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Although your actual costs may be higher","page_number":3,"box":{"x":61,"y":812,"width":859,"height":11}},{"id":"3c15f007-b197-4f36-8b90-9307e7646682","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":826,"width":436,"height":12}},{"id":"c453695f-b366-4bfd-9ace-1cd0949ca95e","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":855,"width":292,"height":8}},{"id":"7b4196fd-434f-4623-bc9f-00b64c3d95d0","block_type":"box","text":"Class K Shares $72 $239 $421 $948","page_number":3,"box":{"x":69,"y":872,"width":843,"height":10}},{"id":"da551359-4991-4d4d-898f-20683eb3b9f9","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":935,"width":9,"height":9}},{"id":"7922e525-e8b0-4e62-ac56-a905f4062690","block_type":"box","text":"NM1026U-5981116-3/48","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"be14c343-f328-4f57-bdac-12b97a43b9aa","block_type":"box","text":"Portfolio Turnover:","page_number":4,"box":{"x":61,"y":46,"width":151,"height":10}},{"id":"e3de1dc6-4537-405a-a887-ca883090b3d7","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":4,"box":{"x":60,"y":63,"width":800,"height":11}},{"id":"4d2677e2-4b9d-4ac2-b801-13993dbf152f","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":4,"box":{"x":62,"y":77,"width":850,"height":12}},{"id":"d96e1b91-6c8f-4172-bcc3-80799188424f","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":4,"box":{"x":61,"y":92,"width":870,"height":12}},{"id":"f2f5cbb4-18e2-4bb1-bc2b-7904cc8cf697","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was","page_number":4,"box":{"x":62,"y":107,"width":839,"height":11}},{"id":"94773f83-ee21-4c62-b615-f4098bb278cd","block_type":"box","text":"88% of the average value of its portfolio.","page_number":4,"box":{"x":61,"y":122,"width":298,"height":11}},{"id":"44933cbc-7505-4a70-a101-5e2695e50c94","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":4,"box":{"x":61,"y":161,"width":394,"height":13}},{"id":"bc0ad0dd-171a-433f-b96f-5566592a2ff5","block_type":"box","text":"Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment","page_number":4,"box":{"x":62,"y":187,"width":850,"height":11}},{"id":"ac603abe-411d-46b4-b773-d8ac6430fe46","block_type":"box","text":"purposes, in commodity-linked derivatives or equity investments in commodity-related companies, including, but not","page_number":4,"box":{"x":62,"y":202,"width":847,"height":11}},{"id":"c233f6fb-1fd2-45a6-a479-74928c6b4754","block_type":"box","text":"limited to, companies operating in the mining, energy and agricultural sectors. 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These companies include, without limitation, companies engaged in the","page_number":4,"box":{"x":61,"y":567,"width":827,"height":11}},{"id":"5bd1a505-0451-48d6-b5f5-da570fa4efe8","block_type":"box","text":"exploration, ownership, production, refinement, processing, transportation, distribution or marketing of commodities,","page_number":4,"box":{"x":61,"y":581,"width":857,"height":12}},{"id":"3ed89115-7d65-4b7c-ad69-918c54aa1005","block_type":"box","text":"companies that use commodities extensively in their products and companies that provide technology and services to","page_number":4,"box":{"x":61,"y":596,"width":866,"height":12}},{"id":"d38dc622-82c5-4030-bc41-a6f523cb763e","block_type":"box","text":"commodity-related companies. 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The Subsidiary is managed by BlackRock and has the same investment objective","page_number":4,"box":{"x":62,"y":722,"width":864,"height":12}},{"id":"09daf1aa-4f92-4f6b-ae29-507ee1d653d0","block_type":"box","text":"as the Fund. The assets of the Subsidiary are subject to the same investment restrictions and limitations, and follow","page_number":4,"box":{"x":61,"y":737,"width":860,"height":12}},{"id":"b31c6563-c84f-49ee-8b9b-724a1f55066f","block_type":"box","text":"the same compliance policies and procedures, as the Fund, except that the Subsidiary does not invest in equity","page_number":4,"box":{"x":60,"y":752,"width":824,"height":12}},{"id":"a0781822-c3e0-47a4-a70e-698eac89a0a0","block_type":"box","text":"securities of commodity-related companies, and may invest without limitation in commodity-linked derivative","page_number":4,"box":{"x":61,"y":767,"width":790,"height":11}},{"id":"4b940c5f-6510-462d-a53a-a801fa1f60dd","block_type":"box","text":"instruments. The Fund will not invest more than 25% of its total assets (measured at the time of investment) in the","page_number":4,"box":{"x":62,"y":782,"width":846,"height":11}},{"id":"ee8b437f-21a8-4090-a95d-038280d49be9","block_type":"box","text":"Subsidiary.","page_number":4,"box":{"x":61,"y":797,"width":79,"height":11}},{"id":"9ee10fdc-628a-4238-b683-47a109795183","block_type":"box","text":"The Fund manages the term structure of its commodity-linked derivative positions and has the flexibility to gain","page_number":4,"box":{"x":60,"y":819,"width":814,"height":12}},{"id":"43dbe4fa-9a84-4774-bdf2-3d0dddb1811a","block_type":"box","text":"exposure to futures maturities which differ from those in the Fund’s benchmark, the Bloomberg Commodity Index Total","page_number":4,"box":{"x":61,"y":834,"width":870,"height":12}},{"id":"5da3bc78-03c4-4ad8-87e2-3ba7cbce7818","block_type":"box","text":"Return","page_number":4,"box":{"x":62,"y":849,"width":46,"height":9}},{"id":"4fd60503-3bc7-4dbd-873d-0ee6bfff91e2","block_type":"box","text":"SM","page_number":4,"box":{"x":109,"y":849,"width":11,"height":5}},{"id":"b4d321e2-bf0b-49d7-9c0a-4ed6f3539de5","block_type":"box","text":". This is done in an effort to achieve efficient investment results and minimize any adverse effects on returns","page_number":4,"box":{"x":123,"y":849,"width":805,"height":11}},{"id":"e0181247-0f57-4766-9dce-65ed798895f5","block_type":"box","text":"caused by commodity term structures.","page_number":4,"box":{"x":61,"y":864,"width":281,"height":11}},{"id":"915641f7-a389-4614-b8ca-bb81c40fb93a","block_type":"box","text":"Equity securities held by the Fund may include common stocks, preferred stocks, warrants, depositary receipts, and","page_number":4,"box":{"x":62,"y":886,"width":851,"height":12}},{"id":"52ae8663-3bc4-4926-824c-887d8e4ce245","block_type":"box","text":"other instruments whose price is linked to the value of common stock, and equity interests in master limited","page_number":4,"box":{"x":61,"y":901,"width":797,"height":11}},{"id":"1392625b-ffe4-452d-add2-2561bd0b91b9","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"5727abff-0be5-48f1-b26d-14e1e3d0fb4f","block_type":"box","text":"NM1026U-5981116-4/48","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"4feb9421-f624-4278-83e6-90a5bb857ced","block_type":"box","text":"partnerships. In addition, the Fund may also invest in fixed-income instruments (of any credit quality and any duration)","page_number":5,"box":{"x":62,"y":46,"width":866,"height":11}},{"id":"3ce72f86-e596-439a-b082-30c4bfcee3ca","block_type":"box","text":"of commodity-related companies. The Fund may also purchase convertible securities.","page_number":5,"box":{"x":61,"y":60,"width":625,"height":12}},{"id":"ab74d100-d5d2-444f-a8cc-8d354df50f8e","block_type":"box","text":"There are no restrictions on investment in terms of geography or market capitalization. As such, the Fund may invest in","page_number":5,"box":{"x":60,"y":83,"width":875,"height":12}},{"id":"8f725ea9-8b43-4e86-952c-7b258fcff934","block_type":"box","text":"both U.S. and non-U.S. companies, including companies located in emerging markets, and in securities denominated","page_number":5,"box":{"x":61,"y":98,"width":859,"height":11}},{"id":"cee1cb67-5e03-4d62-adfd-084f05fdac2f","block_type":"box","text":"in both U.S. dollars and foreign currencies.","page_number":5,"box":{"x":62,"y":113,"width":313,"height":11}},{"id":"077ece01-4e2c-407d-abd8-234cfac66adf","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":5,"box":{"x":61,"y":152,"width":354,"height":13}},{"id":"40226930-9c5f-44af-9971-32d5ad7e8015","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":178,"width":860,"height":11}},{"id":"947ecd10-cd15-4b02-be8b-7962f6292d6f","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":193,"width":802,"height":11}},{"id":"22a8e267-a287-4b50-9777-b2be8c0be7ec","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":207,"width":842,"height":12}},{"id":"6184a070-d2f1-4355-9e9d-676aa606051c","block_type":"box","text":"summary description of the principal risks of investing in the Fund. The relative significance of each risk factor below","page_number":5,"box":{"x":61,"y":222,"width":857,"height":12}},{"id":"e0deedef-bd3a-485c-bbfa-d6aa9c5a37d9","block_type":"box","text":"may change over time and you should review each risk factor carefully.","page_number":5,"box":{"x":61,"y":237,"width":515,"height":12}},{"id":"83939644-7671-4887-8e2d-0782375c498d","block_type":"box","text":"Commodities Investment Risk","page_number":5,"box":{"x":81,"y":257,"width":227,"height":9}},{"id":"23e690fa-4814-4ad9-8c86-5bef3c99df17","block_type":"box","text":"— Investing in commodity-linked derivative instruments and equity securities of","page_number":5,"box":{"x":312,"y":257,"width":582,"height":12}},{"id":"be4242dc-dafb-423c-9db9-ce98d386c9a5","block_type":"box","text":"commodity-related companies may subject the Fund to greater volatility than investments in traditional securities.","page_number":5,"box":{"x":81,"y":272,"width":831,"height":11}},{"id":"311ff6ca-22f7-4028-92d3-fcaa5978885f","block_type":"box","text":"The commodities markets have experienced periods of extreme volatility. Similar future market conditions may","page_number":5,"box":{"x":81,"y":287,"width":810,"height":11}},{"id":"9ee70804-7208-4a53-b79e-3cbe6bf0fd8e","block_type":"box","text":"result in rapid and substantial valuation increases or decreases in the Fund’s holdings.","page_number":5,"box":{"x":82,"y":302,"width":639,"height":11}},{"id":"cee8c1ab-4f3c-4942-af24-131452fe376c","block_type":"box","text":"The commodities markets may fluctuate widely based on a variety of factors. Movements in commodity investment","page_number":5,"box":{"x":81,"y":321,"width":842,"height":12}},{"id":"c1544a71-2d55-4a6b-82b0-a7f78b5e129f","block_type":"box","text":"prices are outside of the Fund’s control and may not be anticipated by Fund management. Price movements may be","page_number":5,"box":{"x":82,"y":336,"width":849,"height":12}},{"id":"04bb78b8-00c8-4efb-adb8-e5df1ef443f7","block_type":"box","text":"influenced by, among other things: governmental, agricultural, trade, fiscal, monetary and exchange control","page_number":5,"box":{"x":82,"y":351,"width":784,"height":12}},{"id":"71b0990a-926e-45a2-b95a-68c41dee3a0e","block_type":"box","text":"programs and policies; changing market and economic conditions; market liquidity; weather and climate conditions;","page_number":5,"box":{"x":82,"y":366,"width":845,"height":12}},{"id":"5d064f8c-10a3-48f1-a567-4763d9723bb3","block_type":"box","text":"changing supply and demand relationships and levels of domestic production and imported commodities; the","page_number":5,"box":{"x":81,"y":381,"width":802,"height":11}},{"id":"49721424-0244-4367-9afb-e2d080661d25","block_type":"box","text":"availability of local, intrastate and interstate transportation systems; energy conservation; the success of","page_number":5,"box":{"x":81,"y":396,"width":776,"height":11}},{"id":"8e806adc-a1bf-4ec8-bcba-3b362b3059dc","block_type":"box","text":"exploration projects; changes in international balances of payments and trade; domestic and foreign rates of","page_number":5,"box":{"x":81,"y":410,"width":800,"height":12}},{"id":"9b095fce-8457-4d6b-aeed-830b27c8b0ba","block_type":"box","text":"inflation; currency devaluations and revaluations; domestic and foreign political and economic events; domestic and","page_number":5,"box":{"x":82,"y":425,"width":850,"height":12}},{"id":"dff9b658-066d-414b-a900-39df65a65a6d","block_type":"box","text":"foreign interest rates and/or investor expectations concerning interest rates; foreign currency/exchange rates;","page_number":5,"box":{"x":81,"y":440,"width":811,"height":12}},{"id":"dc69e77c-6e31-4e06-a722-e2b1d2301a09","block_type":"box","text":"domestic and foreign governmental regulation and taxation; war, acts of terrorism and other political upheaval and","page_number":5,"box":{"x":81,"y":455,"width":838,"height":12}},{"id":"7ee60d83-f5e3-4ec4-a05e-29605e945371","block_type":"box","text":"conflicts; governmental expropriation; investment and trading activities of mutual funds, hedge funds and","page_number":5,"box":{"x":81,"y":470,"width":772,"height":11}},{"id":"2430cf07-e623-44d9-b46c-91cf601d5f3f","block_type":"box","text":"commodities funds; changes in philosophies and emotions of market participants. The frequency and magnitude of","page_number":5,"box":{"x":81,"y":485,"width":847,"height":11}},{"id":"f5c2bc4a-1162-4123-b76d-90b0d21a13eb","block_type":"box","text":"such changes cannot be predicted.","page_number":5,"box":{"x":81,"y":500,"width":256,"height":11}},{"id":"7231df1f-4063-46a8-8802-6044e365a02b","block_type":"box","text":"The commodity markets are subject to temporary distortions and other disruptions due to, among other factors,","page_number":5,"box":{"x":81,"y":519,"width":822,"height":12}},{"id":"001c513e-d754-44bb-ab43-393002caa605","block_type":"box","text":"lack of liquidity, the participation of speculators, and government regulation and other actions. U.S. futures","page_number":5,"box":{"x":82,"y":534,"width":785,"height":12}},{"id":"286d9c3d-9083-445c-9ad6-3b025d658ada","block_type":"box","text":"exchanges and some foreign exchanges limit the amount of fluctuation in futures contract prices which may occur in","page_number":5,"box":{"x":81,"y":549,"width":852,"height":12}},{"id":"997d79d5-eb33-4872-8c23-a21fd56b8c7e","block_type":"box","text":"a single business day (generally referred to as “daily price fluctuation limits”). The maximum or minimum price of a","page_number":5,"box":{"x":81,"y":564,"width":844,"height":11}},{"id":"58ab0c1f-c66f-454c-bab0-4e986a4658c6","block_type":"box","text":"contract as a result of these limits is referred to as a “limit price.” If the limit price has been reached in a particular","page_number":5,"box":{"x":81,"y":579,"width":853,"height":11}},{"id":"4e5280f5-2943-4b49-b37c-f4b492888e08","block_type":"box","text":"contract, no trades may be made beyond the limit price. Limit prices have the effect of precluding trading in a","page_number":5,"box":{"x":81,"y":594,"width":804,"height":11}},{"id":"b112b6c8-de5e-46a3-82bc-6757d87851f7","block_type":"box","text":"particular contract or forcing the liquidation of contracts at disadvantageous times or prices.","page_number":5,"box":{"x":82,"y":608,"width":676,"height":12}},{"id":"2eb8e81f-c750-4b94-bafc-7723e04bfb2d","block_type":"box","text":"Equity Securities Risk","page_number":5,"box":{"x":81,"y":628,"width":166,"height":12}},{"id":"9262e547-e7ca-407e-b534-b4aa8bf880c3","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":628,"width":685,"height":12}},{"id":"4668da6e-0e2d-4109-8e89-51921d2649ce","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":5,"box":{"x":81,"y":643,"width":550,"height":12}},{"id":"948d5972-abe2-448e-b841-3e2c34a2882f","block_type":"box","text":"Derivatives Risk","page_number":5,"box":{"x":81,"y":663,"width":123,"height":9}},{"id":"3bc74b4d-23f2-4a48-a1d9-f73edb2c96a3","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":5,"box":{"x":207,"y":663,"width":664,"height":12}},{"id":"f9dc0e9a-fed7-4998-a0fc-9855ca5aeb8f","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":5,"box":{"x":82,"y":678,"width":469,"height":12}},{"id":"f733d251-8f08-463c-9b19-bfa446b201f5","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":698,"width":102,"height":12}},{"id":"f15e4bbe-0735-4ac2-a091-385d033ed00a","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":5,"box":{"x":188,"y":698,"width":723,"height":12}},{"id":"adbcf283-35d7-4b22-b703-d3b0a53a536c","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":5,"box":{"x":82,"y":713,"width":832,"height":11}},{"id":"a7d55f38-a4e5-4066-adcd-5426c9990868","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":728,"width":280,"height":11}},{"id":"95a4f387-3f15-4791-aba0-bfaab94bd938","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":748,"width":87,"height":9}},{"id":"722712be-3892-4c58-8617-e12e8e68727e","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":5,"box":{"x":173,"y":748,"width":728,"height":11}},{"id":"d4fb5211-39a2-4399-90d6-bbe65ef9131b","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":5,"box":{"x":81,"y":762,"width":834,"height":12}},{"id":"c72caf56-fe90-45cb-935e-0ec0b2b7d793","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":5,"box":{"x":82,"y":777,"width":832,"height":12}},{"id":"2b7f6604-7b68-4715-a0c2-ee6004ed3015","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":5,"box":{"x":80,"y":792,"width":779,"height":11}},{"id":"ed571195-37e5-42e0-b280-604126339dae","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":807,"width":253,"height":11}},{"id":"b3631d28-4c5f-4bde-b820-32979b94cc25","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":827,"width":131,"height":11}},{"id":"50301bc5-c488-4870-af01-ce679ef70fda","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":5,"box":{"x":217,"y":827,"width":697,"height":11}},{"id":"487d85ab-be5f-445d-8a73-c24b3642b6d2","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":5,"box":{"x":80,"y":842,"width":855,"height":11}},{"id":"d27b2320-435d-40f3-bc7c-f1ad1fcdb63b","block_type":"box","text":"exposure to such a counterparty.","page_number":5,"box":{"x":81,"y":857,"width":240,"height":11}},{"id":"00835111-6cf7-4ce3-853d-02c759492725","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":82,"y":877,"width":100,"height":11}},{"id":"4bdc6d1a-d132-41b6-b687-7924e82ecd6d","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":5,"box":{"x":186,"y":876,"width":750,"height":12}},{"id":"c2a4aa4a-7224-4a57-9ce5-7ffdf7aab196","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":5,"box":{"x":80,"y":892,"width":839,"height":11}},{"id":"08cf83c5-fb0a-470c-b104-e933e0bd9fd0","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":5,"box":{"x":81,"y":906,"width":293,"height":12}},{"id":"b71500b6-e949-431e-86d9-5e00cee32aa4","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"6ce01497-7289-47ad-86e1-b07a6f0f86b6","block_type":"box","text":"NM1026U-5981116-5/48","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"dad09db4-ed47-4d58-8f58-61cbc29c4a9b","block_type":"box","text":"Operational Risk","page_number":6,"box":{"x":82,"y":46,"width":120,"height":11}},{"id":"c3e82650-f62e-48a2-84bb-bee9f487132e","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":6,"box":{"x":206,"y":46,"width":727,"height":11}},{"id":"2ce0a889-9ae9-449d-93b7-e2798f754cce","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":6,"box":{"x":82,"y":60,"width":607,"height":12}},{"id":"9b27d394-449f-4c70-8403-8d0ca69ce28b","block_type":"box","text":"Legal Risk","page_number":6,"box":{"x":82,"y":81,"width":75,"height":11}},{"id":"ec98673f-3435-4014-8974-229d3c8b6a17","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":6,"box":{"x":161,"y":80,"width":761,"height":12}},{"id":"a120152e-9b9e-4eb1-af94-0e26dd8c1b4b","block_type":"box","text":"enforceability of a contract.","page_number":6,"box":{"x":81,"y":95,"width":198,"height":12}},{"id":"d2768bb4-c4d1-44ad-ae9c-e190c3eae008","block_type":"box","text":"Volatility and Correlation Risk","page_number":6,"box":{"x":83,"y":115,"width":214,"height":12}},{"id":"11c900ae-c1da-4dce-8f3f-e3e565608099","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":6,"box":{"x":300,"y":115,"width":590,"height":12}},{"id":"09eb5eac-2bdc-4d1e-9253-2ec94140f2ee","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":6,"box":{"x":81,"y":130,"width":775,"height":12}},{"id":"99a3271d-c844-44dc-94ee-1fd4b219c574","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":6,"box":{"x":81,"y":145,"width":589,"height":11}},{"id":"55b682e2-2a58-4783-9177-552c5456739a","block_type":"box","text":"Valuation Risk","page_number":6,"box":{"x":83,"y":165,"width":102,"height":9}},{"id":"11c74d33-15f2-4c33-8a06-7ed0cf3ce3e4","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":6,"box":{"x":189,"y":165,"width":747,"height":11}},{"id":"23eb4b4f-e0a3-4a0e-abfc-ef894c97ea2c","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":6,"box":{"x":82,"y":180,"width":783,"height":11}},{"id":"34d42b7f-a969-4cd1-89a6-0f3af1ea8d75","block_type":"box","text":"instruments or quote prices for them.","page_number":6,"box":{"x":82,"y":195,"width":273,"height":11}},{"id":"e4cafaca-e19a-40d8-8b58-394e1337182d","block_type":"box","text":"Hedging Risk","page_number":6,"box":{"x":82,"y":215,"width":95,"height":11}},{"id":"2cf6b65f-ec5d-41a7-b1d3-49f6a095a52a","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":6,"box":{"x":181,"y":214,"width":728,"height":12}},{"id":"460bd562-4ee3-492c-b958-bddc093e8b6e","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":6,"box":{"x":81,"y":229,"width":839,"height":12}},{"id":"93d19e20-3d3b-4ba9-a4b4-a683efc12486","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":6,"box":{"x":82,"y":244,"width":354,"height":12}},{"id":"1eb2c568-2b94-4de6-b412-c9a065ab7374","block_type":"box","text":"Tax Risk","page_number":6,"box":{"x":83,"y":264,"width":59,"height":9}},{"id":"065cec7e-efbe-4945-b513-8879288d7f2f","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":6,"box":{"x":145,"y":264,"width":719,"height":12}},{"id":"752ec563-85fa-4e6d-a5e2-2f5f6ffbaa1e","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":6,"box":{"x":81,"y":279,"width":801,"height":12}},{"id":"92d5e000-1542-43d2-8212-e43047a076e3","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":6,"box":{"x":82,"y":294,"width":802,"height":11}},{"id":"6be5bb21-dac2-44b2-8b90-5fe1e0d884ad","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":6,"box":{"x":82,"y":309,"width":830,"height":11}},{"id":"6fe68fe5-47ae-4b73-a614-009219cc51ec","block_type":"box","text":"realizes from its investments.","page_number":6,"box":{"x":82,"y":323,"width":215,"height":10}},{"id":"adad286b-7841-47f7-8f4f-2b07160ab59e","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":6,"box":{"x":82,"y":343,"width":399,"height":12}},{"id":"39281555-6c0e-4829-9ec2-aae9bcce74e1","block_type":"box","text":"Commodity-Linked Derivatives","page_number":6,"box":{"x":102,"y":364,"width":218,"height":11}},{"id":"83ee9616-60bd-4792-b1a2-421f0fd133ba","block_type":"box","text":"— The value of a commodity-linked derivative investment typically is based upon","page_number":6,"box":{"x":325,"y":363,"width":588,"height":12}},{"id":"80cda1ea-2a38-4aa5-8e58-3aa6b8cc1277","block_type":"box","text":"the price movements of a commodity, a commodity futures contract or commodity index, or some other readily","page_number":6,"box":{"x":101,"y":378,"width":809,"height":12}},{"id":"b10718c1-2d7c-461f-91f9-f7c8d0d8aa35","block_type":"box","text":"measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes","page_number":6,"box":{"x":102,"y":393,"width":833,"height":12}},{"id":"a2b82e5c-3f29-4629-9559-b4ffb73f7b8f","block_type":"box","text":"in overall market movements, volatility of the underlying benchmark, changes in inflation, interest rates, or","page_number":6,"box":{"x":102,"y":408,"width":781,"height":11}},{"id":"d06f765d-0e64-4eec-a394-733e372f2c2a","block_type":"box","text":"factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease,","page_number":6,"box":{"x":101,"y":423,"width":768,"height":11}},{"id":"1a75be78-0887-4b76-a3b1-8eabec97baca","block_type":"box","text":"embargoes, tariffs and international economic, political and regulatory developments. The value of commodity","page_number":6,"box":{"x":101,"y":438,"width":813,"height":11}},{"id":"5034891a-24dc-4377-9aef-7e36528050d7","block_type":"box","text":"linked derivatives will rise or fall in response to changes in the underlying commodity or related index.","page_number":6,"box":{"x":102,"y":452,"width":744,"height":12}},{"id":"03a52b37-5b0f-4cb7-9a4b-314f3ca3690b","block_type":"box","text":"Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based","page_number":6,"box":{"x":102,"y":467,"width":772,"height":12}},{"id":"7e2fff79-a05b-4ff6-8f18-6e715c326406","block_type":"box","text":"investments. A highly liquid secondary market may not exist for certain commodity-linked derivatives, and there","page_number":6,"box":{"x":102,"y":482,"width":815,"height":12}},{"id":"69cfeebb-8633-49eb-8dbc-27ff77a1333d","block_type":"box","text":"can be no assurance that one will develop.","page_number":6,"box":{"x":101,"y":497,"width":313,"height":11}},{"id":"bac93e84-becd-4c7f-8ad2-798e271f0b75","block_type":"box","text":"Commodity-linked derivatives also may be subject to credit and interest rate risks that in general affect the","page_number":6,"box":{"x":101,"y":517,"width":785,"height":11}},{"id":"0c20483e-27a9-4226-bbba-00d49214b266","block_type":"box","text":"values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it","page_number":6,"box":{"x":101,"y":532,"width":789,"height":11}},{"id":"6dcf2923-ab4c-4698-b48c-2c2023b1b2fe","block_type":"box","text":"originally invested. The Fund might receive interest payments that are more or less than the stated coupon","page_number":6,"box":{"x":101,"y":547,"width":784,"height":11}},{"id":"fe0fe116-6229-4877-b612-5748c395b33c","block_type":"box","text":"interest payments.","page_number":6,"box":{"x":102,"y":562,"width":135,"height":11}},{"id":"2f89d4cc-7312-41a5-b9b9-7aec03f77046","block_type":"box","text":"In connection with the Fund’s direct and indirect investments in commodity-linked derivatives, the Fund will","page_number":6,"box":{"x":102,"y":582,"width":781,"height":11}},{"id":"aca7dda7-3bcd-4e8f-a9bd-a2c24f3109a1","block_type":"box","text":"attempt to manage its counterparty exposure so as to limit its exposure to any one counterparty. However, due to","page_number":6,"box":{"x":101,"y":596,"width":835,"height":12}},{"id":"1e34fc13-e898-4f9e-9f0b-a5d6112e47fb","block_type":"box","text":"the limited number of entities that may serve as counterparties (and which the Fund believes are creditworthy) at","page_number":6,"box":{"x":101,"y":611,"width":833,"height":11}},{"id":"b205b628-651a-44b5-9e2f-f7a787df8312","block_type":"box","text":"any one time the Fund may enter into swap agreements with a limited number of counterparties and may invest","page_number":6,"box":{"x":101,"y":626,"width":820,"height":11}},{"id":"857e3dd0-69b9-456a-898c-5daf040dc68b","block_type":"box","text":"in commodity-linked notes issued by a limited number of issuers that will act as counterparties, which may","page_number":6,"box":{"x":102,"y":641,"width":783,"height":11}},{"id":"a925db9a-c281-4251-b7bb-0d8f60c30906","block_type":"box","text":"increase the Fund’s exposure to counterparty credit risk. There can be no assurance that the Fund will be able to","page_number":6,"box":{"x":102,"y":656,"width":830,"height":11}},{"id":"b1705a8d-c10c-4304-81f3-0c4ade15900f","block_type":"box","text":"limit exposure to any one counterparty at all times.","page_number":6,"box":{"x":102,"y":670,"width":373,"height":12}},{"id":"bec48a21-09b0-41a0-88e6-13f77f658f85","block_type":"box","text":"Commodity-Linked Notes","page_number":6,"box":{"x":102,"y":690,"width":180,"height":12}},{"id":"79723513-8735-4c48-996f-505f2a97b04b","block_type":"box","text":"— Commodity-linked notes involve substantial risks, including the risk of loss of a","page_number":6,"box":{"x":287,"y":690,"width":602,"height":12}},{"id":"1af1e022-2b4b-401b-b665-d7cb6ecbfd15","block_type":"box","text":"significant portion of their principal value. In addition to commodity risk and general derivatives risk, they may be","page_number":6,"box":{"x":101,"y":705,"width":827,"height":12}},{"id":"923cba76-8fff-41c2-a5e4-2eece0d18731","block_type":"box","text":"subject to additional special risks, such as risk of loss of interest and principal, lack of secondary market and","page_number":6,"box":{"x":101,"y":720,"width":807,"height":11}},{"id":"2ba1aed5-3533-42ed-a4d6-54556acaf128","block_type":"box","text":"risk of greater volatility, that do not affect traditional equity and debt securities.","page_number":6,"box":{"x":102,"y":735,"width":581,"height":11}},{"id":"45820dec-efd5-431c-833b-aca3fca5b5b1","block_type":"box","text":"Futures","page_number":6,"box":{"x":102,"y":755,"width":54,"height":9}},{"id":"862e203e-a103-43f1-bf1e-de8cedf8fb07","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":6,"box":{"x":161,"y":755,"width":765,"height":11}},{"id":"b33e8273-ccd1-490a-ab18-8a687a8193e7","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":6,"box":{"x":101,"y":769,"width":786,"height":12}},{"id":"08bf2ebd-a1d6-4a4d-9805-a2bd807e3689","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":6,"box":{"x":102,"y":784,"width":769,"height":12}},{"id":"26b14557-709d-4140-9c4a-0f8faa181619","block_type":"box","text":"between the change in market value of the instruments held by the Fund and the price of the futures contract or","page_number":6,"box":{"x":102,"y":799,"width":822,"height":12}},{"id":"df1c9427-16cb-4e88-aaa6-ad4794356814","block_type":"box","text":"option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close","page_number":6,"box":{"x":101,"y":814,"width":832,"height":12}},{"id":"2bf8b15d-fdbe-46f8-b34b-fd8f8d7041f4","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":6,"box":{"x":101,"y":829,"width":806,"height":11}},{"id":"8967ec20-a6c0-4795-98a6-e889cba1f335","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":6,"box":{"x":102,"y":844,"width":793,"height":11}},{"id":"7d614325-fe0e-43b3-becf-fd53cacbb6a6","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":6,"box":{"x":102,"y":858,"width":787,"height":12}},{"id":"f9afd1e4-04d5-485f-8ce6-a379ee1475a1","block_type":"box","text":"default in the performance of its obligations.","page_number":6,"box":{"x":101,"y":873,"width":327,"height":12}},{"id":"cefa09a4-e986-4f8f-8dfe-d6a429117cd9","block_type":"box","text":"Swaps","page_number":6,"box":{"x":102,"y":893,"width":47,"height":11}},{"id":"398b72af-0c48-4b8e-9e7d-6f82892a5841","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":6,"box":{"x":154,"y":893,"width":775,"height":12}},{"id":"f84122d1-0c12-499b-a2bc-aa3b38312f6d","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":6,"box":{"x":101,"y":908,"width":829,"height":12}},{"id":"c9e58491-8dab-4fac-ace1-c2069394ecbc","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"c4d98089-f513-42d7-968b-cad5f5ee8c14","block_type":"box","text":"NM1026U-5981116-6/48","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"814672c8-5c4b-4a0b-9c70-edc21129509f","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":7,"box":{"x":101,"y":46,"width":807,"height":11}},{"id":"8bc61b6b-8d22-44af-9e82-9b62e0d810e3","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":7,"box":{"x":102,"y":60,"width":811,"height":12}},{"id":"bac4c786-38b8-40c2-8515-b089c419b2f8","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":7,"box":{"x":101,"y":75,"width":820,"height":12}},{"id":"7233e6d5-ad7a-4be3-95a5-d21098e604b2","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":7,"box":{"x":102,"y":90,"width":791,"height":12}},{"id":"976c6ca3-49cd-45d7-89b8-e52e83375641","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":7,"box":{"x":101,"y":105,"width":789,"height":12}},{"id":"cc14c28c-6c80-4284-9582-f834a2841540","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":7,"box":{"x":101,"y":120,"width":796,"height":11}},{"id":"6771621b-4d7b-49b1-8f51-341e723e3d85","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":7,"box":{"x":102,"y":140,"width":335,"height":11}},{"id":"aeea4261-d855-4652-a699-fb3ea3dae190","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":7,"box":{"x":442,"y":140,"width":437,"height":11}},{"id":"d85bde5b-4afa-453c-af73-99fc7f00447e","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":7,"box":{"x":101,"y":155,"width":820,"height":11}},{"id":"d0eeb3b8-6bb1-4531-8095-df1f0843cc78","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":7,"box":{"x":101,"y":169,"width":801,"height":12}},{"id":"3b92cb7d-dbef-4129-8d13-a6414177540b","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":7,"box":{"x":101,"y":184,"width":824,"height":12}},{"id":"3756c847-d82f-4f92-85f2-3f88c7903f23","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":7,"box":{"x":101,"y":199,"width":831,"height":12}},{"id":"95a466fb-2e04-44af-a57d-afb10a646ac5","block_type":"box","text":"Commodities Regulatory Risk","page_number":7,"box":{"x":81,"y":219,"width":224,"height":11}},{"id":"f2064e2d-13c3-48dc-aa23-3f5c369c041c","block_type":"box","text":"— Commodity-related companies are subject to significant federal, state and local","page_number":7,"box":{"x":309,"y":219,"width":603,"height":12}},{"id":"4fc21e14-3b48-4fe4-9259-ce735dd672ca","block_type":"box","text":"government regulation in virtually every aspect of their operations, including how facilities are constructed,","page_number":7,"box":{"x":81,"y":234,"width":782,"height":11}},{"id":"2b09444a-7b80-4e4b-8a06-deed6818c8c8","block_type":"box","text":"maintained and operated, environmental and safety controls, and the prices they may charge for the products and","page_number":7,"box":{"x":82,"y":249,"width":836,"height":11}},{"id":"36275031-f07a-4731-8184-4f63a9085f4f","block_type":"box","text":"services they provide. The Commodity Futures Trading Commission (the “CFTC”) and the U.S. commodities","page_number":7,"box":{"x":81,"y":264,"width":784,"height":11}},{"id":"e156f5d8-ccf0-47d1-8156-da7ae0b5c5ab","block_type":"box","text":"exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example,","page_number":7,"box":{"x":81,"y":278,"width":843,"height":12}},{"id":"6ddb1d26-3dd7-4159-859c-8861f23d1806","block_type":"box","text":"the imposition of higher margin requirements, the establishment of daily limits and the suspension of trading. Any","page_number":7,"box":{"x":80,"y":293,"width":839,"height":12}},{"id":"26795f89-e8a4-4db8-b20a-095e5794f530","block_type":"box","text":"of these actions, if taken, could adversely affect the returns of the Fund by limiting or precluding investment","page_number":7,"box":{"x":81,"y":308,"width":794,"height":12}},{"id":"193854df-3019-4caf-8e85-7decb9a39aa8","block_type":"box","text":"decisions the Fund might otherwise make.","page_number":7,"box":{"x":81,"y":323,"width":310,"height":11}},{"id":"e9c40671-bb25-4170-89d2-0faff6a689ea","block_type":"box","text":"The CFTC and the U.S. commodities exchanges impose limits referred to as “speculative position limits” on the","page_number":7,"box":{"x":81,"y":345,"width":820,"height":12}},{"id":"10be1f61-64a6-4f7d-934f-e475c3dc1652","block_type":"box","text":"maximum net long or net short speculative positions that any person may hold or control in any particular futures,","page_number":7,"box":{"x":82,"y":360,"width":836,"height":12}},{"id":"9242394d-a29b-4246-9a86-ba4844e818d4","block_type":"box","text":"options contracts or swaps traded on U.S. commodities exchanges, including with respect to futures and options on","page_number":7,"box":{"x":81,"y":375,"width":852,"height":12}},{"id":"ef0ffbbb-17cd-42a6-b636-04ba8993ca5f","block_type":"box","text":"futures on many physical commodities, such as energy, metals and agricultural commodities (the “core referenced","page_number":7,"box":{"x":81,"y":390,"width":841,"height":11}},{"id":"5ad56042-901a-40ec-98bb-4d5ead5cf919","block_type":"box","text":"futures contracts”), and on economically equivalent swaps. Certain position limits include an exemption from limits","page_number":7,"box":{"x":81,"y":405,"width":846,"height":11}},{"id":"c8e68222-241b-4281-a1e0-0cd732ac8e1f","block_type":"box","text":"for bona fide hedging transactions or positions. As a consequence of these position limits, the size or duration of","page_number":7,"box":{"x":81,"y":419,"width":833,"height":12}},{"id":"447d07f7-20fd-46d2-9ac8-937fda4d3fbb","block_type":"box","text":"positions available to the Fund may be severely limited.","page_number":7,"box":{"x":82,"y":435,"width":405,"height":11}},{"id":"89da1265-374f-44ab-99fb-9c1228847672","block_type":"box","text":"In addition, the Internal Revenue Service (the “IRS”) will no longer issue private letter rulings on the tax treatment","page_number":7,"box":{"x":82,"y":457,"width":836,"height":11}},{"id":"1cd609bb-7fde-4a3d-87f4-c8de4bb27bff","block_type":"box","text":"of a mutual fund investment in commodity-linked derivatives if the ruling would depend on whether the investment is","page_number":7,"box":{"x":81,"y":472,"width":853,"height":11}},{"id":"9a72eefe-4617-45d5-a5fc-286cd349e059","block_type":"box","text":"a security under the Investment Company Act of 1940, as amended (the “Investment Company Act”).","page_number":7,"box":{"x":81,"y":487,"width":742,"height":11}},{"id":"106f2cf6-3bb8-477d-b916-16e0d74797d6","block_type":"box","text":"Precious Metal and Related Securities Risk","page_number":7,"box":{"x":81,"y":507,"width":329,"height":9}},{"id":"0f13d53f-9038-441f-8937-0ff031aba088","block_type":"box","text":"—","page_number":7,"box":{"x":415,"y":512,"width":17,"height":1}},{"id":"85e2e584-60ae-4bbc-b06f-5df12e050731","block_type":"box","text":"Prices of precious metals and of precious metal related securities","page_number":7,"box":{"x":437,"y":506,"width":483,"height":12}},{"id":"c1ae8cf0-67ca-4833-ad42-f00d52b32882","block_type":"box","text":"historically have been very volatile. The high volatility of precious metal prices may adversely affect the financial","page_number":7,"box":{"x":82,"y":521,"width":820,"height":12}},{"id":"f5c3824a-e978-47e8-889e-84db4536e51b","block_type":"box","text":"condition of companies involved with precious metals. The production and sale of precious metals by governments","page_number":7,"box":{"x":81,"y":536,"width":842,"height":12}},{"id":"e46c07e6-6893-4109-bda1-02a15f0d30ca","block_type":"box","text":"or central banks or other larger holders can be affected by various economic, financial, social and political factors,","page_number":7,"box":{"x":81,"y":551,"width":840,"height":12}},{"id":"0846add7-9f75-4a0c-bbc7-9d67b023c34c","block_type":"box","text":"which may be unpredictable and may have a significant impact on the prices of precious metals. Other factors that","page_number":7,"box":{"x":80,"y":566,"width":843,"height":11}},{"id":"56cd5e56-5ea4-4533-ba33-066d439b4d22","block_type":"box","text":"may affect the prices of precious metals and securities related to them include changes in inflation, the outlook for","page_number":7,"box":{"x":82,"y":581,"width":846,"height":11}},{"id":"f5aa2e52-fa58-40c8-901a-5f21b8a3da72","block_type":"box","text":"inflation and changes in industrial and commercial demand for precious metals.","page_number":7,"box":{"x":82,"y":595,"width":584,"height":12}},{"id":"05b3bce9-1cb5-4eb1-9b0d-fc1facd4cd0d","block_type":"box","text":"Credit Risk","page_number":7,"box":{"x":81,"y":616,"width":85,"height":9}},{"id":"0d77f84e-f174-41c1-b6fc-4c036c2ffd27","block_type":"box","text":"— Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will be unable","page_number":7,"box":{"x":170,"y":615,"width":763,"height":12}},{"id":"440fb21c-3e07-43b5-bf71-5f51386e6dab","block_type":"box","text":"or unwilling to make timely payments of interest and principal when due or otherwise honor their obligations.","page_number":7,"box":{"x":81,"y":630,"width":797,"height":12}},{"id":"7cfe3886-b3df-4e47-8ad4-9198d078b425","block_type":"box","text":"Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the","page_number":7,"box":{"x":81,"y":645,"width":842,"height":12}},{"id":"0b7b3839-d188-4d6f-a8e3-5541abca0b92","block_type":"box","text":"value of the Fund’s investment in that issuer.","page_number":7,"box":{"x":80,"y":660,"width":332,"height":9}},{"id":"011d12f4-8a4b-46ed-90ac-f434bf45c7f4","block_type":"box","text":"Emerging Markets Risk","page_number":7,"box":{"x":81,"y":680,"width":178,"height":11}},{"id":"123cbf35-24a9-4c02-bd49-8fe59df130b8","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":7,"box":{"x":263,"y":680,"width":617,"height":11}},{"id":"be8ba9a4-4c98-42a7-a234-28ff401b4fc9","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":695,"width":825,"height":11}},{"id":"03efd0b8-6ff8-4d86-93c2-38e156c671ad","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":710,"width":822,"height":11}},{"id":"b9855c42-78bb-4927-8617-093f9e03a2c9","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":724,"width":816,"height":12}},{"id":"8fc42511-028c-470d-a2d1-c8bbd91961c3","block_type":"box","text":"liquidity than developed markets.","page_number":7,"box":{"x":82,"y":739,"width":240,"height":12}},{"id":"6fc33fc9-9de2-4e09-a3c4-ac004a363695","block_type":"box","text":"Foreign Securities Risk","page_number":7,"box":{"x":81,"y":759,"width":176,"height":12}},{"id":"65db15b9-72c9-4541-a19b-400c6a9ddb9d","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":7,"box":{"x":260,"y":759,"width":668,"height":12}},{"id":"00865006-37fe-489b-b3d9-45c2b77e2cf7","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":7,"box":{"x":82,"y":774,"width":531,"height":11}},{"id":"9479ed4e-b2df-4bc8-be8f-68ca33c88ce4","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":7,"box":{"x":101,"y":794,"width":823,"height":12}},{"id":"3e327b40-ebd8-4d08-9fcc-1f9ac702461f","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":7,"box":{"x":102,"y":809,"width":823,"height":11}},{"id":"b57c9849-35cf-40e0-ab57-a17259fa6dc6","block_type":"box","text":"oversight.","page_number":7,"box":{"x":101,"y":824,"width":70,"height":11}},{"id":"9b177acb-2957-431d-b00a-fb66bb60c1b0","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.","page_number":7,"box":{"x":101,"y":844,"width":644,"height":11}},{"id":"3c9ebd5c-4d30-42e9-93ec-562e88007428","block_type":"box","text":"The economies of certain foreign markets may not compare favorably with the economy of the United States with","page_number":7,"box":{"x":101,"y":864,"width":830,"height":11}},{"id":"813e585f-8af0-4320-a3f4-40a8d109d62d","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":7,"box":{"x":102,"y":878,"width":808,"height":12}},{"id":"ee6f2738-aeec-40ad-8e2b-f49225d05fa6","block_type":"box","text":"payments position.","page_number":7,"box":{"x":102,"y":894,"width":137,"height":11}},{"id":"76696cdf-c382-4614-a995-0e0a9109843c","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"4d859b11-84d2-425f-a408-fe7bc5b1e183","block_type":"box","text":"NM1026U-5981116-7/48","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"b0000ba5-9df8-4f50-9370-478c0965f95e","block_type":"box","text":"The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or","page_number":8,"box":{"x":101,"y":46,"width":821,"height":11}},{"id":"a0df2f77-0a2e-4901-b74a-48ecbb92ff07","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":8,"box":{"x":102,"y":60,"width":809,"height":12}},{"id":"942fa1b0-a410-492f-99b6-0ae169c40dc4","block_type":"box","text":"markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":8,"box":{"x":102,"y":75,"width":784,"height":12}},{"id":"c59d6473-622a-4ef7-97d9-3f07fdca1dd6","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":8,"box":{"x":101,"y":90,"width":352,"height":12}},{"id":"2dba9084-b506-4423-9c8d-9b6983c2f53a","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":8,"box":{"x":102,"y":110,"width":823,"height":12}},{"id":"4611c77d-ad6a-445b-b01a-489ea741a9da","block_type":"box","text":"the same extent as does the United States and may not have laws to protect investors that are comparable to","page_number":8,"box":{"x":101,"y":125,"width":811,"height":11}},{"id":"17682957-a2d9-46d3-96dc-ff7847e01108","block_type":"box","text":"U.S. securities laws.","page_number":8,"box":{"x":102,"y":140,"width":148,"height":9}},{"id":"b005a959-fb1e-4e86-aa00-abe5f8ad5fae","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of","page_number":8,"box":{"x":101,"y":160,"width":834,"height":11}},{"id":"c55e9ec7-190f-4c7b-b7d0-b89582775827","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":8,"box":{"x":101,"y":175,"width":628,"height":11}},{"id":"acb8bad4-c025-4350-b5e6-6abcbf3edf43","block_type":"box","text":"The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of","page_number":8,"box":{"x":101,"y":195,"width":830,"height":11}},{"id":"c300a41c-fb93-4150-8699-b6a339ebe565","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":8,"box":{"x":101,"y":209,"width":831,"height":12}},{"id":"de69d4a3-063c-4acc-892d-e0141435d3c6","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full,","page_number":8,"box":{"x":101,"y":224,"width":813,"height":12}},{"id":"7b4cd45e-dbf6-4549-82ee-bf86e362e386","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":8,"box":{"x":101,"y":239,"width":395,"height":11}},{"id":"73668752-5e5e-4e06-a035-3dfc280e3d48","block_type":"box","text":"Interest Rate Risk","page_number":8,"box":{"x":81,"y":259,"width":139,"height":9}},{"id":"baf9a999-f47d-4747-81d6-ba529ab3352e","block_type":"box","text":"—","page_number":8,"box":{"x":225,"y":264,"width":17,"height":1}},{"id":"dc27ba9e-f83c-4955-99f9-e8a6f26790ec","block_type":"box","text":"Interest rate risk is the risk that the value of a debt security may fall when interest rates rise.","page_number":8,"box":{"x":247,"y":259,"width":683,"height":11}},{"id":"844ea6ab-e7e6-4060-9c63-5b3ae13bcddd","block_type":"box","text":"In general, the market price of debt securities with longer maturities will go up or down more in response to changes","page_number":8,"box":{"x":82,"y":274,"width":854,"height":11}},{"id":"748fb937-dd06-4c11-945d-eef11945adbc","block_type":"box","text":"in interest rates than the market price of shorter-term securities. Due to fluctuations in interest rates, the market","page_number":8,"box":{"x":82,"y":289,"width":832,"height":11}},{"id":"34a3bca4-f67a-40d5-9c66-595818db6b87","block_type":"box","text":"value of such securities may vary during the period shareholders own shares of the Fund. Very low or negative","page_number":8,"box":{"x":80,"y":303,"width":809,"height":12}},{"id":"edb68a3d-7768-4478-908c-3beea6bca000","block_type":"box","text":"interest rates may magnify interest rate risk. During periods of very low or negative interest rates, the Fund may be","page_number":8,"box":{"x":82,"y":318,"width":842,"height":12}},{"id":"f423ba24-521c-445c-b4a4-90dd4272bd30","block_type":"box","text":"unable to maintain positive returns or pay dividends to Fund shareholders. The Fund may be subject to a greater","page_number":8,"box":{"x":82,"y":333,"width":824,"height":12}},{"id":"36a47ce2-e458-48dd-9b66-09a180bfc940","block_type":"box","text":"risk of rising interest rates during a period of low interest rates. Changing interest rates may have unpredictable","page_number":8,"box":{"x":82,"y":348,"width":820,"height":12}},{"id":"65c029e8-18cf-4cea-bcef-e3c9b08449ed","block_type":"box","text":"effects on markets, may result in heightened market volatility and may detract from the Fund’s ability to achieve its","page_number":8,"box":{"x":81,"y":363,"width":846,"height":11}},{"id":"524aa5fe-0a7a-4b67-a1d6-f6dbede0f507","block_type":"box","text":"investment objective.","page_number":8,"box":{"x":82,"y":378,"width":153,"height":11}},{"id":"1d7d81ad-cf15-4080-8121-4a7a4050238f","block_type":"box","text":"Leverage Risk","page_number":8,"box":{"x":81,"y":398,"width":107,"height":11}},{"id":"809b68ea-ab4e-4493-92de-8e4f911bcabb","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":8,"box":{"x":192,"y":398,"width":741,"height":11}},{"id":"d8cfd370-45a5-4642-90fb-18cb2c78dff0","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may","page_number":8,"box":{"x":81,"y":412,"width":853,"height":12}},{"id":"bb034bed-9f09-4990-a281-37133ff3203e","block_type":"box","text":"cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":8,"box":{"x":81,"y":427,"width":856,"height":12}},{"id":"e4eb359e-ffa6-4813-9817-6605e8e5dda3","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act, and the rules thereunder. Increases and","page_number":8,"box":{"x":80,"y":442,"width":807,"height":11}},{"id":"1513049e-d66e-4bbc-91a9-eab606f20bc3","block_type":"box","text":"decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":8,"box":{"x":81,"y":457,"width":686,"height":11}},{"id":"c8604326-9830-4a7a-9c61-0cab59aaeef7","block_type":"box","text":"Market Risk and Selection Risk","page_number":8,"box":{"x":81,"y":477,"width":240,"height":9}},{"id":"47cc643a-bd20-48b7-8881-68a12b530ac1","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":8,"box":{"x":324,"y":477,"width":593,"height":9}},{"id":"c1b959ba-4195-4e10-91c1-22937416ca3a","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":8,"box":{"x":81,"y":492,"width":851,"height":11}},{"id":"84c5833c-6573-4e22-80a2-959f08ecf13c","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":8,"box":{"x":82,"y":506,"width":824,"height":12}},{"id":"6bc077cf-3b8f-4dd4-9ac0-50bd222ebe91","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":8,"box":{"x":82,"y":521,"width":851,"height":12}},{"id":"703cc3bf-db8b-4e70-9afc-60ef0805a8f3","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":8,"box":{"x":82,"y":536,"width":802,"height":12}},{"id":"099f95e2-0ec1-4ba5-a7d1-5179b2a8955a","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":8,"box":{"x":81,"y":551,"width":849,"height":12}},{"id":"004ef6e7-145c-4f0a-a16a-79049b802b3e","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":8,"box":{"x":81,"y":566,"width":843,"height":11}},{"id":"07ddf028-546d-49fc-9fdf-c178454fd71b","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":8,"box":{"x":81,"y":581,"width":830,"height":11}},{"id":"717a16ae-0c19-46f3-a1e2-2b83f70a9d37","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":8,"box":{"x":82,"y":595,"width":840,"height":12}},{"id":"63d26263-2df8-44a1-aa6d-1a9f626c505b","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":8,"box":{"x":81,"y":610,"width":789,"height":12}},{"id":"2990378f-39a9-411f-9dfd-b38fd801595c","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":8,"box":{"x":81,"y":625,"width":823,"height":12}},{"id":"6ddfa7cb-9de5-42c2-94f3-aeb0b9c6390a","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":8,"box":{"x":81,"y":640,"width":784,"height":12}},{"id":"9f5949a9-a3aa-40db-adaa-e942e65601b0","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":655,"width":844,"height":11}},{"id":"55c4c3b8-13b8-4936-9302-3b962b4962ac","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":675,"width":818,"height":11}},{"id":"4b02771f-29f0-483b-b5ba-31a7a28ea92e","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":690,"width":819,"height":11}},{"id":"bde7b9a6-5afd-4c61-9644-1af982ec1363","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":704,"width":819,"height":12}},{"id":"8d3b9934-d7e4-4ef4-8ca5-abebac8a709a","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":719,"width":846,"height":12}},{"id":"52ce7082-2a90-46fd-9c3f-b2dc023cf772","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":734,"width":848,"height":12}},{"id":"61cc70cc-d193-438d-b289-df30cb384af3","block_type":"box","text":"the Fund invests.","page_number":8,"box":{"x":80,"y":749,"width":125,"height":9}},{"id":"7cc8b32b-531f-4547-ae85-b2091e2962d8","block_type":"box","text":"Mid Cap Securities Risk","page_number":8,"box":{"x":81,"y":769,"width":182,"height":11}},{"id":"4bdcd931-aa56-4576-94da-a672342d24fd","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":769,"width":665,"height":11}},{"id":"7fb2c3d5-0517-42c2-bde2-3e126620e43a","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":784,"width":789,"height":11}},{"id":"8dd1ed6c-1e95-4ae5-88d3-57a0b92432a8","block_type":"box","text":"Operational and Technology Risks","page_number":8,"box":{"x":82,"y":804,"width":254,"height":11}},{"id":"38de72a8-1b86-470d-ba77-9544f5feae7d","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":8,"box":{"x":340,"y":804,"width":578,"height":11}},{"id":"d2c70f79-27e7-4075-815f-85767330e982","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":8,"box":{"x":82,"y":818,"width":779,"height":12}},{"id":"c3e002c6-98ed-4dba-b658-59f12302fea8","block_type":"box","text":"cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":8,"box":{"x":81,"y":833,"width":848,"height":12}},{"id":"4e7324a2-411c-494f-8cc7-2400aa6aa032","block_type":"box","text":"for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are","page_number":8,"box":{"x":81,"y":848,"width":806,"height":12}},{"id":"4f307683-5714-4aa9-93cd-aa2cef7bc6f0","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":8,"box":{"x":82,"y":863,"width":807,"height":12}},{"id":"5684c599-c353-4dd6-8ee8-1f914438cf83","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":8,"box":{"x":82,"y":878,"width":846,"height":11}},{"id":"8290728a-341b-4e2a-b510-e8bea3afeb74","block_type":"box","text":"for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and","page_number":8,"box":{"x":81,"y":893,"width":836,"height":11}},{"id":"060705cf-7c3b-4cce-97ad-5d96893ed090","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":8,"box":{"x":82,"y":908,"width":474,"height":11}},{"id":"c546ae04-ea42-4b1f-b1c1-6213d07116ae","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"9ac4aee9-3548-47e3-85b3-b7da7fc82337","block_type":"box","text":"NM1026U-5981116-8/48","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"31a68e29-9a92-42e0-b041-f4b693d2426f","block_type":"box","text":"Sector Risk","page_number":9,"box":{"x":81,"y":46,"width":88,"height":9}},{"id":"e8b45dcc-f1ee-40c5-97bf-e1e35ac0a365","block_type":"box","text":"— Sector risk is the risk that the Fund’s concentration in the securities of companies in a specific","page_number":9,"box":{"x":173,"y":46,"width":720,"height":11}},{"id":"76fe59d9-c0ad-49d2-af34-2763589b1a80","block_type":"box","text":"market sector or industry will cause the Fund to be more exposed to the price movements of companies in and","page_number":9,"box":{"x":82,"y":60,"width":814,"height":12}},{"id":"948689a0-4df3-4165-b1c3-0b29b4f67b9a","block_type":"box","text":"developments affecting that sector than a more broadly diversified fund. Because the Fund invests primarily in one","page_number":9,"box":{"x":81,"y":75,"width":842,"height":12}},{"id":"61d4ca81-1a9d-4a27-a4d3-172a9e443eea","block_type":"box","text":"sector, there is the risk that the Fund will perform poorly during a downturn in that sector.","page_number":9,"box":{"x":81,"y":90,"width":656,"height":12}},{"id":"b6964c4b-52bc-44df-8320-82338c895eb8","block_type":"box","text":"The Fund’s investments will be concentrated in a group of industries that make up the Commodities Sector.","page_number":9,"box":{"x":81,"y":107,"width":790,"height":12}},{"id":"ce108fbf-2ca2-4005-9603-3b65b02e4f6f","block_type":"box","text":"Because the Fund is focused in specific industries, it may present more risks than if it were broadly diversified over","page_number":9,"box":{"x":82,"y":122,"width":847,"height":12}},{"id":"40714530-5d99-4071-8f3a-3d7d7b31f14e","block_type":"box","text":"numerous industries and sectors of the economy. A downturn in the Commodities Sector would have a larger impact","page_number":9,"box":{"x":82,"y":137,"width":853,"height":12}},{"id":"631f2ac7-9797-4338-9c08-ed60f11e0496","block_type":"box","text":"on the Fund than on an investment company that does not concentrate in the industries or businesses in the","page_number":9,"box":{"x":81,"y":152,"width":801,"height":11}},{"id":"86919343-f353-421c-b31b-2effa8730513","block_type":"box","text":"Commodities Sector. The industries and businesses in the Commodities Sector in which the Fund will concentrate","page_number":9,"box":{"x":81,"y":167,"width":836,"height":9}},{"id":"f3d9bb87-184f-476b-9055-efde3aa5ece6","block_type":"box","text":"its investments can be significantly affected by the supply of and demand for specific products and services,","page_number":9,"box":{"x":82,"y":182,"width":798,"height":11}},{"id":"f6981882-b19d-410a-8276-1d54852dfb18","block_type":"box","text":"exploration and production spending, government regulation, world events and economic conditions. The","page_number":9,"box":{"x":81,"y":197,"width":767,"height":11}},{"id":"ab060c16-dad0-4e63-9cb9-aa05e91b5ab6","block_type":"box","text":"Commodities Sector can also be significantly affected by events relating to international political developments,","page_number":9,"box":{"x":81,"y":211,"width":820,"height":12}},{"id":"92f71c42-4248-448c-8c44-0486f63ab425","block_type":"box","text":"energy conservation, the success of exploration projects, commodity prices, and tax and government regulations.","page_number":9,"box":{"x":81,"y":226,"width":832,"height":12}},{"id":"3796ff1e-0762-417d-896b-ebab4376faa2","block_type":"box","text":"The stock prices of commodity-related companies may also experience greater price volatility than other types of","page_number":9,"box":{"x":81,"y":241,"width":825,"height":12}},{"id":"e2d24992-4929-4d09-868d-44e879eb6c5a","block_type":"box","text":"common stocks. Securities issued by commodity-related companies are sensitive to changes in the prices of, and in","page_number":9,"box":{"x":81,"y":256,"width":853,"height":11}},{"id":"b1ae4cbf-16e1-40e3-ba1e-9e492b7472e2","block_type":"box","text":"supply and demand for, the indicated commodities. The value of securities issued by commodity-related companies","page_number":9,"box":{"x":81,"y":271,"width":846,"height":11}},{"id":"fd424975-2ed4-4b11-a56a-2ea584d22c59","block_type":"box","text":"may be affected by changes in overall market movements, changes in inflation, interest rates, or factors affecting a","page_number":9,"box":{"x":82,"y":285,"width":849,"height":12}},{"id":"979ea565-1aa1-44bc-968e-ab8a5c5e73a0","block_type":"box","text":"particular industry or commodity, such as weather, embargoes, tariffs, policies of commodity cartels and","page_number":9,"box":{"x":82,"y":300,"width":769,"height":12}},{"id":"9d6d6f1e-b485-4920-8b18-aa55420d5b46","block_type":"box","text":"international economic, political and regulatory developments. Fund management’s judgments about trends in the","page_number":9,"box":{"x":82,"y":315,"width":837,"height":12}},{"id":"edeff5ce-2ee8-48fe-b442-c0fa31fb4339","block_type":"box","text":"prices of these securities and commodities may prove to be incorrect. At times, the performance of securities of","page_number":9,"box":{"x":82,"y":330,"width":827,"height":11}},{"id":"e6668712-ee2e-4ece-b4f9-296dcc6fd10c","block_type":"box","text":"companies in the Commodities Sector will lag behind the performance of other industries or the broader market as","page_number":9,"box":{"x":81,"y":345,"width":844,"height":11}},{"id":"0d03eaf7-377a-45cf-b36d-1911019f8777","block_type":"box","text":"a whole.","page_number":9,"box":{"x":81,"y":360,"width":59,"height":9}},{"id":"9565c10c-668c-4891-92af-21b6f370b10c","block_type":"box","text":"Small Cap and Emerging Growth Securities Risk","page_number":9,"box":{"x":81,"y":380,"width":363,"height":11}},{"id":"e40ea8d2-52bf-4184-bc33-7282dba88fd2","block_type":"box","text":"— Small cap or emerging growth companies may have limited","page_number":9,"box":{"x":448,"y":380,"width":453,"height":11}},{"id":"b3df3d46-8ab4-461f-8724-3f91c7f53c27","block_type":"box","text":"product lines or markets. They may be less financially secure than larger, more established companies. They may","page_number":9,"box":{"x":82,"y":394,"width":833,"height":12}},{"id":"c5d01185-dc14-402f-b627-703f264f2cfe","block_type":"box","text":"depend on a more limited management group than larger capitalized companies.","page_number":9,"box":{"x":81,"y":409,"width":591,"height":12}},{"id":"c5174618-a0ea-4d9c-8282-b04df1ac29f6","block_type":"box","text":"Subsidiary Risk","page_number":9,"box":{"x":81,"y":429,"width":117,"height":12}},{"id":"d617ca82-1dba-467c-910c-84fda1299317","block_type":"box","text":"—","page_number":9,"box":{"x":202,"y":435,"width":17,"height":0}},{"id":"16ce28a3-66bc-4d48-93c9-8f57e0ecd29d","block_type":"box","text":"By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the","page_number":9,"box":{"x":225,"y":429,"width":679,"height":12}},{"id":"52ea746c-d2f6-431c-b1d4-7e7e145ecf89","block_type":"box","text":"Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those","page_number":9,"box":{"x":81,"y":444,"width":841,"height":12}},{"id":"bd8aac1c-baaa-4879-9511-e38586306f25","block_type":"box","text":"that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held","page_number":9,"box":{"x":80,"y":459,"width":851,"height":11}},{"id":"8eb89376-e029-4cad-826f-2c82cdc7d349","block_type":"box","text":"directly by the Fund. There can be no assurance that the investment objective of the Subsidiary will be achieved.","page_number":9,"box":{"x":81,"y":474,"width":825,"height":11}},{"id":"8463f515-c47e-40f4-99c3-442dd645d585","block_type":"box","text":"The Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted in this","page_number":9,"box":{"x":81,"y":489,"width":766,"height":11}},{"id":"15085d51-0538-4507-b1b3-1bb2ecc53bb7","block_type":"box","text":"prospectus, is not subject to all the investor protections of the Investment Company Act. However, the Fund wholly","page_number":9,"box":{"x":82,"y":503,"width":840,"height":12}},{"id":"e7f11e53-8220-418a-be8a-bae7e993d477","block_type":"box","text":"owns and controls the Subsidiary, and the Fund and the Subsidiary are both managed by BlackRock, making it","page_number":9,"box":{"x":81,"y":518,"width":811,"height":12}},{"id":"77b64de6-2689-46d6-a497-229f5c0fe6f8","block_type":"box","text":"unlikely that the Subsidiary will take action contrary to the interests of the Fund and its shareholders. The Board","page_number":9,"box":{"x":82,"y":533,"width":824,"height":11}},{"id":"7fb9ca79-8764-4fa1-912a-c057c13cf87b","block_type":"box","text":"has oversight responsibility for the investment activities of the Fund, including its investment in the Subsidiary, and","page_number":9,"box":{"x":82,"y":548,"width":845,"height":11}},{"id":"ed67f5dd-fbc8-4278-ab40-2ab8a3350205","block_type":"box","text":"the Fund’s role as sole shareholder of the Subsidiary. The Subsidiary is subject to the same investment restrictions","page_number":9,"box":{"x":80,"y":563,"width":853,"height":11}},{"id":"11629789-b91d-4e4b-8246-e59197a2fb78","block_type":"box","text":"and limitations, and follows the same compliance policies and procedures, as the Fund, except that the Subsidiary","page_number":9,"box":{"x":81,"y":577,"width":845,"height":12}},{"id":"52db762f-14d5-431c-8039-c3187c9b62d4","block_type":"box","text":"does not invest in equity securities of commodity-related companies, and may invest without limitation in","page_number":9,"box":{"x":81,"y":592,"width":768,"height":12}},{"id":"27443b60-adaa-4acd-9e55-d9340dc87fa3","block_type":"box","text":"commodity-linked derivative instruments. Changes in the laws of the United States and/or the Cayman Islands could","page_number":9,"box":{"x":81,"y":607,"width":855,"height":12}},{"id":"fbb5ef40-5f36-4c49-a156-60e13fa64bfc","block_type":"box","text":"result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and the SAI and","page_number":9,"box":{"x":82,"y":622,"width":841,"height":11}},{"id":"bb336184-2729-45f3-8236-a551044e6007","block_type":"box","text":"could adversely affect the Fund.","page_number":9,"box":{"x":81,"y":637,"width":233,"height":11}},{"id":"8877d22b-4cf7-4420-bc88-083ad73d8814","block_type":"box","text":"Tax Risk","page_number":9,"box":{"x":82,"y":657,"width":64,"height":9}},{"id":"4cd8ff44-6824-4a6a-a6fd-9da48ce6c6bd","block_type":"box","text":"—T","page_number":9,"box":{"x":151,"y":662,"width":17,"height":1}},{"id":"bdbe3f3d-9dee-48ae-b9e0-9d8cdd60f976","block_type":"box","text":"—The Fund invests in commodity-related instruments indirectly through the Subsidiary because income","page_number":9,"box":{"x":167,"y":657,"width":742,"height":11}},{"id":"98743123-5b62-49e0-8f7e-993365ce85c3","block_type":"box","text":"from these investments, if made directly, might not be treated as “qualifying income” for purposes of the Fund","page_number":9,"box":{"x":81,"y":671,"width":811,"height":12}},{"id":"f7848ccc-84d3-468a-b076-f3d1b94ed4e4","block_type":"box","text":"qualifying as a regulated investment company for U.S. federal income tax purposes. Based on final regulations","page_number":9,"box":{"x":81,"y":686,"width":812,"height":12}},{"id":"287bb7f9-03d5-4963-8338-173d87d23adb","block_type":"box","text":"issued by the U.S. Internal Revenue Service (“IRS”) on which taxpayers may rely for taxable years beginning after","page_number":9,"box":{"x":82,"y":701,"width":830,"height":12}},{"id":"f163ed46-0273-4e77-ab63-c7a5b8bdd7f8","block_type":"box","text":"September 28, 2016, the Fund expects its income with respect to the Subsidiary to be qualifying income. In the","page_number":9,"box":{"x":81,"y":716,"width":824,"height":12}},{"id":"972cd4e3-4a8a-494e-9a5a-8c0dfb5cb17d","block_type":"box","text":"future, if the IRS issues new regulations or other guidance, or Congress enacts legislation, limiting the","page_number":9,"box":{"x":81,"y":731,"width":752,"height":11}},{"id":"e5261b17-d0ba-4206-8983-4c45aea3d6e0","block_type":"box","text":"circumstances in which the Fund’s income with respect to the Subsidiary will be considered “qualifying income,” the","page_number":9,"box":{"x":81,"y":746,"width":854,"height":11}},{"id":"7c52b7d7-5737-4392-b6f7-c5e9eb82db1b","block_type":"box","text":"Fund might be required to make changes to its operations, which could reduce the Fund’s ability to gain investment","page_number":9,"box":{"x":82,"y":761,"width":847,"height":11}},{"id":"fba0a110-733a-4f17-9cd8-8b148175172f","block_type":"box","text":"exposure to commodities. Fund shareholders could also experience adverse tax consequences in such","page_number":9,"box":{"x":81,"y":776,"width":754,"height":11}},{"id":"3ef2500f-837f-4a69-8c76-ea2d75f527ee","block_type":"box","text":"circumstances.","page_number":9,"box":{"x":81,"y":790,"width":110,"height":9}},{"id":"1f596a8a-4505-456c-a95c-69d24264bda7","block_type":"box","text":"Performance Information","page_number":9,"box":{"x":61,"y":829,"width":224,"height":11}},{"id":"ab4ce9fd-5d3c-4497-bb7b-cdf98dce0197","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":9,"box":{"x":60,"y":855,"width":855,"height":12}},{"id":"55816dfa-1850-4d39-b3d0-07d5157aca33","block_type":"box","text":"risks of investing in the Fund. Class K Shares commenced operations on January 25, 2018. As a result, the returns","page_number":9,"box":{"x":61,"y":870,"width":852,"height":12}},{"id":"64b9e107-144c-4a8f-9b0f-3ce1e96a71a1","block_type":"box","text":"shown below for Class K Shares prior to January 25, 2018 are those of the Fund’s Institutional Shares, which are not","page_number":9,"box":{"x":61,"y":885,"width":866,"height":11}},{"id":"66385c56-8911-40e6-97ef-d9dd64df7d3d","block_type":"box","text":"offered in this prospectus. The performance of Class K Shares would be substantially similar to Institutional Shares","page_number":9,"box":{"x":61,"y":900,"width":853,"height":11}},{"id":"de9974b4-bacf-49b3-bdab-c24cc20fda02","block_type":"box","text":"because Class K Shares and Institutional Shares are invested in the same portfolio of securities and performance","page_number":9,"box":{"x":61,"y":915,"width":842,"height":11}},{"id":"cf929bd9-bdad-4f5a-b7fd-bf5801904a4c","block_type":"box","text":"9","page_number":9,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"0b5112c6-69bf-4945-b672-e873a2786636","block_type":"box","text":"NM1026U-5981116-9/48","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"05fed916-d306-4fa1-a2c1-614d8383ef8e","block_type":"box","text":"would differ only to the extent that Institutional Shares and Class K Shares have different expenses. The actual","page_number":10,"box":{"x":60,"y":46,"width":820,"height":11}},{"id":"24d528d7-66f5-4261-a676-0e210bccca79","block_type":"box","text":"returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have","page_number":10,"box":{"x":61,"y":60,"width":873,"height":12}},{"id":"93b83e68-eb26-4575-8091-b488a0e23b92","block_type":"box","text":"lower expenses than Institutional Shares. The table compares the Fund’s performance to that of the MSCI All Country","page_number":10,"box":{"x":62,"y":75,"width":866,"height":12}},{"id":"76fcdab3-e848-4d70-b69e-585045505601","block_type":"box","text":"World Index (Net) and the Bloomberg Commodity Index Total Return","page_number":10,"box":{"x":60,"y":90,"width":494,"height":12}},{"id":"3d20bef0-f24c-45a0-9335-4c7ffbe321cc","block_type":"box","text":"SM","page_number":10,"box":{"x":555,"y":91,"width":11,"height":4}},{"id":"46242337-7656-4aee-8534-ab078ea86028","block_type":"box","text":". The Bloomberg Commodity Index Total Return","page_number":10,"box":{"x":568,"y":90,"width":342,"height":12}},{"id":"cb8c96a5-4ce6-4f92-942d-8b3366ae61f7","block_type":"box","text":"SM","page_number":10,"box":{"x":912,"y":91,"width":11,"height":4}},{"id":"e099388d-cda0-440c-a484-70cd95a0bd34","block_type":"box","text":"is relevant to the Fund because it has characteristics similar to the Fund’s investment strategy. To the extent that","page_number":10,"box":{"x":62,"y":105,"width":833,"height":12}},{"id":"b16b88fe-3ede-4e38-b1d7-b0bd0b6d0999","block_type":"box","text":"dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and","page_number":10,"box":{"x":61,"y":120,"width":840,"height":11}},{"id":"5b53f4ec-7a52-452e-8391-6203aa4b9c50","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":135,"width":821,"height":11}},{"id":"4e76044c-1f37-4155-9e3e-2eacf3f895d4","block_type":"box","text":"(before and after taxes) is not an indication of future results. The table includes all applicable fees. If BlackRock and","page_number":10,"box":{"x":61,"y":149,"width":855,"height":12}},{"id":"325ac0f7-a34f-4d3f-8ad4-b86b6f82e1ce","block_type":"box","text":"its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have","page_number":10,"box":{"x":62,"y":164,"width":869,"height":12}},{"id":"85cb93af-a210-496e-9015-89517513ef42","block_type":"box","text":"been lower. Updated information on the Fund’s performance, including its current net asset value, can be obtained by","page_number":10,"box":{"x":61,"y":179,"width":867,"height":12}},{"id":"bc05ff1f-6336-43bc-be4e-60a9990e5d3e","block_type":"box","text":"visiting www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":10,"box":{"x":60,"y":194,"width":561,"height":11}},{"id":"14246670-60fb-4122-b305-e88391a1b233","block_type":"box","text":"Class K Shares","page_number":10,"box":{"x":437,"y":217,"width":124,"height":10}},{"id":"6e0d5438-b557-445e-9d56-60da4eb3612c","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":10,"box":{"x":392,"y":233,"width":212,"height":10}},{"id":"e5c51b31-423b-4c27-ad71-094a5d6f6d0d","block_type":"box","text":"BlackRock Commodity Strategies Fund","page_number":10,"box":{"x":337,"y":249,"width":323,"height":13}},{"id":"30dbb6eb-c0db-443f-9cfe-dcf1440aa853","block_type":"box","text":"As of 12/31","page_number":10,"box":{"x":447,"y":265,"width":103,"height":13}},{"id":"4f24e8a2-a5ce-4431-b909-749c2c8e4e99","block_type":"box","text":"23.18%","page_number":10,"box":{"x":291,"y":324,"width":45,"height":8}},{"id":"e85d942f-93de-4f9b-82e0-a61157e068d6","block_type":"box","text":"8.28%","page_number":10,"box":{"x":343,"y":363,"width":37,"height":7}},{"id":"6a7e7352-c52b-4cdd-b237-fcabab228cdf","block_type":"box","text":"-14.44%","page_number":10,"box":{"x":385,"y":437,"width":49,"height":7}},{"id":"d1cc84bb-6af8-402e-92c9-2d0a9756c0b5","block_type":"box","text":"11.65%","page_number":10,"box":{"x":436,"y":354,"width":45,"height":8}},{"id":"5c528a9b-9cd5-4420-a882-f0bcf7cbe879","block_type":"box","text":"6.85%","page_number":10,"box":{"x":488,"y":367,"width":37,"height":7}},{"id":"3b609af0-f239-4180-92d7-e305b3041802","block_type":"box","text":"22.48%","page_number":10,"box":{"x":532,"y":326,"width":45,"height":8}},{"id":"7829681d-8ab3-422a-af1c-3279fc955219","block_type":"box","text":"12.13%","page_number":10,"box":{"x":581,"y":353,"width":44,"height":7}},{"id":"0d1850d6-adb1-4a6a-a4a7-b3973f4f8e05","block_type":"box","text":"-4.27%","page_number":10,"box":{"x":630,"y":411,"width":41,"height":7}},{"id":"98df9f40-3e4d-4efd-82c3-f6c59fdcb056","block_type":"box","text":"4.46%","page_number":10,"box":{"x":680,"y":373,"width":37,"height":7}},{"id":"97c2faad-3f58-4dca-82d4-70ba2e4fb162","block_type":"box","text":"28.85%","page_number":10,"box":{"x":725,"y":310,"width":45,"height":7}},{"id":"f987c322-f50d-442f-be62-4fe2ef363f7e","block_type":"box","text":"-20%","page_number":10,"box":{"x":237,"y":444,"width":28,"height":7}},{"id":"55cdc73c-6cbc-4232-a942-b234bb8fe658","block_type":"box","text":"-10%","page_number":10,"box":{"x":237,"y":418,"width":28,"height":7}},{"id":"4d59b28d-b002-4af6-8c9f-8a10c31a2510","block_type":"box","text":"0%","page_number":10,"box":{"x":248,"y":392,"width":17,"height":7}},{"id":"3f245b31-02d0-4fa6-bdf7-7ee914bb4105","block_type":"box","text":"10%","page_number":10,"box":{"x":241,"y":366,"width":24,"height":7}},{"id":"f5bc83ca-ac5a-4d80-9a40-33e0cfb28e62","block_type":"box","text":"20%","page_number":10,"box":{"x":240,"y":340,"width":25,"height":8}},{"id":"e56bba06-40bb-4de7-88e8-6a8c103f9992","block_type":"box","text":"30%","page_number":10,"box":{"x":240,"y":314,"width":25,"height":8}},{"id":"0d882ea7-031a-4c2c-bf52-5a1485ac229c","block_type":"box","text":"40%","page_number":10,"box":{"x":240,"y":288,"width":25,"height":8}},{"id":"6a24440f-429b-4d36-97ec-1595edd37da1","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":10,"box":{"x":298,"y":454,"width":465,"height":7}},{"id":"0e1ed50a-acd9-4bc5-b7dc-16fc03d56e4b","block_type":"box","text":"During the ten-year period shown in the bar chart, the highest return for a quarter was 20.07% (quarter ended","page_number":10,"box":{"x":62,"y":474,"width":806,"height":12}},{"id":"6691571f-3ebc-4847-8990-cdf0835cba5f","block_type":"box","text":"March 31, 2022) and the lowest return for a quarter was -23.26% (quarter ended March 31, 2020). The year-to-date","page_number":10,"box":{"x":62,"y":489,"width":856,"height":12}},{"id":"cd4fdc16-9ed2-4063-9a12-9182cfc7d2a7","block_type":"box","text":"return as of June 30, 2026 was 10.04%.","page_number":10,"box":{"x":61,"y":504,"width":299,"height":11}},{"id":"2c9bac05-068c-46f9-b990-346dd0ac0e18","block_type":"box","text":"For the periods ended 12/31/25","page_number":10,"box":{"x":70,"y":533,"width":223,"height":10}},{"id":"fb495238-32f5-4a47-9012-8a6155b8dcbf","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":10,"box":{"x":69,"y":544,"width":854,"height":10}},{"id":"00e958f4-5b48-4c8e-92e2-d4c63e2f6bc5","block_type":"box","text":"BlackRock Commodity Strategies Fund — Class K Shares","page_number":10,"box":{"x":70,"y":562,"width":379,"height":11}},{"id":"df64b5fa-9683-4980-a8d9-7fa59ec82c71","block_type":"box","text":"Return Before Taxes 28.85% 12.09% 9.19%","page_number":10,"box":{"x":85,"y":575,"width":840,"height":8}},{"id":"d5b2c74f-89d8-437b-a3e5-5de98156eb9b","block_type":"box","text":"Return After Taxes on Distributions 27.39% 9.88% 7.92%","page_number":10,"box":{"x":85,"y":588,"width":840,"height":8}},{"id":"7a0a28cf-8787-4073-8c00-d0c3c3201188","block_type":"box","text":"Return After Taxes on Distributions","page_number":10,"box":{"x":85,"y":601,"width":228,"height":8}},{"id":"a77c9fa7-4ec7-406a-8f5f-37024393c496","block_type":"box","text":"and Sale of Fund Shares 17.26% 8.61% 6.94%","page_number":10,"box":{"x":85,"y":612,"width":840,"height":9}},{"id":"f218a097-57ea-477d-80b5-869fcc208b4a","block_type":"box","text":"MSCI All Country World Index (Net)","page_number":10,"box":{"x":70,"y":631,"width":227,"height":10}},{"id":"ba7b2ae6-5cb5-4bbf-82e8-59bb35e8188e","block_type":"box","text":"1","page_number":10,"box":{"x":298,"y":631,"width":4,"height":4}},{"id":"2ba8eb06-d2a7-496e-aa3d-37ee3d79ae13","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes,","page_number":10,"box":{"x":69,"y":644,"width":337,"height":10}},{"id":"343196cd-fb6e-4194-b43f-e726332ebd1c","block_type":"box","text":"except for withholding taxes on reinvested dividends) 22.34% 11.19% 11.72%","page_number":10,"box":{"x":69,"y":658,"width":856,"height":10}},{"id":"19b4e53d-f923-43c9-bce1-561cc70561ea","block_type":"box","text":"Bloomberg Commodity Index Total Return","page_number":10,"box":{"x":70,"y":676,"width":270,"height":10}},{"id":"7bc423e9-f4e5-4063-ab03-f352ea895751","block_type":"box","text":"SM","page_number":10,"box":{"x":342,"y":676,"width":10,"height":4}},{"id":"054e8816-714a-41b9-aa85-7e0cc3462c4b","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 15.77% 10.64% 5.73%","page_number":10,"box":{"x":69,"y":689,"width":856,"height":10}},{"id":"b257982c-cecc-47c4-bc31-7ab5c39061f2","block_type":"box","text":"1","page_number":10,"box":{"x":61,"y":709,"width":3,"height":4}},{"id":"092d6a0c-b638-4bd9-858a-6ad25a18f833","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":10,"box":{"x":69,"y":709,"width":819,"height":9}},{"id":"1b99dde6-cbe0-4322-b95d-097d8bf96cae","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":10,"box":{"x":61,"y":719,"width":870,"height":9}},{"id":"90202a03-8d20-4aeb-a98e-c8880621e168","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":10,"box":{"x":60,"y":729,"width":862,"height":10}},{"id":"ed02584c-688f-4958-9d71-c3b573c31ce5","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any. For additional comparative","page_number":10,"box":{"x":60,"y":740,"width":834,"height":9}},{"id":"63e9ef0e-ae4e-47eb-bbc6-f52bc5d51bee","block_type":"box","text":"performance information for the MSCI All Country World Index, please see the Fund’s Statement of Additional Information.","page_number":10,"box":{"x":61,"y":750,"width":718,"height":9}},{"id":"067f84f2-a97e-4698-bcef-bda574ffe08c","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":10,"box":{"x":60,"y":775,"width":840,"height":12}},{"id":"1977b5e5-90ad-4c63-a7b2-a2faa549e99e","block_type":"box","text":"reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may","page_number":10,"box":{"x":61,"y":790,"width":835,"height":12}},{"id":"5aceaa88-5ddc-49ee-a240-ae571047277a","block_type":"box","text":"differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through","page_number":10,"box":{"x":61,"y":805,"width":851,"height":12}},{"id":"beecfce4-ffc6-45ca-bec0-4314d0e57b4e","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":10,"box":{"x":60,"y":820,"width":611,"height":11}},{"id":"fb32f86e-b041-4802-b9a2-d2e01deae96c","block_type":"box","text":"Investment Manager","page_number":10,"box":{"x":62,"y":859,"width":187,"height":13}},{"id":"da1e43e7-b3c4-4eab-b177-f2a4cc7cf6eb","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”). The Fund’s sub","page_number":10,"box":{"x":60,"y":885,"width":832,"height":11}},{"id":"db5e03fa-b5c2-40f8-8ea3-a038bcbeda9a","block_type":"box","text":"adviser is BlackRock International Limited (the “Sub-Adviser”). Where applicable, the use of the term “BlackRock”","page_number":10,"box":{"x":61,"y":900,"width":835,"height":11}},{"id":"48bdf99a-9aab-4118-abde-497f837dcdb3","block_type":"box","text":"refers also to the Sub-Adviser.","page_number":10,"box":{"x":61,"y":915,"width":219,"height":9}},{"id":"3dedb5e6-c0c6-4f18-9bb0-6ba6235ff22f","block_type":"box","text":"10","page_number":10,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"1a14ee8b-5ce8-4fc6-8142-491fefa08c27","block_type":"box","text":"NM1026U-5981116-10/48","page_number":10,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e7bde141-e35e-4d63-af9f-543381220729","block_type":"box","text":"Portfolio Managers","page_number":11,"box":{"x":61,"y":46,"width":173,"height":14}},{"id":"2bfdb4fa-ce41-44e5-8245-cc45918eb6fe","block_type":"box","text":"Portfolio Manager","page_number":11,"box":{"x":70,"y":90,"width":121,"height":11}},{"id":"50baba20-66f8-49c7-847d-b9e1bb64797c","block_type":"box","text":"Portfolio Manager","page_number":11,"box":{"x":373,"y":79,"width":121,"height":10}},{"id":"9760debe-7035-4c1f-a3e8-388b585da548","block_type":"box","text":"of the Fund Since Title","page_number":11,"box":{"x":374,"y":90,"width":416,"height":9}},{"id":"fcbb5395-2a42-4a9b-ad57-4da9fa6a11ac","block_type":"box","text":"Alastair Bishop 2017 Managing Director of BlackRock, Inc.","page_number":11,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"33f6ce87-ed87-46f0-8945-a30df954d44f","block_type":"box","text":"Hannah Johnson, CFA 2016 Director of BlackRock, Inc.","page_number":11,"box":{"x":70,"y":126,"width":757,"height":10}},{"id":"5a38e55d-e64e-4c50-99b5-072dc89b7a9a","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":11,"box":{"x":61,"y":167,"width":309,"height":11}},{"id":"fc5a9e54-e005-4eda-8b58-69c252fea3d2","block_type":"box","text":"Class K Shares of the Fund are available only to (i) certain employee benefit plans, such as health savings accounts,","page_number":11,"box":{"x":61,"y":193,"width":859,"height":12}},{"id":"609ab268-b84f-4626-8aa8-9d614154fb72","block_type":"box","text":"and certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively,","page_number":11,"box":{"x":61,"y":208,"width":844,"height":12}},{"id":"94121cec-50e4-4ccd-a4b7-4b2c0efb6955","block_type":"box","text":"“Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies and other pooled","page_number":11,"box":{"x":62,"y":223,"width":791,"height":11}},{"id":"894eb07e-333e-40b7-a16a-aad8944b8071","block_type":"box","text":"investment vehicles, each of which may purchase shares of the Fund through a Financial Intermediary (as defined","page_number":11,"box":{"x":62,"y":238,"width":834,"height":11}},{"id":"d350d86a-1b12-46dd-9f9c-388dfa763fe5","block_type":"box","text":"below) that has entered into an agreement with the Fund’s distributor to purchase such shares, (iii) “Institutional","page_number":11,"box":{"x":61,"y":253,"width":828,"height":11}},{"id":"f09a4719-3059-458b-bc9f-e4140f410ebe","block_type":"box","text":"Investors,” which include, but are not limited to, endowments, foundations, family offices, banks and bank trusts,","page_number":11,"box":{"x":62,"y":267,"width":835,"height":12}},{"id":"f37eb390-d03a-42b1-96f6-19e62b756d1f","block_type":"box","text":"local, city, and state governmental institutions, corporations and insurance company separate accounts, each of which","page_number":11,"box":{"x":62,"y":282,"width":869,"height":12}},{"id":"3db21cde-1ab6-4e53-9cdc-ae24f4c41184","block_type":"box","text":"may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund’s","page_number":11,"box":{"x":61,"y":297,"width":871,"height":12}},{"id":"1b323d86-fb35-467d-93de-b606be697197","block_type":"box","text":"distributor to purchase such shares, (iv) clients of private banks that purchase shares of the Fund through a Financial","page_number":11,"box":{"x":61,"y":312,"width":863,"height":11}},{"id":"b7391f8a-44dc-430b-9e5b-2b5b4d218f6c","block_type":"box","text":"Intermediary that has entered into an agreement with the Fund’s distributor to sell such shares; (v) fee-based advisory","page_number":11,"box":{"x":62,"y":327,"width":871,"height":11}},{"id":"11120e0d-18a0-4c2a-9643-8d58a8c91394","block_type":"box","text":"platforms of a Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s","page_number":11,"box":{"x":62,"y":341,"width":839,"height":12}},{"id":"1851ef03-d1f4-454c-af01-8098a2dd6001","block_type":"box","text":"distributor and/or its affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory clients","page_number":11,"box":{"x":61,"y":356,"width":853,"height":12}},{"id":"3e52f3fb-6a28-4241-8f96-c7a9d9a1f932","block_type":"box","text":"through an omnibus account held at the Fund or (b) transacts in the Fund’s shares through another intermediary that","page_number":11,"box":{"x":60,"y":371,"width":861,"height":12}},{"id":"79766632-4ffa-4f2f-bc34-3522201780b3","block_type":"box","text":"has executed such an agreement and (vi) any other investors who met the eligibility criteria for BlackRock Shares or","page_number":11,"box":{"x":61,"y":386,"width":850,"height":12}},{"id":"755e2469-255c-4be8-bbf2-e8749ddf9a37","block_type":"box","text":"Class K Shares prior to August 15, 2016 and have continually held Class K Shares of the Fund in the same account","page_number":11,"box":{"x":61,"y":401,"width":854,"height":11}},{"id":"d699be41-3562-451d-b105-89b260110118","block_type":"box","text":"since August 15, 2016.","page_number":11,"box":{"x":61,"y":416,"width":172,"height":11}},{"id":"19bb978f-d2c7-414f-a2ed-36f374ede969","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. Purchase orders may","page_number":11,"box":{"x":60,"y":438,"width":874,"height":12}},{"id":"d7594703-7382-432d-9411-48b6119d68f5","block_type":"box","text":"also be placed by calling (800) 537-4942, by mail (c/o BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-","page_number":11,"box":{"x":61,"y":453,"width":868,"height":12}},{"id":"109fa1cc-8ba3-4be4-bac9-0c1d3b193adb","block_type":"box","text":"4429), or online at www.blackrock.com. Institutional Investors are subject to a $5 million minimum initial investment","page_number":11,"box":{"x":61,"y":467,"width":857,"height":12}},{"id":"9636b101-9e81-4979-abc5-64e9296bc517","block_type":"box","text":"requirement. Other investors, including Employer-Sponsored Retirement Plans, have no minimum initial investment","page_number":11,"box":{"x":61,"y":483,"width":842,"height":11}},{"id":"19eda5a6-9584-43e0-8442-1135aae40cf3","block_type":"box","text":"requirement. There is no minimum investment amount for additional purchases.","page_number":11,"box":{"x":61,"y":497,"width":586,"height":12}},{"id":"6df181fa-2ef1-488b-8cc1-f3fff44d8a30","block_type":"box","text":"Tax Information","page_number":11,"box":{"x":63,"y":536,"width":138,"height":11}},{"id":"3b54b398-42fa-4f14-8867-5adb79e083c2","block_type":"box","text":"Different income tax rules apply depending on whether you are invested through a qualified tax-exempt plan described","page_number":11,"box":{"x":62,"y":563,"width":865,"height":11}},{"id":"0848d362-5d89-4da7-bb64-79f7e9e79fba","block_type":"box","text":"in section 401(a) of the Internal Revenue Code of 1986, as amended. If you are invested through such a plan (and","page_number":11,"box":{"x":62,"y":577,"width":842,"height":12}},{"id":"2d7588c7-a10b-4027-8b43-63bc84edf71d","block_type":"box","text":"Fund shares are not “debt-financed property” to the plan), then the dividends paid by the Fund and the gain realized","page_number":11,"box":{"x":62,"y":592,"width":850,"height":12}},{"id":"0798cb2c-e96f-4d9c-a3db-5fc95a620bf1","block_type":"box","text":"from a redemption or exchange of Fund shares will generally not be subject to U.S. federal income taxes until you","page_number":11,"box":{"x":60,"y":607,"width":833,"height":12}},{"id":"1b1b95d4-3ced-42d5-b8ad-25bc30c757bd","block_type":"box","text":"withdraw or receive distributions from the plan. If you are not invested through such a plan, then the Fund’s dividends","page_number":11,"box":{"x":60,"y":622,"width":865,"height":11}},{"id":"b4e07d86-cccd-4113-9ee8-ea9245263ca5","block_type":"box","text":"and gain from a redemption or exchange may be subject to U.S. federal income taxes and may be taxed as ordinary","page_number":11,"box":{"x":61,"y":637,"width":851,"height":11}},{"id":"2a337bb7-ab4d-4565-a4d4-2ab8e2c1f161","block_type":"box","text":"income or capital gains, unless you are a tax-exempt investor.","page_number":11,"box":{"x":62,"y":652,"width":451,"height":11}},{"id":"0f1be66f-89d2-451c-837f-55d1640fa35f","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries","page_number":11,"box":{"x":61,"y":690,"width":578,"height":14}},{"id":"c545cc63-81df-4ab0-b586-0fc2798ed696","block_type":"box","text":"If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the","page_number":11,"box":{"x":62,"y":717,"width":848,"height":11}},{"id":"9b2291a2-75f0-4309-a0ac-90fafb78161d","block_type":"box","text":"Fund’s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services.","page_number":11,"box":{"x":62,"y":731,"width":868,"height":12}},{"id":"f77531f8-0f65-4e63-971f-bf9408d00023","block_type":"box","text":"These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial","page_number":11,"box":{"x":60,"y":754,"width":867,"height":12}},{"id":"b0a6f6d4-2d75-48c3-83b5-8d6e6b54ad73","block_type":"box","text":"professional to recommend the Fund over another investment.","page_number":11,"box":{"x":62,"y":769,"width":455,"height":11}},{"id":"35d72b6b-3fc9-47ad-8ce4-e3a6529c9a1b","block_type":"box","text":"Class K Shares are only available through a Financial Intermediary if the Financial Intermediary will not receive from","page_number":11,"box":{"x":61,"y":791,"width":849,"height":12}},{"id":"dd2c4a08-3e39-4a02-bd33-2a2f50d4d15b","block_type":"box","text":"Fund assets, or the Fund’s distributor’s or an affiliate’s resources, any commission payments, shareholder servicing","page_number":11,"box":{"x":62,"y":806,"width":857,"height":12}},{"id":"fadad045-6b26-4bc0-b195-1cdcc71561e8","block_type":"box","text":"fees (including sub-transfer agent and networking fees), or distribution fees (including Rule 12b-1 fees) with respect to","page_number":11,"box":{"x":60,"y":821,"width":869,"height":12}},{"id":"d20ffc75-d3c0-4733-99df-bd2bf7d70d86","block_type":"box","text":"assets invested in Class K Shares.","page_number":11,"box":{"x":61,"y":836,"width":256,"height":9}},{"id":"daad7587-271f-4468-a89f-3657bbc1c83b","block_type":"box","text":"Ask your individual financial professional or visit your Financial Intermediary’s website for more information.","page_number":11,"box":{"x":60,"y":858,"width":790,"height":12}},{"id":"d9575390-692e-4fc2-a135-68cd479e77ad","block_type":"box","text":"11","page_number":11,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"a4be8038-5287-4278-b29f-492d3cb5658d","block_type":"box","text":"NM1026U-5981116-11/48","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6ada4892-8b03-433e-ba09-a7adff4ae4b8","block_type":"box","text":"Details About the Fund","page_number":12,"box":{"x":65,"y":82,"width":494,"height":27}},{"id":"9b9a5b3c-6e9f-4fc6-967d-6c99d81d8ac6","block_type":"box","text":"Included in this prospectus are sections that tell you about buying and selling shares, management information,","page_number":12,"box":{"x":62,"y":146,"width":821,"height":12}},{"id":"70184fc7-3fd2-4b39-b257-94ed7d891728","block_type":"box","text":"shareholder features of BlackRock Commodity Strategies Fund (the “Fund”), a series of BlackRock Funds","page_number":12,"box":{"x":61,"y":161,"width":772,"height":12}},{"id":"d74cdf41-e86a-4d40-9730-2ce8076b41b2","block_type":"box","text":"SM","page_number":12,"box":{"x":834,"y":161,"width":11,"height":5}},{"id":"cf20ca74-d729-4ec9-bf92-3231a29ce45c","block_type":"box","text":"(the","page_number":12,"box":{"x":851,"y":161,"width":27,"height":11}},{"id":"7d293da0-179b-4c93-a9f8-5fce2c900d18","block_type":"box","text":"“Trust”), and your rights as a shareholder.","page_number":12,"box":{"x":62,"y":176,"width":306,"height":11}},{"id":"c9fb49b6-4e86-41ac-a679-6f0637a1f085","block_type":"box","text":"How the Fund Invests","page_number":12,"box":{"x":61,"y":215,"width":196,"height":11}},{"id":"5e90e878-ec39-4bd1-bd2f-b4facd683960","block_type":"box","text":"Investment Objective","page_number":12,"box":{"x":61,"y":241,"width":175,"height":13}},{"id":"a9c6501e-5060-41c6-95f7-11d60366c13f","block_type":"box","text":"The investment objective of the Fund is to seek total return.","page_number":12,"box":{"x":60,"y":258,"width":439,"height":11}},{"id":"607d66c5-7298-4b8e-a93a-e1fa9cbca548","block_type":"box","text":"This investment objective is a non-fundamental policy of the Fund and may not be changed without 30 days’ prior","page_number":12,"box":{"x":60,"y":280,"width":831,"height":12}},{"id":"ec9c37ef-97a8-442b-bda1-d0a6fbf43131","block_type":"box","text":"notice to shareholders.","page_number":12,"box":{"x":61,"y":295,"width":168,"height":9}},{"id":"4676e9b1-817f-4c30-90c6-84da9fbd5d14","block_type":"box","text":"Investment Process","page_number":12,"box":{"x":61,"y":318,"width":163,"height":10}},{"id":"f5423d46-1982-4f56-a0bc-379fee99c155","block_type":"box","text":"The Fund utilizes two strategies, as described below, one focusing on commodity-linked derivatives and the other on","page_number":12,"box":{"x":60,"y":334,"width":851,"height":12}},{"id":"ab62852e-d5cd-4630-bd3e-5fa374ba2c3a","block_type":"box","text":"investments in commodity-related companies. Taken together, these two strategies offer broad exposure to global","page_number":12,"box":{"x":62,"y":349,"width":834,"height":12}},{"id":"7ef6868f-a7ab-4e96-8a51-afd2f8e81855","block_type":"box","text":"commodities market trends across asset classes, industries, sectors, and regions. The Fund is actively managed and","page_number":12,"box":{"x":61,"y":364,"width":864,"height":12}},{"id":"8c02ad9b-3dee-415f-b9c4-a12eaed74b59","block_type":"box","text":"returns may deviate from the returns of any particular commodities index.","page_number":12,"box":{"x":61,"y":379,"width":541,"height":11}},{"id":"4b5ca3aa-d172-4de6-97b4-2b9ac4d5ac7a","block_type":"box","text":"The selection of commodity-related companies is based on Fund management’s views of the macro-economic","page_number":12,"box":{"x":60,"y":401,"width":805,"height":12}},{"id":"7fd4e0ef-31da-437b-adc4-4d5d14b6f1cd","block_type":"box","text":"environment combined with fundamental analysis of each company’s worth. A company’s worth can be assessed by","page_number":12,"box":{"x":61,"y":416,"width":854,"height":12}},{"id":"99d0ed5c-a280-46d0-a037-ed701d2b6e47","block_type":"box","text":"several factors, such as financial resources, value of assets, rate of return on capital, quality of management, and","page_number":12,"box":{"x":61,"y":431,"width":841,"height":12}},{"id":"e6007f78-9e81-4cab-b5ca-a711fafcf04d","block_type":"box","text":"overall business prospects.","page_number":12,"box":{"x":61,"y":446,"width":200,"height":11}},{"id":"fcb4fb95-a83a-44d4-8c55-62459c9774b8","block_type":"box","text":"Principal Investment Strategies","page_number":12,"box":{"x":61,"y":469,"width":260,"height":12}},{"id":"0de8413b-3f9c-4b98-a0b9-7f6fc388c9af","block_type":"box","text":"Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment","page_number":12,"box":{"x":62,"y":485,"width":850,"height":12}},{"id":"7b3380b4-d041-4023-9898-954d6c2aaf95","block_type":"box","text":"purposes, in commodity-linked derivatives or equity investments in commodity-related companies, including, but not","page_number":12,"box":{"x":62,"y":500,"width":847,"height":12}},{"id":"faa3a8f4-d693-49cb-8937-3e073bc1e9f4","block_type":"box","text":"limited to, companies operating in the mining, energy and agricultural sectors. With respect to such equity","page_number":12,"box":{"x":62,"y":515,"width":778,"height":11}},{"id":"79284924-9adf-4ee4-af00-57c2ab93c151","block_type":"box","text":"investments, investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide","page_number":12,"box":{"x":62,"y":530,"width":828,"height":11}},{"id":"3ddc5de3-b069-4808-9c90-2a11b78c4205","block_type":"box","text":"investment exposure to the securities included within that policy or to one or more market risk factors associated with","page_number":12,"box":{"x":62,"y":545,"width":866,"height":11}},{"id":"0a759e87-96cb-4c3a-aa83-f8f51ccfb9c7","block_type":"box","text":"such securities.","page_number":12,"box":{"x":61,"y":560,"width":114,"height":9}},{"id":"6aebcbff-02d6-4adc-914f-f80a1709dbf7","block_type":"box","text":"The Fund’s 80% policy is non-fundamental and may not be changed without 60 days’ prior notice to shareholders.","page_number":12,"box":{"x":60,"y":582,"width":834,"height":11}},{"id":"3a940666-394f-4f65-8256-88770218ec3d","block_type":"box","text":"The Fund utilizes two strategies and under normal circumstances expects to invest approximately 50% of its total","page_number":12,"box":{"x":60,"y":604,"width":832,"height":12}},{"id":"bcfc69bc-6350-4a3c-ab9e-ab6890acc989","block_type":"box","text":"assets in each strategy; provided, however, that from time to time, Fund management may alter the weightings if it","page_number":12,"box":{"x":61,"y":619,"width":843,"height":12}},{"id":"5206db28-8453-4cbf-8a2e-55a0b435c2af","block_type":"box","text":"deems it prudent to do so based on market conditions, trends or movements or other similar factors. One strategy","page_number":12,"box":{"x":61,"y":634,"width":843,"height":12}},{"id":"2459ff33-28c3-4055-9038-bcc7cb73e759","block_type":"box","text":"focuses on investments in commodity-linked derivatives. To meet coverage and collateral requirements associated with","page_number":12,"box":{"x":60,"y":649,"width":874,"height":12}},{"id":"7428c587-d41b-4ce8-845c-7a591b10f434","block_type":"box","text":"these derivative investments, and to invest excess cash, the Fund holds a portion of its portfolio in investment-grade","page_number":12,"box":{"x":60,"y":664,"width":861,"height":11}},{"id":"f505fe49-2f50-4b3f-bc86-e36ae331eff3","block_type":"box","text":"short-term fixed-income securities. The other strategy focuses on equity investments in commodity-related companies,","page_number":12,"box":{"x":61,"y":679,"width":868,"height":11}},{"id":"7929d52a-c260-4e25-af69-ef6b85a940e5","block_type":"box","text":"including, but not limited to, companies operating in the mining, energy and agricultural sectors. The Fund invests in","page_number":12,"box":{"x":62,"y":694,"width":851,"height":11}},{"id":"742a7a6d-c983-4f49-95ca-784830b358f0","block_type":"box","text":"securities of such companies in order to complement the commodity exposures achieved through investments in","page_number":12,"box":{"x":61,"y":708,"width":827,"height":12}},{"id":"a4d01353-4b57-47e3-ad6a-cc0ab22ed1d8","block_type":"box","text":"commodity-linked derivatives.","page_number":12,"box":{"x":61,"y":723,"width":213,"height":12}},{"id":"d497dc5d-7d77-4ca1-9400-89e5eeb9192c","block_type":"box","text":"Commodities are assets that have tangible properties, and include, without limitation, minerals, metals (including","page_number":12,"box":{"x":61,"y":746,"width":836,"height":11}},{"id":"1f927119-8ec9-4824-b0b6-eb891a9ae7d7","block_type":"box","text":"precious, industrial and rare metals), steel, agricultural products and commodities, livestock, environmental","page_number":12,"box":{"x":62,"y":761,"width":790,"height":11}},{"id":"cce1fd41-d15e-4ed4-a668-cd6c9b26dc0f","block_type":"box","text":"commodities, wool, ethanol, chemicals, forest products (including wood, pulp and paper), plastic, rubber, sugar,","page_number":12,"box":{"x":61,"y":775,"width":820,"height":12}},{"id":"86cceb3b-1b44-47d0-86a4-84a6f285cc98","block_type":"box","text":"cotton, cocoa, coffee, basic materials, building materials, water, oil, gas, consumable fuel, energy and other natural","page_number":12,"box":{"x":61,"y":790,"width":851,"height":12}},{"id":"966b9831-6c2b-4202-8586-23bf20819daf","block_type":"box","text":"resources.","page_number":12,"box":{"x":61,"y":807,"width":76,"height":7}},{"id":"69548ffa-7b10-4add-91bf-a2f98cf29570","block_type":"box","text":"Commodity-related companies include, but are not limited to, companies in commodities, natural resources and energy","page_number":12,"box":{"x":61,"y":828,"width":876,"height":11}},{"id":"c56a0b9c-25d4-4361-9161-489bc5dba930","block_type":"box","text":"businesses and in associated businesses and companies that provide services or have exposure to such businesses","page_number":12,"box":{"x":61,"y":843,"width":865,"height":11}},{"id":"7d96c21d-4653-4465-9338-ba235207e844","block_type":"box","text":"(collectively, the “Commodities Sector”). These companies include, without limitation, companies engaged in the","page_number":12,"box":{"x":61,"y":857,"width":827,"height":12}},{"id":"776838b4-7d49-4cd2-a557-5842cd4118e2","block_type":"box","text":"exploration, ownership, production, refinement, processing, transportation, distribution or marketing of commodities,","page_number":12,"box":{"x":61,"y":872,"width":857,"height":12}},{"id":"3bee41b2-8acf-4d92-9bd4-0db1e14f5273","block_type":"box","text":"companies that use commodities extensively in their products and companies that provide technology and services to","page_number":12,"box":{"x":61,"y":887,"width":866,"height":11}},{"id":"93819005-f511-4d4b-841e-c4c0fcc8f276","block_type":"box","text":"commodity-related companies. This includes companies that are engaged in businesses such as integrated oil, oil and","page_number":12,"box":{"x":61,"y":902,"width":870,"height":11}},{"id":"e8331614-643a-4341-b65f-fb1d6181fc73","block_type":"box","text":"gas exploration and production, energy services and technology, chemicals and oil products, coal and other","page_number":12,"box":{"x":60,"y":917,"width":790,"height":11}},{"id":"6ef56b75-5622-4d63-b687-14a48e2f5733","block_type":"box","text":"12","page_number":12,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"1bd32583-26bf-49a2-9ed8-8e7b37911224","block_type":"box","text":"NM1026U-5981116-12/48","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ff1e1814-74a0-4c29-804f-25be190620d5","block_type":"box","text":"consumable fuel, gold and precious metals, metals and minerals, forest products, agricultural chemicals and services,","page_number":13,"box":{"x":61,"y":46,"width":872,"height":11}},{"id":"deed8e4b-e2d8-442a-856a-d3331eed84be","block_type":"box","text":"farm land, alternative energy sources, environmental services and agricultural products (including crop growers,","page_number":13,"box":{"x":60,"y":60,"width":821,"height":12}},{"id":"87335b15-4bbd-4ab9-a976-48a66da26461","block_type":"box","text":"owners of plantations, and companies that produce and process foods), as well as related transportation companies,","page_number":13,"box":{"x":61,"y":75,"width":863,"height":12}},{"id":"df51788b-71e4-464a-b2ef-ddd81c9205b8","block_type":"box","text":"equipment manufacturers, service providers and engineering, procurement and construction (“EPC”) companies.","page_number":13,"box":{"x":61,"y":90,"width":826,"height":12}},{"id":"ef65c83c-eb4c-467b-b7d0-c3a1e156f53c","block_type":"box","text":"Commodity-linked derivatives may be used to hedge a position or for non-hedging purposes, such as to gain exposure","page_number":13,"box":{"x":61,"y":113,"width":862,"height":11}},{"id":"97c75f25-6939-4a53-98fa-116655d8b6fe","block_type":"box","text":"to a particular type of commodity or commodity market. Commodity-linked derivatives include, but are not limited to,","page_number":13,"box":{"x":60,"y":127,"width":851,"height":12}},{"id":"55077bf2-3309-4d79-8c36-ae69f4bf9ee2","block_type":"box","text":"commodities contracts, commodity futures or options thereon (investments in contracts for the future purchase or sale","page_number":13,"box":{"x":61,"y":142,"width":873,"height":12}},{"id":"ee06b259-06a1-4dea-9676-ed1e7e33f2c3","block_type":"box","text":"of commodities); commodity exchange-traded funds (exchange-traded funds that track a benchmark tied to one or more","page_number":13,"box":{"x":61,"y":157,"width":875,"height":12}},{"id":"2789dbf9-b640-4d47-b80c-d698ddf6b34d","block_type":"box","text":"commodities or commodity sectors); total return swaps based on a commodity index (permitting one party to receive/","page_number":13,"box":{"x":61,"y":172,"width":865,"height":12}},{"id":"79f43bd0-1a1d-4a57-92dd-5e3d78eb911d","block_type":"box","text":"pay the total return on a commodity index against payment/receipt of an agreed upon spread/interest rate);","page_number":13,"box":{"x":62,"y":187,"width":792,"height":11}},{"id":"d5e4b393-06b2-4d86-9bc8-2c7fc3f65ead","block_type":"box","text":"commodity-linked notes (providing a return based on a formula referenced to a commodity index); commodity exchange","page_number":13,"box":{"x":61,"y":202,"width":873,"height":11}},{"id":"1d3e6f02-cbbc-4bec-b50f-9fec7f06e061","block_type":"box","text":"traded notes (non-interest paying debt instruments whose price fluctuates (by contractual commitment) with an","page_number":13,"box":{"x":60,"y":216,"width":815,"height":12}},{"id":"5ad024d2-c190-4ee2-ba67-7262fdecd7ee","block_type":"box","text":"underlying commodities index); sovereign issued oil warrants (a sovereign obligation the coupon on which is contingent","page_number":13,"box":{"x":61,"y":232,"width":873,"height":11}},{"id":"622f2c72-26f2-4a42-9be0-96cca51c5bb8","block_type":"box","text":"on the price of oil); and any other commodity-linked derivative permitted by law.","page_number":13,"box":{"x":61,"y":246,"width":579,"height":12}},{"id":"8239dd93-3df8-4293-930f-e4789f0e76cf","block_type":"box","text":"A commodity-linked note is a derivative instrument that has characteristics of a debt security and of a commodity","page_number":13,"box":{"x":60,"y":269,"width":835,"height":11}},{"id":"55311352-1a53-4335-9d6e-db755e0004cc","block_type":"box","text":"linked derivative. A commodity-linked note typically provides for interest payments and a principal payment at maturity","page_number":13,"box":{"x":62,"y":283,"width":862,"height":12}},{"id":"f8ff85b1-ce02-4c5c-bd1b-85ae567cfcce","block_type":"box","text":"linked to the price movement of the underlying commodity, commodity index or commodity futures or option contract.","page_number":13,"box":{"x":62,"y":298,"width":855,"height":12}},{"id":"7ad0f166-0310-40e2-a9a0-872c8197aef1","block_type":"box","text":"These notes are sometimes referred to as “structured notes” because the terms of these notes may be structured by","page_number":13,"box":{"x":60,"y":313,"width":870,"height":12}},{"id":"bf0c6464-cede-41da-9b6b-f9157ef63a08","block_type":"box","text":"the issuer and the purchaser of the note. The value of these notes will rise or fall in response to changes in the","page_number":13,"box":{"x":60,"y":328,"width":821,"height":12}},{"id":"aceff11e-1909-4b9a-be77-82c54fa8386c","block_type":"box","text":"underlying commodity, commodity futures contract, subset of commodities, subset of commodity futures contracts or","page_number":13,"box":{"x":61,"y":343,"width":859,"height":11}},{"id":"02acaa81-ebe2-42b5-80ee-5a4cf87485d1","block_type":"box","text":"commodity index. These notes expose the Fund economically to movements in commodity prices. These notes also are","page_number":13,"box":{"x":61,"y":358,"width":875,"height":11}},{"id":"da0c053c-38e3-4dd6-afbf-3eb0ad2f4246","block_type":"box","text":"subject to risks, such as counterparty, credit, market and interest rate risks. In addition, these notes are often","page_number":13,"box":{"x":61,"y":372,"width":812,"height":12}},{"id":"44e918c9-dd9b-4f8b-bfef-c7f23cea4723","block_type":"box","text":"leveraged, increasing the volatility of each note’s market value relative to changes in the underlying commodity,","page_number":13,"box":{"x":62,"y":387,"width":815,"height":12}},{"id":"11005821-704c-4cc0-9ba1-22e6dff4766b","block_type":"box","text":"commodity futures contract or commodity index. Therefore, at the maturity of the note, the Fund may receive more or","page_number":13,"box":{"x":61,"y":402,"width":858,"height":12}},{"id":"5e9a74bc-2e1c-4b20-aa88-a833e68436bb","block_type":"box","text":"less principal than it originally invested. The Fund might receive interest payments on the note that are more or less","page_number":13,"box":{"x":62,"y":417,"width":850,"height":11}},{"id":"d9d48e95-02e4-43b2-a10d-6a7bc03f4ff1","block_type":"box","text":"than the stated coupon interest payments.","page_number":13,"box":{"x":60,"y":432,"width":313,"height":11}},{"id":"907d20d0-7db5-496d-a049-a116d486e936","block_type":"box","text":"The Fund may make investments directly or through investments in the BlackRock Cayman Commodity Strategies","page_number":13,"box":{"x":60,"y":454,"width":831,"height":12}},{"id":"f359c1cc-7731-42f8-981e-495386e4aa61","block_type":"box","text":"Fund, Ltd. (the “Subsidiary”). The Subsidiary is managed by BlackRock Advisors, LLC (“BlackRock”) and has the same","page_number":13,"box":{"x":62,"y":469,"width":868,"height":12}},{"id":"9be8ca16-cbf1-4521-b24a-f288d777b800","block_type":"box","text":"investment objective as the Fund. The assets of the Subsidiary are subject to the same investment restrictions and","page_number":13,"box":{"x":62,"y":484,"width":848,"height":11}},{"id":"f8e00c63-03a6-434e-93ed-910c6cfeb106","block_type":"box","text":"limitations, and follow the same compliance policies and procedures, as the Fund, except that the Subsidiary does not","page_number":13,"box":{"x":62,"y":499,"width":872,"height":11}},{"id":"b75ef60e-b75f-4a80-91c5-fe992336640c","block_type":"box","text":"invest in equity securities of commodity-related companies, and may invest without limitation in commodity-linked","page_number":13,"box":{"x":62,"y":514,"width":829,"height":11}},{"id":"f53f96a8-f729-49da-a8d3-4ca36a664c67","block_type":"box","text":"derivative instruments. The Fund will not invest more than 25% of its total assets (measured at the time of investment)","page_number":13,"box":{"x":61,"y":528,"width":875,"height":12}},{"id":"689ab216-be9a-48e2-b1f8-857f19585f66","block_type":"box","text":"in the Subsidiary. BlackRock has entered into a sub-advisory agreement with BlackRock International Limited with","page_number":13,"box":{"x":62,"y":543,"width":833,"height":12}},{"id":"10e7bcc2-3d0f-4f81-8452-4aed78d8c05e","block_type":"box","text":"respect to the Subsidiary.","page_number":13,"box":{"x":61,"y":558,"width":187,"height":12}},{"id":"6943f487-b143-4496-8964-65877cc7c543","block_type":"box","text":"The Fund manages the term structure of its commodity-linked derivative positions and has the flexibility to gain","page_number":13,"box":{"x":60,"y":581,"width":814,"height":11}},{"id":"7bada295-5dca-44d0-907c-0fee73534fff","block_type":"box","text":"exposure to futures maturities which differ from those in the Fund’s benchmark, the Bloomberg Commodity Index Total","page_number":13,"box":{"x":61,"y":595,"width":870,"height":12}},{"id":"f796a566-a517-4a90-8e78-3f4832448f74","block_type":"box","text":"Return","page_number":13,"box":{"x":62,"y":611,"width":46,"height":9}},{"id":"55fbb433-95bc-4d26-adfb-639f1dbf9474","block_type":"box","text":"SM","page_number":13,"box":{"x":109,"y":611,"width":11,"height":4}},{"id":"07160272-709f-41fd-8715-87411e8f3302","block_type":"box","text":". This is done in an effort to achieve efficient investment results and minimize any adverse effects on returns","page_number":13,"box":{"x":123,"y":610,"width":805,"height":12}},{"id":"1e82ff3e-a8eb-4e16-b540-afc7d5f6146c","block_type":"box","text":"caused by commodity term structures.","page_number":13,"box":{"x":61,"y":625,"width":281,"height":12}},{"id":"8d55c9cc-f8f3-4a9e-ab93-00178325c784","block_type":"box","text":"The value of commodity-linked derivative instruments may be affected by overall market movements and other factors,","page_number":13,"box":{"x":60,"y":648,"width":869,"height":11}},{"id":"ab8e1bfa-a6be-4a9f-829e-05f45b2eb8b2","block_type":"box","text":"affecting the value of a particular industry or commodity, such as weather, disease, embargoes, or political and","page_number":13,"box":{"x":61,"y":662,"width":819,"height":12}},{"id":"57419361-7337-4c21-bb6c-7b11f5d7add0","block_type":"box","text":"regulatory developments.","page_number":13,"box":{"x":61,"y":678,"width":184,"height":11}},{"id":"ecce9136-575e-4065-b6b1-f566224c046a","block_type":"box","text":"As forward and futures contracts approach maturity, the Fund will generally replace, or “roll,” them. Alternatively, if the","page_number":13,"box":{"x":60,"y":700,"width":869,"height":11}},{"id":"713d5718-2203-497b-b08d-0e92ad569124","block_type":"box","text":"Fund holds commodity futures-linked derivatives, the returns of these derivatives will reflect this rolling. The Fund","page_number":13,"box":{"x":62,"y":715,"width":828,"height":11}},{"id":"8bd47234-e186-4606-bcf6-6d5806e0ed23","block_type":"box","text":"manages the term structure of its commodity-linked derivative positions in seeking to reduce the negative roll yield","page_number":13,"box":{"x":61,"y":730,"width":841,"height":11}},{"id":"063825c5-dcd5-45d0-8ac7-285550c44a6e","block_type":"box","text":"associated with contango. “Contango” exists when the price of a forward or futures contract is higher than the current","page_number":13,"box":{"x":61,"y":744,"width":869,"height":12}},{"id":"ed25bd75-13ca-4592-b803-4851a822a0bd","block_type":"box","text":"spot price. In contango, the futures or forward curve would be upward sloping, reflecting that such contracts would","page_number":13,"box":{"x":61,"y":759,"width":842,"height":12}},{"id":"28acb7ea-54f0-40ee-9bab-2b3387265910","block_type":"box","text":"trade at higher prices in the future. In contrast, “backwardation” exists when the price of a futures or forward contract","page_number":13,"box":{"x":60,"y":774,"width":868,"height":12}},{"id":"190f2b1c-0a2b-47c6-b505-47d5924139cc","block_type":"box","text":"is lower than the current spot price. In that case, the forward or futures curve would be downward sloping. “Roll yield”","page_number":13,"box":{"x":62,"y":789,"width":866,"height":11}},{"id":"4f18c86d-4fdf-49ea-b4ea-a126eb4db678","block_type":"box","text":"refers to the amount of return generated during periods of backwardation, and “negative roll yield” refers to the","page_number":13,"box":{"x":61,"y":804,"width":818,"height":11}},{"id":"6dca7f2e-7b7a-439b-8157-dfdd3774b8e6","block_type":"box","text":"amount of return lost during periods of contango.","page_number":13,"box":{"x":61,"y":818,"width":359,"height":12}},{"id":"43ec3ff9-413c-4628-964c-31a481b5186f","block_type":"box","text":"Equity securities held by the Fund may include common stocks, preferred stocks, warrants, depositary receipts and","page_number":13,"box":{"x":62,"y":841,"width":846,"height":11}},{"id":"d54ccf7a-08a6-47ff-b33b-bb72f5e1739a","block_type":"box","text":"other instruments whose price is linked to the value of common stock, and equity interests in master limited","page_number":13,"box":{"x":61,"y":856,"width":797,"height":11}},{"id":"2fbbb919-ce99-4ea7-b50a-dc692dc53936","block_type":"box","text":"partnerships (“MLPs”). The Fund may also purchase convertible securities.","page_number":13,"box":{"x":62,"y":871,"width":550,"height":11}},{"id":"9a5d2d90-bb55-4a91-af71-3d33d4d5995d","block_type":"box","text":"The Fund may also invest in fixed-income instruments (of any credit quality and any duration) of commodity-related","page_number":13,"box":{"x":60,"y":893,"width":838,"height":12}},{"id":"e5210e89-74f8-4a02-80dc-12b14be309ae","block_type":"box","text":"companies.","page_number":13,"box":{"x":61,"y":908,"width":83,"height":11}},{"id":"a1afa7a8-2e4c-4562-8f8e-d8bdbc4c83da","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"dca59f99-102c-4dd0-af1b-fa15fdb38ad7","block_type":"box","text":"NM1026U-5981116-13/48","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6e2ecebc-dc82-4826-bed3-9e5e210609b2","block_type":"box","text":"There are no restrictions on investment in terms of geography or market capitalization. The Fund may invest in both","page_number":14,"box":{"x":60,"y":46,"width":847,"height":11}},{"id":"1d958177-2b02-434b-a35d-3d0106e62dc6","block_type":"box","text":"U.S. and non-U.S. companies, including companies located in emerging markets, and in securities denominated in","page_number":14,"box":{"x":62,"y":61,"width":838,"height":11}},{"id":"90994cc4-05a2-410e-a468-faf32c75466a","block_type":"box","text":"both U.S. dollars and foreign currencies. The Fund may invest in securities of issuers of any market capitalization.","page_number":14,"box":{"x":61,"y":75,"width":836,"height":12}},{"id":"718c0e05-1eab-47ba-95cc-ef090219b47b","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":14,"box":{"x":61,"y":98,"width":327,"height":13}},{"id":"0d3ac22c-99aa-4195-8871-02f571cfb64d","block_type":"box","text":"In addition to the principal strategies discussed above, the Fund may also invest or engage in the following","page_number":14,"box":{"x":62,"y":115,"width":784,"height":11}},{"id":"fae3897f-7c37-49a8-8227-2b491e2dd3ed","block_type":"box","text":"investments/strategies:","page_number":14,"box":{"x":62,"y":130,"width":173,"height":11}},{"id":"b17f1df3-6f57-453c-a46b-799947c2f907","block_type":"box","text":"Borrowing","page_number":14,"box":{"x":81,"y":150,"width":78,"height":11}},{"id":"ac44fee8-03b8-4293-b9fd-564455c2499c","block_type":"box","text":"— The Fund may borrow up to the limits set forth under the Investment Company Act of 1940, as","page_number":14,"box":{"x":162,"y":149,"width":717,"height":12}},{"id":"372a8b8d-8850-457b-8f1b-93a833231153","block_type":"box","text":"amended (the “Investment Company Act”), the rules and regulations thereunder and any applicable exemptive relief.","page_number":14,"box":{"x":81,"y":164,"width":855,"height":12}},{"id":"bd52f9f1-623f-4c9b-a0d4-327e4fbb045e","block_type":"box","text":"Convertible Securities","page_number":14,"box":{"x":81,"y":184,"width":167,"height":9}},{"id":"8382eaa3-c23f-49d1-8d3d-99ced6250004","block_type":"box","text":"— The Fund may invest in convertible securities. Convertible securities generally are debt","page_number":14,"box":{"x":252,"y":184,"width":660,"height":12}},{"id":"abc307dd-2c02-429d-91e9-3faa7fa699fc","block_type":"box","text":"securities or preferred stock that may be converted into common stock. Convertible securities typically pay current","page_number":14,"box":{"x":81,"y":199,"width":843,"height":11}},{"id":"350bd8ed-ef17-4352-bac5-0de098cac86d","block_type":"box","text":"income as either interest (debt security convertibles) or dividends (preferred stock). A convertible security’s value","page_number":14,"box":{"x":82,"y":214,"width":833,"height":11}},{"id":"fb694bb0-9a47-4117-9bc9-7f30097af5a5","block_type":"box","text":"usually reflects both the stream of current income payments and the market value of the underlying common stock.","page_number":14,"box":{"x":82,"y":229,"width":847,"height":11}},{"id":"de09076f-1dc8-4135-ba96-571833a07c9f","block_type":"box","text":"Depositary Receipts","page_number":14,"box":{"x":81,"y":249,"width":152,"height":11}},{"id":"a8839890-e1a9-4415-910d-7b8dfb19cdec","block_type":"box","text":"— The Fund may invest in securities of foreign issuers in the form of depositary receipts or","page_number":14,"box":{"x":238,"y":249,"width":671,"height":11}},{"id":"d352629a-bac4-4de2-8011-42330b947d69","block_type":"box","text":"other securities that are convertible into securities of foreign issuers. American Depositary Receipts are receipts","page_number":14,"box":{"x":81,"y":263,"width":829,"height":12}},{"id":"edc0f5ec-0baa-45f5-9031-f4c5f3fbf470","block_type":"box","text":"typically issued by an American bank or fund company that evidence underlying securities issued by a foreign","page_number":14,"box":{"x":80,"y":278,"width":800,"height":12}},{"id":"0083ad7e-ecbb-47e2-8b6c-8ab409b1c255","block_type":"box","text":"corporation. European Depositary Receipts (issued in Europe) and Global Depositary Receipts (issued throughout","page_number":14,"box":{"x":81,"y":293,"width":833,"height":12}},{"id":"a84f1fd3-4461-4f3e-92f9-4604872ad4cc","block_type":"box","text":"the world) each evidence a similar ownership arrangement. The Fund may invest in unsponsored Depositary","page_number":14,"box":{"x":80,"y":308,"width":793,"height":12}},{"id":"8da55eed-e026-41ed-9efd-90301163e8a1","block_type":"box","text":"Receipts.","page_number":14,"box":{"x":82,"y":323,"width":66,"height":11}},{"id":"4673ce0c-e6d4-419a-ba0c-4271d762064a","block_type":"box","text":"Illiquid Investments","page_number":14,"box":{"x":81,"y":343,"width":148,"height":11}},{"id":"145ee792-e812-4d67-9bde-6261446e981e","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":14,"box":{"x":233,"y":343,"width":677,"height":11}},{"id":"5e62f0df-6fd9-4acc-bf54-cc583faa6bf5","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":14,"box":{"x":82,"y":358,"width":811,"height":11}},{"id":"b2c8b726-ecfd-41d2-b75a-2a0f5ade488f","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":14,"box":{"x":82,"y":372,"width":831,"height":12}},{"id":"f10427c1-dc66-4b16-808c-3663ca44ba65","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":14,"box":{"x":81,"y":387,"width":811,"height":12}},{"id":"78bc39ce-d032-4ccc-8e75-75bf840d945f","block_type":"box","text":"Indexed and Inverse Securities","page_number":14,"box":{"x":81,"y":407,"width":232,"height":9}},{"id":"8c4f21c7-ca6d-4454-9571-10da78343bde","block_type":"box","text":"— The Fund may invest in securities the potential return of which is based on the","page_number":14,"box":{"x":317,"y":407,"width":598,"height":12}},{"id":"bd18da7e-5f1a-4156-bd7e-5f131dec02c3","block_type":"box","text":"change in a specified interest rate or equity index (an “indexed security”). For example, the Fund may invest in a","page_number":14,"box":{"x":81,"y":422,"width":823,"height":12}},{"id":"c55ce7d3-133f-4f9c-86b8-aa8e74696b53","block_type":"box","text":"security that pays a variable amount of interest or principal based on the current level of a particular stock market.","page_number":14,"box":{"x":81,"y":437,"width":843,"height":11}},{"id":"75787616-1ab8-4209-b54a-0d55a5a538e3","block_type":"box","text":"The Fund may also invest in indexed securities the potential return of which is based inversely on the change in a","page_number":14,"box":{"x":81,"y":454,"width":832,"height":12}},{"id":"e2e6dff7-f1be-41a7-bb7f-f3fe6da2455d","block_type":"box","text":"specified interest rate or equity index. The Fund may also invest in securities whose return is inversely related to","page_number":14,"box":{"x":81,"y":469,"width":827,"height":12}},{"id":"62af6e4d-7d25-47e4-93a5-ce11155cdc3a","block_type":"box","text":"changes in an interest rate or index (“inverse securities”). In general, the return on inverse securities will decrease","page_number":14,"box":{"x":81,"y":484,"width":844,"height":12}},{"id":"e256995a-c81e-406b-8606-ecd8668cea84","block_type":"box","text":"when the underlying index or interest rate goes up and increase when that index or interest rate goes down.","page_number":14,"box":{"x":80,"y":499,"width":791,"height":11}},{"id":"131c75cc-0e61-4149-bf2b-c6b73f1ed002","block_type":"box","text":"Investment Companies","page_number":14,"box":{"x":81,"y":519,"width":172,"height":11}},{"id":"cedc01b8-cb5e-4656-ae77-85e2080e210c","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":14,"box":{"x":258,"y":519,"width":643,"height":11}},{"id":"65100b58-b1df-4bf3-860e-01c6660a63b3","block_type":"box","text":"traded funds (including commodity exchange-traded funds), unit investment trusts, and open-end and closed-end","page_number":14,"box":{"x":80,"y":534,"width":825,"height":11}},{"id":"ef864059-3287-4874-948f-01b7a1994ac1","block_type":"box","text":"funds, subject to the applicable limits under the Investment Company Act and the rules thereunder. The Fund may","page_number":14,"box":{"x":81,"y":548,"width":837,"height":12}},{"id":"bb2fe2a7-dddc-4675-bb3e-500e51caf142","block_type":"box","text":"invest in affiliated investment companies, including affiliated money market funds and affiliated exchange-traded","page_number":14,"box":{"x":82,"y":563,"width":828,"height":12}},{"id":"21a7ee68-f5e5-48b1-bc1c-d6381d00400d","block_type":"box","text":"funds.","page_number":14,"box":{"x":81,"y":578,"width":44,"height":9}},{"id":"f04c87b4-13e5-4c93-b8fb-2775704d83f7","block_type":"box","text":"Master Limited Partnerships","page_number":14,"box":{"x":81,"y":598,"width":215,"height":11}},{"id":"22569640-ff5a-4e68-a422-327bf86f88cc","block_type":"box","text":"— The Fund may invest in publicly traded MLPs, which are limited partnerships or","page_number":14,"box":{"x":300,"y":598,"width":600,"height":11}},{"id":"38e356f0-f167-4f8e-8508-f0e14223f127","block_type":"box","text":"limited liability companies taxable as partnerships. MLPs generally have two classes of owners, the general partner","page_number":14,"box":{"x":82,"y":613,"width":849,"height":11}},{"id":"9ed0d4d8-fc6c-44fd-8aea-3c933ba12806","block_type":"box","text":"and limited partners. If investing in an MLP, the Fund intends to purchase publicly traded common units issued to","page_number":14,"box":{"x":81,"y":628,"width":834,"height":11}},{"id":"61193776-5fb1-4248-a257-034ca34b5a1b","block_type":"box","text":"limited partners of the MLP. Limited partners have a limited role in the operations and management of the MLP.","page_number":14,"box":{"x":82,"y":642,"width":820,"height":12}},{"id":"bc53234d-0fd3-459b-a46e-3e700c8a92d2","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts","page_number":14,"box":{"x":81,"y":663,"width":442,"height":11}},{"id":"6fc8cc79-6f37-474d-9ce4-737614e33b71","block_type":"box","text":"— The Fund may enter into certain types of repurchase","page_number":14,"box":{"x":527,"y":662,"width":406,"height":12}},{"id":"689e6a57-ef12-4929-a7cd-e23cde189eca","block_type":"box","text":"agreements or purchase and sale contracts. Under a repurchase agreement, the seller agrees to repurchase a","page_number":14,"box":{"x":81,"y":678,"width":813,"height":11}},{"id":"4eff6fb0-f01e-4942-bff7-69a0cc0613a9","block_type":"box","text":"security at a mutually agreed-upon time and price. A purchase and sale contract is similar to a repurchase","page_number":14,"box":{"x":81,"y":692,"width":779,"height":12}},{"id":"fc3c2f84-90ab-4a72-9974-f86a141d5f5f","block_type":"box","text":"agreement, but purchase and sale contracts also provide that the purchaser receives any interest on the security","page_number":14,"box":{"x":81,"y":707,"width":832,"height":12}},{"id":"abf3a276-109c-4caa-85d2-651a54618b36","block_type":"box","text":"paid during the period.","page_number":14,"box":{"x":82,"y":722,"width":162,"height":11}},{"id":"4b727ef7-7902-40aa-868f-c8363b5ef685","block_type":"box","text":"Restricted Securities","page_number":14,"box":{"x":81,"y":742,"width":159,"height":9}},{"id":"a2f9ae61-0f86-473e-88f5-bc785036fe85","block_type":"box","text":"— Restricted securities are securities that cannot be offered for public resale unless","page_number":14,"box":{"x":245,"y":742,"width":625,"height":11}},{"id":"8761c4e4-3b91-43ea-9fcc-261f9a685585","block_type":"box","text":"registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their","page_number":14,"box":{"x":82,"y":757,"width":820,"height":11}},{"id":"fa2da0ea-06e8-47fd-8605-fc766705a80b","block_type":"box","text":"resale. They may include Rule 144A securities, which are privately placed securities that can be resold to qualified","page_number":14,"box":{"x":82,"y":771,"width":839,"height":12}},{"id":"69756fe9-d863-4176-94b4-a9a77f7b33bb","block_type":"box","text":"institutional buyers but not to the general public, securities of U.S. and non-U.S. issuers that are offered pursuant","page_number":14,"box":{"x":82,"y":786,"width":837,"height":12}},{"id":"b00213ec-1810-4e38-9900-2a64dad5e325","block_type":"box","text":"to Regulation S under the Securities Act of 1933, as amended, and securities of private companies.","page_number":14,"box":{"x":80,"y":801,"width":736,"height":12}},{"id":"445d76aa-83e9-4397-9a86-9d1139232447","block_type":"box","text":"Securities Lending","page_number":14,"box":{"x":81,"y":821,"width":140,"height":11}},{"id":"e1384489-571c-42b4-8fa9-ff94215b7e8d","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":14,"box":{"x":225,"y":821,"width":396,"height":11}},{"id":"54e5f0f6-d077-4d09-9e72-75d6f44c1bf3","block_type":"box","text":"1⁄","page_number":14,"box":{"x":622,"y":821,"width":6,"height":6}},{"id":"cfaea552-658b-4eeb-bcd4-3f153083f64d","block_type":"box","text":"1⁄3","page_number":14,"box":{"x":626,"y":821,"width":8,"height":9}},{"id":"ee708888-0d08-44fa-9f38-33664413dfa8","block_type":"box","text":"⁄3","page_number":14,"box":{"x":632,"y":825,"width":6,"height":5}},{"id":"20b78fe5-387b-41a2-8a54-64249b5c2517","block_type":"box","text":"% of its total assets to financial","page_number":14,"box":{"x":639,"y":821,"width":231,"height":9}},{"id":"8235b395-f51b-4908-81c5-56babfa72694","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":14,"box":{"x":82,"y":836,"width":748,"height":11}},{"id":"8e5d9dda-04a5-420b-986c-b7a9a3c3fe5b","block_type":"box","text":"Short Sales","page_number":14,"box":{"x":81,"y":856,"width":87,"height":9}},{"id":"f0249c5c-bf9e-40f2-b7df-dd3a6e50711d","block_type":"box","text":"— The Fund may make short sales of securities either as a hedge against potential declines in the","page_number":14,"box":{"x":173,"y":856,"width":727,"height":11}},{"id":"4bbc0cae-e009-4f34-a386-2e2baf97fb04","block_type":"box","text":"value of a portfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":14,"box":{"x":80,"y":871,"width":846,"height":11}},{"id":"8e89eaa0-0d99-40be-8f0a-28096f951c0f","block_type":"box","text":"The Fund may also make short sales “against the box” without being subject to such limitations. In this type of","page_number":14,"box":{"x":81,"y":885,"width":818,"height":12}},{"id":"46c07099-60ad-457e-ad3f-9e162cea59b9","block_type":"box","text":"short sale, at the time of the sale, the Fund owns or has the immediate and unconditional right to acquire the","page_number":14,"box":{"x":81,"y":900,"width":807,"height":12}},{"id":"9a9de734-3495-4281-9ca8-0f3a6106c949","block_type":"box","text":"identical security at no additional cost.","page_number":14,"box":{"x":82,"y":915,"width":281,"height":12}},{"id":"69e6a6fc-7798-45fc-ae11-155b3ae8aa57","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"9c3cecc0-3f8c-492e-91f9-86d5c7837c65","block_type":"box","text":"NM1026U-5981116-14/48","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c4244753-3529-4e0a-9187-01ba171b0eba","block_type":"box","text":"Short-Term Investments","page_number":15,"box":{"x":81,"y":46,"width":180,"height":9}},{"id":"95d5c323-9ed9-404d-b877-1e96600861dd","block_type":"box","text":"— The Fund can invest its excess funds in short-term investments, including U.S.","page_number":15,"box":{"x":265,"y":46,"width":599,"height":11}},{"id":"ea274d1b-c4d7-403e-8a29-41522b1ba2e6","block_type":"box","text":"Government securities, money market funds, commercial paper, certificates of deposit, floating rate notes, bankers’","page_number":15,"box":{"x":81,"y":60,"width":854,"height":12}},{"id":"7f4355fc-41ad-4a4f-8600-e6741995c164","block_type":"box","text":"acceptances and cash management vehicles which may be managed by BlackRock or one of its affiliates.","page_number":15,"box":{"x":81,"y":75,"width":776,"height":12}},{"id":"613c4ab2-3b93-457b-ace6-4e25ab45bbf0","block_type":"box","text":"Temporary Defensive Strategies","page_number":15,"box":{"x":82,"y":95,"width":238,"height":12}},{"id":"dd30e89c-3a33-42ca-ba27-6d785a6d2e42","block_type":"box","text":"—","page_number":15,"box":{"x":325,"y":101,"width":17,"height":0}},{"id":"542dbe19-8fe3-40ed-80ee-12adbe6f87cc","block_type":"box","text":"For temporary defensive purposes, for example, to respond to adverse market,","page_number":15,"box":{"x":348,"y":95,"width":577,"height":12}},{"id":"0850ac89-a058-4ec9-8541-b736b943819e","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":110,"width":802,"height":12}},{"id":"a11ed656-712c-40bb-99bf-3f38c1f6bd4a","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":125,"width":833,"height":11}},{"id":"fe538d6d-2d62-42e6-af85-f6454f3069d9","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":140,"width":796,"height":11}},{"id":"ad10ad00-01fd-45f3-beee-7a408475631c","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":15,"box":{"x":81,"y":155,"width":802,"height":11}},{"id":"976d6ec9-42c8-4cc7-886e-ccdebaa96b63","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":169,"width":777,"height":12}},{"id":"a3dd8356-9ce4-442f-a46c-aa6026fec45c","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":184,"width":781,"height":12}},{"id":"72d2add9-397e-4c65-b8b9-c4af1dacb045","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":15,"box":{"x":83,"y":204,"width":545,"height":12}},{"id":"0e8be63b-92c4-4687-94ee-d865f1e2a698","block_type":"box","text":"— The purchase or sale of securities on","page_number":15,"box":{"x":632,"y":204,"width":295,"height":11}},{"id":"de9a9b86-1b5d-459d-a9aa-bb78baadb249","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":15,"box":{"x":81,"y":219,"width":851,"height":12}},{"id":"533807d5-48da-4b35-830e-da088c8494e9","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":15,"box":{"x":81,"y":234,"width":847,"height":11}},{"id":"e2b9c061-30ff-44ee-896e-45e6b6a67f86","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":15,"box":{"x":82,"y":249,"width":842,"height":11}},{"id":"9fda03d6-1b39-4058-8e8d-4c0bb9b0b9d7","block_type":"box","text":"the transaction.","page_number":15,"box":{"x":80,"y":264,"width":115,"height":9}},{"id":"29706e3c-024f-466f-b004-df7ae3efec30","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":15,"box":{"x":272,"y":320,"width":453,"height":9}},{"id":"74769c3c-b6c1-4f8b-bfeb-f0b5123f1572","block_type":"box","text":"The Fund is managed by a team of financial professionals. Alastair Bishop and Hannah Johnson, CFA, are the","page_number":15,"box":{"x":70,"y":343,"width":805,"height":11}},{"id":"64c28438-894a-40c5-a761-71f2f16de737","block_type":"box","text":"portfolio managers of the Fund and are jointly and primarily responsible for the day-to-day management of the Fund.","page_number":15,"box":{"x":72,"y":358,"width":846,"height":11}},{"id":"de5b2221-36a8-455e-b3a6-225d10e7c9c3","block_type":"box","text":"Please see “Management of the Fund — Portfolio Manager Information” for additional information about the","page_number":15,"box":{"x":71,"y":372,"width":796,"height":12}},{"id":"66780284-2918-4334-8126-11f6b7cd721f","block_type":"box","text":"portfolio management team.","page_number":15,"box":{"x":72,"y":387,"width":207,"height":12}},{"id":"744f38fb-967b-46d0-bf11-b96265e88842","block_type":"box","text":"Investment Risks","page_number":15,"box":{"x":62,"y":439,"width":156,"height":11}},{"id":"da9a300c-d804-4dc5-8bac-bbaff0bbbf03","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objective and","page_number":15,"box":{"x":60,"y":465,"width":811,"height":12}},{"id":"07a5e155-2be8-4766-aad8-d9fffdb29b7d","block_type":"box","text":"Policies” section in the Statement of Additional Information (“SAI”) also includes more information about the Fund, its","page_number":15,"box":{"x":61,"y":480,"width":866,"height":11}},{"id":"5f9915bc-39f1-42d7-8f5f-f5c64f23a557","block_type":"box","text":"investments and the related risks. As with any fund, there can be no guarantee that the Fund will meet its investment","page_number":15,"box":{"x":62,"y":495,"width":863,"height":11}},{"id":"84ff5954-c55f-452f-bc73-998f663733f5","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 a","page_number":15,"box":{"x":61,"y":510,"width":836,"height":11}},{"id":"46ac15e1-c8fc-4f53-9858-f2e3a59b49ff","block_type":"box","text":"deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or","page_number":15,"box":{"x":61,"y":525,"width":856,"height":11}},{"id":"d2f859f9-9bc0-47e9-a8b6-5917e39c18f8","block_type":"box","text":"governmental agency. The order of the below risk factors does not indicate the significance of any particular risk factor.","page_number":15,"box":{"x":60,"y":539,"width":875,"height":12}},{"id":"fccbe2bc-f1a4-4c92-a4b5-7c11955ea6c4","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":15,"box":{"x":61,"y":562,"width":322,"height":13}},{"id":"e84f3f36-1995-4360-976c-310d3326888a","block_type":"box","text":"Commodities Investment Risk","page_number":15,"box":{"x":81,"y":584,"width":227,"height":9}},{"id":"1d4c9390-025f-45f1-acbf-1b70911019d9","block_type":"box","text":"— Investing in commodity-linked derivative instruments and equity securities of","page_number":15,"box":{"x":312,"y":584,"width":582,"height":11}},{"id":"8de12a25-9c55-4d6d-b1f3-8ed65a5cf215","block_type":"box","text":"commodity-related companies may subject the Fund to greater volatility than investments in traditional securities.","page_number":15,"box":{"x":81,"y":599,"width":831,"height":11}},{"id":"11aab7d6-fd5a-4dc0-912a-59d824f9de39","block_type":"box","text":"The commodities markets have experienced periods of extreme volatility. Similar future market conditions may","page_number":15,"box":{"x":81,"y":613,"width":810,"height":12}},{"id":"2389b1da-ab67-4a7d-983b-dd294ce20a32","block_type":"box","text":"result in rapid and substantial valuation increases or decreases in the Fund’s holdings.","page_number":15,"box":{"x":82,"y":629,"width":639,"height":11}},{"id":"434ab06e-00c8-4594-833a-1141e14d4914","block_type":"box","text":"The commodities markets may fluctuate widely based on a variety of factors. Movements in commodity investment","page_number":15,"box":{"x":81,"y":648,"width":842,"height":12}},{"id":"a2dee011-d9b4-4346-81bc-b7326143d6f9","block_type":"box","text":"prices are outside of the Fund’s control and may not be anticipated by Fund management. Price movements may be","page_number":15,"box":{"x":82,"y":663,"width":849,"height":12}},{"id":"d0bf51a8-fb9f-4f1a-ba05-912e4b8c7913","block_type":"box","text":"influenced by, among other things: governmental, agricultural, trade, fiscal, monetary and exchange control","page_number":15,"box":{"x":82,"y":678,"width":784,"height":12}},{"id":"41681217-5e5c-47fb-88f6-143023a9d679","block_type":"box","text":"programs and policies; changing market and economic conditions; market liquidity; weather and climate conditions,","page_number":15,"box":{"x":82,"y":693,"width":845,"height":11}},{"id":"06d6b11e-37b4-4ea5-aba6-d25ea11b863c","block_type":"box","text":"including droughts and floods; livestock disease; changing supply and demand relationships and levels of domestic","page_number":15,"box":{"x":82,"y":708,"width":846,"height":11}},{"id":"86ecbca0-0815-4c1c-ab61-1e5f6f5a3c6c","block_type":"box","text":"production and imported commodities; changes in storage costs; the availability of local, intrastate and interstate","page_number":15,"box":{"x":82,"y":722,"width":835,"height":12}},{"id":"ec0dd46f-74fa-416f-bd90-593fa992600c","block_type":"box","text":"transportation systems; energy conservation; the success of exploration projects; changes in international balances","page_number":15,"box":{"x":80,"y":737,"width":855,"height":12}},{"id":"6ea8b9a6-7baf-495b-81a3-81896f9755cc","block_type":"box","text":"of payments and trade; domestic and foreign rates of inflation; currency devaluations and revaluations; domestic","page_number":15,"box":{"x":81,"y":752,"width":829,"height":12}},{"id":"171dcac0-e5d6-4dee-98c2-0b379391fca3","block_type":"box","text":"and foreign political and economic events; domestic and foreign interest rates and/or investor expectations","page_number":15,"box":{"x":81,"y":767,"width":790,"height":11}},{"id":"4d8dbd0e-04f2-4065-bd19-6478e8c728b8","block_type":"box","text":"concerning interest rates; foreign currency/exchange rates; domestic and foreign governmental regulation and","page_number":15,"box":{"x":81,"y":782,"width":809,"height":11}},{"id":"6c75ac5c-5275-47b5-862a-a79ac3bd2832","block_type":"box","text":"taxation; war, acts of terrorism and other political upheaval and conflicts; governmental expropriation; investment","page_number":15,"box":{"x":80,"y":797,"width":833,"height":11}},{"id":"639b1a91-551b-45f0-88cb-1712ee3dfa9a","block_type":"box","text":"and trading activities of mutual funds, hedge funds and commodities funds; changes in philosophies and emotions","page_number":15,"box":{"x":81,"y":811,"width":844,"height":12}},{"id":"14042b9a-c89f-4f33-81c3-75075778962f","block_type":"box","text":"of market participants. The frequency and magnitude of such changes cannot be predicted.","page_number":15,"box":{"x":81,"y":826,"width":670,"height":12}},{"id":"f2b70b50-9150-42ea-90d8-66bb31e125d2","block_type":"box","text":"The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or","page_number":15,"box":{"x":81,"y":846,"width":827,"height":12}},{"id":"1902eae3-a9dc-4ba8-8abf-c0417a8ca136","block_type":"box","text":"consuming regions. Certain commodities or natural resources may be produced in a limited number of countries","page_number":15,"box":{"x":81,"y":861,"width":824,"height":12}},{"id":"60ff7529-ca2f-43af-a739-88de5ce13135","block_type":"box","text":"and may be controlled by a small number of producers or groups of producers. As a result, political, economic and","page_number":15,"box":{"x":81,"y":876,"width":839,"height":11}},{"id":"c1dc0bee-e073-4434-a498-5310a1493652","block_type":"box","text":"supply related events in such countries could have a disproportionate impact on the prices of such commodities.","page_number":15,"box":{"x":81,"y":891,"width":830,"height":11}},{"id":"6ddc55aa-517a-4eba-94d7-e5c6ad5e7c67","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"28467ec6-bdc1-4fe7-946d-528f89329ae2","block_type":"box","text":"NM1026U-5981116-15/48","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b790c0c0-46c2-4e13-88bd-718374d5bb5d","block_type":"box","text":"A decrease in the production of a physical commodity or a decrease in the volume of such commodity available for","page_number":16,"box":{"x":81,"y":46,"width":841,"height":11}},{"id":"41f93674-4451-427b-b0c9-4dff05936311","block_type":"box","text":"transportation, mining, processing, storage or distribution may adversely impact the financial performance of a","page_number":16,"box":{"x":80,"y":60,"width":816,"height":12}},{"id":"4925aea8-26d0-4e8d-9d76-19c02cd4cbab","block_type":"box","text":"commodity or commodity-related company that devotes a portion of its business to that commodity. Production","page_number":16,"box":{"x":81,"y":75,"width":813,"height":12}},{"id":"b4c51be8-b102-41be-879e-5a5a075bb15d","block_type":"box","text":"declines and volume decreases could be caused by various factors, including catastrophic events affecting","page_number":16,"box":{"x":81,"y":90,"width":786,"height":12}},{"id":"ca127531-47c9-41e4-8082-ae28598a2927","block_type":"box","text":"production, depletion of resources, labor difficulties, environmental proceedings, increased regulations, equipment","page_number":16,"box":{"x":82,"y":105,"width":844,"height":12}},{"id":"64b4ab67-6684-4dd1-ae8d-05d799a45a97","block_type":"box","text":"failures and unexpected maintenance problems, import supply disruption, governmental expropriation, political","page_number":16,"box":{"x":81,"y":120,"width":813,"height":11}},{"id":"e6e38fde-9871-4000-878f-096edc1ec38d","block_type":"box","text":"upheaval or conflicts or increased competition from alternative energy sources or commodity prices. Agricultural","page_number":16,"box":{"x":82,"y":135,"width":819,"height":11}},{"id":"3f8d65ca-24d0-41f0-a8a1-68a5d301cefa","block_type":"box","text":"commodities may be adversely affected by weather or other natural phenomena, such as drought, floods and pests.","page_number":16,"box":{"x":81,"y":149,"width":851,"height":12}},{"id":"be128936-e0ce-4cd6-9511-96c4553593d0","block_type":"box","text":"A sustained decline in demand for such commodities could also adversely affect the financial performance of","page_number":16,"box":{"x":81,"y":169,"width":805,"height":12}},{"id":"e8a905fa-fe98-40ae-b945-dcbc8d768b90","block_type":"box","text":"commodity-related companies. Factors that could lead to a decline in demand include economic recession or other","page_number":16,"box":{"x":81,"y":184,"width":842,"height":12}},{"id":"9aa35727-6d7e-4408-8e37-e9ef6f684328","block_type":"box","text":"adverse economic conditions, higher taxes on commodities or increased governmental regulations, increases in fuel","page_number":16,"box":{"x":81,"y":199,"width":853,"height":12}},{"id":"177e33f4-f538-4ffe-a7aa-ac0e247a593b","block_type":"box","text":"economy, consumer shifts to the use of alternative commodities or fuel sources, changes in commodity prices, or","page_number":16,"box":{"x":81,"y":214,"width":836,"height":11}},{"id":"3d3657a0-13a3-4851-bc8f-42ed0c685dde","block_type":"box","text":"weather.","page_number":16,"box":{"x":80,"y":229,"width":61,"height":9}},{"id":"6dfbdd49-6f3c-422d-b305-eb103f13e917","block_type":"box","text":"The commodity markets are subject to temporary distortions and other disruptions due to, among other factors,","page_number":16,"box":{"x":81,"y":249,"width":822,"height":11}},{"id":"4042d880-02a9-4c54-8e3e-6065c7111e8e","block_type":"box","text":"lack of liquidity, the participation of speculators, and government regulation and other actions. U.S. futures","page_number":16,"box":{"x":82,"y":263,"width":785,"height":12}},{"id":"5ffc3162-b0f0-4a41-b8f0-fe109c0b552d","block_type":"box","text":"exchanges and some foreign exchanges limit the amount of fluctuation in futures contract prices which may occur in","page_number":16,"box":{"x":81,"y":278,"width":852,"height":12}},{"id":"54a42400-a4d1-4946-a5b0-5342a0224cc3","block_type":"box","text":"a single business day (generally referred to as “daily price fluctuation limits”). The maximum or minimum price of a","page_number":16,"box":{"x":81,"y":293,"width":844,"height":12}},{"id":"69a82998-ebcd-4067-8805-7e466d41a109","block_type":"box","text":"contract as a result of these limits is referred to as a “limit price.” If the limit price has been reached in a particular","page_number":16,"box":{"x":81,"y":308,"width":853,"height":11}},{"id":"a9244a0a-1a9e-45e5-97aa-5caae3a87908","block_type":"box","text":"contract, no trades may be made beyond the limit price. Limit prices have the effect of precluding trading in a","page_number":16,"box":{"x":81,"y":323,"width":804,"height":11}},{"id":"e7a86ee2-6c52-4528-b157-8bd4ba7db314","block_type":"box","text":"particular contract or forcing the liquidation of contracts at disadvantageous times or prices.","page_number":16,"box":{"x":82,"y":338,"width":676,"height":11}},{"id":"77f613ae-7f45-4502-8025-2acf7bb5f450","block_type":"box","text":"Commodity-related companies may underperform the stock market as a whole. The value of securities issued by","page_number":16,"box":{"x":81,"y":358,"width":826,"height":11}},{"id":"b0d4b08f-e9db-4782-8c1c-78fd684a2f4f","block_type":"box","text":"commodity-related companies may be affected by factors affecting a particular industry or commodity. The","page_number":16,"box":{"x":81,"y":372,"width":781,"height":12}},{"id":"0dcb9eef-5f8c-4df7-93c3-f9325931a6f1","block_type":"box","text":"operations and financial performance of commodity-related companies may be directly affected by commodity","page_number":16,"box":{"x":81,"y":387,"width":806,"height":12}},{"id":"ade2490d-56ba-4b91-9c4e-d9d3aaca6f48","block_type":"box","text":"prices, especially those commodity-related companies that own the underlying commodity. The stock prices of such","page_number":16,"box":{"x":82,"y":402,"width":844,"height":12}},{"id":"9fbc3c50-df55-41a7-9edf-5f67146847c8","block_type":"box","text":"companies may also experience greater price volatility than other types of common stocks. Securities issued by","page_number":16,"box":{"x":81,"y":417,"width":820,"height":11}},{"id":"2e6e0556-89ab-4493-9dc6-3ac03342fb05","block_type":"box","text":"commodity-related companies are sensitive to changes in the supply and demand for, and thus the prices of,","page_number":16,"box":{"x":81,"y":432,"width":798,"height":11}},{"id":"eaa1c80b-d250-4985-8039-99f5ccb0b77a","block_type":"box","text":"commodities. Volatility of commodity prices, which may lead to a reduction in production or supply, may also","page_number":16,"box":{"x":81,"y":447,"width":793,"height":11}},{"id":"8859917f-b4e9-4822-9f85-7cd375c2671b","block_type":"box","text":"negatively impact the performance of commodity-related companies that are solely involved in the transportation,","page_number":16,"box":{"x":82,"y":461,"width":830,"height":12}},{"id":"c89a0a4c-5613-4943-b801-1a6718061134","block_type":"box","text":"processing, storing, distribution or marketing of commodities. Volatility of commodity prices may also make it more","page_number":16,"box":{"x":82,"y":476,"width":842,"height":12}},{"id":"1ee2fa1a-e09c-44e5-b85b-b0b1f35bfdd8","block_type":"box","text":"difficult for commodity-related companies to raise capital to the extent the market perceives that their performance","page_number":16,"box":{"x":81,"y":491,"width":846,"height":11}},{"id":"b920ec69-fa91-4f67-88cf-1f3fbebb0982","block_type":"box","text":"may be directly or indirectly tied to commodity prices.","page_number":16,"box":{"x":82,"y":506,"width":388,"height":11}},{"id":"c9b4e5f6-f771-44a3-b82f-3c5e58c7b13b","block_type":"box","text":"No active trading market may exist for certain commodities investments, which may impair the ability of the Fund to","page_number":16,"box":{"x":82,"y":526,"width":847,"height":11}},{"id":"004bc4ae-aa2d-4860-a946-b2c9586f9173","block_type":"box","text":"sell or to realize the full value of such investments in the event of the need to liquidate such investments. In","page_number":16,"box":{"x":81,"y":541,"width":796,"height":11}},{"id":"74fd32d4-8d56-400f-ae25-aa083c951e26","block_type":"box","text":"addition, adverse market conditions may impair the liquidity of actively traded commodities or natural resources","page_number":16,"box":{"x":81,"y":555,"width":820,"height":12}},{"id":"fb94bca7-d3ad-4626-9963-ccae5a24a904","block_type":"box","text":"investments.","page_number":16,"box":{"x":82,"y":571,"width":92,"height":9}},{"id":"305ff8c1-a876-471f-be3b-00eb959ae4cb","block_type":"box","text":"Commodities Regulatory Risk","page_number":16,"box":{"x":81,"y":590,"width":224,"height":12}},{"id":"4583943a-545b-4b6b-9774-b4f26a5c8ec9","block_type":"box","text":"—","page_number":16,"box":{"x":310,"y":596,"width":17,"height":0}},{"id":"c714a8f4-574e-4cc0-922c-f05b80702b09","block_type":"box","text":"Commodity-related companies are subject to significant federal, state and local","page_number":16,"box":{"x":332,"y":590,"width":580,"height":12}},{"id":"b38f2333-394a-444e-8507-828b82810747","block_type":"box","text":"government regulation in virtually every aspect of their operations, including how facilities are constructed,","page_number":16,"box":{"x":81,"y":605,"width":782,"height":12}},{"id":"79191c0d-3dd1-4a23-9f2c-fc8b2406c3f2","block_type":"box","text":"maintained and operated, environmental and safety controls, and the prices they may charge for the products and","page_number":16,"box":{"x":82,"y":620,"width":836,"height":12}},{"id":"59f8a5cc-6adc-47bc-b9f4-c965726b91a5","block_type":"box","text":"services they provide. Various governmental authorities have the power to enforce compliance with these","page_number":16,"box":{"x":81,"y":635,"width":771,"height":11}},{"id":"e3e2bce5-ef51-4d49-a785-a85bcc2ba01a","block_type":"box","text":"regulations and the permits issued under them, and violators are subject to administrative, civil and criminal","page_number":16,"box":{"x":82,"y":650,"width":795,"height":11}},{"id":"88dfd68c-d852-4c9f-8300-dc76d7184a24","block_type":"box","text":"penalties, including civil fines, injunctions or both. The Commodity Futures Trading Commission (the “CFTC”) and the","page_number":16,"box":{"x":82,"y":664,"width":854,"height":12}},{"id":"afdd7053-64d3-46fe-8eaf-3ece6213fb8e","block_type":"box","text":"U.S. commodities exchanges are authorized to take extraordinary actions in the event of a market emergency,","page_number":16,"box":{"x":82,"y":679,"width":806,"height":12}},{"id":"b39903db-fefa-447b-b558-66c0f45243b0","block_type":"box","text":"including, for example, the imposition of higher margin requirements, the establishment of daily limits and the","page_number":16,"box":{"x":82,"y":694,"width":807,"height":12}},{"id":"c44fe4bc-6c60-4c23-bc67-9e895aacc9aa","block_type":"box","text":"suspension of trading. Any of these actions, if taken, could adversely affect the returns of the Fund by limiting or","page_number":16,"box":{"x":81,"y":709,"width":827,"height":11}},{"id":"9f363a02-049e-45bc-984b-849070c6537e","block_type":"box","text":"precluding investment decisions the Fund might otherwise make.","page_number":16,"box":{"x":82,"y":724,"width":476,"height":11}},{"id":"e03169f6-9f7b-40c5-a026-38690d7682d0","block_type":"box","text":"The CFTC and the U.S. commodities exchanges impose limits referred to as “speculative position limits” on the","page_number":16,"box":{"x":81,"y":744,"width":820,"height":11}},{"id":"fc484cfe-8468-4ef8-9f4a-7c53a00ab8e1","block_type":"box","text":"maximum net long or net short speculative positions that any person may hold or control in any particular futures,","page_number":16,"box":{"x":82,"y":759,"width":836,"height":11}},{"id":"205cdbcf-1c3a-40b0-999f-852caed4d73b","block_type":"box","text":"options contracts or swaps traded on U.S. commodities exchanges, including with respect to futures and options on","page_number":16,"box":{"x":81,"y":773,"width":852,"height":12}},{"id":"f384bd06-2af9-4f27-9165-526cb60cfff3","block_type":"box","text":"futures on many physical commodities, such as energy, metals and agricultural commodities (the “core referenced","page_number":16,"box":{"x":81,"y":788,"width":841,"height":12}},{"id":"762f85b0-1c24-40b9-9139-363e9f2e128f","block_type":"box","text":"futures contracts”), and on economically equivalent swaps. An economically equivalent swap is a swap with","page_number":16,"box":{"x":81,"y":803,"width":789,"height":11}},{"id":"b2348fa8-5282-4339-b7b8-031609ddb105","block_type":"box","text":"identical material contractual specifications, terms and conditions to a core referenced futures contract,","page_number":16,"box":{"x":82,"y":818,"width":763,"height":11}},{"id":"24ddc453-15d4-4672-b7dd-fccd684e14da","block_type":"box","text":"disregarding differences with respect to any of the following: (1) lot size specifications or notional amounts,","page_number":16,"box":{"x":81,"y":833,"width":789,"height":11}},{"id":"5e392712-06f7-412a-870e-a9314a589600","block_type":"box","text":"(2) post-trade risk management arrangements and (3) delivery dates for physically-settled swaps as long as these","page_number":16,"box":{"x":81,"y":847,"width":836,"height":12}},{"id":"60e5b47b-d9dd-4b5a-9323-0df9effffd77","block_type":"box","text":"delivery dates diverge by less than one calendar day from the referenced contract’s delivery date (or, for natural","page_number":16,"box":{"x":81,"y":862,"width":822,"height":12}},{"id":"ab57bce9-d630-4cca-89f0-ba2e8e3cdace","block_type":"box","text":"gas, two calendar days). The CFTC and the U.S. commodities exchanges’ rules require “aggregation” of positions","page_number":16,"box":{"x":81,"y":877,"width":831,"height":12}},{"id":"f73981b9-db51-4a02-8480-f6945e2b5510","block_type":"box","text":"across multiple accounts for which a person directly or indirectly controls trading or holds a 10% or greater","page_number":16,"box":{"x":81,"y":892,"width":783,"height":12}},{"id":"46800577-e1f2-4ab2-b6a2-2ee95e693820","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"418b49a7-39fb-4d39-b6bb-325cea110be4","block_type":"box","text":"NM1026U-5981116-16/48","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4aeab268-69b2-4045-814e-b131a26c2e66","block_type":"box","text":"ownership interest, as well as the positions of any other entity that with whom the person trades pursuant to an","page_number":17,"box":{"x":81,"y":46,"width":821,"height":11}},{"id":"0b9bd723-ad53-41c5-b53a-b2b78e732e16","block_type":"box","text":"express or implied agreement with that person.","page_number":17,"box":{"x":81,"y":61,"width":346,"height":11}},{"id":"1b4cb9a3-4fa7-4005-ab80-2802a8747bbb","block_type":"box","text":"Certain position limits rules include an exemption from limits for bona fide hedging transactions or positions. A","page_number":17,"box":{"x":81,"y":80,"width":816,"height":12}},{"id":"88aac50c-68d6-4d8f-bbee-7f5e44cba04c","block_type":"box","text":"bona fide hedging transaction or position may exceed the applicable federal position limits if the transaction or","page_number":17,"box":{"x":81,"y":95,"width":814,"height":12}},{"id":"68d135ba-9a15-4803-8352-76986a7197d7","block_type":"box","text":"position: (1) represents a substitute for transactions or positions made or to be made at a later time in a physical","page_number":17,"box":{"x":82,"y":110,"width":835,"height":12}},{"id":"fb52744a-2606-4aa0-8144-061d561b31c4","block_type":"box","text":"marketing channel; (2) is economically appropriate to the reduction of price risks in the conduct and management of","page_number":17,"box":{"x":82,"y":125,"width":854,"height":11}},{"id":"289b0bc4-6ed7-4403-b111-20a4d7f4144b","block_type":"box","text":"a commercial enterprise; and (3) arises from the potential change in value of (A) assets which a person owns,","page_number":17,"box":{"x":81,"y":140,"width":807,"height":11}},{"id":"02b4f869-3993-446d-a079-ab7cbbd5904a","block_type":"box","text":"produces, manufactures, processes or merchandises, or anticipates owning, producing, manufacturing, processing","page_number":17,"box":{"x":82,"y":155,"width":844,"height":11}},{"id":"c86b0ba8-1186-4a42-ba6f-82ccad6aec36","block_type":"box","text":"or merchandising; (B) liabilities which a person owes or anticipates incurring; or (C) services that a person provides","page_number":17,"box":{"x":81,"y":170,"width":847,"height":11}},{"id":"4c17f701-1652-4995-8c42-4bcf4266512c","block_type":"box","text":"or purchases, or anticipates providing or purchasing. The CFTC’s position rules set forth a list of enumerated bona","page_number":17,"box":{"x":81,"y":184,"width":843,"height":12}},{"id":"eec56c2a-61ec-4bfe-99cb-1291014e4ded","block_type":"box","text":"fide hedges for which a market participant is not required to request prior approval from the CFTC in order to hold a","page_number":17,"box":{"x":81,"y":199,"width":848,"height":12}},{"id":"0730891f-d21b-4aae-8c58-0cfc9eb8d81f","block_type":"box","text":"bona fide hedge position above the federal position limit. However, a market participant holding an enumerated","page_number":17,"box":{"x":81,"y":214,"width":818,"height":11}},{"id":"fda9471a-c77b-4b39-9143-80a98e66de8b","block_type":"box","text":"bona fide hedge position still would need to request an exemption from the relevant exchange for exchange-set","page_number":17,"box":{"x":81,"y":229,"width":816,"height":11}},{"id":"b0183cd6-3a5d-4792-81ac-834b455f09de","block_type":"box","text":"limits. For non-enumerated bona fide hedge positions, a market participant may request CFTC approval (directly or","page_number":17,"box":{"x":82,"y":244,"width":837,"height":11}},{"id":"aab82c44-1cc1-4397-8a47-dae6dfadbb5f","block_type":"box","text":"indirectly through the applicable exchange) which must be granted prior to exceeding the applicable federal position","page_number":17,"box":{"x":82,"y":258,"width":846,"height":12}},{"id":"5773019e-1290-4c28-9fde-942abcd507f9","block_type":"box","text":"limit, except where there is a demonstrated sudden or unforeseen increase in bona fide hedging needs (in which","page_number":17,"box":{"x":82,"y":273,"width":826,"height":12}},{"id":"a0a17311-4b8c-44ff-9c91-f820106fb496","block_type":"box","text":"case the application must be submitted within five business days after the market participant exceeds the","page_number":17,"box":{"x":81,"y":288,"width":782,"height":11}},{"id":"02356fec-74a9-491a-bdda-c69be920be95","block_type":"box","text":"applicable limit).","page_number":17,"box":{"x":81,"y":303,"width":119,"height":11}},{"id":"3ce49559-2627-4aa0-88f1-9f8800ff0573","block_type":"box","text":"As a consequence of the CFTC’s position limits, the size or duration of positions available to the Fund may be","page_number":17,"box":{"x":81,"y":323,"width":806,"height":11}},{"id":"b6f843fa-66d9-4641-9344-5400676889da","block_type":"box","text":"severely limited. All trading accounts owned or managed by BlackRock and its principals generally must be","page_number":17,"box":{"x":81,"y":338,"width":781,"height":11}},{"id":"702c721e-c215-4ead-b1c7-32a28c4d6048","block_type":"box","text":"combined for speculative position limit purposes. BlackRock or the Fund may be required to liquidate positions in","page_number":17,"box":{"x":81,"y":352,"width":831,"height":12}},{"id":"3397d668-b1dc-4bb9-907d-a73f55764b35","block_type":"box","text":"order to comply with such limits, or may not be able to fully implement trading instructions generated by its trading","page_number":17,"box":{"x":81,"y":367,"width":842,"height":12}},{"id":"81e81dc9-5337-4128-b42b-3f164f08a5e3","block_type":"box","text":"models, in order to comply with such limits. The Fund may be required to liquidate positions or not take positions","page_number":17,"box":{"x":82,"y":382,"width":830,"height":12}},{"id":"ac88651c-4a1d-414e-afc4-4a8f5a4efad8","block_type":"box","text":"because BlackRock has or would have an aggregate position in excess of applicable position limits when calculated","page_number":17,"box":{"x":81,"y":397,"width":849,"height":12}},{"id":"769492d4-fc74-4bc2-b697-b5e51eb17230","block_type":"box","text":"across multiple accounts, even if the Fund itself is not over any position limit. Any liquidation or limited","page_number":17,"box":{"x":81,"y":412,"width":754,"height":11}},{"id":"0e30bacc-72d5-4b60-8d49-64dae85365b5","block_type":"box","text":"implementation caused by the application of position limits to the Fund’s positions could result in substantial costs","page_number":17,"box":{"x":82,"y":427,"width":847,"height":11}},{"id":"2082b389-51b5-4166-a6bd-368f4848b099","block_type":"box","text":"to the Fund.","page_number":17,"box":{"x":80,"y":442,"width":87,"height":9}},{"id":"f9e0c262-179f-405f-a5b3-f1ce0421697c","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest in commodity-linked derivatives. Changing","page_number":17,"box":{"x":82,"y":462,"width":830,"height":11}},{"id":"b6d4a780-4cf3-4bc5-bdde-bc971002be1e","block_type":"box","text":"approaches to regulation may have a negative impact on the entities or on securities or derivatives linked to the","page_number":17,"box":{"x":81,"y":476,"width":822,"height":12}},{"id":"cd670798-f0e2-426d-b279-338bdcc28e32","block_type":"box","text":"underlying price of commodities in which the Fund invests. Legislation or regulation may also change the way in","page_number":17,"box":{"x":82,"y":491,"width":816,"height":12}},{"id":"4cb47e08-dfba-45d4-879b-e3ac027c36b3","block_type":"box","text":"which the Fund itself is regulated. Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the","page_number":17,"box":{"x":80,"y":506,"width":849,"height":11}},{"id":"8a5214fb-bb42-4f66-9105-9d379526c3c3","block_type":"box","text":"“Dodd-Frank Act”), swaps and other financial derivative products are subject to increased regulatory oversight and","page_number":17,"box":{"x":82,"y":521,"width":836,"height":11}},{"id":"c1a91840-b7cb-478c-901c-cfd7c6336675","block_type":"box","text":"may in the future become subject to further increased regulatory oversight. BlackRock cannot predict the effects of","page_number":17,"box":{"x":82,"y":535,"width":847,"height":12}},{"id":"53ed018a-fe72-465f-8d6e-c21ac5ddc89c","block_type":"box","text":"any new governmental regulation that may be implemented on the ability of the Fund to use swaps or any other","page_number":17,"box":{"x":81,"y":550,"width":817,"height":12}},{"id":"a730921e-24f6-4716-b54d-200b3e47964c","block_type":"box","text":"financial derivative product, including commodity-linked derivatives, and there can be no assurance that any new","page_number":17,"box":{"x":81,"y":565,"width":824,"height":12}},{"id":"932e22dd-3bcd-4a08-9c97-879722f4a3be","block_type":"box","text":"governmental regulation will not adversely affect the Fund’s ability to achieve its investment objectives.","page_number":17,"box":{"x":81,"y":580,"width":757,"height":12}},{"id":"7d161395-fae0-4678-afdf-7440e3407e9a","block_type":"box","text":"In addition, the Internal Revenue Service (the “IRS”) will no longer issue private letter rulings on the tax treatment","page_number":17,"box":{"x":82,"y":600,"width":836,"height":12}},{"id":"8c754496-c352-430d-8de8-d44f75b4848b","block_type":"box","text":"of a mutual fund investment in commodity-linked derivatives if the ruling would depend on whether the investment is","page_number":17,"box":{"x":81,"y":615,"width":853,"height":11}},{"id":"40e2bf13-2846-4e5f-87d3-13920bc3c253","block_type":"box","text":"a security under the Investment Company Act.","page_number":17,"box":{"x":81,"y":630,"width":336,"height":11}},{"id":"de03a053-b1e6-4d38-8ddd-fa711e6d3f6b","block_type":"box","text":"Credit Risk","page_number":17,"box":{"x":81,"y":650,"width":85,"height":9}},{"id":"ad55b510-366f-4fd4-8b0c-1fbae9c54643","block_type":"box","text":"— Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will be unable","page_number":17,"box":{"x":170,"y":650,"width":763,"height":11}},{"id":"1a3fe44a-f67a-499d-99ec-9a908be055a7","block_type":"box","text":"or unwilling to make timely payments of interest and principal when due or otherwise honor their obligations.","page_number":17,"box":{"x":81,"y":664,"width":797,"height":12}},{"id":"41487eb0-18cc-4bc6-a286-f9391849d7ff","block_type":"box","text":"Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the","page_number":17,"box":{"x":81,"y":679,"width":842,"height":12}},{"id":"410c4d0c-2d0a-4bf6-a32d-b8dcff64a9fe","block_type":"box","text":"value of the Fund’s investment in that issuer. The degree of credit risk depends on both the financial condition of","page_number":17,"box":{"x":80,"y":694,"width":833,"height":12}},{"id":"34f2638a-3fec-4038-b9b8-9d298ac0d4dd","block_type":"box","text":"the issuer and the terms of the obligation.","page_number":17,"box":{"x":80,"y":709,"width":310,"height":11}},{"id":"257f8ebf-3146-48f1-b017-a65236558119","block_type":"box","text":"Derivatives Risk","page_number":17,"box":{"x":81,"y":729,"width":123,"height":9}},{"id":"28e59690-0579-42c5-b271-a3477c42f9dd","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":729,"width":664,"height":11}},{"id":"5880658b-a590-4d06-ac89-68ac9b53d1c9","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":17,"box":{"x":82,"y":744,"width":469,"height":11}},{"id":"f9c51437-0a8f-4401-b3e8-4a81ce5ca634","block_type":"box","text":"Leverage Risk —","page_number":17,"box":{"x":82,"y":767,"width":124,"height":11}},{"id":"570da8fb-d056-4553-8841-a62e054daf07","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":210,"y":766,"width":701,"height":12}},{"id":"1eaf808f-2b12-4ca7-a5c8-42e5255f1e76","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":781,"width":832,"height":12}},{"id":"da3758f7-b749-4204-977b-52ed6324e2f3","block_type":"box","text":"exceed the amount originally invested.","page_number":17,"box":{"x":81,"y":796,"width":280,"height":11}},{"id":"89549da5-e552-4048-a8de-b8fbd4a1c07c","block_type":"box","text":"Market Risk —","page_number":17,"box":{"x":82,"y":819,"width":109,"height":9}},{"id":"896280bd-b066-4092-9e00-21547a78827c","block_type":"box","text":"Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":17,"box":{"x":196,"y":818,"width":705,"height":12}},{"id":"2ba64137-73df-4e8e-9c08-a2699d9c39e8","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":833,"width":834,"height":12}},{"id":"ea483c51-f6d6-41b8-b9bd-627de622e835","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":17,"box":{"x":82,"y":848,"width":832,"height":12}},{"id":"a68197a9-7adf-4eec-bbe8-454e5fbce37e","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":17,"box":{"x":80,"y":863,"width":779,"height":11}},{"id":"f86da50f-dfe3-4855-aaf7-b892045ecd08","block_type":"box","text":"derivatives positions to lose value.","page_number":17,"box":{"x":81,"y":878,"width":253,"height":11}},{"id":"917501f0-af7e-4461-bdbd-3445dc501130","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"ae372fc7-b6af-4392-9b26-ce9399fef3fe","block_type":"box","text":"NM1026U-5981116-17/48","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"da4ceea5-f3eb-4125-b93f-d2b403d25af1","block_type":"box","text":"Counterpar ty Risk","page_number":18,"box":{"x":82,"y":46,"width":131,"height":11}},{"id":"4c08b6ed-2211-47e1-9302-c65f073aff96","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":46,"width":697,"height":11}},{"id":"25e2a9ec-9af2-4466-8a6d-b95b5dd7abb1","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":60,"width":855,"height":12}},{"id":"526ea6c6-7830-404f-a019-acc1a01a84e8","block_type":"box","text":"exposure to such a counterparty.","page_number":18,"box":{"x":81,"y":76,"width":240,"height":11}},{"id":"211704ad-3b07-4b2d-b0c6-d965d6b1941e","block_type":"box","text":"Illiquidity Risk —T","page_number":18,"box":{"x":82,"y":98,"width":122,"height":11}},{"id":"ca561c6e-a743-4f14-9b3f-87f022bddc75","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":203,"y":98,"width":728,"height":11}},{"id":"1e52e2dc-b584-4e97-bce2-a86c7926ec6e","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":113,"width":839,"height":11}},{"id":"6ac85a25-bd2b-4f48-92c6-e0447490a17c","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":18,"box":{"x":81,"y":127,"width":293,"height":12}},{"id":"591c16fa-e7b4-4836-8b1d-7c2357362211","block_type":"box","text":"Operational Risk","page_number":18,"box":{"x":82,"y":150,"width":120,"height":11}},{"id":"d619f9d4-9041-4f3f-88e8-93b7692f40ce","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":18,"box":{"x":206,"y":150,"width":727,"height":12}},{"id":"672aa048-a248-42ca-aa3b-93b768a2ada9","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":18,"box":{"x":82,"y":165,"width":607,"height":11}},{"id":"81e3786a-c752-4a31-bfc7-d9314fb8dae6","block_type":"box","text":"Legal Risk —","page_number":18,"box":{"x":82,"y":188,"width":97,"height":11}},{"id":"d88a6d93-6c2d-4a03-a639-1a11a3fd497a","block_type":"box","text":"The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":18,"box":{"x":183,"y":187,"width":739,"height":12}},{"id":"62bc20ad-314d-45bb-8ab2-26f32bfd8b41","block_type":"box","text":"enforceability of a contract.","page_number":18,"box":{"x":81,"y":202,"width":198,"height":12}},{"id":"a12ac02b-25c4-4f73-9ab0-fb2cb9f467f8","block_type":"box","text":"Volatility and Correlation Risk","page_number":18,"box":{"x":83,"y":225,"width":214,"height":11}},{"id":"4e07ca77-4e12-425b-9d82-5982f2583658","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":225,"width":590,"height":11}},{"id":"7b2886d8-b03f-4d1f-a161-f314b66765d8","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":240,"width":855,"height":11}},{"id":"40a168dc-ea57-42e0-a43a-a3eda1ffbf21","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":254,"width":820,"height":12}},{"id":"34575473-e9e1-478e-bff1-db16bcddfdcc","block_type":"box","text":"correlate with the overall securities markets.","page_number":18,"box":{"x":81,"y":270,"width":326,"height":9}},{"id":"0377b632-5abf-499d-95e5-a28c1a252f5b","block_type":"box","text":"Valuation Risk","page_number":18,"box":{"x":83,"y":292,"width":102,"height":9}},{"id":"de9ac01f-a6fb-4cc4-b42c-ebe489aced3a","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":292,"width":747,"height":11}},{"id":"760efcf3-3c35-4702-bcfb-55ea14caadc9","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":307,"width":783,"height":11}},{"id":"767cab99-8832-4821-bdcc-4ae1cdaacd9a","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":321,"width":837,"height":12}},{"id":"2b74e106-1caf-45f7-931e-1b2941b001c5","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":336,"width":826,"height":12}},{"id":"492ad159-1d7e-4c90-9e82-738ec9d57261","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":18,"box":{"x":80,"y":351,"width":405,"height":12}},{"id":"f767aa8d-5771-4cdf-8d37-1c20e91c1a5d","block_type":"box","text":"Hedging Risk","page_number":18,"box":{"x":82,"y":374,"width":95,"height":11}},{"id":"fad1a5b5-3868-46fe-bc3d-3c5d0cff6243","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":374,"width":752,"height":11}},{"id":"9110cd64-69ae-4009-a287-f113718fab93","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":389,"width":820,"height":11}},{"id":"32d7becf-4141-4f0c-be1e-a284a2933a00","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":404,"width":823,"height":11}},{"id":"99da059a-bdde-4052-aeb1-7668b3b73d90","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":418,"width":813,"height":12}},{"id":"bb9eaf6f-ceb4-4a3e-81fe-85c8966ccf12","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":433,"width":832,"height":12}},{"id":"44cb0650-8454-42a6-a310-065e64f61791","block_type":"box","text":"noted below.","page_number":18,"box":{"x":82,"y":448,"width":90,"height":9}},{"id":"4e9afbf1-55d3-4698-907e-3387ed2cedc5","block_type":"box","text":"Tax Risk —","page_number":18,"box":{"x":83,"y":471,"width":80,"height":9}},{"id":"49bb93de-b1a5-470f-a615-2afa6731ccf0","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":167,"y":470,"width":744,"height":12}},{"id":"56d695ec-be4d-4890-8548-35e38d29f66a","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":485,"width":826,"height":12}},{"id":"285f8f93-15d4-424f-a5c0-40e9b0542aad","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":500,"width":846,"height":12}},{"id":"ff92e304-2983-427c-bfa8-0de060fb90a2","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":515,"width":817,"height":11}},{"id":"c38b30ab-3856-4e39-aa24-1223a30f6d55","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":530,"width":835,"height":11}},{"id":"19a15303-b23a-4699-becf-74af41380be2","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":545,"width":840,"height":11}},{"id":"d83c7992-bed1-4857-b8f7-dffca58bf1fc","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":559,"width":750,"height":12}},{"id":"b2638bdf-d222-48c5-9d01-6b823adb0d54","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":18,"box":{"x":81,"y":574,"width":611,"height":12}},{"id":"dfaba746-a46a-4042-9f2a-a1386fc7d186","block_type":"box","text":"Regulatory Risk","page_number":18,"box":{"x":82,"y":597,"width":115,"height":11}},{"id":"00a69def-7a93-4dc0-9e93-2938359b8b0c","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Act in the United States and","page_number":18,"box":{"x":201,"y":597,"width":724,"height":11}},{"id":"cf6df26d-db59-424e-ae9c-30b31c1fc401","block_type":"box","text":"under comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect","page_number":18,"box":{"x":82,"y":612,"width":843,"height":11}},{"id":"29374d55-47be-4cc3-bbca-758ae4e79923","block_type":"box","text":"to uncleared swaps, swap dealers are required to exchange variation margin with the Fund and may be required by","page_number":18,"box":{"x":80,"y":627,"width":843,"height":11}},{"id":"0ad37cc6-1fa1-4492-a094-f8048e8b7784","block_type":"box","text":"applicable regulations to collect and/or exchange initial margin with the Fund. Both initial and variation margin may","page_number":18,"box":{"x":81,"y":641,"width":845,"height":12}},{"id":"1d8d4372-2909-4d1b-b18c-22b771881017","block_type":"box","text":"be comprised of cash and/or securities, subject to applicable regulatory haircuts. In certain cases, shares of","page_number":18,"box":{"x":81,"y":656,"width":804,"height":12}},{"id":"74b316ca-369c-4c3b-babe-a440c4783e63","block_type":"box","text":"investment companies may not be posted as collateral under applicable regulations. In addition, regulations","page_number":18,"box":{"x":82,"y":671,"width":793,"height":11}},{"id":"eb277445-f686-44bb-810d-4297b1c07828","block_type":"box","text":"adopted by global prudential regulators require certain bank-regulated counterparties and certain of their affiliates","page_number":18,"box":{"x":81,"y":686,"width":840,"height":11}},{"id":"8be31a44-5102-4068-a2f7-e80a49b9fefc","block_type":"box","text":"to include in certain financial contracts, including many derivatives contracts, terms that delay or restrict the rights","page_number":18,"box":{"x":80,"y":701,"width":843,"height":11}},{"id":"cfaa6e43-8a59-4b9e-ba53-6ca334b632d1","block_type":"box","text":"of counterparties, such as the Fund, to terminate such contracts, foreclose upon collateral, exercise other default","page_number":18,"box":{"x":81,"y":715,"width":837,"height":12}},{"id":"acf0e391-2f11-492d-87ba-d1be87f6b890","block_type":"box","text":"rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to","page_number":18,"box":{"x":82,"y":730,"width":820,"height":12}},{"id":"f21c36a1-db1f-4c36-8137-55bbbad9cada","block_type":"box","text":"certain types of resolution or insolvency proceedings. The implementation of these requirements with respect to","page_number":18,"box":{"x":81,"y":745,"width":824,"height":12}},{"id":"8e1f40c4-5c1e-4140-8703-d1dc83ba25ab","block_type":"box","text":"derivatives, as well as regulations under global regulations regarding clearing, mandatory trading and margining of","page_number":18,"box":{"x":81,"y":760,"width":839,"height":11}},{"id":"d80a60c7-db64-4d4c-ac1d-7227a0625de8","block_type":"box","text":"other derivatives, may increase the costs and risks to the Fund of trading in these instruments and, as a result,","page_number":18,"box":{"x":81,"y":775,"width":820,"height":11}},{"id":"a338ebd4-d2a9-40e5-b45c-d2eafece2805","block_type":"box","text":"may affect returns to investors in the Fund.","page_number":18,"box":{"x":82,"y":789,"width":316,"height":12}},{"id":"d357db3f-6057-49ac-8c0f-566287a3e33f","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":812,"width":823,"height":12}},{"id":"f5ceb9c4-b829-4f35-aa22-5773b61e55ac","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":827,"width":827,"height":11}},{"id":"d8f19d11-5719-495d-a858-0a2502d5ad73","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":842,"width":849,"height":11}},{"id":"d572b4bc-c6bd-4655-b99e-889c15a2ee3f","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":856,"width":846,"height":12}},{"id":"62d5713b-66b2-474c-9999-dfdbc7b9dbc1","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":18,"box":{"x":81,"y":871,"width":509,"height":12}},{"id":"97fbbdf5-e21c-4d3b-8dcd-823ada9fb7a2","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":18,"box":{"x":82,"y":894,"width":399,"height":11}},{"id":"fe910d63-96d7-4f48-83bd-d0b26c944fc7","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"1cc04943-a46b-4800-8856-881da521cc60","block_type":"box","text":"NM1026U-5981116-18/48","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f0db7784-15d0-49a9-bbdd-95fa56357cff","block_type":"box","text":"Commodity-Linked Derivatives","page_number":19,"box":{"x":102,"y":46,"width":218,"height":11}},{"id":"81832a52-60c8-4bbf-876f-e5626dc5e134","block_type":"box","text":"— The value of a commodity-linked derivative investment typically is based upon","page_number":19,"box":{"x":325,"y":46,"width":588,"height":11}},{"id":"3949e209-88f4-44a6-a709-28add3b2a1c8","block_type":"box","text":"the price movements of a commodity, a commodity futures contract or commodity index, or some other readily","page_number":19,"box":{"x":101,"y":60,"width":809,"height":12}},{"id":"73a1a10a-0233-4800-b7cd-8b3bfefd6f7b","block_type":"box","text":"measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes","page_number":19,"box":{"x":102,"y":75,"width":833,"height":12}},{"id":"77a991bf-7c2f-4df6-8212-6adbdda104d7","block_type":"box","text":"in overall market movements, volatility of the underlying benchmark, changes in inflation, interest rates, or","page_number":19,"box":{"x":102,"y":90,"width":781,"height":12}},{"id":"04d78d15-1411-44b6-ad17-8aa19e9c7373","block_type":"box","text":"factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease,","page_number":19,"box":{"x":101,"y":105,"width":768,"height":12}},{"id":"e0d1c870-8573-4115-b13f-cc335d7b2e68","block_type":"box","text":"embargoes, tariffs and international economic, political and regulatory developments. The value of commodity","page_number":19,"box":{"x":101,"y":120,"width":813,"height":11}},{"id":"10d63f67-f0af-4716-9099-f7b4d75dd8ce","block_type":"box","text":"linked derivatives will rise or fall in response to changes in the underlying commodity or related index.","page_number":19,"box":{"x":102,"y":135,"width":744,"height":11}},{"id":"62c6f54f-3981-412b-a510-c1a7e37a0ecc","block_type":"box","text":"Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based","page_number":19,"box":{"x":102,"y":150,"width":772,"height":11}},{"id":"da3e194a-ddd8-4a59-b412-6bd7ee1dc8a3","block_type":"box","text":"investments. A highly liquid secondary market may not exist for certain commodity-linked derivatives, and there","page_number":19,"box":{"x":102,"y":164,"width":815,"height":12}},{"id":"b189b437-14a1-4148-946a-6e7c9954a46e","block_type":"box","text":"can be no assurance that one will develop.","page_number":19,"box":{"x":101,"y":179,"width":313,"height":11}},{"id":"2e120950-9a1d-474f-bbe6-cdfa12e6c156","block_type":"box","text":"Commodity-linked derivatives also may be subject to credit and interest rate risks that in general affect the","page_number":19,"box":{"x":101,"y":202,"width":785,"height":11}},{"id":"e84df432-4ed1-44f8-aec5-3d19be645b59","block_type":"box","text":"values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it","page_number":19,"box":{"x":101,"y":216,"width":789,"height":12}},{"id":"20511e4e-d0eb-48c7-9870-7c1c29fe150d","block_type":"box","text":"originally invested. The Fund might receive interest payments that are more or less than the stated coupon","page_number":19,"box":{"x":101,"y":232,"width":784,"height":11}},{"id":"c04d1cd9-fad7-48a7-b27b-b3442d6db6b5","block_type":"box","text":"interest payments.","page_number":19,"box":{"x":102,"y":246,"width":135,"height":12}},{"id":"253078ae-0a6a-405c-9fbb-c9a3986fab2e","block_type":"box","text":"In connection with the Fund’s direct and indirect investments in commodity-linked derivatives, the Fund will","page_number":19,"box":{"x":102,"y":269,"width":781,"height":11}},{"id":"431bbe0b-2557-40d2-ba4e-b639ef169043","block_type":"box","text":"attempt to manage its counterparty exposure so as to limit its exposure to any one counterparty. However, due to","page_number":19,"box":{"x":101,"y":284,"width":835,"height":11}},{"id":"a28ef767-6c64-4d5f-9f9a-600e13be6e92","block_type":"box","text":"the limited number of entities that may serve as counterparties (and which the Fund believes are creditworthy) at","page_number":19,"box":{"x":101,"y":298,"width":833,"height":12}},{"id":"6d52b69d-1309-446d-9239-bf7772734814","block_type":"box","text":"any one time the Fund may enter into swap agreements with a limited number of counterparties and may invest","page_number":19,"box":{"x":101,"y":313,"width":820,"height":12}},{"id":"f26b93d4-091e-47b9-9737-7ba8f8f7ed38","block_type":"box","text":"in commodity-linked notes issued by a limited number of issuers that will act as counterparties, which may","page_number":19,"box":{"x":102,"y":328,"width":783,"height":11}},{"id":"7a370f8e-9c26-4f50-be38-9a173afcfea9","block_type":"box","text":"increase the Fund’s exposure to counterparty credit risk. There can be no assurance that the Fund will be able to","page_number":19,"box":{"x":102,"y":343,"width":830,"height":11}},{"id":"e21fb89c-0fb6-4045-bdc1-b4c4444e2615","block_type":"box","text":"limit exposure to any one counterparty at all times.","page_number":19,"box":{"x":102,"y":358,"width":373,"height":11}},{"id":"dbb1a9b0-ab5f-416c-9860-54b5792807fe","block_type":"box","text":"Commodity-Linked Notes","page_number":19,"box":{"x":102,"y":380,"width":180,"height":12}},{"id":"1b045663-27a2-42d0-b36e-9fa33edf2757","block_type":"box","text":"— Commodity-linked notes involve substantial risks, including the risk of loss of a","page_number":19,"box":{"x":287,"y":380,"width":602,"height":12}},{"id":"a691eb4f-515c-41b7-8835-7efa40b9f9b3","block_type":"box","text":"significant portion of their principal value. In addition to commodity risk and general derivatives risk, they may be","page_number":19,"box":{"x":101,"y":395,"width":827,"height":12}},{"id":"6615bbdc-82e2-4a3c-bca7-fca51a4a2759","block_type":"box","text":"subject to additional special risks, such as risk of loss of interest and principal, lack of secondary market and","page_number":19,"box":{"x":101,"y":410,"width":807,"height":11}},{"id":"c31fe2f2-dcce-4f3e-8180-8ba600e38422","block_type":"box","text":"risk of greater volatility, that do not affect traditional equity and debt securities.","page_number":19,"box":{"x":102,"y":425,"width":581,"height":11}},{"id":"988d92e3-81cb-420c-90c5-174cbd0dd4a7","block_type":"box","text":"Futures","page_number":19,"box":{"x":102,"y":445,"width":54,"height":9}},{"id":"cbccefb7-cf31-4488-89a0-58b7c894fb4e","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":445,"width":765,"height":11}},{"id":"b732039a-9db7-4f39-aa61-ebff1fc9ea9b","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":459,"width":786,"height":12}},{"id":"8c051b7b-08d0-480f-9cb3-25d43c9cd7e5","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":19,"box":{"x":102,"y":474,"width":769,"height":12}},{"id":"dc4c50dc-bf4d-4972-8e35-ffd69f218690","block_type":"box","text":"between the change in market value of the instruments held by the Fund and the price of the futures contract or","page_number":19,"box":{"x":102,"y":489,"width":822,"height":12}},{"id":"743c3581-87fb-4963-a3e6-5c854412e433","block_type":"box","text":"option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close","page_number":19,"box":{"x":101,"y":504,"width":832,"height":12}},{"id":"77b2c02c-ab71-474b-85e9-fd3678381108","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":19,"box":{"x":101,"y":519,"width":806,"height":11}},{"id":"10e72e04-1e7e-443b-8b89-bd50a5e1e00f","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":534,"width":793,"height":11}},{"id":"dc2f8955-dccd-402f-b52c-4c153cdd0ad1","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":548,"width":787,"height":12}},{"id":"406db4b2-7ee3-4849-8e54-f73d82ec3cea","block_type":"box","text":"default in the performance of its obligations.","page_number":19,"box":{"x":101,"y":563,"width":327,"height":12}},{"id":"745a08d5-56ad-4668-b878-44791da093d6","block_type":"box","text":"Emerging Markets Risk","page_number":19,"box":{"x":81,"y":583,"width":178,"height":12}},{"id":"58ff44f3-afc2-4221-999d-5fa1974a5218","block_type":"box","text":"— The risks of foreign investments are usually much greater for emerging markets.","page_number":19,"box":{"x":263,"y":583,"width":610,"height":12}},{"id":"6f4fac28-2659-48ae-bd9a-538f1d67feb3","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":598,"width":848,"height":12}},{"id":"fea592ba-f4c0-4088-8dbf-e44ac084d5d6","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":613,"width":842,"height":11}},{"id":"2b00ae99-97d9-475a-9d87-fe070698b6b2","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":628,"width":838,"height":11}},{"id":"213270bd-4205-494c-8c24-449442c2a9d1","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":642,"width":825,"height":12}},{"id":"fa9695a2-d1e9-4f68-bcf9-b17fcbdafab7","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":657,"width":847,"height":12}},{"id":"7dc85f30-5ed3-4ad3-b80f-1aebb079cb7e","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":672,"width":853,"height":12}},{"id":"ffce2afa-1c52-44c0-9c9e-546e07c983cf","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":687,"width":823,"height":12}},{"id":"69f795e3-c776-4a35-8798-dc72f6c655f9","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":702,"width":825,"height":11}},{"id":"b61b8003-c2cf-4c96-9c2c-903a5aa480ad","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":717,"width":855,"height":11}},{"id":"a105feda-3020-4774-afef-999aeae46db7","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":732,"width":827,"height":11}},{"id":"305abe04-3fc7-48ab-bc51-45db2d0d9179","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":746,"width":843,"height":12}},{"id":"93edbcc3-1c5f-4d63-a37c-4fc9183cbf00","block_type":"box","text":"to those to which U.S. companies are subject.","page_number":19,"box":{"x":80,"y":761,"width":339,"height":12}},{"id":"de9b0d06-f091-456f-9a36-bfe50b33eccb","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":781,"width":802,"height":12}},{"id":"21c063f3-d59c-4c0c-84ae-384856393257","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":796,"width":774,"height":11}},{"id":"9a0ac6b0-1176-4d91-a3b1-5f29c27a993e","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":811,"width":830,"height":11}},{"id":"68f24634-46c6-4b3e-92d0-a5e6cf1b4db4","block_type":"box","text":"rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have","page_number":19,"box":{"x":82,"y":826,"width":769,"height":11}},{"id":"900b33f3-2a56-4356-82a0-00becd240909","block_type":"box","text":"expropriated substantial amounts of private property, and most claims of the property owners have never been fully","page_number":19,"box":{"x":81,"y":840,"width":849,"height":12}},{"id":"6046d644-157a-4368-90c4-48693536966a","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":19,"box":{"x":81,"y":855,"width":820,"height":11}},{"id":"15c70cc8-2886-41d6-99b4-10823a3d8217","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. Some countries have pervasive","page_number":19,"box":{"x":82,"y":870,"width":779,"height":11}},{"id":"fbe4b689-a16e-41a0-ab2e-7ee7ac403828","block_type":"box","text":"corruption and crime that may hinder investments. Certain emerging markets may also face other significant","page_number":19,"box":{"x":81,"y":885,"width":798,"height":11}},{"id":"88664ac6-f8a3-4fab-a755-ce06d2eb1b98","block_type":"box","text":"internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition,","page_number":19,"box":{"x":82,"y":900,"width":755,"height":11}},{"id":"ba750945-0aeb-4666-aaa4-ba701ab85053","block_type":"box","text":"governments in many emerging market countries participate to a significant degree in their economies and","page_number":19,"box":{"x":81,"y":915,"width":783,"height":11}},{"id":"9d71faad-504e-4cc8-a0e5-c22cfaffe58e","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"c263999a-3c18-462d-a623-3068ef928836","block_type":"box","text":"NM1026U-5981116-19/48","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"26b6fd0c-261d-4f6c-852a-0e14614c10dc","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":46,"width":839,"height":11}},{"id":"75dabf7e-9b33-48db-b1fb-a21312460739","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":61,"width":827,"height":11}},{"id":"6ebacc84-44c8-4c8b-84c2-317bee0e2698","block_type":"box","text":"interests.","page_number":20,"box":{"x":82,"y":76,"width":67,"height":9}},{"id":"78c21b26-3b06-43eb-bb79-8e9d84f22cf4","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":95,"width":809,"height":12}},{"id":"e33a0155-947b-4a91-a645-b5b9fb96035f","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":110,"width":783,"height":12}},{"id":"f2e52d7c-bc6b-4a75-bf7d-0a9033fc2477","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":125,"width":829,"height":11}},{"id":"e1e83c2f-f5d2-46a6-b55d-8f553df30827","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":140,"width":818,"height":11}},{"id":"f9193ed2-d64d-405a-876b-89aecb3bd30d","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":155,"width":833,"height":11}},{"id":"5b03d657-de58-485d-aca5-477c5e5a06ec","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":170,"width":803,"height":11}},{"id":"f7c97695-1e62-4ded-862a-98794dd74a0b","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":184,"width":793,"height":12}},{"id":"02a64df9-594d-47f4-824f-62ed857f568d","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":199,"width":855,"height":12}},{"id":"9fe7a2c4-2fdc-4476-abe8-680ad7a3095b","block_type":"box","text":"may significantly decrease the liquidity and value of the securities.","page_number":20,"box":{"x":82,"y":214,"width":485,"height":11}},{"id":"516e7daa-803a-4e4d-8faa-d03b47a24136","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":234,"width":843,"height":11}},{"id":"67b430bb-c96b-45f4-8a72-2c484f11b29a","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":249,"width":790,"height":11}},{"id":"29bdb0f8-04fb-4c18-b871-a8998fe7cd69","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":263,"width":823,"height":12}},{"id":"cc8d02c9-0bdf-43a9-8010-a263a14ec246","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":278,"width":843,"height":12}},{"id":"2116cea0-1484-425c-a4aa-783b7eda014f","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":293,"width":845,"height":12}},{"id":"d98a0cea-dfa8-4065-a300-11f239dfc0f6","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":308,"width":837,"height":12}},{"id":"78986872-e82c-4f6a-a07a-1c59b9443a7b","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":323,"width":844,"height":11}},{"id":"a4a8d324-0336-4384-96c3-b0cd89e991ec","block_type":"box","text":"the risk of delayed settlements or losses of security certificates.","page_number":20,"box":{"x":80,"y":338,"width":474,"height":11}},{"id":"00c1ba51-2a80-4368-978b-acbc9e2c6e14","block_type":"box","text":"Equity Securities Risk","page_number":20,"box":{"x":81,"y":358,"width":166,"height":11}},{"id":"b12a92c2-5b78-468f-9754-6a4c7aca9fd9","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":20,"box":{"x":251,"y":358,"width":666,"height":11}},{"id":"5847c060-958d-4129-8255-b67ce2fbf30d","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":372,"width":850,"height":12}},{"id":"f15c7213-0ef8-47bf-abf8-3b66e61dc315","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":387,"width":802,"height":12}},{"id":"61f4fab6-26c1-4374-b4d8-73f7945a332d","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":402,"width":854,"height":12}},{"id":"1f3796a5-dd6c-45b1-a78a-0d1c341a2aa6","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":417,"width":848,"height":11}},{"id":"03c4c527-c4c9-4896-8d33-c029d95da4c4","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":432,"width":824,"height":11}},{"id":"a3946fb8-0fb8-4d16-9d7d-6eac933e978d","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":447,"width":782,"height":11}},{"id":"2455d188-41e6-4d4d-b9ed-299440cebe3a","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":461,"width":849,"height":12}},{"id":"d5b7232d-19a6-441c-aea3-2e99138c7503","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":20,"box":{"x":82,"y":476,"width":482,"height":12}},{"id":"259b26d8-235a-4d11-8320-aa6cd4a4ef58","block_type":"box","text":"Foreign Securities Risk","page_number":20,"box":{"x":81,"y":496,"width":176,"height":12}},{"id":"9ba8cb5f-42ba-41fd-a25b-07b8d07d23f2","block_type":"box","text":"— Securities traded in foreign markets have often (though not always) performed differently","page_number":20,"box":{"x":260,"y":496,"width":677,"height":12}},{"id":"afc23e46-bc01-47f1-85d3-d3bc73ac8b61","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":511,"width":827,"height":11}},{"id":"1e2b95b6-e3ed-430a-b426-251a1c7a6e64","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":526,"width":837,"height":11}},{"id":"13a3940f-5871-4e1a-9878-91428c8f6440","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":541,"width":849,"height":11}},{"id":"479e55e9-4008-4566-911e-cc0ec7ec7a24","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":555,"width":841,"height":12}},{"id":"59777a68-4486-4f08-a405-21c98b5eedb1","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":570,"width":716,"height":12}},{"id":"0974b47e-91ff-43da-a516-7be031ec8427","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States","page_number":20,"box":{"x":82,"y":590,"width":468,"height":12}},{"id":"8f640a67-7447-4c7c-93b4-77355cac5015","block_type":"box","text":"— The Fund generally holds its foreign securities","page_number":20,"box":{"x":555,"y":590,"width":358,"height":12}},{"id":"10847814-2cca-4e00-997d-3b9490720721","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":605,"width":813,"height":12}},{"id":"e4e8e2ec-d814-410f-a40d-6659c3e47537","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":620,"width":791,"height":12}},{"id":"5594b498-a9ee-4fcc-ad35-f7e76e4ff530","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":635,"width":818,"height":11}},{"id":"4bcf6aa5-5ed9-4952-aa15-082c3314b9c6","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":650,"width":833,"height":11}},{"id":"238484a3-b2cb-4895-a495-6e19364c3c2f","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":664,"width":816,"height":12}},{"id":"1d917c0e-ea3d-40b1-b918-1a4ac5dbe821","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":679,"width":827,"height":12}},{"id":"3f670f57-9dc6-464c-8055-85c662dfbf2d","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":694,"width":848,"height":12}},{"id":"07e36148-c190-44ed-abc8-f0b8c6fd654e","block_type":"box","text":"United States.","page_number":20,"box":{"x":82,"y":709,"width":102,"height":9}},{"id":"2ebdf882-1742-4ce7-95cb-065753796abe","block_type":"box","text":"Currency Risk","page_number":20,"box":{"x":82,"y":729,"width":100,"height":11}},{"id":"871064c1-86a7-41f9-8682-9046127a0f0f","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":729,"width":706,"height":11}},{"id":"928eaf83-7337-44d5-b6fb-e0b4c2217c55","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":744,"width":823,"height":11}},{"id":"fc848981-4ae0-4c24-9b9f-7226893a5cf3","block_type":"box","text":"value of the Fund’s portfolio.","page_number":20,"box":{"x":80,"y":759,"width":211,"height":11}},{"id":"a87f02b4-4b46-42f0-a76e-f33dbba3e897","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":778,"width":823,"height":12}},{"id":"dee8dd34-fca9-41fb-b4a0-5c21ff5a7022","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":793,"width":834,"height":12}},{"id":"ea62cda8-1341-4ef5-88d7-e16a69f9add8","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":808,"width":846,"height":12}},{"id":"17c476d0-07ab-4dcd-808a-08da8ab7068d","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":20,"box":{"x":82,"y":823,"width":826,"height":12}},{"id":"bff22147-7ff8-4bc3-b9ce-20f0fd4b537b","block_type":"box","text":"U.S. investors while a weak U.S. dollar will increase those returns.","page_number":20,"box":{"x":82,"y":838,"width":486,"height":9}},{"id":"a2b695a2-abcc-4d6c-974d-96d8273f6fa6","block_type":"box","text":"Foreign Economy Risk","page_number":20,"box":{"x":82,"y":858,"width":160,"height":11}},{"id":"f3e858c4-faba-41e5-aa69-184accf642e7","block_type":"box","text":"— The economies of certain foreign markets may not compare favorably with the economy of","page_number":20,"box":{"x":246,"y":858,"width":685,"height":11}},{"id":"09a9391b-0570-4f11-bad4-045688488a57","block_type":"box","text":"the United States with respect to such issues as growth of gross national product, reinvestment of capital,","page_number":20,"box":{"x":80,"y":873,"width":785,"height":11}},{"id":"18ed6d9a-7380-4550-badb-085cca1bd784","block_type":"box","text":"resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or","page_number":20,"box":{"x":82,"y":887,"width":845,"height":12}},{"id":"3b56d016-7249-446a-81fd-0a4c22987451","block_type":"box","text":"foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a","page_number":20,"box":{"x":81,"y":902,"width":853,"height":12}},{"id":"e800298c-81c2-423b-83d3-43e33ec1599c","block_type":"box","text":"particular country or countries, changes in international trading patterns, trade barriers and other protectionist or","page_number":20,"box":{"x":82,"y":917,"width":831,"height":12}},{"id":"f0f8a495-07a5-4ed9-8e9c-4e45b506c032","block_type":"box","text":"20","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"57d79bd4-aa87-469c-a887-ade5f827db0a","block_type":"box","text":"NM1026U-5981116-20/48","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"009b2082-e3f5-414d-85be-d43ca48d9eb6","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":46,"width":846,"height":11}},{"id":"b3442d88-b99d-4627-8a82-955c57720301","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":60,"width":808,"height":12}},{"id":"e2a7f454-e983-4d65-88e9-05564c9739d0","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":75,"width":851,"height":12}},{"id":"36b68fc4-5f13-4775-80a2-d01219bb8632","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":90,"width":832,"height":12}},{"id":"86666e0a-98ce-4bca-8746-5a6063fcdade","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":105,"width":814,"height":12}},{"id":"8fcf8b0e-1ddf-4aab-9960-0bd089f85a50","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":120,"width":805,"height":11}},{"id":"03379897-95a1-43fa-8778-e360347e512a","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":135,"width":827,"height":11}},{"id":"95c6ae94-4e8d-4c66-96b0-65b59f1ef904","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":149,"width":801,"height":12}},{"id":"0da9fe61-0ad1-4d3b-9b10-69f76323b8f6","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":164,"width":809,"height":12}},{"id":"0f2f0b2a-ce7d-4804-8ccf-c4237eac9d2d","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":179,"width":849,"height":12}},{"id":"6102848b-4059-4e14-9b64-deeff000b9fc","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":194,"width":848,"height":11}},{"id":"52da060b-ee5d-4c3f-83f3-7139b131e3a3","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":209,"width":774,"height":11}},{"id":"bccaaa63-a051-4555-9512-a696e0b1e8c8","block_type":"box","text":"operations, causing the Fund to decline in value.","page_number":21,"box":{"x":81,"y":224,"width":355,"height":11}},{"id":"4b9c5502-7a3a-4028-8fbd-d17b2939ef38","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":244,"width":838,"height":11}},{"id":"a1ea60a2-63a4-420c-9df5-1cb49f07941c","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":258,"width":815,"height":12}},{"id":"2d16b345-3d45-4d4e-80fb-28f4271c1db0","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":21,"box":{"x":82,"y":273,"width":827,"height":12}},{"id":"fcce3a54-0da4-4173-a867-7a5963b9ce48","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":288,"width":832,"height":12}},{"id":"38d4deee-d1a1-45b7-85d2-fbe465715373","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":303,"width":781,"height":11}},{"id":"fe6facaf-fabd-4b3f-b3ab-4d5e0bed07fb","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":318,"width":617,"height":11}},{"id":"50fe7c50-ac10-4e36-9bec-e3ef334657fd","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":21,"box":{"x":82,"y":338,"width":476,"height":11}},{"id":"9df9bfa0-0ce6-4e93-a069-588dab7fe480","block_type":"box","text":"— Many foreign governments do not supervise","page_number":21,"box":{"x":563,"y":338,"width":344,"height":11}},{"id":"2a6dac63-dc81-4b94-a5c9-63fa55dc45a4","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":352,"width":827,"height":12}},{"id":"dc864009-21ff-4f2d-b4ff-bb9cb9c33596","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":367,"width":855,"height":12}},{"id":"20bd3a6d-4bbb-4094-8118-05e3f2e23a70","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":382,"width":831,"height":12}},{"id":"c98ff2a5-4287-4da8-add3-23ba27ff0523","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":397,"width":800,"height":11}},{"id":"93338087-b019-4993-b0d0-3f0c5ad312e5","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":412,"width":829,"height":11}},{"id":"ccc8d0a6-146e-44dd-98e9-6770bea48e6e","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":427,"width":856,"height":11}},{"id":"6a0dcc54-ef57-4b7e-ac03-05467faec919","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":441,"width":834,"height":12}},{"id":"dfd66592-0957-4869-959f-dacd550635e1","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":456,"width":844,"height":12}},{"id":"52bdd748-cef1-434f-931f-96b8578c2f72","block_type":"box","text":"accurately determine a company’s financial condition.","page_number":21,"box":{"x":81,"y":471,"width":393,"height":11}},{"id":"f10f9d63-a9bf-4469-a9bf-a7930503f983","block_type":"box","text":"Settlement Risk","page_number":21,"box":{"x":82,"y":491,"width":117,"height":9}},{"id":"32bb0327-5189-4a3a-bd5f-c7c6f3d3ead0","block_type":"box","text":"— Settlement and clearance procedures in certain foreign markets differ significantly from those in","page_number":21,"box":{"x":203,"y":491,"width":730,"height":12}},{"id":"b90fafe8-36b6-4ed4-bdd7-45136a4457da","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":506,"width":856,"height":11}},{"id":"e3b5a3df-0c96-4965-8a85-637d9684accd","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":521,"width":784,"height":11}},{"id":"80a3dc5f-ffc7-484d-8fc1-4956c374b379","block_type":"box","text":"investments.","page_number":21,"box":{"x":82,"y":536,"width":92,"height":9}},{"id":"8ffb166b-428c-4273-93d6-41878ce6e39d","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":555,"width":825,"height":12}},{"id":"80f4b3cb-a1f5-4cee-aca1-475182862be0","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":570,"width":839,"height":12}},{"id":"308ae475-e7ad-490e-972b-bba31b253a39","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":585,"width":854,"height":12}},{"id":"43769a6b-4f08-44a8-8211-61cfd4cee51e","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":600,"width":839,"height":12}},{"id":"1ab38584-43e8-441d-92d2-887454eb5c05","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":615,"width":841,"height":11}},{"id":"216717b4-f3f1-4c2c-99fe-4e2ac5d0b154","block_type":"box","text":"to another party, the Fund could be liable for any losses incurred.","page_number":21,"box":{"x":80,"y":630,"width":480,"height":11}},{"id":"6330a443-8799-4cd8-846e-be57c53aade7","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":21,"box":{"x":83,"y":650,"width":221,"height":11}},{"id":"5e8ea66d-7d19-4522-9528-897e92083aa2","block_type":"box","text":"— The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":21,"box":{"x":308,"y":650,"width":589,"height":11}},{"id":"dc1352b2-ef23-430d-9f7c-1f0cae67c82b","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":664,"width":838,"height":12}},{"id":"49861a02-ee9d-4031-b341-f1dbcbac894d","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":680,"width":834,"height":11}},{"id":"f5068ac7-ac2d-4be6-8820-f2af8976a33a","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":694,"width":836,"height":12}},{"id":"23a509d9-3529-45d8-b226-54f6e5600460","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":709,"width":854,"height":11}},{"id":"862f807f-a03b-46a7-8501-e166b3f1e267","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":724,"width":831,"height":11}},{"id":"cd3c7288-2043-451c-b85b-d46763f82329","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":739,"width":852,"height":11}},{"id":"2a0e4154-7f5f-41a5-88d7-ac69aee3f494","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":753,"width":848,"height":12}},{"id":"170f2fc1-2a5b-4401-9214-234606bfe598","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":21,"box":{"x":81,"y":768,"width":831,"height":12}},{"id":"e3b04c54-e190-4413-8223-db52ed974274","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":21,"box":{"x":80,"y":783,"width":830,"height":12}},{"id":"208f7427-31ef-484d-8ba0-665ef5632efa","block_type":"box","text":"previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting","page_number":21,"box":{"x":82,"y":798,"width":832,"height":11}},{"id":"6064f1e2-a448-4e8c-85fe-033022974b87","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":21,"box":{"x":82,"y":813,"width":836,"height":11}},{"id":"e4d7aff4-853d-4f3b-8081-c6d94640288c","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":21,"box":{"x":81,"y":828,"width":325,"height":9}},{"id":"acd2c14f-404d-42aa-b47d-019ad179518d","block_type":"box","text":"Interest Rate Risk","page_number":21,"box":{"x":81,"y":848,"width":139,"height":9}},{"id":"fcdf6662-f3da-4794-8d5e-b6f247a5b027","block_type":"box","text":"—","page_number":21,"box":{"x":225,"y":853,"width":17,"height":1}},{"id":"3eb5fb0b-9ee1-430b-a49a-20ae8d958703","block_type":"box","text":"Interest rate risk is the risk that the value of a debt security may fall when interest rates rise.","page_number":21,"box":{"x":247,"y":847,"width":683,"height":12}},{"id":"1881e996-6757-4929-a69d-67eb21f10818","block_type":"box","text":"In general, the market price of debt securities with longer maturities will go up or down more in response to changes","page_number":21,"box":{"x":82,"y":862,"width":854,"height":12}},{"id":"e22c7018-8e42-4dff-9aa7-cc4e643d825f","block_type":"box","text":"in interest rates than the market price of shorter-term securities. Due to fluctuations in interest rates, the market","page_number":21,"box":{"x":82,"y":877,"width":832,"height":11}},{"id":"5d4d4370-261c-411f-a764-7b38291bbdfa","block_type":"box","text":"value of such securities may vary during the period shareholders own shares of the Fund. Very low or negative","page_number":21,"box":{"x":80,"y":892,"width":809,"height":12}},{"id":"19585ad8-fa9e-4e86-9d34-5c03615807fc","block_type":"box","text":"interest rates may magnify interest rate risk. During periods of very low or negative interest rates, the Fund may be","page_number":21,"box":{"x":82,"y":907,"width":842,"height":11}},{"id":"9b6a048d-ce4d-4f43-b5dd-fa4618fafd11","block_type":"box","text":"21","page_number":21,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"3bb1683d-5ce6-45d3-924e-bdcc2849cb96","block_type":"box","text":"NM1026U-5981116-21/48","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8bf2f8c6-4745-4d5f-be2a-238bf5b496eb","block_type":"box","text":"unable to maintain positive returns or pay dividends to Fund shareholders. The Fund may be subject to a greater","page_number":22,"box":{"x":82,"y":46,"width":824,"height":11}},{"id":"7a332624-f7e7-4583-8d16-831ca65961e2","block_type":"box","text":"risk of rising interest rates during a period of low interest rates. Changing interest rates may have unpredictable","page_number":22,"box":{"x":82,"y":60,"width":820,"height":12}},{"id":"6e6cba38-a600-4895-8919-1351e7f04be4","block_type":"box","text":"effects on markets, may result in heightened market volatility and may detract from the Fund’s ability to achieve its","page_number":22,"box":{"x":81,"y":75,"width":846,"height":12}},{"id":"5809f582-6c04-47f4-8189-734932c08868","block_type":"box","text":"investment objective.","page_number":22,"box":{"x":82,"y":90,"width":153,"height":12}},{"id":"044e177e-2690-4130-acad-c819fbc0826c","block_type":"box","text":"Leverage Risk","page_number":22,"box":{"x":81,"y":110,"width":107,"height":11}},{"id":"6d4a8bbe-fde3-4481-9616-3b2b66906b0c","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":110,"width":741,"height":12}},{"id":"076ee416-e6a2-45ce-961f-c525d3bc7ffb","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":125,"width":787,"height":11}},{"id":"b8b69372-0cfa-4b40-91e2-883ace0112ef","block_type":"box","text":"investment company registered with the Securities and Exchange Commission (“SEC”), the Fund is subject to the","page_number":22,"box":{"x":82,"y":140,"width":831,"height":11}},{"id":"2168345c-bd5d-4bd2-a7d1-83bb58b944ff","block_type":"box","text":"federal securities laws, including the Investment Company Act and the rules thereunder. Under Rule 18f-4 under the","page_number":22,"box":{"x":81,"y":155,"width":851,"height":11}},{"id":"f5940d18-e670-4a5e-be65-4b959c6b9009","block_type":"box","text":"Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or comply","page_number":22,"box":{"x":82,"y":170,"width":834,"height":11}},{"id":"ed9849cf-c1bd-4edf-b6b6-65b76011851e","block_type":"box","text":"with an outer limit on fund leverage risk based on value-at-risk. The use of leverage may cause the Fund to liquidate","page_number":22,"box":{"x":80,"y":184,"width":850,"height":12}},{"id":"dc8d77bc-1758-4846-b8d7-b35c81af85e3","block_type":"box","text":"portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the applicable","page_number":22,"box":{"x":82,"y":199,"width":819,"height":12}},{"id":"b2c46a4e-a97e-4959-b0cb-7053afba3cb3","block_type":"box","text":"requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the value of the","page_number":22,"box":{"x":82,"y":214,"width":850,"height":11}},{"id":"6d82de8b-c93d-4e2a-af4b-6ffdb24f6370","block_type":"box","text":"Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":22,"box":{"x":82,"y":229,"width":465,"height":11}},{"id":"bff5db18-a576-4415-94f4-77632b93b72f","block_type":"box","text":"Market Risk and Selection Risk","page_number":22,"box":{"x":81,"y":249,"width":240,"height":9}},{"id":"cc8d0dfe-dd63-4170-8a75-622e4bb6a88d","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":249,"width":593,"height":9}},{"id":"9f75bd11-b48e-49d6-8136-8f98ed95c3e9","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":264,"width":851,"height":11}},{"id":"87e452c5-229a-4d5d-9eba-d1c34721a475","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":278,"width":824,"height":12}},{"id":"3ac253be-ffb5-44fd-b21e-6fc474d45ef7","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":293,"width":851,"height":12}},{"id":"8b5d3351-b961-455f-8346-24e62b47de11","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":308,"width":802,"height":11}},{"id":"2d12e908-2825-48f7-a14d-a3ff0f53f75b","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":323,"width":849,"height":11}},{"id":"8eefc579-ae50-4c3d-b53e-2ad66a3eb000","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":22,"box":{"x":81,"y":338,"width":843,"height":11}},{"id":"874200a1-d07e-46c9-be1a-6a4335d5e922","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":22,"box":{"x":81,"y":352,"width":830,"height":12}},{"id":"c9f1cda2-3b5c-4590-8a25-1aa280032d16","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":22,"box":{"x":82,"y":367,"width":840,"height":12}},{"id":"ad013763-bc53-41a7-930d-13959b477030","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":22,"box":{"x":81,"y":382,"width":789,"height":12}},{"id":"00401f89-35f6-4ba0-a72c-f14b3a46c838","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":22,"box":{"x":81,"y":397,"width":823,"height":12}},{"id":"aed0fa45-ddaf-458e-9d0f-e28e14da6616","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":22,"box":{"x":81,"y":412,"width":784,"height":11}},{"id":"7034e980-0352-4b46-8dd0-ff27143cc87e","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":22,"box":{"x":81,"y":427,"width":844,"height":11}},{"id":"6f2b22ed-104f-41f2-be83-b88782a19622","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":22,"box":{"x":82,"y":447,"width":818,"height":11}},{"id":"db48b862-2cc9-4258-808b-f28bca411ab1","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":22,"box":{"x":80,"y":462,"width":819,"height":11}},{"id":"8279f073-c5f4-4dcb-bce0-700ff82274f9","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":22,"box":{"x":81,"y":476,"width":819,"height":12}},{"id":"d079c93d-8dd0-4700-8b33-0cefe502384a","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":22,"box":{"x":81,"y":491,"width":846,"height":12}},{"id":"642a646f-7abc-49f9-81f1-b23b37aeb6ee","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":22,"box":{"x":81,"y":506,"width":848,"height":11}},{"id":"fcaf659f-9c83-4f35-8964-d93b13784886","block_type":"box","text":"the Fund invests.","page_number":22,"box":{"x":80,"y":521,"width":125,"height":9}},{"id":"327b8571-f21c-4868-9272-0176e59bb157","block_type":"box","text":"Mid Cap Securities Risk","page_number":22,"box":{"x":81,"y":541,"width":182,"height":11}},{"id":"fcdff447-800a-438b-a578-438e2074858e","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":22,"box":{"x":267,"y":541,"width":665,"height":11}},{"id":"8f092320-55e9-488c-beb7-1683ac9dca4a","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":22,"box":{"x":81,"y":555,"width":789,"height":12}},{"id":"7655524a-9aba-4702-a2e7-3d3f38f268d7","block_type":"box","text":"Operational and Technology Risks","page_number":22,"box":{"x":82,"y":576,"width":254,"height":11}},{"id":"121ff33c-2f1d-4ab3-b2eb-3e9647b8a5cc","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":22,"box":{"x":340,"y":576,"width":549,"height":11}},{"id":"4e7ecc73-cfa2-42da-af49-665094217ea7","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":22,"box":{"x":81,"y":591,"width":790,"height":11}},{"id":"0d4f8c91-51f4-44b0-87c4-b778ab184425","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":22,"box":{"x":81,"y":605,"width":837,"height":12}},{"id":"e186a159-c67a-42ee-84fb-a151f1cfe96a","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":22,"box":{"x":82,"y":620,"width":845,"height":12}},{"id":"b4bc85f7-d8f7-43f8-8fba-1f5901e4b59d","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":22,"box":{"x":81,"y":635,"width":832,"height":11}},{"id":"dc9b0d71-fbab-4e44-8265-c05f120939b5","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":22,"box":{"x":82,"y":650,"width":763,"height":11}},{"id":"a9f0dbd0-13e0-4f13-989f-1d363b366f1b","block_type":"box","text":"counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and","page_number":22,"box":{"x":81,"y":664,"width":825,"height":12}},{"id":"c9cbb790-66d0-46c0-a11a-a30cfd488fbf","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":22,"box":{"x":81,"y":679,"width":842,"height":12}},{"id":"d3449494-08a9-4934-9f8d-a4a594149712","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":22,"box":{"x":81,"y":694,"width":852,"height":12}},{"id":"5406b7d1-a9d3-4613-9b1d-07244c098b6b","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":22,"box":{"x":82,"y":709,"width":827,"height":11}},{"id":"c927c1ef-5c87-4dbc-b8b6-cb4c0a2d0a9e","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":22,"box":{"x":81,"y":729,"width":821,"height":11}},{"id":"633ea32c-fc5d-4c32-9dc2-f712bdd68a17","block_type":"box","text":"Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized","page_number":22,"box":{"x":82,"y":744,"width":814,"height":11}},{"id":"cdc16fdb-7cfb-4a03-b27b-5347787aabe9","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":22,"box":{"x":81,"y":759,"width":824,"height":11}},{"id":"fc6902d6-d4f7-4666-94e6-aca6cc860773","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":22,"box":{"x":81,"y":773,"width":791,"height":12}},{"id":"81defb57-8f6b-429d-932c-4774f4eda348","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":22,"box":{"x":82,"y":788,"width":852,"height":12}},{"id":"6b7ea310-0e88-4fda-a100-5a78ab7d9339","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its net asset value (“NAV”);","page_number":22,"box":{"x":81,"y":803,"width":825,"height":12}},{"id":"eceab50e-7a29-41b8-898e-46fdf0328b04","block_type":"box","text":"disclosure of confidential information; impediments to trading; submission of erroneous trades by the Fund or","page_number":22,"box":{"x":81,"y":818,"width":807,"height":11}},{"id":"165cce56-29da-4f96-b7c5-80187f3c2511","block_type":"box","text":"erroneous subscription or redemption orders; the inability of the Fund or its service providers to transact business;","page_number":22,"box":{"x":81,"y":833,"width":844,"height":11}},{"id":"cdb1ff9e-0238-49f9-89d7-875f0edf8906","block_type":"box","text":"violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or","page_number":22,"box":{"x":80,"y":847,"width":842,"height":12}},{"id":"43237db0-f2cc-4fd0-9eb6-25d1e2445f44","block_type":"box","text":"other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may","page_number":22,"box":{"x":81,"y":863,"width":820,"height":11}},{"id":"eb7b02ce-0c4a-49c9-8fa0-0fc5f0d7f435","block_type":"box","text":"render records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":22,"box":{"x":82,"y":877,"width":850,"height":12}},{"id":"ff59007b-2cc0-4a69-8b42-0b389b9cba20","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":22,"box":{"x":81,"y":892,"width":829,"height":12}},{"id":"cb93307a-0073-46f6-ac46-8319d9b89855","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":22,"box":{"x":82,"y":907,"width":846,"height":11}},{"id":"5ce0d707-f8a5-425c-a172-e80f1dc0c670","block_type":"box","text":"22","page_number":22,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"f2b85d16-a04f-492b-885b-16a96b445ffe","block_type":"box","text":"NM1026U-5981116-22/48","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"71f0783e-bb2d-4ce5-bc82-dd1df0794600","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":23,"box":{"x":82,"y":46,"width":846,"height":11}},{"id":"1ccdc040-ab8e-4a47-b65d-ad88757d5bc2","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":23,"box":{"x":81,"y":60,"width":838,"height":12}},{"id":"4bcf4ee8-71e2-4498-8a63-1130c5b9b90d","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":23,"box":{"x":80,"y":76,"width":770,"height":11}},{"id":"64e5c8ad-b111-4caa-9ba8-ef4556c142cf","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":23,"box":{"x":80,"y":90,"width":792,"height":12}},{"id":"5f09964b-e397-4761-a5c9-d54f74e68dd1","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":23,"box":{"x":82,"y":105,"width":845,"height":11}},{"id":"507eff38-f0d6-4c32-b51c-8547f0227f7c","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":23,"box":{"x":80,"y":120,"width":840,"height":11}},{"id":"ae7edef6-d3fb-4820-8b57-45ad2fc0f89e","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":23,"box":{"x":81,"y":135,"width":841,"height":11}},{"id":"8fb5e4d2-62a4-4ff8-9367-17a83a323b19","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":23,"box":{"x":80,"y":149,"width":847,"height":12}},{"id":"a3b6dd95-10f6-41bd-bf77-b4883c54a7f5","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":23,"box":{"x":82,"y":164,"width":838,"height":12}},{"id":"359dcbec-8b7c-4029-a5de-e875b47cda4b","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":23,"box":{"x":81,"y":179,"width":847,"height":12}},{"id":"208ac756-1813-4644-a6cb-2dbecbb2d51f","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":23,"box":{"x":81,"y":194,"width":845,"height":11}},{"id":"10b0b7c0-b748-4830-abc9-39983ec90c49","block_type":"box","text":"and the associated risks to the Fund.","page_number":23,"box":{"x":81,"y":209,"width":273,"height":9}},{"id":"2e8cf0d8-0bf2-4340-99e3-e0fc0de4fcb9","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":23,"box":{"x":81,"y":229,"width":769,"height":11}},{"id":"f1554bf5-14f8-4795-896d-b4a0368f922d","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":23,"box":{"x":81,"y":244,"width":855,"height":11}},{"id":"1e6e3631-cf67-4f4b-85ef-c8a7d310ac4b","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":23,"box":{"x":80,"y":258,"width":848,"height":12}},{"id":"34e4b290-35d8-4719-b139-a1d30c0cac21","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":23,"box":{"x":81,"y":273,"width":777,"height":12}},{"id":"537f8020-4bcb-4454-8ad0-a5fe5d2013dc","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":23,"box":{"x":81,"y":288,"width":824,"height":12}},{"id":"406c9f7d-5d70-4f58-8dc8-ea9ff03097e8","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":23,"box":{"x":81,"y":303,"width":785,"height":11}},{"id":"212da9e0-abfd-42e2-af60-ba77302d080e","block_type":"box","text":"identified or may emerge in the future; that such plans and systems may not completely eliminate the occurrence or","page_number":23,"box":{"x":82,"y":318,"width":853,"height":11}},{"id":"41980bd0-cd85-4aa5-a94a-57e8df0f7df8","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":23,"box":{"x":82,"y":332,"width":855,"height":12}},{"id":"c1eaa779-9678-4fa7-b287-7dc34fa16ac1","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":23,"box":{"x":82,"y":347,"width":813,"height":12}},{"id":"01aa4ecd-8e70-4f6c-a5c9-f489f4164759","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":23,"box":{"x":81,"y":362,"width":806,"height":12}},{"id":"d28de385-9009-4849-a935-96e24ed363b0","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":23,"box":{"x":82,"y":377,"width":602,"height":11}},{"id":"f50d3cc4-54bd-49f6-90e1-7104c00bdeb8","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":23,"box":{"x":82,"y":397,"width":794,"height":12}},{"id":"7966f7bd-d37c-4e4c-93a3-345a10fa0693","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":23,"box":{"x":81,"y":412,"width":840,"height":11}},{"id":"72cc52e7-50f3-4aee-b401-ccd22e256a93","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":23,"box":{"x":81,"y":427,"width":801,"height":11}},{"id":"e325a434-ae9b-4d18-ac56-fdfe6fa1af9c","block_type":"box","text":"resources to monitor and implement required changes.","page_number":23,"box":{"x":82,"y":442,"width":402,"height":11}},{"id":"7abebad6-b414-44df-a296-b5b2cdefe47e","block_type":"box","text":"Precious Metal and Related Securities Risk","page_number":23,"box":{"x":81,"y":462,"width":329,"height":9}},{"id":"45a353e5-b52a-43d8-adf6-9c6b244b55c8","block_type":"box","text":"—","page_number":23,"box":{"x":415,"y":467,"width":17,"height":1}},{"id":"46f2aec6-c0b4-4481-951e-9520834e353f","block_type":"box","text":"Prices of precious metals and of precious metal related securities","page_number":23,"box":{"x":437,"y":461,"width":483,"height":12}},{"id":"4a05f2c2-8436-4758-895e-c28aa93beb39","block_type":"box","text":"historically have been very volatile. The high volatility of precious metal prices may adversely affect the financial","page_number":23,"box":{"x":82,"y":476,"width":820,"height":12}},{"id":"a3cd43b2-6d48-4a25-85f2-32768d580051","block_type":"box","text":"condition of companies involved with precious metals. The production and sale of precious metals by governments","page_number":23,"box":{"x":81,"y":491,"width":842,"height":12}},{"id":"221ab1c8-b40e-40ea-905a-f099031794c3","block_type":"box","text":"or central banks or other larger holders can be affected by various economic, financial, social and political factors,","page_number":23,"box":{"x":81,"y":506,"width":840,"height":11}},{"id":"dd868d53-6e52-44a1-884d-40eabeb52eee","block_type":"box","text":"which may be unpredictable and may have a significant impact on the prices of precious metals. Other factors that","page_number":23,"box":{"x":80,"y":521,"width":843,"height":11}},{"id":"25cc4376-1eb3-456d-90a0-6d47ab3d78a0","block_type":"box","text":"may affect the prices of precious metals and securities related to them include changes in inflation, the outlook for","page_number":23,"box":{"x":82,"y":535,"width":846,"height":12}},{"id":"d9be8087-0931-4fca-98e2-04b5ef8fdf14","block_type":"box","text":"inflation and changes in industrial and commercial demand for precious metals.","page_number":23,"box":{"x":82,"y":550,"width":584,"height":12}},{"id":"96503de5-ee4d-41b6-9fa0-2cc4344327ab","block_type":"box","text":"Sector Risk","page_number":23,"box":{"x":81,"y":570,"width":88,"height":10}},{"id":"eec133f4-9afb-4888-9c6c-aebf29f502d4","block_type":"box","text":"— Sector risk is the risk that the Fund’s concentration in the securities of companies in a specific","page_number":23,"box":{"x":173,"y":570,"width":720,"height":12}},{"id":"996619eb-5c1a-4a9e-88f5-9c90555358e8","block_type":"box","text":"market sector or industry will cause the Fund to be more exposed to the price movements of companies in and","page_number":23,"box":{"x":82,"y":585,"width":814,"height":12}},{"id":"a201c472-1491-41e9-930a-fa05a53454bf","block_type":"box","text":"developments affecting that sector than a more broadly diversified fund. Because the Fund invests primarily in one","page_number":23,"box":{"x":81,"y":600,"width":842,"height":12}},{"id":"08615a16-c72b-4746-9755-bfbca8510067","block_type":"box","text":"sector, there is the risk that the Fund will perform poorly during a downturn in that sector.","page_number":23,"box":{"x":81,"y":615,"width":656,"height":11}},{"id":"206af81d-0b02-4cd1-8691-5bdbd7f8e594","block_type":"box","text":"The Fund’s investments will be concentrated in a group of industries that make up the Commodities Sector.","page_number":23,"box":{"x":81,"y":635,"width":790,"height":11}},{"id":"68efc6fd-9bb8-4a6e-97d9-b599d75e2a8c","block_type":"box","text":"Because the Fund is focused in specific industries, it may present more risks than if it were broadly diversified over","page_number":23,"box":{"x":82,"y":650,"width":847,"height":11}},{"id":"2ac7b87b-e431-4fe7-8de4-93b3a3b82162","block_type":"box","text":"numerous industries and sectors of the economy. A downturn in the Commodities Sector would have a larger impact","page_number":23,"box":{"x":82,"y":664,"width":853,"height":12}},{"id":"5eaf8d15-7009-4c89-9607-e7261b38a304","block_type":"box","text":"on the Fund than on an investment company that does not concentrate in the industries or businesses in the","page_number":23,"box":{"x":81,"y":680,"width":801,"height":11}},{"id":"3a8eb409-a5c0-4d6f-bf5f-0ec91388c6e3","block_type":"box","text":"Commodities Sector. The industries and businesses in the Commodities Sector in which the Fund will concentrate","page_number":23,"box":{"x":81,"y":694,"width":836,"height":9}},{"id":"6f074e23-27ee-4d72-9b07-8e13f6ec6744","block_type":"box","text":"its investments can be significantly affected by the supply of and demand for specific products and services,","page_number":23,"box":{"x":82,"y":709,"width":798,"height":11}},{"id":"8d36f459-6533-40c4-9019-8ac770f9b7c4","block_type":"box","text":"exploration and production spending, government regulation, world events and economic conditions. The","page_number":23,"box":{"x":81,"y":724,"width":767,"height":11}},{"id":"97b8c929-7925-4814-a055-fd6d01ef1074","block_type":"box","text":"Commodities Sector can also be significantly affected by events relating to international political developments,","page_number":23,"box":{"x":81,"y":739,"width":820,"height":11}},{"id":"455b27b0-6664-4697-b882-2cdfb7698df8","block_type":"box","text":"energy conservation, the success of exploration projects, commodity prices, and tax and government regulations.","page_number":23,"box":{"x":81,"y":753,"width":832,"height":12}},{"id":"9ab4a4e9-9e74-42a3-bf19-8b93bf18cab5","block_type":"box","text":"The stock prices of commodity-related companies may also experience greater price volatility than other types of","page_number":23,"box":{"x":81,"y":768,"width":825,"height":12}},{"id":"83483fc0-eb32-4bed-bd62-52e400844c51","block_type":"box","text":"common stocks. Securities issued by commodity-related companies are sensitive to changes in the prices of, and in","page_number":23,"box":{"x":81,"y":783,"width":853,"height":12}},{"id":"df9182d2-027d-47d6-8400-2aa6874ba623","block_type":"box","text":"supply and demand for, the indicated commodities. The value of securities issued by commodity-related companies","page_number":23,"box":{"x":81,"y":798,"width":846,"height":11}},{"id":"9399684f-e1ee-452c-99c4-f028a3877a49","block_type":"box","text":"may be affected by changes in overall market movements, changes in inflation, interest rates, or factors affecting a","page_number":23,"box":{"x":82,"y":813,"width":849,"height":11}},{"id":"a42325e5-368e-4f64-9845-7a979fd3b15c","block_type":"box","text":"particular industry or commodity, such as weather, embargoes, tariffs, policies of commodity cartels and","page_number":23,"box":{"x":82,"y":827,"width":769,"height":12}},{"id":"b651ac85-ee96-440f-a9f8-b9152f506d4e","block_type":"box","text":"international economic, political and regulatory developments. Fund management’s judgments about trends in the","page_number":23,"box":{"x":82,"y":843,"width":837,"height":11}},{"id":"7571d552-04f7-456a-844a-0798835facc4","block_type":"box","text":"prices of these securities and commodities may prove to be incorrect. At times, the performance of securities of","page_number":23,"box":{"x":82,"y":857,"width":827,"height":12}},{"id":"5c236d6e-4b38-4170-90ef-677418c08437","block_type":"box","text":"companies in the Commodities Sector will lag behind the performance of other industries or the broader market as","page_number":23,"box":{"x":81,"y":872,"width":844,"height":12}},{"id":"ab387bbe-5cef-4866-a64f-4a4fd926d5a1","block_type":"box","text":"a whole.","page_number":23,"box":{"x":81,"y":887,"width":59,"height":9}},{"id":"f95b658f-0b5a-4098-9549-798a7c3eeff0","block_type":"box","text":"23","page_number":23,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"6b597d53-4e94-482d-904b-3b86f31593ce","block_type":"box","text":"NM1026U-5981116-23/48","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0a462f18-07a8-4761-9dae-b2134faa800b","block_type":"box","text":"Small Cap and Emerging Growth Securities Risk","page_number":24,"box":{"x":81,"y":46,"width":363,"height":11}},{"id":"7f5f74b7-bba0-4088-8332-26976b97d408","block_type":"box","text":"— Small cap or emerging growth companies may have limited","page_number":24,"box":{"x":448,"y":46,"width":453,"height":11}},{"id":"1d32a176-16fc-4731-a129-61d9042f1e89","block_type":"box","text":"product lines or markets. They may be less financially secure than larger, more established companies. They may","page_number":24,"box":{"x":82,"y":60,"width":833,"height":12}},{"id":"2c1b29f4-f91c-44d7-86ba-baf9678184a5","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":24,"box":{"x":81,"y":75,"width":797,"height":12}},{"id":"c5971352-b88f-4824-859c-b6db239a54a0","block_type":"box","text":"management changes, the Fund’s investment in a small cap or emerging growth company may lose substantial","page_number":24,"box":{"x":82,"y":90,"width":815,"height":12}},{"id":"cfa55f62-9168-4246-b6b6-a9064ba9b49b","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":24,"box":{"x":80,"y":105,"width":825,"height":12}},{"id":"a18dd7f3-4bd4-46db-a7ab-cd2b9e400ae8","block_type":"box","text":"have shorter operating histories, do not have significant ownership by large investors and are followed by relatively","page_number":24,"box":{"x":82,"y":120,"width":842,"height":11}},{"id":"d94a5f3b-2273-4c8b-8647-ab97ad575ce7","block_type":"box","text":"few securities analysts.","page_number":24,"box":{"x":81,"y":135,"width":171,"height":11}},{"id":"a2e60920-10b8-4ff9-84a2-d839ec5dd843","block_type":"box","text":"The securities of small cap and emerging growth companies generally trade in lower volumes and are subject to","page_number":24,"box":{"x":81,"y":155,"width":820,"height":11}},{"id":"82e26f34-da4d-470d-9bfc-7865b96a0785","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":24,"box":{"x":81,"y":170,"width":855,"height":11}},{"id":"e7b7fe9a-d04e-43e3-b869-6c7af934291a","block_type":"box","text":"cap and emerging growth securities may be particularly sensitive to changes in interest rates, borrowing costs and","page_number":24,"box":{"x":81,"y":184,"width":842,"height":12}},{"id":"abf8b76b-795f-4a97-a8ff-16c47f1cba80","block_type":"box","text":"earnings. Investing in small cap and emerging growth securities requires a longer term view.","page_number":24,"box":{"x":81,"y":199,"width":675,"height":12}},{"id":"a8c21f98-6ea8-497c-b94e-62e0a3fb5231","block_type":"box","text":"Subsidiary Risk","page_number":24,"box":{"x":81,"y":219,"width":117,"height":11}},{"id":"9c2c2333-9416-4b91-8618-c6297da42c2b","block_type":"box","text":"— By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the","page_number":24,"box":{"x":201,"y":219,"width":703,"height":12}},{"id":"4de578e3-1df3-4f85-abe1-5f3fb2c0b508","block_type":"box","text":"Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those","page_number":24,"box":{"x":81,"y":234,"width":841,"height":11}},{"id":"3337aa94-f760-4d59-a76d-e89b3e320926","block_type":"box","text":"that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held","page_number":24,"box":{"x":80,"y":249,"width":851,"height":11}},{"id":"d98f326f-e0b9-43ef-a43d-9e4da97828e1","block_type":"box","text":"directly by the Fund. There can be no assurance that the investment objective of the Subsidiary will be achieved.","page_number":24,"box":{"x":81,"y":263,"width":825,"height":12}},{"id":"9cdeb22b-f364-497a-9430-18e51215074f","block_type":"box","text":"The Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted in this","page_number":24,"box":{"x":81,"y":278,"width":766,"height":12}},{"id":"8aedeee5-8755-4e5f-af4f-4001b3c08490","block_type":"box","text":"prospectus, is not subject to all the investor protections of the Investment Company Act. However, the Fund wholly","page_number":24,"box":{"x":82,"y":293,"width":840,"height":12}},{"id":"8107dfbb-311b-4172-b1cf-f47b57d06156","block_type":"box","text":"owns and controls the Subsidiary, and the Fund and the Subsidiary are both managed by BlackRock, making it","page_number":24,"box":{"x":81,"y":308,"width":811,"height":12}},{"id":"ca539243-81a0-44a0-8d55-3009ef0b26d4","block_type":"box","text":"unlikely that the Subsidiary will take action contrary to the interests of the Fund and its shareholders. The Board","page_number":24,"box":{"x":82,"y":323,"width":824,"height":11}},{"id":"ba184080-6ecb-4e6a-be5b-9b8b59a157dd","block_type":"box","text":"has oversight responsibility for the investment activities of the Fund, including its investment in the Subsidiary, and","page_number":24,"box":{"x":82,"y":338,"width":845,"height":11}},{"id":"dbbdd35f-b554-4522-ac2a-a6afa82f847e","block_type":"box","text":"the Fund’s role as sole shareholder of the Subsidiary. The Subsidiary is subject to the same investment restrictions","page_number":24,"box":{"x":80,"y":352,"width":853,"height":12}},{"id":"76c84094-4570-49a8-bd62-5b8bf7e52a32","block_type":"box","text":"and limitations, and follows the same compliance policies and procedures, as the Fund, except that the Subsidiary","page_number":24,"box":{"x":81,"y":367,"width":845,"height":12}},{"id":"5529571d-dcfb-4263-a683-b5464461ef4d","block_type":"box","text":"does not invest in equity securities of commodity-related companies, and may invest without limitation in","page_number":24,"box":{"x":81,"y":382,"width":768,"height":12}},{"id":"2a5ac278-0e0c-4dc1-a6c6-df9064a34439","block_type":"box","text":"commodity-linked derivative instruments. Changes in the laws of the United States and/or the Cayman Islands could","page_number":24,"box":{"x":81,"y":397,"width":855,"height":12}},{"id":"d9301e7f-9910-4de9-8a7b-bea30470229c","block_type":"box","text":"result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and the SAI and","page_number":24,"box":{"x":82,"y":412,"width":841,"height":11}},{"id":"0fcfc19b-184b-4497-9d7b-872db289849e","block_type":"box","text":"could adversely affect the Fund.","page_number":24,"box":{"x":81,"y":427,"width":233,"height":11}},{"id":"a8cb0627-b6f2-4aee-9ada-37fe44a55bf4","block_type":"box","text":"Tax Risk","page_number":24,"box":{"x":82,"y":447,"width":64,"height":9}},{"id":"78ee8c7f-bf38-47fd-be5b-ceca24a44afc","block_type":"box","text":"—T","page_number":24,"box":{"x":151,"y":452,"width":17,"height":1}},{"id":"474509a7-7a5c-4a13-b7af-858908b379f9","block_type":"box","text":"—The Fund invests in commodity-related instruments indirectly through the Subsidiary because income","page_number":24,"box":{"x":167,"y":447,"width":742,"height":11}},{"id":"a10f2805-be15-4751-8936-e7bbc8ca6444","block_type":"box","text":"from these investments, if made directly, might not be treated as “qualifying income” for purposes of the Fund","page_number":24,"box":{"x":81,"y":461,"width":811,"height":12}},{"id":"00cc0131-dd71-4595-8bb0-9a5a82970669","block_type":"box","text":"qualifying as a regulated investment company for U.S. federal income tax purposes. Based on final regulations","page_number":24,"box":{"x":81,"y":476,"width":812,"height":12}},{"id":"f63f746b-4f76-4085-a1a1-3a44b1789e5a","block_type":"box","text":"issued by the U.S. Internal Revenue Service (“IRS”) on which taxpayers may rely for taxable years beginning after","page_number":24,"box":{"x":82,"y":491,"width":830,"height":12}},{"id":"8c71f8ef-db70-463f-b299-049a1b54c555","block_type":"box","text":"September 28, 2016, the Fund expects its income with respect to the Subsidiary to be qualifying income. In the","page_number":24,"box":{"x":81,"y":506,"width":824,"height":11}},{"id":"aaca186e-5322-4759-a545-411df584a06d","block_type":"box","text":"future, if the IRS issues new regulations or other guidance, or Congress enacts legislation, limiting the","page_number":24,"box":{"x":81,"y":521,"width":752,"height":11}},{"id":"8e503165-e499-4c17-81cf-9ec1cdeb68a8","block_type":"box","text":"circumstances in which the Fund’s income with respect to the Subsidiary will be considered “qualifying income,” the","page_number":24,"box":{"x":81,"y":535,"width":854,"height":12}},{"id":"bb4cfe46-b3d2-4f2a-b677-77ec7f6871bb","block_type":"box","text":"Fund might be required to make changes to its operations, which could reduce the Fund’s ability to gain investment","page_number":24,"box":{"x":82,"y":551,"width":847,"height":11}},{"id":"85f48851-4384-4406-b5fb-a56211f29585","block_type":"box","text":"exposure to commodities. Fund shareholders could also experience adverse tax consequences in such","page_number":24,"box":{"x":81,"y":565,"width":754,"height":11}},{"id":"ec9a2208-7a7c-4e4e-a0ff-34c62a389286","block_type":"box","text":"circumstances.","page_number":24,"box":{"x":81,"y":580,"width":110,"height":9}},{"id":"2819948e-df8a-4a93-b045-ed06f7f70a85","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":24,"box":{"x":61,"y":603,"width":296,"height":12}},{"id":"82f6eeec-62bf-44bf-87a5-2fde1faf6b06","block_type":"box","text":"The Fund may also be subject to certain other risks associated with its investments and investment strategies,","page_number":24,"box":{"x":60,"y":620,"width":817,"height":11}},{"id":"cd6bd96b-0cf1-4e72-a6c3-e8c8b3c3c9e3","block_type":"box","text":"including:","page_number":24,"box":{"x":62,"y":634,"width":67,"height":12}},{"id":"604a2ad9-ae23-4735-a0ac-50be7830fc28","block_type":"box","text":"Borrowing Risk","page_number":24,"box":{"x":81,"y":654,"width":115,"height":12}},{"id":"f99c6acb-702e-4f41-9dc9-09bf97938bc0","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":24,"box":{"x":200,"y":654,"width":711,"height":12}},{"id":"9e180efa-45c8-4e3f-9933-08d02e705cde","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":24,"box":{"x":80,"y":669,"width":813,"height":12}},{"id":"db556141-4fa1-46b6-8190-4d6b3f369561","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":24,"box":{"x":82,"y":684,"width":846,"height":11}},{"id":"dad6e48a-742c-4f14-b425-d53c16743038","block_type":"box","text":"do so to satisfy its obligations.","page_number":24,"box":{"x":81,"y":699,"width":225,"height":11}},{"id":"f8cb9e70-d435-4f77-a7d9-542b3cc0555f","block_type":"box","text":"Convertible Securities Risk","page_number":24,"box":{"x":81,"y":719,"width":206,"height":9}},{"id":"343f6c7e-1933-4b34-8e54-e25fc0d42755","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":24,"box":{"x":291,"y":719,"width":593,"height":11}},{"id":"477b9f8f-9cae-4fa7-bb27-bd88f30c7f95","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":24,"box":{"x":81,"y":733,"width":853,"height":12}},{"id":"b617b5a5-5fe1-4e42-a175-1cc6aeb22d39","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":24,"box":{"x":81,"y":748,"width":855,"height":12}},{"id":"30f7c597-3d6f-4844-800a-316741890f2a","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":24,"box":{"x":80,"y":763,"width":816,"height":12}},{"id":"add9d02e-fd9d-4652-a5fb-091585fc6895","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":24,"box":{"x":82,"y":778,"width":796,"height":11}},{"id":"08230482-65b2-4917-84c2-670cd7878153","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":24,"box":{"x":81,"y":793,"width":812,"height":11}},{"id":"3f660b49-b622-4e42-b304-ac2e3e8be7a6","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":24,"box":{"x":82,"y":808,"width":809,"height":11}},{"id":"17ef3296-2d9f-4473-ad44-f967a914164c","block_type":"box","text":"Depositary Receipts Risk","page_number":24,"box":{"x":81,"y":828,"width":191,"height":11}},{"id":"01adc234-ff33-4302-aa97-4d662d3373d9","block_type":"box","text":"— Depositary receipts are generally subject to the same risks as the foreign securities","page_number":24,"box":{"x":276,"y":827,"width":639,"height":12}},{"id":"13784e84-41b0-4a02-ab2f-2f0c82539b27","block_type":"box","text":"that they evidence or into which they may be converted. In addition to investment risks associated with the","page_number":24,"box":{"x":80,"y":843,"width":786,"height":11}},{"id":"8c307544-1735-453b-a0cb-b834199db48f","block_type":"box","text":"underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms","page_number":24,"box":{"x":82,"y":857,"width":824,"height":12}},{"id":"3471e97a-c795-4b7a-be88-3707869190be","block_type":"box","text":"that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other","page_number":24,"box":{"x":80,"y":872,"width":827,"height":12}},{"id":"d4f2a448-41d3-4167-b5e8-14144cb41536","block_type":"box","text":"parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for","page_number":24,"box":{"x":82,"y":887,"width":849,"height":11}},{"id":"8053e48a-ed08-45b0-be3c-23621e73f14c","block_type":"box","text":"depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that","page_number":24,"box":{"x":81,"y":902,"width":840,"height":11}},{"id":"c4e78c90-864d-4795-9d9a-ca15307cdeda","block_type":"box","text":"is, in the United States, considered material. Therefore, there may be less information available regarding these","page_number":24,"box":{"x":82,"y":916,"width":824,"height":12}},{"id":"2f457427-aea2-4e8c-b407-20f2898a3c2c","block_type":"box","text":"24","page_number":24,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"c249b606-bb18-47d7-afa1-c9bf5b42755a","block_type":"box","text":"NM1026U-5981116-24/48","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"50cc2b3b-15fa-4ca0-b669-398f12c93c65","block_type":"box","text":"issuers and there may not be a correlation between such information and the market value of the depositary","page_number":25,"box":{"x":82,"y":46,"width":798,"height":11}},{"id":"e22469d2-a571-4e55-8d57-7cba1f1a802a","block_type":"box","text":"receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their","page_number":25,"box":{"x":82,"y":60,"width":847,"height":12}},{"id":"91f1f603-d3b6-42cc-b34b-38bf114242fd","block_type":"box","text":"respective markets and currencies, they continue to be subject to many of the risks associated with investing","page_number":25,"box":{"x":82,"y":75,"width":804,"height":12}},{"id":"2eda3d94-7bd4-4d78-a2d3-c5e579d00b8e","block_type":"box","text":"directly in foreign securities, including political, economic, and currency risk.","page_number":25,"box":{"x":81,"y":90,"width":558,"height":12}},{"id":"52763362-a58c-436c-9c1f-c6ad46783a84","block_type":"box","text":"Expense Risk","page_number":25,"box":{"x":81,"y":110,"width":102,"height":11}},{"id":"24b4309c-ea0b-473f-b820-7e4318349131","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":25,"box":{"x":187,"y":110,"width":734,"height":12}},{"id":"11241575-6b8e-4779-8690-b9f7355b5400","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":25,"box":{"x":81,"y":125,"width":855,"height":11}},{"id":"6e569ec7-caf1-494b-ac47-ca965ba52c1f","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":25,"box":{"x":82,"y":140,"width":842,"height":11}},{"id":"758c2cd9-a468-4122-84e9-9474c5eacd69","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":25,"box":{"x":82,"y":155,"width":808,"height":11}},{"id":"b8029f79-3a63-4144-87cb-06a7752cfbeb","block_type":"box","text":"significant.","page_number":25,"box":{"x":81,"y":169,"width":78,"height":12}},{"id":"94b2ce6b-49dd-406b-868e-1c79806d27d8","block_type":"box","text":"High Portfolio Turnover Risk","page_number":25,"box":{"x":81,"y":189,"width":212,"height":12}},{"id":"213e72fb-2d33-49b6-9042-92992e71e84e","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":25,"box":{"x":297,"y":189,"width":629,"height":12}},{"id":"bb61114e-be9b-4e86-af8c-64363f201d4b","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":25,"box":{"x":82,"y":204,"width":812,"height":12}},{"id":"7957d709-c89a-4889-b11b-e9e402e0b4ce","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":25,"box":{"x":81,"y":219,"width":817,"height":11}},{"id":"1ab2880c-c4d8-4349-b241-38fce4ebb3d0","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":25,"box":{"x":81,"y":234,"width":760,"height":11}},{"id":"b660284e-54c7-492d-bf02-09256cc546d3","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":25,"box":{"x":81,"y":249,"width":852,"height":11}},{"id":"8ec0356e-b2d6-4d5a-8bcf-d75827155f8a","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":25,"box":{"x":81,"y":263,"width":589,"height":12}},{"id":"39867f12-9cf3-4264-a991-91098a071254","block_type":"box","text":"Illiquid Investments Risk","page_number":25,"box":{"x":81,"y":284,"width":186,"height":11}},{"id":"5f556db9-3514-45a3-b276-f1231879e30e","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":25,"box":{"x":271,"y":283,"width":648,"height":12}},{"id":"ef00f7ce-af9e-41d2-87e8-4567e4984230","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":25,"box":{"x":80,"y":298,"width":841,"height":12}},{"id":"6e990fae-7f1b-4fa9-9846-016b7b7016c0","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":25,"box":{"x":82,"y":313,"width":831,"height":12}},{"id":"9e8280dc-d464-406f-8201-232756a91924","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. The","page_number":25,"box":{"x":81,"y":328,"width":843,"height":12}},{"id":"c99acd8d-b6c8-4210-b8c8-6fa7c0fabae3","block_type":"box","text":"Subsidiary will also limit its investment in illiquid investments to 15% of its net assets. In applying the illiquid","page_number":25,"box":{"x":81,"y":343,"width":802,"height":11}},{"id":"eb9730c5-73ac-4ab4-b485-449a501e49dd","block_type":"box","text":"investments restriction to the Fund, the Fund’s investment in the Subsidiary is considered to be liquid. Liquid","page_number":25,"box":{"x":82,"y":358,"width":802,"height":11}},{"id":"71ac2170-d416-4c79-adc1-143642fd8dc8","block_type":"box","text":"investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil. There can","page_number":25,"box":{"x":82,"y":372,"width":854,"height":12}},{"id":"4fc0763c-15ed-4ec9-8513-e48bd40e9ebf","block_type":"box","text":"be no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid","page_number":25,"box":{"x":81,"y":388,"width":846,"height":11}},{"id":"d88a88ea-21c7-41d6-8fc9-33de6db567a9","block_type":"box","text":"for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an illiquid","page_number":25,"box":{"x":81,"y":402,"width":815,"height":12}},{"id":"d31f7f93-35b6-497d-a04a-305a3537d641","block_type":"box","text":"investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may reduce","page_number":25,"box":{"x":82,"y":417,"width":837,"height":11}},{"id":"f9cf1de1-8fe5-47b8-9738-037610fdc9dc","block_type":"box","text":"the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time or price.","page_number":25,"box":{"x":80,"y":432,"width":847,"height":11}},{"id":"86a2ae33-6e27-442d-b105-f0bbef17a88b","block_type":"box","text":"In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when shareholders","page_number":25,"box":{"x":82,"y":447,"width":827,"height":11}},{"id":"ae8f2a8e-039f-4464-9dc0-d589ed21893a","block_type":"box","text":"are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to dispose of","page_number":25,"box":{"x":81,"y":461,"width":828,"height":12}},{"id":"02884277-aba1-42c4-bb7d-02bd9d822eaa","block_type":"box","text":"liquid securities to meet redemption requests and illiquid securities will become a larger portion of the Fund’s","page_number":25,"box":{"x":82,"y":476,"width":806,"height":12}},{"id":"b1dfaf10-244a-40fe-b9c5-ff92fe51b76e","block_type":"box","text":"holdings. An investment may be illiquid due to, among other things, the reduced number and capacity of traditional","page_number":25,"box":{"x":82,"y":491,"width":840,"height":12}},{"id":"547e1793-36e0-4186-a804-4c67cc4bb1f0","block_type":"box","text":"market participants to make a market in fixed-income securities or the lack of an active trading market. To the","page_number":25,"box":{"x":82,"y":506,"width":807,"height":11}},{"id":"febd34be-634c-4de1-b7b4-b95ef0b4a6d9","block_type":"box","text":"extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market and/","page_number":25,"box":{"x":81,"y":521,"width":845,"height":11}},{"id":"1ea8d32f-fc33-43a9-ae99-e13fa5a5ffc1","block_type":"box","text":"or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments. Illiquid","page_number":25,"box":{"x":81,"y":536,"width":832,"height":11}},{"id":"f9d892cc-142a-4d00-b272-9a86facd8596","block_type":"box","text":"investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these","page_number":25,"box":{"x":82,"y":550,"width":782,"height":12}},{"id":"01222150-163a-46a6-acb2-175e7a698aad","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":25,"box":{"x":82,"y":565,"width":790,"height":12}},{"id":"f75958eb-84d0-46f5-ab32-7bb6c4938a0a","block_type":"box","text":"magnified in a rising interest rate environment or other circumstances where investor redemptions or sales of Fund","page_number":25,"box":{"x":82,"y":580,"width":844,"height":12}},{"id":"5bbcc058-c3d6-426d-ac6a-a675a8f7c688","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":25,"box":{"x":81,"y":595,"width":810,"height":11}},{"id":"29487a5d-162d-47fe-83de-a1d3ed21dad6","block_type":"box","text":"Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.","page_number":25,"box":{"x":82,"y":610,"width":715,"height":11}},{"id":"88452e93-e492-4b4f-9b8a-98be0e16cf17","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":25,"box":{"x":81,"y":630,"width":271,"height":9}},{"id":"fc12934c-4997-4957-9841-0ad9b029c2b4","block_type":"box","text":"—","page_number":25,"box":{"x":356,"y":635,"width":17,"height":1}},{"id":"b621e0a8-019f-4219-ab31-bfba1b67a249","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":25,"box":{"x":379,"y":630,"width":499,"height":11}},{"id":"27674342-4e6c-4ea5-afb1-2da64792834e","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":25,"box":{"x":82,"y":644,"width":839,"height":12}},{"id":"27569836-7ef6-4bf6-9fa9-77ef77cc5af6","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":25,"box":{"x":80,"y":659,"width":799,"height":12}},{"id":"d7f8e3fc-0d2d-402b-b0ab-72ec8d213b6b","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":25,"box":{"x":82,"y":674,"width":796,"height":12}},{"id":"337e1cfc-6215-4c10-8cf2-24829a60c6c0","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":25,"box":{"x":81,"y":689,"width":855,"height":11}},{"id":"f10045df-a8f4-4d97-ade8-69004a26bd9c","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":25,"box":{"x":82,"y":704,"width":441,"height":11}},{"id":"3ecce186-e265-4062-961a-08653abdc7df","block_type":"box","text":"Investment Companies and ETFs Risk","page_number":25,"box":{"x":81,"y":724,"width":285,"height":11}},{"id":"5065059c-f9be-4422-8028-60677415d485","block_type":"box","text":"— Subject to the limitations set forth in the Investment Company Act and","page_number":25,"box":{"x":370,"y":724,"width":539,"height":11}},{"id":"b042814e-bc2e-431a-bf90-40eeb13050b0","block_type":"box","text":"the rules thereunder, the Fund may acquire shares in other investment companies and in exchange-traded funds","page_number":25,"box":{"x":80,"y":739,"width":826,"height":11}},{"id":"448d2c15-4270-431f-a2c6-68dfa4d199f2","block_type":"box","text":"(“ETFs”), some of which may be affiliated investment companies. These investment companies and ETFs will","page_number":25,"box":{"x":81,"y":753,"width":799,"height":12}},{"id":"5adbf5c5-0ba5-48c4-82aa-2fa02d5ea063","block_type":"box","text":"generally have investment exposure to the commodities markets which may subject them to greater volatility than","page_number":25,"box":{"x":81,"y":768,"width":834,"height":12}},{"id":"38dd8294-616d-4580-84f6-c3baec31e2e6","block_type":"box","text":"investments in traditional securities. The market value of the shares of other investment companies and ETFs may","page_number":25,"box":{"x":82,"y":783,"width":841,"height":11}},{"id":"9f5ab04e-851e-4bd4-bcee-ca0953e126fd","block_type":"box","text":"differ from their net asset value. As an investor in investment companies and ETFs, the Fund would bear its ratable","page_number":25,"box":{"x":81,"y":798,"width":846,"height":11}},{"id":"481fdb37-6a99-4270-b996-fe1e1b9df21b","block_type":"box","text":"share of that entity’s expenses, including its investment advisory and administration fees, while continuing to pay","page_number":25,"box":{"x":81,"y":813,"width":835,"height":11}},{"id":"0aca88ee-13e7-460d-b049-d41226b45686","block_type":"box","text":"its own advisory and administration fees and other expenses (to the extent not offset by BlackRock through","page_number":25,"box":{"x":82,"y":827,"width":789,"height":12}},{"id":"f82742a1-0b22-4d3c-b806-b53e610bedfd","block_type":"box","text":"waivers). As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other","page_number":25,"box":{"x":80,"y":842,"width":829,"height":12}},{"id":"c98c9e47-eead-4516-b704-8c9e78698fb7","block_type":"box","text":"investment companies and ETFs (to the extent not offset by BlackRock through waivers).","page_number":25,"box":{"x":82,"y":857,"width":648,"height":12}},{"id":"59104255-924b-4188-beed-14bdb6da0098","block_type":"box","text":"The securities of other investment companies and ETFs in which the Fund may invest may be leveraged. As a result,","page_number":25,"box":{"x":81,"y":877,"width":851,"height":12}},{"id":"2225da19-4a6f-4152-abc2-e72caa97647c","block_type":"box","text":"the Fund may be indirectly exposed to leverage through an investment in such securities. An investment in","page_number":25,"box":{"x":80,"y":892,"width":781,"height":12}},{"id":"e7ed4bff-f0e5-4f26-8f8f-60e2be5bbea7","block_type":"box","text":"securities of other investment companies and ETFs that use leverage may expose the Fund to higher volatility in the","page_number":25,"box":{"x":81,"y":907,"width":850,"height":11}},{"id":"5741887b-131f-4817-af39-88d7748e9e58","block_type":"box","text":"25","page_number":25,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"af849586-507c-49f8-ad90-8eb3ccf78074","block_type":"box","text":"NM1026U-5981116-25/48","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"cba115ae-dabf-45b7-955c-cd2afa38752b","block_type":"box","text":"market value of such securities and the possibility that the Fund’s long-term returns on such securities (and,","page_number":26,"box":{"x":82,"y":46,"width":796,"height":11}},{"id":"9c3577fb-1783-41e2-9141-f51b38a1e13b","block_type":"box","text":"indirectly, the long-term returns of shares of the Fund) will be diminished.","page_number":26,"box":{"x":82,"y":60,"width":535,"height":12}},{"id":"8634ca4b-208d-423c-a05a-5d85b439fd41","block_type":"box","text":"As with other investments, investments in other investment companies, including ETFs, are subject to market and","page_number":26,"box":{"x":81,"y":81,"width":835,"height":11}},{"id":"ec4539b0-ebb0-4a59-8063-94d0c8c91a21","block_type":"box","text":"selection risk. To the extent the Fund is held by an affiliated fund, the ability of the Fund itself to hold other","page_number":26,"box":{"x":81,"y":95,"width":787,"height":12}},{"id":"48c9538c-6141-43c7-9adb-40151d4be8a8","block_type":"box","text":"investment companies may be limited.","page_number":26,"box":{"x":82,"y":110,"width":280,"height":12}},{"id":"72e028db-08bb-4074-b473-6f083d96d73d","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":26,"box":{"x":81,"y":130,"width":396,"height":11}},{"id":"bd2f166a-9f61-4783-9e21-33feeb3ae341","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":26,"box":{"x":481,"y":130,"width":440,"height":12}},{"id":"397de364-7008-4eba-9f23-2dcf905853ce","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":26,"box":{"x":82,"y":145,"width":801,"height":11}},{"id":"11114c70-c4f4-4aa7-b20f-2a70b76ff007","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":26,"box":{"x":81,"y":160,"width":825,"height":11}},{"id":"1e665ff2-0569-411b-a49a-cf79108c18b1","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":26,"box":{"x":82,"y":175,"width":816,"height":11}},{"id":"2fa75ed7-a013-471b-a643-3236691e5398","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":26,"box":{"x":82,"y":189,"width":818,"height":12}},{"id":"1c9202ba-059a-44d2-8637-2a38824af7b2","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":26,"box":{"x":80,"y":204,"width":835,"height":12}},{"id":"44838053-a00d-4ee8-a66d-08f856c5e3a5","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":26,"box":{"x":80,"y":219,"width":807,"height":11}},{"id":"c9f1e346-56c2-4b76-87e9-ae62370f4cf1","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":26,"box":{"x":82,"y":234,"width":841,"height":11}},{"id":"f5867623-7b11-454b-b9b2-88518c39ddfc","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":26,"box":{"x":80,"y":249,"width":855,"height":11}},{"id":"cc481b2d-1194-4623-a333-c56f641bd09c","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":26,"box":{"x":81,"y":264,"width":751,"height":10}},{"id":"69deb05a-e3aa-4187-9af5-7d6c615a9f2d","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":26,"box":{"x":81,"y":279,"width":785,"height":11}},{"id":"89d303e1-87f4-465e-a319-88cffc47fccb","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":26,"box":{"x":81,"y":293,"width":841,"height":12}},{"id":"3b096068-65fb-47c2-88da-b23354d478a0","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":26,"box":{"x":80,"y":308,"width":824,"height":12}},{"id":"0f8b13db-b427-4d88-9d0f-db3d9cf6804e","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":26,"box":{"x":81,"y":323,"width":822,"height":11}},{"id":"c97b88ad-0bb0-461d-af27-3d3f920a5071","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":26,"box":{"x":81,"y":338,"width":801,"height":11}},{"id":"617ab7b5-b081-41e5-bbe0-f126a26977bb","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":26,"box":{"x":80,"y":353,"width":765,"height":11}},{"id":"0a5782e8-699a-4b2b-b5a7-30e5910ee8ee","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":26,"box":{"x":82,"y":367,"width":852,"height":12}},{"id":"c54a5e42-65a6-49fb-8181-6d03388ac5a6","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":26,"box":{"x":82,"y":382,"width":847,"height":12}},{"id":"93b6e944-a3df-49eb-b223-8e350ef889e4","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":26,"box":{"x":80,"y":397,"width":847,"height":12}},{"id":"1b91276e-1a62-43b2-95e6-70a559237f01","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":26,"box":{"x":81,"y":412,"width":845,"height":11}},{"id":"dd458cbb-782b-4979-9b7b-760829acc5cc","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":26,"box":{"x":82,"y":427,"width":835,"height":11}},{"id":"838467e2-718d-4766-90b9-4996cf3027e3","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":26,"box":{"x":82,"y":441,"width":839,"height":12}},{"id":"5e4c7b78-2eb2-4e23-b50f-984a7e6b87ef","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":26,"box":{"x":82,"y":456,"width":461,"height":12}},{"id":"082df8df-7ea5-40e8-980c-252b5fbeb747","block_type":"box","text":"Master Limited Partnerships Risk","page_number":26,"box":{"x":81,"y":476,"width":254,"height":12}},{"id":"98c5e504-5dad-4308-822d-bf6d84f3d48a","block_type":"box","text":"— The common units of an MLP are listed and traded on U.S. securities","page_number":26,"box":{"x":338,"y":476,"width":531,"height":9}},{"id":"f90ce47f-66c6-4909-9242-5cf41346c80e","block_type":"box","text":"exchanges and their value fluctuates predominantly based on prevailing market conditions and the success of the","page_number":26,"box":{"x":81,"y":491,"width":836,"height":12}},{"id":"5feea398-73df-4fb3-8707-76c4c0411f0c","block_type":"box","text":"MLP. Unlike owners of common stock of a corporation, owners of common units have limited voting rights and have","page_number":26,"box":{"x":82,"y":506,"width":844,"height":11}},{"id":"45ce6478-94bf-4cec-9814-c66cc7503e7c","block_type":"box","text":"no ability to annually elect directors. In the event of liquidation, common units have preference over subordinated","page_number":26,"box":{"x":82,"y":521,"width":830,"height":11}},{"id":"543a8e37-ce72-4424-a688-7f5ce6c67dc9","block_type":"box","text":"units, but not over debt or preferred units, to the remaining assets of the MLP.","page_number":26,"box":{"x":82,"y":535,"width":575,"height":12}},{"id":"7031b65c-d4ec-4802-8850-0bae5cda3432","block_type":"box","text":"Ownership Limitations Risk","page_number":26,"box":{"x":82,"y":556,"width":205,"height":11}},{"id":"67ac9fac-c731-43b5-a1eb-bf62932c73a6","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":26,"box":{"x":291,"y":555,"width":610,"height":12}},{"id":"935e0fca-0b41-4491-89e8-be1bd25d5b81","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":26,"box":{"x":80,"y":570,"width":849,"height":12}},{"id":"7b5a8332-fc94-42af-b9ea-cbf5d42eea8c","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":26,"box":{"x":81,"y":585,"width":798,"height":12}},{"id":"6b259655-11fe-479a-adae-7de0275dc868","block_type":"box","text":"purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law,","page_number":26,"box":{"x":82,"y":600,"width":833,"height":12}},{"id":"d72f00a2-b620-4d0b-8997-91e4c9c59382","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":26,"box":{"x":82,"y":615,"width":851,"height":11}},{"id":"4a8f3286-7645-485d-8dff-409654d40d8a","block_type":"box","text":"be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and","page_number":26,"box":{"x":81,"y":630,"width":813,"height":11}},{"id":"f44ae4d3-8aa7-4be0-88d2-695ef7b8681e","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":26,"box":{"x":82,"y":644,"width":331,"height":12}},{"id":"3688eb69-e5b9-4727-96eb-3089b7070ed4","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":26,"box":{"x":82,"y":665,"width":826,"height":11}},{"id":"0e894736-f985-498c-a855-c7a66a73bdf1","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":26,"box":{"x":81,"y":679,"width":848,"height":12}},{"id":"5326f38c-e4ca-4519-b1ff-a1bd8b714da1","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":26,"box":{"x":81,"y":694,"width":799,"height":12}},{"id":"20a5d8ac-fbfc-4cab-ba65-c323fd2e4366","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":26,"box":{"x":81,"y":709,"width":828,"height":11}},{"id":"772dda6c-316b-4083-8fc7-e414824cd6c4","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":26,"box":{"x":81,"y":724,"width":828,"height":11}},{"id":"542954bf-642e-41ed-ba18-0b34ad496112","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":26,"box":{"x":80,"y":739,"width":837,"height":11}},{"id":"f9eb36cc-b699-4696-8ccd-1616651c3d64","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":26,"box":{"x":80,"y":753,"width":837,"height":12}},{"id":"ad858b4f-97c3-4171-a5e2-49a5d9181aeb","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":26,"box":{"x":82,"y":768,"width":800,"height":12}},{"id":"4d0f497b-5bf3-4f79-8432-7eacd01116c7","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":26,"box":{"x":81,"y":783,"width":678,"height":12}},{"id":"402f6d02-ce4c-4b8a-9f10-978dc640aa13","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":26,"box":{"x":81,"y":803,"width":842,"height":12}},{"id":"e61f300c-5608-4925-bee2-77c7f42cd6f5","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":26,"box":{"x":81,"y":818,"width":833,"height":11}},{"id":"d1a186a5-a8e9-4cc0-905c-99996e1b2a2a","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":26,"box":{"x":82,"y":833,"width":582,"height":11}},{"id":"131d97ae-2414-444c-b4cb-9a1cbfc2fe2b","block_type":"box","text":"Reliance on Advisor Risk","page_number":26,"box":{"x":81,"y":853,"width":188,"height":9}},{"id":"2b6bf4e8-65f0-4e18-a82b-b32ec1c5d8da","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":26,"box":{"x":273,"y":853,"width":614,"height":11}},{"id":"f60c2a76-81ec-4cc6-9286-cd360f59d368","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":26,"box":{"x":80,"y":867,"width":830,"height":12}},{"id":"6e8ad8b6-f6d8-47e4-921d-e68e212e34b0","block_type":"box","text":"the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock","page_number":26,"box":{"x":80,"y":882,"width":856,"height":12}},{"id":"9d0f3419-bfb2-4bd6-9963-a57c3d201a12","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":26,"box":{"x":80,"y":897,"width":841,"height":12}},{"id":"41847944-d440-411b-8f3a-ce2b4169994c","block_type":"box","text":"could have a negative effect on the performance or the continued operation of the Fund.","page_number":26,"box":{"x":81,"y":912,"width":649,"height":12}},{"id":"563bdeb4-c3a1-48bd-8906-3328d0d54d6f","block_type":"box","text":"26","page_number":26,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"446ac8e9-0359-44f7-ade2-fdd0a087d65f","block_type":"box","text":"NM1026U-5981116-26/48","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7eebb105-8f74-404f-b630-a6becc073569","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts Risk","page_number":27,"box":{"x":81,"y":46,"width":481,"height":11}},{"id":"337e3143-80c0-4f80-8904-ad0e2ab5d4d9","block_type":"box","text":"— If the other party to a repurchase agreement or","page_number":27,"box":{"x":565,"y":46,"width":370,"height":11}},{"id":"7697359d-2c05-4d2a-ad4f-1e787c377c5c","block_type":"box","text":"purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur","page_number":27,"box":{"x":82,"y":60,"width":827,"height":12}},{"id":"aa6530a0-7492-44c0-9d09-e895874fb494","block_type":"box","text":"costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in","page_number":27,"box":{"x":81,"y":75,"width":816,"height":12}},{"id":"1646e9c2-84a0-401b-aed0-e8210915ded5","block_type":"box","text":"either situation and the market value of the security declines, the Fund may lose money.","page_number":27,"box":{"x":81,"y":90,"width":647,"height":12}},{"id":"b15487e2-cf37-498a-8686-bec0036a6736","block_type":"box","text":"Restricted Securities Risk","page_number":27,"box":{"x":81,"y":110,"width":198,"height":9}},{"id":"2fdc89db-5605-4afe-9464-d93117cb8df7","block_type":"box","text":"—","page_number":27,"box":{"x":284,"y":115,"width":17,"height":1}},{"id":"23909c34-5e41-4f68-bd15-d70cf78bbdab","block_type":"box","text":"Limitations on the resale, including any required lock-up or holding periods, of","page_number":27,"box":{"x":306,"y":110,"width":571,"height":12}},{"id":"e9558bd8-99ef-4b63-bb6b-7da2fc067fc5","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity, and may prevent the Fund","page_number":27,"box":{"x":82,"y":125,"width":843,"height":11}},{"id":"6e4d2bd8-9b84-41f6-87a8-9cd0fb06c8f6","block_type":"box","text":"from disposing of them promptly at advantageous prices, if at all. Restricted securities may not be listed on an","page_number":27,"box":{"x":81,"y":140,"width":813,"height":11}},{"id":"b639096f-d237-4c60-8ca4-758ce601f330","block_type":"box","text":"exchange and may have no active trading market. In order to sell certain restricted securities, the Fund may have to","page_number":27,"box":{"x":81,"y":155,"width":851,"height":11}},{"id":"595570a6-4bf5-40ce-acc5-3ae05cf9478b","block_type":"box","text":"bear the expense of registering the securities for resale and the risk of substantial delays in effecting the","page_number":27,"box":{"x":81,"y":169,"width":774,"height":12}},{"id":"f826abc2-29f7-4d89-aa4a-a464ba15e53a","block_type":"box","text":"registration. Other transaction costs may be higher for restricted securities than unrestricted securities. Restricted","page_number":27,"box":{"x":82,"y":184,"width":839,"height":12}},{"id":"21cfee6e-ef59-47fc-88c2-11194703aa35","block_type":"box","text":"securities may be difficult to value because market quotations may not be readily available, there may be limited","page_number":27,"box":{"x":81,"y":199,"width":828,"height":11}},{"id":"9793419b-577e-48f4-affe-5b592a479b08","block_type":"box","text":"other information regarding the investment’s market or fair value, and the securities’ values may have significant","page_number":27,"box":{"x":81,"y":214,"width":830,"height":11}},{"id":"29d42e0e-b30f-4bd3-a828-1c223a0bd9ab","block_type":"box","text":"volatility. Also, the Fund may get only limited information about the issuer of a given restricted security, and","page_number":27,"box":{"x":80,"y":229,"width":787,"height":11}},{"id":"acce2321-9216-46f1-83dc-84777ef0ed77","block_type":"box","text":"therefore may be less able to determine the security’s market or fair value or assess the investment risks as fully","page_number":27,"box":{"x":80,"y":244,"width":838,"height":11}},{"id":"f93c93cc-895b-48fc-ba1f-5978b9eb7ce9","block_type":"box","text":"as for other issuers for which more information is available. Certain restricted securities may involve a high degree","page_number":27,"box":{"x":81,"y":258,"width":843,"height":12}},{"id":"dc990f74-37b9-495b-9fe4-0bef57e72f34","block_type":"box","text":"of business and financial risk and may result in substantial losses to the Fund. Certain restricted securities may","page_number":27,"box":{"x":81,"y":273,"width":827,"height":12}},{"id":"543f8df8-e3bb-450a-afb3-5d0decdab40d","block_type":"box","text":"represent limited investment opportunities and each shareholder’s proportionate investment exposure to such","page_number":27,"box":{"x":82,"y":288,"width":812,"height":11}},{"id":"a67c2fa2-9dbd-4dbf-937a-1b5312bda384","block_type":"box","text":"limited investment opportunities may be reduced proportionately as the Fund’s net assets grow from new or","page_number":27,"box":{"x":82,"y":303,"width":795,"height":11}},{"id":"a3dcbade-55d3-4883-a7da-716117c1b0d1","block_type":"box","text":"additional investments made in the Fund by other shareholders.","page_number":27,"box":{"x":81,"y":318,"width":468,"height":11}},{"id":"b01a8f37-39f0-4a45-8f80-ad66a92b45a9","block_type":"box","text":"Securities Lending Risk","page_number":27,"box":{"x":81,"y":338,"width":178,"height":11}},{"id":"e8e69dbb-b3c2-4ff4-9f6f-934c530e5956","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":27,"box":{"x":263,"y":338,"width":661,"height":11}},{"id":"f87d3bc2-9d3b-4107-96f8-e576778292fc","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":27,"box":{"x":82,"y":352,"width":852,"height":12}},{"id":"cfbfb46d-a7b9-4f87-97b4-a98353e77a8f","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":27,"box":{"x":81,"y":367,"width":811,"height":12}},{"id":"84526caf-5df1-4323-bd78-89760891d1d2","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":27,"box":{"x":81,"y":382,"width":829,"height":12}},{"id":"c760b5f4-065c-41b8-b76e-2ceb4406e1e4","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":27,"box":{"x":81,"y":397,"width":292,"height":11}},{"id":"fa31686e-fa36-4f9d-b348-43fa3fb8f27d","block_type":"box","text":"Short Sales and Short Position Risk","page_number":27,"box":{"x":81,"y":417,"width":271,"height":9}},{"id":"f1f468cf-f8cd-4a79-bd5c-20734846a373","block_type":"box","text":"—","page_number":27,"box":{"x":357,"y":422,"width":17,"height":1}},{"id":"ba485d84-d7cf-42c4-8049-bdf5179ce5c8","block_type":"box","text":"Because making short sales or taking short positions in securities that it","page_number":27,"box":{"x":379,"y":417,"width":537,"height":11}},{"id":"3479a62e-b9b2-4b39-9637-b93188b496f4","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":27,"box":{"x":81,"y":432,"width":828,"height":11}},{"id":"5acc6101-2f25-414d-9f8f-78eb25a96f69","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":27,"box":{"x":82,"y":447,"width":853,"height":11}},{"id":"c0ce9d55-5327-49a5-b5f8-7d2a01a5ffd7","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":27,"box":{"x":82,"y":461,"width":829,"height":12}},{"id":"8b85e34d-91af-446f-80b3-8df2fee7d666","block_type":"box","text":"may engage in short sales and gain short exposure through certain derivative instruments, such as futures, options","page_number":27,"box":{"x":82,"y":476,"width":852,"height":12}},{"id":"d2c863b4-c9ff-475c-9bfe-9f723662b637","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":27,"box":{"x":81,"y":491,"width":840,"height":11}},{"id":"bfacac2e-024b-4b7e-bfa4-df9ce48e37b2","block_type":"box","text":"are theoretically unlimited on a short sale or position.","page_number":27,"box":{"x":81,"y":506,"width":394,"height":11}},{"id":"0539e01f-f114-4c09-9f3a-f9c7a3e3b0e0","block_type":"box","text":"U.S. Government Obligations Risk","page_number":27,"box":{"x":82,"y":526,"width":254,"height":11}},{"id":"962817da-4fe4-4135-8d5b-9b70f900330a","block_type":"box","text":"— Not all U.S. Government securities are backed by the full faith and credit of","page_number":27,"box":{"x":340,"y":526,"width":576,"height":11}},{"id":"eee35e20-0f9a-4b71-ab7c-7a1a0e929bb4","block_type":"box","text":"the United States. Obligations of certain agencies, authorities, instrumentalities and sponsored enterprises of the","page_number":27,"box":{"x":80,"y":541,"width":840,"height":11}},{"id":"3143e708-8ab0-46a3-9199-17f1a9875418","block_type":"box","text":"U.S. Government are backed by the full faith and credit of the United States (","page_number":27,"box":{"x":82,"y":555,"width":565,"height":12}},{"id":"ee9aef73-3580-46d6-9273-02bde7bfef7f","block_type":"box","text":"e.g","page_number":27,"box":{"x":649,"y":557,"width":23,"height":10}},{"id":"8906f1b6-f0df-4738-8ae8-8c115d31f69f","block_type":"box","text":"., the Government National","page_number":27,"box":{"x":672,"y":556,"width":196,"height":10}},{"id":"4671bb8e-39d1-4920-80aa-d90a50eef22a","block_type":"box","text":"Mortgage Association); other obligations are backed by the right of the issuer to borrow from the U.S. Treasury","page_number":27,"box":{"x":82,"y":570,"width":814,"height":12}},{"id":"cd62fd45-403a-44fd-a54f-4c006e8ca86e","block_type":"box","text":"(","page_number":27,"box":{"x":81,"y":585,"width":4,"height":11}},{"id":"c414240b-0f79-4c69-9fb8-994f0a40ba09","block_type":"box","text":"e.g","page_number":27,"box":{"x":86,"y":587,"width":24,"height":10}},{"id":"1dda1582-553d-4817-941a-6d84591cf8eb","block_type":"box","text":"., the Federal Home Loan Banks) and others are supported by the discretionary authority of the U.S.","page_number":27,"box":{"x":110,"y":585,"width":734,"height":12}},{"id":"ba5294a1-7115-4bfc-b3f0-cce1c2c2ad0b","block_type":"box","text":"Government to purchase an agency’s obligations. Still others are backed only by the credit of the agency, authority,","page_number":27,"box":{"x":81,"y":600,"width":843,"height":12}},{"id":"a478b049-faa8-4f59-bcd8-5bc7874b910e","block_type":"box","text":"instrumentality or sponsored enterprise issuing the obligation. No assurance can be given that the U.S. Government","page_number":27,"box":{"x":82,"y":615,"width":852,"height":11}},{"id":"42a25af3-9915-4ba0-8d5b-d8e67cd33d9d","block_type":"box","text":"would provide financial support to any of these entities if it is not obligated to do so by law. In addition,","page_number":27,"box":{"x":80,"y":630,"width":758,"height":11}},{"id":"97f37c0b-0bf0-4537-9be9-6897afce654a","block_type":"box","text":"circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government","page_number":27,"box":{"x":81,"y":644,"width":794,"height":12}},{"id":"c4dcf72b-4dc1-401f-8046-a15f65356c5f","block_type":"box","text":"obligations, such as reaching the legislative “debt ceiling.” Such non-payment could result in losses to the Fund and","page_number":27,"box":{"x":81,"y":659,"width":854,"height":12}},{"id":"53f79d14-4d3e-43fb-a1dc-12be66b21aba","block_type":"box","text":"substantial negative consequences for the U.S. economy and the global financial system.","page_number":27,"box":{"x":81,"y":674,"width":656,"height":12}},{"id":"9acb456c-8867-4687-a042-240d693e8349","block_type":"box","text":"Valuation Risk","page_number":27,"box":{"x":83,"y":694,"width":107,"height":9}},{"id":"8413bc2b-6332-4c9b-b84a-f4d91071e4c3","block_type":"box","text":"—","page_number":27,"box":{"x":194,"y":699,"width":17,"height":1}},{"id":"45a25b13-e7e3-4326-9be7-f8c7f85cdc9b","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":27,"box":{"x":215,"y":694,"width":700,"height":12}},{"id":"35872865-19ca-43a7-b901-e8accc62ca6e","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":27,"box":{"x":81,"y":709,"width":835,"height":11}},{"id":"be72a417-2729-4cec-a7f1-d2ee5e869f19","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":27,"box":{"x":81,"y":724,"width":848,"height":11}},{"id":"49fc0389-f93e-4204-b4ee-5bc170cb6359","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":27,"box":{"x":82,"y":739,"width":845,"height":11}},{"id":"6e12a44d-1eb9-4c46-a5f9-925a49ae4a76","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":27,"box":{"x":82,"y":753,"width":840,"height":12}},{"id":"3f058544-b772-4917-a3c1-2e772d4f2004","block_type":"box","text":"that value fixed-income securities generally utilize a range of market-based and security-specific inputs and","page_number":27,"box":{"x":80,"y":768,"width":783,"height":12}},{"id":"c93d0379-786d-465c-b6db-25e4e21a4dae","block_type":"box","text":"assumptions, as well as considerations about general market conditions, to establish a price. Pricing services","page_number":27,"box":{"x":81,"y":783,"width":810,"height":12}},{"id":"de81c461-c37b-44aa-9d8e-01736e36ef79","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund","page_number":27,"box":{"x":81,"y":798,"width":847,"height":11}},{"id":"caf29c5a-82e5-43f2-83e6-6c38395c15db","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":27,"box":{"x":82,"y":813,"width":848,"height":11}},{"id":"531e2f88-89e7-4c5c-b2b0-29d6c3af03ae","block_type":"box","text":"trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold","page_number":27,"box":{"x":80,"y":828,"width":819,"height":11}},{"id":"f79db740-b54a-43ab-834a-c5eccb2a620b","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":27,"box":{"x":81,"y":842,"width":837,"height":12}},{"id":"b6a324bb-082d-45d4-9f71-e28bf8417178","block_type":"box","text":"technological issues and/or errors by pricing services or other third-party service providers.","page_number":27,"box":{"x":80,"y":857,"width":672,"height":12}},{"id":"7f219c18-6d37-441d-80f5-db869560c411","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":27,"box":{"x":83,"y":877,"width":584,"height":12}},{"id":"ce317122-5ba1-4b77-923b-2a3e7bc14f53","block_type":"box","text":"— When-issued and delayed","page_number":27,"box":{"x":671,"y":877,"width":208,"height":12}},{"id":"8fd249a8-e57a-4510-b106-96d4361e31ba","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":27,"box":{"x":81,"y":892,"width":843,"height":11}},{"id":"13bee716-e2b6-4343-adbf-6702861ce5e5","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":27,"box":{"x":82,"y":907,"width":830,"height":11}},{"id":"ea697005-83f3-497e-be1a-64dbb386cf12","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"a2d5d9a1-e22c-4d27-bcba-87c27ec8e527","block_type":"box","text":"NM1026U-5981116-27/48","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b78b066f-c05e-45f7-90be-dd24daeede51","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":28,"box":{"x":82,"y":46,"width":849,"height":11}},{"id":"045dd382-006f-4c6c-b7a8-2bc7a25d5fe2","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":28,"box":{"x":80,"y":60,"width":425,"height":12}},{"id":"54c6dfd1-cd68-4f95-936b-1a12c9543b8e","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"e1d5cbf1-c6fe-46eb-be72-6b86b7a9db18","block_type":"box","text":"NM1026U-5981116-28/48","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"dd755f11-8bd1-40d9-a87d-449d3275662c","block_type":"box","text":"Account Information","page_number":29,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"a6c5ee01-3068-4b43-a43c-311bcd093996","block_type":"box","text":"Details About the Share Class","page_number":29,"box":{"x":61,"y":156,"width":272,"height":11}},{"id":"1cd20943-5cba-4754-8a5a-cd5d31e873b2","block_type":"box","text":"The Fund currently offers multiple share classes (Class K Shares in this prospectus), each with its own sales charge","page_number":29,"box":{"x":60,"y":182,"width":858,"height":12}},{"id":"dddf76e8-b62e-4310-97e7-de27db2b2d0e","block_type":"box","text":"and expense structure, allowing you to invest in the way that best suits your needs. Each share class represents an","page_number":29,"box":{"x":61,"y":197,"width":851,"height":12}},{"id":"7c290dce-8ed2-4b2e-898a-c06c4ca330b6","block_type":"box","text":"ownership interest in the same investment portfolio of the Fund. When you choose your class of shares, you should","page_number":29,"box":{"x":61,"y":212,"width":850,"height":11}},{"id":"372b05a1-7b3d-46dc-b892-4504f13d6b35","block_type":"box","text":"consider the size of your investment and how long you plan to hold your shares. Only certain investors are eligible to","page_number":29,"box":{"x":61,"y":227,"width":854,"height":11}},{"id":"07f249a0-8747-435e-b349-09413754453b","block_type":"box","text":"buy Class K Shares. Either your financial professional or your selected securities dealer, broker, investment adviser,","page_number":29,"box":{"x":61,"y":242,"width":850,"height":11}},{"id":"21a25dcd-8310-4ceb-a19f-569585a80a02","block_type":"box","text":"service provider or industry professional (including BlackRock and its affiliates) (each a “Financial Intermediary”) can","page_number":29,"box":{"x":61,"y":256,"width":859,"height":12}},{"id":"2844dc57-2964-4b08-a898-be77ffcd34ed","block_type":"box","text":"help you determine whether you are eligible to buy Class K Shares.","page_number":29,"box":{"x":61,"y":271,"width":491,"height":12}},{"id":"1504047f-7470-404b-95b7-0c93c2292b79","block_type":"box","text":"The Fund’s shares are distributed by BlackRock Investments, LLC (the “Distributor”), an affiliate of BlackRock.","page_number":29,"box":{"x":60,"y":294,"width":811,"height":11}},{"id":"ab8f4ad1-0add-4703-a23a-1a9471e93db4","block_type":"box","text":"The table below summarizes key features of Class K Shares of the Fund.","page_number":29,"box":{"x":60,"y":316,"width":534,"height":12}},{"id":"8864fe9e-7e22-4f80-b94c-7ce11cde6f1a","block_type":"box","text":"Class K Shares at a Glance","page_number":29,"box":{"x":386,"y":339,"width":225,"height":10}},{"id":"6789b5f9-bfba-42c9-9a31-17890fc888c9","block_type":"box","text":"Availability","page_number":29,"box":{"x":60,"y":378,"width":73,"height":10}},{"id":"fe96fded-053d-47ed-8405-2ec8d862d7b7","block_type":"box","text":"Available only to (i) certain employee benefit plans, such as health savings accounts,","page_number":29,"box":{"x":348,"y":378,"width":562,"height":10}},{"id":"6ab2e559-9a4f-4a9e-84dd-b8862a6ccdf8","block_type":"box","text":"and certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs","page_number":29,"box":{"x":348,"y":392,"width":577,"height":10}},{"id":"33761a42-dff3-433b-ba44-63cfa8737a6d","block_type":"box","text":"and SARSEPs) (collectively, “Employer-Sponsored Retirement Plans”), (ii) collective trust","page_number":29,"box":{"x":348,"y":405,"width":581,"height":10}},{"id":"92dce0e0-dda8-436b-ac41-ec84c649d8dc","block_type":"box","text":"funds, investment companies and other pooled investment vehicles, each of which may","page_number":29,"box":{"x":348,"y":418,"width":578,"height":11}},{"id":"369d0465-3b4d-4616-8ba8-435afabc623b","block_type":"box","text":"purchase shares of the Fund through a Financial Intermediary that has entered into an","page_number":29,"box":{"x":349,"y":432,"width":570,"height":10}},{"id":"094aaa43-ebee-4c8c-b02b-53c9c994bc15","block_type":"box","text":"agreement with the Distributor to purchase such shares, (iii) “Institutional Investors,”","page_number":29,"box":{"x":348,"y":446,"width":563,"height":10}},{"id":"c1d0ffc0-a2af-4a4c-bd60-e6fc5ea14e24","block_type":"box","text":"which include, but are not limited to, endowments, foundations, family offices, banks","page_number":29,"box":{"x":348,"y":459,"width":563,"height":10}},{"id":"c283ef47-73aa-4c5e-9bbc-3b8f317a5c3b","block_type":"box","text":"and bank trusts, local, city, and state governmental institutions, corporations and","page_number":29,"box":{"x":348,"y":473,"width":537,"height":10}},{"id":"6172cce1-b588-4174-8986-c3f3dae17099","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund","page_number":29,"box":{"x":349,"y":486,"width":578,"height":10}},{"id":"e2c171f1-a625-41a2-bc99-ceaa0f33483c","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Distributor","page_number":29,"box":{"x":348,"y":500,"width":583,"height":10}},{"id":"29528421-fb1b-46fc-a353-8f032db7bdcd","block_type":"box","text":"to purchase such shares, (iv) clients of private banks that purchase shares of the Fund","page_number":29,"box":{"x":348,"y":513,"width":575,"height":10}},{"id":"994f84c3-df03-4415-abc7-4d45493fdad3","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Distributor","page_number":29,"box":{"x":348,"y":527,"width":583,"height":10}},{"id":"9af88fc6-4989-43cb-ad1d-f9629841c0aa","block_type":"box","text":"to sell such shares; (v) fee-based advisory platforms of a Financial Intermediary that","page_number":29,"box":{"x":348,"y":540,"width":558,"height":11}},{"id":"e78de65b-bc95-40bb-ae23-a5300974b816","block_type":"box","text":"(a) has specifically acknowledged in a written agreement with the Distributor and/or its","page_number":29,"box":{"x":348,"y":554,"width":573,"height":10}},{"id":"c52ab72c-6fac-4b96-83d2-1e346547250c","block_type":"box","text":"affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory","page_number":29,"box":{"x":348,"y":567,"width":578,"height":11}},{"id":"e92495a5-668c-4df5-bdc0-43c277432670","block_type":"box","text":"clients through an omnibus account held at the Fund or (b) transacts in the Fund’s","page_number":29,"box":{"x":348,"y":581,"width":544,"height":10}},{"id":"0500653a-4e72-44bc-9c8b-7be8c2e6b123","block_type":"box","text":"shares through another intermediary that has executed such an agreement and (vi) any","page_number":29,"box":{"x":348,"y":595,"width":578,"height":10}},{"id":"c66a5c8d-fc85-401e-a946-3417b7c18670","block_type":"box","text":"other investors who met the eligibility criteria for BlackRock Shares or Class K Shares","page_number":29,"box":{"x":348,"y":608,"width":566,"height":10}},{"id":"b7dad712-11db-48fb-992e-be21d238fdcd","block_type":"box","text":"prior to August 15, 2016 and have continually held Class K Shares of the Fund in the","page_number":29,"box":{"x":349,"y":621,"width":563,"height":11}},{"id":"a0d5bbce-b823-433d-a5df-04f5b1cb0b94","block_type":"box","text":"same account since August 15, 2016.","page_number":29,"box":{"x":348,"y":635,"width":253,"height":10}},{"id":"6932cfac-ed94-4a8d-9b7d-4b0b6bf6ce11","block_type":"box","text":"Minimum Investment","page_number":29,"box":{"x":61,"y":667,"width":142,"height":8}},{"id":"a2c2a13d-fc57-448a-96c9-596a13e0b009","block_type":"box","text":"$5 million minimum initial investment for Institutional Investors.","page_number":29,"box":{"x":348,"y":666,"width":421,"height":10}},{"id":"bbd0ceb8-89cd-42cf-96f7-531fb024d07e","block_type":"box","text":"There is no minimum initial investment requirement for any Employer-Sponsored","page_number":29,"box":{"x":348,"y":685,"width":528,"height":11}},{"id":"a3b0336c-1f94-49e8-a5bb-ec35f22bbe5e","block_type":"box","text":"Retirement Plans or any other eligible investors other than Institutional Investors.","page_number":29,"box":{"x":349,"y":699,"width":535,"height":10}},{"id":"b001eb6c-3aef-4bc5-893c-229be2c9a6cf","block_type":"box","text":"There is no minimum investment amount for additional purchases.","page_number":29,"box":{"x":348,"y":718,"width":439,"height":10}},{"id":"a95c8f23-861b-4b5a-a24c-fa60b26e4fe5","block_type":"box","text":"Initial Sales Charge?","page_number":29,"box":{"x":61,"y":736,"width":140,"height":10}},{"id":"0c188aaa-e779-4db0-a1cc-b72727698ff5","block_type":"box","text":"No. Entire purchase price is invested in shares of the Fund.","page_number":29,"box":{"x":349,"y":736,"width":391,"height":10}},{"id":"df434731-ab89-420b-9ad7-f3692bd2cee8","block_type":"box","text":"Deferred Sales Charge?","page_number":29,"box":{"x":61,"y":754,"width":159,"height":10}},{"id":"8a84b66f-f080-4aaf-810b-2406564df557","block_type":"box","text":"No.","page_number":29,"box":{"x":349,"y":754,"width":20,"height":8}},{"id":"77affa71-4dc9-4961-8fab-41b00a9c009b","block_type":"box","text":"Distribution and Service (12b-1) Fees?","page_number":29,"box":{"x":61,"y":772,"width":261,"height":10}},{"id":"81e6d71d-6523-4ffb-81e4-b47227c373fc","block_type":"box","text":"No.","page_number":29,"box":{"x":349,"y":772,"width":20,"height":8}},{"id":"a319c26a-cb51-49f7-b37d-554fa319c8a3","block_type":"box","text":"Redemption Fees?","page_number":29,"box":{"x":61,"y":790,"width":125,"height":10}},{"id":"b79eabcd-f432-4ddd-b6ec-69bd342b49e0","block_type":"box","text":"No.","page_number":29,"box":{"x":349,"y":790,"width":20,"height":8}},{"id":"2107c423-d212-475e-942d-b79f2add1966","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":29,"box":{"x":60,"y":822,"width":620,"height":11}},{"id":"86c98708-93cb-4033-ae69-b186c5e3e6b4","block_type":"box","text":"When Class K Shares are purchased through a customer’s account in an Employer-Sponsored Retirement Plan through","page_number":29,"box":{"x":60,"y":844,"width":874,"height":12}},{"id":"972ed4fc-2d74-4e00-ac58-4c734a0552e4","block_type":"box","text":"procedures established by the Employer-Sponsored Retirement Plan, confirmation of share purchases and","page_number":29,"box":{"x":62,"y":859,"width":778,"height":12}},{"id":"77625f72-4b3d-4e32-a54a-a3fa6f9b08be","block_type":"box","text":"redemptions will be sent to the Employer-Sponsored Retirement Plan. A customer’s ownership of shares will be","page_number":29,"box":{"x":61,"y":874,"width":817,"height":11}},{"id":"4e98c70e-bcc4-45b4-923e-96c731da8e14","block_type":"box","text":"recorded by the Employer-Sponsored Retirement Plan and reflected in the account statements provided by the","page_number":29,"box":{"x":61,"y":889,"width":807,"height":11}},{"id":"32777acc-c08a-4758-84a0-182b29098838","block_type":"box","text":"Employer-Sponsored Retirement Plan to its participants.","page_number":29,"box":{"x":62,"y":904,"width":410,"height":11}},{"id":"1acb58f3-fa7a-446f-981a-791b0a2bd8a3","block_type":"box","text":"29","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"f517e2e1-26a0-49b0-9b48-feb3220f81ef","block_type":"box","text":"NM1026U-5981116-29/48","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ce1b1c74-616a-4e28-a943-f73234c17c3b","block_type":"box","text":"If you purchased your shares through an Employer-Sponsored Retirement Plan and you transfer your investment from","page_number":30,"box":{"x":62,"y":46,"width":856,"height":11}},{"id":"1fed282a-f3fb-4733-b955-7a124e0c497d","block_type":"box","text":"an Employer-Sponsored Retirement Plan to a type of account, such as an individual retirement account, that is not an","page_number":30,"box":{"x":61,"y":60,"width":862,"height":12}},{"id":"97fe92e8-d626-4185-a296-3af34fbdc0c7","block_type":"box","text":"eligible Class K Share investor in the Fund, you must liquidate your investment in Class K Shares of the Fund and","page_number":30,"box":{"x":61,"y":75,"width":833,"height":12}},{"id":"e6c9843c-5dee-4dfa-973d-4308f3a0289c","block_type":"box","text":"purchase a share class of the Fund or another fund advised by BlackRock or its affiliates that is available for purchase","page_number":30,"box":{"x":62,"y":90,"width":871,"height":12}},{"id":"297b1daf-d561-4cdb-b4c9-33d2c21853cb","block_type":"box","text":"by that type of account.","page_number":30,"box":{"x":61,"y":105,"width":170,"height":11}},{"id":"c30f60f5-24d4-4347-ab27-827e46c64195","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored Retirement Plan, please see below for information","page_number":30,"box":{"x":62,"y":127,"width":873,"height":12}},{"id":"4b6a762d-db15-4cd9-b7d2-09c884bca596","block_type":"box","text":"on how to buy, sell, exchange and transfer shares.","page_number":30,"box":{"x":61,"y":142,"width":369,"height":12}},{"id":"5cb3fb8b-561b-4b55-93c0-3c5d820b98d3","block_type":"box","text":"Right of Accumulation","page_number":30,"box":{"x":61,"y":165,"width":183,"height":13}},{"id":"65c294cd-06b7-4dbc-acbc-777d9ff0bca9","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be combined with the amount of the","page_number":30,"box":{"x":62,"y":182,"width":839,"height":11}},{"id":"b19f8659-ffef-45e6-b906-afdc9eca21cb","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":30,"box":{"x":61,"y":196,"width":856,"height":12}},{"id":"a54ea406-9bd6-486f-96f7-8ebc3472868a","block_type":"box","text":"i. The current value of an investor’s existing Investor A and A1, Investor C, Investor P, Institutional, Class K and","page_number":30,"box":{"x":82,"y":219,"width":821,"height":12}},{"id":"e3bf66cb-bd90-410d-9a94-1fc611d40d6f","block_type":"box","text":"Premier Shares in most mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”),","page_number":30,"box":{"x":102,"y":234,"width":823,"height":11}},{"id":"998ec564-f282-46f7-935e-c806e8f82df0","block_type":"box","text":"ii. The current value of an investor’s existing shares of certain unlisted closed-end management investment","page_number":30,"box":{"x":82,"y":256,"width":792,"height":12}},{"id":"f4341901-48c1-448b-aff8-48ca131febdb","block_type":"box","text":"companies sponsored and advised by BlackRock or its affiliates and","page_number":30,"box":{"x":101,"y":271,"width":501,"height":12}},{"id":"ad1fd1bf-53ff-4eb7-b944-1f6d9d9c44df","block_type":"box","text":"iii. The investment in the BlackRock CollegeAdvantage 529 Program by the investor or by or on behalf of the","page_number":30,"box":{"x":82,"y":294,"width":788,"height":11}},{"id":"6913238d-3057-47b1-aefa-d99d2c7347c0","block_type":"box","text":"investor’s spouse and children.","page_number":30,"box":{"x":102,"y":309,"width":228,"height":11}},{"id":"808ac4f1-626e-4eec-bccd-e6d8e34244a8","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":30,"box":{"x":62,"y":331,"width":866,"height":12}},{"id":"a253dbdf-8442-4e12-818b-6ac7f460037e","block_type":"box","text":"an investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same Financial","page_number":30,"box":{"x":61,"y":346,"width":866,"height":12}},{"id":"67e65bd8-e00c-4728-af1f-d2f74f2b1d64","block_type":"box","text":"Intermediary will be treated similarly. In order to use this right, the investor must alert BlackRock to the existence of","page_number":30,"box":{"x":62,"y":361,"width":854,"height":11}},{"id":"88fa138a-1885-49ac-967e-f0e9882ad311","block_type":"box","text":"any previously purchased shares.","page_number":30,"box":{"x":61,"y":376,"width":243,"height":11}},{"id":"b2df7b49-e762-4817-b7bc-a1c2dc90dd05","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":30,"box":{"x":61,"y":415,"width":434,"height":13}},{"id":"66c61d25-c35b-4205-82ed-acb8d2647c45","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":30,"box":{"x":60,"y":441,"width":846,"height":11}},{"id":"7adbe1b8-1f7f-4a2b-8c43-45a7036a61db","block_type":"box","text":"Intermediary. If you are not purchasing shares through an Employer-Sponsored Retirement Plan, you may also buy, sell,","page_number":30,"box":{"x":62,"y":456,"width":874,"height":11}},{"id":"0c210d3d-cd12-40d2-abd6-90a8e2825c4f","block_type":"box","text":"exchange and transfer shares through BlackRock if your account is held directly with BlackRock. To learn more about","page_number":30,"box":{"x":61,"y":470,"width":857,"height":12}},{"id":"712b3504-6ced-4765-b248-ccf48e784381","block_type":"box","text":"buying, selling, exchanging or transferring shares through BlackRock, call (800) 537-4942. Because the selection of a","page_number":30,"box":{"x":61,"y":485,"width":867,"height":12}},{"id":"80abaefb-6fff-4dec-8d50-37bbce1edca3","block_type":"box","text":"mutual fund involves many considerations, your Financial Intermediary may help you with this decision.","page_number":30,"box":{"x":61,"y":500,"width":754,"height":11}},{"id":"676de39b-2797-4866-b9d0-66f0c79b7fc3","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":30,"box":{"x":60,"y":523,"width":867,"height":11}},{"id":"ef24c11f-44b0-41a8-a486-693d47bd67a9","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":30,"box":{"x":61,"y":537,"width":858,"height":12}},{"id":"8b1f7e78-a6df-44dd-8d85-cc9d3276cb33","block_type":"box","text":"investments (including by way of exchange from another BlackRock Fund) into existing accounts, the Fund generally","page_number":30,"box":{"x":62,"y":552,"width":845,"height":12}},{"id":"3e407143-65e0-4c4b-9a0d-4d499056ac94","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":30,"box":{"x":61,"y":567,"width":860,"height":12}},{"id":"e3e3870a-db41-4d5e-8b93-530a07106b01","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":30,"box":{"x":60,"y":582,"width":868,"height":11}},{"id":"62ec72b2-66f9-4439-bd5d-369cee923ccf","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":30,"box":{"x":61,"y":597,"width":863,"height":11}},{"id":"1ecca9bb-2ecb-40f5-af9d-49373d023be2","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":30,"box":{"x":61,"y":612,"width":787,"height":11}},{"id":"1fd543fe-6935-402c-bcea-4f937f43366e","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":30,"box":{"x":62,"y":626,"width":857,"height":12}},{"id":"fdb6071a-6182-4562-8018-b1b275034476","block_type":"box","text":"restricted from making additional investments.","page_number":30,"box":{"x":61,"y":641,"width":341,"height":12}},{"id":"c9f40191-31e3-4b4b-b1cb-f2fa37b12afd","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":30,"box":{"x":60,"y":664,"width":861,"height":11}},{"id":"f55953c8-a310-4be7-8a3f-16c10e780006","block_type":"box","text":"for any shareholders and suspend and resume the sale of any share class of the Fund at any time for any reason. 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Purchase","page_number":31,"box":{"x":461,"y":135,"width":469,"height":10}},{"id":"0179f69f-4d7b-4c51-927d-d6ea206cfaf7","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":31,"box":{"x":461,"y":148,"width":429,"height":11}},{"id":"10b49dd3-c338-4bb4-8723-e024293d5b10","block_type":"box","text":"determined on the next business day. A broker-dealer or financial","page_number":31,"box":{"x":461,"y":162,"width":428,"height":10}},{"id":"3f2ca8b2-10ac-41c6-988d-2cbf4fca3479","block_type":"box","text":"institution maintaining the account in which you hold shares may","page_number":31,"box":{"x":461,"y":176,"width":427,"height":10}},{"id":"77a55ea3-33f1-4334-b894-c8e20928d876","block_type":"box","text":"charge a separate account, service or transaction fee on the purchase","page_number":31,"box":{"x":461,"y":189,"width":466,"height":10}},{"id":"d1b34025-e8d3-4595-b9ba-afbd37e67d6b","block_type":"box","text":"or sale of Fund shares that would be in addition to the fees and","page_number":31,"box":{"x":461,"y":203,"width":420,"height":8}},{"id":"f79ef823-fc75-4162-b425-30ec276d0191","block_type":"box","text":"expenses shown in the Fund’s “Fees and Expenses” table.","page_number":31,"box":{"x":461,"y":216,"width":387,"height":10}},{"id":"9aa8e5cc-9c18-4385-a8c2-2fbd71e6121e","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":31,"box":{"x":460,"y":232,"width":473,"height":10}},{"id":"ea220f62-33d8-4e85-acdf-cbe5b6ff2714","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":31,"box":{"x":461,"y":246,"width":453,"height":10}},{"id":"2f9617c8-6b84-454b-8736-9ae200d4412e","block_type":"box","text":"processing fee to confirm a purchase.","page_number":31,"box":{"x":461,"y":259,"width":249,"height":11}},{"id":"02d8f07b-428a-4547-8d53-a9be18810f66","block_type":"box","text":"Or contact BlackRock (for","page_number":31,"box":{"x":214,"y":277,"width":167,"height":10}},{"id":"39e0fbaf-0bd7-446c-ba0c-3dde3e2d7526","block_type":"box","text":"accounts held directly with","page_number":31,"box":{"x":214,"y":291,"width":173,"height":10}},{"id":"5fa99c69-0d2f-4566-8333-930c098bdbb4","block_type":"box","text":"BlackRock)","page_number":31,"box":{"x":214,"y":305,"width":71,"height":10}},{"id":"3fa101b3-c975-4556-b162-33a65f770666","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored","page_number":31,"box":{"x":461,"y":277,"width":450,"height":11}},{"id":"efd3f806-a52f-4f30-a51a-775ea414435d","block_type":"box","text":"Retirement Plan, to purchase shares directly from BlackRock, call","page_number":31,"box":{"x":461,"y":291,"width":432,"height":10}},{"id":"1c22a36a-076e-4787-9f23-947a2bf7ba86","block_type":"box","text":"(800) 537-4942 and request a new account application.","page_number":31,"box":{"x":461,"y":305,"width":370,"height":10}},{"id":"c8b1ba30-30b6-4272-a46f-97454757caca","block_type":"box","text":"Add to Your","page_number":31,"box":{"x":60,"y":323,"width":78,"height":8}},{"id":"d3a0134d-338e-4340-affe-30f8be0109df","block_type":"box","text":"Investment","page_number":31,"box":{"x":61,"y":334,"width":75,"height":8}},{"id":"dc9acf40-4e84-4480-b663-11a92bcf4880","block_type":"box","text":"Purchase additional shares There is no minimum investment amount for additional purchases.","page_number":31,"box":{"x":214,"y":322,"width":685,"height":11}},{"id":"ce8495e3-b357-4ed9-8996-65ce7d3858ec","block_type":"box","text":"Have your Financial","page_number":31,"box":{"x":214,"y":352,"width":125,"height":10}},{"id":"85b18327-a2ca-49e2-a756-03b06e0ac4ed","block_type":"box","text":"Intermediary submit your","page_number":31,"box":{"x":214,"y":366,"width":164,"height":10}},{"id":"6870b086-76f1-44f2-a1c1-b34816fe4c02","block_type":"box","text":"purchase order for additional","page_number":31,"box":{"x":214,"y":379,"width":189,"height":10}},{"id":"96527c5a-9c21-4326-8fe6-78ddbbc3f4ac","block_type":"box","text":"shares","page_number":31,"box":{"x":214,"y":393,"width":44,"height":8}},{"id":"f5f9b23a-f1c9-4e9f-ad96-00e28a5d733b","block_type":"box","text":"To purchase additional shares, you may contact your Financial","page_number":31,"box":{"x":460,"y":352,"width":409,"height":10}},{"id":"a15fd2a6-0171-42c1-8d80-dfd906129f61","block_type":"box","text":"Intermediary or Employer-Sponsored Retirement Plan.","page_number":31,"box":{"x":461,"y":366,"width":353,"height":10}},{"id":"63159fbe-af1a-4ef0-89cf-25eb1990ecc8","block_type":"box","text":"Or contact BlackRock (for","page_number":31,"box":{"x":214,"y":411,"width":167,"height":10}},{"id":"95010c7c-f021-49b0-92c3-d485b25e1ce5","block_type":"box","text":"accounts held directly with","page_number":31,"box":{"x":214,"y":425,"width":173,"height":10}},{"id":"506fc092-90f2-43b8-a748-26ef11d88613","block_type":"box","text":"BlackRock)","page_number":31,"box":{"x":214,"y":438,"width":71,"height":10}},{"id":"8a1ea0ab-a4ee-4c16-8ce4-e79b22bb1a28","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored","page_number":31,"box":{"x":461,"y":411,"width":460,"height":10}},{"id":"ab9d2e18-e108-4352-8223-e76c22c88c10","block_type":"box","text":"Retirement Plan","page_number":31,"box":{"x":461,"y":424,"width":108,"height":9}},{"id":"ab831e59-7524-408c-82d9-399de7b5733b","block_type":"box","text":":","page_number":31,"box":{"x":572,"y":427,"width":1,"height":5}},{"id":"0efc74b4-37af-4a82-892a-ae25e4d358e2","block_type":"box","text":"Purchase by Telephone","page_number":31,"box":{"x":461,"y":441,"width":154,"height":10}},{"id":"b5e29193-cb0b-49d8-9350-555fe508bd17","block_type":"box","text":": Call the Fund at (800) 537-4942 and speak","page_number":31,"box":{"x":617,"y":441,"width":298,"height":10}},{"id":"863b50c2-abaf-47d7-b9b0-dd78a319ee20","block_type":"box","text":"with one of our representatives. The Fund has the right to reject any","page_number":31,"box":{"x":460,"y":454,"width":449,"height":10}},{"id":"07e9b144-4573-421b-87b3-b61bf41e36e0","block_type":"box","text":"telephone request for any reason.","page_number":31,"box":{"x":460,"y":467,"width":223,"height":11}},{"id":"57a96437-b9f6-454b-b612-697d0a53a96a","block_type":"box","text":"Purchase by Internet","page_number":31,"box":{"x":461,"y":484,"width":140,"height":10}},{"id":"21370cd6-2184-43cb-88aa-38b1a99a9fe5","block_type":"box","text":": You may purchase your shares, and view activity","page_number":31,"box":{"x":603,"y":484,"width":326,"height":10}},{"id":"dead0f81-5636-4d60-b8b3-f1267ab82a08","block_type":"box","text":"in your account, by logging onto the BlackRock website at","page_number":31,"box":{"x":461,"y":497,"width":379,"height":11}},{"id":"12d5ba16-26fd-43ee-bda9-16c36107b8ff","block_type":"box","text":"www.blackrock.com. Purchases made on the Internet using the","page_number":31,"box":{"x":460,"y":511,"width":416,"height":10}},{"id":"2c76746f-f160-4214-9739-3f42c78b0faa","block_type":"box","text":"Automated Clearing House (“ACH”) will have a trade date that is the","page_number":31,"box":{"x":460,"y":524,"width":450,"height":11}},{"id":"197fd12f-7471-4293-9a83-0300bd65c59c","block_type":"box","text":"day after the purchase is made. Certain institutional clients’ purchase","page_number":31,"box":{"x":461,"y":538,"width":463,"height":10}},{"id":"47ab1751-942f-41bb-ac59-dc5870a14e53","block_type":"box","text":"orders placed by wire prior to the close of business on the NYSE will be","page_number":31,"box":{"x":461,"y":551,"width":471,"height":11}},{"id":"69c35255-fd52-4099-a4bb-f21a0dacad30","block_type":"box","text":"priced at the net asset value determined that day. Contact your","page_number":31,"box":{"x":461,"y":565,"width":417,"height":10}},{"id":"5f99739a-dcdb-4aa2-8c79-2e62661ff405","block_type":"box","text":"Financial Intermediary or BlackRock for further information. Limits on","page_number":31,"box":{"x":461,"y":578,"width":456,"height":11}},{"id":"d4a40e7c-10e2-48da-831b-6e1a10f7b012","block_type":"box","text":"amounts that may be purchased via Internet may vary. For additional","page_number":31,"box":{"x":461,"y":592,"width":452,"height":10}},{"id":"38a4727e-44f2-4ef1-a620-609ae430a03e","block_type":"box","text":"information call BlackRock at (800) 537-4942.","page_number":31,"box":{"x":461,"y":605,"width":307,"height":11}},{"id":"b9a7db16-98fd-4e03-995f-6726e29acc42","block_type":"box","text":"Please read the On-Line Services Disclosure Statement and User","page_number":31,"box":{"x":461,"y":622,"width":430,"height":8}},{"id":"adde85ff-ba44-4588-8a71-977a44a7cb87","block_type":"box","text":"Agreement, the Terms and Conditions page and the Consent to","page_number":31,"box":{"x":460,"y":635,"width":417,"height":10}},{"id":"8e296d30-09f5-41ca-aab8-75b257e886aa","block_type":"box","text":"Electronic Delivery Agreement (if you consent to electronic delivery),","page_number":31,"box":{"x":461,"y":649,"width":448,"height":10}},{"id":"c48172a7-6ab8-4219-b54b-f21a6c629ef8","block_type":"box","text":"before attempting to transact online.","page_number":31,"box":{"x":461,"y":662,"width":240,"height":11}},{"id":"fb0ed327-6841-45b5-a80b-de253db0b8c6","block_type":"box","text":"The Fund employs reasonable procedures to confirm that transactions","page_number":31,"box":{"x":460,"y":678,"width":464,"height":11}},{"id":"07392d29-c98b-45da-ae72-8c2e4e73bc51","block_type":"box","text":"entered over the Internet are genuine. By entering into the User","page_number":31,"box":{"x":461,"y":692,"width":419,"height":10}},{"id":"9be0c23c-9c35-4ce6-9b39-1ff9c4cde578","block_type":"box","text":"Agreement with the Fund in order to open an account through the","page_number":31,"box":{"x":460,"y":706,"width":431,"height":10}},{"id":"cd7f80e2-3b24-4df8-8476-2c2d8e6a66eb","block_type":"box","text":"website, the shareholder waives any right to reclaim any losses from","page_number":31,"box":{"x":460,"y":719,"width":453,"height":10}},{"id":"74ceb8e9-be01-4def-b343-5d2f5f770f5f","block_type":"box","text":"the Fund or any of its affiliates incurred through fraudulent activity.","page_number":31,"box":{"x":460,"y":732,"width":440,"height":11}},{"id":"b8c004ad-61d3-42b6-911c-1e18700dcf48","block_type":"box","text":"Acquire additional shares by","page_number":31,"box":{"x":213,"y":751,"width":187,"height":10}},{"id":"28a6efb8-7bad-4a5b-a909-5c352306144a","block_type":"box","text":"reinvesting dividends and capital","page_number":31,"box":{"x":214,"y":764,"width":214,"height":10}},{"id":"3943cd1a-688a-40df-baf7-b36001e149fb","block_type":"box","text":"gains","page_number":31,"box":{"x":213,"y":778,"width":35,"height":10}},{"id":"d05184d6-2b2f-431d-9cbd-cdf57d94a8c8","block_type":"box","text":"All dividends and capital gains distributions are automatically","page_number":31,"box":{"x":460,"y":751,"width":405,"height":10}},{"id":"f35d2c8a-8a93-4958-a314-5e4b6dbca2fc","block_type":"box","text":"reinvested in shares of the Fund at net asset value. To make any","page_number":31,"box":{"x":461,"y":764,"width":429,"height":10}},{"id":"c424ad99-71fb-42db-a3db-8463f1f9369c","block_type":"box","text":"changes to your dividend and/or capital gains distributions options,","page_number":31,"box":{"x":461,"y":778,"width":445,"height":10}},{"id":"70fefb42-25cf-4232-abdb-e5c90741611f","block_type":"box","text":"please call BlackRock at (800) 537-4942 (for investors who are not","page_number":31,"box":{"x":461,"y":791,"width":447,"height":10}},{"id":"6d1a9fc8-30d9-4abf-880f-6bcdecfa6124","block_type":"box","text":"purchasing shares through an Employer-Sponsored Retirement Plan) or","page_number":31,"box":{"x":461,"y":805,"width":468,"height":10}},{"id":"c62915ca-1251-4a2c-81c0-31b2609235f3","block_type":"box","text":"contact your Financial Intermediary.","page_number":31,"box":{"x":461,"y":818,"width":233,"height":10}},{"id":"f60a6813-a97a-41ca-8917-9f63912044a6","block_type":"box","text":"31","page_number":31,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"f468d00e-e180-4425-9dec-3347bccb2196","block_type":"box","text":"NM1026U-5981116-31/48","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3955249b-613f-4553-b4a8-e4cd57ea2e1b","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":32,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"40c90eee-92ea-4db4-bfdd-dede0e260235","block_type":"box","text":"How to Pay for","page_number":32,"box":{"x":61,"y":67,"width":99,"height":10}},{"id":"24802846-111a-4686-8054-003ccdec3a05","block_type":"box","text":"Shares","page_number":32,"box":{"x":60,"y":79,"width":46,"height":8}},{"id":"f6761b81-c9c4-4e96-be8a-874a7634f5dc","block_type":"box","text":"Making payment for purchases If you are purchasing shares through an Employer-Sponsored","page_number":32,"box":{"x":214,"y":67,"width":648,"height":11}},{"id":"136384b9-7ffb-476a-94da-f644c238c2bb","block_type":"box","text":"Retirement Plan, payment for an order must be made in Federal funds","page_number":32,"box":{"x":461,"y":81,"width":462,"height":10}},{"id":"392ae470-6fdb-43e9-90d1-7464a3b7645e","block_type":"box","text":"or other immediately available funds by the time specified by your","page_number":32,"box":{"x":461,"y":94,"width":433,"height":11}},{"id":"052fb450-8461-4864-a324-41a320d07dcc","block_type":"box","text":"Financial Intermediary, but in no event later than 4:00 p.m. (Eastern","page_number":32,"box":{"x":461,"y":108,"width":449,"height":10}},{"id":"6c2c7cde-9f81-4c39-905a-df3427373a12","block_type":"box","text":"time) on the first business day following the receipt of the order. If","page_number":32,"box":{"x":460,"y":121,"width":439,"height":11}},{"id":"43b14a56-4672-49fe-9427-2630788b8957","block_type":"box","text":"payment is not received by this time, the order will be canceled and","page_number":32,"box":{"x":461,"y":135,"width":445,"height":10}},{"id":"5570c18b-5cbd-4f6a-b188-a76387eaf287","block_type":"box","text":"you and your Financial Intermediary will be responsible for any loss to","page_number":32,"box":{"x":460,"y":148,"width":460,"height":11}},{"id":"6e38fe10-d920-4646-9d53-885813acb93c","block_type":"box","text":"the Fund.","page_number":32,"box":{"x":460,"y":162,"width":61,"height":8}},{"id":"a1f90e38-2877-429e-be17-bd0bfca5371a","block_type":"box","text":"If you are not purchasing shares through an Employer-Sponsored","page_number":32,"box":{"x":461,"y":178,"width":427,"height":10}},{"id":"ad469d65-44a5-445c-a016-1184caa7e871","block_type":"box","text":"Retirement Plan, payment for shares must normally be made in Federal","page_number":32,"box":{"x":461,"y":192,"width":470,"height":10}},{"id":"903e8270-e44d-4715-95ad-ddf6487702f7","block_type":"box","text":"funds or other immediately available funds by the time specified by your","page_number":32,"box":{"x":460,"y":205,"width":475,"height":10}},{"id":"4e56c443-c46e-4616-b847-6413cb937dbb","block_type":"box","text":"Financial Intermediary but in no event later than 4:00 p.m. (Eastern","page_number":32,"box":{"x":461,"y":219,"width":446,"height":10}},{"id":"63210eb4-0e4c-4ab1-b972-d425c17f6cb8","block_type":"box","text":"time) on the first business day following the receipt of the order.","page_number":32,"box":{"x":460,"y":232,"width":424,"height":11}},{"id":"be6d889c-b29c-409e-9072-05b3207bf449","block_type":"box","text":"Payment may also, at the discretion of the Fund, be made in the form","page_number":32,"box":{"x":461,"y":246,"width":459,"height":10}},{"id":"a864d25a-d17b-480f-a435-e691ea9554a0","block_type":"box","text":"of securities that are permissible investments for the respective fund. If","page_number":32,"box":{"x":461,"y":259,"width":476,"height":10}},{"id":"df713e75-5a30-4daa-8ed1-7abd09860a06","block_type":"box","text":"payment is not received by this time, the order will be canceled and you","page_number":32,"box":{"x":461,"y":273,"width":472,"height":10}},{"id":"d34a5f77-7c6c-4f43-aa57-9fd1a8059d7d","block_type":"box","text":"and your Financial Intermediary will be responsible for any loss to the","page_number":32,"box":{"x":461,"y":286,"width":458,"height":11}},{"id":"7b6c821a-7b37-4eb3-9bb8-d00982cd89b7","block_type":"box","text":"Fund.","page_number":32,"box":{"x":461,"y":300,"width":34,"height":8}},{"id":"3e252645-5181-4108-9ba9-0800ae10271f","block_type":"box","text":"How to Sell Shares","page_number":32,"box":{"x":61,"y":325,"width":156,"height":10}},{"id":"31de30c5-e8f0-40d9-8d22-e41fe54a41ce","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":32,"box":{"x":213,"y":347,"width":478,"height":9}},{"id":"10d35973-4c49-4c51-a27c-84cc3b331245","block_type":"box","text":"Full or Partial","page_number":32,"box":{"x":61,"y":364,"width":90,"height":8}},{"id":"b3ef33a1-9c93-42b0-bf93-156356bda592","block_type":"box","text":"Redemption of","page_number":32,"box":{"x":61,"y":375,"width":98,"height":10}},{"id":"21efb05b-f473-4778-8c67-25a415df00de","block_type":"box","text":"Shares","page_number":32,"box":{"x":60,"y":387,"width":46,"height":8}},{"id":"2dc0b3e0-1688-4048-8b0e-95abf04911ee","block_type":"box","text":"Have your Financial","page_number":32,"box":{"x":214,"y":364,"width":125,"height":10}},{"id":"2335a0e5-57bb-4c4d-9341-4c751e3521c0","block_type":"box","text":"Intermediary submit your sales","page_number":32,"box":{"x":214,"y":377,"width":204,"height":10}},{"id":"1e454aa8-d550-47d3-8f7e-517b1a675c4a","block_type":"box","text":"order","page_number":32,"box":{"x":214,"y":391,"width":34,"height":8}},{"id":"13119946-63de-4bf3-9e9e-2777d55d5339","block_type":"box","text":"If you purchased shares through an Employer-Sponsored Retirement","page_number":32,"box":{"x":461,"y":364,"width":450,"height":10}},{"id":"4a3e1a81-5508-4b4e-ac86-75099da9a5fd","block_type":"box","text":"Plan, you can make redemption requests through your Financial","page_number":32,"box":{"x":461,"y":377,"width":418,"height":11}},{"id":"9d8e357f-487d-4ca1-a79f-fe9bab3b8f7c","block_type":"box","text":"Intermediary in accordance with the procedures applicable to your","page_number":32,"box":{"x":461,"y":391,"width":436,"height":10}},{"id":"a5132a40-0b86-42f7-8a76-34d6cac261ac","block_type":"box","text":"accounts. These procedures may vary according to the type of account","page_number":32,"box":{"x":461,"y":404,"width":467,"height":11}},{"id":"d9b3e443-e7ae-4d58-b8a7-74a5a42c7a5a","block_type":"box","text":"and the Financial Intermediary involved, and customers should consult","page_number":32,"box":{"x":461,"y":418,"width":466,"height":10}},{"id":"453f8f64-9baa-4829-9019-f5100ec1a13c","block_type":"box","text":"their Financial Intermediary in this regard. Financial Intermediaries are","page_number":32,"box":{"x":460,"y":432,"width":465,"height":10}},{"id":"e845465d-3a6a-45e0-82bd-95d174bd57e1","block_type":"box","text":"responsible for transmitting redemption orders and crediting their","page_number":32,"box":{"x":461,"y":445,"width":432,"height":10}},{"id":"59b7932e-4fa0-435d-af13-e01978117ffd","block_type":"box","text":"customers’ accounts with redemption proceeds on a timely basis.","page_number":32,"box":{"x":461,"y":459,"width":434,"height":10}},{"id":"3bb62838-4ef5-4a79-88c3-8bf792f35082","block_type":"box","text":"Information relating to such redemption services and charges to","page_number":32,"box":{"x":461,"y":472,"width":424,"height":10}},{"id":"92a6e314-695d-46cb-8e97-7e2d2d5299a3","block_type":"box","text":"process a redemption of shares, if any, should be obtained by","page_number":32,"box":{"x":461,"y":485,"width":409,"height":11}},{"id":"01371126-bf50-4da1-9929-1d37283eab8f","block_type":"box","text":"customers from their Financial Intermediaries.","page_number":32,"box":{"x":461,"y":499,"width":303,"height":8}},{"id":"e0dc272a-9072-4cc9-bc2f-01a0d234fac4","block_type":"box","text":"If you did not purchase your shares through an Employer-Sponsored","page_number":32,"box":{"x":461,"y":515,"width":446,"height":11}},{"id":"a5bac26b-6f8b-433e-9753-4523d862406d","block_type":"box","text":"Retirement Plan, you can make redemption requests through your","page_number":32,"box":{"x":461,"y":529,"width":434,"height":10}},{"id":"acb30792-bfb7-43f4-9610-5b0ac34becdb","block_type":"box","text":"Financial Intermediary.","page_number":32,"box":{"x":461,"y":542,"width":147,"height":11}},{"id":"72bf0bc3-37e7-4a99-81f2-50596a9c7426","block_type":"box","text":"The price of Class K Shares is based on the next calculation of the","page_number":32,"box":{"x":460,"y":558,"width":442,"height":10}},{"id":"70d248b4-9a1b-4f48-a9cc-0600ee688378","block_type":"box","text":"Fund’s net asset value after your order is placed. For your redemption","page_number":32,"box":{"x":461,"y":572,"width":460,"height":10}},{"id":"95046056-923a-41bd-9b15-d81706571823","block_type":"box","text":"request to be priced at the net asset value on the day of your request,","page_number":32,"box":{"x":461,"y":585,"width":463,"height":11}},{"id":"3b8d28ae-1533-448b-b92b-f5d4c5d328fd","block_type":"box","text":"you must submit your request to your Financial Intermediary prior to","page_number":32,"box":{"x":460,"y":599,"width":448,"height":10}},{"id":"a47a5f86-2d6c-408d-8a96-f886f57fc99e","block_type":"box","text":"that day’s close of business on the NYSE (generally 4:00 p.m. Eastern","page_number":32,"box":{"x":460,"y":612,"width":467,"height":11}},{"id":"63e8df34-c454-4624-bc48-02a46c28bbbd","block_type":"box","text":"time). Certain Financial Intermediaries, however, may require","page_number":32,"box":{"x":460,"y":626,"width":402,"height":10}},{"id":"7f6744d4-15de-499a-9d30-a9347b88ac1d","block_type":"box","text":"submission of orders prior to that time. Any redemption request placed","page_number":32,"box":{"x":461,"y":640,"width":468,"height":10}},{"id":"939701b3-7342-4130-9622-e469191cc1ba","block_type":"box","text":"after that time will be priced at the net asset value at the close of","page_number":32,"box":{"x":461,"y":653,"width":435,"height":10}},{"id":"f98bd298-09dc-49d0-8e5b-27496afce0aa","block_type":"box","text":"business on the next business day.","page_number":32,"box":{"x":461,"y":667,"width":232,"height":10}},{"id":"d8946c1c-5862-48d0-9cbe-17228642cace","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":32,"box":{"x":461,"y":683,"width":437,"height":10}},{"id":"2ad5443e-1ca3-4c24-b936-d5b83ed98e81","block_type":"box","text":"redemption proceeds (check, wire or ACH), your redemption proceeds","page_number":32,"box":{"x":461,"y":696,"width":458,"height":11}},{"id":"849c2570-41aa-4ef7-8882-03da94c0079f","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":32,"box":{"x":460,"y":710,"width":465,"height":10}},{"id":"e4d5ea72-7546-4f69-bdc0-a44a90f6302e","block_type":"box","text":"but in any event, within seven days.","page_number":32,"box":{"x":461,"y":724,"width":233,"height":10}},{"id":"2b7f4f43-0e70-4028-99df-8c719467032b","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":32,"box":{"x":461,"y":739,"width":415,"height":11}},{"id":"9c0f3156-a4d6-4fb0-9364-1a7d8dc2e725","block_type":"box","text":"redemption of shares.","page_number":32,"box":{"x":461,"y":753,"width":144,"height":10}},{"id":"4af0779e-70e5-412e-abe4-00af12c4a502","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":32,"box":{"x":460,"y":769,"width":380,"height":10}},{"id":"30caa05e-2d61-42a4-a13e-afe01ecefe5a","block_type":"box","text":"circumstances.","page_number":32,"box":{"x":461,"y":783,"width":98,"height":8}},{"id":"882fac84-7fe0-4649-a8e3-e55e02e73e8a","block_type":"box","text":"Selling shares held directly with","page_number":32,"box":{"x":214,"y":801,"width":207,"height":10}},{"id":"7dc11915-15dd-42be-9ccf-60e783b3a198","block_type":"box","text":"BlackRock","page_number":32,"box":{"x":214,"y":814,"width":67,"height":9}},{"id":"f2928a9f-dfa9-493c-84fd-28dee5184306","block_type":"box","text":"Methods of Redeeming if You Did Not Purchase Your Shares Through","page_number":32,"box":{"x":461,"y":801,"width":462,"height":10}},{"id":"4d30289c-15be-4986-9586-961a730faee6","block_type":"box","text":"an Employer-Sponsored Retirement Plan","page_number":32,"box":{"x":460,"y":814,"width":271,"height":10}},{"id":"d713d845-63e8-46db-84d2-daa2766d6366","block_type":"box","text":"Redeem by Telephone:","page_number":32,"box":{"x":461,"y":831,"width":150,"height":10}},{"id":"374bfbef-7091-4849-8c42-4bb3d1a91b4b","block_type":"box","text":"You may sell shares held at BlackRock by","page_number":32,"box":{"x":617,"y":831,"width":274,"height":10}},{"id":"5cc0afb9-665d-4a5c-b9a5-9cf70582ce0e","block_type":"box","text":"telephone request. Call (800) 537-4942 for details.","page_number":32,"box":{"x":460,"y":844,"width":341,"height":10}},{"id":"d817ad15-11e4-44e6-bbbe-773b1c579bbc","block_type":"box","text":"The Fund, its administrator and the Distributor will employ reasonable","page_number":32,"box":{"x":460,"y":860,"width":460,"height":10}},{"id":"adae2025-4d30-44f8-b16c-c63c04f7f2c7","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":32,"box":{"x":461,"y":874,"width":474,"height":10}},{"id":"d00a44a3-f0ff-4b54-bb50-7693e29439bf","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":32,"box":{"x":460,"y":887,"width":450,"height":10}},{"id":"fd75a3e8-dd13-4b75-9677-ed26d30985af","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":32,"box":{"x":461,"y":901,"width":450,"height":10}},{"id":"3b5581e5-97c1-446e-aae8-cf5fe3ae2fd0","block_type":"box","text":"32","page_number":32,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"5944542b-ebf9-4671-bc68-27d6528d10db","block_type":"box","text":"NM1026U-5981116-32/48","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2919674c-8158-4840-8c71-39e07e01bf76","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":33,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"886254c4-8d2b-4a35-ae6f-dbaf823b4139","block_type":"box","text":"Full or Partial","page_number":33,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"c4ae4263-7ce0-4882-ab8c-febf22056e40","block_type":"box","text":"Redemption of","page_number":33,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"52dfb0a1-a5ef-44ee-9632-58e6ffd62cc3","block_type":"box","text":"Shares (continued)","page_number":33,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"9279bdc2-48cf-481d-b74d-dc87697238a2","block_type":"box","text":"Selling shares held directly with","page_number":33,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"b9622cf7-a16e-40eb-b0fc-c2fa7f70334e","block_type":"box","text":"BlackRock (continued)","page_number":33,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"029d8526-1b2a-4ba6-89b8-ef5263f12de2","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":33,"box":{"x":460,"y":67,"width":445,"height":11}},{"id":"8702f21a-78d9-448a-bf40-8ca6ff068efc","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":33,"box":{"x":461,"y":81,"width":463,"height":10}},{"id":"2cf3c276-542b-4e53-9b61-bbafb000912f","block_type":"box","text":"believes it is advisable to do so.","page_number":33,"box":{"x":461,"y":94,"width":212,"height":9}},{"id":"b1cccc38-a0db-4190-bac4-83b6a5cd0712","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":33,"box":{"x":461,"y":110,"width":452,"height":11}},{"id":"fb7f894a-8b66-4b47-9b52-749287c58753","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":33,"box":{"x":461,"y":124,"width":427,"height":10}},{"id":"d2f12477-4975-4a31-b8c6-37ea936358ed","block_type":"box","text":"redemption methods below.","page_number":33,"box":{"x":461,"y":138,"width":181,"height":10}},{"id":"b8394822-f395-48e8-9b0b-7e2b0b6f2845","block_type":"box","text":"Redeem by Internet:","page_number":33,"box":{"x":461,"y":154,"width":136,"height":10}},{"id":"5c592aa6-40e7-482c-9468-11e4ec6802fa","block_type":"box","text":"You may redeem in your account by logging onto","page_number":33,"box":{"x":603,"y":154,"width":317,"height":10}},{"id":"dbdb9dab-a658-42be-9ad0-35c1edf7f6f6","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":33,"box":{"x":460,"y":167,"width":461,"height":8}},{"id":"fbebd6c2-df93-45f3-89b5-58158a65f272","block_type":"box","text":"redemptions will be sent via wire to the bank account of record.","page_number":33,"box":{"x":461,"y":181,"width":419,"height":10}},{"id":"78787ef0-e310-446a-98cf-57d884b1db98","block_type":"box","text":"Redeem in Writing:","page_number":33,"box":{"x":461,"y":197,"width":127,"height":10}},{"id":"6c48afed-81ce-4ba9-942e-664a2b209687","block_type":"box","text":"Redemption requests may be sent in proper form","page_number":33,"box":{"x":595,"y":197,"width":324,"height":10}},{"id":"b840ba4e-2c54-4387-856f-5a95a7f0bc94","block_type":"box","text":"to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429","page_number":33,"box":{"x":460,"y":210,"width":468,"height":11}},{"id":"8ff3abac-0fe9-4345-b771-7d493bb5451d","block_type":"box","text":"or for overnight delivery, Attention: 534429, 1350 Penn Avenue Suite","page_number":33,"box":{"x":461,"y":224,"width":458,"height":10}},{"id":"2cc2f55b-54b9-4b7f-b319-ea658ec4c072","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. Under certain circumstances, a","page_number":33,"box":{"x":461,"y":237,"width":463,"height":11}},{"id":"52cdf1b5-3ba9-4f13-ac2f-fd0855a65782","block_type":"box","text":"medallion signature guarantee will be required.","page_number":33,"box":{"x":461,"y":251,"width":308,"height":10}},{"id":"8a0e7664-7956-47ec-be6d-a0715eb20dc1","block_type":"box","text":"Payment of Redemption Proceeds","page_number":33,"box":{"x":461,"y":267,"width":228,"height":10}},{"id":"827912ef-4e91-4af7-8316-d26446a93829","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":33,"box":{"x":461,"y":281,"width":467,"height":10}},{"id":"5c7704ed-e099-4794-8c9f-fb9af3672f9c","block_type":"box","text":"banking information on file, by wire transfer.","page_number":33,"box":{"x":461,"y":294,"width":289,"height":10}},{"id":"4813ed59-ebc4-425c-8977-ae299d4115dc","block_type":"box","text":"Payment by Check:","page_number":33,"box":{"x":461,"y":310,"width":129,"height":10}},{"id":"1e10e2c6-0628-48bb-86fc-783c4ae5cbbd","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":33,"box":{"x":597,"y":310,"width":329,"height":10}},{"id":"9ef14c6a-25d1-4025-a11f-ef916322757c","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":33,"box":{"x":460,"y":324,"width":430,"height":10}},{"id":"eb762aaf-6808-4fde-9129-7b13ad28ec13","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":33,"box":{"x":461,"y":337,"width":460,"height":11}},{"id":"055caf03-d73f-4203-8147-f8b6cd138a8a","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":33,"box":{"x":461,"y":351,"width":468,"height":10}},{"id":"535292de-e379-4214-8171-1bde2ad502d5","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":33,"box":{"x":461,"y":364,"width":467,"height":11}},{"id":"a9fbea1b-9646-4664-962b-7cfe7716612d","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":33,"box":{"x":461,"y":378,"width":467,"height":10}},{"id":"18855c9f-7d80-4dbe-ba4a-96e0dc038cb2","block_type":"box","text":"charges imposed by your bank for this service.","page_number":33,"box":{"x":461,"y":391,"width":307,"height":11}},{"id":"c5874763-0f39-4c50-bdf7-9bab91b9b966","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":33,"box":{"x":460,"y":408,"width":438,"height":10}},{"id":"273f2e40-a792-477a-b919-e38f70d91e53","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":33,"box":{"x":461,"y":421,"width":429,"height":10}},{"id":"ced70958-a5c9-4aed-9131-c5dfe31c1c20","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":33,"box":{"x":461,"y":435,"width":403,"height":10}},{"id":"ee9c3ea0-9f46-4f6a-9bcb-8312357dbf11","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":33,"box":{"x":461,"y":448,"width":467,"height":8}},{"id":"70b503f4-159b-4f3c-9c9d-eff0a47e14f4","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":33,"box":{"x":460,"y":462,"width":456,"height":10}},{"id":"62fe1614-3d8b-4dc6-8c3e-5859afbd3a11","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":33,"box":{"x":460,"y":475,"width":402,"height":10}},{"id":"791cce91-97a6-4710-8883-22ea0683f732","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":33,"box":{"x":461,"y":489,"width":430,"height":10}},{"id":"11bd9739-95ed-4299-825d-1d449d8d1515","block_type":"box","text":"amounts are subject to the risk of loss like any fund investment. If you","page_number":33,"box":{"x":461,"y":502,"width":465,"height":11}},{"id":"c6518d43-3a93-4ae8-b1bb-5eabaf1ec518","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":33,"box":{"x":461,"y":516,"width":473,"height":8}},{"id":"beb6815c-92ec-404f-910a-af53b57869e8","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":33,"box":{"x":461,"y":529,"width":456,"height":11}},{"id":"1dedd51e-87ac-4347-8975-45c7ace22a62","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":33,"box":{"x":461,"y":543,"width":461,"height":10}},{"id":"eb2bdcdc-e055-45c8-9233-68303427e78d","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":33,"box":{"x":460,"y":557,"width":469,"height":10}},{"id":"e74b273c-ba4d-4c32-b68f-6c73d5348d54","block_type":"box","text":"as of the date of payment of the distribution.","page_number":33,"box":{"x":461,"y":570,"width":295,"height":10}},{"id":"30d0354e-a7dc-44ab-a3af-16df9739a2be","block_type":"box","text":"Payment by Wire Transfer:","page_number":33,"box":{"x":461,"y":586,"width":177,"height":10}},{"id":"68f6a21e-7992-495d-bca4-151eb49387a4","block_type":"box","text":"Payment for redeemed shares for which a","page_number":33,"box":{"x":644,"y":586,"width":275,"height":10}},{"id":"1fb2d0b7-663f-4a63-aca6-2d27f1e6930d","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":33,"box":{"x":461,"y":600,"width":437,"height":10}},{"id":"5b81c06d-6e73-4b67-8b97-a08b8f5857de","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":33,"box":{"x":461,"y":613,"width":471,"height":11}},{"id":"7166bb86-4d0c-4fa6-bba8-fb0925a76ff1","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":33,"box":{"x":461,"y":627,"width":417,"height":10}},{"id":"dbd88cc2-2600-4f2f-8d60-fd809f50d611","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":33,"box":{"x":461,"y":640,"width":449,"height":11}},{"id":"2ec80511-fb9b-4d13-9352-7edfb5b15526","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":33,"box":{"x":461,"y":654,"width":449,"height":10}},{"id":"69da128a-d811-4a9a-97f8-983c3aad9c29","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":33,"box":{"x":461,"y":667,"width":433,"height":11}},{"id":"d86583da-424e-43bd-bdd0-a41220aec83a","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":33,"box":{"x":461,"y":681,"width":449,"height":10}},{"id":"28651b3e-9de6-4a00-a24e-57b73b789e1b","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":33,"box":{"x":461,"y":694,"width":437,"height":11}},{"id":"6ca7c286-32a2-4f37-b6e0-87dce95d2b12","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":33,"box":{"x":461,"y":708,"width":469,"height":10}},{"id":"d5bda44a-9160-4639-814b-c17f143bd5fa","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":33,"box":{"x":459,"y":721,"width":448,"height":11}},{"id":"dab783bf-577e-4fbd-87f3-cf33b9567bd3","block_type":"box","text":"Fund. Shares can be redeemed by Federal wire transfer to a single","page_number":33,"box":{"x":461,"y":735,"width":439,"height":10}},{"id":"ba869d5a-ca69-4864-8d1b-3fce4940c5fb","block_type":"box","text":"previously designated bank account. No charge for wiring redemption","page_number":33,"box":{"x":461,"y":748,"width":455,"height":11}},{"id":"0729ac7e-316e-4790-b073-f57cfd8f3760","block_type":"box","text":"payments with respect to Class K Shares is imposed by the Fund. You","page_number":33,"box":{"x":461,"y":762,"width":462,"height":10}},{"id":"4bfa3dd5-25b0-4a1b-948d-2c3a11960f4f","block_type":"box","text":"are responsible for any additional charges imposed by your bank for","page_number":33,"box":{"x":461,"y":776,"width":448,"height":10}},{"id":"380c05c3-5456-4c23-8574-62fd1626886d","block_type":"box","text":"wire transfers.","page_number":33,"box":{"x":460,"y":789,"width":94,"height":8}},{"id":"65a76f53-957a-4222-a7bf-b7e4a83a9205","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":33,"box":{"x":460,"y":805,"width":425,"height":11}},{"id":"aa00fa5b-78ab-4f4d-87bd-63e91b39819e","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":33,"box":{"x":461,"y":819,"width":455,"height":10}},{"id":"e7d8b252-817c-4e4c-a765-f08cf80e5ad3","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":33,"box":{"x":461,"y":833,"width":476,"height":10}},{"id":"2be78c4e-a9bb-4638-aad2-05aea2e648d9","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":33,"box":{"x":461,"y":846,"width":455,"height":10}},{"id":"75f59a79-2039-42a6-9cc9-96710bf84198","block_type":"box","text":"the back cover of this prospectus.","page_number":33,"box":{"x":460,"y":859,"width":224,"height":10}},{"id":"b8fedae7-a297-48dd-af06-e174be2f7ee4","block_type":"box","text":"***","page_number":33,"box":{"x":686,"y":876,"width":25,"height":5}},{"id":"2bf78a56-c3e5-4837-b391-c9310c75e4a0","block_type":"box","text":"33","page_number":33,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"6bc70e4e-80a6-4d2f-9281-447505318d19","block_type":"box","text":"NM1026U-5981116-33/48","page_number":33,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9582ee28-c71b-4953-82c5-e930cb5b43c8","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":34,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"6452b47d-cb03-41a4-b5cb-4ad702a058cb","block_type":"box","text":"Full or Partial","page_number":34,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"8dfb0418-3073-4514-bd7f-dbeb0db5346c","block_type":"box","text":"Redemption of","page_number":34,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"efa97439-e9d5-480e-91b3-e6c6601077ad","block_type":"box","text":"Shares (continued)","page_number":34,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"61dfffeb-84d3-427c-9a8d-6f17c4d2bd43","block_type":"box","text":"Selling shares held directly with","page_number":34,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"cbe4a12a-334c-40f9-be4d-337b617ec103","block_type":"box","text":"BlackRock (continued)","page_number":34,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"b2af69e3-6949-48bc-94aa-c08254699b19","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":34,"box":{"x":461,"y":70,"width":423,"height":10}},{"id":"7404da74-bf84-4e09-9a73-80ee4e9478eb","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":34,"box":{"x":461,"y":83,"width":456,"height":11}},{"id":"6aafce03-3eed-46b6-a24f-563866e87f9c","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":34,"box":{"x":461,"y":97,"width":352,"height":10}},{"id":"939fb6a4-0f32-47f1-bc80-2ec62d3037b0","block_type":"box","text":"Redemption","page_number":34,"box":{"x":61,"y":115,"width":80,"height":10}},{"id":"eed16ce6-4446-4cf7-89b8-9d9a5de055c4","block_type":"box","text":"Proceeds","page_number":34,"box":{"x":61,"y":127,"width":62,"height":8}},{"id":"c0fd09cd-7d94-47ea-8ffd-74ba7c3ef59d","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":34,"box":{"x":461,"y":118,"width":445,"height":10}},{"id":"9a2f1036-ca2d-4f91-b09b-5a7a5f741938","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":34,"box":{"x":461,"y":131,"width":467,"height":10}},{"id":"fcf28321-001b-45b7-9992-825d07cb4733","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":34,"box":{"x":461,"y":145,"width":455,"height":10}},{"id":"9d0fa231-cfdc-41f4-a322-e6a9fac3c06e","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":34,"box":{"x":461,"y":158,"width":450,"height":10}},{"id":"745eb244-9502-4207-9d2c-9d4ceb3514aa","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":34,"box":{"x":461,"y":172,"width":452,"height":10}},{"id":"20db1e39-1b4b-4551-8efb-86aa8e8e1f64","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":34,"box":{"x":461,"y":185,"width":471,"height":10}},{"id":"070b14ed-b307-47e0-890f-96038a550123","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":34,"box":{"x":461,"y":199,"width":471,"height":10}},{"id":"f6492d3e-2d8d-4d59-9609-a9f20cbb33b9","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in-kind to you. The","page_number":34,"box":{"x":461,"y":212,"width":453,"height":11}},{"id":"f675dd3f-942f-47b5-8e40-6a5061d54e45","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":34,"box":{"x":461,"y":226,"width":405,"height":8}},{"id":"77457543-2c2f-4b82-99b4-d4b1bd224a57","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":34,"box":{"x":461,"y":242,"width":408,"height":10}},{"id":"8371c865-e8e5-4d37-9f4a-1134a3b4c376","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":34,"box":{"x":461,"y":255,"width":457,"height":11}},{"id":"58a188e8-d082-4030-8e2f-93389d907814","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":34,"box":{"x":460,"y":269,"width":440,"height":10}},{"id":"2351a574-a2c1-44bb-aca0-21665a326f1a","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":34,"box":{"x":460,"y":282,"width":340,"height":11}},{"id":"e675bb65-4cc0-4702-9fa3-b5ea20639c08","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":34,"box":{"x":61,"y":307,"width":415,"height":13}},{"id":"2646e619-2c5b-40a0-ad6b-aa29ae8885f1","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":34,"box":{"x":213,"y":329,"width":478,"height":9}},{"id":"7bad228a-5551-4f6e-8af2-4eeb19ef47c8","block_type":"box","text":"Exchange Privilege","page_number":34,"box":{"x":61,"y":346,"width":128,"height":11}},{"id":"eed34e51-7da2-4a94-bdc5-45af3b8403b5","block_type":"box","text":"Selling shares of one BlackRock","page_number":34,"box":{"x":214,"y":346,"width":212,"height":11}},{"id":"ca967b82-84f3-41d7-a28a-185a07d4b144","block_type":"box","text":"Fund to purchase shares of","page_number":34,"box":{"x":214,"y":360,"width":181,"height":10}},{"id":"376958d9-dc63-4759-a65a-e7c923358b79","block_type":"box","text":"another BlackRock Fund","page_number":34,"box":{"x":214,"y":374,"width":158,"height":8}},{"id":"0706612f-7df3-45a6-9750-3aa4df127475","block_type":"box","text":"(“exchanging”)","page_number":34,"box":{"x":214,"y":387,"width":95,"height":10}},{"id":"cc9d5f77-e85e-4c20-863d-f00380332c29","block_type":"box","text":"Class K Shares of the Fund are generally exchangeable for shares of","page_number":34,"box":{"x":461,"y":346,"width":454,"height":11}},{"id":"78e2f517-5280-4015-b842-e8284efaccf5","block_type":"box","text":"the same class of another BlackRock Fund, to the extent such shares","page_number":34,"box":{"x":460,"y":360,"width":461,"height":9}},{"id":"5f3bf2c5-bb63-42f0-aedf-70c0088ede2b","block_type":"box","text":"are offered by your Financial Intermediary. Investors who currently own","page_number":34,"box":{"x":461,"y":373,"width":465,"height":11}},{"id":"86ca4511-7821-49b2-9854-dcd9e82a733b","block_type":"box","text":"Class K Shares of the Fund may make exchanges into Class K Shares","page_number":34,"box":{"x":461,"y":387,"width":463,"height":10}},{"id":"1be0653e-2a9c-44eb-9f99-641dc8a4af76","block_type":"box","text":"of other BlackRock Funds except for investors holding shares through","page_number":34,"box":{"x":461,"y":400,"width":457,"height":11}},{"id":"c150672f-7208-4a97-a6ae-ff02d1e8f9c5","block_type":"box","text":"certain client accounts at Financial Intermediaries that are omnibus","page_number":34,"box":{"x":461,"y":414,"width":447,"height":8}},{"id":"761c99e9-a8bf-4c35-b369-c94cd5bf28bb","block_type":"box","text":"with the Fund and do not meet applicable minimums. There is no","page_number":34,"box":{"x":460,"y":428,"width":429,"height":10}},{"id":"a1ec8fff-87c5-4f2c-9263-3aad347ec21e","block_type":"box","text":"required minimum amount with respect to exchanges of Class K","page_number":34,"box":{"x":461,"y":441,"width":423,"height":10}},{"id":"9c14324f-384d-4597-a8a4-61146191e9fd","block_type":"box","text":"Shares. You may only exchange into Class K Shares of a BlackRock","page_number":34,"box":{"x":461,"y":455,"width":446,"height":10}},{"id":"d05beaa6-61b7-4773-b811-f111bbb73ac7","block_type":"box","text":"Fund that is open to new investors or in which you have a current","page_number":34,"box":{"x":461,"y":468,"width":430,"height":10}},{"id":"dcbd20cb-e171-49fe-b0a8-06767abc3570","block_type":"box","text":"account, if the BlackRock Fund is closed to new investors.","page_number":34,"box":{"x":461,"y":482,"width":383,"height":9}},{"id":"a8d82bac-6051-40d1-91d7-7650b73ee6ca","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":34,"box":{"x":460,"y":499,"width":435,"height":10}},{"id":"9faa1931-7e05-4ef5-a0a6-acc8aa5e973e","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":34,"box":{"x":461,"y":513,"width":406,"height":10}},{"id":"efc0612a-9b70-49c1-a02e-30202e96d207","block_type":"box","text":"BlackRock, you may: (i) call (800) 537-4942 and speak with one of our","page_number":34,"box":{"x":461,"y":526,"width":468,"height":10}},{"id":"09bc1961-e146-437b-b685-b19d4699ffc3","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":34,"box":{"x":461,"y":540,"width":455,"height":10}},{"id":"48c5a783-1d91-4f6a-8575-8e8d450cd73f","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":34,"box":{"x":460,"y":553,"width":423,"height":10}},{"id":"295ed171-beba-41d7-b985-e6c8105f52ba","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":34,"box":{"x":461,"y":567,"width":398,"height":10}},{"id":"19be12be-dad9-4641-948c-1fb3c8fe2650","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":34,"box":{"x":461,"y":580,"width":409,"height":11}},{"id":"039ed316-019b-4047-8cce-857f085550ca","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":34,"box":{"x":461,"y":594,"width":469,"height":10}},{"id":"769870f7-3264-408b-bef3-68608e854d97","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":34,"box":{"x":460,"y":608,"width":461,"height":10}},{"id":"42e4d480-3c15-427b-9f57-2351ef180b4f","block_type":"box","text":"this option either in writing or by calling (800) 537-4942. The Fund has","page_number":34,"box":{"x":460,"y":621,"width":469,"height":10}},{"id":"f4ccab61-6197-45e5-8ed6-7b753d19052f","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":34,"box":{"x":460,"y":634,"width":368,"height":11}},{"id":"d4e4fbea-4c86-4642-b5b6-ad6fe8b92a7a","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":34,"box":{"x":460,"y":652,"width":450,"height":10}},{"id":"4e3e326c-6167-46a3-8ab3-6fb67bb84b7d","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated","page_number":34,"box":{"x":460,"y":665,"width":454,"height":11}},{"id":"32e5d488-9260-4f36-a887-73cc065bb0ab","block_type":"box","text":"at any time in the future. The Fund may suspend or terminate your","page_number":34,"box":{"x":461,"y":679,"width":438,"height":10}},{"id":"948c768b-998b-4cf5-af7c-00c13ab78792","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":34,"box":{"x":461,"y":692,"width":439,"height":11}},{"id":"7930961d-c4bd-4121-a743-94a8cb9297f5","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":34,"box":{"x":461,"y":706,"width":460,"height":10}},{"id":"b4bcc247-b89d-4215-a282-e66ac586f0a7","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":34,"box":{"x":461,"y":719,"width":430,"height":11}},{"id":"49bbad5c-2a70-4c98-b3ae-6acfb820484a","block_type":"box","text":"income tax purposes a share exchange is a taxable event and a capital","page_number":34,"box":{"x":461,"y":733,"width":469,"height":10}},{"id":"e7f0cfa5-da62-4ccf-b29a-b8df45d0d2f0","block_type":"box","text":"gain or loss may be realized. Please consult your tax adviser or other","page_number":34,"box":{"x":460,"y":747,"width":456,"height":10}},{"id":"1b6cca5b-028c-4e13-9f8a-bba8a9ce0a16","block_type":"box","text":"Financial Intermediary before making an exchange request.","page_number":34,"box":{"x":461,"y":760,"width":390,"height":11}},{"id":"b53131ff-9523-44cb-835b-f8e93ca2a1ef","block_type":"box","text":"Transfer Shares to","page_number":34,"box":{"x":60,"y":778,"width":124,"height":8}},{"id":"95469c01-132a-4489-b5dd-9ba5b953a2cc","block_type":"box","text":"Another Financial","page_number":34,"box":{"x":60,"y":790,"width":118,"height":8}},{"id":"e49429a0-e75c-404a-ba68-759e7af12772","block_type":"box","text":"Intermediary","page_number":34,"box":{"x":61,"y":801,"width":85,"height":11}},{"id":"a3624f5e-a1f6-454c-b7ed-29ed90ad0c91","block_type":"box","text":"Transfer to a participating","page_number":34,"box":{"x":213,"y":778,"width":171,"height":11}},{"id":"3f0f9c55-d2aa-4d35-a5f2-a42a1157cba5","block_type":"box","text":"Financial Intermediary","page_number":34,"box":{"x":214,"y":792,"width":145,"height":10}},{"id":"c3c6f47c-1160-419e-88ee-6004f031aa4c","block_type":"box","text":"You may transfer your Class K Shares of the Fund only to another","page_number":34,"box":{"x":460,"y":778,"width":432,"height":10}},{"id":"d1ef1da0-856e-4cd6-b9af-0775dceeb558","block_type":"box","text":"Financial Intermediary that has entered into an agreement with the","page_number":34,"box":{"x":461,"y":792,"width":441,"height":10}},{"id":"60ddbdf9-f768-4df2-8218-23d51a532f07","block_type":"box","text":"Distributor. Certain shareholder services may not be available for the","page_number":34,"box":{"x":461,"y":805,"width":456,"height":11}},{"id":"948d6219-fab4-4671-8ac0-887f625e7699","block_type":"box","text":"transferred shares. All future trading of these assets must be","page_number":34,"box":{"x":460,"y":819,"width":407,"height":10}},{"id":"621eefcf-9203-42c2-9bf4-953faecae727","block_type":"box","text":"coordinated by the receiving firm.","page_number":34,"box":{"x":461,"y":832,"width":218,"height":11}},{"id":"907a643c-c0c5-4913-8fbb-d79f12e38c08","block_type":"box","text":"Please contact your Financial Intermediary to accomplish the transfer of","page_number":34,"box":{"x":461,"y":848,"width":475,"height":11}},{"id":"bb65887c-b4db-4fae-836e-c16cbf1c06b3","block_type":"box","text":"your Class K Shares.","page_number":34,"box":{"x":460,"y":862,"width":137,"height":10}},{"id":"3de060ce-db72-4b87-b756-0a1a9e334e33","block_type":"box","text":"Transfer to a non-participating","page_number":34,"box":{"x":213,"y":880,"width":199,"height":10}},{"id":"78c6a8c9-6080-49d8-8648-91da3aed052f","block_type":"box","text":"Financial Intermediary","page_number":34,"box":{"x":214,"y":894,"width":145,"height":10}},{"id":"71d6801e-5881-41c5-8b6a-0da308f6d2c9","block_type":"box","text":"You must either:","page_number":34,"box":{"x":460,"y":880,"width":107,"height":8}},{"id":"66b90b90-38a4-447d-8a83-39d69229126c","block_type":"box","text":"•","page_number":34,"box":{"x":464,"y":896,"width":3,"height":3}},{"id":"4c9a05a2-ecff-4bd0-bddf-3067197cb30f","block_type":"box","text":"Transfer your Class K Shares to an account with the Fund; or","page_number":34,"box":{"x":470,"y":894,"width":402,"height":10}},{"id":"365b8eb8-f2e2-42e7-b7f6-548983b0a4b7","block_type":"box","text":"•","page_number":34,"box":{"x":464,"y":910,"width":3,"height":3}},{"id":"7e8f39b8-b51c-4fd5-85d6-c19d29a4ade4","block_type":"box","text":"Sell your Class K Shares.","page_number":34,"box":{"x":471,"y":907,"width":166,"height":10}},{"id":"4ce685db-e8b5-41bd-b3e4-98be841d7164","block_type":"box","text":"34","page_number":34,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"b7aa65ea-01b1-40e8-b4e6-0b6a730ee740","block_type":"box","text":"NM1026U-5981116-34/48","page_number":34,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2db27b7f-0f7f-4889-9337-ac218746a282","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":35,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"572583bb-9f14-49f5-bed9-ec25df904152","block_type":"box","text":"(continued)","page_number":35,"box":{"x":61,"y":67,"width":76,"height":10}},{"id":"17ca572f-6dae-4078-99af-73dac6209c1a","block_type":"box","text":"Transfer to a non-participating","page_number":35,"box":{"x":213,"y":67,"width":199,"height":11}},{"id":"87071685-0390-4a31-b560-9d715c31a184","block_type":"box","text":"Financial Intermediary","page_number":35,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"b57d7e65-be5f-436e-8c2e-e764650f168e","block_type":"box","text":"(continued)","page_number":35,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"6c7cf909-f9e7-4601-bff9-3d6bc5052964","block_type":"box","text":"Please contact your Financial Intermediary to accomplish the transfer of","page_number":35,"box":{"x":461,"y":70,"width":475,"height":10}},{"id":"90b3d45b-cede-47a3-806d-df10d1633d82","block_type":"box","text":"your Class K Shares.","page_number":35,"box":{"x":460,"y":83,"width":137,"height":11}},{"id":"ea0d2b53-32a0-4c9c-ac49-868569f7407a","block_type":"box","text":"Additional Purchase and Redemption Information Applicable to the Fund if You Are Not Purchasing","page_number":35,"box":{"x":60,"y":119,"width":815,"height":12}},{"id":"3fad7c31-555b-44c2-bba2-d1a13149bd9a","block_type":"box","text":"Shares Through an Employer-Sponsored Retirement Plan","page_number":35,"box":{"x":60,"y":136,"width":467,"height":12}},{"id":"462df109-e623-4a41-aad1-76ec46b299e9","block_type":"box","text":"If you are not purchasing shares through an Employer-Sponsored Retirement Plan, the Fund may authorize one or more","page_number":35,"box":{"x":62,"y":152,"width":872,"height":12}},{"id":"787c3bcf-a833-4b18-9afd-951288c6d885","block_type":"box","text":"banks, savings and loan associations and other financial institutions (each a “Service Organization”) to accept","page_number":35,"box":{"x":61,"y":167,"width":814,"height":11}},{"id":"49f0b8fb-ad77-44c1-9f5d-3650eda70ebf","block_type":"box","text":"purchase and redemption orders on its behalf. Such Service Organizations may be authorized to designate other","page_number":35,"box":{"x":62,"y":182,"width":826,"height":11}},{"id":"ed2804cf-a806-4998-ab5a-2cd010b737fd","block_type":"box","text":"intermediaries to accept purchase and redemption orders on the Fund’s behalf. If you purchase or redeem shares","page_number":35,"box":{"x":62,"y":196,"width":836,"height":12}},{"id":"172a5704-c3e9-4fd8-9e2c-1e15a2b87061","block_type":"box","text":"through a Service Organization or its designee, that entity may have its own deadlines for the receipt of the purchase","page_number":35,"box":{"x":60,"y":211,"width":861,"height":12}},{"id":"f2d01975-bd04-4e93-8565-74a7973640b8","block_type":"box","text":"or redemption order that may be earlier than those stated in the prospectus. The Fund will be deemed to have received","page_number":35,"box":{"x":61,"y":226,"width":875,"height":12}},{"id":"1c546e50-b114-4353-9906-b5415956b4ef","block_type":"box","text":"a purchase or redemption order when a Service Organization or, if applicable, that Service Organization’s authorized","page_number":35,"box":{"x":61,"y":241,"width":853,"height":12}},{"id":"e69d6c3b-5c14-4678-bcc8-284a0ae1bdd2","block_type":"box","text":"designee, accepts the order. These orders will be priced at the Fund’s net asset value per share next calculated after","page_number":35,"box":{"x":61,"y":256,"width":862,"height":11}},{"id":"a97f32d4-5d74-46c6-9859-2a55b70a41a8","block_type":"box","text":"they are so accepted.","page_number":35,"box":{"x":60,"y":271,"width":158,"height":11}},{"id":"fdb32e77-c39a-455a-8e75-77b0a068f9a5","block_type":"box","text":"Fund’s Rights","page_number":35,"box":{"x":61,"y":310,"width":124,"height":13}},{"id":"8a147f5b-deaf-4c0b-be7b-24f5e449be20","block_type":"box","text":"The Fund may:","page_number":35,"box":{"x":60,"y":336,"width":106,"height":11}},{"id":"6cdc908a-47cc-46e6-86c1-0d3e3f96b72b","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":35,"box":{"x":81,"y":356,"width":840,"height":11}},{"id":"17a099b8-6030-4b89-b47a-81792797d418","block_type":"box","text":"described in the Investment Company Act;","page_number":35,"box":{"x":81,"y":371,"width":308,"height":11}},{"id":"8684cba6-1bed-4d78-a1c4-7a00d3e09db3","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":35,"box":{"x":81,"y":390,"width":789,"height":12}},{"id":"81a20a9f-208e-43ff-a74b-f599c5a7a9fb","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":35,"box":{"x":81,"y":405,"width":850,"height":12}},{"id":"7599a9ff-05f0-4e71-92d1-b87943a7cdb1","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":35,"box":{"x":82,"y":420,"width":368,"height":12}},{"id":"fb5f381e-5172-4d09-9853-9c4ad0c963cf","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":35,"box":{"x":82,"y":440,"width":781,"height":12}},{"id":"6084ff87-7cba-44b0-a388-2a30d664168e","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":35,"box":{"x":82,"y":460,"width":798,"height":12}},{"id":"5a17224a-5311-46d8-84da-563f2d0d78ac","block_type":"box","text":"specified level.","page_number":35,"box":{"x":81,"y":475,"width":108,"height":11}},{"id":"dfa8f01e-5485-4f4d-8451-c94c7df24c48","block_type":"box","text":"Note on Low Balance Accounts.","page_number":35,"box":{"x":61,"y":498,"width":239,"height":9}},{"id":"a84ad5f6-6644-4a39-8a7a-4262e134bba5","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":35,"box":{"x":307,"y":497,"width":600,"height":12}},{"id":"c77cc4ed-dfd3-44bf-b025-dd5f04c3318e","block_type":"box","text":"has set a minimum balance of $500 in the Fund position you hold within your account (the “Fund Minimum”), and may","page_number":35,"box":{"x":61,"y":512,"width":870,"height":12}},{"id":"36f2afcd-e2e6-42d4-b5c7-5e03fe9328e6","block_type":"box","text":"redeem the shares in your account if the net asset value of those shares in your account falls below $500 for any","page_number":35,"box":{"x":61,"y":526,"width":837,"height":13}},{"id":"1513e17f-b8b1-4859-be26-7adfceebd371","block_type":"box","text":"reason, including market fluctuation.","page_number":35,"box":{"x":61,"y":542,"width":267,"height":12}},{"id":"e411dbc7-d6a1-4286-8559-8c6ab898e1e0","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":35,"box":{"x":60,"y":564,"width":799,"height":12}},{"id":"f6f63a69-cefb-4ad3-800a-6d23db9f35a3","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":35,"box":{"x":62,"y":579,"width":796,"height":12}},{"id":"0a7f6112-88db-4ce4-b394-c76e00b2b1bb","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":35,"box":{"x":62,"y":594,"width":800,"height":12}},{"id":"3c4631f7-1eb2-462e-95dd-fea814381598","block_type":"box","text":"redemption. 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The exchange","page_number":35,"box":{"x":60,"y":748,"width":869,"height":12}},{"id":"c3fd5fc4-87b6-43b6-a84e-08d656810c80","block_type":"box","text":"privilege is not intended as a vehicle for short-term trading. Excessive purchase and sale or exchange activity may","page_number":35,"box":{"x":62,"y":763,"width":836,"height":12}},{"id":"da399066-8a42-4e34-8593-87cb4761f3a4","block_type":"box","text":"interfere with portfolio management, increase expenses and taxes and may have an adverse effect on the","page_number":35,"box":{"x":62,"y":778,"width":780,"height":11}},{"id":"98b9ab7d-a899-453d-8e4f-0e99115efee6","block_type":"box","text":"performance of the Fund and its returns to shareholders. For example, large flows of cash into and out of the Fund","page_number":35,"box":{"x":62,"y":793,"width":842,"height":11}},{"id":"892c99ac-ad8d-4c8f-af7a-153618d0d99b","block_type":"box","text":"may require the management team to allocate a significant amount of assets to cash or other short-term investments","page_number":35,"box":{"x":61,"y":808,"width":866,"height":11}},{"id":"cc7ad6d0-a477-449b-85bd-732c5a336560","block_type":"box","text":"or sell securities, rather than maintaining such assets in securities selected to achieve the Fund’s investment","page_number":35,"box":{"x":61,"y":823,"width":808,"height":11}},{"id":"35f54c33-38e8-4f20-ad9f-d9306ede4447","block_type":"box","text":"objective. Frequent trading may cause the Fund to sell securities at less favorable prices, and transaction costs, such","page_number":35,"box":{"x":61,"y":837,"width":864,"height":12}},{"id":"3c4ee130-2379-44bf-afd8-4a1aa7acf132","block_type":"box","text":"as brokerage commissions, can reduce the Fund’s performance.","page_number":35,"box":{"x":61,"y":852,"width":474,"height":12}},{"id":"ef8ff37e-e5e2-43d7-a5a9-47b11e05cf45","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":35,"box":{"x":60,"y":875,"width":873,"height":11}},{"id":"19186de7-b72e-49c6-81f2-f039305bdb07","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":35,"box":{"x":61,"y":889,"width":872,"height":12}},{"id":"348b82b5-ad81-4178-8034-556436e5410d","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":35,"box":{"x":61,"y":904,"width":865,"height":12}},{"id":"6b9a66b6-e4fe-48c5-ac06-5847351232c2","block_type":"box","text":"35","page_number":35,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"cd2d350c-6dc2-4a65-b6ba-95721b88d1c1","block_type":"box","text":"NM1026U-5981116-35/48","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"76b46d47-cdf2-4348-a403-9c8c74f93b4d","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":36,"box":{"x":61,"y":46,"width":817,"height":11}},{"id":"64e49969-3456-413d-a2d3-363ce8354c76","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":36,"box":{"x":61,"y":60,"width":818,"height":12}},{"id":"41f0ce21-4ef2-48bf-894f-7275e16e2854","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":36,"box":{"x":60,"y":75,"width":865,"height":12}},{"id":"0da90507-1706-4451-bab5-30d6bcc81be0","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":36,"box":{"x":61,"y":90,"width":829,"height":12}},{"id":"7034cad0-4146-433b-ae34-30ecb8ec1da9","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":36,"box":{"x":62,"y":105,"width":671,"height":12}},{"id":"06e228c3-a35e-483f-ab8b-b9bbeca2d4c0","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":36,"box":{"x":60,"y":127,"width":869,"height":12}},{"id":"c51de585-048d-4a35-9129-c5383d53d192","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":36,"box":{"x":60,"y":143,"width":839,"height":11}},{"id":"1e1b8c70-13bf-47d9-8188-5929d70d5b62","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":36,"box":{"x":61,"y":157,"width":869,"height":12}},{"id":"32ffc8e4-c1ad-4281-95ea-2151b10d34ed","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":36,"box":{"x":61,"y":172,"width":870,"height":12}},{"id":"588b39e7-bc33-44ec-b086-fe2d30023e1f","block_type":"box","text":"Fund or its shareholders.","page_number":36,"box":{"x":62,"y":187,"width":181,"height":9}},{"id":"48793f7c-8e11-4ffd-8994-34ce0ae51c8f","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":36,"box":{"x":62,"y":209,"width":795,"height":12}},{"id":"2610b6a1-f567-4f40-9cce-ac4c0c57caef","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":36,"box":{"x":61,"y":224,"width":860,"height":12}},{"id":"484a0c40-3151-43bc-ab69-fc885efbdc94","block_type":"box","text":"in market timing activity, it reserves the right to reject any specific purchase or exchange order. 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While the Fund monitors for market timing","page_number":36,"box":{"x":61,"y":372,"width":849,"height":12}},{"id":"6e3f2a23-0d5c-40a3-a831-b8710beeb291","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":36,"box":{"x":61,"y":387,"width":875,"height":12}},{"id":"4f29cb8c-32c8-45e4-86b2-147a1b8936fd","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":36,"box":{"x":62,"y":402,"width":869,"height":12}},{"id":"537d6b26-38aa-4297-9814-60bf4b55a95c","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":36,"box":{"x":61,"y":417,"width":845,"height":11}},{"id":"45f8d784-c0bd-466b-aa3e-13989ca771dc","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":36,"box":{"x":62,"y":432,"width":868,"height":11}},{"id":"80c55e03-5d32-467e-a7ad-7ad6d9a40b35","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":36,"box":{"x":61,"y":447,"width":861,"height":11}},{"id":"ba8baebe-e5f9-4488-a6c9-3d7001c1b03e","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":36,"box":{"x":61,"y":461,"width":868,"height":12}},{"id":"59dfdb2c-c7cd-48c6-996d-b405289430ac","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":36,"box":{"x":60,"y":476,"width":847,"height":12}},{"id":"261c1ada-feed-46c0-9f70-c5ddd040791b","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Distributor,","page_number":36,"box":{"x":60,"y":491,"width":837,"height":12}},{"id":"48bd2fdf-3185-4d96-8ed5-68798590f31a","block_type":"box","text":"suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":36,"box":{"x":61,"y":506,"width":663,"height":11}},{"id":"ee617160-a10f-4807-9984-3a0993e3a62f","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":36,"box":{"x":60,"y":529,"width":824,"height":11}},{"id":"0bdc852b-adc3-4dcd-82bf-73925c4813a0","block_type":"box","text":"deemed abusive.","page_number":36,"box":{"x":61,"y":544,"width":123,"height":8}},{"id":"8738b168-9eb4-4140-b3b0-47df6a4a2e61","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":36,"box":{"x":60,"y":566,"width":841,"height":11}},{"id":"e9feb298-04ed-4af0-8ad0-ffa75956a9cf","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":36,"box":{"x":60,"y":581,"width":572,"height":11}},{"id":"581120d7-f75b-4e2d-bff0-e02bcd52208c","block_type":"box","text":"36","page_number":36,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"6e634f34-0ef6-44ae-a6a2-fcc17608aa47","block_type":"box","text":"NM1026U-5981116-36/48","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5782d8c6-0c1a-42d9-b7c7-62d71ff186f8","block_type":"box","text":"Management of the Fund","page_number":37,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"53528c6d-7118-4689-81a8-afa70c5e6f97","block_type":"box","text":"BlackRock","page_number":37,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"4f852dea-aa21-4bea-b121-d2d7c3ea024b","block_type":"box","text":"BlackRock, the Fund’s investment adviser, manages the Fund’s investments and its business operations subject to","page_number":37,"box":{"x":62,"y":183,"width":846,"height":11}},{"id":"8c9f881c-640c-4bf6-9582-091cacaaee25","block_type":"box","text":"the oversight of the Board. While BlackRock is ultimately responsible for the management of the Fund, it is able to","page_number":37,"box":{"x":60,"y":197,"width":841,"height":12}},{"id":"9107db96-f73e-4312-9943-ab2e3df8d2f9","block_type":"box","text":"draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":37,"box":{"x":61,"y":212,"width":796,"height":12}},{"id":"8edf4174-ecce-40ea-aa99-3ca3dd05d65f","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":37,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"d4a2a298-3f76-4d59-9c35-68d8596d3918","block_type":"box","text":"BlackRock, Inc.","page_number":37,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"c9103776-f8e5-4013-9c38-e4b299a3041e","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":37,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"f095c305-9aaa-423c-8b44-ec8a89b0d4eb","block_type":"box","text":"companies. BlackRock International Limited (“BIL”), the sub-adviser to the Fund and an affiliate of BlackRock, is a","page_number":37,"box":{"x":61,"y":279,"width":838,"height":11}},{"id":"29e1db21-5577-4355-b030-13285dc99e49","block_type":"box","text":"registered investment adviser organized in 1995. BlackRock and its affiliates had approximately $15.3 trillion in","page_number":37,"box":{"x":61,"y":293,"width":824,"height":12}},{"id":"a8d74dba-04ad-41ac-bb30-7d0d91eefb05","block_type":"box","text":"investment company and other portfolio assets under management as of June 30, 2026.","page_number":37,"box":{"x":62,"y":309,"width":654,"height":11}},{"id":"5cf45e65-37c3-4bf0-8e50-ea0b58a41906","block_type":"box","text":"BlackRock serves as manager to the Fund pursuant to an investment advisory agreement (the “Management","page_number":37,"box":{"x":62,"y":331,"width":800,"height":12}},{"id":"e623218a-173b-42d6-bd72-f26e0c708fa1","block_type":"box","text":"Agreement”). 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The contractual agreements may be terminated upon","page_number":37,"box":{"x":62,"y":632,"width":860,"height":12}},{"id":"a2d791f4-fbd6-40d2-ac06-a3478d86d941","block_type":"box","text":"90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding","page_number":37,"box":{"x":61,"y":647,"width":851,"height":12}},{"id":"300766e8-7452-4b5d-ae95-49d86983215f","block_type":"box","text":"voting securities of the Fund.","page_number":37,"box":{"x":60,"y":662,"width":212,"height":11}},{"id":"59e73db3-0410-4af6-9c24-f5ed0a06dec6","block_type":"box","text":"BlackRock has contractually agreed to cap net expenses (excluding: (i) interest, taxes, dividends tied to short sales,","page_number":37,"box":{"x":62,"y":685,"width":851,"height":11}},{"id":"fdbb181f-36b9-467f-bbc4-4741d607613e","block_type":"box","text":"brokerage commissions, and other expenditures which are capitalized in accordance with generally accepted","page_number":37,"box":{"x":61,"y":699,"width":796,"height":12}},{"id":"747ec5b4-1ac7-4d60-9ca6-1e09c6287134","block_type":"box","text":"accounting principles; (ii) the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result","page_number":37,"box":{"x":61,"y":714,"width":876,"height":12}},{"id":"dfdb6cc0-b43f-47cd-bc24-543f1731b94d","block_type":"box","text":"of investing in other investment companies; (iii) other expenses attributable to, and incurred as a result of, the Fund’s","page_number":37,"box":{"x":61,"y":729,"width":867,"height":11}},{"id":"bb128e66-4fa7-4708-84c1-bdb80093e658","block_type":"box","text":"investments; and (iv) extraordinary expenses (including litigation expenses) not incurred in the ordinary course of the","page_number":37,"box":{"x":62,"y":744,"width":858,"height":11}},{"id":"e15538c2-4e88-4ed6-9eb0-e999f7a110aa","block_type":"box","text":"Fund’s business, if any) of Class K Shares of the Fund offered by this prospectus at the level shown below and in the","page_number":37,"box":{"x":62,"y":759,"width":862,"height":11}},{"id":"b7b52576-1a37-4e7a-9e8c-5c1a9ba20b25","block_type":"box","text":"Fund’s fees and expenses table in the “Fund Overview” section of this prospectus. Items (i), (ii), (iii) and (iv) in the","page_number":37,"box":{"x":62,"y":773,"width":840,"height":12}},{"id":"967bbfb6-1a6e-4055-9b30-b81476dd9c0c","block_type":"box","text":"preceding sentence are referred to in this prospectus as “Dividend Expense, Interest Expense, Acquired Fund Fees","page_number":37,"box":{"x":62,"y":788,"width":843,"height":12}},{"id":"69456aec-5d7d-4f73-bd86-e2ca257828eb","block_type":"box","text":"and Expenses and certain other Fund expenses.” To achieve this expense cap, BlackRock has agreed to waive and/or","page_number":37,"box":{"x":61,"y":803,"width":868,"height":12}},{"id":"2ee3f9b1-7ea7-46cf-9aa4-769e1e62f990","block_type":"box","text":"reimburse fees or expenses if the Fund’s operating expenses exceed a certain limit.","page_number":37,"box":{"x":61,"y":818,"width":618,"height":11}},{"id":"976d348c-c44a-4c8f-a607-de84890541b6","block_type":"box","text":"With respect to the Fund, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to","page_number":37,"box":{"x":60,"y":840,"width":863,"height":12}},{"id":"affc585a-1467-4411-994a-4f1659045e7a","block_type":"box","text":"limit Total Annual Fund Operating Expenses as a percentage of average daily net assets to the amount noted in the","page_number":37,"box":{"x":62,"y":855,"width":844,"height":12}},{"id":"cd3e6671-03b5-40ac-ad99-349ca09649b0","block_type":"box","text":"table below.","page_number":37,"box":{"x":60,"y":870,"width":87,"height":9}},{"id":"581af8df-f8b8-43b6-aade-06dccd86f340","block_type":"box","text":"37","page_number":37,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"4d6d83dc-0a93-4413-84ba-c08288779bbc","block_type":"box","text":"NM1026U-5981116-37/48","page_number":37,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a5fec77d-8601-4918-b413-d70a4d709744","block_type":"box","text":"Contractual 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The terms of a fund’s index licensing agreement with BlackRock or its","page_number":39,"box":{"x":62,"y":753,"width":870,"height":11}},{"id":"f72da67b-5cd0-48d0-9f1b-3f16f8a7b6a6","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":39,"box":{"x":60,"y":768,"width":545,"height":11}},{"id":"e972cb59-a257-4d2d-8a61-84372849e946","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":39,"box":{"x":60,"y":790,"width":837,"height":12}},{"id":"4d9d7d24-63a6-45e1-8db3-9c0d926f56f2","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":39,"box":{"x":61,"y":805,"width":865,"height":12}},{"id":"71b33624-4f59-407b-8d7f-e20d4d876f23","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":39,"box":{"x":62,"y":820,"width":819,"height":11}},{"id":"46edc386-23a7-4d0c-ab71-58850ddb8ab4","block_type":"box","text":"Valuation of Fund Investments","page_number":39,"box":{"x":63,"y":859,"width":271,"height":11}},{"id":"4b864971-b4f4-4e22-9cb0-5649bdc25c82","block_type":"box","text":"When you buy shares, you pay the net asset value. This is the offering price. Shares are also redeemed at their net","page_number":39,"box":{"x":60,"y":885,"width":849,"height":11}},{"id":"6e9ef7c5-cbf0-49f3-8686-d50aebcdb7cf","block_type":"box","text":"asset value, minus any applicable redemption fee. 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The net asset value of each class of shares","page_number":39,"box":{"x":61,"y":915,"width":821,"height":11}},{"id":"309abdef-4073-40d3-8c3b-128ace6ee498","block_type":"box","text":"39","page_number":39,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"2bcfc5c7-eaa9-40c7-82d2-27aa6915ca11","block_type":"box","text":"NM1026U-5981116-39/48","page_number":39,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9a452fb6-3a3c-4e14-bf68-50d053c37808","block_type":"box","text":"normally is determined once daily Monday through Friday, generally as of the close of regular trading hours of the New","page_number":40,"box":{"x":61,"y":46,"width":866,"height":11}},{"id":"1bda62a2-c15a-4fab-a964-7e99180ce6fc","block_type":"box","text":"York Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern time), on each day that the NYSE is open for trading,","page_number":40,"box":{"x":60,"y":60,"width":831,"height":12}},{"id":"fca6d883-cc05-4c8c-8b4f-098231a1d07f","block_type":"box","text":"based on prices at the time of closing, provided that any Fund assets or liabilities denominated in currencies other","page_number":40,"box":{"x":61,"y":75,"width":843,"height":12}},{"id":"0b5ced3e-0097-494e-b73d-781d02e182ff","block_type":"box","text":"than the U.S. dollar are translated into U.S. dollars at the prevailing market rates on the date of valuation as quoted by","page_number":40,"box":{"x":60,"y":90,"width":876,"height":12}},{"id":"4dec69ac-2fca-4d48-b880-29277b96eb84","block_type":"box","text":"one or more data service providers. The net asset value of shares is calculated by dividing the value of the net assets","page_number":40,"box":{"x":61,"y":105,"width":868,"height":12}},{"id":"bf72764f-dc85-4579-9bc7-2900aeea3571","block_type":"box","text":"of each class of shares (i.e., the value of its total assets less total liabilities) by the total number of outstanding","page_number":40,"box":{"x":61,"y":120,"width":825,"height":11}},{"id":"70e8e2b6-2747-457c-abe3-13c3f0f6233d","block_type":"box","text":"shares of the class, generally rounded to the nearest cent.","page_number":40,"box":{"x":61,"y":135,"width":430,"height":11}},{"id":"b2c3686f-e6eb-44a9-ae3b-b0362250968a","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":40,"box":{"x":60,"y":157,"width":844,"height":12}},{"id":"c37115b2-54f7-43f3-abe0-15964d95cc1d","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":40,"box":{"x":60,"y":172,"width":837,"height":12}},{"id":"f681fccf-6d52-4da3-8eb3-7e0a4d680c6b","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":40,"box":{"x":62,"y":187,"width":464,"height":11}},{"id":"1c9d1eb3-b2e1-4d12-b215-499fd82faa38","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":40,"box":{"x":62,"y":210,"width":863,"height":11}},{"id":"cc725723-5d93-4a1b-8887-889a9b70ee35","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":40,"box":{"x":60,"y":224,"width":858,"height":12}},{"id":"7fa8609a-3f94-4804-8ad6-5916c27f9831","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":40,"box":{"x":62,"y":239,"width":863,"height":12}},{"id":"e8658427-e91c-45e1-bb72-97bff421d714","block_type":"box","text":"or market on which the security or instrument is primarily traded at the time of valuation. 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Pricing services may use valuation models that utilize","page_number":40,"box":{"x":61,"y":336,"width":868,"height":11}},{"id":"8e2b3913-d751-47f6-a73e-8a0d80e9bd65","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":40,"box":{"x":61,"y":351,"width":842,"height":11}},{"id":"749688f3-0795-471e-a16e-a2a1a5601336","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":40,"box":{"x":61,"y":365,"width":853,"height":12}},{"id":"f4f02025-98f6-4b9c-95ac-69a5cc1123c7","block_type":"box","text":"odd lot sizes. 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The","page_number":40,"box":{"x":61,"y":395,"width":822,"height":11}},{"id":"aa7ca10a-df00-4f78-9409-8a3aa9136ab2","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":40,"box":{"x":61,"y":410,"width":845,"height":11}},{"id":"4088a0ad-7833-495a-9cd8-f3a5531934f9","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":40,"box":{"x":61,"y":425,"width":733,"height":11}},{"id":"8cd7223b-f278-4be9-af21-5d2765bfcb0e","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":40,"box":{"x":61,"y":447,"width":829,"height":12}},{"id":"e797d1e0-946a-411f-a10e-0c45da59c7e1","block_type":"box","text":"regular trading hours of the NYSE. 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The Fund will be","page_number":40,"box":{"x":60,"y":819,"width":830,"height":12}},{"id":"950600fc-8c0b-495a-b9de-ecfc155fbfec","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":40,"box":{"x":61,"y":834,"width":848,"height":12}},{"id":"7fa3efe1-350f-4918-91ad-3dab7e728896","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":40,"box":{"x":61,"y":849,"width":868,"height":11}},{"id":"60a3209f-0ffe-4442-a911-3536c7b978a4","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":40,"box":{"x":61,"y":864,"width":856,"height":11}},{"id":"8b4b43f2-2a61-4222-8ddd-ddef9ffe51ff","block_type":"box","text":"40","page_number":40,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"489445e1-2f6a-4361-9bab-197ad865af23","block_type":"box","text":"NM1026U-5981116-40/48","page_number":40,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"19a8dc03-c55b-4e3c-8751-c9bcc48fd98d","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":41,"box":{"x":61,"y":47,"width":311,"height":13}},{"id":"254adf16-c232-4703-9141-e7fc962bb29b","block_type":"box","text":"BUYING A DIVIDEND","page_number":41,"box":{"x":423,"y":88,"width":152,"height":9}},{"id":"20955f14-1ffe-4610-bffe-4a3704b9d22c","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":41,"box":{"x":72,"y":110,"width":831,"height":12}},{"id":"7a917a41-e095-497b-9e52-ad0639cfebbf","block_type":"box","text":"pays a dividend. 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The Fund","page_number":41,"box":{"x":60,"y":195,"width":871,"height":12}},{"id":"90694f21-f9b5-4a13-b7b9-666ce29bee97","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":41,"box":{"x":61,"y":210,"width":862,"height":11}},{"id":"a7df180d-6948-48da-a074-4b67f24a848b","block_type":"box","text":"may be reinvested automatically in shares of the Fund at net asset value or may be taken in cash. 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Other foreign entities will generally either need to provide detailed","page_number":41,"box":{"x":61,"y":821,"width":802,"height":12}},{"id":"56b043f8-8c4e-4297-89e0-60b92e4f2be5","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":41,"box":{"x":62,"y":836,"width":639,"height":11}},{"id":"41ef7806-c526-4c3c-98ff-c35fe5cd3822","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":41,"box":{"x":62,"y":859,"width":863,"height":11}},{"id":"a88ecbc7-5372-44a0-b5f1-1002a409f5f8","block_type":"box","text":"other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may","page_number":41,"box":{"x":61,"y":873,"width":823,"height":12}},{"id":"4a4e0797-b653-443e-92c4-ce14741311f3","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":41,"box":{"x":61,"y":888,"width":837,"height":12}},{"id":"b4b16553-526c-446e-ba42-92b8d7888e2c","block_type":"box","text":"Fund if certain requirements are met.","page_number":41,"box":{"x":62,"y":903,"width":272,"height":11}},{"id":"379b228a-b5eb-442d-9f7b-d9698f9540b4","block_type":"box","text":"41","page_number":41,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"632c25f6-ee57-49fc-a2b1-687e4e31c320","block_type":"box","text":"NM1026U-5981116-41/48","page_number":41,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f66a4967-1805-4a03-8186-c01c040cc865","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":42,"box":{"x":60,"y":46,"width":855,"height":11}},{"id":"f3d75860-a45d-4a9f-a0b0-d121c1e77779","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":42,"box":{"x":61,"y":60,"width":832,"height":12}},{"id":"df6c6445-cdd8-4b30-bf14-0e986149b3bb","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":42,"box":{"x":62,"y":76,"width":383,"height":11}},{"id":"b9b7e4b3-34db-4c7c-9994-b0c35a4c7287","block_type":"box","text":"42","page_number":42,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"f32509ea-b0ad-4b1a-a374-a9f4d8f03c64","block_type":"box","text":"NM1026U-5981116-42/48","page_number":42,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1eaefd30-7a71-43d0-aacc-82c8be8bf421","block_type":"box","text":"The financial highlights table is intended to help investors understand the Fund’s financial performance for the periods","page_number":43,"box":{"x":60,"y":75,"width":873,"height":12}},{"id":"a26c6d67-e07c-4e5c-af72-2c8e8fe4a310","block_type":"box","text":"shown. 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The information has been audited by Deloitte & Touche LLP, whose","page_number":43,"box":{"x":61,"y":120,"width":840,"height":11}},{"id":"f960ec84-d7ce-4894-87df-a9cb2e13858a","block_type":"box","text":"report, along with the Fund’s audited financial statements, is included in the Fund’s Annual Financial Statements and","page_number":43,"box":{"x":61,"y":135,"width":862,"height":11}},{"id":"a2e3872a-6d5b-4a58-be2d-ac642dbfa6eb","block_type":"box","text":"Additional Information for the fiscal year ended May 31, 2026, as filed with the SEC on Form N-CSR, which are","page_number":43,"box":{"x":60,"y":149,"width":813,"height":12}},{"id":"77c8fadd-fbcf-4a48-a22c-cee8d2ffddb5","block_type":"box","text":"available upon request and at www.blackrock.com.","page_number":43,"box":{"x":61,"y":165,"width":370,"height":10}},{"id":"415d44b2-f662-4483-a615-29cc55ca8ebc","block_type":"box","text":"BlackRock Commodity Strategies 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