"height":12}},{"id":"415cc2e2-5aaf-4232-9236-c80ec2358a91","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":29,"box":{"x":81,"y":595,"width":292,"height":11}},{"id":"aeae491d-de94-435d-ab34-516fcce95812","block_type":"box","text":"Short Sales and Short Position Risk","page_number":29,"box":{"x":81,"y":615,"width":271,"height":9}},{"id":"688e6271-ec01-422a-a699-e1ccd28e2034","block_type":"box","text":"—","page_number":29,"box":{"x":357,"y":620,"width":17,"height":1}},{"id":"0a8a686f-73b9-4e13-b6ab-241c1d96a85a","block_type":"box","text":"Because making short sales or taking short positions in securities that it","page_number":29,"box":{"x":379,"y":615,"width":537,"height":11}},{"id":"1cfa8671-1702-40d2-adac-284b20426015","block_type":"box","text":"does not own would expose the Fund to the risks associated with those securities, such short sales or positions","page_number":29,"box":{"x":81,"y":630,"width":828,"height":11}},{"id":"92e3e20a-5395-4c3c-88e2-e8a9b414292a","block_type":"box","text":"involve speculative exposure risk. In such situations, the Fund will incur a loss as a result of a short sale or position","page_number":29,"box":{"x":82,"y":644,"width":853,"height":12}},{"id":"3050612f-d742-4321-b2de-b09813806a8f","block_type":"box","text":"if the price of the reference instrument increases after the Fund entered into the short sale or position. The Fund","page_number":29,"box":{"x":82,"y":659,"width":829,"height":12}},{"id":"6725f297-8aa1-4caa-9356-13b6ac7e83ba","block_type":"box","text":"may engage in short sales and gain short exposure through certain derivative instruments, such as futures, options","page_number":29,"box":{"x":82,"y":674,"width":852,"height":12}},{"id":"156a964c-5c1a-4a7e-acfb-cc79330a8fe7","block_type":"box","text":"or swaps. The Fund may lose more money than the actual cost of a short sale or position and the potential losses","page_number":29,"box":{"x":81,"y":689,"width":840,"height":11}},{"id":"6500901d-993c-4a00-9d31-b6ca38438308","block_type":"box","text":"are theoretically unlimited on a short sale or position.","page_number":29,"box":{"x":81,"y":704,"width":394,"height":11}},{"id":"14e7e9cb-ac56-4b6b-8bec-bc0d90776c9c","block_type":"box","text":"Small Cap and Emerging Growth Securities Risk","page_number":29,"box":{"x":81,"y":724,"width":363,"height":11}},{"id":"cd5a3f6a-491e-4d56-baa0-07f8ce272047","block_type":"box","text":"— Small cap or emerging growth companies may have limited","page_number":29,"box":{"x":448,"y":724,"width":453,"height":11}},{"id":"a5d14d6e-024f-4b1f-bec9-f8649f488158","block_type":"box","text":"product lines or markets. They may be less financially secure than larger, more established companies. They may","page_number":29,"box":{"x":82,"y":739,"width":833,"height":11}},{"id":"80b5aad1-e2a3-4d87-9ec9-b7343c6483a3","block_type":"box","text":"depend on a small number of key personnel. If a product fails or there are other adverse developments, or if","page_number":29,"box":{"x":81,"y":753,"width":797,"height":12}},{"id":"65e6360c-6bda-4a8c-afe2-a65d02fe0c37","block_type":"box","text":"management changes, the Fund’s investment in a small cap or emerging growth company may lose substantial","page_number":29,"box":{"x":82,"y":768,"width":815,"height":12}},{"id":"e5d8a0a9-1c1f-4aec-a694-40b26bce4b63","block_type":"box","text":"value. In addition, it is more difficult to get information on smaller companies, which tend to be less well known,","page_number":29,"box":{"x":80,"y":783,"width":825,"height":12}},{"id":"402f5d56-cefc-4ca1-99a1-4e50ddf50e3b","block_type":"box","text":"have shorter operating histories, do not have significant ownership by large investors and are followed by relatively","page_number":29,"box":{"x":82,"y":798,"width":842,"height":11}},{"id":"41795d4a-30dc-40b8-a3ae-9141ff477ada","block_type":"box","text":"few securities analysts.","page_number":29,"box":{"x":81,"y":813,"width":171,"height":11}},{"id":"2928ce6c-fd8a-4b2e-a1ba-75442425c408","block_type":"box","text":"The securities of small cap and emerging growth companies generally trade in lower volumes and are subject to","page_number":29,"box":{"x":81,"y":833,"width":820,"height":11}},{"id":"b506cfc7-c4b2-44aa-81ec-3a4413a95a73","block_type":"box","text":"greater and more unpredictable price changes than larger cap securities or the market as a whole. In addition, small","page_number":29,"box":{"x":81,"y":848,"width":855,"height":11}},{"id":"d8ada4a7-6f58-47e4-964b-82e69df71e67","block_type":"box","text":"cap and emerging growth securities may be particularly sensitive to changes in interest rates, borrowing costs and","page_number":29,"box":{"x":81,"y":863,"width":842,"height":11}},{"id":"ae899596-598c-4e1e-883d-327048745f81","block_type":"box","text":"earnings. Investing in small cap and emerging growth securities requires a longer term view.","page_number":29,"box":{"x":81,"y":877,"width":675,"height":12}},{"id":"89cf4aa3-e34f-4bcb-9988-c87378514691","block_type":"box","text":"Standby Commitment Agreements Risk","page_number":29,"box":{"x":81,"y":897,"width":298,"height":12}},{"id":"5772913c-0323-40d4-abbf-aad73dd6e7f4","block_type":"box","text":"—","page_number":29,"box":{"x":383,"y":903,"width":17,"height":0}},{"id":"a7fe5961-9c1c-4510-aee8-5ac4ada93490","block_type":"box","text":"Standby commitment agreements involve the risk that the security the","page_number":29,"box":{"x":405,"y":897,"width":514,"height":12}},{"id":"b6f4cc8d-9d9b-4456-bc57-caec69ddc844","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":29,"box":{"x":82,"y":912,"width":829,"height":12}},{"id":"fb706093-5104-42c3-9c54-2b582960fa1b","block_type":"box","text":"29","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"87a0ed1b-0f8f-450d-8d98-12cc0b762f14","block_type":"box","text":"NM0926U-5977302-29/76","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a258916e-4b0d-42db-baf0-9351bceca687","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":30,"box":{"x":82,"y":46,"width":836,"height":11}},{"id":"cb864693-35cf-4731-8bd1-c650346233c9","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":30,"box":{"x":82,"y":60,"width":844,"height":12}},{"id":"342a5273-14d9-4f18-a859-f6f0a16bdf15","block_type":"box","text":"pay for the security and any gain in the security’s price.","page_number":30,"box":{"x":82,"y":75,"width":403,"height":12}},{"id":"207dd4c2-e43e-45c5-b455-7e3233131fe6","block_type":"box","text":"Valuation Risk","page_number":30,"box":{"x":83,"y":95,"width":107,"height":9}},{"id":"fd3b0160-b3d1-4531-9d91-dd80c23648d2","block_type":"box","text":"—","page_number":30,"box":{"x":194,"y":101,"width":17,"height":0}},{"id":"0bc9b591-7f53-4752-bdac-85ecd6d65e4a","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":30,"box":{"x":215,"y":95,"width":700,"height":12}},{"id":"121fbe53-d939-40b8-961a-5bd9c817c25d","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":30,"box":{"x":81,"y":110,"width":835,"height":12}},{"id":"ce07ef96-d89b-4003-a106-f940e8bf9719","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":30,"box":{"x":81,"y":125,"width":848,"height":11}},{"id":"074b2504-1513-4fcb-8840-91bf81cb74a3","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":30,"box":{"x":82,"y":140,"width":845,"height":11}},{"id":"fbf4c813-d826-4abb-870e-879b97a80860","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":30,"box":{"x":82,"y":155,"width":840,"height":11}},{"id":"53564906-77b8-443e-aec4-47ca34423014","block_type":"box","text":"that value fixed-income securities generally utilize a range of market-based and security-specific inputs and","page_number":30,"box":{"x":80,"y":169,"width":783,"height":12}},{"id":"77f847f6-21e6-4ca5-b604-b5bf23340ad2","block_type":"box","text":"assumptions, as well as considerations about general market conditions, to establish a price. Pricing services","page_number":30,"box":{"x":81,"y":184,"width":810,"height":12}},{"id":"cde9ee45-f984-48ae-81f4-40f629e1e2e5","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund","page_number":30,"box":{"x":81,"y":199,"width":847,"height":12}},{"id":"0798c22a-ca45-4b04-a1b6-ecf4b959d6c3","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":30,"box":{"x":82,"y":214,"width":848,"height":11}},{"id":"c0c76f34-9bfa-45c6-92a8-504dbf5a026e","block_type":"box","text":"trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold","page_number":30,"box":{"x":80,"y":229,"width":819,"height":11}},{"id":"1c77bd46-bd48-4780-b0ed-05aaad58fd44","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":30,"box":{"x":81,"y":244,"width":837,"height":11}},{"id":"dbffeaf3-9450-4f8a-9c74-3dba44a52b39","block_type":"box","text":"technological issues and/or errors by pricing services or other third-party service providers.","page_number":30,"box":{"x":80,"y":259,"width":672,"height":11}},{"id":"47acfd7b-0f76-4857-b714-21798b7d4b9c","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":30,"box":{"x":83,"y":278,"width":584,"height":12}},{"id":"4aa1a772-8a87-4f24-8390-028f64494a48","block_type":"box","text":"— When-issued and delayed","page_number":30,"box":{"x":671,"y":279,"width":208,"height":11}},{"id":"6fefa1d7-384c-4618-8b62-fced30e4e350","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":30,"box":{"x":81,"y":293,"width":843,"height":12}},{"id":"370e5423-5bd2-425a-85b2-c86d29a948c4","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":30,"box":{"x":82,"y":308,"width":830,"height":11}},{"id":"eadad5cd-92c9-4395-931a-55a9e75d2cb6","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":30,"box":{"x":82,"y":323,"width":849,"height":11}},{"id":"5d5b2e93-68ea-46f0-81a1-429d5fc5a481","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":30,"box":{"x":80,"y":338,"width":425,"height":11}},{"id":"9aab87d0-dc69-47f4-9f23-72885fdb6894","block_type":"box","text":"30","page_number":30,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"5272b998-4613-4ff6-8b64-544136875e36","block_type":"box","text":"NM0926U-5977302-30/76","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b12a7ef9-c298-4d7b-8e84-204251bef218","block_type":"box","text":"Account Information","page_number":31,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"e1d146e1-72f2-4cd2-977f-d67735704f05","block_type":"box","text":"How to Choose the Share Class that Best Suits Your Needs","page_number":31,"box":{"x":61,"y":156,"width":536,"height":11}},{"id":"aa83d078-f9e9-4cfa-8fe4-7ed0388e967b","block_type":"box","text":"The Fund currently offers multiple share classes (Investor A, Investor C, Institutional and Class R Shares in this","page_number":31,"box":{"x":60,"y":182,"width":820,"height":12}},{"id":"f9a9f850-61e3-4709-9790-99066fb3a85d","block_type":"box","text":"prospectus), each with its own sales charge and expense structure, allowing you to invest in the way that best suits","page_number":31,"box":{"x":62,"y":197,"width":850,"height":12}},{"id":"f8be5c76-7835-4d68-942d-9e61fdfe0a84","block_type":"box","text":"your needs. Each share class represents an ownership interest in the same investment portfolio of the Fund. When","page_number":31,"box":{"x":60,"y":212,"width":848,"height":11}},{"id":"6413c670-fde3-447b-b25b-2cd5935437bc","block_type":"box","text":"you choose your class of shares, you should consider the size of your investment and how long you plan to hold your","page_number":31,"box":{"x":60,"y":227,"width":857,"height":11}},{"id":"d9d82b35-d8d3-49d8-81e0-89fa15320219","block_type":"box","text":"shares. Either your financial professional or your selected securities dealer, broker, investment adviser, service","page_number":31,"box":{"x":61,"y":242,"width":815,"height":11}},{"id":"377f3e4d-e8ba-4190-83af-d8c72c4c15df","block_type":"box","text":"provider or industry professional (including BlackRock and its affiliates) (each a “Financial Intermediary”) can help you","page_number":31,"box":{"x":62,"y":256,"width":866,"height":12}},{"id":"4401ec54-8f61-4260-add0-2cca02564f91","block_type":"box","text":"determine which share class is best suited to your personal financial goals. Investor A Shares and Investor C Shares","page_number":31,"box":{"x":61,"y":271,"width":858,"height":12}},{"id":"0c65f24f-0aa6-445a-97f4-9e6b5344e712","block_type":"box","text":"are sometimes referred to herein collectively as “Investor Shares.”","page_number":31,"box":{"x":61,"y":286,"width":490,"height":11}},{"id":"dcd9a166-7af1-4be3-96dc-93429cafbb61","block_type":"box","text":"For example, if you select Institutional Shares, you will not pay any sales charge. However, only certain investors may","page_number":31,"box":{"x":62,"y":309,"width":861,"height":11}},{"id":"ad1fe401-a585-4cce-876b-c78ddb18ad9e","block_type":"box","text":"buy Institutional Shares. If you select Investor A Shares, you generally pay a sales charge at the time of purchase and","page_number":31,"box":{"x":61,"y":323,"width":865,"height":12}},{"id":"b42bfcf8-22d5-415b-92ae-08e68a15d99a","block_type":"box","text":"an ongoing service fee of 0.25% per year. You may be eligible for a sales charge reduction or waiver.","page_number":31,"box":{"x":61,"y":338,"width":736,"height":12}},{"id":"6402f432-31b8-4186-9e39-c71075e4c4fa","block_type":"box","text":"If you select Investor C or Class R Shares, you will invest the full amount of your purchase price, but you will be subject","page_number":31,"box":{"x":62,"y":361,"width":874,"height":11}},{"id":"12adc46a-2d35-4826-95e1-67d176e329ee","block_type":"box","text":"to a distribution fee of 0.75% per year for Investor C Shares and 0.25% per year for Class R Shares and a service fee","page_number":31,"box":{"x":60,"y":376,"width":864,"height":11}},{"id":"87f07b06-b317-402a-99fb-514faced4dbd","block_type":"box","text":"of 0.25% per year for both classes of shares under plans adopted pursuant to Rule 12b-1 under the Investment","page_number":31,"box":{"x":61,"y":390,"width":821,"height":12}},{"id":"8e543859-6966-4d1d-b7dd-d06d9b4d177e","block_type":"box","text":"Company Act. Because these fees are paid out of the Fund’s assets on an ongoing basis, over time these fees","page_number":31,"box":{"x":61,"y":405,"width":816,"height":12}},{"id":"83de57ab-ed7a-453d-bc0d-9f4f0e1f0804","block_type":"box","text":"increase the cost of your investment and may cost you more than paying other types of sales charges. In addition, you","page_number":31,"box":{"x":62,"y":420,"width":868,"height":12}},{"id":"75b5d40f-2548-4e32-b972-0bc759f7cc72","block_type":"box","text":"may be subject to a deferred sales charge when you sell Investor C Shares within one year. 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In that case, BlackRock compensates the Financial","page_number":35,"box":{"x":82,"y":650,"width":845,"height":9}},{"id":"9692f59e-5fbe-4dab-b316-0debb8228a49","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":35,"box":{"x":82,"y":660,"width":851,"height":10}},{"id":"84e229d4-5a44-49b3-beba-701e4867e238","block_type":"box","text":"charge of 0.75% of the lesser of the original cost of the shares being redeemed or your redemption proceeds. Such deferred sales charge may","page_number":35,"box":{"x":81,"y":671,"width":840,"height":9}},{"id":"bef1a89e-34f4-4f16-91ad-f0440e5b8fc4","block_type":"box","text":"be waived in connection with certain fee-based programs.","page_number":35,"box":{"x":81,"y":681,"width":337,"height":9}},{"id":"5e4b41a2-7c3f-4ebc-b780-90d39bfd7c62","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":35,"box":{"x":62,"y":706,"width":837,"height":12}},{"id":"f5e4a4b5-967c-45bf-bdc6-095b1438c8ad","block_type":"box","text":"gains.","page_number":35,"box":{"x":60,"y":721,"width":43,"height":12}},{"id":"e8831581-ef29-4af0-bd47-f552c221104e","block_type":"box","text":"Sales Charges Reduced or Eliminated for Investor A Shares","page_number":35,"box":{"x":60,"y":744,"width":490,"height":13}},{"id":"8c7b44f9-cef7-43fc-94ca-b10af68b9f36","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":35,"box":{"x":60,"y":760,"width":841,"height":12}},{"id":"119af749-cffc-44a2-af28-0af40c8f16ef","block_type":"box","text":"certain fixed dollar levels, known as “breakpoints,” cause a reduction in the front-end sales charge (as described","page_number":35,"box":{"x":61,"y":775,"width":831,"height":12}},{"id":"9ad7c206-2426-46e2-ae1f-1da7a37ad406","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":35,"box":{"x":61,"y":790,"width":876,"height":12}},{"id":"eaa5d03d-7689-4858-83b9-d568f9becb71","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":35,"box":{"x":61,"y":805,"width":856,"height":12}},{"id":"c879c37d-eb80-4e74-b07a-a3a14f66c296","block_type":"box","text":"reinstatement privilege (described under “Account Services and Privileges”), or a waiver of the sales charge (described","page_number":35,"box":{"x":61,"y":820,"width":872,"height":11}},{"id":"9bbf2742-4302-4bea-831a-47279e56853c","block_type":"box","text":"below).","page_number":35,"box":{"x":61,"y":835,"width":50,"height":11}},{"id":"957d4e30-2444-4848-9f6d-a0f092540b4e","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":35,"box":{"x":62,"y":857,"width":840,"height":12}},{"id":"63780612-ea96-46e4-9bf4-2a7fb22f9484","block_type":"box","text":"holdings in shares of mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”) owned by","page_number":35,"box":{"x":61,"y":872,"width":875,"height":12}},{"id":"e5c2f639-1f1a-4971-93fb-ff9dc9d4952e","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":35,"box":{"x":61,"y":887,"width":875,"height":11}},{"id":"22ca053d-9cf4-40db-8301-d141e62c2627","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":35,"box":{"x":61,"y":902,"width":847,"height":11}},{"id":"6f0efb95-eea8-4148-95aa-cd9ac5f125d0","block_type":"box","text":"35","page_number":35,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"f1838c9b-a4fb-4547-be0d-e3d5717972e0","block_type":"box","text":"NM0926U-5977302-35/76","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a952e4e8-516a-492e-926d-f0dd8db668df","block_type":"box","text":"newly purchased shares (including any applicable sales charge) plus the current value (including any sales charges","page_number":36,"box":{"x":61,"y":46,"width":844,"height":11}},{"id":"de35ba02-8927-49d6-a304-dea7ba845a70","block_type":"box","text":"paid) of all other shares the investor already holds taken together.","page_number":36,"box":{"x":62,"y":60,"width":484,"height":12}},{"id":"12973c2e-9746-4453-8e90-1a2e3a6c173b","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":36,"box":{"x":61,"y":83,"width":861,"height":12}},{"id":"731bc659-6470-48db-a5c8-21e5d6b2d0e6","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":36,"box":{"x":60,"y":98,"width":817,"height":11}},{"id":"d66bc0ae-8058-47e3-a7f5-94434cf151fb","block_type":"box","text":"Qualifying Holdings","page_number":36,"box":{"x":61,"y":120,"width":142,"height":12}},{"id":"10ef3bbc-2bc9-47ce-b27e-55a6e09589aa","block_type":"box","text":"— Investor A and A1, Investor C, Investor P, Institutional, Class K and Premier Shares (in most","page_number":36,"box":{"x":209,"y":121,"width":696,"height":11}},{"id":"13288c83-9e65-4988-a880-9f3fb76aaa94","block_type":"box","text":"BlackRock Funds), investments in certain unlisted closed-end management investment companies sponsored and","page_number":36,"box":{"x":62,"y":135,"width":836,"height":12}},{"id":"87b9d5dc-64f1-433e-888f-c3732be19bd0","block_type":"box","text":"advised by BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and investments in the","page_number":36,"box":{"x":61,"y":150,"width":808,"height":12}},{"id":"b37e0379-0105-4f2e-bb68-57d26ec74b4c","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program.","page_number":36,"box":{"x":62,"y":165,"width":314,"height":11}},{"id":"a344bc7f-9f65-45be-a5ed-2bffad290acd","block_type":"box","text":"Qualifying Holdings may include shares held in accounts held at a Financial Intermediary, including personal accounts,","page_number":36,"box":{"x":61,"y":187,"width":867,"height":12}},{"id":"6f98cca9-2a44-4cd5-b5bd-4789af697437","block_type":"box","text":"certain retirement accounts, UGMA/UTMA accounts, Joint Tenancy accounts, trust accounts and Transfer on Death","page_number":36,"box":{"x":61,"y":202,"width":844,"height":12}},{"id":"2dd2d1ed-312b-4d15-820a-3e44a3ff1273","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":36,"box":{"x":61,"y":217,"width":856,"height":12}},{"id":"e9d1f934-064d-46af-931f-01ea32076db7","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":36,"box":{"x":62,"y":232,"width":818,"height":11}},{"id":"8b1f94dd-49fa-411f-875f-c21be6cc63c4","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":36,"box":{"x":62,"y":247,"width":811,"height":11}},{"id":"4be2d27e-0c55-4792-88e6-77667df57a8e","block_type":"box","text":"nominee or custodian.","page_number":36,"box":{"x":61,"y":262,"width":162,"height":9}},{"id":"81a890ac-1f58-4c7d-860f-fc783f505540","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":36,"box":{"x":62,"y":284,"width":861,"height":12}},{"id":"059d5db0-358e-45ef-ba3c-62bf00f1e8a6","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":36,"box":{"x":62,"y":299,"width":836,"height":11}},{"id":"4d78f33b-8770-45ff-b9fc-c85119fe00c7","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":36,"box":{"x":62,"y":314,"width":862,"height":11}},{"id":"a917ab3d-5203-4172-9bdd-34a65331ce06","block_type":"box","text":"notify the Financial Intermediary or BlackRock Funds may result in the investor not receiving the sales charge reduction","page_number":36,"box":{"x":61,"y":329,"width":875,"height":11}},{"id":"447635da-fc31-4111-bf87-d0710603664c","block_type":"box","text":"to which the investor is otherwise entitled.","page_number":36,"box":{"x":60,"y":344,"width":312,"height":9}},{"id":"5d67f30b-f826-4acb-8706-55beefeb8c40","block_type":"box","text":"The Financial Intermediary or BlackRock Funds may request documentation — including account statements and","page_number":36,"box":{"x":60,"y":366,"width":828,"height":12}},{"id":"9077b0bf-8dbd-4fa4-9b64-4207e19911fb","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":36,"box":{"x":61,"y":381,"width":850,"height":11}},{"id":"3baae47b-65c0-4970-a72a-ede41f8e5c8e","block_type":"box","text":"the investor qualifies for a reduced sales charge. The investor should retain these records because — depending on","page_number":36,"box":{"x":60,"y":396,"width":856,"height":11}},{"id":"4507ae33-af4f-491e-bc14-0fad1e7da28a","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":36,"box":{"x":60,"y":410,"width":845,"height":12}},{"id":"e39cd0fd-acd1-413c-9ce1-4d24dd0d56fa","block_type":"box","text":"Eligible Unlisted BlackRock Closed-End Funds may not be able to maintain this information.","page_number":36,"box":{"x":62,"y":425,"width":667,"height":12}},{"id":"810c1792-1e4f-4b00-bb7a-5cc591ede8ac","block_type":"box","text":"For more information, see the SAI or contact your Financial Intermediary.","page_number":36,"box":{"x":62,"y":448,"width":531,"height":11}},{"id":"e98024fc-e79a-4af0-8f5b-734ed2d4fbc8","block_type":"box","text":"Letter of Intent","page_number":36,"box":{"x":61,"y":471,"width":124,"height":10}},{"id":"7ebcc7c6-9679-4db7-9702-a4895b6b1605","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":36,"box":{"x":60,"y":487,"width":839,"height":12}},{"id":"729e8ce4-5620-404d-8933-f41badebdd1d","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":36,"box":{"x":62,"y":502,"width":875,"height":12}},{"id":"8ed59a73-c43b-4359-a265-1ef397ba8d9a","block_type":"box","text":"all at once, qualify the investor for a reduced sales charge:","page_number":36,"box":{"x":61,"y":517,"width":431,"height":11}},{"id":"34d1f3c6-7384-4b6b-b574-9c3060c6a697","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":36,"box":{"x":82,"y":539,"width":794,"height":12}},{"id":"04f2b055-a719-4444-a72f-3d97d745b359","block_type":"box","text":"ii. Make an investment in one or more Eligible Unlisted BlackRock Closed-End Funds and/or","page_number":36,"box":{"x":82,"y":562,"width":675,"height":12}},{"id":"a186d823-2472-46ea-a5d7-3a1396f8cd88","block_type":"box","text":"iii. Make an investment through the BlackRock CollegeAdvantage 529 Program in one or more BlackRock Funds.","page_number":36,"box":{"x":82,"y":585,"width":820,"height":11}},{"id":"417d2a7c-1970-48df-b7ed-aad35db15227","block_type":"box","text":"The initial investment must meet the minimum initial purchase requirement. The 13-month Letter of Intent period","page_number":36,"box":{"x":60,"y":607,"width":830,"height":11}},{"id":"9fc88c1e-d6a9-4990-bc4d-4e18df6358e7","block_type":"box","text":"commences on the day that the Letter of Intent is received by the Fund.","page_number":36,"box":{"x":61,"y":622,"width":524,"height":11}},{"id":"4496e7e5-590b-424a-b3c9-86eb54b0539c","block_type":"box","text":"The market value of current holdings in the BlackRock Funds (including Investor A, Investor C, Investor P, Institutional,","page_number":36,"box":{"x":60,"y":644,"width":865,"height":12}},{"id":"d57d7b93-b98d-44d4-ade7-7f34c79bcde0","block_type":"box","text":"Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the BlackRock CollegeAdvantage 529","page_number":36,"box":{"x":61,"y":659,"width":862,"height":12}},{"id":"8c8c9130-909a-4346-aa15-b263ebecb21b","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":36,"box":{"x":61,"y":674,"width":870,"height":12}},{"id":"c7d5ffdb-799a-4f69-b0af-8d80987d99e5","block_type":"box","text":"may be counted towards the sales charge reduction.","page_number":36,"box":{"x":61,"y":689,"width":384,"height":11}},{"id":"96e6c3e9-7628-474f-bafa-3e178149b8fc","block_type":"box","text":"The investor must notify the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock","page_number":36,"box":{"x":60,"y":711,"width":823,"height":12}},{"id":"d7c74505-adbb-4b3e-bd8a-edc5bf284d43","block_type":"box","text":"Closed-End Funds and/or the BlackRock CollegeAdvantage 529 Program that should be counted towards the sales","page_number":36,"box":{"x":61,"y":726,"width":842,"height":12}},{"id":"bb330992-ac0b-475e-9794-168f409bbdc0","block_type":"box","text":"charge reduction and (ii) any subsequent purchases that should be counted towards the Letter of Intent.","page_number":36,"box":{"x":61,"y":741,"width":765,"height":12}},{"id":"650c32f7-945b-4269-8342-938ae91f8343","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":36,"box":{"x":62,"y":764,"width":833,"height":11}},{"id":"102e3e5d-4ce4-414b-ba63-eb12d2f8be44","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":36,"box":{"x":61,"y":778,"width":852,"height":12}},{"id":"ff5cbeb1-5f3d-4dc0-912d-b9abf14ab18c","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":36,"box":{"x":61,"y":793,"width":872,"height":12}},{"id":"826938fe-bdcd-4bd5-a655-83442c34aab3","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":36,"box":{"x":60,"y":808,"width":860,"height":12}},{"id":"0c0300fd-d8e1-45e9-bf7d-2a1e4d5384ef","block_type":"box","text":"difference.","page_number":36,"box":{"x":61,"y":823,"width":77,"height":9}},{"id":"8fba5918-0a5f-4b7a-9b2f-41bff0810e80","block_type":"box","text":"Right of Accumulation","page_number":36,"box":{"x":61,"y":846,"width":183,"height":12}},{"id":"a91b0b08-eb31-431d-9df6-f940e0d82f1c","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":36,"box":{"x":62,"y":862,"width":839,"height":12}},{"id":"ed9de49f-541f-4962-93f3-834803fb4f47","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":36,"box":{"x":61,"y":877,"width":856,"height":12}},{"id":"0ed4b7d9-b834-4c54-99ba-7efae49e491a","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":36,"box":{"x":82,"y":900,"width":821,"height":11}},{"id":"00c0face-8c3e-4864-8968-eb34de8fa5e2","block_type":"box","text":"Premier Shares in most BlackRock Funds,","page_number":36,"box":{"x":102,"y":915,"width":306,"height":10}},{"id":"65baf331-f9e5-4388-b5e4-de65ca86aec9","block_type":"box","text":"36","page_number":36,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"d7a55d1f-c4cc-422f-bd07-3b46450e46a2","block_type":"box","text":"NM0926U-5977302-36/76","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"549ef444-f92e-449e-8fca-5c16eac7959a","block_type":"box","text":"ii. The current value of an investor’s existing shares of Eligible Unlisted BlackRock Closed-End Funds and","page_number":37,"box":{"x":82,"y":46,"width":771,"height":11}},{"id":"810e8f9d-3dcb-4614-9bf7-0ad225b8bdb5","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":37,"box":{"x":82,"y":68,"width":788,"height":12}},{"id":"e8f4a6e8-da46-4569-b974-ab3c07cbc5a7","block_type":"box","text":"investor’s spouse and children.","page_number":37,"box":{"x":102,"y":83,"width":228,"height":11}},{"id":"bad8eeb8-ddf3-400e-bbda-e67d0e73a3eb","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":37,"box":{"x":62,"y":106,"width":866,"height":11}},{"id":"5d54c2eb-0eea-4c47-a106-00e6c68f64cf","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":37,"box":{"x":61,"y":120,"width":866,"height":12}},{"id":"d39980b1-4d06-456f-91e9-d925720de5b7","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":37,"box":{"x":62,"y":135,"width":854,"height":12}},{"id":"be1ca8c4-8e64-4965-9781-cebb2196922f","block_type":"box","text":"any previously purchased shares.","page_number":37,"box":{"x":61,"y":150,"width":243,"height":11}},{"id":"de28920b-baf2-4064-a755-2494251bd37c","block_type":"box","text":"Other Front-End Sales Charge Waivers","page_number":37,"box":{"x":61,"y":173,"width":314,"height":13}},{"id":"7dd14f0c-d318-4472-ae14-cc17d1d3b8d5","block_type":"box","text":"The following persons may also buy Investor A Shares without paying a sales charge:","page_number":37,"box":{"x":60,"y":189,"width":623,"height":12}},{"id":"06f37798-cbe2-4eea-bac2-53def63566f7","block_type":"box","text":"Certain employer-sponsored retirement plans. For purposes of this waiver, employer-sponsored retirement plans do","page_number":37,"box":{"x":81,"y":209,"width":846,"height":12}},{"id":"6e254306-20d6-49bc-9a62-343b12903449","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs;","page_number":37,"box":{"x":82,"y":224,"width":352,"height":11}},{"id":"3d24edf5-7992-4758-9bbe-cbf74f0600d6","block_type":"box","text":"Rollovers of current investments through certain employer-sponsored retirement plans, provided the shares are","page_number":37,"box":{"x":82,"y":244,"width":817,"height":12}},{"id":"29c65572-5e8e-4303-bafe-0fbbac45fc74","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":37,"box":{"x":80,"y":259,"width":854,"height":11}},{"id":"b4c5562f-de09-452b-a693-6dc184eeb201","block_type":"box","text":"distribution, the rolled-over proceeds are contributed to a BlackRock IRA through an account directly with the Fund;","page_number":37,"box":{"x":81,"y":274,"width":840,"height":11}},{"id":"db6a4b40-7d55-47c2-9e57-68212bd5ff39","block_type":"box","text":"or purchases by IRA programs that are sponsored by Financial Intermediary firms provided the Financial","page_number":37,"box":{"x":81,"y":289,"width":760,"height":11}},{"id":"3511047e-48e3-47c3-a3f9-395f3721d5cd","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":37,"box":{"x":82,"y":303,"width":812,"height":12}},{"id":"2267d718-8aa7-4fd2-82ba-5306fae28490","block_type":"box","text":"Distributor;","page_number":37,"box":{"x":82,"y":319,"width":79,"height":10}},{"id":"eed588ab-cb5a-4a88-997f-4aa54322677d","block_type":"box","text":"Insurance company separate accounts;","page_number":37,"box":{"x":82,"y":339,"width":286,"height":11}},{"id":"2395e5d5-6061-4c2b-89ac-1eaa00f1aa6a","block_type":"box","text":"Registered investment advisers, trust companies and bank trust departments exercising discretionary investment","page_number":37,"box":{"x":82,"y":359,"width":836,"height":11}},{"id":"d786a1ea-0a02-4ab1-b847-93933510cb06","block_type":"box","text":"authority with respect to amounts to be invested in the Fund;","page_number":37,"box":{"x":81,"y":373,"width":446,"height":12}},{"id":"4f7b4b65-36ab-48bc-81d8-ce7f896794cb","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":37,"box":{"x":81,"y":393,"width":815,"height":12}},{"id":"eaf18ad0-aa6f-43ac-84ef-7b8d70463aa9","block_type":"box","text":"broker-dealer or other financial institution;","page_number":37,"box":{"x":81,"y":408,"width":306,"height":11}},{"id":"00621c39-1edf-406d-b519-0d0ce5078aef","block_type":"box","text":"Financial Intermediaries who have entered into an agreement with the Distributor and have been approved by the","page_number":37,"box":{"x":82,"y":428,"width":828,"height":11}},{"id":"8e045fa6-e5a3-407d-8625-aa0a273f24b6","block_type":"box","text":"Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not charge a","page_number":37,"box":{"x":82,"y":443,"width":800,"height":11}},{"id":"0733063a-9f15-42ff-83a4-d83df2de168a","block_type":"box","text":"transaction fee;","page_number":37,"box":{"x":80,"y":457,"width":114,"height":11}},{"id":"ba6c4dd2-2eed-4c6d-9923-d6f852362518","block_type":"box","text":"Persons associated with the Fund, the Fund’s manager, the Fund’s sub-advisers, transfer agent, Distributor, fund","page_number":37,"box":{"x":81,"y":477,"width":828,"height":12}},{"id":"4d4752da-c583-4025-b0ae-0da00bae00f4","block_type":"box","text":"accounting agents, Barclays PLC (“Barclays”) and their respective affiliates (to the extent permitted by these firms)","page_number":37,"box":{"x":81,"y":492,"width":846,"height":12}},{"id":"4ec5096a-c265-47d8-91bb-cff5914e41a8","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees of firms who have entered","page_number":37,"box":{"x":82,"y":507,"width":843,"height":12}},{"id":"fa18791c-ca4b-4f6b-b9ab-d778eca9b61f","block_type":"box","text":"into selling agreements to distribute shares of BlackRock Funds; (d) immediate family members of such persons;","page_number":37,"box":{"x":82,"y":522,"width":829,"height":12}},{"id":"b7b5b047-239e-4d1f-803e-31c635e5221f","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":37,"box":{"x":81,"y":537,"width":815,"height":11}},{"id":"483f2703-1d6e-4558-9a36-41cfc024eeb3","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":37,"box":{"x":81,"y":557,"width":841,"height":11}},{"id":"aed33312-9101-40eb-9b6c-98b67b30537d","block_type":"box","text":"Internal Revenue Code; and","page_number":37,"box":{"x":82,"y":572,"width":201,"height":10}},{"id":"836d7c9c-9406-4cd0-8a5e-276718bbd056","block_type":"box","text":"Accounts opened directly with the Fund that do not have a Financial Intermediary associated with the account.","page_number":37,"box":{"x":81,"y":592,"width":808,"height":11}},{"id":"87e88a1c-1f72-44cb-be0f-783f50d25915","block_type":"box","text":"In addition, a sales charge waiver may be available for investors exchanging Investor P Shares of another BlackRock","page_number":37,"box":{"x":62,"y":614,"width":852,"height":12}},{"id":"453bdcd7-5124-42b8-aab4-a876989bddb3","block_type":"box","text":"Fund for Investor A Shares of the Fund through an intermediary-processed exchange, provided that the investor had","page_number":37,"box":{"x":62,"y":629,"width":846,"height":12}},{"id":"7f64e909-b0aa-4f24-a4c9-5d8bafff6bb3","block_type":"box","text":"previously paid a sales charge with respect to such shares.","page_number":37,"box":{"x":62,"y":644,"width":434,"height":11}},{"id":"28e9dfdd-9015-4d7e-8b9f-60235efc9777","block_type":"box","text":"In addition, Financial Intermediaries may, in connection with a change in account type or otherwise in accordance with","page_number":37,"box":{"x":62,"y":667,"width":864,"height":11}},{"id":"58b54bd8-7b9b-4ec7-982d-c1b4b253be8d","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":37,"box":{"x":61,"y":681,"width":852,"height":12}},{"id":"cb9c7e3f-d8ba-4af7-9b03-76e45971a93f","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":37,"box":{"x":62,"y":696,"width":837,"height":12}},{"id":"effcfb9b-7b5d-46b7-a8b1-d3d433b4af09","block_type":"box","text":"Investor A Shares sales charge waivers may depend on the policies, procedures and trading platforms of your Financial","page_number":37,"box":{"x":62,"y":711,"width":873,"height":11}},{"id":"dbd980aa-8671-4808-ac20-dd1b65e21018","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":37,"box":{"x":62,"y":726,"width":317,"height":11}},{"id":"7cf8890d-fa3d-4e4b-9cbb-7c9c3ae27948","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":37,"box":{"x":61,"y":748,"width":861,"height":12}},{"id":"762b43e4-76c1-495c-8338-d377086d0b34","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":37,"box":{"x":60,"y":763,"width":817,"height":12}},{"id":"38a67b30-725e-441c-bdf4-29ffc879b878","block_type":"box","text":"Investor A Shares at Net Asset Value","page_number":37,"box":{"x":61,"y":786,"width":306,"height":10}},{"id":"2c6e5e6a-842a-4189-927a-a65f61a9561c","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":37,"box":{"x":62,"y":802,"width":859,"height":12}},{"id":"4a4a6e9d-6708-421e-96e2-e920fe8c5921","block_type":"box","text":"your Investor A Shares within 18 months after purchase, you may be charged a deferred sales charge of 0.75% of the","page_number":37,"box":{"x":60,"y":817,"width":866,"height":12}},{"id":"4ddcb352-2f79-4cd5-a55a-64d16573e4bb","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":37,"box":{"x":62,"y":832,"width":845,"height":12}},{"id":"b1fd68d1-b050-4026-8b41-e7c1665cfc26","block_type":"box","text":"see “Contingent Deferred Sales Charge Waivers.”","page_number":37,"box":{"x":61,"y":847,"width":363,"height":11}},{"id":"aa4e31cd-f13a-4966-8513-c0e5759c3fe3","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":37,"box":{"x":62,"y":869,"width":860,"height":12}},{"id":"36843c2e-9479-4839-987f-18ad1a6cd9ce","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":37,"box":{"x":61,"y":884,"width":848,"height":12}},{"id":"6428aeeb-93c6-47f6-9fc0-3c0598ed2b2f","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":37,"box":{"x":60,"y":899,"width":863,"height":12}},{"id":"2e5c8bb1-e8ee-4ae7-8d0c-4f0bd26f04f8","block_type":"box","text":"monthly basis.","page_number":37,"box":{"x":61,"y":914,"width":105,"height":11}},{"id":"5d6dfd9a-9f5d-466c-bd5f-8d87b43e71c2","block_type":"box","text":"37","page_number":37,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"2024a94c-6652-4c24-a4b5-969012fde86c","block_type":"box","text":"NM0926U-5977302-37/76","page_number":37,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b31ea9c9-e00e-4205-bda7-2bc07390a630","block_type":"box","text":"Investor C Shares — Deferred Sales Charge Option","page_number":38,"box":{"x":61,"y":46,"width":420,"height":13}},{"id":"b6dd5838-92e9-4f43-9260-9c739e079ca9","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":38,"box":{"x":62,"y":62,"width":865,"height":12}},{"id":"90c02715-30e4-4017-8477-6a6d18b1081a","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":38,"box":{"x":60,"y":77,"width":858,"height":12}},{"id":"41cb04bb-d70e-4c1d-9936-1aaea0e86a7c","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":38,"box":{"x":60,"y":92,"width":795,"height":12}},{"id":"affa709b-89df-4705-bf68-ed3fd7fd9f6d","block_type":"box","text":"redemption. When you redeem Investor C Shares, the redemption order is processed so that the lowest deferred sales","page_number":38,"box":{"x":61,"y":107,"width":874,"height":11}},{"id":"dab14e1c-acad-4a4c-a06d-cdb92a192e44","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":38,"box":{"x":61,"y":122,"width":867,"height":11}},{"id":"af486fd0-e459-4bc0-af8d-9f877b26d090","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":38,"box":{"x":60,"y":137,"width":843,"height":11}},{"id":"0ffa07e6-76d2-495d-8d04-d5d19d1efb79","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":38,"box":{"x":62,"y":151,"width":873,"height":12}},{"id":"5c530f86-8728-48d6-8b12-8e85191dd59d","block_type":"box","text":"the applicable redemption amount may be higher or lower than the charge described due to rounding.","page_number":38,"box":{"x":60,"y":166,"width":745,"height":12}},{"id":"d6e8867b-74d3-4d3e-bac1-97933a10bfde","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), Investor C Shares will automatically convert to Investor A Shares","page_number":38,"box":{"x":62,"y":189,"width":864,"height":11}},{"id":"72305948-2ee7-4054-b0b2-e9ec4cab751f","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":38,"box":{"x":61,"y":204,"width":870,"height":11}},{"id":"b2ae5637-85b0-4ce6-8b89-fdbfaa70837a","block_type":"box","text":"shareholder is credited with the proper holding period. As of the Effective Date, certain Financial Intermediaries,","page_number":38,"box":{"x":61,"y":218,"width":823,"height":12}},{"id":"ec78de27-6d02-4263-becc-dfe28008efdd","block_type":"box","text":"including group retirement recordkeeping platforms, may not have been tracking such holding periods and therefore","page_number":38,"box":{"x":62,"y":233,"width":847,"height":12}},{"id":"59faa689-ec21-493f-a62d-2cba97e13e69","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":38,"box":{"x":61,"y":248,"width":842,"height":11}},{"id":"fabd7354-8b6c-4af1-bac2-a91547b9bce5","block_type":"box","text":"Investor A Shares will occur approximately eight years after the Effective Date. The automatic conversion of Investor C","page_number":38,"box":{"x":62,"y":263,"width":865,"height":11}},{"id":"419ab0d2-91d0-4a79-a05a-58a2fcf2550e","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":38,"box":{"x":61,"y":278,"width":832,"height":11}},{"id":"81bd2225-bd33-4f28-9caf-3e1289930c08","block_type":"box","text":"Intermediary for additional information.","page_number":38,"box":{"x":62,"y":292,"width":285,"height":12}},{"id":"ff32ca7e-ecfa-4c2b-b187-a77ad624bc89","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":38,"box":{"x":62,"y":315,"width":869,"height":12}},{"id":"e919c30c-8dd9-493c-bd65-fc4bfd7305c2","block_type":"box","text":"Shares, and any Investor C Shares held in such accounts will be automatically converted to Investor A Shares.","page_number":38,"box":{"x":61,"y":330,"width":810,"height":11}},{"id":"920f6db7-5330-49a9-b239-70e6110d4950","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":38,"box":{"x":61,"y":352,"width":861,"height":12}},{"id":"09dd75b8-8b47-41e4-a871-a8f2d8232e8c","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":38,"box":{"x":60,"y":367,"width":817,"height":12}},{"id":"564155fe-c17e-4797-974c-231cdfe6b994","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":38,"box":{"x":60,"y":390,"width":870,"height":11}},{"id":"b54abcf4-f7e0-44d5-b0e1-f921eb29b996","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":38,"box":{"x":60,"y":405,"width":870,"height":11}},{"id":"673ddf59-5a87-4f71-93a3-c548d254ed4a","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":38,"box":{"x":61,"y":419,"width":867,"height":12}},{"id":"2ff1cec0-1fdd-48c1-8abb-f7a57cdf445c","block_type":"box","text":"the deferred sales charges and the distribution fees to cover the costs of marketing, advertising and compensating","page_number":38,"box":{"x":60,"y":434,"width":849,"height":12}},{"id":"91b023f1-d6d5-4ab0-ae0d-2665f3bc4574","block_type":"box","text":"the Financial Intermediary who assists you in purchasing Fund shares.","page_number":38,"box":{"x":60,"y":449,"width":517,"height":12}},{"id":"b5ffe82c-2ada-4c8a-afc7-622243411f03","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":38,"box":{"x":60,"y":472,"width":870,"height":11}},{"id":"742ef01d-286d-477b-88a7-3f4e523a664b","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":38,"box":{"x":61,"y":487,"width":853,"height":11}},{"id":"02001641-9ac2-455f-bea2-25fe4b622bf3","block_type":"box","text":"Investor C Shares service fee as an ongoing concession and as a shareholder servicing fee, respectively, to dealers","page_number":38,"box":{"x":62,"y":501,"width":851,"height":12}},{"id":"006943bb-1d87-40ba-8e33-b798c83aa1cd","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":38,"box":{"x":60,"y":516,"width":856,"height":12}},{"id":"dd62be56-de5d-462a-a048-d1d4948c1a92","block_type":"box","text":"during the first year after purchase. For certain employer-sponsored retirement plans, the Distributor will pay the full","page_number":38,"box":{"x":61,"y":531,"width":850,"height":12}},{"id":"f61dac40-285c-4277-bd2b-7fd629e262b3","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":38,"box":{"x":62,"y":546,"width":866,"height":11}},{"id":"50fa5326-b455-49bb-bf88-9f446d9a4c6a","block_type":"box","text":"the sales concession. This may depend on the policies, procedures and trading platforms of your Financial","page_number":38,"box":{"x":60,"y":561,"width":782,"height":11}},{"id":"3a68e9ad-dbf6-4f5e-8e7b-6d148ce0d062","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":38,"box":{"x":62,"y":575,"width":317,"height":12}},{"id":"3b3be93f-cfed-487f-986e-fb32f406e99e","block_type":"box","text":"Contingent Deferred Sales Charge Waivers","page_number":38,"box":{"x":61,"y":598,"width":352,"height":13}},{"id":"546f3f3b-fbdb-497f-a094-e7ffbb64ae4a","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":38,"box":{"x":60,"y":615,"width":788,"height":11}},{"id":"8c4ae9bd-af07-406c-a8c0-798232574684","block_type":"box","text":"circumstances, such as:","page_number":38,"box":{"x":61,"y":630,"width":177,"height":10}},{"id":"17d753e8-ef80-4703-b739-f2daac005f46","block_type":"box","text":"Redemptions of shares purchased through certain employer-sponsored retirement plans and rollovers of current","page_number":38,"box":{"x":82,"y":650,"width":824,"height":11}},{"id":"17687955-7a5a-4dae-ba6b-47186197ed37","block_type":"box","text":"investments in the Fund through such plans;","page_number":38,"box":{"x":82,"y":665,"width":324,"height":11}},{"id":"41ce876d-d200-48d4-a677-e88281a83234","block_type":"box","text":"Exchanges pursuant to the exchange privilege, as described in “How to Buy, Sell, Exchange and Transfer Shares —","page_number":38,"box":{"x":82,"y":684,"width":844,"height":12}},{"id":"11d5344f-6b3a-479f-b833-964edb4a0975","block_type":"box","text":"How to Exchange Shares or Transfer Your Account”;","page_number":38,"box":{"x":82,"y":699,"width":375,"height":12}},{"id":"f4e6124a-90eb-4766-a7e3-0a63f4d8d8bb","block_type":"box","text":"Redemptions made in connection with minimum required distributions from IRA or 403(b)(7) accounts due to the","page_number":38,"box":{"x":82,"y":719,"width":826,"height":12}},{"id":"832613cf-4adc-465f-a8c0-dba40751901d","block_type":"box","text":"shareholder reaching the age of 72;","page_number":38,"box":{"x":81,"y":734,"width":262,"height":12}},{"id":"ef15e9d2-fb3a-4fb6-8e1a-a05d4c2a3fd0","block_type":"box","text":"Redemptions made with respect to certain retirement plans sponsored by the Fund, BlackRock or an affiliate;","page_number":38,"box":{"x":82,"y":754,"width":804,"height":11}},{"id":"1f16b480-8717-41e4-8ecb-df021b637537","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":38,"box":{"x":82,"y":774,"width":847,"height":12}},{"id":"1b267585-bb3a-4ef3-865e-06cc82570804","block_type":"box","text":"later, reasonably promptly following completion of probate (including in connection with the distribution of account","page_number":38,"box":{"x":82,"y":789,"width":834,"height":11}},{"id":"45a1f858-a3a1-4ce6-ad18-e814a3746071","block_type":"box","text":"assets to a beneficiary of the decedent);","page_number":38,"box":{"x":81,"y":804,"width":297,"height":11}},{"id":"167c6ba1-d8cf-40d2-81e9-e8eb4aa0a574","block_type":"box","text":"Withdrawals resulting from shareholder disability (as defined in the Internal Revenue Code) as long as the disability","page_number":38,"box":{"x":81,"y":824,"width":847,"height":11}},{"id":"4ab95868-34f2-4b40-9851-af7dbbe62cac","block_type":"box","text":"arose subsequent to the purchase of the shares;","page_number":38,"box":{"x":81,"y":838,"width":360,"height":12}},{"id":"6748ac6e-0e5a-49a6-b3d9-7828026ed3d4","block_type":"box","text":"Involuntary redemptions made of shares in accounts with low balances;","page_number":38,"box":{"x":82,"y":858,"width":525,"height":12}},{"id":"b9e790ed-8837-49b4-832a-ffc4bd89dd94","block_type":"box","text":"Certain redemptions made through the Systematic Withdrawal Plan (“SWP”) offered by the Fund, BlackRock or an","page_number":38,"box":{"x":81,"y":878,"width":833,"height":12}},{"id":"b2582f7a-7da6-4dc8-bc03-ca84ef168f4c","block_type":"box","text":"affiliate;","page_number":38,"box":{"x":81,"y":893,"width":59,"height":11}},{"id":"f2859ddf-6d6e-40ca-8c54-1e7fc77f96cc","block_type":"box","text":"Redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":38,"box":{"x":82,"y":913,"width":823,"height":12}},{"id":"4eceebaf-ec91-4fa6-a283-f43b4ca7a09b","block_type":"box","text":"38","page_number":38,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"7c158f1b-33e6-47ce-b15b-bbab506c7570","block_type":"box","text":"NM0926U-5977302-38/76","page_number":38,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6129d306-5ee4-4848-b934-cd69e0e7bb74","block_type":"box","text":"Redemptions when a shareholder can demonstrate hardship, in the absolute discretion of the Fund.","page_number":39,"box":{"x":82,"y":46,"width":732,"height":11}},{"id":"49feeaae-1990-4313-8f76-772299374760","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":39,"box":{"x":61,"y":68,"width":861,"height":12}},{"id":"69ea0f7c-e7fb-4922-adca-5c944075227c","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries. More","page_number":39,"box":{"x":60,"y":83,"width":860,"height":12}},{"id":"4e16a522-67de-401d-845e-4e570c58120a","block_type":"box","text":"information about existing sales charge reductions and waivers is available free of charge in a clear and prominent","page_number":39,"box":{"x":62,"y":98,"width":843,"height":11}},{"id":"ed35c59d-e28f-4527-a102-25c0625a8723","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":39,"box":{"x":60,"y":113,"width":779,"height":11}},{"id":"0598fc95-f26e-4e6e-9526-bd77a9a6ecb1","block_type":"box","text":"Institutional Shares","page_number":39,"box":{"x":61,"y":136,"width":161,"height":10}},{"id":"0fbfa75a-b0de-42a2-9ea8-37938ae2ffcd","block_type":"box","text":"Institutional Shares are not subject to any sales charge. Only certain investors are eligible to buy Institutional Shares.","page_number":39,"box":{"x":62,"y":152,"width":864,"height":12}},{"id":"008dc623-a137-4120-922f-b74dbc0096c3","block_type":"box","text":"Your Financial Intermediary can help you determine whether you are eligible to buy Institutional Shares. The Fund may","page_number":39,"box":{"x":60,"y":167,"width":865,"height":11}},{"id":"b708b739-34ce-4b68-85cf-39e514af52bc","block_type":"box","text":"permit a lower initial investment for certain investors if their purchase, combined with purchases by other investors","page_number":39,"box":{"x":62,"y":182,"width":845,"height":11}},{"id":"6035ba8b-b221-4888-9e38-120bc110962c","block_type":"box","text":"received together by the Fund, meets the minimum investment requirement.","page_number":39,"box":{"x":61,"y":197,"width":557,"height":11}},{"id":"85872a9a-5db5-41c6-afd7-935c13357327","block_type":"box","text":"Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional","page_number":39,"box":{"x":62,"y":219,"width":826,"height":12}},{"id":"86596734-5c38-4096-9362-5dc348a8eb81","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":39,"box":{"x":61,"y":234,"width":838,"height":11}},{"id":"6b24ea2d-1afe-4e2a-a7e0-6defb1af0b9d","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":39,"box":{"x":61,"y":249,"width":816,"height":11}},{"id":"b1761b52-4e49-4713-ab16-4d717cc6649e","block_type":"box","text":"classes that have different fees and expenses.","page_number":39,"box":{"x":61,"y":263,"width":345,"height":12}},{"id":"f23daeae-e815-46cd-a232-f2070a1a2a76","block_type":"box","text":"Eligible Institutional Shares investors include the following:","page_number":39,"box":{"x":62,"y":286,"width":429,"height":12}},{"id":"7adef0d7-d465-433a-b8a3-6b67231a6a2a","block_type":"box","text":"Individuals and “Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of","page_number":39,"box":{"x":82,"y":305,"width":854,"height":12}},{"id":"7c52bfce-1a1e-4685-aa88-5147b8a80eca","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":39,"box":{"x":80,"y":321,"width":849,"height":11}},{"id":"55871f95-d586-4eaf-90d5-c5cd12ca1e9c","block_type":"box","text":"shares;","page_number":39,"box":{"x":81,"y":336,"width":53,"height":10}},{"id":"418cea6b-1977-4565-9c3a-fc804b847aaa","block_type":"box","text":"Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar","page_number":39,"box":{"x":81,"y":356,"width":838,"height":11}},{"id":"3c291177-7dbe-4409-af1c-16947a001d88","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":39,"box":{"x":81,"y":370,"width":829,"height":12}},{"id":"9fb47335-368c-4e3e-aa37-a584cf3e3c25","block_type":"box","text":"program or investment platform, in each case, with no minimum initial investment;","page_number":39,"box":{"x":82,"y":385,"width":604,"height":12}},{"id":"4de8e4fa-631c-4a22-903e-c4cdc492bd43","block_type":"box","text":"Clients investing through Financial Intermediaries that have entered into an agreement with the Distributor to offer","page_number":39,"box":{"x":81,"y":405,"width":840,"height":12}},{"id":"eee1ac10-2205-4c2a-9857-e8e7222c7918","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":39,"box":{"x":81,"y":420,"width":853,"height":12}},{"id":"f55107d2-8034-4e61-8f84-24a50b4152d5","block_type":"box","text":"initial investment of $1,000;","page_number":39,"box":{"x":82,"y":434,"width":207,"height":12}},{"id":"15b6f1af-62fb-4870-9113-39ff6b23d49b","block_type":"box","text":"Certain employee benefits plans, such as health savings accounts, and certain employer-sponsored retirement","page_number":39,"box":{"x":81,"y":455,"width":816,"height":12}},{"id":"f54dd678-5dba-4d55-a0b0-574c962adffd","block_type":"box","text":"plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective","page_number":39,"box":{"x":82,"y":470,"width":821,"height":11}},{"id":"831aa371-508e-46df-b038-f0378de76c60","block_type":"box","text":"trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks","page_number":39,"box":{"x":80,"y":485,"width":835,"height":11}},{"id":"fda147bb-7fee-49a6-9eb1-e6d506bba7f7","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":39,"box":{"x":81,"y":499,"width":835,"height":12}},{"id":"486ddb03-f9e4-4f6c-8782-c170a21a3b58","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":39,"box":{"x":80,"y":515,"width":849,"height":11}},{"id":"c91af1c6-00b7-451b-854f-81d06bc91466","block_type":"box","text":"shares;","page_number":39,"box":{"x":81,"y":529,"width":53,"height":11}},{"id":"0c97a41a-39df-41a5-97bc-7f9968f61d84","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":39,"box":{"x":81,"y":549,"width":810,"height":11}},{"id":"8f725444-68b5-46d7-a675-59ca692e2a32","block_type":"box","text":"(excluding participant directed employee benefit plans); (ii) otherwise have investment discretion; or (iii) act as","page_number":39,"box":{"x":81,"y":564,"width":812,"height":11}},{"id":"2f556b1d-4de2-4fd7-b09f-fd172d9299f7","block_type":"box","text":"custodian for at least $2 million in assets, who are not subject to any minimum initial investment;","page_number":39,"box":{"x":81,"y":578,"width":719,"height":12}},{"id":"60465f2a-1011-4d4b-9e58-5b0b6562c63c","block_type":"box","text":"Holders of certain Bank of America Corporation (“BofA Corp.”) sponsored unit investment trusts (“UITs”) who","page_number":39,"box":{"x":82,"y":599,"width":799,"height":11}},{"id":"15d2a931-b8e9-43be-80e6-bd1795e06b40","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":39,"box":{"x":82,"y":613,"width":794,"height":12}},{"id":"14c49c07-070d-4a71-a0b2-c93823628a24","block_type":"box","text":"investment;","page_number":39,"box":{"x":82,"y":629,"width":83,"height":10}},{"id":"4f791d99-e86e-4ee6-a5cf-481ec5e55903","block_type":"box","text":"Employees, officers and directors/trustees of BlackRock, Inc., BlackRock Funds, BofA Corp., Barclays or their","page_number":39,"box":{"x":82,"y":648,"width":805,"height":12}},{"id":"e090f9a9-dae3-4179-965b-246363b5f5cb","block_type":"box","text":"respective affiliates and immediate family members of such persons who are not subject to any minimum initial","page_number":39,"box":{"x":82,"y":663,"width":819,"height":12}},{"id":"ac03e6c2-77d3-47a0-9eba-a5d405d1c0f3","block_type":"box","text":"investment;","page_number":39,"box":{"x":82,"y":678,"width":83,"height":11}},{"id":"0d16c9e6-3415-4033-a075-1cfa7ae7692e","block_type":"box","text":"Tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s broker","page_number":39,"box":{"x":81,"y":698,"width":836,"height":12}},{"id":"9a2ed433-ac29-4944-a6a5-e73602212d15","block_type":"box","text":"dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family members","page_number":39,"box":{"x":81,"y":713,"width":851,"height":11}},{"id":"2ce35074-d25a-4c05-8f45-17a0bee30339","block_type":"box","text":"of such persons; and","page_number":39,"box":{"x":81,"y":728,"width":154,"height":11}},{"id":"317b05ad-97d8-40b1-9de2-dece4dce6e34","block_type":"box","text":"Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record","page_number":39,"box":{"x":81,"y":748,"width":816,"height":11}},{"id":"538545c2-1078-4f41-b746-9391e11d6c83","block_type":"box","text":"keeper, provided that such program offers only mutual fund options and that the program maintains an account with","page_number":39,"box":{"x":82,"y":762,"width":851,"height":12}},{"id":"d058210b-d26b-4b10-82e2-8f6b87c28a3b","block_type":"box","text":"the Fund on an omnibus basis.","page_number":39,"box":{"x":80,"y":777,"width":227,"height":9}},{"id":"574ccfd0-e7c7-4554-9bce-c0099f951c93","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":39,"box":{"x":60,"y":800,"width":620,"height":11}},{"id":"4e7e04c6-d78e-4b87-b436-16153c21e41b","block_type":"box","text":"Class R Shares","page_number":39,"box":{"x":61,"y":823,"width":124,"height":10}},{"id":"d0812c6a-f77b-41de-9b67-107ceecf577f","block_type":"box","text":"Class R Shares are available only to certain employer-sponsored retirement plans. For this purpose, employer","page_number":39,"box":{"x":61,"y":839,"width":810,"height":12}},{"id":"ed5d9bf6-0b73-4896-aae7-2db381743215","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs. If you buy Class R Shares, you will pay","page_number":39,"box":{"x":61,"y":854,"width":873,"height":11}},{"id":"33e23531-dfa7-4bf0-bcf1-4a5182cfd786","block_type":"box","text":"neither an initial sales charge nor a CDSC. However, Class R Shares are subject to a distribution fee of 0.25% per year","page_number":39,"box":{"x":61,"y":869,"width":874,"height":11}},{"id":"365dd638-86af-48db-822c-9aeba0ea2a4e","block_type":"box","text":"and a service fee of 0.25% per year. Because these fees are paid out of the Fund’s assets on an ongoing basis, over","page_number":39,"box":{"x":61,"y":884,"width":863,"height":11}},{"id":"5afa7a0d-3b0e-431f-8e7f-009116950995","block_type":"box","text":"time these fees increase the cost of your investment and may cost you more than paying other types of sales charges.","page_number":39,"box":{"x":60,"y":898,"width":873,"height":12}},{"id":"0c52c128-e2db-4451-acf7-1d4107c958eb","block_type":"box","text":"39","page_number":39,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"b9b9ea4e-63a1-461f-bec4-e377a820e9bf","block_type":"box","text":"NM0926U-5977302-39/76","page_number":39,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8ca49afe-dc28-4c3c-b1bb-6284c7fd390f","block_type":"box","text":"Class R Shares do not offer a conversion privilege.","page_number":40,"box":{"x":61,"y":46,"width":371,"height":11}},{"id":"8c726782-cfa4-4dbb-8627-20b30dd157d1","block_type":"box","text":"The Distributor currently pays the annual Class R Shares distribution fee and annual Class R Shares service fee to","page_number":40,"box":{"x":60,"y":68,"width":843,"height":12}},{"id":"78a1d191-930f-4cac-a4f0-fe96da275c31","block_type":"box","text":"dealers as an ongoing concession and as a shareholder servicing fee, respectively, on a monthly basis.","page_number":40,"box":{"x":61,"y":83,"width":759,"height":12}},{"id":"2bc15df8-0db4-4829-b05d-8d7bcf174d7e","block_type":"box","text":"Distribution and Shareholder Servicing Payments","page_number":40,"box":{"x":61,"y":122,"width":442,"height":13}},{"id":"09d0e4c4-92af-481d-af76-f50341a047b7","block_type":"box","text":"Plan Payments","page_number":40,"box":{"x":61,"y":149,"width":122,"height":12}},{"id":"9003996c-1ecc-49c1-997e-76e41a6bb4bf","block_type":"box","text":"The Fund has adopted a plan (the “Plan”) pursuant to Rule 12b-1 under the Investment Company Act with respect to","page_number":40,"box":{"x":60,"y":165,"width":855,"height":11}},{"id":"851da678-1a6b-46ee-8502-c30119b70031","block_type":"box","text":"the Investor Shares and Class R Shares that allows the Fund to pay distribution fees for the sale of its shares and/or","page_number":40,"box":{"x":60,"y":180,"width":865,"height":11}},{"id":"dee5dd95-c299-4021-8752-5ad6ce5d5058","block_type":"box","text":"shareholder servicing fees for certain services provided to its shareholders.","page_number":40,"box":{"x":61,"y":195,"width":557,"height":11}},{"id":"0f42df24-ab43-4483-a562-fa91e3d3f8c1","block_type":"box","text":"Under the Plan, Investor C and Class R Shares pay a distribution fee to the Distributor and/or its affiliates for","page_number":40,"box":{"x":62,"y":217,"width":804,"height":12}},{"id":"da153ce1-1a04-4cf1-a2f2-6240ef87b451","block_type":"box","text":"distribution and sales support services. The distribution fees may be used to pay the Distributor for distribution and","page_number":40,"box":{"x":61,"y":232,"width":851,"height":11}},{"id":"2f6e6420-d3b9-40e9-8a79-7ede668a0dc2","block_type":"box","text":"sales support services and to pay the Distributor and BlackRock and its affiliates for sales support services provided","page_number":40,"box":{"x":61,"y":247,"width":864,"height":11}},{"id":"97330475-4938-4f6b-99ec-d4803b0b2f14","block_type":"box","text":"and related expenses incurred in connection with the sale of Investor C and Class R Shares. The distribution fees may","page_number":40,"box":{"x":61,"y":262,"width":870,"height":11}},{"id":"87cabab0-f3ac-412f-bd8b-3de11007c576","block_type":"box","text":"also be used to pay Financial Intermediaries for sales support services and related expenses. All Investor C and Class","page_number":40,"box":{"x":61,"y":276,"width":871,"height":12}},{"id":"125c1186-3e86-4864-beaa-b06a7de6cfbf","block_type":"box","text":"R Shares pay a maximum distribution fee per year that is a percentage of the average daily net asset value of the","page_number":40,"box":{"x":62,"y":291,"width":832,"height":12}},{"id":"5a050195-5441-4ef7-92bf-db2372b4f8e1","block_type":"box","text":"Investor C and Class R Shares of the Fund. Institutional and Investor A Shares do not pay distribution fees.","page_number":40,"box":{"x":62,"y":306,"width":785,"height":11}},{"id":"0babfb15-7d09-4d60-9297-80196c286978","block_type":"box","text":"Under the Plan, the Fund also pays shareholder servicing fees (also referred to as general shareholder liaison services","page_number":40,"box":{"x":62,"y":329,"width":873,"height":11}},{"id":"2b759b39-5bce-4fa7-9e5b-c522d5d6bb7d","block_type":"box","text":"fees) to Financial Intermediaries for providing support services to their customers who own Investor Shares and/or","page_number":40,"box":{"x":60,"y":343,"width":846,"height":12}},{"id":"c1dabc5f-fc8e-4242-ba1d-b87ec99ff8e1","block_type":"box","text":"Class R Shares of the Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily","page_number":40,"box":{"x":61,"y":358,"width":866,"height":12}},{"id":"939b4239-0e9c-423d-a12d-9a2f88765f21","block_type":"box","text":"net asset value of Investor Shares and Class R Shares of the Fund. All Investor Shares and Class R Shares pay this","page_number":40,"box":{"x":61,"y":373,"width":851,"height":12}},{"id":"63913043-beae-4c0c-b7d8-652e0efdab1d","block_type":"box","text":"shareholder servicing fee. Institutional Shares do not pay a shareholder servicing fee.","page_number":40,"box":{"x":61,"y":388,"width":630,"height":11}},{"id":"24ffcff3-318e-4cb3-9cd9-03f70155271e","block_type":"box","text":"In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of","page_number":40,"box":{"x":62,"y":410,"width":859,"height":12}},{"id":"af8ddcc8-b247-4d59-bf33-ccfb224f7356","block_type":"box","text":"the following services to their customers who own Investor Shares and Class R Shares:","page_number":40,"box":{"x":60,"y":425,"width":643,"height":12}},{"id":"737bfd12-e59a-48c2-a869-4d7fae4e00a5","block_type":"box","text":"Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and","page_number":40,"box":{"x":81,"y":446,"width":848,"height":11}},{"id":"b9364e4f-a7bf-4f66-b90d-8ab41181b294","block_type":"box","text":"redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers’","page_number":40,"box":{"x":82,"y":460,"width":811,"height":12}},{"id":"d89d7ed3-af45-444c-93f9-2f8878949ea5","block_type":"box","text":"investments;","page_number":40,"box":{"x":82,"y":475,"width":92,"height":11}},{"id":"295b7ca4-ea96-453c-8722-f71db63780bf","block_type":"box","text":"Assisting customers in designating and changing dividend options, account designations and addresses; and","page_number":40,"box":{"x":81,"y":495,"width":801,"height":11}},{"id":"1c12c5b5-27a3-465d-8e1c-51e9444c103f","block_type":"box","text":"Providing other similar shareholder liaison services.","page_number":40,"box":{"x":81,"y":515,"width":379,"height":11}},{"id":"f004ede6-3c3f-4893-94fc-7e4a7771e907","block_type":"box","text":"The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the","page_number":40,"box":{"x":60,"y":537,"width":856,"height":12}},{"id":"0815f58b-6f42-453a-b9aa-b1ed096618a6","block_type":"box","text":"administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the","page_number":40,"box":{"x":61,"y":552,"width":848,"height":12}},{"id":"cdc38932-b01b-441e-bfa5-4881f3c1536e","block_type":"box","text":"sale of the Fund’s shares.","page_number":40,"box":{"x":61,"y":567,"width":191,"height":9}},{"id":"f526b9d2-7d75-43f3-92d7-75b30735939c","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":40,"box":{"x":62,"y":590,"width":850,"height":11}},{"id":"cf4c5eff-20ef-4fb8-a55b-58648d439811","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":40,"box":{"x":60,"y":604,"width":836,"height":12}},{"id":"b24ac095-75a1-4ec7-bb38-b350d11023ac","block_type":"box","text":"addition, the distribution fees paid by Investor C and Class R Shares may over time cost investors more than the front","page_number":40,"box":{"x":61,"y":619,"width":871,"height":12}},{"id":"d820c124-7c0d-4ab7-bfea-1a4fb11222ca","block_type":"box","text":"end sales charge on Investor A Shares. For more information on the Plan, including a complete list of services","page_number":40,"box":{"x":61,"y":634,"width":810,"height":12}},{"id":"d6980784-0896-4671-8963-250b3039d561","block_type":"box","text":"provided thereunder, see the SAI.","page_number":40,"box":{"x":62,"y":649,"width":243,"height":11}},{"id":"a0d416df-aec4-449a-a5dc-35531ad92695","block_type":"box","text":"Other Payments by the Fund","page_number":40,"box":{"x":61,"y":672,"width":233,"height":12}},{"id":"053c96d2-667b-4de7-84e6-1c145982b29a","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":40,"box":{"x":62,"y":688,"width":874,"height":12}},{"id":"95b2f8f7-c4d0-45b0-a072-977b850458a3","block_type":"box","text":"transfer agent, BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”), BlackRock, on behalf of the Fund,","page_number":40,"box":{"x":60,"y":703,"width":846,"height":12}},{"id":"c0cc3212-e7bd-4168-bc4c-29a7852b7c20","block_type":"box","text":"may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund","page_number":40,"box":{"x":61,"y":718,"width":874,"height":11}},{"id":"e1962006-2d19-44b3-b762-0491ef84c9bd","block_type":"box","text":"will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting","page_number":40,"box":{"x":60,"y":733,"width":843,"height":11}},{"id":"50c24fd3-e559-4ab1-aeed-c98ce8399115","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":40,"box":{"x":61,"y":748,"width":862,"height":11}},{"id":"9545e4c7-3ecf-4762-bba9-dc22026094f2","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":40,"box":{"x":61,"y":762,"width":815,"height":12}},{"id":"a11e0af3-c3b8-4802-b7d0-f96579a4b818","block_type":"box","text":"account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial.","page_number":40,"box":{"x":61,"y":777,"width":791,"height":12}},{"id":"60278f22-6c44-425d-b5d2-d03f65502bdf","block_type":"box","text":"Other Payments by BlackRock","page_number":40,"box":{"x":61,"y":800,"width":252,"height":13}},{"id":"bcb7a52e-bd40-48c8-bb6f-9b0a164c1648","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":40,"box":{"x":62,"y":817,"width":851,"height":11}},{"id":"fb69ca13-1858-44e0-8b72-646cac72cba0","block_type":"box","text":"networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or","page_number":40,"box":{"x":61,"y":831,"width":843,"height":12}},{"id":"9c9afe1d-97fc-4f04-8608-86c77fc2591b","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":40,"box":{"x":60,"y":846,"width":853,"height":12}},{"id":"a3dcce03-928d-4e03-84bb-8bf5ca23e0d9","block_type":"box","text":"affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments","page_number":40,"box":{"x":61,"y":861,"width":866,"height":11}},{"id":"6a393048-d0b4-4b55-a771-da5f0df4f167","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":40,"box":{"x":60,"y":876,"width":839,"height":11}},{"id":"756eaccf-0d59-4567-b6d9-b9dcf2f1531f","block_type":"box","text":"based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage","page_number":40,"box":{"x":61,"y":891,"width":860,"height":11}},{"id":"79902b29-1617-49b0-98d4-448f8296be23","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":40,"box":{"x":61,"y":905,"width":841,"height":12}},{"id":"f17381bf-63be-4265-a672-fa95dc6c5b61","block_type":"box","text":"40","page_number":40,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"5c73f060-72a2-480a-9eed-8af656e7fa58","block_type":"box","text":"NM0926U-5977302-40/76","page_number":40,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b0516f18-4125-464f-b64a-7a5286f69476","block_type":"box","text":"basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial","page_number":41,"box":{"x":61,"y":46,"width":856,"height":11}},{"id":"6ca701a4-6329-4651-8b8f-6fb400ce84e4","block_type":"box","text":"and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated","page_number":41,"box":{"x":61,"y":60,"width":813,"height":12}},{"id":"b6b0bd7a-cbe1-418f-8386-7fcb2e4e550e","block_type":"box","text":"persons to recommend or sell shares of the Fund to you.","page_number":41,"box":{"x":62,"y":75,"width":415,"height":12}},{"id":"f9029413-ae64-4863-abbc-4036275aeba6","block_type":"box","text":"Please contact your Financial Intermediary for details about payments it may receive from the Fund or from BlackRock,","page_number":41,"box":{"x":61,"y":98,"width":869,"height":11}},{"id":"d2486a47-279d-463a-ae42-9d61bda2c50c","block_type":"box","text":"the Distributor or their affiliates. For more information, see the SAI.","page_number":41,"box":{"x":60,"y":113,"width":495,"height":10}},{"id":"48c9b95d-006b-4cb4-a2c3-b659cd3a881a","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":41,"box":{"x":61,"y":152,"width":434,"height":13}},{"id":"27c9e164-cff1-4dc9-bca0-27e78881c1a3","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":41,"box":{"x":60,"y":178,"width":846,"height":11}},{"id":"a29a79d5-04f9-4527-ac59-d0841bb64b7c","block_type":"box","text":"Intermediary. You may also buy, sell, exchange and transfer shares through BlackRock if your account is held directly","page_number":41,"box":{"x":62,"y":193,"width":857,"height":11}},{"id":"c7b41789-3068-4182-975d-d86051de8568","block_type":"box","text":"with BlackRock. To learn more about buying, selling, exchanging or transferring shares through BlackRock, call","page_number":41,"box":{"x":60,"y":207,"width":809,"height":12}},{"id":"cd6c98aa-5029-46af-8652-c19f1b0f1926","block_type":"box","text":"(800) 441-7762. Because the selection of a mutual fund involves many considerations, your Financial Intermediary","page_number":41,"box":{"x":61,"y":222,"width":847,"height":12}},{"id":"8a93af09-c80e-461f-8dff-bce1e850cd16","block_type":"box","text":"may help you with this decision.","page_number":41,"box":{"x":61,"y":237,"width":232,"height":12}},{"id":"6145448b-3904-4707-a022-ee31089785d3","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":41,"box":{"x":60,"y":260,"width":867,"height":11}},{"id":"b1e3d0e3-3592-49fe-85cb-2c8614578901","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":41,"box":{"x":61,"y":274,"width":858,"height":12}},{"id":"5b627c56-a1b0-4632-8715-d43e3eebf8c6","block_type":"box","text":"investments (including by way of exchange from another BlackRock Fund) into existing accounts, the Fund generally","page_number":41,"box":{"x":62,"y":289,"width":845,"height":12}},{"id":"9ae31d9e-dd2f-432a-9c15-9bb38ecdd53c","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":41,"box":{"x":61,"y":304,"width":860,"height":12}},{"id":"f6584a49-5de2-4ade-b572-1ef56bee75d4","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":41,"box":{"x":60,"y":319,"width":868,"height":12}},{"id":"1390caa7-d844-4fc6-9b6a-a2392b7af98b","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":41,"box":{"x":61,"y":334,"width":863,"height":11}},{"id":"1790161a-3ab3-44a9-a221-a9f1ad173fd9","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":41,"box":{"x":61,"y":349,"width":787,"height":11}},{"id":"ac8d0b72-e398-410d-8cd9-d2dd26167d92","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":41,"box":{"x":62,"y":363,"width":857,"height":12}},{"id":"20075a15-d68d-481f-a3e8-5421e187590a","block_type":"box","text":"restricted from making additional investments.","page_number":41,"box":{"x":61,"y":378,"width":341,"height":12}},{"id":"33a52cd4-c1ab-4283-8743-33c8743757a2","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":41,"box":{"x":60,"y":401,"width":861,"height":11}},{"id":"9c6e8840-7ef5-4e45-9da7-490bfaa499f5","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":41,"box":{"x":60,"y":416,"width":856,"height":11}},{"id":"38582877-ad9d-4a3e-acf0-98970f822b21","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":41,"box":{"x":61,"y":430,"width":822,"height":12}},{"id":"265d26ba-3c33-43e6-806a-e54cacbac877","block_type":"box","text":"described below.","page_number":41,"box":{"x":61,"y":446,"width":121,"height":8}},{"id":"083e05b8-9fd0-46b3-91ea-f2a63f151dbe","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":41,"box":{"x":62,"y":468,"width":797,"height":11}},{"id":"b95f866b-916b-4b49-bed3-8028eccb92bd","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":41,"box":{"x":61,"y":483,"width":487,"height":11}},{"id":"165335c5-eefd-459a-8174-47a4cb4940e4","block_type":"box","text":"How to Buy Shares","page_number":41,"box":{"x":61,"y":506,"width":156,"height":12}},{"id":"5c1c39f8-38b8-45e2-a33e-7d627f409272","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":41,"box":{"x":213,"y":528,"width":478,"height":9}},{"id":"ac15ac20-2565-48d9-bba6-38e258b29204","block_type":"box","text":"Initial Purchase","page_number":41,"box":{"x":61,"y":545,"width":105,"height":8}},{"id":"817ce334-73b4-4347-9431-b768962ef03d","block_type":"box","text":"First, select the share class","page_number":41,"box":{"x":214,"y":545,"width":183,"height":9}},{"id":"6c16951b-a279-4599-a251-53464f06e8f9","block_type":"box","text":"appropriate for you","page_number":41,"box":{"x":214,"y":558,"width":123,"height":11}},{"id":"83bd8334-b9ae-4fe8-abf7-30e43c470c57","block_type":"box","text":"Refer to the “Share Classes at a Glance” table in this prospectus (be","page_number":41,"box":{"x":461,"y":545,"width":458,"height":10}},{"id":"b26a27df-ef03-417e-998e-a5eca000a1ee","block_type":"box","text":"sure to read this prospectus carefully). When you place your initial","page_number":41,"box":{"x":461,"y":558,"width":435,"height":11}},{"id":"bf40e9cc-4253-4ea7-9bf3-e2eeb380b436","block_type":"box","text":"order, you must indicate which share class you select (if you do not","page_number":41,"box":{"x":461,"y":572,"width":444,"height":10}},{"id":"92e7380d-008f-46fe-9383-325756f90eb9","block_type":"box","text":"specify a share class and do not qualify to purchase Institutional","page_number":41,"box":{"x":461,"y":585,"width":426,"height":11}},{"id":"9294ebaf-d7f3-4b21-9119-7407d702f773","block_type":"box","text":"Shares, you will receive Investor A Shares). 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Purchase","page_number":41,"box":{"x":461,"y":868,"width":469,"height":10}},{"id":"77cdc3f7-1582-462e-9f59-c7f97473baef","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":41,"box":{"x":461,"y":881,"width":429,"height":10}},{"id":"9bb58f4d-2061-45be-85f4-215137f738a1","block_type":"box","text":"determined on the next business day.","page_number":41,"box":{"x":461,"y":895,"width":247,"height":10}},{"id":"7676c73c-b0f4-4324-8bf3-8afa68751fe2","block_type":"box","text":"41","page_number":41,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"e043744c-e6d2-4799-909e-1cb429c60fd4","block_type":"box","text":"NM0926U-5977302-41/76","page_number":41,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"99e93d2c-8c60-4f80-a0a1-b79ebec504f3","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":42,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"a72efad8-4a60-442e-808f-c935c9de38f1","block_type":"box","text":"Initial Purchase","page_number":42,"box":{"x":61,"y":67,"width":105,"height":8}},{"id":"abb146b4-84c2-47c3-b2a1-970c5040b270","block_type":"box","text":"(continued)","page_number":42,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"a56dabca-978c-4ac3-ad6f-442bc69cf5c2","block_type":"box","text":"Have your Financial Intermediary","page_number":42,"box":{"x":214,"y":67,"width":215,"height":10}},{"id":"11747078-9a81-43c2-b1af-d33e2f1a1289","block_type":"box","text":"submit your purchase order","page_number":42,"box":{"x":214,"y":81,"width":181,"height":10}},{"id":"8b4436b7-6887-4765-9cfb-30371e6ad74f","block_type":"box","text":"(continued)","page_number":42,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"5ee3c9a4-0961-4928-9184-b0fc7b96cd8b","block_type":"box","text":"A broker-dealer or financial institution maintaining the account in which","page_number":42,"box":{"x":460,"y":70,"width":468,"height":10}},{"id":"84bc0e50-3cca-42e5-a3db-2b30af9d9af6","block_type":"box","text":"you hold shares may charge a separate account, service or transaction","page_number":42,"box":{"x":460,"y":84,"width":470,"height":10}},{"id":"0e2aeb23-7589-4cd7-ab56-5251e1ba2952","block_type":"box","text":"fee on the purchase or sale of Fund shares that would be in addition to","page_number":42,"box":{"x":460,"y":97,"width":471,"height":10}},{"id":"a74e3dc6-32ce-413c-897d-af1666560b4d","block_type":"box","text":"the fees and expenses shown in the Fund’s “Fees and Expenses”","page_number":42,"box":{"x":460,"y":110,"width":434,"height":10}},{"id":"5572fe32-d1d2-4675-80d1-85966040b6dc","block_type":"box","text":"table.","page_number":42,"box":{"x":460,"y":124,"width":36,"height":8}},{"id":"03355a81-77d1-4912-966a-ef41ab8a07a3","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":42,"box":{"x":460,"y":140,"width":473,"height":10}},{"id":"256280b6-de26-4e08-9f0e-91682d3fdebc","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":42,"box":{"x":461,"y":154,"width":453,"height":10}},{"id":"8dc23ea5-2420-4d3d-8789-1dde49e4a817","block_type":"box","text":"processing fee to confirm a purchase.","page_number":42,"box":{"x":461,"y":167,"width":249,"height":11}},{"id":"a434cecf-c26d-419c-a92e-83e2a2efc149","block_type":"box","text":"Or contact BlackRock (for","page_number":42,"box":{"x":214,"y":185,"width":167,"height":10}},{"id":"66153c2a-a752-4bdb-899d-12e65d738f52","block_type":"box","text":"accounts held directly with","page_number":42,"box":{"x":214,"y":199,"width":173,"height":10}},{"id":"30e56ef5-b3cd-41b2-a248-7527c38e8522","block_type":"box","text":"BlackRock)","page_number":42,"box":{"x":214,"y":212,"width":71,"height":10}},{"id":"f023e647-1af4-4727-8902-3712861bd3c8","block_type":"box","text":"To purchase shares directly from BlackRock, call (800) 441-7762 and","page_number":42,"box":{"x":460,"y":185,"width":461,"height":10}},{"id":"ff3f7883-b010-4dca-80df-1097ebdc46ad","block_type":"box","text":"request a new account application. 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The Fund limits purchases by","page_number":42,"box":{"x":461,"y":226,"width":421,"height":10}},{"id":"5b97a401-2088-4021-a139-c1bdf1677de9","block_type":"box","text":"personal check to $500,000 per trade.","page_number":42,"box":{"x":461,"y":239,"width":257,"height":10}},{"id":"cfaa850b-acd1-4e86-829a-9a7d81c91ed3","block_type":"box","text":"Add to Your","page_number":42,"box":{"x":60,"y":258,"width":78,"height":8}},{"id":"e1559c69-a47d-4d33-8a0b-a529da85da06","block_type":"box","text":"Investment","page_number":42,"box":{"x":61,"y":269,"width":75,"height":8}},{"id":"214f7cde-e9d2-4930-83b9-099aadf3a1f5","block_type":"box","text":"Purchase additional shares For Investor A and Investor C Shares, the minimum investment for","page_number":42,"box":{"x":214,"y":257,"width":683,"height":10}},{"id":"53b2caab-f2a6-477e-b969-3b2fa7f51c87","block_type":"box","text":"additional purchases is generally $50 for all accounts (with the","page_number":42,"box":{"x":461,"y":270,"width":415,"height":11}},{"id":"710a4647-33a5-4060-a956-0f6a8f1ea8f6","block_type":"box","text":"exception of certain employer-sponsored retirement plans which may","page_number":42,"box":{"x":461,"y":284,"width":455,"height":11}},{"id":"956d45d7-d507-4190-9684-363cc4ea53c1","block_type":"box","text":"have a lower minimum for additional purchases). The minimums for","page_number":42,"box":{"x":461,"y":298,"width":445,"height":10}},{"id":"d1aac4ce-d263-48c3-8b68-a2d082643b60","block_type":"box","text":"additional purchases may be waived under certain circumstances.","page_number":42,"box":{"x":461,"y":312,"width":436,"height":10}},{"id":"10979643-a60f-4d1b-a998-310cd7627b4f","block_type":"box","text":"Institutional and Class R Shares have no minimum for additional","page_number":42,"box":{"x":461,"y":325,"width":425,"height":8}},{"id":"bdfa9e20-79c7-4546-afeb-1d0d9ffa38b1","block_type":"box","text":"purchases.","page_number":42,"box":{"x":461,"y":339,"width":71,"height":10}},{"id":"ae92d659-05b7-4af8-a3ed-6517b60d2f56","block_type":"box","text":"Have your Financial Intermediary","page_number":42,"box":{"x":214,"y":357,"width":215,"height":10}},{"id":"5bf70d40-98fb-41b4-8e4e-e974eb6a7242","block_type":"box","text":"submit your purchase order for","page_number":42,"box":{"x":214,"y":370,"width":203,"height":10}},{"id":"f03fa88b-0363-4016-9a21-d0f7d3c721ec","block_type":"box","text":"additional shares","page_number":42,"box":{"x":214,"y":384,"width":113,"height":8}},{"id":"eed504cc-b8fb-4aea-9074-4dd32f7ee120","block_type":"box","text":"To purchase additional shares you may contact your Financial","page_number":42,"box":{"x":460,"y":357,"width":405,"height":10}},{"id":"b2440234-fb62-4176-8091-11b41df94ba9","block_type":"box","text":"Intermediary. For more details on purchasing by Internet see below.","page_number":42,"box":{"x":461,"y":370,"width":444,"height":11}},{"id":"d60ecb71-d6fd-48ea-a7cd-71c2d07b5367","block_type":"box","text":"Or contact BlackRock (for","page_number":42,"box":{"x":214,"y":402,"width":167,"height":10}},{"id":"ada946a4-5d53-4095-b90d-caa126d96c41","block_type":"box","text":"accounts held directly with","page_number":42,"box":{"x":214,"y":415,"width":173,"height":11}},{"id":"040e235e-01d1-461c-967d-beea6b0739c0","block_type":"box","text":"BlackRock)","page_number":42,"box":{"x":214,"y":429,"width":71,"height":10}},{"id":"88828a59-ff89-446e-ba43-5f394e6dbe49","block_type":"box","text":"Purchase by Telephone:","page_number":42,"box":{"x":461,"y":402,"width":158,"height":10}},{"id":"5e37c167-4353-4ce7-98bd-21a1537f4f19","block_type":"box","text":"Call (800) 441-7762 and speak with one of","page_number":42,"box":{"x":625,"y":402,"width":288,"height":10}},{"id":"8db1515e-69d9-492a-a5bf-32e7e37aa70d","block_type":"box","text":"our representatives. 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Different maximums may apply to certain institutional investors.","page_number":42,"box":{"x":461,"y":656,"width":453,"height":10}},{"id":"d41f715a-87bd-4054-8443-56c68d55ed01","block_type":"box","text":"Please read the On-Line Services Disclosure Statement and User","page_number":42,"box":{"x":461,"y":672,"width":430,"height":8}},{"id":"928dec82-2763-4e4e-952d-f15517b84eb4","block_type":"box","text":"Agreement, the Terms and Conditions page and the Consent to","page_number":42,"box":{"x":460,"y":685,"width":417,"height":11}},{"id":"3bccf09b-0923-4e0b-9ecd-0b6eb79746da","block_type":"box","text":"Electronic Delivery Agreement (if you consent to electronic delivery),","page_number":42,"box":{"x":461,"y":699,"width":448,"height":10}},{"id":"725debd4-223b-47bb-81e9-156711675d12","block_type":"box","text":"before attempting to transact online.","page_number":42,"box":{"x":461,"y":712,"width":240,"height":11}},{"id":"24fb3632-b188-4964-9fe6-f57cb9a3f45a","block_type":"box","text":"The Fund employs reasonable procedures to confirm that transactions","page_number":42,"box":{"x":460,"y":729,"width":464,"height":10}},{"id":"1d8445d0-d9e4-4262-aace-0fc6ef42937d","block_type":"box","text":"entered over the Internet are genuine. By entering into the User","page_number":42,"box":{"x":461,"y":742,"width":419,"height":10}},{"id":"19ef2550-be38-4258-bd6a-3970cdc193fb","block_type":"box","text":"Agreement with the Fund in order to open an account through the","page_number":42,"box":{"x":460,"y":756,"width":431,"height":10}},{"id":"c4308f88-6761-4c4d-be77-cdd268893ffb","block_type":"box","text":"website, the shareholder waives any right to reclaim any losses from","page_number":42,"box":{"x":460,"y":769,"width":453,"height":11}},{"id":"b2d6d5de-7cb1-4553-8382-bc2163c93a50","block_type":"box","text":"the Fund or any of its affiliates incurred through fraudulent activity.","page_number":42,"box":{"x":460,"y":783,"width":440,"height":10}},{"id":"be08ef2f-880d-4745-b60b-1d048a64f45c","block_type":"box","text":"Acquire additional shares by","page_number":42,"box":{"x":213,"y":801,"width":187,"height":10}},{"id":"b077f6d9-04fc-4c4b-ba2d-3fd7df6c1770","block_type":"box","text":"reinvesting dividends and capital","page_number":42,"box":{"x":214,"y":814,"width":214,"height":11}},{"id":"55cc6345-b31c-4418-8b65-56e4eb73a424","block_type":"box","text":"gains","page_number":42,"box":{"x":213,"y":828,"width":35,"height":10}},{"id":"1752d213-1f06-463a-9590-8f9ea3a936ab","block_type":"box","text":"All dividends and capital gains distributions are automatically","page_number":42,"box":{"x":460,"y":801,"width":405,"height":10}},{"id":"34f7c5c7-dba9-4f3b-90e4-cc310862d99e","block_type":"box","text":"reinvested without a sales charge. 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Refer to the “Account Services and Privileges” section of this","page_number":42,"box":{"x":461,"y":900,"width":465,"height":10}},{"id":"3ad65595-768e-45dc-9df2-ae892cd22077","block_type":"box","text":"prospectus for additional information.","page_number":42,"box":{"x":461,"y":914,"width":247,"height":10}},{"id":"1df7bad3-efe6-42a9-bd4e-f02967c84375","block_type":"box","text":"42","page_number":42,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"8e8b94da-bf51-4255-a5e8-4b9ac163143d","block_type":"box","text":"NM0926U-5977302-42/76","page_number":42,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"386b0d28-4689-4cc2-ab74-59510bee7b94","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":43,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"d9c4d565-c9fe-456f-9de9-3c1cb5ea26b0","block_type":"box","text":"How to Pay for","page_number":43,"box":{"x":61,"y":67,"width":99,"height":10}},{"id":"f3b5b1f1-0041-4594-8670-ce452134db49","block_type":"box","text":"Shares","page_number":43,"box":{"x":60,"y":79,"width":46,"height":8}},{"id":"78d497d0-d371-4c5c-bc6f-2b8f29c971d1","block_type":"box","text":"Making payment for purchases Payment for an order must be made in Federal funds or other","page_number":43,"box":{"x":214,"y":67,"width":651,"height":11}},{"id":"f0e3b772-4f5c-4004-b518-7dd5e640a707","block_type":"box","text":"immediately available funds by the time specified by your Financial","page_number":43,"box":{"x":461,"y":81,"width":438,"height":10}},{"id":"09da445a-1f1a-47a9-b7dc-8192f8be8b00","block_type":"box","text":"Intermediary, but in no event later than 4:00 p.m. (Eastern time) on","page_number":43,"box":{"x":461,"y":94,"width":446,"height":11}},{"id":"e83528ed-9774-4091-a033-0dbc9f3c19aa","block_type":"box","text":"the first business day following BlackRock’s receipt of the order. If","page_number":43,"box":{"x":460,"y":108,"width":439,"height":10}},{"id":"659679cd-5861-4666-a932-24b660873c30","block_type":"box","text":"payment is not received by this time, the order will be canceled and","page_number":43,"box":{"x":461,"y":122,"width":445,"height":10}},{"id":"705a8c11-d234-4324-9e24-998d4f9154f9","block_type":"box","text":"you and your Financial Intermediary will be responsible for any loss to","page_number":43,"box":{"x":460,"y":135,"width":460,"height":10}},{"id":"302c84c7-89a1-427f-a039-e6d177168874","block_type":"box","text":"the Fund.","page_number":43,"box":{"x":460,"y":149,"width":61,"height":8}},{"id":"0c3cb0c7-8a0d-4625-966e-ca9378991edb","block_type":"box","text":"For shares purchased directly from the Fund, a check payable to","page_number":43,"box":{"x":461,"y":164,"width":423,"height":11}},{"id":"ee6aa48a-d81f-4062-acc2-2d0ff77c2e74","block_type":"box","text":"BlackRock Funds which bears the name of the Fund must accompany a","page_number":43,"box":{"x":461,"y":178,"width":470,"height":10}},{"id":"2d8dcde2-2d29-4d0b-99c2-9f3913fbc205","block_type":"box","text":"completed purchase application. 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You may also wire Federal funds to the Fund","page_number":43,"box":{"x":461,"y":232,"width":465,"height":10}},{"id":"10b933e2-f57f-4d29-a26a-601277708dd1","block_type":"box","text":"to purchase shares, but you must call (800) 441-7762 before doing so","page_number":43,"box":{"x":460,"y":246,"width":470,"height":10}},{"id":"9326bba7-038b-42af-bd4d-113bcaa63594","block_type":"box","text":"to confirm the wiring instructions.","page_number":43,"box":{"x":460,"y":259,"width":221,"height":11}},{"id":"062f4c1d-ae2d-473b-bc4a-16ea3716fef8","block_type":"box","text":"How to Sell Shares","page_number":43,"box":{"x":61,"y":284,"width":156,"height":10}},{"id":"8bd32b71-caaf-401a-9c81-1ec874a7530b","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":43,"box":{"x":213,"y":306,"width":478,"height":9}},{"id":"bf26e563-7fc2-47a0-9e85-5ff5bfcf5cf6","block_type":"box","text":"Full or Partial","page_number":43,"box":{"x":61,"y":323,"width":90,"height":8}},{"id":"c7ad9d89-f741-4cc4-a141-eb37328057d9","block_type":"box","text":"Redemption of","page_number":43,"box":{"x":61,"y":335,"width":98,"height":10}},{"id":"0abd25fd-8c47-4204-9f4f-64a65dfcb21a","block_type":"box","text":"Shares","page_number":43,"box":{"x":60,"y":346,"width":46,"height":9}},{"id":"f9b659ea-25b5-4a89-9c6c-3f2c1d4dd72c","block_type":"box","text":"Have your Financial Intermediary","page_number":43,"box":{"x":214,"y":323,"width":215,"height":10}},{"id":"70410231-08dd-4be7-9d26-bd60a5e79638","block_type":"box","text":"submit your sales order","page_number":43,"box":{"x":214,"y":337,"width":155,"height":10}},{"id":"10511cf8-0638-41e2-8568-90af7e55a22a","block_type":"box","text":"You can make redemption requests through your Financial","page_number":43,"box":{"x":460,"y":323,"width":382,"height":10}},{"id":"362949bb-8259-4de8-9657-60013180d730","block_type":"box","text":"Intermediary. Shareholders should indicate whether they are","page_number":43,"box":{"x":461,"y":337,"width":398,"height":10}},{"id":"329a6807-55cd-489c-a966-07b32a36f20e","block_type":"box","text":"redeeming Investor A, Investor C, Institutional or Class R Shares. The","page_number":43,"box":{"x":461,"y":350,"width":458,"height":11}},{"id":"f345dc46-9545-413c-98b5-ca6483f79e7b","block_type":"box","text":"price of your shares is based on the next calculation of the Fund’s net","page_number":43,"box":{"x":461,"y":364,"width":463,"height":10}},{"id":"aa93aa28-80f8-403a-839f-92aa8d68372c","block_type":"box","text":"asset value after your order is placed. For your redemption request to","page_number":43,"box":{"x":461,"y":377,"width":458,"height":11}},{"id":"efbb940c-e985-400a-a567-f11fe40bb73a","block_type":"box","text":"be priced at the net asset value on the day of your request, you must","page_number":43,"box":{"x":461,"y":391,"width":457,"height":10}},{"id":"a7d05d09-3182-476a-8be9-4918ead9e0b2","block_type":"box","text":"submit your request to your Financial Intermediary prior to that day’s","page_number":43,"box":{"x":461,"y":405,"width":452,"height":10}},{"id":"a7bacb6c-a858-4c08-8a9a-9af17dbe0677","block_type":"box","text":"close of business on the NYSE (generally 4:00 p.m. Eastern time).","page_number":43,"box":{"x":461,"y":418,"width":438,"height":10}},{"id":"5da04f28-b149-4bf4-bb75-51b04bc1284e","block_type":"box","text":"Certain Financial Intermediaries, however, may require submission of","page_number":43,"box":{"x":461,"y":431,"width":457,"height":11}},{"id":"66b3644f-68ab-4b56-94ca-ffc4b797a812","block_type":"box","text":"orders prior to that time. Any redemption request placed after that time","page_number":43,"box":{"x":461,"y":445,"width":470,"height":10}},{"id":"c4615628-9567-47d9-b06a-12fdf5f48ca1","block_type":"box","text":"will be priced at the net asset value at the close of business on the","page_number":43,"box":{"x":460,"y":458,"width":447,"height":11}},{"id":"824c578a-cca5-4311-a77f-c770561f4829","block_type":"box","text":"next business day.","page_number":43,"box":{"x":461,"y":472,"width":121,"height":10}},{"id":"9f56fdf7-d170-409b-8f7d-aa8edddc9c3e","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":43,"box":{"x":461,"y":488,"width":437,"height":10}},{"id":"4048b708-4740-4034-849a-1b4078f79eee","block_type":"box","text":"redemption proceeds (check, wire or ACH), your redemption proceeds","page_number":43,"box":{"x":461,"y":502,"width":458,"height":10}},{"id":"16142886-c4a1-4242-aaee-8ea98e021bf6","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":43,"box":{"x":460,"y":515,"width":465,"height":10}},{"id":"fd9f88ba-89f0-4dbf-ab74-2e94e610db59","block_type":"box","text":"but in any event, within seven days.","page_number":43,"box":{"x":461,"y":529,"width":233,"height":10}},{"id":"f905d6da-6a1c-459a-a15a-32638e164a02","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":43,"box":{"x":461,"y":545,"width":415,"height":10}},{"id":"27761f52-e2be-4eb3-a6d6-6111ffac2dca","block_type":"box","text":"redemption of shares.","page_number":43,"box":{"x":461,"y":558,"width":144,"height":10}},{"id":"30bd81ab-77ff-41e3-975d-741256e28927","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":43,"box":{"x":460,"y":575,"width":380,"height":10}},{"id":"4a573198-a612-4c93-8940-720021013ca2","block_type":"box","text":"circumstances.","page_number":43,"box":{"x":461,"y":588,"width":98,"height":8}},{"id":"cb753703-fa3a-49e3-9d9f-bd2f8b145cbc","block_type":"box","text":"Selling shares held directly with","page_number":43,"box":{"x":214,"y":606,"width":207,"height":10}},{"id":"5b8691ad-28ee-444b-b3a6-8fa750ad64a9","block_type":"box","text":"BlackRock","page_number":43,"box":{"x":214,"y":620,"width":67,"height":8}},{"id":"ac1dd27d-cf29-42b7-a681-133c4c43650e","block_type":"box","text":"Methods of Redeeming","page_number":43,"box":{"x":461,"y":606,"width":156,"height":10}},{"id":"b60175b4-737f-4ce2-8792-8cd5cd57dc7f","block_type":"box","text":"Redeem by Telephone:","page_number":43,"box":{"x":461,"y":622,"width":150,"height":10}},{"id":"00aa92df-c5bf-4294-aad1-80d92eb1a5d2","block_type":"box","text":"You may redeem Investor Shares held directly","page_number":43,"box":{"x":617,"y":622,"width":302,"height":10}},{"id":"59f67966-4674-4c09-8d35-8815141fc71f","block_type":"box","text":"with BlackRock by telephone request if certain conditions are met and","page_number":43,"box":{"x":460,"y":636,"width":464,"height":10}},{"id":"4e1e2b2d-51fa-48e1-9ad8-83f0dce599dd","block_type":"box","text":"if the amount being sold is less than (i) $100,000 for payments by","page_number":43,"box":{"x":461,"y":649,"width":441,"height":11}},{"id":"f5c73941-76c6-441c-a0e2-d00f2723c566","block_type":"box","text":"check or (ii) $250,000 for payments through ACH or wire transfer.","page_number":43,"box":{"x":461,"y":662,"width":433,"height":11}},{"id":"42807c96-c55c-4b89-b50a-13d765b907da","block_type":"box","text":"Certain redemption requests, such as those in excess of these","page_number":43,"box":{"x":461,"y":676,"width":418,"height":10}},{"id":"d7b28bcd-2a21-403b-b37d-ca1f17cc4efa","block_type":"box","text":"amounts, must be in writing with a medallion signature guarantee. For","page_number":43,"box":{"x":461,"y":690,"width":462,"height":10}},{"id":"cad99c7a-a5ab-433d-8ce2-935dc59aa13b","block_type":"box","text":"Institutional Shares, certain redemption requests may require written","page_number":43,"box":{"x":461,"y":703,"width":456,"height":11}},{"id":"55415d2d-3afd-4dcb-9755-7cefc03d9fef","block_type":"box","text":"instructions with a medallion signature guarantee. Call (800) 441-7762","page_number":43,"box":{"x":461,"y":717,"width":472,"height":10}},{"id":"21436695-f119-4fdb-b449-582b1e737f25","block_type":"box","text":"for details.","page_number":43,"box":{"x":460,"y":730,"width":70,"height":9}},{"id":"e799bc6c-2e08-461d-9df8-65227818f843","block_type":"box","text":"You can obtain a medallion signature guarantee stamp from a bank,","page_number":43,"box":{"x":460,"y":747,"width":448,"height":10}},{"id":"0dc96436-0ff8-42ad-abea-7f9ba4c10e6f","block_type":"box","text":"securities dealer, securities broker, credit union, savings and loan","page_number":43,"box":{"x":461,"y":760,"width":434,"height":11}},{"id":"5e909f50-7995-4d1e-a575-dc34392dc4cf","block_type":"box","text":"association, national securities exchange or registered securities","page_number":43,"box":{"x":461,"y":774,"width":430,"height":10}},{"id":"7174724a-18dd-4c83-a557-6a3c87969d36","block_type":"box","text":"association. A notary public seal will not be acceptable.","page_number":43,"box":{"x":461,"y":787,"width":366,"height":10}},{"id":"2cbfb2d3-b2ff-4a71-81a5-e23405c672e2","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":43,"box":{"x":460,"y":804,"width":468,"height":10}},{"id":"aa1203d5-228d-433a-9fb8-630c925c880f","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":43,"box":{"x":461,"y":817,"width":474,"height":10}},{"id":"5192adda-62be-49ba-af13-144906ebf7b9","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":43,"box":{"x":460,"y":830,"width":450,"height":11}},{"id":"5037248e-4a1d-454e-a579-740d2bd8587e","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":43,"box":{"x":461,"y":844,"width":450,"height":10}},{"id":"793da8c2-d518-4aaf-92db-b3e67c643392","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":43,"box":{"x":460,"y":858,"width":445,"height":10}},{"id":"8805f93e-a5ed-45b3-b815-c8736cc436ae","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":43,"box":{"x":461,"y":871,"width":463,"height":10}},{"id":"bce351e0-7e2b-486c-b96e-25f341a584ea","block_type":"box","text":"believes it is advisable to do so.","page_number":43,"box":{"x":461,"y":885,"width":212,"height":8}},{"id":"f5f05418-fd9c-4325-a3b5-e048853099db","block_type":"box","text":"43","page_number":43,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"d75fd4b4-1aac-47f6-8cb3-b8c2a919e0d4","block_type":"box","text":"NM0926U-5977302-43/76","page_number":43,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f59412a4-04cf-457d-980f-c38afaa5a707","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":44,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"7ab0bbeb-cf48-4239-9f12-1fc7d4ce4d11","block_type":"box","text":"Full or Partial","page_number":44,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"c4329811-16cc-45ff-96c1-fa72b39d30d1","block_type":"box","text":"Redemption of","page_number":44,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"323a2abd-2a3f-4aac-a5b9-4cff4d247c70","block_type":"box","text":"Shares (continued)","page_number":44,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"7bd3e578-42a1-4c9a-abbb-e99a4d073c4d","block_type":"box","text":"Selling shares held directly with","page_number":44,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"ff60bf5f-ac05-4c4e-b3d4-0005768cf6aa","block_type":"box","text":"BlackRock (continued)","page_number":44,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"4baf3700-6103-40cd-afb3-814b40db7ac2","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":44,"box":{"x":461,"y":70,"width":452,"height":10}},{"id":"1f1f8796-95d3-496d-88c4-9dd565e685a0","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":44,"box":{"x":461,"y":83,"width":427,"height":11}},{"id":"ae7241fa-1087-4169-85a5-f17dada5f1e2","block_type":"box","text":"redemption methods below.","page_number":44,"box":{"x":461,"y":97,"width":181,"height":10}},{"id":"2bb156d0-288e-4c9f-8130-91a0d351e722","block_type":"box","text":"Redeem by VRU:","page_number":44,"box":{"x":461,"y":113,"width":111,"height":10}},{"id":"c2cd90b5-5108-444f-8d1e-50fb07bc8b77","block_type":"box","text":"Investor Shares may also be redeemed by use of the","page_number":44,"box":{"x":579,"y":113,"width":348,"height":10}},{"id":"5bda4e22-a597-4c39-8f15-f2f2ef801f71","block_type":"box","text":"Fund’s automated VRU service. Payment for Investor Shares redeemed","page_number":44,"box":{"x":461,"y":126,"width":469,"height":11}},{"id":"260970ae-6099-44f2-b022-f1fb9fbe8d65","block_type":"box","text":"by the VRU service may be made for non-retirement accounts in","page_number":44,"box":{"x":461,"y":140,"width":420,"height":10}},{"id":"ec9d4dd8-4d06-4e5b-9956-9679bdaaea10","block_type":"box","text":"amounts up to $25,000, either through check, ACH or wire.","page_number":44,"box":{"x":461,"y":153,"width":392,"height":11}},{"id":"717e2b9e-d0b2-4f8e-a278-223cef219f76","block_type":"box","text":"Redeem by Internet:","page_number":44,"box":{"x":461,"y":170,"width":136,"height":10}},{"id":"b9e7c6c2-dbde-479a-8aee-1596751b18fd","block_type":"box","text":"You may redeem in your account by logging onto","page_number":44,"box":{"x":603,"y":170,"width":317,"height":10}},{"id":"05cdd261-3fdc-446c-a735-1bece2e52be4","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":44,"box":{"x":460,"y":183,"width":461,"height":9}},{"id":"77fc2475-4650-485f-a905-0ca7fd8e0ab7","block_type":"box","text":"redemptions may be sent via check, ACH or wire to the bank account of","page_number":44,"box":{"x":461,"y":197,"width":473,"height":10}},{"id":"9b216735-f120-4c68-9bfa-933c4291b990","block_type":"box","text":"record. Payment for shares redeemed by Internet may be made for non","page_number":44,"box":{"x":461,"y":210,"width":472,"height":11}},{"id":"ce3ad599-c6ec-4a54-a297-fe964a5535cd","block_type":"box","text":"retirement accounts in amounts up to $100,000 per account per day,","page_number":44,"box":{"x":461,"y":223,"width":459,"height":11}},{"id":"53af0260-a6b7-4315-b9b0-1bffff650d5a","block_type":"box","text":"either through check, ACH or wire. Different maximums may apply to","page_number":44,"box":{"x":461,"y":237,"width":451,"height":11}},{"id":"eb9de1b3-b188-4b82-a76a-96d8ceba0ffa","block_type":"box","text":"certain institutional investors.","page_number":44,"box":{"x":461,"y":251,"width":196,"height":8}},{"id":"e3c265df-e4ec-45d1-a33a-235075f413d2","block_type":"box","text":"Redeem in Writing:","page_number":44,"box":{"x":461,"y":267,"width":127,"height":10}},{"id":"147b2fdd-703b-40da-8894-58641cd4d191","block_type":"box","text":"You may sell shares held at BlackRock by writing to","page_number":44,"box":{"x":594,"y":267,"width":338,"height":10}},{"id":"8ba06947-74e7-4381-a08e-061a9ca34970","block_type":"box","text":"BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429 or","page_number":44,"box":{"x":461,"y":281,"width":468,"height":10}},{"id":"e08b7099-02eb-4715-9409-56e324a8e418","block_type":"box","text":"for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":44,"box":{"x":460,"y":294,"width":446,"height":10}},{"id":"5c9b1c55-240b-4628-885a-ee3c734f1419","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. All shareholders on the account","page_number":44,"box":{"x":461,"y":308,"width":466,"height":10}},{"id":"9a61fa69-388f-45be-b86b-f213ca4f3e8d","block_type":"box","text":"must sign the letter. A medallion signature guarantee will generally be","page_number":44,"box":{"x":461,"y":321,"width":460,"height":11}},{"id":"81e355ae-5465-42c9-8547-f869e79a3855","block_type":"box","text":"required but may be waived in certain limited circumstances. You can","page_number":44,"box":{"x":461,"y":335,"width":457,"height":10}},{"id":"abf6f847-3b34-4b8c-8972-51d1a5116847","block_type":"box","text":"obtain a medallion signature guarantee stamp from a bank, securities","page_number":44,"box":{"x":461,"y":348,"width":461,"height":11}},{"id":"d65e9172-123f-4c22-9e54-cd30401025fb","block_type":"box","text":"dealer, securities broker, credit union, savings and loan association,","page_number":44,"box":{"x":461,"y":362,"width":450,"height":10}},{"id":"df84efcc-f130-4e91-a82f-ab1ff3d884db","block_type":"box","text":"national securities exchange or registered securities association. A","page_number":44,"box":{"x":461,"y":376,"width":443,"height":10}},{"id":"63974b52-eb25-4a79-a8cd-eb9c903278af","block_type":"box","text":"notary public seal will not be acceptable. If you hold stock certificates,","page_number":44,"box":{"x":461,"y":389,"width":465,"height":10}},{"id":"f4740c16-b035-495d-9b5d-464da8e3977b","block_type":"box","text":"return the certificates with the letter. Proceeds from redemptions may","page_number":44,"box":{"x":461,"y":402,"width":462,"height":11}},{"id":"5eabc4e2-2115-4721-b581-ef47fd221402","block_type":"box","text":"be sent via check, ACH or wire to the bank account of record.","page_number":44,"box":{"x":461,"y":416,"width":404,"height":10}},{"id":"450c392e-6427-4430-b127-6160f67eb649","block_type":"box","text":"Payment of Redemption Proceeds","page_number":44,"box":{"x":461,"y":432,"width":228,"height":10}},{"id":"652ccba9-a963-448e-9b52-b4079274c8d8","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":44,"box":{"x":461,"y":448,"width":467,"height":10}},{"id":"6bd23296-71e4-4ca1-94f4-5dd9a09cf42c","block_type":"box","text":"banking information on file, through ACH or by wire transfer.","page_number":44,"box":{"x":461,"y":462,"width":393,"height":10}},{"id":"41d3db3d-c72c-443d-8ab8-8850d64696bf","block_type":"box","text":"Payment by Check:","page_number":44,"box":{"x":461,"y":478,"width":129,"height":10}},{"id":"0d3fc8cb-62df-4d3a-86e9-545f8a2b1fb8","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":44,"box":{"x":597,"y":478,"width":329,"height":10}},{"id":"a6daba95-6965-47b6-8871-21abbfef7d20","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":44,"box":{"x":460,"y":491,"width":430,"height":11}},{"id":"a948d6d9-c2c3-4a23-b18f-37a8dbd61945","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":44,"box":{"x":461,"y":505,"width":460,"height":10}},{"id":"487e370f-271c-4291-ae5c-d9ccbae9e0b6","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":44,"box":{"x":461,"y":519,"width":468,"height":10}},{"id":"b618f788-8e54-4652-949e-dd7ada9514f3","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":44,"box":{"x":461,"y":531,"width":467,"height":11}},{"id":"8e8649ed-6fe0-4cfa-a63f-d00459393357","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":44,"box":{"x":461,"y":545,"width":467,"height":11}},{"id":"06382974-6bf5-4dc0-8486-67c6604a1f35","block_type":"box","text":"charges imposed by your bank for this service.","page_number":44,"box":{"x":461,"y":559,"width":307,"height":10}},{"id":"b89889f2-40b7-42eb-a8cd-c21a452ec31d","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":44,"box":{"x":460,"y":575,"width":438,"height":11}},{"id":"c1afdfde-4468-4ce1-9b6f-bad4a3c3bbd8","block_type":"box","text":"amounts (","page_number":44,"box":{"x":461,"y":589,"width":65,"height":10}},{"id":"ee78cacd-03ed-49f8-8bc0-f9dce5be6939","block_type":"box","text":"e.g","page_number":44,"box":{"x":528,"y":590,"width":21,"height":9}},{"id":"566f17f5-c22f-4545-a764-7b80c1834638","block_type":"box","text":"., income dividends or capital gains) which you have","page_number":44,"box":{"x":549,"y":589,"width":341,"height":10}},{"id":"1bd9ab02-fc2b-4d4c-892f-e837bcfdc1ad","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":44,"box":{"x":461,"y":602,"width":403,"height":10}},{"id":"82de13d8-c4c0-45d9-8d50-1cd81c56d094","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":44,"box":{"x":461,"y":616,"width":467,"height":8}},{"id":"3ad286ac-bd1a-494c-9a1e-8dd50a0661a2","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":44,"box":{"x":460,"y":629,"width":456,"height":11}},{"id":"3236ca78-857a-439e-bbbb-085a2c292ef0","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":44,"box":{"x":460,"y":643,"width":402,"height":10}},{"id":"e98d4dc2-bee7-42bd-8e8d-e0ca645bef6a","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":44,"box":{"x":461,"y":656,"width":430,"height":11}},{"id":"66ca604b-2f31-4f2a-a197-eaef93ca754c","block_type":"box","text":"amounts are subject to the risk of loss like any Fund investment. If you","page_number":44,"box":{"x":461,"y":670,"width":468,"height":10}},{"id":"52a4bd6d-c68b-49dc-802a-6a8664d31720","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":44,"box":{"x":461,"y":684,"width":473,"height":8}},{"id":"b8394a10-a4c3-4fec-8e86-4a352a35a748","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":44,"box":{"x":461,"y":697,"width":456,"height":10}},{"id":"faaaeb9d-b62a-4960-a2ec-bed0e529b0b4","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":44,"box":{"x":461,"y":710,"width":461,"height":11}},{"id":"888b2de6-28c7-4b33-a9a9-43b6576d2d95","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":44,"box":{"x":460,"y":724,"width":469,"height":10}},{"id":"d1f40eb6-70ff-43c3-b982-fa9d17fb0f71","block_type":"box","text":"as of the date of payment of the distribution.","page_number":44,"box":{"x":461,"y":738,"width":295,"height":10}},{"id":"b11244ff-5923-4e2d-ab51-b9a67a4d2811","block_type":"box","text":"Payment by Wire Transfer:","page_number":44,"box":{"x":461,"y":754,"width":177,"height":10}},{"id":"9d4b8b5f-ea40-4a54-96f9-52c3c7315dd9","block_type":"box","text":"Payment for redeemed shares for which a","page_number":44,"box":{"x":644,"y":754,"width":275,"height":10}},{"id":"462c76d8-e1ff-45f7-b176-a93930e0161c","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":44,"box":{"x":461,"y":767,"width":437,"height":10}},{"id":"abb1c493-ab48-470f-9faf-188913dec912","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":44,"box":{"x":461,"y":781,"width":471,"height":10}},{"id":"ecc8fa9d-c402-403f-b7c8-e0a6613f2576","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":44,"box":{"x":461,"y":795,"width":417,"height":10}},{"id":"5b4c92d9-f829-460f-afe1-a3632ddec496","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":44,"box":{"x":461,"y":808,"width":449,"height":10}},{"id":"b10f0268-e7e0-4346-8063-d305d1647b79","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":44,"box":{"x":461,"y":821,"width":449,"height":11}},{"id":"e365dcc5-7b4a-4b5a-b26b-f3525b9f0679","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":44,"box":{"x":461,"y":835,"width":433,"height":10}},{"id":"173b47e9-8a66-4529-88b9-330052e620fc","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":44,"box":{"x":461,"y":848,"width":449,"height":11}},{"id":"e5d53e21-7ff3-4e09-ba00-ad9ce3d3ea9f","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":44,"box":{"x":461,"y":862,"width":437,"height":10}},{"id":"3bc408a7-e8cc-4c3e-a6f7-be4c0839d5cf","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":44,"box":{"x":461,"y":875,"width":469,"height":11}},{"id":"561c440d-9893-46a8-85a0-113b15b10c76","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":44,"box":{"x":459,"y":889,"width":448,"height":10}},{"id":"a2053b8d-0368-482d-a627-d993327537d3","block_type":"box","text":"Fund.","page_number":44,"box":{"x":461,"y":903,"width":34,"height":8}},{"id":"05c5cb83-7c4c-43cb-8592-fc208e2effe8","block_type":"box","text":"44","page_number":44,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"618c71d1-c05e-4bb8-9f0d-4df8ef4676c2","block_type":"box","text":"NM0926U-5977302-44/76","page_number":44,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b8635b9e-b4ed-49dd-8bd0-a6e332726a26","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":45,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"512873f2-c6f6-4207-aa9a-e76d6a89110b","block_type":"box","text":"Full or Partial","page_number":45,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"c5845276-e1f4-4273-b754-67dc53ca031e","block_type":"box","text":"Redemption of","page_number":45,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"0c6a4d7a-c65e-4ea1-ad71-7a94a558cae2","block_type":"box","text":"Shares (continued)","page_number":45,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"1c4be75c-dcff-41cb-9268-141ff87e7dcb","block_type":"box","text":"Selling shares held directly with","page_number":45,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"c8d9f5bb-cb1b-42f3-b106-b5bd29dd8ccf","block_type":"box","text":"BlackRock (continued)","page_number":45,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"4bd5fae1-63f5-4035-a991-9ad1c1dc59f9","block_type":"box","text":"If a shareholder has given authorization for expedited redemption,","page_number":45,"box":{"x":461,"y":70,"width":434,"height":10}},{"id":"9415e5da-9ca2-4709-8ef7-f938ea258e97","block_type":"box","text":"shares can be redeemed by Federal wire transfer to a single previously","page_number":45,"box":{"x":461,"y":83,"width":468,"height":11}},{"id":"754f650c-4bb7-42cc-b6eb-ea97c2f298ab","block_type":"box","text":"designated bank account. Shareholders will pay $7.50 for redemption","page_number":45,"box":{"x":461,"y":96,"width":460,"height":11}},{"id":"9634ecc3-bd3d-4af1-80e3-70da52b4f51c","block_type":"box","text":"proceeds sent by Federal wire transfer. You are responsible for any","page_number":45,"box":{"x":461,"y":110,"width":441,"height":11}},{"id":"4b038b4d-bddb-44a2-8495-692d320d0d3c","block_type":"box","text":"additional charges imposed by your bank for this service. No charge for","page_number":45,"box":{"x":461,"y":124,"width":472,"height":10}},{"id":"f5cddc6a-f607-461c-9fed-c4ff6d44c539","block_type":"box","text":"wiring redemption payments with respect to Institutional Shares is","page_number":45,"box":{"x":460,"y":138,"width":438,"height":10}},{"id":"d1a29362-7960-42e6-80d4-858028324c07","block_type":"box","text":"imposed by the Fund.","page_number":45,"box":{"x":461,"y":151,"width":140,"height":10}},{"id":"b5a8d43e-1e8d-4710-b797-1fd272309b6c","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":45,"box":{"x":460,"y":167,"width":425,"height":10}},{"id":"bb30266d-de04-4fac-bbe8-441a7ccd3844","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":45,"box":{"x":461,"y":181,"width":455,"height":10}},{"id":"fd7836df-21ae-4461-8d97-0c3f673c703b","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":45,"box":{"x":461,"y":194,"width":476,"height":11}},{"id":"f1a49401-6453-4d0d-a712-8c8825c579ac","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":45,"box":{"x":461,"y":208,"width":455,"height":10}},{"id":"7b9cf201-d6f4-42c5-8bb5-03459aac40fb","block_type":"box","text":"the back cover of this prospectus.","page_number":45,"box":{"x":460,"y":221,"width":224,"height":10}},{"id":"f2bb5e82-5318-43e3-b433-5fb6908c028f","block_type":"box","text":"Payment by ACH:","page_number":45,"box":{"x":461,"y":237,"width":116,"height":11}},{"id":"75e8808c-f130-4f58-bd68-64e989e06da9","block_type":"box","text":"Redemption proceeds may be sent to the","page_number":45,"box":{"x":584,"y":238,"width":272,"height":10}},{"id":"5f733f73-03f3-4668-8994-a51832e3b60f","block_type":"box","text":"shareholder’s bank account (checking or savings) via ACH. Payment for","page_number":45,"box":{"x":461,"y":251,"width":469,"height":10}},{"id":"9b1b8ee5-332a-4db7-9023-73f06c56e92e","block_type":"box","text":"redeemed shares for which a redemption order is received before","page_number":45,"box":{"x":461,"y":264,"width":432,"height":11}},{"id":"d0e232fc-0ebb-4731-88ff-08b4b93c45a7","block_type":"box","text":"4:00 p.m. (Eastern time) on a business day is normally sent to the","page_number":45,"box":{"x":461,"y":278,"width":441,"height":10}},{"id":"692a47a0-f573-4f7f-92a0-156dc32edb96","block_type":"box","text":"redeeming shareholder the next business day, with receipt at the","page_number":45,"box":{"x":461,"y":292,"width":428,"height":10}},{"id":"28a234c5-2ea0-4c18-b2b3-55155e52b868","block_type":"box","text":"receiving bank within the next two business days (48-72 hours),","page_number":45,"box":{"x":461,"y":305,"width":420,"height":10}},{"id":"b93ed050-8955-49dd-a360-fdd783f25df2","block_type":"box","text":"provided that the Fund’s custodian is also open for business. Payment","page_number":45,"box":{"x":461,"y":319,"width":467,"height":10}},{"id":"0f43eea7-fc6e-4540-9905-3397e35e038d","block_type":"box","text":"for redemption orders received after 4:00 p.m. (Eastern time) or on a","page_number":45,"box":{"x":460,"y":332,"width":458,"height":10}},{"id":"0fa96d0f-beb0-446e-8918-94c1e5c2992a","block_type":"box","text":"day when the Fund’s custodian is closed is normally sent on the next","page_number":45,"box":{"x":461,"y":346,"width":457,"height":10}},{"id":"012ede95-1ee4-46e2-bd15-15488a836629","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":45,"box":{"x":461,"y":359,"width":449,"height":11}},{"id":"0c795c69-2714-4fa7-af02-c657467986f2","block_type":"box","text":"open for business.","page_number":45,"box":{"x":461,"y":373,"width":121,"height":10}},{"id":"b15133e2-ed02-4661-ad25-9c7bf117a53d","block_type":"box","text":"The Fund reserves the right to send redemption proceeds within seven","page_number":45,"box":{"x":460,"y":389,"width":467,"height":10}},{"id":"a0557665-e893-4a4f-a0de-f819827aa63f","block_type":"box","text":"days after receiving a redemption order if, in the judgment of the Fund,","page_number":45,"box":{"x":461,"y":402,"width":465,"height":11}},{"id":"d2c34c4c-f9ec-4de7-ae55-09cf7d4cec83","block_type":"box","text":"an earlier payment could adversely affect the Fund. No charge for","page_number":45,"box":{"x":461,"y":416,"width":432,"height":10}},{"id":"aff49d35-8ebd-4db7-8142-4d09c19bf921","block_type":"box","text":"sending redemption payments via ACH is imposed by the Fund.","page_number":45,"box":{"x":461,"y":430,"width":415,"height":10}},{"id":"42ba4949-b4f7-43dc-aaf3-d42b40498438","block_type":"box","text":"***","page_number":45,"box":{"x":686,"y":446,"width":25,"height":5}},{"id":"40fd1460-9458-4958-b9bc-918f977efa54","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":45,"box":{"x":461,"y":459,"width":423,"height":10}},{"id":"38772485-fc65-447d-8ffb-44303eaa55a5","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":45,"box":{"x":461,"y":473,"width":456,"height":10}},{"id":"7ae64fed-836e-4876-a80d-7d0d414bbd34","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":45,"box":{"x":461,"y":486,"width":352,"height":10}},{"id":"bf029a48-b0e4-4e03-8f21-73be1c881499","block_type":"box","text":"Redemption","page_number":45,"box":{"x":61,"y":504,"width":80,"height":10}},{"id":"f5e3ec3e-b539-43ad-a0c8-fb08acd126cb","block_type":"box","text":"Proceeds","page_number":45,"box":{"x":61,"y":516,"width":62,"height":8}},{"id":"952c4ccc-0927-44c4-9e1d-09c3b690f788","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":45,"box":{"x":461,"y":507,"width":445,"height":10}},{"id":"1815ce2c-9e76-4c8d-89d5-23b521a3ff1f","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":45,"box":{"x":461,"y":520,"width":467,"height":11}},{"id":"aef23e83-e0cd-4fab-8d70-dace08025764","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":45,"box":{"x":461,"y":534,"width":455,"height":10}},{"id":"021f1c14-f3b1-470d-9c03-27b836381a91","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":45,"box":{"x":461,"y":547,"width":450,"height":11}},{"id":"a76b1ee2-5ae9-4641-8a19-0046f98c41fc","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":45,"box":{"x":461,"y":561,"width":452,"height":10}},{"id":"02b62e6e-b179-42e7-8dfd-fcf1a6ced24a","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":45,"box":{"x":461,"y":575,"width":471,"height":10}},{"id":"32d55329-2c37-4544-93c6-c07c61f8efd4","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":45,"box":{"x":461,"y":588,"width":471,"height":10}},{"id":"00adb24f-6e72-4bcc-bc84-af4f15bcff09","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in-kind to you. The","page_number":45,"box":{"x":461,"y":602,"width":453,"height":10}},{"id":"b8688ed3-c1b8-4dd8-bb95-782fe2411c4c","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":45,"box":{"x":461,"y":615,"width":405,"height":8}},{"id":"031f8223-88c3-46ce-a5ec-6673209c8c9d","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":45,"box":{"x":461,"y":631,"width":408,"height":11}},{"id":"07dbaed5-4334-45f8-a375-809fc0598570","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":45,"box":{"x":461,"y":645,"width":457,"height":10}},{"id":"297132d6-a0e9-43f6-9b6a-3a3e8b080237","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":45,"box":{"x":460,"y":658,"width":440,"height":11}},{"id":"59f064b8-4650-43bc-b162-0265af043984","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":45,"box":{"x":460,"y":672,"width":340,"height":10}},{"id":"4fd99903-12c0-4f88-be3c-786b2a149851","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":45,"box":{"x":61,"y":696,"width":415,"height":13}},{"id":"21bcbefa-6758-4536-a4e4-dc4a287fb810","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":45,"box":{"x":213,"y":719,"width":478,"height":8}},{"id":"ca560fce-f9ad-4663-9a4c-c9f75e3b45eb","block_type":"box","text":"Exchange Privilege","page_number":45,"box":{"x":61,"y":736,"width":128,"height":10}},{"id":"bc719507-d031-43bd-b518-aa16a5afcc3a","block_type":"box","text":"Selling shares of one BlackRock","page_number":45,"box":{"x":214,"y":736,"width":212,"height":10}},{"id":"7604ee13-c3a1-4e0c-a5ec-e1deb23f79b1","block_type":"box","text":"Fund to purchase shares of","page_number":45,"box":{"x":214,"y":749,"width":181,"height":10}},{"id":"df5d8767-6772-4ce9-8b73-02bc7d07c54f","block_type":"box","text":"another BlackRock Fund","page_number":45,"box":{"x":214,"y":763,"width":158,"height":8}},{"id":"c945cbd9-e3bc-48a8-974e-88b87a831f5c","block_type":"box","text":"(“exchanging”)","page_number":45,"box":{"x":214,"y":776,"width":95,"height":11}},{"id":"a6202420-a3ef-4f2c-95bf-05530c1c0587","block_type":"box","text":"Investor or Institutional Shares of the Fund are generally exchangeable","page_number":45,"box":{"x":461,"y":736,"width":466,"height":10}},{"id":"0665aeb5-f528-4c74-9e60-2cf310d689d7","block_type":"box","text":"for shares of the same class of another BlackRock Fund, to the extent","page_number":45,"box":{"x":460,"y":749,"width":465,"height":10}},{"id":"f08a438a-fa17-45f1-946d-46e46c35cd3f","block_type":"box","text":"such shares are offered by your Financial Intermediary. No exchange","page_number":45,"box":{"x":461,"y":763,"width":453,"height":10}},{"id":"d0a51750-b6ab-498c-8eb2-5404504084ff","block_type":"box","text":"privilege is available for Class R Shares.","page_number":45,"box":{"x":461,"y":776,"width":264,"height":11}},{"id":"2875269f-c3ae-4ee7-a49e-20a3246de000","block_type":"box","text":"You can exchange $1,000 or more of Investor Shares from one fund","page_number":45,"box":{"x":460,"y":792,"width":450,"height":11}},{"id":"e1f775d6-2ea0-4c04-8959-be49291b42cd","block_type":"box","text":"into the same class of another fund which offers that class of shares","page_number":45,"box":{"x":461,"y":806,"width":457,"height":8}},{"id":"5d9ab4f0-50e6-48dc-90ac-a11697622811","block_type":"box","text":"(you can exchange less than $1,000 of Investor Shares if you already","page_number":45,"box":{"x":461,"y":819,"width":459,"height":11}},{"id":"63c2aa43-dd27-4b19-9eaf-c3bfc2f5e18d","block_type":"box","text":"have an account in the fund into which you are exchanging). Investors","page_number":45,"box":{"x":461,"y":833,"width":459,"height":10}},{"id":"ae952123-03ac-4bc5-a2a5-8607b6078022","block_type":"box","text":"who currently own Institutional Shares of the Fund may make","page_number":45,"box":{"x":460,"y":846,"width":403,"height":11}},{"id":"71171bb6-8d1c-4c80-bf0b-8bc360e123c8","block_type":"box","text":"exchanges into Institutional Shares of other BlackRock Funds except for","page_number":45,"box":{"x":461,"y":860,"width":475,"height":10}},{"id":"c378d0f6-a560-4cf1-899b-6d6ba9556d74","block_type":"box","text":"investors holding shares through certain client accounts at Financial","page_number":45,"box":{"x":461,"y":874,"width":450,"height":10}},{"id":"937fcab8-6e7a-476a-ba8b-2cfbe8123347","block_type":"box","text":"Intermediaries that are omnibus with the Fund and do not meet","page_number":45,"box":{"x":461,"y":887,"width":419,"height":8}},{"id":"53f97bd9-7d03-4fd3-ba7a-266a6f1d311c","block_type":"box","text":"applicable minimums.","page_number":45,"box":{"x":461,"y":901,"width":142,"height":10}},{"id":"3077c0f4-699b-4db6-acd0-ae0c4ea4e820","block_type":"box","text":"45","page_number":45,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"294b053d-90fe-464d-83eb-6d589654b331","block_type":"box","text":"NM0926U-5977302-45/76","page_number":45,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"395a442b-847f-437c-b0c9-57f0b617108c","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":46,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"d15ab798-c3b7-4dca-9bdf-619f1e936e01","block_type":"box","text":"Exchange Privilege","page_number":46,"box":{"x":61,"y":67,"width":128,"height":10}},{"id":"87c080e7-f0bb-4da5-834f-1e0c60e28586","block_type":"box","text":"(continued)","page_number":46,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"a60662ad-fd6c-4e77-8926-16acfef30ac4","block_type":"box","text":"Selling shares of one BlackRock","page_number":46,"box":{"x":214,"y":67,"width":212,"height":11}},{"id":"7c2b4290-0616-4d46-9f93-9edc50e4bc41","block_type":"box","text":"Fund to purchase shares of","page_number":46,"box":{"x":214,"y":81,"width":181,"height":10}},{"id":"9061c7b3-22d6-4a3a-8dd9-cf24195966be","block_type":"box","text":"another BlackRock Fund","page_number":46,"box":{"x":214,"y":94,"width":158,"height":9}},{"id":"c9746a35-f2dc-4ef0-9ba3-f668fb8aaad9","block_type":"box","text":"(“exchanging”) (continued)","page_number":46,"box":{"x":214,"y":108,"width":173,"height":10}},{"id":"5219cc14-0ed0-4f59-8190-a6c05629e5b6","block_type":"box","text":"There is no required minimum amount with respect to exchanges of","page_number":46,"box":{"x":460,"y":70,"width":448,"height":10}},{"id":"8c03a22c-2f8d-4115-ad3b-11226db5407e","block_type":"box","text":"Institutional Shares.","page_number":46,"box":{"x":461,"y":83,"width":132,"height":9}},{"id":"0a6ab3c8-9054-4a2d-aa87-267c664f2646","block_type":"box","text":"You may only exchange into a share class and fund that are open to","page_number":46,"box":{"x":460,"y":99,"width":449,"height":11}},{"id":"be79a77d-0378-46a1-9d5b-60892079e591","block_type":"box","text":"new investors or in which you have a current account if the fund is","page_number":46,"box":{"x":461,"y":113,"width":437,"height":10}},{"id":"2b0e5c2d-08d6-4fc3-b6bd-79dc81e27252","block_type":"box","text":"closed to new investors.","page_number":46,"box":{"x":461,"y":127,"width":159,"height":8}},{"id":"a2164aae-daf3-48f6-a239-b1b1a3890079","block_type":"box","text":"Some of the BlackRock Funds impose a different initial or deferred","page_number":46,"box":{"x":461,"y":143,"width":441,"height":10}},{"id":"f3675ad5-fc7e-4595-b696-7bd3cc0ea42f","block_type":"box","text":"sales charge schedule. The CDSC will continue to be measured from","page_number":46,"box":{"x":461,"y":156,"width":453,"height":11}},{"id":"3c4c1cf2-1a68-4087-829f-d6658d083138","block_type":"box","text":"the date of the original purchase. The CDSC schedule applicable to your","page_number":46,"box":{"x":460,"y":170,"width":477,"height":10}},{"id":"286ad35e-0e82-4e75-b60e-37a13d3e84ad","block_type":"box","text":"original purchase will apply to the shares you receive in the exchange","page_number":46,"box":{"x":461,"y":183,"width":457,"height":11}},{"id":"512b5b72-1b3f-44e9-8f39-5fe26bf6c582","block_type":"box","text":"and any subsequent exchange.","page_number":46,"box":{"x":461,"y":197,"width":203,"height":10}},{"id":"0859b1e8-2ba2-45a7-9787-388f3e6ff8dc","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":46,"box":{"x":460,"y":213,"width":435,"height":10}},{"id":"c493085d-6f9b-40e0-b098-d54cf57c88cc","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":46,"box":{"x":461,"y":226,"width":406,"height":11}},{"id":"da6cc566-bf82-476c-8fe0-04d53379dd47","block_type":"box","text":"BlackRock, you may: (i) call (800) 441-7762 and speak with one of our","page_number":46,"box":{"x":461,"y":240,"width":468,"height":10}},{"id":"22c44338-9b0d-46fb-8f40-0371cd97b277","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":46,"box":{"x":461,"y":254,"width":455,"height":10}},{"id":"e3ff4499-37a5-4ef0-a579-bce41adf2326","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":46,"box":{"x":460,"y":267,"width":423,"height":10}},{"id":"7601c524-cc04-4024-92cf-0998b00b7980","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":46,"box":{"x":461,"y":281,"width":398,"height":10}},{"id":"a5f970b1-2944-4d71-be13-ea321a67ccc5","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":46,"box":{"x":461,"y":294,"width":409,"height":10}},{"id":"85844945-0853-4330-a712-fa1e466999fe","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":46,"box":{"x":461,"y":308,"width":469,"height":10}},{"id":"7a300fe2-0ce7-46ca-ac45-04dfb09ccdb5","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":46,"box":{"x":460,"y":321,"width":461,"height":11}},{"id":"138130bc-d064-46c7-81d0-4ee5ee5f3c6a","block_type":"box","text":"this option either in writing or by calling (800) 441-7762. The Fund has","page_number":46,"box":{"x":460,"y":335,"width":469,"height":10}},{"id":"60e508b3-ba90-43ef-a5c2-f6b0d09d4b5e","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":46,"box":{"x":460,"y":348,"width":368,"height":11}},{"id":"fe865a44-abc2-411d-862f-3ac15571b6be","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":46,"box":{"x":460,"y":364,"width":450,"height":11}},{"id":"90c63a21-b7b8-41e1-860c-f3a1a49e65e8","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":46,"box":{"x":460,"y":378,"width":473,"height":10}},{"id":"8c5d53bb-c375-4daf-8f8d-ffe1d1657dc0","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":46,"box":{"x":461,"y":391,"width":420,"height":11}},{"id":"43809057-08c5-4bdb-8cf8-7cf26b45e1f7","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":46,"box":{"x":461,"y":405,"width":439,"height":10}},{"id":"f5cfced4-5176-4149-a8a0-cabc87c17417","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":46,"box":{"x":461,"y":419,"width":460,"height":10}},{"id":"0138c70e-b109-4feb-a29b-7472b86a631b","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":46,"box":{"x":461,"y":432,"width":430,"height":10}},{"id":"55d721e7-12f7-47f2-9198-80213c510614","block_type":"box","text":"income tax purposes a share exchange is a taxable event and a capital","page_number":46,"box":{"x":461,"y":446,"width":469,"height":10}},{"id":"cb76a176-8fdb-4243-821c-88e3fc868fcf","block_type":"box","text":"gain or loss may be realized. Please consult your tax adviser or other","page_number":46,"box":{"x":460,"y":459,"width":456,"height":11}},{"id":"f467a661-fb57-4fb6-96c1-11648cecffea","block_type":"box","text":"Financial Intermediary before making an exchange request.","page_number":46,"box":{"x":461,"y":473,"width":390,"height":10}},{"id":"c3a8fd9c-6b55-411d-a60c-a17b2461a31e","block_type":"box","text":"Transfer Shares to","page_number":46,"box":{"x":60,"y":491,"width":124,"height":8}},{"id":"3f47a38c-b888-41bb-8160-a838a4463525","block_type":"box","text":"Another Financial","page_number":46,"box":{"x":60,"y":502,"width":118,"height":9}},{"id":"7fc53552-5b7f-454d-9c50-a658e38384f4","block_type":"box","text":"Intermediary","page_number":46,"box":{"x":61,"y":514,"width":85,"height":10}},{"id":"7743cc6a-99a1-4877-8677-4c6ab2029b0c","block_type":"box","text":"Transfer to a participating","page_number":46,"box":{"x":213,"y":491,"width":171,"height":10}},{"id":"a7a46680-1ad4-49d9-90f7-bda5b8d0f4b4","block_type":"box","text":"Financial Intermediary","page_number":46,"box":{"x":214,"y":504,"width":145,"height":10}},{"id":"92f8a397-94ce-4d50-bf9f-b1fa1bb5ec6f","block_type":"box","text":"You may transfer your shares of the Fund only to another Financial","page_number":46,"box":{"x":460,"y":491,"width":436,"height":10}},{"id":"020f420e-7442-4703-b507-1824db02d77d","block_type":"box","text":"Intermediary that has entered into an agreement with the Distributor.","page_number":46,"box":{"x":461,"y":504,"width":455,"height":11}},{"id":"33288e91-8afc-4316-8609-bc827ce406eb","block_type":"box","text":"Certain shareholder services may not be available for the transferred","page_number":46,"box":{"x":461,"y":518,"width":456,"height":10}},{"id":"16c469b5-e953-4c5c-9772-1be872d481f5","block_type":"box","text":"shares. 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Certain","page_number":46,"box":{"x":60,"y":743,"width":865,"height":12}},{"id":"b07d82ca-c44f-477a-af80-a7ecce0ea271","block_type":"box","text":"of these account services and privileges are only available to shareholders of Investor Shares whose accounts are","page_number":46,"box":{"x":61,"y":758,"width":841,"height":11}},{"id":"0921df3f-f877-4974-ad4b-5e9435af2211","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":46,"box":{"x":61,"y":773,"width":816,"height":11}},{"id":"0f3bba71-37d6-40b6-a1f7-7efe645b1494","block_type":"box","text":"www.blackrock.com for additional information as well as forms and applications. Otherwise, please contact your","page_number":46,"box":{"x":60,"y":788,"width":824,"height":11}},{"id":"58c98654-0911-46d0-a72a-e4ed38d78ce6","block_type":"box","text":"Financial Intermediary for assistance in requesting one or more of the following services and privileges.","page_number":46,"box":{"x":62,"y":802,"width":759,"height":12}},{"id":"9be30ae6-30af-4789-b913-c2105eae9184","block_type":"box","text":"Automatic","page_number":46,"box":{"x":60,"y":832,"width":70,"height":8}},{"id":"5bb39b42-4ed5-4c93-b730-c34d7be35093","block_type":"box","text":"Investment Plan","page_number":46,"box":{"x":61,"y":843,"width":109,"height":9}},{"id":"0e79ece4-e478-403d-bfeb-66371294422c","block_type":"box","text":"Allows systematic investments","page_number":46,"box":{"x":213,"y":832,"width":202,"height":10}},{"id":"d3020d71-df4e-46ee-b613-cd453fd5e098","block_type":"box","text":"on a periodic basis from your","page_number":46,"box":{"x":214,"y":845,"width":192,"height":10}},{"id":"64a526ae-e6a1-4664-92a8-e88c21642b5b","block_type":"box","text":"checking or savings account.","page_number":46,"box":{"x":214,"y":859,"width":189,"height":10}},{"id":"a628dfbc-2f05-4033-8d0f-e03826cbed8e","block_type":"box","text":"BlackRock’s AIP allows you to invest a specific amount on a periodic","page_number":46,"box":{"x":461,"y":832,"width":451,"height":10}},{"id":"1a66bca8-4ec6-4e87-af7a-004b4a6e6bb4","block_type":"box","text":"basis from your checking or savings account into your investment","page_number":46,"box":{"x":461,"y":845,"width":431,"height":11}},{"id":"ef58182a-d734-4032-828d-6366502040e6","block_type":"box","text":"account. You may apply for this option upon account opening or by","page_number":46,"box":{"x":461,"y":859,"width":437,"height":10}},{"id":"cd4b3b6b-16b2-4bd1-80c3-6bc76f3deada","block_type":"box","text":"completing the AIP application. The minimum investment amount for","page_number":46,"box":{"x":461,"y":872,"width":451,"height":11}},{"id":"91e8d3cb-f432-4a4e-bd20-dbe07df54e21","block_type":"box","text":"an automatic investment is $50 per portfolio.","page_number":46,"box":{"x":461,"y":885,"width":300,"height":11}},{"id":"5f7cbac6-ce85-4550-b68c-c11e9149420f","block_type":"box","text":"46","page_number":46,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"edea8292-8a59-439f-b069-9747a5d6e531","block_type":"box","text":"NM0926U-5977302-46/76","page_number":46,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e753431f-627a-4442-896b-11cb1381ec78","block_type":"box","text":"Dividend Allocation","page_number":47,"box":{"x":61,"y":51,"width":129,"height":8}},{"id":"09cdc8b0-69b7-4fba-aef1-9588a98428f8","block_type":"box","text":"Plan","page_number":47,"box":{"x":61,"y":63,"width":28,"height":8}},{"id":"ea5d0c0b-b26e-4bf7-84eb-3931d1e7b255","block_type":"box","text":"Automatically invests your","page_number":47,"box":{"x":213,"y":51,"width":172,"height":10}},{"id":"0034fcf0-829f-4d4a-9018-0b30b8d50b98","block_type":"box","text":"distributions into another","page_number":47,"box":{"x":214,"y":65,"width":165,"height":8}},{"id":"690771b6-9a38-48aa-b193-9e7233a899dd","block_type":"box","text":"BlackRock Fund of your choice","page_number":47,"box":{"x":214,"y":78,"width":200,"height":10}},{"id":"c85a122c-b781-4c32-a292-fb85bb61323f","block_type":"box","text":"pursuant to your instructions,","page_number":47,"box":{"x":214,"y":92,"width":193,"height":10}},{"id":"8aea1d1e-be08-4294-b8d6-62af46ed0d1c","block_type":"box","text":"without any fees or sales","page_number":47,"box":{"x":213,"y":105,"width":165,"height":10}},{"id":"8e0410ac-1750-4ba3-bb1f-be7709c949a3","block_type":"box","text":"charges.","page_number":47,"box":{"x":214,"y":119,"width":55,"height":10}},{"id":"eece455c-e3a9-4647-9173-4751ca81e0c5","block_type":"box","text":"Dividend and capital gains distributions may be reinvested in your","page_number":47,"box":{"x":461,"y":51,"width":433,"height":10}},{"id":"e4c5c90b-26d3-4ae6-aa94-51a2879a6ba4","block_type":"box","text":"account to purchase additional shares or paid in cash. Using the","page_number":47,"box":{"x":461,"y":65,"width":427,"height":10}},{"id":"ded0b8ed-3346-4479-aa9f-121da32ce37c","block_type":"box","text":"Dividend Allocation Plan, you can direct your distributions to your bank","page_number":47,"box":{"x":461,"y":78,"width":463,"height":10}},{"id":"edfdd33b-9a2c-4506-89d7-0ab325626d74","block_type":"box","text":"account (checking or savings), to purchase shares of another fund at","page_number":47,"box":{"x":461,"y":92,"width":455,"height":10}},{"id":"2458df82-9150-4a4b-81da-00288fbd8d1e","block_type":"box","text":"BlackRock without any fees or sales charges, or by check to a special","page_number":47,"box":{"x":461,"y":105,"width":459,"height":11}},{"id":"2bbead49-88e0-4aa9-87bb-129c73d5443a","block_type":"box","text":"payee. Please call (800) 441-7762 for details. If investing in another","page_number":47,"box":{"x":461,"y":119,"width":454,"height":10}},{"id":"58b774b4-0009-4a2f-bf32-0ca983b2ceae","block_type":"box","text":"fund at BlackRock, the receiving fund must be open to new purchases.","page_number":47,"box":{"x":460,"y":132,"width":467,"height":11}},{"id":"7b89425e-d723-4ffc-923c-b98e00957339","block_type":"box","text":"EZ Trader","page_number":47,"box":{"x":61,"y":151,"width":65,"height":8}},{"id":"af01b86a-1814-4cd8-b7a9-00574b8ab188","block_type":"box","text":"Allows an investor to purchase or","page_number":47,"box":{"x":213,"y":151,"width":220,"height":9}},{"id":"a0fd4237-a7f5-4172-8a58-6c818ffab8ff","block_type":"box","text":"sell Investor Shares by telephone","page_number":47,"box":{"x":214,"y":164,"width":219,"height":10}},{"id":"a21a09e8-ff7f-455e-8e8f-bc81736625f5","block_type":"box","text":"or over the Internet through ACH.","page_number":47,"box":{"x":214,"y":178,"width":216,"height":10}},{"id":"f2665b44-03b6-40f3-91e9-9b59b03705b0","block_type":"box","text":"(NOTE: This option is offered to shareholders whose accounts are held","page_number":47,"box":{"x":461,"y":150,"width":467,"height":11}},{"id":"c46679ed-fb49-4d47-ab8f-ff317d963170","block_type":"box","text":"directly with BlackRock. Please speak with your Financial Intermediary","page_number":47,"box":{"x":461,"y":164,"width":462,"height":10}},{"id":"fd28ff3d-66e8-4d3e-9e98-cc0771de9a82","block_type":"box","text":"if your account is held elsewhere.)","page_number":47,"box":{"x":461,"y":177,"width":225,"height":11}},{"id":"14eb1899-3d25-4099-9000-9f5c1c67e941","block_type":"box","text":"Prior to establishing an EZ Trader account, please contact your bank to","page_number":47,"box":{"x":461,"y":194,"width":467,"height":10}},{"id":"ed00ad29-668c-40ad-a226-f1df66bc2322","block_type":"box","text":"confirm that it is a member of the ACH system. Once confirmed,","page_number":47,"box":{"x":461,"y":207,"width":423,"height":10}},{"id":"a795dd1d-548d-45c2-8554-957d50b0ecea","block_type":"box","text":"complete an application, making sure to include the appropriate bank","page_number":47,"box":{"x":461,"y":221,"width":459,"height":10}},{"id":"9ddc2c4e-dbe2-4155-89ba-f9c290a82d29","block_type":"box","text":"information, and return the application to the address listed on the","page_number":47,"box":{"x":461,"y":234,"width":442,"height":10}},{"id":"4706ada3-8fa5-40c6-ba93-b318898cc100","block_type":"box","text":"form.","page_number":47,"box":{"x":460,"y":248,"width":34,"height":8}},{"id":"4dbad3b5-df99-4f5b-8386-a148402c20be","block_type":"box","text":"Prior to placing a telephone or Internet purchase or sale order, please","page_number":47,"box":{"x":461,"y":264,"width":460,"height":10}},{"id":"5159377b-73e5-4456-aaa8-afd82f443e52","block_type":"box","text":"call (800) 441-7762 to confirm that your bank information has been","page_number":47,"box":{"x":461,"y":277,"width":449,"height":11}},{"id":"bfec8949-492b-44d5-bde7-7ea938b1fd02","block_type":"box","text":"updated on your account. Once this is established, you may place your","page_number":47,"box":{"x":461,"y":291,"width":466,"height":10}},{"id":"086f17b2-2d10-415f-9ddd-d3478fa3109b","block_type":"box","text":"request to sell shares with the Fund by telephone or Internet. Proceeds","page_number":47,"box":{"x":461,"y":305,"width":470,"height":10}},{"id":"5d775d00-d1f9-45d4-900e-95a79fc1d3e4","block_type":"box","text":"will be sent to your pre-designated bank account.","page_number":47,"box":{"x":460,"y":318,"width":323,"height":10}},{"id":"909dfd2e-89ec-43a9-8265-75eeaf39abb1","block_type":"box","text":"Systematic","page_number":47,"box":{"x":60,"y":336,"width":76,"height":10}},{"id":"90fa1369-eff5-4678-8468-ee076e99763f","block_type":"box","text":"Exchange Plan","page_number":47,"box":{"x":61,"y":348,"width":99,"height":10}},{"id":"550300e0-2ca1-4692-aa99-27dfcb9e26f6","block_type":"box","text":"This feature can be used by","page_number":47,"box":{"x":213,"y":336,"width":184,"height":10}},{"id":"8c36a7d2-9554-455f-b94f-c06441e388d9","block_type":"box","text":"investors to systematically","page_number":47,"box":{"x":214,"y":350,"width":175,"height":10}},{"id":"4dd4ad8d-8e5f-4548-9dff-698c374522fc","block_type":"box","text":"exchange money from one fund","page_number":47,"box":{"x":214,"y":363,"width":205,"height":10}},{"id":"86dc48a5-e519-4e3e-a9ce-496f3af0232f","block_type":"box","text":"to up to four other funds.","page_number":47,"box":{"x":213,"y":377,"width":165,"height":10}},{"id":"4768ce8d-7a92-45fc-9542-1525085090ee","block_type":"box","text":"A minimum of $10,000 in the initial BlackRock Fund is required, and","page_number":47,"box":{"x":460,"y":335,"width":454,"height":11}},{"id":"32233f88-829d-4800-ad71-79f7b9b4784c","block_type":"box","text":"investments in any additional funds must meet minimum initial","page_number":47,"box":{"x":461,"y":349,"width":414,"height":11}},{"id":"6f36cc7e-bfb8-4c92-a4b6-a8ff85478f5d","block_type":"box","text":"investment requirements.","page_number":47,"box":{"x":461,"y":363,"width":167,"height":10}},{"id":"510ac101-0a72-4b0d-8d68-f1355f66386d","block_type":"box","text":"Systematic","page_number":47,"box":{"x":60,"y":395,"width":76,"height":10}},{"id":"ae07c8a5-6583-4d1e-bc47-4c8d166addbb","block_type":"box","text":"Withdrawal Plan","page_number":47,"box":{"x":60,"y":406,"width":110,"height":9}},{"id":"c15063bc-cad8-4503-a9d5-ba39ed15ad39","block_type":"box","text":"This feature can be used by","page_number":47,"box":{"x":213,"y":395,"width":184,"height":10}},{"id":"e1e7e8f5-3507-42a3-9390-2281852b2db7","block_type":"box","text":"investors who want to receive","page_number":47,"box":{"x":214,"y":408,"width":194,"height":8}},{"id":"55cc31df-ef79-41c8-87b7-a5d970e1fdb9","block_type":"box","text":"regular distributions from their","page_number":47,"box":{"x":214,"y":422,"width":200,"height":10}},{"id":"09614380-f558-42b8-a717-6a10176ab564","block_type":"box","text":"accounts.","page_number":47,"box":{"x":214,"y":436,"width":62,"height":8}},{"id":"d7a47f10-f059-407b-b266-12d0a4b2fd1d","block_type":"box","text":"To start an SWP, a shareholder must have a current investment of","page_number":47,"box":{"x":460,"y":395,"width":438,"height":9}},{"id":"57a338f6-e141-4649-9bfb-90f3a7145c38","block_type":"box","text":"$10,000 or more in a BlackRock Fund.","page_number":47,"box":{"x":461,"y":408,"width":255,"height":10}},{"id":"e13f3617-eae7-49a6-9b8b-c544b8b0d249","block_type":"box","text":"Shareholders can elect to receive cash payments of $50 or more at any","page_number":47,"box":{"x":461,"y":424,"width":475,"height":11}},{"id":"a93a829d-10c2-407d-a99e-e7f1f05a2300","block_type":"box","text":"interval they choose. 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No CDSC will be assessed on","page_number":47,"box":{"x":461,"y":562,"width":450,"height":11}},{"id":"369db91b-7ead-4bab-9f37-a678fdfa68a6","block_type":"box","text":"redemptions of Investor A or Investor C Shares made through the SWP","page_number":47,"box":{"x":461,"y":576,"width":465,"height":10}},{"id":"d795b9ce-2629-45a7-a2d0-36fa27a387e1","block_type":"box","text":"that do not exceed 12% of the account’s net asset value on an","page_number":47,"box":{"x":460,"y":589,"width":416,"height":9}},{"id":"78591409-ed6e-4409-8d20-9c6348b9d605","block_type":"box","text":"annualized basis. For example, monthly, quarterly, and semi-annual","page_number":47,"box":{"x":461,"y":603,"width":442,"height":10}},{"id":"f55f0d16-dc0b-4c23-8db7-f32134245ad0","block_type":"box","text":"SWP redemptions of Investor A or Investor C Shares will not be subject","page_number":47,"box":{"x":461,"y":616,"width":468,"height":11}},{"id":"46dd7ec0-aa15-48f5-8ef0-2c7ae68eb1ac","block_type":"box","text":"to the CDSC if they do not exceed 1%, 3% and 6%, respectively, of an","page_number":47,"box":{"x":460,"y":630,"width":457,"height":10}},{"id":"4c7a5421-e865-454d-b2b8-d070f85f2807","block_type":"box","text":"account’s net asset value on the redemption date. SWP redemptions of","page_number":47,"box":{"x":461,"y":643,"width":474,"height":11}},{"id":"5145ed38-dadb-487d-9748-d69b79d9e872","block_type":"box","text":"Investor A or Investor C Shares in excess of this limit will still pay any","page_number":47,"box":{"x":461,"y":657,"width":458,"height":10}},{"id":"fde25c44-0730-437e-bb8d-dc3a3d475b9b","block_type":"box","text":"applicable CDSC.","page_number":47,"box":{"x":461,"y":671,"width":112,"height":10}},{"id":"1c085718-b8a8-4b9b-9da2-bb793d35d217","block_type":"box","text":"Ask your Financial Intermediary for details.","page_number":47,"box":{"x":460,"y":687,"width":281,"height":10}},{"id":"bc559362-5d11-4cbc-a33e-3647e2adeb8d","block_type":"box","text":"Reinstatement","page_number":47,"box":{"x":61,"y":705,"width":99,"height":8}},{"id":"c4685821-add5-4202-ac57-8590bfc4e2bb","block_type":"box","text":"Privilege","page_number":47,"box":{"x":61,"y":716,"width":57,"height":11}},{"id":"5f7ab4b1-a9ad-4fef-a099-e5fdae2728f9","block_type":"box","text":"If you redeem Investor A or Institutional Shares and buy new Investor A","page_number":47,"box":{"x":461,"y":705,"width":468,"height":10}},{"id":"180b9004-b572-45da-bbfc-8f22b0914776","block_type":"box","text":"Shares of the same or another BlackRock Fund (equal to all or a","page_number":47,"box":{"x":461,"y":718,"width":424,"height":10}},{"id":"d3485e20-f91a-4332-8cbe-bb7f77065438","block_type":"box","text":"portion of the redemption amount) within 90 days of such redemption,","page_number":47,"box":{"x":461,"y":732,"width":464,"height":10}},{"id":"f303e768-3e03-4a26-83b7-0fb272acaa31","block_type":"box","text":"you will not pay a sales charge on the new purchase amount. This right","page_number":47,"box":{"x":460,"y":746,"width":470,"height":10}},{"id":"2e346210-c81c-44e2-b98e-0a87d5c6de04","block_type":"box","text":"may be exercised within 90 days of the redemption, provided that the","page_number":47,"box":{"x":461,"y":759,"width":458,"height":10}},{"id":"9657ef3a-3906-49b1-aee1-e640abf4a6fa","block_type":"box","text":"Investor A Share class of that fund is currently open to new investors","page_number":47,"box":{"x":461,"y":772,"width":456,"height":11}},{"id":"2f2508b9-8e55-40d7-8ba5-8a25362a5871","block_type":"box","text":"or the shareholder has a current account in that closed fund. Shares","page_number":47,"box":{"x":461,"y":786,"width":454,"height":8}},{"id":"e900a308-cfbe-4f67-8370-7663018c8bde","block_type":"box","text":"will be purchased at the net asset value calculated at the close of","page_number":47,"box":{"x":460,"y":799,"width":438,"height":11}},{"id":"a7fb7cc8-e660-4b4a-b935-2ab7f0e17204","block_type":"box","text":"trading on the day the request is received. To exercise this privilege,","page_number":47,"box":{"x":460,"y":813,"width":450,"height":10}},{"id":"dc331284-046e-4325-831e-09c1d53f2ca6","block_type":"box","text":"the Fund must receive written notification from the shareholder of","page_number":47,"box":{"x":460,"y":826,"width":435,"height":9}},{"id":"308f55d3-7ccd-4313-8ccf-c0f79c148f75","block_type":"box","text":"record or the Financial Intermediary of record, at the time of purchase.","page_number":47,"box":{"x":461,"y":840,"width":466,"height":10}},{"id":"c22ff22e-a3c3-47c7-845b-0bdc213b7592","block_type":"box","text":"Investors should consult a tax adviser concerning the tax","page_number":47,"box":{"x":461,"y":854,"width":376,"height":10}},{"id":"6b983a88-f1ff-44fd-a3a0-3f03cc5437dc","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":47,"box":{"x":461,"y":867,"width":371,"height":11}},{"id":"a8ef270e-1ef0-4bc8-9982-67e2257c84ed","block_type":"box","text":"47","page_number":47,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"3cca80c1-0d62-4a48-b1cd-22ee54001533","block_type":"box","text":"NM0926U-5977302-47/76","page_number":47,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f4e6b0c7-f15e-4212-9f57-f31772ba0866","block_type":"box","text":"Fund’s Rights","page_number":48,"box":{"x":61,"y":47,"width":124,"height":13}},{"id":"ed81a45a-c77a-4f05-b77f-69802ec64625","block_type":"box","text":"The Fund may:","page_number":48,"box":{"x":60,"y":73,"width":106,"height":11}},{"id":"96c77db5-85c0-417c-936b-22218dbf94b1","block_type":"box","text":"Suspend the right of redemption if trading is halted or restricted on the NYSE or under other emergency conditions","page_number":48,"box":{"x":81,"y":93,"width":840,"height":11}},{"id":"4c3e438c-6384-41df-b42b-af5a5ea00e95","block_type":"box","text":"described in the Investment Company Act;","page_number":48,"box":{"x":81,"y":108,"width":308,"height":11}},{"id":"00cd8972-1fd6-438d-a9ed-6cf77320d1c7","block_type":"box","text":"Postpone the date of payment upon redemption if trading is halted or restricted on the NYSE or under other","page_number":48,"box":{"x":81,"y":127,"width":789,"height":12}},{"id":"9bb050d1-4871-478c-b875-aff923a55fd4","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":48,"box":{"x":81,"y":142,"width":850,"height":12}},{"id":"990f7ae5-9baa-4b42-a8d4-99801c9b870a","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":48,"box":{"x":82,"y":157,"width":368,"height":12}},{"id":"b1581288-3305-4a67-8edc-e67699b93021","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":48,"box":{"x":82,"y":177,"width":781,"height":12}},{"id":"2ae10c7c-3313-4fe2-b286-ab0f1645e3ac","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":48,"box":{"x":82,"y":197,"width":798,"height":12}},{"id":"003b9c1f-ec44-4906-9a61-8307b566d7b6","block_type":"box","text":"specified level.","page_number":48,"box":{"x":81,"y":212,"width":108,"height":11}},{"id":"df8e4229-ad9d-4630-915d-95b62c1d3906","block_type":"box","text":"Note on Low Balance Accounts.","page_number":48,"box":{"x":61,"y":235,"width":239,"height":9}},{"id":"6244e952-2f61-46ac-8314-0d6539953803","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":48,"box":{"x":307,"y":234,"width":600,"height":12}},{"id":"7bda1062-41d3-44a2-957e-57cbb8dd6ae9","block_type":"box","text":"has set a minimum balance of $500 in each Fund position you hold within your account (the “Fund Minimum”), and","page_number":48,"box":{"x":61,"y":249,"width":846,"height":12}},{"id":"bdecf949-b949-4d69-aad7-2191232316cd","block_type":"box","text":"may redeem the shares in your account if the net asset value of those shares in your account falls below $500 for any","page_number":48,"box":{"x":61,"y":263,"width":872,"height":13}},{"id":"d92035d5-1470-4d18-9589-3d972d97f7a3","block_type":"box","text":"reason, including market fluctuation.","page_number":48,"box":{"x":61,"y":279,"width":267,"height":12}},{"id":"47b410df-2e7f-4472-bf56-f7f72e05e254","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":48,"box":{"x":60,"y":302,"width":799,"height":11}},{"id":"fbee7d53-3ebe-491d-bdd6-d688966824d6","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":48,"box":{"x":62,"y":316,"width":796,"height":12}},{"id":"8f5aef65-f2c5-40c1-828c-097f18c6c0fe","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":48,"box":{"x":62,"y":331,"width":800,"height":12}},{"id":"47355d71-6aff-4596-a9a4-99adc8363292","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":48,"box":{"x":61,"y":346,"width":859,"height":12}},{"id":"9782a9e6-f40a-488d-ab60-96f198db3d1f","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":48,"box":{"x":61,"y":361,"width":868,"height":11}},{"id":"3bd14373-4d42-4ac6-a8a4-8d012afddb02","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":48,"box":{"x":61,"y":376,"width":420,"height":11}},{"id":"330880b6-b61d-4aca-8c18-24c91321a385","block_type":"box","text":"Participation in Fee-Based Programs","page_number":48,"box":{"x":61,"y":415,"width":331,"height":13}},{"id":"da94135a-677e-4c0b-9db2-b108181ef6dd","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or by Financial","page_number":48,"box":{"x":62,"y":441,"width":826,"height":11}},{"id":"b8d6e722-0543-4001-9297-a3ff6705c2d3","block_type":"box","text":"Intermediaries that have agreements with the Distributor or in certain fee-based programs in which BlackRock","page_number":48,"box":{"x":62,"y":456,"width":806,"height":11}},{"id":"52f8aa90-e80c-4af4-bb90-15ea9f15b52b","block_type":"box","text":"participates, you may be able to buy Institutional Shares, including by exchanges from other share classes. Sales","page_number":48,"box":{"x":62,"y":470,"width":833,"height":12}},{"id":"89e18eb1-2a4e-4d75-8bf9-ffc4dae4c69c","block_type":"box","text":"charges on the shares being exchanged may be reduced or waived under certain circumstances. You generally cannot","page_number":48,"box":{"x":61,"y":486,"width":865,"height":11}},{"id":"657ea9a3-86b0-4643-8180-93930f9cb3bb","block_type":"box","text":"transfer shares held through a fee-based program into another account. Instead, if you choose to leave the fee-based","page_number":48,"box":{"x":60,"y":500,"width":863,"height":12}},{"id":"a797e5be-402a-4170-b905-fc6d9c29317d","block_type":"box","text":"program, you may have to redeem your shares held through the program and purchase shares of another class, which","page_number":48,"box":{"x":62,"y":515,"width":865,"height":11}},{"id":"e61f0f84-dfb2-430e-b4d1-3e3806802ce8","block_type":"box","text":"may be subject to distribution and service fees. This may be a taxable event and you may pay any applicable sales","page_number":48,"box":{"x":61,"y":530,"width":842,"height":11}},{"id":"6b7d54e3-2e5f-4391-8824-2a5a5c756c58","block_type":"box","text":"charges or redemption fee. Please speak to your Financial Intermediary for information about specific policies and","page_number":48,"box":{"x":61,"y":545,"width":838,"height":11}},{"id":"fa7e1286-f7ef-4e6b-88da-3c90b2abd3fc","block_type":"box","text":"procedures applicable to your account.","page_number":48,"box":{"x":62,"y":560,"width":282,"height":11}},{"id":"077650dc-7015-4e19-b8bc-f743a40604cd","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated or the shares can be held in an","page_number":48,"box":{"x":61,"y":582,"width":835,"height":11}},{"id":"e1c0263d-e475-44b4-be20-022933670f31","block_type":"box","text":"account. In certain instances, when a shareholder chooses to continue to hold the shares, whatever share class was","page_number":48,"box":{"x":61,"y":597,"width":861,"height":11}},{"id":"c33c5b15-b2cb-41ac-b86c-8add848dda0b","block_type":"box","text":"held in the program can be held after termination. Shares that have been held for less than specified periods within","page_number":48,"box":{"x":61,"y":612,"width":849,"height":11}},{"id":"382fbb85-6a5f-4cc1-b486-75c9cb95e863","block_type":"box","text":"the program may be subject to a fee upon redemption. Shareholders that held Investor A or Institutional Shares in the","page_number":48,"box":{"x":60,"y":626,"width":867,"height":12}},{"id":"8a83394a-284a-4f21-ab0d-d6f8548b8403","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":48,"box":{"x":62,"y":641,"width":873,"height":12}},{"id":"90c709de-656f-4958-8239-1d0111e8c0d9","block_type":"box","text":"upfront sales charges with respect to Investor A Shares. Additional purchases of Institutional Shares are permitted","page_number":48,"box":{"x":61,"y":656,"width":844,"height":12}},{"id":"82b422dd-c9bd-42dc-946c-be92e7be3806","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":48,"box":{"x":61,"y":671,"width":865,"height":11}},{"id":"8ff8eed4-81b2-4464-ab54-f6184633d5f3","block_type":"box","text":"Please speak to your Financial Intermediary for more information.","page_number":48,"box":{"x":61,"y":686,"width":480,"height":11}},{"id":"2fa47405-d93b-4d57-a4a9-27293c9b4e08","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":48,"box":{"x":61,"y":708,"width":854,"height":12}},{"id":"bb3d7f4b-4c4d-4d65-8da0-9e52ad486f61","block_type":"box","text":"based program or upon termination of the fee-based program) or otherwise in accordance with the Financial","page_number":48,"box":{"x":61,"y":723,"width":790,"height":12}},{"id":"f18ffd67-5034-496a-a9fa-2efe470d907a","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":48,"box":{"x":62,"y":738,"width":855,"height":11}},{"id":"8bd36625-5223-4370-8554-ab0a8ea5b907","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":48,"box":{"x":61,"y":753,"width":831,"height":11}},{"id":"6f4f8d57-bec2-4c9b-bad5-2ab67927464d","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your Financial Intermediary for information about","page_number":48,"box":{"x":61,"y":768,"width":828,"height":11}},{"id":"48e204f5-aa49-449b-accc-6c5a257a5854","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":48,"box":{"x":61,"y":782,"width":437,"height":12}},{"id":"6556321c-94f8-49a8-a08b-92baff30d57a","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":48,"box":{"x":62,"y":805,"width":859,"height":12}},{"id":"b162a33d-3361-4328-a966-6482708909f4","block_type":"box","text":"the client agreement for each fee-based program and are available from your Financial Intermediary. Please speak to","page_number":48,"box":{"x":60,"y":820,"width":858,"height":11}},{"id":"66221226-1ef9-4732-a3f7-241d8e3db6de","block_type":"box","text":"your Financial Intermediary for more information.","page_number":48,"box":{"x":60,"y":835,"width":357,"height":11}},{"id":"32284afa-875f-4c99-b074-3cd6f5158190","block_type":"box","text":"48","page_number":48,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"679ac6b9-ecd5-4040-8101-792ddb66e833","block_type":"box","text":"NM0926U-5977302-48/76","page_number":48,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"503bb6c5-24a0-418b-bb3e-36ecd82b20a7","block_type":"box","text":"Short-Term Trading Policy","page_number":49,"box":{"x":61,"y":47,"width":232,"height":13}},{"id":"1716cc90-b6f6-45cb-a6fa-a3b90f092883","block_type":"box","text":"The Board of Directors (the “Board”) has determined that the interests of long-term shareholders and the Fund’s","page_number":49,"box":{"x":60,"y":73,"width":829,"height":11}},{"id":"61a41858-2a49-4843-9d7d-de453f239b0c","block_type":"box","text":"ability to manage its investments may be adversely affected when shares are repeatedly bought, sold or exchanged in","page_number":49,"box":{"x":61,"y":88,"width":866,"height":11}},{"id":"21341784-ed9c-4749-b8ff-62da4d035a77","block_type":"box","text":"response to short-term market fluctuations — also known as “market timing.” The Fund is not designed for market","page_number":49,"box":{"x":61,"y":102,"width":845,"height":12}},{"id":"ef01bf8c-bd16-4a1c-afbf-0191b5391be1","block_type":"box","text":"timing organizations or other entities using programmed or frequent purchases and sales or exchanges. The exchange","page_number":49,"box":{"x":60,"y":117,"width":869,"height":12}},{"id":"10d54af4-53d9-4d1b-88ee-949bb952184f","block_type":"box","text":"privilege for Investor Shares and Institutional Shares is not intended as a vehicle for short-term trading. Excessive","page_number":49,"box":{"x":62,"y":132,"width":836,"height":12}},{"id":"6d5f8464-ee82-466c-9e9e-518de6dff58d","block_type":"box","text":"purchase and sale or exchange activity may interfere with portfolio management, increase expenses and taxes and","page_number":49,"box":{"x":62,"y":147,"width":845,"height":11}},{"id":"68631a01-1b1b-48d0-8768-dd5bf33a2955","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":49,"box":{"x":61,"y":162,"width":863,"height":11}},{"id":"b6ef1c4c-ad7a-4783-bb71-2e91751180fb","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":49,"box":{"x":61,"y":176,"width":867,"height":12}},{"id":"48f2e364-f203-4f1a-8c60-161a566aaac5","block_type":"box","text":"or other short-term investments or sell securities, rather than maintaining such assets in securities selected to","page_number":49,"box":{"x":61,"y":192,"width":817,"height":11}},{"id":"77e7c30c-9c76-46a0-aca6-5e8d67184d83","block_type":"box","text":"achieve the Fund’s investment objective. Frequent trading may cause the Fund to sell securities at less favorable","page_number":49,"box":{"x":61,"y":206,"width":830,"height":12}},{"id":"f17357d1-5d00-4c84-9d77-d5eca71420ce","block_type":"box","text":"prices, and transaction costs, such as brokerage commissions, can reduce the Fund’s performance.","page_number":49,"box":{"x":62,"y":221,"width":737,"height":12}},{"id":"0e6c24dc-c7e1-4f00-b339-1e5d5f30442c","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":49,"box":{"x":60,"y":244,"width":873,"height":11}},{"id":"ded074e7-193c-45d9-bb5a-cb15f5f58915","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":49,"box":{"x":61,"y":258,"width":872,"height":12}},{"id":"894463cb-31fa-4eeb-8d3a-db7d4dd5cb67","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":49,"box":{"x":61,"y":273,"width":865,"height":12}},{"id":"861b21e6-6528-45e3-92f8-93103b9203a6","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":49,"box":{"x":61,"y":288,"width":817,"height":11}},{"id":"401ce68f-3551-4470-8f34-da684fdb521f","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":49,"box":{"x":61,"y":303,"width":818,"height":11}},{"id":"38f5ccd9-ef31-498c-a475-2f34880de92e","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":49,"box":{"x":60,"y":318,"width":865,"height":11}},{"id":"6006561e-c24c-42ba-8282-27010cb1f564","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":49,"box":{"x":61,"y":332,"width":829,"height":12}},{"id":"5b144f5c-7bdb-4df7-95db-e176f9516c54","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":49,"box":{"x":62,"y":347,"width":671,"height":12}},{"id":"347053d9-31af-4153-916f-5a86da1bcaaf","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":49,"box":{"x":60,"y":370,"width":869,"height":11}},{"id":"b04c2113-1ab8-4f9e-9730-6225e656e21d","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":49,"box":{"x":60,"y":385,"width":839,"height":11}},{"id":"e3d8572c-d826-4d12-b4c8-ccf37440dc48","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":49,"box":{"x":61,"y":399,"width":869,"height":12}},{"id":"7ffe955f-1a10-4063-9880-33f1b4812da8","block_type":"box","text":"on purchases, sales and exchanges of Fund shares because certain legitimate strategies will not result in harm to the","page_number":49,"box":{"x":61,"y":414,"width":870,"height":12}},{"id":"4d1a34fc-b848-4adf-8c5c-84819443d60d","block_type":"box","text":"Fund or its shareholders.","page_number":49,"box":{"x":62,"y":429,"width":181,"height":9}},{"id":"ea17f626-42af-4497-8393-74eca87b107e","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":49,"box":{"x":62,"y":452,"width":795,"height":11}},{"id":"a0428344-0fdb-4153-a7e8-58947fce1e79","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":49,"box":{"x":61,"y":467,"width":860,"height":11}},{"id":"796099ad-dfca-4199-a21a-829e98159529","block_type":"box","text":"in market timing activity, it reserves the right to reject any specific purchase or exchange order. If the Fund rejects your","page_number":49,"box":{"x":62,"y":481,"width":871,"height":12}},{"id":"fcf0d042-4bdb-4ecd-87b0-e641e73a21b6","block_type":"box","text":"purchase or exchange order, you will not be able to execute that transaction, and the Fund will not be responsible for","page_number":49,"box":{"x":62,"y":496,"width":858,"height":12}},{"id":"ddbb34e4-7923-49bf-96fc-f21f4482f384","block_type":"box","text":"any losses you therefore may suffer. For transactions placed directly with the Fund, the Fund may consider the trading","page_number":49,"box":{"x":61,"y":511,"width":866,"height":12}},{"id":"a5572eaf-058b-46a8-82b4-12c580223ce9","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions","page_number":49,"box":{"x":61,"y":526,"width":829,"height":11}},{"id":"1c385a28-28d0-4774-9ff6-515169724516","block_type":"box","text":"placed through the same Financial Intermediary on an omnibus basis may be deemed part of a group for the purpose","page_number":49,"box":{"x":62,"y":541,"width":862,"height":11}},{"id":"9eff5255-a0c7-4313-b8db-52abbc572d29","block_type":"box","text":"of this policy and may be rejected in whole or in part by the Fund. Certain accounts, such as omnibus accounts and","page_number":49,"box":{"x":61,"y":555,"width":849,"height":12}},{"id":"1410d3fd-8ecc-43c1-9d15-990c23794803","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":49,"box":{"x":61,"y":571,"width":866,"height":11}},{"id":"b35f29e9-46ce-4246-897c-258a407b2ec7","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":49,"box":{"x":60,"y":585,"width":806,"height":12}},{"id":"e4f331ec-040c-4480-9293-1a72281b56b6","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":49,"box":{"x":61,"y":600,"width":804,"height":12}},{"id":"f1abae50-75c4-4391-8b36-65ad3ea8a355","block_type":"box","text":"exchangers whose orders are aggregated may not be known by the Fund. While the Fund monitors for market timing","page_number":49,"box":{"x":61,"y":615,"width":849,"height":11}},{"id":"cf0595d8-8328-429b-ba8b-3cb219aa4751","block_type":"box","text":"activity, the Fund may be unable to identify such activities because the netting effect in omnibus accounts often makes","page_number":49,"box":{"x":61,"y":630,"width":875,"height":11}},{"id":"e605e789-563f-43ad-a876-199dedda68c6","block_type":"box","text":"it more difficult to locate and eliminate market timers from the Fund. The Distributor has entered into agreements with","page_number":49,"box":{"x":62,"y":644,"width":869,"height":12}},{"id":"c6f5bb16-4ae0-482f-875f-c0a809dcf36a","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":49,"box":{"x":61,"y":659,"width":845,"height":12}},{"id":"bf791461-e0c4-41af-942d-8c18ba5c8b41","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":49,"box":{"x":62,"y":674,"width":868,"height":12}},{"id":"a5f14688-e06c-412b-b7d3-e3e769e8e5ac","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":49,"box":{"x":61,"y":689,"width":861,"height":11}},{"id":"56458291-dd8f-46e0-9bc3-eb02cb39799f","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":49,"box":{"x":61,"y":704,"width":868,"height":11}},{"id":"05e3fcba-3bef-45d3-9efd-bd64a2ba409a","block_type":"box","text":"the event that a Financial Intermediary is determined by the Fund to be engaged in market timing or other improper","page_number":49,"box":{"x":60,"y":719,"width":847,"height":11}},{"id":"98122981-eec7-4809-a072-be2f37dfaf1e","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Distributor,","page_number":49,"box":{"x":60,"y":734,"width":837,"height":11}},{"id":"aedcd052-3850-435a-b17d-40bb94273b70","block_type":"box","text":"suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":49,"box":{"x":61,"y":748,"width":663,"height":12}},{"id":"7603ee8c-ac0b-4422-865e-797c5d5f5ead","block_type":"box","text":"There is no assurance that the methods described above will prevent market timing or other trading that may be","page_number":49,"box":{"x":60,"y":771,"width":824,"height":11}},{"id":"39e2782b-d2fb-412a-bf06-892a1cee5408","block_type":"box","text":"deemed abusive.","page_number":49,"box":{"x":61,"y":786,"width":123,"height":9}},{"id":"061588e9-e7ab-4d90-9070-5dc99ab1875e","block_type":"box","text":"The Fund may from time to time use other methods that it believes are appropriate to deter market timing or other","page_number":49,"box":{"x":60,"y":808,"width":841,"height":12}},{"id":"d956fded-e748-4b80-9cdb-64739ade1089","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":49,"box":{"x":60,"y":823,"width":572,"height":12}},{"id":"fefb90b0-a2a1-474a-9bfd-1a5aa569c607","block_type":"box","text":"49","page_number":49,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"90b33e66-29d4-4105-b185-9c15e346218d","block_type":"box","text":"NM0926U-5977302-49/76","page_number":49,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ad1d8080-068a-444c-90b5-bd3061d1ae18","block_type":"box","text":"Management of the Fund","page_number":50,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"6bd5fda5-552e-436a-872d-9d041402d56c","block_type":"box","text":"BlackRock","page_number":50,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"3ed88fbb-a68a-46b9-9a75-596ef8c72401","block_type":"box","text":"BlackRock, the Fund’s investment adviser, manages the Fund’s investments and its business operations subject to","page_number":50,"box":{"x":62,"y":183,"width":846,"height":11}},{"id":"723a15bd-9414-43fb-a2e2-c200fb18c67f","block_type":"box","text":"the oversight of the Board of the Fund. While BlackRock is ultimately responsible for the management of the Fund, it is","page_number":50,"box":{"x":60,"y":197,"width":873,"height":12}},{"id":"420623a0-1218-492a-8ccc-a2199156b457","block_type":"box","text":"able to draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":50,"box":{"x":61,"y":212,"width":851,"height":12}},{"id":"f9dce2a6-5cf4-4706-931a-ad3aaca93451","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":50,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"8594967c-d6b4-4de3-8d9e-3008b7bc08dc","block_type":"box","text":"BlackRock, Inc.","page_number":50,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"1e3e0ba1-c0b4-44b2-847d-c8e98fcdb26a","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":50,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"f53fe062-fb21-4048-b84f-7224d6cb9784","block_type":"box","text":"companies. BlackRock International Limited, the Fund’s sub-adviser (the “Sub-Adviser”), is a registered investment","page_number":50,"box":{"x":61,"y":279,"width":844,"height":12}},{"id":"f58783e3-7d90-444e-aa4f-cb47ae24b417","block_type":"box","text":"adviser organized in 1995 and is an affiliate of BlackRock. BlackRock and its affiliates had approximately $15.3 trillion","page_number":50,"box":{"x":61,"y":293,"width":875,"height":12}},{"id":"a359484d-0a1d-4d99-b91e-216a7d08880c","block_type":"box","text":"in investment company and other portfolio assets under management as of June 30, 2026.","page_number":50,"box":{"x":62,"y":309,"width":672,"height":11}},{"id":"a4a6b8b1-c8fc-4790-a6d4-22f9f8927912","block_type":"box","text":"The Fund has entered into a management agreement (the “Management Agreement”) with BlackRock. Under the","page_number":50,"box":{"x":60,"y":331,"width":827,"height":12}},{"id":"aa4fd455-5813-49f0-ab9a-c6844845a30a","block_type":"box","text":"Management Agreement, BlackRock receives for its services to the Fund a monthly fee as a percentage of the Fund’s","page_number":50,"box":{"x":62,"y":346,"width":863,"height":12}},{"id":"3c3ec5a5-d0ea-4b5a-ac6a-13b9ac01cfb6","block_type":"box","text":"average daily net assets. With respect to the Fund, the maximum annual management fees that can be paid to","page_number":50,"box":{"x":61,"y":361,"width":814,"height":11}},{"id":"150792c2-7285-448d-8641-a5cde6f64003","block_type":"box","text":"BlackRock (as a percentage of average daily net assets) are calculated as follows:","page_number":50,"box":{"x":62,"y":376,"width":603,"height":11}},{"id":"b6e5f25a-332b-4ad5-9903-2fe60974ea8d","block_type":"box","text":"Average Daily Net Assets","page_number":50,"box":{"x":69,"y":414,"width":151,"height":9}},{"id":"d250083b-cc1e-49c1-bd8e-a490de72ff50","block_type":"box","text":"Rate of","page_number":50,"box":{"x":844,"y":404,"width":43,"height":7}},{"id":"768e4aed-8b4d-4e25-ab8a-9d3ce59ab1e1","block_type":"box","text":"Management Fee","page_number":50,"box":{"x":813,"y":414,"width":104,"height":9}},{"id":"fc4523f7-6016-419e-93b1-2236a3e55ebe","block_type":"box","text":"First $250 million","page_number":50,"box":{"x":70,"y":431,"width":115,"height":9}},{"id":"e710bf54-038d-4fad-9eaa-a754c8dd1561","block_type":"box","text":"0.500%","page_number":50,"box":{"x":845,"y":431,"width":50,"height":9}},{"id":"ddc297b7-7286-4ea0-bdf4-225d528a8d72","block_type":"box","text":"$250 million – $300 million","page_number":50,"box":{"x":70,"y":449,"width":182,"height":9}},{"id":"8f5e35cc-d216-430c-9368-4c282b01425f","block_type":"box","text":"0.450%","page_number":50,"box":{"x":845,"y":450,"width":50,"height":8}},{"id":"296bbaea-6c2d-49a4-8ed5-8975fde102f0","block_type":"box","text":"$300 million – $400 million","page_number":50,"box":{"x":70,"y":467,"width":182,"height":10}},{"id":"c739383e-bd5f-41eb-855f-fa4fca57434f","block_type":"box","text":"0.425%","page_number":50,"box":{"x":845,"y":468,"width":50,"height":8}},{"id":"f5d4c0a4-a1a6-42db-bd36-bd68ada0ddc0","block_type":"box","text":"Greater than $400 million","page_number":50,"box":{"x":69,"y":485,"width":170,"height":10}},{"id":"80d447a8-3ed7-4636-beb6-dc70417c7f09","block_type":"box","text":"0.400%","page_number":50,"box":{"x":845,"y":486,"width":50,"height":8}},{"id":"3ca8fe06-d657-4684-9d3e-a174d9f21f02","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":50,"box":{"x":62,"y":517,"width":840,"height":12}},{"id":"9d049574-af70-44ca-9954-504c3a21bf62","block_type":"box","text":"estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds","page_number":50,"box":{"x":61,"y":532,"width":861,"height":12}},{"id":"eba3e4bd-8880-4eec-838b-80805dbdcaf3","block_type":"box","text":"managed by BlackRock or its affiliates that have a contractual management fee through June 30, 2028. In addition,","page_number":50,"box":{"x":61,"y":547,"width":851,"height":12}},{"id":"19f6a692-030c-436d-8339-d1de064c6944","block_type":"box","text":"BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund","page_number":50,"box":{"x":62,"y":562,"width":872,"height":12}},{"id":"065c2003-b303-4575-b73f-dfe8f7a6d5fa","block_type":"box","text":"pays to the Manager indirectly through its investment in money market funds managed by BlackRock or its affiliates,","page_number":50,"box":{"x":62,"y":577,"width":853,"height":11}},{"id":"f4dc6a6e-beac-418a-a4e4-523fac52f08d","block_type":"box","text":"through June 30, 2028. The contractual agreements may be terminated upon 90 days’ notice by a majority of the non","page_number":50,"box":{"x":60,"y":592,"width":871,"height":11}},{"id":"aa9ce3b6-e02c-4871-ab20-ad6fc442b402","block_type":"box","text":"interested directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":50,"box":{"x":62,"y":606,"width":772,"height":12}},{"id":"1598e425-6ba7-46af-b92e-5e4b71a58cbc","block_type":"box","text":"BlackRock has entered into a sub-advisory agreement with the Sub-Adviser, an affiliate of BlackRock, with respect to","page_number":50,"box":{"x":62,"y":629,"width":855,"height":12}},{"id":"810b7d63-98aa-4317-aba4-ade01ae12906","block_type":"box","text":"the Fund. Under the sub-advisory agreement, BlackRock pays the Sub-Adviser for services it provides for that portion","page_number":50,"box":{"x":60,"y":644,"width":858,"height":11}},{"id":"39b4037e-f9b6-4d79-81ce-fa6d3b10c284","block_type":"box","text":"of the Fund for which the Sub-Adviser acts as sub-adviser a fee equal to a percentage of the management fee paid to","page_number":50,"box":{"x":61,"y":659,"width":860,"height":11}},{"id":"a3c6d3fa-8334-4ce1-a695-2df4a67b8c0d","block_type":"box","text":"BlackRock under the Management Agreement with respect to the Fund.","page_number":50,"box":{"x":62,"y":674,"width":521,"height":11}},{"id":"6b27ca7e-e7c0-4a07-b402-8a61ccf267df","block_type":"box","text":"A discussion of the basis for the Board’s approval of the Management Agreement with BlackRock and the sub-advisory","page_number":50,"box":{"x":60,"y":696,"width":874,"height":12}},{"id":"80947c0f-4e03-4e0a-a015-8fc221643810","block_type":"box","text":"agreement with the Sub-Adviser is available in the Fund’s reports filed on Form N-CSR for the fiscal year ended","page_number":50,"box":{"x":61,"y":711,"width":813,"height":11}},{"id":"fa4780b3-fb47-4292-a361-672fce48e0eb","block_type":"box","text":"May 31, 2026.","page_number":50,"box":{"x":62,"y":726,"width":107,"height":11}},{"id":"b847ed7f-0c14-46a4-bf95-92ec2be8a0cd","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":50,"box":{"x":62,"y":748,"width":851,"height":12}},{"id":"9fb9a9b5-e234-4fa6-aa89-1eb9465eed30","block_type":"box","text":"the annual rate of 0.41% of the Fund’s average daily net assets.","page_number":50,"box":{"x":60,"y":763,"width":473,"height":12}},{"id":"20e4071c-a698-40c2-a638-e2e9d712f22c","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":50,"box":{"x":62,"y":786,"width":864,"height":11}},{"id":"52c4649a-bd9f-4a3a-acdd-3a1a51ec06d1","block_type":"box","text":"particular asset class, company, security, industry, or market sector. The views expressed by any such person are the","page_number":50,"box":{"x":62,"y":801,"width":863,"height":11}},{"id":"9d7d150e-8fd6-4765-af71-24f360fdc3f2","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":50,"box":{"x":60,"y":815,"width":861,"height":12}},{"id":"bbd182dc-34cc-4c4c-82fc-94804f5860b7","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":50,"box":{"x":61,"y":830,"width":864,"height":12}},{"id":"337ea3b5-b2ef-43ef-82f3-265676244a78","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":50,"box":{"x":61,"y":845,"width":872,"height":11}},{"id":"0ae43bdd-a352-4bdc-a6ad-f65d9d75d2de","block_type":"box","text":"as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be","page_number":50,"box":{"x":61,"y":860,"width":841,"height":11}},{"id":"3a787bca-e91b-4119-9331-9a7a2d062b88","block_type":"box","text":"relied on as an indication of trading intent on behalf of the Fund.","page_number":50,"box":{"x":61,"y":875,"width":472,"height":11}},{"id":"673619ce-53c0-4db4-92cb-aa371d4e3749","block_type":"box","text":"50","page_number":50,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"da3d7acf-fc68-46bf-a4b8-ce9243fc5909","block_type":"box","text":"NM0926U-5977302-50/76","page_number":50,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3ed19c65-f0e0-4853-a066-582b1fac4e6c","block_type":"box","text":"Portfolio Manager Information","page_number":51,"box":{"x":61,"y":46,"width":272,"height":14}},{"id":"29cb5fb6-a02a-45ad-a661-cc95804a77fa","block_type":"box","text":"Information regarding the portfolio managers of the Fund is set forth below. Further information regarding the portfolio","page_number":51,"box":{"x":62,"y":73,"width":869,"height":11}},{"id":"e25e7566-0db9-44bc-aef5-ef67c2c75cbd","block_type":"box","text":"managers, including other accounts managed, compensation, ownership of Fund shares, and possible conflicts of","page_number":51,"box":{"x":61,"y":88,"width":837,"height":11}},{"id":"30aa755c-fa27-44e8-a192-9cffa9594d19","block_type":"box","text":"interest, is available in the Fund’s SAI.","page_number":51,"box":{"x":62,"y":102,"width":281,"height":11}},{"id":"630f25c2-a3dc-4695-9970-8e8fa5a11837","block_type":"box","text":"Portfolio Manager Primary Role Since Title and Recent Biography","page_number":51,"box":{"x":61,"y":130,"width":797,"height":10}},{"id":"bac2c47b-d8a1-48d3-adc6-ec2ea84aa5c1","block_type":"box","text":"Philip Green Jointly and primarily responsible for","page_number":51,"box":{"x":61,"y":148,"width":424,"height":10}},{"id":"a23d4411-9952-49c6-92a7-5c6780374b43","block_type":"box","text":"the day-to-day management of the","page_number":51,"box":{"x":252,"y":161,"width":223,"height":11}},{"id":"3dc3b51a-e990-42dd-8460-8889d4483bd9","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":51,"box":{"x":253,"y":175,"width":245,"height":10}},{"id":"47df57ee-740f-4f57-90c3-7f1d55b2addd","block_type":"box","text":"Fund’s overall investment strategy","page_number":51,"box":{"x":253,"y":189,"width":225,"height":10}},{"id":"b44030e9-3754-4b29-8338-da752394f16e","block_type":"box","text":"and overseeing the management of","page_number":51,"box":{"x":253,"y":202,"width":233,"height":10}},{"id":"c5de08ed-8d95-4f54-92d5-fd94fa1efb26","block_type":"box","text":"the Fund.","page_number":51,"box":{"x":252,"y":216,"width":60,"height":8}},{"id":"ffc899a2-8de8-4e26-b439-327d412ac325","block_type":"box","text":"2006 Managing Director of BlackRock, Inc. since","page_number":51,"box":{"x":545,"y":148,"width":352,"height":10}},{"id":"059195e3-b313-4a00-91d3-6982e175ba0c","block_type":"box","text":"2006.","page_number":51,"box":{"x":615,"y":161,"width":39,"height":9}},{"id":"ae1f794d-220c-4cd1-be1c-940076e2f80f","block_type":"box","text":"Michael Pensky, CFA Jointly and primarily responsible for","page_number":51,"box":{"x":61,"y":233,"width":424,"height":11}},{"id":"89c455fd-3863-412a-afbe-e8096e18550d","block_type":"box","text":"the day-to-day management of the","page_number":51,"box":{"x":252,"y":247,"width":223,"height":10}},{"id":"b073cc59-0fc4-4280-b682-6d49142022a8","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":51,"box":{"x":253,"y":261,"width":245,"height":10}},{"id":"885a6869-cfcd-46ae-9609-cf83a65d7f95","block_type":"box","text":"Fund’s overall investment strategy","page_number":51,"box":{"x":253,"y":274,"width":225,"height":10}},{"id":"85b07e47-d70b-4e01-bd74-bc4e7d9f6207","block_type":"box","text":"and overseeing the management of","page_number":51,"box":{"x":253,"y":288,"width":233,"height":10}},{"id":"4316ad5e-d34e-4e9c-abd8-6a52bf6fc495","block_type":"box","text":"the Fund.","page_number":51,"box":{"x":252,"y":301,"width":60,"height":8}},{"id":"4ae6bdfe-63fe-4c83-8351-749d2b9de386","block_type":"box","text":"2022 Managing Director of BlackRock, Inc. since","page_number":51,"box":{"x":545,"y":233,"width":352,"height":11}},{"id":"4b9c37c1-0f18-4b73-869c-8309caa9fc36","block_type":"box","text":"2021; Director of BlackRock, Inc. from 2018","page_number":51,"box":{"x":615,"y":247,"width":295,"height":10}},{"id":"20cb9cc0-594f-470e-bfe6-90a2da5d62cf","block_type":"box","text":"to 2020.","page_number":51,"box":{"x":615,"y":261,"width":57,"height":8}},{"id":"e6dd4e4a-9a90-40a0-a1ae-daf772ac22d1","block_type":"box","text":"Daniel Felder, CFA Jointly and primarily responsible for","page_number":51,"box":{"x":62,"y":319,"width":423,"height":10}},{"id":"d61fdc87-dffd-401e-ad2d-63b51b450b1f","block_type":"box","text":"the day-to-day management of the","page_number":51,"box":{"x":252,"y":333,"width":223,"height":10}},{"id":"6d0b5077-5446-4d70-9727-ff4f62a8a95a","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":51,"box":{"x":253,"y":346,"width":245,"height":11}},{"id":"4237019e-1525-432c-a369-83a9ca81669b","block_type":"box","text":"Fund’s overall investment strategy","page_number":51,"box":{"x":253,"y":360,"width":225,"height":10}},{"id":"d45d6f40-a8f2-4a42-add6-93ee1723912c","block_type":"box","text":"and overseeing the management of","page_number":51,"box":{"x":253,"y":373,"width":233,"height":11}},{"id":"39d74cd1-137b-41d6-8b44-19ff24c4c4b0","block_type":"box","text":"the Fund.","page_number":51,"box":{"x":252,"y":387,"width":60,"height":8}},{"id":"1906fb7e-13f1-4d33-a97a-b7a159cb2ca4","block_type":"box","text":"2022 Director of BlackRock, Inc. since 2021; Vice","page_number":51,"box":{"x":545,"y":319,"width":361,"height":10}},{"id":"586e464c-094a-4233-8d05-4bac091c0c22","block_type":"box","text":"President of BlackRock, Inc. from 2017 to","page_number":51,"box":{"x":616,"y":333,"width":276,"height":9}},{"id":"43e7523e-48ac-4c89-8900-0c796b329127","block_type":"box","text":"2020.","page_number":51,"box":{"x":615,"y":346,"width":39,"height":9}},{"id":"050e2d05-95b1-4358-94a9-cab926f379ce","block_type":"box","text":"Raffaele Savi Jointly and primarily responsible for","page_number":51,"box":{"x":61,"y":405,"width":424,"height":10}},{"id":"48a73f2d-cc87-405b-9b49-a8f81ef83598","block_type":"box","text":"the day-to-day management of the","page_number":51,"box":{"x":252,"y":418,"width":223,"height":11}},{"id":"b0fd2114-557e-4173-86ea-77be2d07dbca","block_type":"box","text":"Fund’s portfolio.","page_number":51,"box":{"x":253,"y":432,"width":106,"height":10}},{"id":"4ee3dbb0-3a21-4378-b695-f4ea5f34c330","block_type":"box","text":"2022 Senior Managing Director of BlackRock, Inc.","page_number":51,"box":{"x":545,"y":405,"width":358,"height":10}},{"id":"8de5d84f-4c3a-48f9-982f-9ad799652439","block_type":"box","text":"since 2023; Managing Director of BlackRock,","page_number":51,"box":{"x":615,"y":418,"width":298,"height":11}},{"id":"1e5bfda6-8d95-4f76-950b-880072b5cc52","block_type":"box","text":"Inc. from 2009 to 2022.","page_number":51,"box":{"x":616,"y":432,"width":159,"height":8}},{"id":"ac668694-75fb-439d-a00e-5ad16bc52eb4","block_type":"box","text":"Richard Mathieson Jointly and primarily responsible for","page_number":51,"box":{"x":61,"y":450,"width":424,"height":10}},{"id":"24d63c9e-c9e1-45ab-94f6-d0e067d5b248","block_type":"box","text":"the day-to-day management of the","page_number":51,"box":{"x":252,"y":464,"width":223,"height":10}},{"id":"7ac2d78d-aa86-4f36-820f-00cb18f487cd","block_type":"box","text":"Fund’s portfolio.","page_number":51,"box":{"x":253,"y":477,"width":106,"height":10}},{"id":"118fe7aa-c892-495b-bf72-27da825d05d3","block_type":"box","text":"2022 Managing Director of BlackRock, Inc. since","page_number":51,"box":{"x":545,"y":450,"width":352,"height":10}},{"id":"aa80be92-e27d-4991-8f46-b743434123d0","block_type":"box","text":"2011.","page_number":51,"box":{"x":615,"y":464,"width":39,"height":8}},{"id":"cfced458-8be2-4c5f-8487-3f1c47e985a5","block_type":"box","text":"Anna Hawley,","page_number":51,"box":{"x":60,"y":495,"width":86,"height":10}},{"id":"148eeb78-6001-4e75-a470-e605e3d45338","block_type":"box","text":"CFA","page_number":51,"box":{"x":61,"y":509,"width":24,"height":8}},{"id":"69046a05-9276-46d9-9ad1-a708ae3cf70b","block_type":"box","text":"Jointly and primarily responsible for","page_number":51,"box":{"x":252,"y":495,"width":233,"height":10}},{"id":"8bc492d9-d820-4bf1-8076-59f35e96d186","block_type":"box","text":"the day-to-day management of the","page_number":51,"box":{"x":252,"y":509,"width":223,"height":10}},{"id":"1419b527-e030-4974-b089-8718af13fb23","block_type":"box","text":"Fund’s portfolio.","page_number":51,"box":{"x":253,"y":522,"width":106,"height":10}},{"id":"9945af1f-cc0d-48fd-84eb-5cd6d13f2541","block_type":"box","text":"2022 Managing Director of BlackRock, Inc. since","page_number":51,"box":{"x":545,"y":495,"width":352,"height":11}},{"id":"b24b7204-2b67-49df-9155-861b4283f681","block_type":"box","text":"2022; Director of BlackRock, Inc. from 2009","page_number":51,"box":{"x":615,"y":509,"width":295,"height":9}},{"id":"ab132db1-510c-4d00-a602-ea11a1927172","block_type":"box","text":"to 2021.","page_number":51,"box":{"x":615,"y":522,"width":57,"height":9}},{"id":"58fb2d3c-31af-4e30-afc0-474a5b71e202","block_type":"box","text":"Scott Radell Jointly and primarily responsible for","page_number":51,"box":{"x":61,"y":540,"width":424,"height":11}},{"id":"350d3a3f-84b5-4817-b35d-73bd4c854e3d","block_type":"box","text":"the day-to-day management of the","page_number":51,"box":{"x":252,"y":554,"width":223,"height":10}},{"id":"23367791-368f-4889-87ef-7284798c1b8e","block_type":"box","text":"Fund’s portfolio.","page_number":51,"box":{"x":253,"y":567,"width":106,"height":10}},{"id":"aada7fe8-6e99-475e-8ffe-435a00c07208","block_type":"box","text":"2022 Managing Director of BlackRock, Inc. since","page_number":51,"box":{"x":545,"y":540,"width":352,"height":11}},{"id":"ad602b75-041b-415a-abdd-c202e57c0599","block_type":"box","text":"2009.","page_number":51,"box":{"x":615,"y":554,"width":39,"height":8}},{"id":"24e8f962-e959-40f3-9a7a-e44963a012b6","block_type":"box","text":"Jasmita Mohan Jointly and primarily responsible for","page_number":51,"box":{"x":60,"y":585,"width":425,"height":11}},{"id":"898493a9-70b1-4613-a61a-572cc16107d2","block_type":"box","text":"the day-to-day management of the","page_number":51,"box":{"x":252,"y":599,"width":223,"height":10}},{"id":"1abe3f38-8ad3-480f-bc5a-193404724176","block_type":"box","text":"Fund’s portfolio.","page_number":51,"box":{"x":253,"y":612,"width":106,"height":11}},{"id":"cabe27b3-f124-465c-bb8e-61b371bb5eab","block_type":"box","text":"2023 Director of BlackRock, Inc. since 2019.","page_number":51,"box":{"x":545,"y":585,"width":328,"height":10}},{"id":"cee8b0fe-0882-48ed-a72e-6e3353a69728","block_type":"box","text":"Conflicts of Interest","page_number":51,"box":{"x":61,"y":653,"width":181,"height":11}},{"id":"ab1a9583-c864-4c25-ab1a-39698484f8f8","block_type":"box","text":"The investment activities of BlackRock and its affiliates (including BlackRock, Inc. and its subsidiaries (collectively, the","page_number":51,"box":{"x":60,"y":679,"width":871,"height":12}},{"id":"cd17f4a3-15d3-4570-9893-88195cef1541","block_type":"box","text":"“Affiliates”)), and their respective directors, officers or employees, in managing their own accounts and other","page_number":51,"box":{"x":62,"y":694,"width":801,"height":12}},{"id":"e7a38522-e9a1-4ca8-83e8-8c4545d0aa5f","block_type":"box","text":"accounts, may present conflicts of interest that could disadvantage the Fund and its shareholders.","page_number":51,"box":{"x":61,"y":709,"width":723,"height":11}},{"id":"c8267871-1aef-470d-82fc-d254ba336fe3","block_type":"box","text":"BlackRock and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management","page_number":51,"box":{"x":62,"y":731,"width":871,"height":12}},{"id":"32da4647-e1dc-431e-83f7-246a6a8b9511","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":51,"box":{"x":61,"y":746,"width":845,"height":12}},{"id":"0abfdabf-a445-4e50-b2ba-c2da54fc3164","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":51,"box":{"x":61,"y":761,"width":865,"height":12}},{"id":"510c5871-a349-478d-a676-dece361a0bcf","block_type":"box","text":"provider, investment manager, commodity pool operator, commodity trading advisor, financier, underwriter, adviser,","page_number":51,"box":{"x":62,"y":776,"width":839,"height":12}},{"id":"3bbcef04-08bb-4661-bd65-7f90f3cd977b","block_type":"box","text":"trader, lender, index provider, agent and/or principal. BlackRock and its Affiliates may have other direct and indirect","page_number":51,"box":{"x":60,"y":791,"width":850,"height":11}},{"id":"a384fd79-ce03-4fe8-9f1e-c673ae12a808","block_type":"box","text":"interests in securities, currencies, commodities, derivatives and other assets in which the Fund may directly or","page_number":51,"box":{"x":62,"y":806,"width":813,"height":11}},{"id":"11540d7e-d0b3-4893-99af-c4546f74f9d9","block_type":"box","text":"indirectly invest.","page_number":51,"box":{"x":62,"y":821,"width":116,"height":11}},{"id":"70822ac7-b350-4a0b-b1f9-8bee02f8fbb9","block_type":"box","text":"BlackRock and its Affiliates may engage in proprietary trading and advise accounts and other funds that have","page_number":51,"box":{"x":62,"y":843,"width":801,"height":12}},{"id":"4a7d9bea-eb3f-418a-8533-78cab0e292bf","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":51,"box":{"x":62,"y":858,"width":865,"height":11}},{"id":"387c061f-41d9-4dc5-be81-aaaca9ae97c6","block_type":"box","text":"similar types of securities, currencies and other assets as are held by the Fund. This may include transactions in","page_number":51,"box":{"x":61,"y":873,"width":829,"height":11}},{"id":"63883337-6be3-4561-8af8-350ea8d8c7c2","block_type":"box","text":"securities issued by other open-end and closed-end investment companies, including investment companies that are","page_number":51,"box":{"x":61,"y":888,"width":856,"height":11}},{"id":"1bd700db-7a28-40f4-9892-67d1209cfbc8","block_type":"box","text":"affiliated with the Fund and BlackRock, to the extent permitted under the Investment Company Act. The trading","page_number":51,"box":{"x":61,"y":902,"width":814,"height":12}},{"id":"2c22b146-01a5-4436-b6c3-cff3a25d5d20","block_type":"box","text":"activities of BlackRock and its Affiliates are carried out without reference to positions held directly or indirectly by the","page_number":51,"box":{"x":61,"y":917,"width":860,"height":12}},{"id":"f77015dd-4524-461a-95f1-79e743e36597","block_type":"box","text":"51","page_number":51,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"3726240b-cf81-445c-896d-a21aa5f971bf","block_type":"box","text":"NM0926U-5977302-51/76","page_number":51,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"942af424-eb79-4ba4-91e3-a1c5f0a3db77","block_type":"box","text":"Fund. These activities may result in BlackRock or an Affiliate having positions in assets that are senior or junior to, or","page_number":52,"box":{"x":62,"y":46,"width":862,"height":11}},{"id":"7ecfd646-5c6e-420d-a316-ff8a2f931d11","block_type":"box","text":"that have interests different from or adverse to, the assets held by the Fund.","page_number":52,"box":{"x":60,"y":60,"width":565,"height":12}},{"id":"e47d7b8f-f28d-4325-86b8-e7c23bee58ba","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":52,"box":{"x":60,"y":83,"width":855,"height":12}},{"id":"017d3eef-52f0-4fe8-afb4-3f87c5d94859","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":52,"box":{"x":61,"y":127,"width":866,"height":12}},{"id":"93d91151-1963-4ed8-9731-9b2448afc64d","block_type":"box","text":"provides or may provide research coverage or other analysis.","page_number":52,"box":{"x":62,"y":143,"width":444,"height":11}},{"id":"f4167497-36e1-4ad7-9a48-adc8e62a1d93","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others","page_number":52,"box":{"x":60,"y":165,"width":862,"height":11}},{"id":"69d49fa3-92d1-4eaf-aa99-0a2d94e8cbe8","block_type":"box","text":"who recommend the Fund or who engage in transactions with or for the Fund.","page_number":52,"box":{"x":60,"y":180,"width":567,"height":11}},{"id":"6550ec73-8127-4396-9eb8-976ba2b8cac5","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with","page_number":52,"box":{"x":62,"y":202,"width":851,"height":12}},{"id":"4391f58f-3988-4b43-934b-d0bd9c33e2a2","block_type":"box","text":"the Fund. 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The opposite result is also possible.","page_number":52,"box":{"x":61,"y":262,"width":815,"height":11}},{"id":"5cee5747-62a0-419a-bc0a-9af5118f8dbf","block_type":"box","text":"In addition, the Fund may enter into transactions in which BlackRock or an Affiliate or their directors, officers,","page_number":52,"box":{"x":62,"y":284,"width":802,"height":12}},{"id":"27217b06-6b66-4262-ba0f-7a2bcc293dd2","block_type":"box","text":"employees or clients have an adverse interest. The Fund may be adversely impacted by the effects of transactions","page_number":52,"box":{"x":61,"y":299,"width":840,"height":11}},{"id":"c245140a-1d8d-44d6-9ceb-6c065564f714","block_type":"box","text":"undertaken by BlackRock or an Affiliate or their directors, officers, employees or clients.","page_number":52,"box":{"x":61,"y":314,"width":648,"height":11}},{"id":"bb05ef01-7c5b-4842-942d-6c379f66714e","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance","page_number":52,"box":{"x":62,"y":336,"width":854,"height":12}},{"id":"bb8c0c97-0bfa-47a3-9e95-449ba89a94de","block_type":"box","text":"with applicable law, purchase and hold shares of the Fund. The price, availability, liquidity, and (in some cases)","page_number":52,"box":{"x":60,"y":351,"width":814,"height":12}},{"id":"9e88887f-b75e-44f5-b7e6-54196c72026e","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":52,"box":{"x":61,"y":366,"width":853,"height":11}},{"id":"4ce9e296-dbfe-447c-bb13-d70f840a2e3d","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":52,"box":{"x":60,"y":389,"width":858,"height":11}},{"id":"857cd32b-8b88-4700-9214-29d09376a492","block_type":"box","text":"policies designed to comply with such restrictions.","page_number":52,"box":{"x":62,"y":404,"width":367,"height":11}},{"id":"a8f9f155-57a4-4fc4-aecc-bac01472c2cb","block_type":"box","text":"Under a securities lending program approved by the Board, the Fund has retained BlackRock Investment Management,","page_number":52,"box":{"x":62,"y":426,"width":869,"height":12}},{"id":"cfe4c5b8-179d-4c72-ac41-b45121fa07a5","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":52,"box":{"x":62,"y":441,"width":875,"height":11}},{"id":"cc6ba082-0cd3-47eb-befc-9101b4f6239b","block_type":"box","text":"lending program. For these services, the securities lending agent will receive a fee from the participating Fund based","page_number":52,"box":{"x":62,"y":456,"width":857,"height":11}},{"id":"5b6435ba-4446-4501-9335-4a4eccf814cc","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":52,"box":{"x":61,"y":470,"width":857,"height":12}},{"id":"2f290297-6f0b-4d49-accd-a43e8cd53911","block_type":"box","text":"the loaned securities. In addition, one or more Affiliates may be among the entities to which the Fund may lend its","page_number":52,"box":{"x":60,"y":485,"width":841,"height":12}},{"id":"6aa3bada-8d78-44bd-82b0-8444b898d8ef","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":52,"box":{"x":62,"y":500,"width":415,"height":12}},{"id":"c7af6b9c-a874-431f-b9d9-c32facb1dc8b","block_type":"box","text":"BlackRock and its Affiliates may benefit from a fund using a BlackRock index by creating increasing acceptance in the","page_number":52,"box":{"x":62,"y":523,"width":864,"height":11}},{"id":"ef65fb67-9c60-4b46-92ae-3857ce290c49","block_type":"box","text":"marketplace for such indexes. BlackRock and its Affiliates are not obligated to license an index to a fund, and no fund","page_number":52,"box":{"x":61,"y":537,"width":868,"height":12}},{"id":"9a67bffb-24fb-4d0a-8f8e-f529e1318c9f","block_type":"box","text":"is under an obligation to use a BlackRock index. The terms of a fund’s index licensing agreement with BlackRock or its","page_number":52,"box":{"x":62,"y":552,"width":870,"height":12}},{"id":"a2a0ef63-344e-4c2e-b835-f0f9d9c2438b","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":52,"box":{"x":60,"y":567,"width":545,"height":12}},{"id":"e659fade-b9e1-4a12-841b-07d21e68405a","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":52,"box":{"x":60,"y":590,"width":837,"height":11}},{"id":"aba6158f-ad06-420b-bea3-0a7b7813d185","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":52,"box":{"x":61,"y":604,"width":865,"height":12}},{"id":"bd8e917f-0c45-43bd-94cb-16d1a59cd201","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":52,"box":{"x":62,"y":619,"width":819,"height":12}},{"id":"9bbc300c-2bd1-4852-a427-249962917b9a","block_type":"box","text":"Valuation of Fund Investments","page_number":52,"box":{"x":63,"y":658,"width":271,"height":11}},{"id":"6f74a11f-871b-4b72-a262-eced071af725","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":52,"box":{"x":60,"y":684,"width":869,"height":12}},{"id":"fbc08269-a91a-41dd-a73b-637138a0b662","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":52,"box":{"x":61,"y":699,"width":868,"height":12}},{"id":"6143ba0f-1894-4e39-87be-bfff3bfca343","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":52,"box":{"x":61,"y":714,"width":849,"height":12}},{"id":"0733e158-e79b-4531-8688-531b7fde4b87","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":52,"box":{"x":60,"y":729,"width":862,"height":11}},{"id":"e57c26b3-9b97-43e9-8999-1bef40af6dda","block_type":"box","text":"the close of regular trading hours of the New York Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern time), on","page_number":52,"box":{"x":60,"y":744,"width":842,"height":11}},{"id":"66f85bf5-cece-48e6-8d32-1aa2e92206df","block_type":"box","text":"each day that the NYSE is open for trading, based on prices at the time of closing, provided that any Fund assets or","page_number":52,"box":{"x":61,"y":759,"width":851,"height":11}},{"id":"4cde0860-c0dc-410e-8654-78a55eca00f6","block_type":"box","text":"liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing market","page_number":52,"box":{"x":62,"y":773,"width":866,"height":12}},{"id":"ae6e83c8-40c0-4f04-bd0e-87a9c925809e","block_type":"box","text":"rates on the date of valuation as quoted by one or more data service providers. The net asset value of shares is","page_number":52,"box":{"x":61,"y":788,"width":825,"height":12}},{"id":"4d25f668-7345-4d8b-9362-72f4e12ae8cb","block_type":"box","text":"calculated by dividing the value of the net assets of each class of shares (i.e., the value of its total assets less total","page_number":52,"box":{"x":61,"y":803,"width":854,"height":12}},{"id":"c2224c5d-14e2-42d4-8c72-f763ec485abd","block_type":"box","text":"liabilities) by the total number of outstanding shares of the class, generally rounded to the nearest cent.","page_number":52,"box":{"x":62,"y":818,"width":764,"height":11}},{"id":"88baffff-09ad-47c0-b1f3-d6863d1d1fcf","block_type":"box","text":"Generally, Institutional Shares will have the highest net asset value because that class has the lowest expenses.","page_number":52,"box":{"x":61,"y":841,"width":830,"height":11}},{"id":"99b88278-cb6c-4275-87ff-7781d1f7e0cf","block_type":"box","text":"Investor A Shares will have a higher net asset value than Investor C or Class R Shares, and Class R Shares will have a","page_number":52,"box":{"x":62,"y":855,"width":870,"height":12}},{"id":"3d633c60-a7d9-4a59-8afb-1a85c922707a","block_type":"box","text":"higher net asset value than Investor C Shares. Also, dividends paid on Investor A, Institutional and Class R Shares will","page_number":52,"box":{"x":61,"y":870,"width":869,"height":12}},{"id":"303b410f-cecc-46fe-abfc-0f483e7a5949","block_type":"box","text":"generally be higher than dividends paid on Investor C Shares because Investor A, Institutional and Class R Shares","page_number":52,"box":{"x":60,"y":885,"width":838,"height":11}},{"id":"691c02bd-3eac-437f-8104-d4a7299d4ba6","block_type":"box","text":"have lower expenses.","page_number":52,"box":{"x":61,"y":900,"width":156,"height":11}},{"id":"a57ac5f1-b3ff-4327-8ba1-cfe998c628dc","block_type":"box","text":"52","page_number":52,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"7a4b9ca2-d9f0-418d-96a2-befa130d374b","block_type":"box","text":"NM0926U-5977302-52/76","page_number":52,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"efd93d30-1759-4eb0-9efe-40ed767159ce","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":53,"box":{"x":60,"y":46,"width":844,"height":11}},{"id":"9fe7b690-d1d7-409a-94b4-96af90baad77","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":53,"box":{"x":60,"y":60,"width":837,"height":12}},{"id":"0f641e3f-e75c-4084-a58f-13ea677d8a40","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":53,"box":{"x":62,"y":75,"width":464,"height":12}},{"id":"6ec8e99c-b514-4e85-aa83-d265f355e762","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":53,"box":{"x":62,"y":98,"width":863,"height":11}},{"id":"72e89c47-9efc-4533-a70b-ad22720dfa9d","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":53,"box":{"x":60,"y":113,"width":858,"height":11}},{"id":"0dabb20e-edca-4118-8925-71240a2f98ed","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":53,"box":{"x":62,"y":127,"width":863,"height":12}},{"id":"8faad742-c461-43e4-a3cf-fdc759997f70","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":53,"box":{"x":61,"y":142,"width":852,"height":12}},{"id":"17014e7f-f710-4cf3-8dbc-4b8d7e5a47b2","block_type":"box","text":"end funds that are not traded on an exchange (including money market funds) are valued at net asset value. Shares of","page_number":53,"box":{"x":61,"y":157,"width":872,"height":12}},{"id":"a2f2123c-14dc-45ee-b4fe-d7e360588145","block_type":"box","text":"underlying exchange-traded closed-end funds or other ETFs are valued at their most recent closing price.","page_number":53,"box":{"x":61,"y":172,"width":763,"height":12}},{"id":"cad0687f-5852-4d82-b86d-d2b7711e667d","block_type":"box","text":"The Fund values fixed-income portfolio securities and certain derivative instruments using prices provided by dealers","page_number":53,"box":{"x":60,"y":195,"width":857,"height":11}},{"id":"a9dc23e0-df76-4697-8197-61392d233c6d","block_type":"box","text":"or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":53,"box":{"x":61,"y":210,"width":870,"height":11}},{"id":"e3b2aa28-8989-4471-9b54-578eac5f7fbe","block_type":"box","text":"accordance with BlackRock’s valuation policies and procedures. Pricing services may use valuation models that utilize","page_number":53,"box":{"x":61,"y":224,"width":868,"height":12}},{"id":"d8f28215-f5d1-4b4b-bbaa-a7946846578a","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":53,"box":{"x":61,"y":239,"width":842,"height":12}},{"id":"656bf1a2-2fb4-430d-8f90-546f99c8ab7a","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":53,"box":{"x":61,"y":254,"width":853,"height":11}},{"id":"cf319704-f370-4697-bd11-58440a513dea","block_type":"box","text":"odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots,","page_number":53,"box":{"x":61,"y":269,"width":844,"height":11}},{"id":"19570fd3-6c19-4c74-a660-061a1f08e8ea","block_type":"box","text":"and the value ultimately realized when the securities are sold could differ from the prices used by the Fund. The","page_number":53,"box":{"x":61,"y":283,"width":822,"height":12}},{"id":"7b82194f-39e0-48b8-b840-636ab09f959c","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":53,"box":{"x":61,"y":298,"width":845,"height":12}},{"id":"32e53e6e-bb9f-48ac-897c-fee363b093ac","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":53,"box":{"x":61,"y":313,"width":733,"height":12}},{"id":"863d0999-960d-47fe-bcbc-e49424f02b80","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":53,"box":{"x":61,"y":336,"width":829,"height":11}},{"id":"af222573-aa38-4362-93fb-49e9eb946e9f","block_type":"box","text":"regular trading hours of the NYSE. The values of such securities used in computing the net asset value of the Fund’s","page_number":53,"box":{"x":61,"y":351,"width":857,"height":11}},{"id":"044c7e19-8fe4-4f7d-b4db-e6ac4627e187","block_type":"box","text":"shares are determined as of such times. U.S. government securities, money market instruments and fixed income","page_number":53,"box":{"x":61,"y":365,"width":841,"height":12}},{"id":"01a6354b-0c2d-4fb3-8ef7-ca7431b11ce7","block_type":"box","text":"securities are generally priced as of close of regular trading hours on the NYSE.","page_number":53,"box":{"x":61,"y":380,"width":583,"height":12}},{"id":"cef77a8b-5cc2-4315-9f19-68411eeae4f2","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, BlackRock will fair","page_number":53,"box":{"x":60,"y":403,"width":839,"height":11}},{"id":"5633c054-47ca-4cbd-be78-1b11c925b243","block_type":"box","text":"value the Fund’s investments in accordance with its policies and procedures. BlackRock may conclude that a market","page_number":53,"box":{"x":60,"y":418,"width":858,"height":11}},{"id":"1a44f7dd-a902-4cd7-b2ef-1ebbe5ab0b6c","block_type":"box","text":"quotation is not readily available or is unreliable if a security or other asset or liability does not have a price source","page_number":53,"box":{"x":61,"y":432,"width":844,"height":12}},{"id":"b5ee3479-5dd8-4cec-873d-0ac25982143c","block_type":"box","text":"due to its lack of trading or other reasons, if a market quotation differs significantly from recent price quotations or","page_number":53,"box":{"x":61,"y":447,"width":845,"height":12}},{"id":"ef8d5b73-38f0-47e0-bea7-76f8c9545978","block_type":"box","text":"otherwise no longer appears to reflect fair value, where the security or other asset or liability is thinly traded, when","page_number":53,"box":{"x":61,"y":462,"width":841,"height":12}},{"id":"b13cea77-573e-4af3-a4ab-c9ead1eec56d","block_type":"box","text":"there is a significant event subsequent to the most recent market quotation, or if the trading market on which a","page_number":53,"box":{"x":60,"y":477,"width":820,"height":11}},{"id":"9b51516d-2582-43e3-8b10-11ce9f33dc86","block_type":"box","text":"security is listed is suspended or closed and no appropriate alternative trading market is available. A “significant","page_number":53,"box":{"x":61,"y":492,"width":828,"height":11}},{"id":"e62b7176-45c1-4783-9290-8e63f6a1888b","block_type":"box","text":"event” is deemed to occur if BlackRock determines, in its reasonable business judgment prior to or at the time of","page_number":53,"box":{"x":61,"y":506,"width":836,"height":12}},{"id":"71287ecf-f0ae-453f-8f80-0805624ec7dd","block_type":"box","text":"pricing the Fund’s assets or liabilities, that the event is likely to cause a material change to the last exchange closing","page_number":53,"box":{"x":62,"y":522,"width":862,"height":11}},{"id":"19815957-a704-4b4c-8634-767800a5627c","block_type":"box","text":"price or closing market price of one or more assets held by, or liabilities of, the Fund.","page_number":53,"box":{"x":62,"y":536,"width":623,"height":12}},{"id":"c5a100b6-69a5-43fb-9e0d-ec76d0e9ea0d","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the","page_number":53,"box":{"x":62,"y":559,"width":817,"height":11}},{"id":"7219ef2c-9bca-4060-a145-bb6ada5acd94","block_type":"box","text":"movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value","page_number":53,"box":{"x":61,"y":574,"width":871,"height":11}},{"id":"95109551-63bc-41b4-8ee8-c1d20c827bf9","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":53,"box":{"x":62,"y":588,"width":872,"height":12}},{"id":"cfee8c05-20a4-46f5-bfd5-1e69d1d97ab4","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":53,"box":{"x":61,"y":603,"width":697,"height":12}},{"id":"92a32f3e-fe5d-45f1-a3f3-85c57541030b","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":53,"box":{"x":62,"y":626,"width":825,"height":11}},{"id":"384ad7b0-3ff8-4f65-86c0-f5250334f139","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":53,"box":{"x":62,"y":641,"width":871,"height":11}},{"id":"eebdd0da-3e69-46a8-862d-634201f8e4d2","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":53,"box":{"x":61,"y":655,"width":847,"height":12}},{"id":"d8300a50-13e3-4d38-b591-66b754e91453","block_type":"box","text":"pricing will result in prices that may differ from current market valuations and that may not be the prices at which","page_number":53,"box":{"x":62,"y":670,"width":829,"height":12}},{"id":"d27276b4-00a5-42de-8bac-b558c29807cb","block_type":"box","text":"those investments could have been sold during the period in which the particular fair values were used.","page_number":53,"box":{"x":60,"y":685,"width":760,"height":12}},{"id":"8d877a5f-fc3d-4fa4-a0f3-dada60d52221","block_type":"box","text":"The Fund may accept orders from certain authorized Financial Intermediaries or their designees. The Fund will be","page_number":53,"box":{"x":60,"y":708,"width":830,"height":11}},{"id":"0ac11c1b-fdf0-48f7-a939-53be1181333d","block_type":"box","text":"deemed to receive an order when accepted by the Financial Intermediary or designee, and the order will receive the","page_number":53,"box":{"x":61,"y":723,"width":848,"height":11}},{"id":"be9c71ba-e371-4d34-a21f-a08561b00550","block_type":"box","text":"net asset value next computed by the Fund after such acceptance. If the payment for a purchase order is not made by","page_number":53,"box":{"x":61,"y":737,"width":868,"height":12}},{"id":"c3086256-190a-48c7-a6f6-94352b10d46f","block_type":"box","text":"a designated later time, the order will be canceled and the Financial Intermediary could be held liable for any losses.","page_number":53,"box":{"x":61,"y":752,"width":856,"height":12}},{"id":"1b782ec5-62a6-42df-bc8b-0191fd14aa85","block_type":"box","text":"53","page_number":53,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"ccf12ca6-dc4f-47e7-b757-9ddb5a148b98","block_type":"box","text":"NM0926U-5977302-53/76","page_number":53,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d0016cf5-8e31-4aaa-9867-f74128001cef","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":54,"box":{"x":61,"y":47,"width":311,"height":13}},{"id":"531f0a9d-0e18-4ced-a14a-cee104274cad","block_type":"box","text":"BUYING A DIVIDEND","page_number":54,"box":{"x":423,"y":88,"width":152,"height":9}},{"id":"3dba2904-2500-4c32-bd39-ff98accc3162","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":54,"box":{"x":72,"y":110,"width":831,"height":12}},{"id":"4f4f7991-4af3-4c1b-9978-bcdbce449d0b","block_type":"box","text":"pays a dividend. The reason? If you buy shares when the Fund has declared but not yet distributed ordinary income","page_number":54,"box":{"x":72,"y":125,"width":845,"height":11}},{"id":"6c1c1c53-3555-4744-9b2b-85139c863556","block_type":"box","text":"or capital gains, you will pay the full price for the shares and then receive a portion of the price back in the form of a","page_number":54,"box":{"x":71,"y":140,"width":855,"height":11}},{"id":"6113afa2-2688-4299-87a5-11e0610dce3e","block_type":"box","text":"taxable dividend. Before investing you may want to consult your tax adviser.","page_number":54,"box":{"x":70,"y":155,"width":554,"height":11}},{"id":"d511f552-2228-4ab6-b5a3-b2bd66f712d9","block_type":"box","text":"The Fund will distribute net investment income, if any, and net realized capital gains, if any, at least annually. The Fund","page_number":54,"box":{"x":60,"y":195,"width":871,"height":12}},{"id":"b18d9caf-348c-4420-a225-a69691238eb7","block_type":"box","text":"may also pay a special distribution at the end of the calendar year to comply with federal tax requirements. Dividends","page_number":54,"box":{"x":61,"y":210,"width":862,"height":11}},{"id":"bc1f8aad-6001-44fd-8ff1-90bded01618c","block_type":"box","text":"may be reinvested automatically in shares of the Fund at net asset value without a sales charge or may be taken in","page_number":54,"box":{"x":61,"y":225,"width":847,"height":11}},{"id":"14db2d30-5d7a-4791-b5eb-d853894e696b","block_type":"box","text":"cash. If you would like to receive dividends in cash, contact your Financial Intermediary or the Fund. Although this","page_number":54,"box":{"x":61,"y":240,"width":832,"height":11}},{"id":"1fd3b4e1-2ab2-43fc-887d-6e83979c34fb","block_type":"box","text":"cannot be predicted with any certainty, the Fund anticipates that a significant amount of its dividends, if any, will","page_number":54,"box":{"x":61,"y":254,"width":824,"height":12}},{"id":"8fc3256c-fe93-4b3a-ae1b-3ecbe3450eb0","block_type":"box","text":"consist of capital gains. Capital gains may be taxable to you at different rates depending on how long the Fund held","page_number":54,"box":{"x":61,"y":269,"width":849,"height":12}},{"id":"33720f99-3414-484a-a487-1c72c0d68d98","block_type":"box","text":"the assets sold.","page_number":54,"box":{"x":60,"y":284,"width":118,"height":9}},{"id":"6f162c57-99b2-4e2b-aa12-3360ac6708ab","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":54,"box":{"x":60,"y":307,"width":869,"height":11}},{"id":"34e3f1c7-f67f-410d-8321-01bba7a49ed6","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":54,"box":{"x":61,"y":321,"width":862,"height":12}},{"id":"5570cab2-3eea-4077-aff7-90c8ceed7a4f","block_type":"box","text":"gain on the transaction may be subject to tax. Fund distributions derived from qualified dividend income, which","page_number":54,"box":{"x":60,"y":336,"width":812,"height":12}},{"id":"caec1c1e-1b08-48ed-b9b5-2ee4bba94105","block_type":"box","text":"consists of dividends received from U.S. corporations and qualifying foreign corporations, and from long-term capital","page_number":54,"box":{"x":61,"y":351,"width":852,"height":12}},{"id":"839e20cd-a785-44ee-b4d8-b586895523b3","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":54,"box":{"x":60,"y":366,"width":844,"height":12}},{"id":"4abba3fb-4eff-439f-a398-08da294f2f34","block_type":"box","text":"exceeds certain threshold amounts, which are adjusted annually for inflation.","page_number":54,"box":{"x":61,"y":381,"width":565,"height":11}},{"id":"d9a82b8f-ac8d-4956-8b71-53cb212b21fa","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":54,"box":{"x":60,"y":404,"width":803,"height":11}},{"id":"f0acbfe1-9580-466e-bf16-5e692b6c44f2","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":54,"box":{"x":61,"y":418,"width":873,"height":12}},{"id":"e3dca8fb-2c9d-4d1a-9a4c-57eacc2c097e","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":54,"box":{"x":60,"y":433,"width":282,"height":12}},{"id":"1f0653da-63dd-49b3-b206-12a52cb451ed","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":54,"box":{"x":60,"y":456,"width":861,"height":11}},{"id":"0ef05a75-9f14-44ae-8e43-11a4dadeac5d","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":54,"box":{"x":62,"y":470,"width":679,"height":12}},{"id":"8b3dc630-1263-4297-b137-c8edec225e0c","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":54,"box":{"x":62,"y":493,"width":827,"height":12}},{"id":"d30a3631-020d-4734-844f-24f18d277783","block_type":"box","text":"through entity to the extent owned by U.S. persons), the Fund’s ordinary income dividends will generally be subject to a","page_number":54,"box":{"x":60,"y":508,"width":876,"height":11}},{"id":"937e0cfb-8432-4695-9c7b-2bf9531d2935","block_type":"box","text":"30% U.S. withholding tax, unless a lower treaty rate applies. However, certain distributions reported by the Fund as","page_number":54,"box":{"x":61,"y":523,"width":846,"height":11}},{"id":"4ee0e09c-dfab-4698-a2f3-dd73a2a9318d","block_type":"box","text":"capital gain dividends, interest-related dividends or short-term capital gain dividends and paid to a foreign shareholder","page_number":54,"box":{"x":61,"y":537,"width":869,"height":12}},{"id":"769a0147-c7be-4090-a9be-ef1026078f49","block_type":"box","text":"may be eligible for an exemption from U.S. withholding tax.","page_number":54,"box":{"x":61,"y":552,"width":430,"height":12}},{"id":"17e70f97-218e-4bc4-9570-17edbd1b9e06","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":54,"box":{"x":61,"y":575,"width":868,"height":11}},{"id":"9c23c7fa-5713-4b7e-a855-070c42240b0d","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To avoid","page_number":54,"box":{"x":60,"y":590,"width":808,"height":11}},{"id":"afeafbf0-3460-4729-8718-df73dfac8a9b","block_type":"box","text":"withholding, foreign financial institutions and investment funds will generally either need to (a) collect and report to the","page_number":54,"box":{"x":60,"y":604,"width":874,"height":12}},{"id":"b9946d6d-78a4-428b-a6d2-20a3d8ec08e6","block_type":"box","text":"IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due diligence","page_number":54,"box":{"x":62,"y":619,"width":789,"height":12}},{"id":"b4a88483-6b65-4fbb-8cd3-046511ee838a","block_type":"box","text":"procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying foreign entities","page_number":54,"box":{"x":62,"y":634,"width":858,"height":12}},{"id":"d527c112-0bbf-44f7-9f89-2f16200159ca","block_type":"box","text":"and account holders or (b) if an intergovernmental agreement is entered into and implementing legislation is adopted,","page_number":54,"box":{"x":61,"y":649,"width":865,"height":12}},{"id":"7f9175a5-aeae-4a25-bc8f-23b0469f53f3","block_type":"box","text":"comply with the agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":54,"box":{"x":61,"y":664,"width":802,"height":11}},{"id":"8ac5f7c0-42b8-4513-aedd-751b95f873bc","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":54,"box":{"x":62,"y":679,"width":639,"height":11}},{"id":"f6c6d127-ca1e-4af8-86bf-b057ae9e5958","block_type":"box","text":"Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and","page_number":54,"box":{"x":62,"y":701,"width":863,"height":12}},{"id":"46342f40-02a4-4a89-8d62-040e3edb45cc","block_type":"box","text":"other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may","page_number":54,"box":{"x":61,"y":716,"width":823,"height":12}},{"id":"f5e02356-5abc-4bb2-a755-756bb137b665","block_type":"box","text":"reduce or eliminate such taxes. You may be able to claim a credit or take a deduction for foreign taxes paid by the","page_number":54,"box":{"x":61,"y":731,"width":837,"height":11}},{"id":"be83e988-ef4e-4fdb-8bd9-20c562cb35e7","block_type":"box","text":"Fund if certain requirements are met.","page_number":54,"box":{"x":62,"y":746,"width":272,"height":11}},{"id":"59906b76-6b98-4174-bcbe-8667cc9f2a30","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":54,"box":{"x":60,"y":768,"width":855,"height":11}},{"id":"9df2f739-e6c3-47d3-9ffe-f5662544a7a8","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":54,"box":{"x":61,"y":783,"width":832,"height":11}},{"id":"18280386-3a20-4ad2-9074-39acbb0491ef","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":54,"box":{"x":62,"y":798,"width":383,"height":11}},{"id":"d6b1e2fe-1a25-4020-9fd5-4d5e0a381de9","block_type":"box","text":"54","page_number":54,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"9234c4a7-eb92-452e-80ec-2b949703ac06","block_type":"box","text":"NM0926U-5977302-54/76","page_number":54,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f5191cf7-5edd-46bf-82b4-83b2b96ddf2d","block_type":"box","text":"The financial highlights tables are intended to help investors understand the Fund’s financial performance for the","page_number":55,"box":{"x":60,"y":75,"width":833,"height":12}},{"id":"7ba5cb74-91e5-465d-b8fd-30f491c1175a","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":55,"box":{"x":62,"y":90,"width":839,"height":12}},{"id":"3f484ff9-9844-4e6e-9e1d-f232a168de86","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":55,"box":{"x":60,"y":105,"width":800,"height":11}},{"id":"93d1a12e-aa40-4155-9f83-b745e135299d","block_type":"box","text":"assuming reinvestment of all dividends and distributions. The information has been audited by Deloitte & Touche LLP","page_number":55,"box":{"x":61,"y":120,"width":860,"height":11}},{"id":"b523e5a7-831b-422a-95d6-7016611564ba","block_type":"box","text":"whose report, along with the Fund’s audited financial statements, is included in the Fund’s Annual Financial","page_number":55,"box":{"x":60,"y":135,"width":792,"height":11}},{"id":"606949e1-cfd4-44d3-a4a5-0028549fc700","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":55,"box":{"x":61,"y":149,"width":859,"height":12}},{"id":"3f65da37-8b37-4ce3-b22a-5589dd979131","block_type":"box","text":"which is available upon request and at www.blackrock.com.","page_number":55,"box":{"x":60,"y":165,"width":435,"height":10}},{"id":"ae61556a-472f-4270-b3ba-9da57c5f04d0","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":55,"box":{"x":541,"y":185,"width":187,"height":9}},{"id":"05b4fea2-20ca-4025-a4ad-0211b274e4eb","block_type":"box","text":"Institutional","page_number":55,"box":{"x":599,"y":201,"width":71,"height":7}},{"id":"f700b80c-1875-4193-b1bb-6e101677edfd","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":55,"box":{"x":69,"y":238,"width":222,"height":9}},{"id":"58076e2f-4414-4aa8-9866-2d56c9a98ee6","block_type":"box","text":"Year Ended","page_number":55,"box":{"x":352,"y":228,"width":66,"height":7}},{"id":"fd52a3f2-98a3-49ba-9728-97d9e7f9e68e","block_type":"box","text":"05/31/26","page_number":55,"box":{"x":353,"y":238,"width":64,"height":9}},{"id":"a888e212-cb7c-4b71-bdd2-6a80be17a0d3","block_type":"box","text":"Year Ended","page_number":55,"box":{"x":449,"y":228,"width":66,"height":7}},{"id":"cf2e2509-2a0c-48cb-8e9c-41347962355e","block_type":"box","text":"05/31/25","page_number":55,"box":{"x":450,"y":238,"width":64,"height":9}},{"id":"b37bae94-6d56-4c41-bfd7-ca3b0c283777","block_type":"box","text":"Year Ended","page_number":55,"box":{"x":546,"y":228,"width":66,"height":7}},{"id":"25e288a3-b2ba-4653-b03e-4aa1a48043ae","block_type":"box","text":"05/31/24","page_number":55,"box":{"x":547,"y":238,"width":64,"height":9}},{"id":"6dbd274f-4834-4c27-b77b-f176b748d8e1","block_type":"box","text":"Year Ended","page_number":55,"box":{"x":642,"y":228,"width":66,"height":7}},{"id":"76421ace-d62c-45d5-8f7f-dfeb2e793b64","block_type":"box","text":"05/31/23","page_number":55,"box":{"x":644,"y":238,"width":63,"height":9}},{"id":"6317e2dd-9ec4-4901-b107-2f698d816207","block_type":"box","text":"Period from","page_number":55,"box":{"x":746,"y":217,"width":68,"height":7}},{"id":"3f3bd9f2-c7cc-434c-87dc-9d51b28fbe9c","block_type":"box","text":"10/01/21","page_number":55,"box":{"x":748,"y":227,"width":64,"height":9}},{"id":"3eabad63-8838-4267-8c9d-ed45a5a99a0f","block_type":"box","text":"to 05/31/22","page_number":55,"box":{"x":739,"y":238,"width":81,"height":9}},{"id":"4f64038b-7b16-4214-8d2d-ca53fad2865b","block_type":"box","text":"Year Ended","page_number":55,"box":{"x":850,"y":228,"width":66,"height":7}},{"id":"4124cc12-8d69-4f92-ac9e-cb273e2fc6ef","block_type":"box","text":"09/30/21","page_number":55,"box":{"x":852,"y":238,"width":64,"height":9}},{"id":"517bd8a0-bf0f-4c3e-8891-ec5fe25dd18e","block_type":"box","text":"Net asset value, beginning of period","page_number":55,"box":{"x":69,"y":254,"width":216,"height":9}},{"id":"297b3768-1c0a-44dd-9532-06053185487d","block_type":"box","text":"$ 27.00 $ 26.44 $ 23.22 $ 23.94 $ 28.28 $ 24.89","page_number":55,"box":{"x":356,"y":254,"width":557,"height":8}},{"id":"e18d1a4a-b308-4636-9e42-4138684595b2","block_type":"box","text":"Net investment income","page_number":55,"box":{"x":85,"y":271,"width":134,"height":8}},{"id":"7f62746e-6c97-4ff2-b0ad-fe2c4bf9ef9f","block_type":"box","text":"(a)","page_number":55,"box":{"x":220,"y":271,"width":7,"height":5}},{"id":"fc3a2334-ad87-454a-b081-d6398ec5202c","block_type":"box","text":"0.68 0.65 0.58 0.53 0.19 0.23","page_number":55,"box":{"x":388,"y":271,"width":525,"height":8}},{"id":"807e4c59-be6b-4ce1-9bc4-d4340e558652","block_type":"box","text":"Net realized and unrealized gain (loss) 4.54 1.90 3.38 (0.40) (1.27) 4.22","page_number":55,"box":{"x":85,"y":283,"width":828,"height":9}},{"id":"d92ee07c-d0cc-4c04-9bc3-f319239cb835","block_type":"box","text":"Net increase (decrease) from investment","page_number":55,"box":{"x":70,"y":294,"width":239,"height":9}},{"id":"29be8362-13fa-49e0-9a5b-e0fd1e19bf9b","block_type":"box","text":"operations 5.22 2.55 3.96 0.13 (1.08) 4.45","page_number":55,"box":{"x":69,"y":307,"width":844,"height":9}},{"id":"6811e548-cf5e-45d2-a706-ca86450d4725","block_type":"box","text":"Distributions","page_number":55,"box":{"x":69,"y":323,"width":76,"height":8}},{"id":"022220f6-7883-4f84-bb02-61cfd9b0d063","block_type":"box","text":"(b)","page_number":55,"box":{"x":145,"y":324,"width":8,"height":4}},{"id":"a5778e5e-5939-4183-b85d-c03dcdfa5e79","block_type":"box","text":"From net investment income (0.86) (1.09) (0.74) (0.13) (0.11) (0.24)","page_number":55,"box":{"x":85,"y":335,"width":832,"height":9}},{"id":"b8c6db12-a14d-4828-9ad6-7a6140835e50","block_type":"box","text":"From net realized gain (1.55) (0.90) — (0.72) (3.15) (0.82)","page_number":55,"box":{"x":85,"y":347,"width":832,"height":9}},{"id":"e943736c-dacb-4fd2-94a1-4cb8dbdd4b6b","block_type":"box","text":"Total distributions (2.41) (1.99) (0.74) (0.85) (3.26) (1.06)","page_number":55,"box":{"x":69,"y":363,"width":848,"height":9}},{"id":"714049a3-a3e9-4e49-b445-be9029219e2d","block_type":"box","text":"Net asset value, end of period","page_number":55,"box":{"x":69,"y":380,"width":179,"height":9}},{"id":"bba2fcf7-863f-464e-b58a-4e2030ba3fc8","block_type":"box","text":"$ 29.81 $ 27.00 $ 26.44 $ 23.22 $ 23.94 $ 28.28","page_number":55,"box":{"x":356,"y":380,"width":557,"height":8}},{"id":"587c425e-4032-430e-ab70-0b179573f2c6","block_type":"box","text":"Total Return","page_number":55,"box":{"x":69,"y":397,"width":73,"height":7}},{"id":"079b68a3-d03e-4dde-9aba-ab00d5915a4a","block_type":"box","text":"(c)","page_number":55,"box":{"x":143,"y":397,"width":8,"height":4}},{"id":"729213ac-936c-4410-aec1-3fb6aa546cdc","block_type":"box","text":"Based on net asset value 20.53% 10.00% 17.39% 0.83% (4.88)%","page_number":55,"box":{"x":70,"y":414,"width":753,"height":9}},{"id":"b6e8d3de-34ab-4e22-b050-b1ca3699480e","block_type":"box","text":"(d)","page_number":55,"box":{"x":824,"y":414,"width":7,"height":4}},{"id":"2b2a46cf-ed6e-4741-b9ea-1e38119427ce","block_type":"box","text":"18.30%","page_number":55,"box":{"x":879,"y":414,"width":44,"height":7}},{"id":"16a433c3-98f7-446b-9fb8-2d0f1f8782c4","block_type":"box","text":"Ratios to Average Net Assets","page_number":55,"box":{"x":70,"y":430,"width":176,"height":9}},{"id":"e64a9505-0fc9-46f3-9311-0071ce61ec0d","block_type":"box","text":"(e)","page_number":55,"box":{"x":247,"y":431,"width":8,"height":4}},{"id":"9d417e10-81c4-4846-b424-2d73e04ff1c7","block_type":"box","text":"Total expenses 0.55% 0.54% 0.55% 0.55% 0.71%","page_number":55,"box":{"x":69,"y":447,"width":750,"height":9}},{"id":"b5ce9ce1-392d-4017-9530-74d480827f5e","block_type":"box","text":"(f)(g)","page_number":55,"box":{"x":820,"y":447,"width":12,"height":5}},{"id":"8c07863e-4868-4d8c-a173-3bd772178eb2","block_type":"box","text":"0.75%","page_number":55,"box":{"x":886,"y":447,"width":37,"height":7}},{"id":"d927fb94-1f98-4b7e-be13-1abf12e25c08","block_type":"box","text":"(h)","page_number":55,"box":{"x":924,"y":447,"width":7,"height":5}},{"id":"28ce2192-7dfa-466c-8efb-0cd70f0c04ca","block_type":"box","text":"Total expenses after fees waived and/or","page_number":55,"box":{"x":69,"y":464,"width":236,"height":9}},{"id":"02462cd2-f3cd-4605-826b-9f871dd8aee3","block_type":"box","text":"reimbursed 0.54% 0.53% 0.53% 0.54% 0.50%","page_number":55,"box":{"x":70,"y":476,"width":749,"height":7}},{"id":"00bd0839-5516-4177-8a7e-6d3992ea0460","block_type":"box","text":"(f)(g)","page_number":55,"box":{"x":820,"y":476,"width":12,"height":5}},{"id":"d8a64c5c-51e2-40f7-ad82-61cca53e61d9","block_type":"box","text":"0.50%","page_number":55,"box":{"x":886,"y":476,"width":37,"height":7}},{"id":"ccd42c9e-7edb-45cc-997d-935c86f3da13","block_type":"box","text":"(h)","page_number":55,"box":{"x":924,"y":476,"width":7,"height":5}},{"id":"305cdca7-4e1c-4bd6-a2bb-625b3b28467f","block_type":"box","text":"Net investment income 2.43% 2.44% 2.40% 2.34% 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Eligible BlackRock Fund assets not held at D.A. Davidson may be included in the calculation of rights of","page_number":63,"box":{"x":82,"y":580,"width":837,"height":12}},{"id":"9af90f1d-47e4-45a9-aa08-d4d028f423f0","block_type":"box","text":"accumulation only if the shareholder notifies his or her financial advisor about such assets.","page_number":63,"box":{"x":81,"y":595,"width":670,"height":11}},{"id":"e86ee2c1-0b52-4bb0-8e72-31d881e3e6b8","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases of BlackRock Funds, over a","page_number":63,"box":{"x":82,"y":615,"width":833,"height":11}},{"id":"99e60df1-b1c2-47dc-b08f-d526f5e9a295","block_type":"box","text":"13-month time period. Eligible BlackRock Fund assets not held at D.A. Davidson may be included in the calculation","page_number":63,"box":{"x":82,"y":630,"width":841,"height":11}},{"id":"ece35dc7-7715-4533-acde-30488143db0c","block_type":"box","text":"of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":63,"box":{"x":81,"y":644,"width":705,"height":12}},{"id":"a1bf30c8-f3c3-4509-ad89-4f9219cf3f84","block_type":"box","text":"A-2","page_number":63,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"7333d0c7-6873-4561-9c62-5b17e5a198dc","block_type":"box","text":"NM0926U-5977302-63/76","page_number":63,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8bbcc33c-d48c-4789-9847-2d1d094e1d4a","block_type":"box","text":"Edward D. Jones & Co., L.P. (“Edward Jones”):","page_number":64,"box":{"x":61,"y":46,"width":383,"height":12}},{"id":"57469747-2389-4dbe-8d38-77913bde5a0b","block_type":"box","text":"Policies Regarding Transactions Through Edward Jones","page_number":64,"box":{"x":61,"y":71,"width":456,"height":12}},{"id":"2a666ca1-28ec-45f7-8e84-edc2ebedb7bb","block_type":"box","text":"The following information has been provided by Edward Jones:","page_number":64,"box":{"x":62,"y":102,"width":455,"height":11}},{"id":"244c343a-e59d-4c8e-8bbe-67b6fa068f2b","block_type":"box","text":"Effective on or after June 10, 2026, the following information supersedes prior information with respect to","page_number":64,"box":{"x":62,"y":124,"width":780,"height":12}},{"id":"e1af402a-f01b-4939-8f55-117e3a3fa61a","block_type":"box","text":"transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also","page_number":64,"box":{"x":60,"y":139,"width":817,"height":12}},{"id":"ab3ee668-2755-4cbc-bb21-32c4c8b6f1e1","block_type":"box","text":"referred to as “shareholders”) purchasing fund shares on the Edward Jones commission and fee-based platforms are","page_number":64,"box":{"x":61,"y":154,"width":863,"height":11}},{"id":"5d715a65-a8be-4800-845a-1a3378a977fc","block_type":"box","text":"eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ","page_number":64,"box":{"x":61,"y":169,"width":860,"height":11}},{"id":"fa9d4404-0c29-4f5b-829e-63647a7d1110","block_type":"box","text":"from discounts and waivers described elsewhere in this prospectus or statement of additional information (“SAI”) or","page_number":64,"box":{"x":60,"y":184,"width":854,"height":11}},{"id":"774e8198-58fe-4d48-a964-a4b7a1b72deb","block_type":"box","text":"through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time","page_number":64,"box":{"x":60,"y":198,"width":875,"height":12}},{"id":"37600389-605d-4159-80cc-9dc0d3a22809","block_type":"box","text":"of purchase of any relationship, holdings of BlackRock Funds, or other facts qualifying the purchaser for discounts or","page_number":64,"box":{"x":61,"y":213,"width":857,"height":12}},{"id":"74fb567c-1d6b-4bdc-954e-da4886073c85","block_type":"box","text":"waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if","page_number":64,"box":{"x":60,"y":228,"width":871,"height":9}},{"id":"6a69daac-b5d1-46d2-94ae-e5366195fb2e","block_type":"box","text":"they have questions regarding their eligibility for these discounts and waivers.","page_number":64,"box":{"x":60,"y":243,"width":570,"height":11}},{"id":"b59c9d67-ded5-4ee9-99d1-4f2dfa294e41","block_type":"box","text":"Breakpoints","page_number":64,"box":{"x":61,"y":266,"width":99,"height":12}},{"id":"934da08a-75c0-41bd-879f-4b56d3b3d0f4","block_type":"box","text":"Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.","page_number":64,"box":{"x":82,"y":288,"width":788,"height":11}},{"id":"29551700-5ab2-40f0-a9af-03e3d19a4422","block_type":"box","text":"Rights of Accumulation (“ROA”)","page_number":64,"box":{"x":61,"y":310,"width":265,"height":13}},{"id":"3fb905a4-bf0a-47bb-b22e-f822f5c2505d","block_type":"box","text":"The applicable sales charge on a purchase of Investor A Shares is determined by taking into account all share","page_number":64,"box":{"x":81,"y":332,"width":810,"height":11}},{"id":"9334c552-1d87-4a57-9fee-f222bcefeb49","block_type":"box","text":"classes (except certain money market funds and any assets held in group retirement plans) of BlackRock Funds and","page_number":64,"box":{"x":81,"y":347,"width":855,"height":11}},{"id":"f9f7f808-b01e-47bf-9f99-095af65a6bd8","block_type":"box","text":"the BlackRock CollegeAdvantage 529 Program held by the shareholder or in an account grouped by Edward Jones","page_number":64,"box":{"x":80,"y":362,"width":834,"height":11}},{"id":"4f1b379e-ffb5-4037-9d7d-f5f88258b576","block_type":"box","text":"with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). 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Money market funds are included only if such","page_number":64,"box":{"x":82,"y":421,"width":811,"height":11}},{"id":"6611018d-17cf-411d-bcf3-1ce4d38e9465","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":64,"box":{"x":81,"y":436,"width":841,"height":11}},{"id":"ce490356-be09-44e4-8ecd-f6e86504ca3a","block_type":"box","text":"sales charge.","page_number":64,"box":{"x":81,"y":451,"width":97,"height":11}},{"id":"c709d811-ea70-417d-a4fe-33cc8e312a52","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":64,"box":{"x":81,"y":470,"width":846,"height":12}},{"id":"885818a4-2719-46f9-aaef-b9f1935dd94f","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":64,"box":{"x":81,"y":486,"width":769,"height":11}},{"id":"59e6a43b-9373-42d6-b6b8-22254be397a9","block_type":"box","text":"shareholder or pricing group level.","page_number":64,"box":{"x":81,"y":500,"width":248,"height":12}},{"id":"e6161aae-03b7-41bc-9955-f11fbf00c6a0","block_type":"box","text":"ROA is determined by calculating the higher of cost minus redemptions or market value (current shares multiplied","page_number":64,"box":{"x":82,"y":520,"width":833,"height":12}},{"id":"e9ee14ff-e0e9-4553-917d-2101fc5280a8","block_type":"box","text":"by NAV).","page_number":64,"box":{"x":81,"y":535,"width":58,"height":11}},{"id":"e77311be-ff83-441d-b10c-d64126de95e6","block_type":"box","text":"Letter of Intent (“LOI”)","page_number":64,"box":{"x":61,"y":558,"width":188,"height":12}},{"id":"07d86f2d-c960-49db-b3fb-52bc6cb25b4a","block_type":"box","text":"Through a LOI, a shareholder can receive the sales charge and breakpoint discounts for purchases such","page_number":64,"box":{"x":81,"y":579,"width":765,"height":12}},{"id":"a84ee03b-48c1-4ef4-b1be-a9fe2ffe0d35","block_type":"box","text":"shareholder intends to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is","page_number":64,"box":{"x":81,"y":594,"width":804,"height":11}},{"id":"acb6bd07-5c97-4b6b-947d-df5b5104e0f8","block_type":"box","text":"determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination","page_number":64,"box":{"x":81,"y":609,"width":829,"height":12}},{"id":"615874c9-a398-459d-b17c-42c10738493c","block_type":"box","text":"with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge","page_number":64,"box":{"x":80,"y":624,"width":830,"height":11}},{"id":"3b9af460-66bc-481b-9546-efa787cfaea2","block_type":"box","text":"and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the","page_number":64,"box":{"x":81,"y":639,"width":833,"height":11}},{"id":"de147491-4ce9-46ca-b5fb-9816700cba0b","block_type":"box","text":"sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible BlackRock Funds","page_number":64,"box":{"x":81,"y":653,"width":827,"height":12}},{"id":"97cfbade-32ac-436e-a605-a74f2389b50f","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":64,"box":{"x":81,"y":668,"width":845,"height":12}},{"id":"cf625270-7972-4d43-87d0-40a9e4d87922","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":64,"box":{"x":81,"y":683,"width":851,"height":12}},{"id":"cc9d7b12-4bbc-4cfd-a0bb-15e0153eae07","block_type":"box","text":"reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.","page_number":64,"box":{"x":82,"y":698,"width":680,"height":12}},{"id":"c68812eb-c3bc-4172-9e35-02967344aa69","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":64,"box":{"x":82,"y":718,"width":842,"height":11}},{"id":"973e3bcc-cb6f-47e3-876d-8afcea18aa29","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":64,"box":{"x":82,"y":733,"width":829,"height":11}},{"id":"5ca365fc-33c4-4f78-8ff7-8fc154227f40","block_type":"box","text":"established by the employer.","page_number":64,"box":{"x":81,"y":748,"width":209,"height":11}},{"id":"8226d103-df34-4afd-a7bc-32f4cb0bed4d","block_type":"box","text":"Sales Charge Waivers","page_number":64,"box":{"x":60,"y":771,"width":180,"height":12}},{"id":"df3c25fc-7c31-4884-b269-a6f911b41578","block_type":"box","text":"Sales charges are waived for the following shareholders and in the following situations:","page_number":64,"box":{"x":61,"y":787,"width":639,"height":11}},{"id":"0b8e7877-3b9c-4972-839c-2c65ff38c577","block_type":"box","text":"Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by","page_number":64,"box":{"x":81,"y":807,"width":806,"height":11}},{"id":"4c397e16-dabc-4175-aecf-ac7280548b33","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":64,"box":{"x":82,"y":822,"width":850,"height":11}},{"id":"14579eda-28a6-4bdc-b122-a5ddf5ec7f79","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":64,"box":{"x":81,"y":837,"width":846,"height":11}},{"id":"228e7ea6-b599-43ea-92a7-217897aabc74","block_type":"box","text":"to Edward Jones’ policies and procedures.","page_number":64,"box":{"x":80,"y":852,"width":310,"height":11}},{"id":"bb759db8-367f-4522-bbdf-0dcc18267578","block_type":"box","text":"Shares purchased in an Edward Jones fee-based program.","page_number":64,"box":{"x":81,"y":871,"width":427,"height":12}},{"id":"32c028be-4fe4-4d36-b004-62119710441f","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.","page_number":64,"box":{"x":81,"y":891,"width":710,"height":12}},{"id":"8446fa2e-94fa-4545-94f5-b809fa2a784e","block_type":"box","text":"A-3","page_number":64,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"d11a1956-caac-4437-8caa-d18a357e0da6","block_type":"box","text":"NM0926U-5977302-64/76","page_number":64,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"54bd27e4-61c9-4b5a-a1a5-0cef1dc0a6ae","block_type":"box","text":"Shares purchased from the proceeds of redeemed shares of BlackRock Funds so long as the following conditions","page_number":65,"box":{"x":81,"y":46,"width":834,"height":11}},{"id":"e843e741-4e39-40b5-be84-b408c9cde014","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":65,"box":{"x":81,"y":60,"width":850,"height":12}},{"id":"54baf44a-d58a-41fa-9d5c-50d291a27d92","block_type":"box","text":"from a share class that charges a front load and one of the following (“Right of Reinstatement”):","page_number":65,"box":{"x":81,"y":75,"width":708,"height":12}},{"id":"aae2b440-38a6-41a1-a63d-84d26018dbd2","block_type":"box","text":"The redemption and repurchase occur in the same account.","page_number":65,"box":{"x":101,"y":96,"width":438,"height":11}},{"id":"88252182-5c93-4f7f-a226-806fb1b6ee30","block_type":"box","text":"The redemption proceeds are used to process an: IRA contribution, return of excess contributions, conversion,","page_number":65,"box":{"x":101,"y":115,"width":811,"height":11}},{"id":"f061858f-81e6-4efd-875d-a9a2cb9b2992","block_type":"box","text":"recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same","page_number":65,"box":{"x":102,"y":130,"width":784,"height":12}},{"id":"88ff47eb-b07c-4c09-81a8-6e6dcd361216","block_type":"box","text":"Edward Jones grouping for ROA.","page_number":65,"box":{"x":102,"y":145,"width":231,"height":11}},{"id":"1bacd1ff-5271-466d-a196-c44f13959363","block_type":"box","text":"The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases","page_number":65,"box":{"x":76,"y":166,"width":839,"height":12}},{"id":"624f32f8-267f-483a-8ddf-2bac006df937","block_type":"box","text":"made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund","page_number":65,"box":{"x":76,"y":179,"width":805,"height":12}},{"id":"c38999f6-eef7-4ee7-ab60-aab14bbd3066","block_type":"box","text":"products.","page_number":65,"box":{"x":77,"y":192,"width":66,"height":11}},{"id":"059a2c9d-7f22-499f-a4a9-b5ca3de28ebc","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":65,"box":{"x":81,"y":210,"width":837,"height":12}},{"id":"cb77a4ca-9e86-4722-ba36-0648ffb38104","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":65,"box":{"x":81,"y":225,"width":834,"height":11}},{"id":"bdb20eda-4f97-4aff-af33-888dc6922db2","block_type":"box","text":"BlackRock, if applicable. 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For purposes of this provision, employer","page_number":67,"box":{"x":81,"y":293,"width":826,"height":12}},{"id":"2a99b878-ebc0-4bf3-9650-0d57e93ba864","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.","page_number":67,"box":{"x":81,"y":308,"width":684,"height":12}},{"id":"d97e8030-3435-47d0-b35c-1638f0d3886b","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":67,"box":{"x":81,"y":328,"width":362,"height":12}},{"id":"4e1b8d34-5a6b-4d46-84f4-beb14568272c","block_type":"box","text":"Investor C shares that are no longer subject to a contingent deferred sales charge and are converted to Investor A","page_number":67,"box":{"x":82,"y":348,"width":840,"height":12}},{"id":"592df858-59f6-4d9d-a782-f40cb8ec2696","block_type":"box","text":"shares of the same fund pursuant to Janney’s policies and procedures.","page_number":67,"box":{"x":81,"y":363,"width":523,"height":11}},{"id":"e91e6654-c645-4fd4-a9a9-abe351f41baa","block_type":"box","text":"CDSC waivers on Investor A and C shares available at Janney","page_number":67,"box":{"x":61,"y":386,"width":507,"height":12}},{"id":"d14826fd-27bf-41a7-9788-86fd2fe4ad83","block_type":"box","text":"Shares sold upon the death or disability of the shareholder.","page_number":67,"box":{"x":81,"y":407,"width":436,"height":12}},{"id":"144c614d-d14f-4303-bcd8-087ae3a0a9f7","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus or SAI.","page_number":67,"box":{"x":81,"y":427,"width":721,"height":12}},{"id":"2cc480aa-fae9-4279-b8ec-a58cde5fe293","block_type":"box","text":"Shares purchased in connection with a return of excess contributions from an IRA account.","page_number":67,"box":{"x":81,"y":447,"width":667,"height":11}},{"id":"10e0eac7-3f60-494f-a482-34620c738567","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal","page_number":67,"box":{"x":81,"y":467,"width":820,"height":11}},{"id":"df24b8f6-8798-41c7-8c16-b4368e0a8f31","block_type":"box","text":"Revenue Code.","page_number":67,"box":{"x":82,"y":482,"width":108,"height":9}},{"id":"8d332204-6346-4c6f-a6cd-86e0b49fccef","block_type":"box","text":"Shares sold to pay Janney fees but only if the transaction is initiated by Janney.","page_number":67,"box":{"x":81,"y":502,"width":583,"height":11}},{"id":"7ce1caa1-34a5-4072-a1c3-b7546df502a8","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":67,"box":{"x":81,"y":522,"width":362,"height":12}},{"id":"c6a423f9-87e4-4869-be47-8bf7cad01b76","block_type":"box","text":"Shares exchanged into the same share class of a different fund.","page_number":67,"box":{"x":81,"y":542,"width":473,"height":12}},{"id":"f708dc55-e0b8-42de-9aea-443f1c5fa76f","block_type":"box","text":"Front-end sales charge* discounts available at Janney: breakpoints, rights of accumulation, and/or","page_number":67,"box":{"x":61,"y":565,"width":822,"height":12}},{"id":"b3771f07-47f6-4ed1-bb5e-2ee64beae459","block_type":"box","text":"letters of intent","page_number":67,"box":{"x":61,"y":582,"width":128,"height":10}},{"id":"25bf41d3-b829-4da9-b7b6-9814b88859aa","block_type":"box","text":"Breakpoints as described in the Fund’s prospectus or SAI.","page_number":67,"box":{"x":82,"y":603,"width":426,"height":11}},{"id":"cc5145bd-c32f-4e4a-8608-c1bba12c554a","block_type":"box","text":"Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated","page_number":67,"box":{"x":82,"y":623,"width":847,"height":12}},{"id":"5ef3d627-8278-4da8-babe-2fd7efc08336","block_type":"box","text":"based on the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at","page_number":67,"box":{"x":81,"y":638,"width":834,"height":12}},{"id":"62d387d9-7670-4d21-bb0d-87b8a595a162","block_type":"box","text":"Janney. Eligible BlackRock Fund assets not held at Janney may be included in the ROA calculation only if the","page_number":67,"box":{"x":81,"y":653,"width":793,"height":11}},{"id":"b5ccc929-74c5-4aa4-8505-8cf0107814ec","block_type":"box","text":"shareholder notifies his or her financial advisor about such assets.","page_number":67,"box":{"x":81,"y":668,"width":490,"height":9}},{"id":"e143ed51-4e7d-4e75-8123-3527b69a986b","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases within a BlackRock Fund, over","page_number":67,"box":{"x":82,"y":688,"width":854,"height":11}},{"id":"d2b7dfcf-5803-48b2-b044-84438dcdd975","block_type":"box","text":"a 13-month time period. Eligible BlackRock Fund assets not held at Janney Montgomery Scott may be included in","page_number":67,"box":{"x":81,"y":703,"width":831,"height":11}},{"id":"f449987b-c21f-4dfa-a861-52d0590c7393","block_type":"box","text":"the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":67,"box":{"x":80,"y":717,"width":818,"height":12}},{"id":"acad0ea8-cd7b-4b99-af33-536370ee1c2f","block_type":"box","text":"*Also referred to as an “initial sales charge.”","page_number":67,"box":{"x":62,"y":740,"width":332,"height":11}},{"id":"a6865335-6a80-476b-8629-d8533de5d151","block_type":"box","text":"A-6","page_number":67,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"8435b80b-61f6-449c-ac55-d0c05bdb4c87","block_type":"box","text":"NM0926U-5977302-67/76","page_number":67,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d562fec1-388d-4cc5-92ec-7f43f8401287","block_type":"box","text":"Merrill Lynch:","page_number":68,"box":{"x":61,"y":46,"width":110,"height":13}},{"id":"9513be44-1ed8-4b38-b551-9a717c8d01a3","block_type":"box","text":"Purchases or sales of front-end (i.e. Investor A) or level-load (i.e., Investor C) mutual fund shares through a Merrill","page_number":68,"box":{"x":61,"y":62,"width":834,"height":12}},{"id":"ef4030eb-5323-4db2-bfec-71f13d9f6fe7","block_type":"box","text":"platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end","page_number":68,"box":{"x":62,"y":77,"width":870,"height":12}},{"id":"a459ed6e-e73d-40c6-895d-7151131f84dd","block_type":"box","text":"waivers) and discounts, which differ from those disclosed elsewhere in this Fund’s prospectus. Purchasers will have to","page_number":68,"box":{"x":60,"y":92,"width":874,"height":11}},{"id":"b3dbc873-1cc1-4245-8375-3672d319047f","block_type":"box","text":"buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for","page_number":68,"box":{"x":61,"y":107,"width":823,"height":11}},{"id":"c24ed09b-1b96-4669-a9c0-9f62a8f16eb5","block_type":"box","text":"waivers or discounts not listed below.","page_number":68,"box":{"x":60,"y":122,"width":274,"height":9}},{"id":"5659f5f6-e574-4913-a76d-121e86167d61","block_type":"box","text":"It is the client’s responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that","page_number":68,"box":{"x":62,"y":144,"width":841,"height":12}},{"id":"0266a21a-d495-40f2-b468-6e18fb11b304","block_type":"box","text":"qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such","page_number":68,"box":{"x":61,"y":159,"width":870,"height":12}},{"id":"ef5a042e-6569-4f3a-9638-331f5d8ae8dc","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":68,"box":{"x":60,"y":174,"width":823,"height":11}},{"id":"ff0453dc-f9d3-4de0-be95-0da42ef32c46","block_type":"box","text":"Additional information on waivers, discounts, and share class exchanges is available in the Merrill Sales Load Waiver","page_number":68,"box":{"x":60,"y":196,"width":862,"height":12}},{"id":"2957fb96-2778-4ebb-8755-bbfdfd8b2a28","block_type":"box","text":"and Discounts Supplement (the “Merrill SLWD Supplement”) and in the Mutual Fund Investing at Merrill pamphlet at","page_number":68,"box":{"x":61,"y":211,"width":853,"height":12}},{"id":"c67c77d0-18c7-46f5-b68e-833e04bb68bd","block_type":"box","text":"ml.com/funds. 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