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1.13%","page_number":3,"box":{"x":689,"y":582,"width":236,"height":8}},{"id":"dc796777-2863-4388-b62c-aa4092a74421","block_type":"box","text":"Distribution and/or Service (12b-1) Fees 0.25% 1.00% None","page_number":3,"box":{"x":70,"y":600,"width":844,"height":10}},{"id":"757856cf-9790-40df-87a2-38110351bd4c","block_type":"box","text":"Other Expenses","page_number":3,"box":{"x":69,"y":618,"width":103,"height":10}},{"id":"716ebf59-f761-4692-acff-6364513a04e0","block_type":"box","text":"0.11% 0.12% 0.11%","page_number":3,"box":{"x":689,"y":618,"width":236,"height":9}},{"id":"f47daa89-a7c3-4a3c-893e-6884fcf63eb3","block_type":"box","text":"Acquired Fund Fees and Expenses","page_number":3,"box":{"x":69,"y":637,"width":225,"height":9}},{"id":"affc3483-5836-4ff6-84da-0a9829ab2886","block_type":"box","text":"4","page_number":3,"box":{"x":295,"y":636,"width":4,"height":4}},{"id":"517590a2-31c2-4ad5-ad23-cfcb31e7d872","block_type":"box","text":"0.08% 0.08% 0.08%","page_number":3,"box":{"x":689,"y":636,"width":236,"height":9}},{"id":"eba9e373-7056-4e6c-bcf5-f598225b78a3","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":3,"box":{"x":69,"y":655,"width":252,"height":10}},{"id":"6413bc34-04b1-4243-ba6c-f1b5d09cbf84","block_type":"box","text":"4","page_number":3,"box":{"x":322,"y":654,"width":4,"height":4}},{"id":"9ca1e4fa-bd18-4235-a21f-1217fdd0cd80","block_type":"box","text":"1.57% 2.33% 1.32%","page_number":3,"box":{"x":689,"y":655,"width":236,"height":8}},{"id":"607c008a-6a57-4960-9171-bc32514bf21f","block_type":"box","text":"Fee Waivers and/or Expense Reimbursements","page_number":3,"box":{"x":70,"y":673,"width":304,"height":10}},{"id":"580aab2a-fb09-4dd5-8963-b09737322f65","block_type":"box","text":"3,5","page_number":3,"box":{"x":375,"y":672,"width":11,"height":5}},{"id":"969daa21-1afa-4095-ad32-20e277ab0383","block_type":"box","text":"(0.06)% (0.06)% (0.06)%","page_number":3,"box":{"x":685,"y":673,"width":245,"height":10}},{"id":"edb265a9-707f-4d11-a596-5d02d7aeaa14","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense","page_number":3,"box":{"x":69,"y":690,"width":481,"height":11}},{"id":"91cc1a51-80c3-40e2-82bb-9175d1fefa9b","block_type":"box","text":"Reimbursements","page_number":3,"box":{"x":70,"y":704,"width":110,"height":8}},{"id":"b3c33772-a91e-45c2-958f-906843582639","block_type":"box","text":"3,5","page_number":3,"box":{"x":181,"y":704,"width":11,"height":5}},{"id":"907f3c1d-45d8-405d-99ef-e7914bb89091","block_type":"box","text":"1.51% 2.27% 1.26%","page_number":3,"box":{"x":689,"y":704,"width":236,"height":8}},{"id":"426cd35a-f5b5-4a16-ae96-64dcca77f49d","block_type":"box","text":"1","page_number":3,"box":{"x":61,"y":724,"width":3,"height":3}},{"id":"def24933-ac30-4419-bf4b-7526618f5e52","block_type":"box","text":"A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after","page_number":3,"box":{"x":81,"y":724,"width":835,"height":9}},{"id":"9af88750-5280-4203-8ed6-20981044783a","block_type":"box","text":"purchase where no initial sales charge was paid at the time of purchase as part of an investment of $250,000 or more.","page_number":3,"box":{"x":81,"y":733,"width":706,"height":10}},{"id":"539a96d1-3956-4d14-a46e-fede2a6bf86b","block_type":"box","text":"2","page_number":3,"box":{"x":61,"y":747,"width":3,"height":4}},{"id":"e284ee3e-c2fa-45f6-a30d-6ce4e5262117","block_type":"box","text":"There is no CDSC on Investor C Shares after one year.","page_number":3,"box":{"x":81,"y":747,"width":318,"height":9}},{"id":"b7df601f-7f30-44eb-87d9-dd8dbfe2e0b9","block_type":"box","text":"3","page_number":3,"box":{"x":61,"y":760,"width":3,"height":3}},{"id":"9ffa06ef-f6a1-46b2-9d10-f5e7b4ca1a96","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s 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Although your actual costs may be higher","page_number":4,"box":{"x":61,"y":107,"width":859,"height":11}},{"id":"549b9478-edbb-454a-858b-8fcb5e98e66a","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":4,"box":{"x":61,"y":122,"width":436,"height":11}},{"id":"8ea31f0a-a0e4-48a2-bf4d-ccdce927ed67","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":150,"width":292,"height":9}},{"id":"e81a3a21-0478-4e8d-9313-f56117e9fa14","block_type":"box","text":"Investor A Shares $671 $989 $1,330 $2,290","page_number":4,"box":{"x":70,"y":168,"width":848,"height":10}},{"id":"a5f0a43e-37dd-4e79-852b-709c7e215f8c","block_type":"box","text":"Investor C Shares $330 $722 $1,240 $2,472","page_number":4,"box":{"x":70,"y":186,"width":848,"height":10}},{"id":"81de921a-0eab-4303-87d6-1559b1b7a135","block_type":"box","text":"Institutional Shares $128 $412 $ 718 $1,585","page_number":4,"box":{"x":70,"y":204,"width":848,"height":10}},{"id":"81abcbda-c289-4df5-bb9b-540349809370","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":4,"box":{"x":60,"y":236,"width":532,"height":12}},{"id":"662deae3-6ad3-4237-ba12-e436a812208f","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":265,"width":292,"height":8}},{"id":"72f81b4b-59dc-4aed-98bd-ab5ab40688c2","block_type":"box","text":"Investor C Shares $230 $722 $1,240 $2,472","page_number":4,"box":{"x":70,"y":283,"width":848,"height":10}},{"id":"ad0e40c6-3049-4ded-84fb-8344bec88f91","block_type":"box","text":"Portfolio Turnover:","page_number":4,"box":{"x":61,"y":308,"width":151,"height":10}},{"id":"2a7f9eb8-b1a5-4653-92ac-5e2f3b0a0d98","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":324,"width":800,"height":12}},{"id":"fba90c38-2c5f-4018-a42d-5079448f9bfa","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":339,"width":850,"height":11}},{"id":"5e845581-0957-4ce2-8877-c4dcd09496c1","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":354,"width":870,"height":11}},{"id":"3a59ba92-5b6b-4f50-adb7-c126060d98c3","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":369,"width":839,"height":11}},{"id":"3d4c5d32-5d57-4743-9a31-69adff3e9b4b","block_type":"box","text":"145% of the average value of its portfolio.","page_number":4,"box":{"x":62,"y":383,"width":307,"height":12}},{"id":"18fdff2a-7c37-40a5-a6db-f772d3f9b6db","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":4,"box":{"x":61,"y":422,"width":394,"height":14}},{"id":"fc022e64-7c72-4f08-86d1-443d167d8c8c","block_type":"box","text":"Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment","page_number":4,"box":{"x":62,"y":448,"width":831,"height":12}},{"id":"843ccff0-adf7-4b34-8379-285c221c57bf","block_type":"box","text":"purposes) in equity securities and related derivative instruments with similar economic characteristics. Investments in","page_number":4,"box":{"x":62,"y":464,"width":865,"height":11}},{"id":"bdd4e136-fda9-4ccc-aaf3-a417d89e693e","block_type":"box","text":"derivatives are counted toward the Fund’s 80% policy to the extent that they provide investment exposure to the","page_number":4,"box":{"x":61,"y":478,"width":823,"height":12}},{"id":"707dd59d-bd30-453b-8057-cd884426d47b","block_type":"box","text":"securities included within that policy or to one or more market risk factors associated with such securities. The Fund","page_number":4,"box":{"x":61,"y":493,"width":854,"height":11}},{"id":"1abdb1de-f681-4598-bdbe-11cd251dd2aa","block_type":"box","text":"seeks to achieve its investment objective by employing an event driven strategy, primarily investing in companies that","page_number":4,"box":{"x":61,"y":508,"width":861,"height":11}},{"id":"5ad830df-c819-4769-9b41-bf525bbbcf10","block_type":"box","text":"have announced a material change or in companies that BlackRock expects to undergo a material change. A material","page_number":4,"box":{"x":61,"y":523,"width":859,"height":11}},{"id":"fbe55e1d-d62b-4b8c-97cc-85187f96b2ef","block_type":"box","text":"change that could impact the price of securities for purposes of the Fund’s investment strategies is referred to herein","page_number":4,"box":{"x":61,"y":537,"width":864,"height":12}},{"id":"45f368db-b974-4496-9912-217a6767247b","block_type":"box","text":"as a “catalyst.” The Fund focuses on identifying investments that have a sufficiently defined catalyst. These catalysts","page_number":4,"box":{"x":61,"y":552,"width":863,"height":12}},{"id":"49ad4d1f-e67f-406e-a1bc-b1002f5583c1","block_type":"box","text":"span a broad spectrum and include, for example, announced mergers and acquisitions, spinoffs and split-offs,","page_number":4,"box":{"x":61,"y":567,"width":813,"height":12}},{"id":"cd2259ce-bf74-4972-b863-fd4399b4b5d8","block_type":"box","text":"financial or strategic restructurings, management changes, synergistic acquisitions, as well as other transformative","page_number":4,"box":{"x":60,"y":582,"width":849,"height":11}},{"id":"800b09b9-0038-466f-8a6e-44a73be89960","block_type":"box","text":"events. The intended goal of the Fund is to profit when the price of a security changes to reflect more accurately the","page_number":4,"box":{"x":61,"y":597,"width":852,"height":11}},{"id":"36ded3da-0125-4278-9f22-3216278acc4a","block_type":"box","text":"likelihood and potential impact of the occurrence, or non-occurrence, of the extraordinary event. This can be done by","page_number":4,"box":{"x":62,"y":612,"width":856,"height":11}},{"id":"b3931d4e-1fe8-495d-9aaa-c92e7837f49f","block_type":"box","text":"taking a long position in a security or other financial instrument that is believed to be underpriced or a short position in","page_number":4,"box":{"x":60,"y":626,"width":875,"height":12}},{"id":"bcc817b8-e864-4535-8079-6446c956eae6","block_type":"box","text":"a security or other financial instrument that is believed to be overpriced. The Fund generally maintains long positions","page_number":4,"box":{"x":61,"y":641,"width":856,"height":12}},{"id":"89817550-34b3-4dc9-beda-8d568a4fec00","block_type":"box","text":"through direct positions in equity securities, but may also take long positions through the use of swap agreements and","page_number":4,"box":{"x":60,"y":656,"width":874,"height":12}},{"id":"2fba117e-e7ee-440e-a374-f30c67ed6786","block_type":"box","text":"other derivative instruments. The Fund generally maintains short positions through the use of swap agreements and","page_number":4,"box":{"x":61,"y":671,"width":853,"height":11}},{"id":"7b91a2ee-bf2a-43bd-8718-bb7dfeb3f935","block_type":"box","text":"other derivative instruments, but may also take short positions directly. 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The Fund may invest in securities of issuers of any market capitalization.","page_number":4,"box":{"x":61,"y":738,"width":749,"height":11}},{"id":"d59c337e-8500-4755-acf1-0f409e2e25d4","block_type":"box","text":"The Fund’s investment in equity securities may include common stock, preferred stock, non-convertible preferred stock","page_number":4,"box":{"x":60,"y":760,"width":877,"height":12}},{"id":"f26b2579-fc27-406d-8511-dddc46d8ef52","block_type":"box","text":"and depositary receipts. The Fund may gain exposure to equity securities through derivatives. The Fund may also","page_number":4,"box":{"x":61,"y":776,"width":829,"height":11}},{"id":"4f4bcfd9-7e55-4d28-988c-007e17b16cc0","block_type":"box","text":"purchase securities convertible into common stock.","page_number":4,"box":{"x":62,"y":790,"width":377,"height":11}},{"id":"7076e35e-fbfd-4c2a-a2c7-93ac1ce1e189","block_type":"box","text":"The Fund may invest up to 20% of its net assets (plus any borrowings for investment purposes) in fixed-income","page_number":4,"box":{"x":60,"y":813,"width":815,"height":11}},{"id":"1cd35b54-4157-4cc8-a171-8da3c06fbcf4","block_type":"box","text":"securities and related derivative instruments with similar economic characteristics. The Fund’s investment in fixed","page_number":4,"box":{"x":61,"y":827,"width":842,"height":10}},{"id":"9adc6c54-f35f-4acd-a10e-5f369eaade5f","block_type":"box","text":"income securities may include fixed and floating rate corporate bonds and municipal securities. The Fund may invest in","page_number":4,"box":{"x":62,"y":842,"width":872,"height":12}},{"id":"316416b8-6233-4c75-acfc-5cd9d599218a","block_type":"box","text":"debt securities of any credit quality, as determined by Fund management, which may include high yield securities","page_number":4,"box":{"x":61,"y":857,"width":828,"height":12}},{"id":"cedc66c2-f6d0-4942-9ab7-e69c12197514","block_type":"box","text":"(commonly called “junk bonds”).","page_number":4,"box":{"x":61,"y":872,"width":236,"height":11}},{"id":"53e98bfb-176a-4a95-9ea8-8c68befd9d4b","block_type":"box","text":"The Fund may invest in derivatives, including but not limited to, total return swaps (some of which may be referred to","page_number":4,"box":{"x":60,"y":895,"width":859,"height":11}},{"id":"cbee467f-d87f-4963-bc90-a6bc4212494b","block_type":"box","text":"as contracts for difference), credit default swaps, futures, options and foreign exchange transactions, for hedging","page_number":4,"box":{"x":61,"y":909,"width":834,"height":12}},{"id":"80c8d174-56a2-4e81-ae81-0d490168eb14","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"50f77e33-0597-4a26-8f1d-a6f990cadae8","block_type":"box","text":"NM1026U-5981068-4/76","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"9db10680-8c79-464e-b48b-787b04868a13","block_type":"box","text":"purposes, as well as to enhance the return on its portfolio investments. There is no limit to the Fund’s ability to invest","page_number":5,"box":{"x":62,"y":46,"width":869,"height":11}},{"id":"c6277d7f-a415-4f50-9fd0-4a00b73256e1","block_type":"box","text":"in derivatives, except as may be limited by requirements of the Investment Company Act of 1940, as amended (the","page_number":5,"box":{"x":62,"y":60,"width":845,"height":12}},{"id":"5f8595b4-e3ef-4ca2-ac92-95675eb54d17","block_type":"box","text":"“Investment Company Act”) and related rules and regulations adopted thereunder, and at times the Fund may utilize","page_number":5,"box":{"x":62,"y":75,"width":852,"height":12}},{"id":"a6fdf19f-8f24-4158-8e24-a5d7d078f4f8","block_type":"box","text":"derivatives to a significant extent.","page_number":5,"box":{"x":61,"y":90,"width":245,"height":12}},{"id":"f95d2a2a-3e87-456e-a175-c7a2bd680165","block_type":"box","text":"The Fund may also invest in indexed and inverse securities.","page_number":5,"box":{"x":60,"y":113,"width":437,"height":11}},{"id":"183fac80-4afc-4c30-afb3-b030e7f87a06","block_type":"box","text":"When consistent with the Fund’s investment objective, the Fund’s investments may include short-term investments","page_number":5,"box":{"x":60,"y":135,"width":847,"height":12}},{"id":"fea52056-008e-423b-ab60-e658b9a3f8d0","block_type":"box","text":"such as cash and cash equivalents, U.S. Government and agency securities, money market funds (including funds that","page_number":5,"box":{"x":61,"y":150,"width":873,"height":12}},{"id":"c6e83a8a-4dac-4918-9be6-ee86e2eaf8c3","block_type":"box","text":"may be affiliated with or sponsored or managed by BlackRock), commercial paper, certificates of deposit and other","page_number":5,"box":{"x":61,"y":165,"width":846,"height":11}},{"id":"d42b8786-7350-4b63-b2e0-e3f727cabb39","block_type":"box","text":"bank deposits and bankers’ acceptances.","page_number":5,"box":{"x":61,"y":180,"width":305,"height":11}},{"id":"c27c7645-cd2a-40e2-9210-dafee7d67534","block_type":"box","text":"The Fund may invest in securities of companies without an identified catalyst to hedge unwanted exposures to an","page_number":5,"box":{"x":60,"y":202,"width":833,"height":12}},{"id":"89f48116-fc7e-4746-96b9-2cb5af8174ca","block_type":"box","text":"industry or the market as a whole.","page_number":5,"box":{"x":62,"y":217,"width":250,"height":12}},{"id":"217eec2d-42c2-4a16-8d03-11dafb343b03","block_type":"box","text":"The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.","page_number":5,"box":{"x":60,"y":240,"width":874,"height":11}},{"id":"1a6db449-0fec-44e3-ba33-a3f798a828a7","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":5,"box":{"x":61,"y":279,"width":354,"height":13}},{"id":"0771a244-30bb-43ff-b19b-22bf9e15f0bf","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":305,"width":860,"height":11}},{"id":"92a55319-fd42-4558-a4fd-f30a665bd08c","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":320,"width":802,"height":11}},{"id":"824f6cb7-aaa0-49ec-aa9f-0beadd4296a7","block_type":"box","text":"investment in the Fund or your investment may not perform as well as other similar investments. An investment in the","page_number":5,"box":{"x":62,"y":334,"width":866,"height":12}},{"id":"631f3b5c-58fd-42de-bb51-f9ac191c7c20","block_type":"box","text":"Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other","page_number":5,"box":{"x":62,"y":349,"width":869,"height":12}},{"id":"f3a4104f-a0d9-4c84-b01d-2df1b18afc68","block_type":"box","text":"Government agency. The following is a summary description of the principal risks of investing in the Fund. The relative","page_number":5,"box":{"x":61,"y":364,"width":865,"height":12}},{"id":"d1ea1a08-0009-45f9-8adc-2857a2210cef","block_type":"box","text":"significance of each risk factor below may change over time and you should review each risk factor carefully.","page_number":5,"box":{"x":61,"y":379,"width":793,"height":11}},{"id":"710a0078-49c8-41cc-86f1-815af2894d49","block_type":"box","text":"Equity Securities Risk","page_number":5,"box":{"x":81,"y":399,"width":166,"height":11}},{"id":"c741d07b-fe73-461d-9ec8-e07495c53056","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":399,"width":685,"height":11}},{"id":"df2d0c0e-d2ab-4efc-b640-9a2cb5e157c8","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":5,"box":{"x":81,"y":414,"width":550,"height":11}},{"id":"11054d45-4a92-41a4-97e7-86adb4db0bd2","block_type":"box","text":"Event Driven Strategies Risk","page_number":5,"box":{"x":81,"y":434,"width":217,"height":11}},{"id":"85054564-c88f-4e55-994b-93479b9d94b3","block_type":"box","text":"—The Fund may invest in event driven strategies, which entail investing in companies","page_number":5,"box":{"x":301,"y":434,"width":628,"height":11}},{"id":"ce6aec6b-8f7d-413d-977a-37105aae12d2","block_type":"box","text":"involved, or potentially involved, in significant corporate actions. Investment decisions may take into account","page_number":5,"box":{"x":82,"y":448,"width":796,"height":12}},{"id":"020607d8-765a-47c2-b565-6614828765da","block_type":"box","text":"BlackRock’s perceptions of the likelihood that an event or transaction will occur, the amount of time that the","page_number":5,"box":{"x":82,"y":463,"width":795,"height":12}},{"id":"b8221e94-0de9-4fc3-9c95-f94d18ec75c3","block_type":"box","text":"process will take and the perceived expected value following the catalyst. The success of event driven trading","page_number":5,"box":{"x":82,"y":478,"width":803,"height":12}},{"id":"4b5ba32b-4146-49d3-9dfd-697adc34100a","block_type":"box","text":"depends on the successful prediction of whether various catalyst events will occur or be consummated. If a","page_number":5,"box":{"x":81,"y":493,"width":789,"height":11}},{"id":"9ea1830c-062c-4ac6-968d-4f4b38862aa1","block_type":"box","text":"proposed transaction appears likely not to be consummated or in fact is not consummated or is delayed, the market","page_number":5,"box":{"x":82,"y":508,"width":855,"height":11}},{"id":"201bdcc6-faa5-4be1-99c2-fbdde0f88125","block_type":"box","text":"price of the securities purchased by the Fund may decline sharply and result in losses to the Fund.","page_number":5,"box":{"x":82,"y":523,"width":723,"height":11}},{"id":"e1e2e5b4-96ae-45e7-9b13-af7633f869f4","block_type":"box","text":"The Fund may purchase securities at prices only slightly below the anticipated value to be paid or exchanged for the","page_number":5,"box":{"x":81,"y":543,"width":850,"height":11}},{"id":"24a7b85d-c898-4a0e-9391-c181744a440e","block_type":"box","text":"securities in the proposed merger, exchange offer, cash tender offer or other similar transaction. The purchase","page_number":5,"box":{"x":81,"y":557,"width":815,"height":12}},{"id":"bb9d4361-4efe-45bb-9598-ea025984f3e4","block_type":"box","text":"price to the Fund may be substantially above the prices at which such securities traded immediately prior to the","page_number":5,"box":{"x":82,"y":573,"width":818,"height":11}},{"id":"889fdbf8-9ff8-4d5a-9df0-d0662d456bf5","block_type":"box","text":"announcement of such merger, exchange offer, cash tender offer or other similar transaction. If the proposed","page_number":5,"box":{"x":81,"y":587,"width":803,"height":12}},{"id":"29a18cfa-b926-4daf-adb6-76a022a18d8b","block_type":"box","text":"merger, exchange offer, cash tender offer or other similar transaction appears likely not to be consummated or in","page_number":5,"box":{"x":82,"y":602,"width":832,"height":11}},{"id":"e1b16f58-7aa4-4779-901e-a4d9f6c19b94","block_type":"box","text":"fact is not consummated or is delayed, or if the value of a transaction is reduced, the market price of the security to","page_number":5,"box":{"x":81,"y":617,"width":853,"height":11}},{"id":"ed6447fc-97aa-4071-9126-dbb010cac0f8","block_type":"box","text":"be tendered or exchanged may, and likely will, decline sharply by an amount greater than the difference between the","page_number":5,"box":{"x":81,"y":632,"width":854,"height":11}},{"id":"b39830a8-70ea-4f53-acdf-14abc4eb00d2","block_type":"box","text":"Fund’s purchase price and the anticipated consideration to be paid.","page_number":5,"box":{"x":82,"y":647,"width":495,"height":11}},{"id":"b715d9f3-a207-4730-927e-ddd6e0fedaa1","block_type":"box","text":"In addition, where a security to be issued in a merger or exchange offer has been sold short in the expectation that","page_number":5,"box":{"x":82,"y":666,"width":848,"height":12}},{"id":"55c84064-7229-4099-bea9-decb214796c8","block_type":"box","text":"the short position will be covered by delivery of such security when issued, failure of the merger or exchange offer","page_number":5,"box":{"x":80,"y":681,"width":840,"height":12}},{"id":"048db638-ac20-46a2-b7a3-2f228f05f0f2","block_type":"box","text":"to be consummated may force the Fund to cover its short sale, with a resulting, and perhaps significant, loss.","page_number":5,"box":{"x":80,"y":696,"width":808,"height":12}},{"id":"de47a91e-4762-4f58-bdf1-287f6b50ded8","block_type":"box","text":"In addition, if BlackRock determines that the offer price for a security which is the subject of a tender offer is likely","page_number":5,"box":{"x":82,"y":716,"width":843,"height":11}},{"id":"a3d724a7-0de2-419b-b525-70b2141b4fc9","block_type":"box","text":"to be increased, either by the original bidder or by another party, the Fund may purchase securities above the offer","page_number":5,"box":{"x":80,"y":731,"width":844,"height":11}},{"id":"9a9e74d7-efa6-46f3-a842-7f039d24cadb","block_type":"box","text":"price, thereby exposing the Fund to an even greater degree of risk of loss.","page_number":5,"box":{"x":82,"y":746,"width":541,"height":11}},{"id":"43301d2c-e5de-4690-af0d-7151518eb5a3","block_type":"box","text":"Where BlackRock determines that it is probable that a transaction will not be consummated, the Fund may sell the","page_number":5,"box":{"x":81,"y":766,"width":843,"height":11}},{"id":"a27047d1-430b-4aae-b10b-8fb3066714e5","block_type":"box","text":"securities of the target company short, at times significantly below the announced tender or offering prices for the","page_number":5,"box":{"x":81,"y":780,"width":839,"height":12}},{"id":"67bc840c-f265-4254-8c3a-f5e5ba33ce26","block_type":"box","text":"securities in the transaction. If the transaction, or another transaction, such as a “defensive” merger or a “friendly”","page_number":5,"box":{"x":81,"y":795,"width":848,"height":12}},{"id":"94c745c9-53d6-4977-9e90-27aff4e87b3f","block_type":"box","text":"tender offer, is consummated at the announced price or a higher price, the Fund may be forced to cover the short","page_number":5,"box":{"x":80,"y":810,"width":836,"height":12}},{"id":"bda39957-9129-4e0e-adba-395d9a494e7e","block_type":"box","text":"position in the market at a higher price than the short sale price, with a resulting, and perhaps significant, loss.","page_number":5,"box":{"x":82,"y":825,"width":819,"height":11}},{"id":"80a34317-11cc-4a65-83be-509dd15cf697","block_type":"box","text":"The consummation of mergers, exchange offers, cash tender offers or other similar transactions can be prevented","page_number":5,"box":{"x":81,"y":845,"width":841,"height":11}},{"id":"c2c7690c-bdf6-4f62-8288-43cfef7bb9d7","block_type":"box","text":"or delayed by a variety of factors. Transactions may also be contingent on certain contractual conditions precedent.","page_number":5,"box":{"x":81,"y":860,"width":846,"height":11}},{"id":"a48e8869-44bf-44cd-9b97-0b463b7195fb","block_type":"box","text":"Offerors in tender or exchange offers customarily reserve the right to cancel such offers in a variety of","page_number":5,"box":{"x":81,"y":880,"width":752,"height":11}},{"id":"a54e6d93-c41a-4435-86df-7e5d141dbb5b","block_type":"box","text":"circumstances. An exchange offer or a cash tender offer may be made for less than all of the outstanding securities","page_number":5,"box":{"x":81,"y":895,"width":853,"height":11}},{"id":"3554d425-025f-4d9e-9346-0901d6983bf8","block_type":"box","text":"of an issuer, with the provision that, if a greater number is tendered, securities will be accepted on a pro rata basis.","page_number":5,"box":{"x":81,"y":909,"width":851,"height":12}},{"id":"b1abea78-5c69-4c9f-bb0b-fd3033cb18a5","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"659268ce-9e1b-4196-a463-d18b0a5f6b0a","block_type":"box","text":"NM1026U-5981068-5/76","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"b106026a-a087-4377-b9e6-a3afc2ac9c08","block_type":"box","text":"Thus, after the completion of the offer, and at a time when the market price of the securities has declined below its","page_number":6,"box":{"x":81,"y":46,"width":849,"height":11}},{"id":"f049773c-6565-4acd-8d7d-8d8f52a8cbf0","block_type":"box","text":"cost, the Fund may have returned to it, and be forced to sell at a loss, a portion of the securities it tendered.","page_number":6,"box":{"x":81,"y":60,"width":801,"height":12}},{"id":"f63c1fd7-9d9b-489c-b30c-6a340364690a","block_type":"box","text":"Derivatives Risk","page_number":6,"box":{"x":81,"y":81,"width":123,"height":9}},{"id":"0f43c60e-246f-492f-97c8-ba3f509c5259","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":6,"box":{"x":207,"y":80,"width":664,"height":12}},{"id":"81678991-6eeb-40e1-9253-7cc3c89f6516","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":6,"box":{"x":82,"y":95,"width":469,"height":12}},{"id":"811f0cc6-5b9b-4e36-b3b4-f893778e4735","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":82,"y":116,"width":102,"height":11}},{"id":"3e8b86c7-b9d9-4cd4-8839-f79c304fd2b4","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":6,"box":{"x":188,"y":115,"width":723,"height":12}},{"id":"4ce7cac2-0295-4300-8e95-2c8e5caa8666","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":6,"box":{"x":82,"y":130,"width":832,"height":12}},{"id":"661b10a2-255b-4d93-ad64-bf9f0a3f3684","block_type":"box","text":"exceed the amount originally invested.","page_number":6,"box":{"x":81,"y":145,"width":280,"height":11}},{"id":"4a134eb8-47b6-4097-b239-64948693a765","block_type":"box","text":"Market Risk","page_number":6,"box":{"x":82,"y":165,"width":87,"height":9}},{"id":"a3ac2d91-8b68-45ae-837c-8eba26087da2","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":6,"box":{"x":173,"y":165,"width":728,"height":11}},{"id":"55221b90-a0f7-4118-a59e-82ceb000b74d","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":6,"box":{"x":81,"y":180,"width":834,"height":11}},{"id":"272420fb-a2ad-4ac5-a303-03cc99ba78e9","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":6,"box":{"x":82,"y":195,"width":832,"height":11}},{"id":"170a2c6d-9265-4915-b845-2b491bbfdc2e","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":6,"box":{"x":80,"y":209,"width":779,"height":12}},{"id":"f836bb9a-56f1-472f-9494-431db665dda2","block_type":"box","text":"derivatives positions to lose value.","page_number":6,"box":{"x":81,"y":224,"width":253,"height":11}},{"id":"ed2fc611-85ff-4dd8-aacf-f0be58adfc6f","block_type":"box","text":"Counterpar ty Risk","page_number":6,"box":{"x":82,"y":244,"width":131,"height":12}},{"id":"e1080aca-fb83-4cb9-b9c4-9f1a688055cd","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":6,"box":{"x":217,"y":244,"width":697,"height":12}},{"id":"34b4987c-0ee3-4b21-95b0-6c65fb6ef5f4","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":6,"box":{"x":80,"y":259,"width":855,"height":12}},{"id":"514953fb-2cf1-4e85-9732-5fc3ef7eea3d","block_type":"box","text":"exposure to such a counterparty.","page_number":6,"box":{"x":81,"y":274,"width":240,"height":11}},{"id":"b7f12acb-eeaf-4176-87b9-01e616c5f5da","block_type":"box","text":"Illiquidity Risk","page_number":6,"box":{"x":82,"y":294,"width":100,"height":11}},{"id":"0f4d2bf3-0d06-4d12-a780-01e4a16cbaeb","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":6,"box":{"x":186,"y":294,"width":750,"height":11}},{"id":"3af4bb0c-2b0c-44d2-8a0e-575374496656","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":6,"box":{"x":80,"y":309,"width":839,"height":11}},{"id":"2f9a5079-6ba2-4696-8abb-96346be56926","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":6,"box":{"x":81,"y":323,"width":293,"height":12}},{"id":"5ca4f4b5-6b7a-4050-8f05-5f3e0056e8d3","block_type":"box","text":"Operational Risk","page_number":6,"box":{"x":82,"y":344,"width":120,"height":11}},{"id":"392fa544-9f5c-467f-9ece-536a975b14b1","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":6,"box":{"x":206,"y":343,"width":727,"height":12}},{"id":"e9dc2f92-1fc1-4bab-95a3-66f546ddf63c","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":6,"box":{"x":82,"y":358,"width":607,"height":12}},{"id":"430ffb76-1ef9-4aec-b344-d2bb981bb226","block_type":"box","text":"Legal Risk","page_number":6,"box":{"x":82,"y":379,"width":75,"height":11}},{"id":"47c9b0fe-568a-4c8f-b5b3-1e5ec0bca4b2","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":378,"width":761,"height":12}},{"id":"8ef52541-c109-4b53-8216-ff407a00cd25","block_type":"box","text":"enforceability of a contract.","page_number":6,"box":{"x":81,"y":393,"width":198,"height":11}},{"id":"159d7d47-7a09-42f3-ac1c-170fe6cded59","block_type":"box","text":"Volatility and Correlation Risk","page_number":6,"box":{"x":83,"y":413,"width":214,"height":11}},{"id":"e6a3a5b1-d601-42c7-8706-dadaea89e8c2","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":413,"width":590,"height":11}},{"id":"d0bc48d6-c82c-4995-bad9-20cfdf5b002d","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":428,"width":775,"height":11}},{"id":"6780712c-2df9-4421-898f-8305b0fe299e","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":6,"box":{"x":81,"y":443,"width":589,"height":11}},{"id":"c62a7d4a-cca2-4164-8767-2024bd752eff","block_type":"box","text":"Valuation Risk","page_number":6,"box":{"x":83,"y":463,"width":102,"height":9}},{"id":"262ac3ef-d57e-4df4-a3bb-e6092eeea7b8","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":463,"width":747,"height":11}},{"id":"6df4f7ca-c4f0-4dba-bb48-6c867ee71705","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":477,"width":783,"height":12}},{"id":"5e49535e-61d4-45a7-9c61-5fe7f3d07397","block_type":"box","text":"instruments or quote prices for them.","page_number":6,"box":{"x":82,"y":492,"width":273,"height":12}},{"id":"884676f3-3def-4be1-b6b8-1a265db757e3","block_type":"box","text":"Hedging Risk","page_number":6,"box":{"x":82,"y":513,"width":95,"height":11}},{"id":"48cd824c-8ec6-48f8-93c2-0f17f42fccf2","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":6,"box":{"x":181,"y":512,"width":728,"height":12}},{"id":"351db883-1816-4030-a77f-1ddc66deb610","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":527,"width":839,"height":12}},{"id":"a95de1e6-dd27-4239-8944-91732d7e4e3a","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":6,"box":{"x":82,"y":542,"width":354,"height":11}},{"id":"e10c7679-9fa4-4a82-aee2-c98feebfb7cc","block_type":"box","text":"Tax Risk","page_number":6,"box":{"x":83,"y":562,"width":59,"height":9}},{"id":"b6cb55bb-68f3-4d7f-b5a7-5bb008b7fcd8","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":6,"box":{"x":145,"y":562,"width":719,"height":12}},{"id":"7869744e-a118-4f99-b72d-292a48155058","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":577,"width":801,"height":11}},{"id":"15539aa5-bc98-490d-aa64-19d0882a42c8","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":592,"width":802,"height":11}},{"id":"ddc989d3-e6d9-4f2e-b697-0235e40399be","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":606,"width":830,"height":12}},{"id":"3bef7c74-6034-4b92-8ef6-4926b90af4ee","block_type":"box","text":"realizes from its investments.","page_number":6,"box":{"x":82,"y":621,"width":215,"height":9}},{"id":"23a10fd1-9265-4a7e-8d46-d301025fb042","block_type":"box","text":"Convertible Securities Risk","page_number":6,"box":{"x":81,"y":641,"width":206,"height":9}},{"id":"2edd75a9-52a0-4b66-a086-2697b4b33ad6","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":6,"box":{"x":291,"y":641,"width":593,"height":12}},{"id":"084eb9b5-cc53-449d-85bb-6f216bfc4074","block_type":"box","text":"security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible","page_number":6,"box":{"x":81,"y":656,"width":853,"height":11}},{"id":"a78a3c52-cf61-4f11-b5d0-8a3db40319f4","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":6,"box":{"x":81,"y":671,"width":855,"height":11}},{"id":"9684d85b-5786-444c-8a12-59db41fa99d3","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":6,"box":{"x":80,"y":686,"width":816,"height":11}},{"id":"b72bee49-9d2c-4ead-a58b-6a4fa404d5eb","block_type":"box","text":"issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be","page_number":6,"box":{"x":82,"y":701,"width":796,"height":11}},{"id":"c150fb55-6420-4c16-af6c-c528ebf1179d","block_type":"box","text":"converted, a convertible security is also subject to the same types of market and issuer risks that apply to the","page_number":6,"box":{"x":81,"y":715,"width":812,"height":12}},{"id":"b1f6a1a4-060c-48cc-9dd9-79d416f54014","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":6,"box":{"x":82,"y":730,"width":809,"height":12}},{"id":"9566ad62-101b-4090-9a83-679691f379b2","block_type":"box","text":"Short Sales and Short Position Risk","page_number":6,"box":{"x":81,"y":750,"width":271,"height":9}},{"id":"0f45fa15-9dcb-4640-b398-d378f7a5325a","block_type":"box","text":"—","page_number":6,"box":{"x":357,"y":756,"width":17,"height":0}},{"id":"b44aad88-78e2-4353-9aa2-c554179e242a","block_type":"box","text":"Because making short sales or taking short positions in securities that it","page_number":6,"box":{"x":379,"y":750,"width":537,"height":12}},{"id":"3ad79ddc-28a8-4ff0-a586-a351559884af","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":6,"box":{"x":81,"y":765,"width":828,"height":11}},{"id":"59b64094-5352-4ded-8290-85213b4b3c30","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":6,"box":{"x":82,"y":780,"width":853,"height":11}},{"id":"e6067685-6d37-41dc-aa41-86d7ae0e9a9c","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":6,"box":{"x":82,"y":795,"width":829,"height":11}},{"id":"6680d049-4658-4996-9391-6c8c14f5327d","block_type":"box","text":"may engage in short sales and gain short exposure through certain derivative instruments, such as futures, options","page_number":6,"box":{"x":82,"y":809,"width":852,"height":12}},{"id":"e5e4c143-0830-4de7-9f2c-359a4c30c511","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":6,"box":{"x":81,"y":824,"width":840,"height":12}},{"id":"077a1c3e-9c6e-41dd-b3a4-4f3b431b1b31","block_type":"box","text":"are theoretically unlimited on a short sale or position.","page_number":6,"box":{"x":81,"y":839,"width":394,"height":12}},{"id":"02cc09af-9891-4b67-bb03-08b051646054","block_type":"box","text":"Debt Securities Risk","page_number":6,"box":{"x":81,"y":859,"width":155,"height":9}},{"id":"02b431ef-1a72-4fee-8538-bd2adf1d9ad8","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":6,"box":{"x":240,"y":859,"width":633,"height":11}},{"id":"dd44f7be-8e26-4a07-a2f7-017734e1a6b1","block_type":"box","text":"extension risk, and prepayment risk, each of which are described in further detail below:","page_number":6,"box":{"x":81,"y":874,"width":648,"height":11}},{"id":"e0890e72-8504-47b2-b5d4-2e5581921b14","block_type":"box","text":"Credit Risk","page_number":6,"box":{"x":82,"y":894,"width":80,"height":9}},{"id":"c41cf569-1bb2-4554-9d29-2b90901e4006","block_type":"box","text":"— Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be","page_number":6,"box":{"x":166,"y":894,"width":737,"height":11}},{"id":"1156e0fc-ee28-4219-98c8-348013ef8ab6","block_type":"box","text":"able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s","page_number":6,"box":{"x":81,"y":909,"width":816,"height":11}},{"id":"3f637a7e-e425-4d0b-96fd-2b04a50d9118","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"ce79f000-e01e-4668-9f18-e315d5542f1b","block_type":"box","text":"NM1026U-5981068-6/76","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"ee23bffb-aa49-4ccb-a3e8-844151d1587a","block_type":"box","text":"perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The","page_number":7,"box":{"x":82,"y":46,"width":826,"height":11}},{"id":"7767fda1-c751-41aa-920b-b112e4ed86f1","block_type":"box","text":"degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.","page_number":7,"box":{"x":81,"y":60,"width":777,"height":12}},{"id":"fd7c3798-8225-48fb-8952-b33e760f9244","block_type":"box","text":"Interest Rate Risk","page_number":7,"box":{"x":82,"y":81,"width":132,"height":9}},{"id":"7a6db71b-03b5-4161-bf70-1e8426e85def","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":7,"box":{"x":218,"y":80,"width":704,"height":12}},{"id":"e995ed00-4b53-4dfe-8762-5debb4a4d996","block_type":"box","text":"rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities","page_number":7,"box":{"x":82,"y":95,"width":835,"height":12}},{"id":"4d32f8c5-ad11-442a-b6ba-05db2c8ee38b","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":7,"box":{"x":80,"y":110,"width":513,"height":9}},{"id":"beafa6fd-900f-4689-ae83-30ac3db0447d","block_type":"box","text":"The Fund may be subject to a greater risk of rising interest rates during a period of low interest rates. For example,","page_number":7,"box":{"x":81,"y":130,"width":843,"height":12}},{"id":"345d44bc-11d6-49fd-a915-e6953ecf3e7c","block_type":"box","text":"if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being","page_number":7,"box":{"x":82,"y":145,"width":806,"height":11}},{"id":"d73139ad-59c9-47a6-97cb-3c1ba3cfabed","block_type":"box","text":"equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the","page_number":7,"box":{"x":81,"y":160,"width":831,"height":11}},{"id":"0642602a-2fe3-45c3-b04c-b2657c23f383","block_type":"box","text":"price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude","page_number":7,"box":{"x":82,"y":175,"width":854,"height":11}},{"id":"abd8b4b9-1ce4-4705-b462-abb3b7a54440","block_type":"box","text":"of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those","page_number":7,"box":{"x":81,"y":189,"width":827,"height":12}},{"id":"5692eab3-0a54-402e-970f-e000d2b0dbb3","block_type":"box","text":"securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest","page_number":7,"box":{"x":81,"y":204,"width":840,"height":12}},{"id":"3152aa29-973d-489a-a952-22a09f46424f","block_type":"box","text":"income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The","page_number":7,"box":{"x":82,"y":219,"width":851,"height":11}},{"id":"5f435e44-3f22-4b91-b0cc-1196761d4099","block_type":"box","text":"Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund","page_number":7,"box":{"x":82,"y":234,"width":808,"height":11}},{"id":"f01ead29-9dc7-4484-a7ad-13a41a28f210","block_type":"box","text":"management.","page_number":7,"box":{"x":82,"y":249,"width":98,"height":11}},{"id":"81c56582-98c2-4081-8215-07bab7b007a3","block_type":"box","text":"To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage","page_number":7,"box":{"x":81,"y":269,"width":852,"height":11}},{"id":"95e30a00-4b0a-4543-8131-e00e5cf78ce6","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":7,"box":{"x":81,"y":283,"width":840,"height":12}},{"id":"21c7d7cd-7cb1-4670-b6f4-b8edb5977ee0","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset","page_number":7,"box":{"x":80,"y":298,"width":834,"height":12}},{"id":"5eadbfa6-b8a7-4379-b095-043b9fafea23","block_type":"box","text":"only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be","page_number":7,"box":{"x":81,"y":313,"width":803,"height":12}},{"id":"21799a31-42ab-42a3-b7f5-d0fa69b6f4ac","block_type":"box","text":"expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate","page_number":7,"box":{"x":81,"y":328,"width":839,"height":12}},{"id":"03530de6-5a60-4fc7-b36a-b31248017f2d","block_type":"box","text":"debt securities.","page_number":7,"box":{"x":81,"y":343,"width":112,"height":9}},{"id":"cc6fc98b-3e54-4d28-b8db-6b160e569f04","block_type":"box","text":"These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith","page_number":7,"box":{"x":81,"y":363,"width":839,"height":11}},{"id":"83f29d4a-884a-46af-a692-8bd512bafddb","block_type":"box","text":"and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not","page_number":7,"box":{"x":81,"y":378,"width":839,"height":11}},{"id":"80d17cfa-0d1b-4937-a568-18c83bcb0780","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":7,"box":{"x":82,"y":392,"width":831,"height":12}},{"id":"75797462-1cea-4aed-a0ea-727fb01c5d23","block_type":"box","text":"value when interest rates change.","page_number":7,"box":{"x":80,"y":408,"width":248,"height":11}},{"id":"832dd3c3-a888-456f-9361-db2f9b68ca8e","block_type":"box","text":"A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large","page_number":7,"box":{"x":81,"y":427,"width":855,"height":12}},{"id":"a762604c-736b-4542-b3d9-7507a536b215","block_type":"box","text":"scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy","page_number":7,"box":{"x":81,"y":442,"width":801,"height":12}},{"id":"335f474e-f7af-416f-a8ec-702500af5e51","block_type":"box","text":"redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could","page_number":7,"box":{"x":82,"y":457,"width":827,"height":11}},{"id":"dac8db8f-1614-4cfa-9d06-91c05e4ffdcf","block_type":"box","text":"hurt the Fund’s performance.","page_number":7,"box":{"x":82,"y":472,"width":214,"height":11}},{"id":"332e408a-02c7-41b8-ae42-07d5e4c2e2f5","block_type":"box","text":"Extension Risk","page_number":7,"box":{"x":82,"y":492,"width":107,"height":9}},{"id":"1852761b-b495-4b96-ab3f-9c75b715c139","block_type":"box","text":"— When interest rates rise, certain obligations will be paid off by the obligor more slowly than","page_number":7,"box":{"x":193,"y":492,"width":691,"height":11}},{"id":"d4e361a8-f865-4dae-9d1d-319564681bd4","block_type":"box","text":"anticipated, causing the value of these obligations to fall.","page_number":7,"box":{"x":81,"y":506,"width":420,"height":12}},{"id":"fbcf57cf-b711-4794-a240-1828cf29b020","block_type":"box","text":"Prepayment Risk","page_number":7,"box":{"x":81,"y":527,"width":124,"height":11}},{"id":"86860dc7-8634-4995-9a70-2de7d3815f87","block_type":"box","text":"— When interest rates fall, certain obligations will be paid off by the obligor more quickly than","page_number":7,"box":{"x":209,"y":526,"width":691,"height":12}},{"id":"ad9ee0f5-ae7c-4b49-9a48-b052676daac4","block_type":"box","text":"originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.","page_number":7,"box":{"x":81,"y":542,"width":724,"height":11}},{"id":"eec33a3a-810d-4c40-831b-dd1e46cf905f","block_type":"box","text":"Depositary Receipts Risk","page_number":7,"box":{"x":81,"y":561,"width":191,"height":12}},{"id":"72145e94-44a8-4e95-92a6-2bbc074541f3","block_type":"box","text":"— Depositary receipts are generally subject to the same risks as the foreign securities","page_number":7,"box":{"x":276,"y":561,"width":639,"height":12}},{"id":"dc0d7ee3-bbab-4e0c-b739-fd82091d9d5f","block_type":"box","text":"that they evidence or into which they may be converted. In addition to investment risks associated with the","page_number":7,"box":{"x":80,"y":576,"width":786,"height":12}},{"id":"02b86a2e-09f3-4451-98a3-0e7ba50f4703","block_type":"box","text":"underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms","page_number":7,"box":{"x":82,"y":591,"width":824,"height":12}},{"id":"03d42988-84bc-442d-821a-7268f0dcdcc1","block_type":"box","text":"that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other","page_number":7,"box":{"x":80,"y":606,"width":827,"height":11}},{"id":"08a4654a-fe8d-41a3-900d-f0d8b28ad1e5","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":7,"box":{"x":82,"y":621,"width":849,"height":11}},{"id":"ec80f59c-32bb-44c7-8dbc-55632eed6a38","block_type":"box","text":"depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that","page_number":7,"box":{"x":81,"y":635,"width":840,"height":12}},{"id":"38226309-91da-4463-b331-8fd45663d14b","block_type":"box","text":"is, in the United States, considered material. Therefore, there may be less information available regarding these","page_number":7,"box":{"x":82,"y":650,"width":824,"height":12}},{"id":"33ef1a6a-e4f8-493a-b0c5-9b3917e63a2f","block_type":"box","text":"issuers and there may not be a correlation between such information and the market value of the depositary","page_number":7,"box":{"x":82,"y":665,"width":798,"height":11}},{"id":"efbff79c-20b1-46db-b208-03549aca828e","block_type":"box","text":"receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their","page_number":7,"box":{"x":82,"y":680,"width":847,"height":11}},{"id":"ae6d987f-b584-4683-9e50-34f75765241c","block_type":"box","text":"respective markets and currencies, they continue to be subject to many of the risks associated with investing","page_number":7,"box":{"x":82,"y":695,"width":804,"height":11}},{"id":"0c661edb-8ca3-49ba-b78a-5f4a92e8ff27","block_type":"box","text":"directly in foreign securities, including political, economic, and currency risk.","page_number":7,"box":{"x":81,"y":710,"width":558,"height":11}},{"id":"49575b0a-e9e0-4823-9fd8-ee924dd01c4b","block_type":"box","text":"Emerging Markets Risk","page_number":7,"box":{"x":81,"y":730,"width":178,"height":11}},{"id":"98c1d6fe-426c-4df1-93b2-e5d109bc6079","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":7,"box":{"x":263,"y":730,"width":617,"height":11}},{"id":"2664abd5-2e54-439e-8ea3-480c413072aa","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":744,"width":825,"height":12}},{"id":"d9e93b8b-af5c-4a16-bebe-546898f4d431","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":759,"width":822,"height":12}},{"id":"081217f3-1bba-46a4-bbc3-c6c83bf1c0cb","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":774,"width":816,"height":12}},{"id":"ee8167b2-f19d-412c-949b-379a48f53d64","block_type":"box","text":"liquidity than developed markets.","page_number":7,"box":{"x":82,"y":789,"width":240,"height":11}},{"id":"3b0c0cbc-8de7-4e41-9b4d-31824ea841e9","block_type":"box","text":"Foreign Securities Risk","page_number":7,"box":{"x":81,"y":809,"width":176,"height":11}},{"id":"806a7458-5418-491a-85f1-8ac609cc4f2f","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":809,"width":668,"height":11}},{"id":"48276675-ee0b-4c3a-b017-3cf8e9883622","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":7,"box":{"x":82,"y":824,"width":531,"height":11}},{"id":"575fc840-6845-4f55-b01e-52c0d813f796","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":844,"width":823,"height":11}},{"id":"0f8eea08-7de8-4e84-b4d2-b6d7bb6eb68f","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":858,"width":823,"height":12}},{"id":"1f65c5b7-5cc6-443a-8b37-13113b3235fd","block_type":"box","text":"oversight.","page_number":7,"box":{"x":101,"y":874,"width":70,"height":11}},{"id":"1ed141cb-3286-4ed0-8eb8-1759ebb50942","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":893,"width":644,"height":12}},{"id":"07eb0449-74e2-443f-ae65-2ef540fad439","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"5061b4a7-7ae5-4a11-b28e-6c6988c2c1e0","block_type":"box","text":"NM1026U-5981068-7/76","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"1f89d975-7838-470d-b50f-07bded548b11","block_type":"box","text":"The economies of certain foreign markets may not compare favorably with the economy of the United States with","page_number":8,"box":{"x":101,"y":46,"width":830,"height":11}},{"id":"9045b4a2-6295-4382-9e02-97e2ffde9e07","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":8,"box":{"x":102,"y":60,"width":808,"height":12}},{"id":"685e47dc-76c2-4c73-b599-929e72f8c4cb","block_type":"box","text":"payments position.","page_number":8,"box":{"x":102,"y":76,"width":137,"height":11}},{"id":"995af51a-b6ca-468b-b730-7b1e39bb1b02","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":95,"width":821,"height":12}},{"id":"1b353a62-485e-4ccd-8736-ed06ae7a49dd","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":110,"width":809,"height":12}},{"id":"e79f41a3-2636-4343-a7c0-0254702e1dbb","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":125,"width":784,"height":11}},{"id":"a7091b57-195f-4e61-b4f0-22fe200918d8","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":8,"box":{"x":101,"y":140,"width":352,"height":11}},{"id":"3bb2b111-b2e2-44b4-a455-96221b2f44e5","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":160,"width":823,"height":11}},{"id":"e5320dc1-1e14-4cb1-9995-0e927b2339b2","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":175,"width":811,"height":11}},{"id":"e8bcc10b-7bc5-4fdc-ade6-0a1b80807958","block_type":"box","text":"U.S. securities laws.","page_number":8,"box":{"x":102,"y":190,"width":148,"height":9}},{"id":"81273088-4e8a-4892-be0e-3cdaac2f9426","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":209,"width":834,"height":12}},{"id":"b6bf7c81-3ebf-4cf8-95a3-6550aee54ad9","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":8,"box":{"x":101,"y":224,"width":628,"height":12}},{"id":"daab8910-1b2f-4017-b827-bdb3c507db77","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":244,"width":830,"height":12}},{"id":"92544689-49de-4edd-a6e6-3a22299d11c1","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":259,"width":831,"height":12}},{"id":"0f5e57d9-12dd-4780-9e7f-b83cad5b386c","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":274,"width":813,"height":11}},{"id":"6681a120-49cb-4894-884b-a209f692a829","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":8,"box":{"x":101,"y":289,"width":395,"height":11}},{"id":"8e3f6b82-06d9-4d20-9a34-cff8bff49baf","block_type":"box","text":"High Portfolio Turnover Risk","page_number":8,"box":{"x":81,"y":309,"width":212,"height":11}},{"id":"af3ca361-12b3-48e8-9718-8442c68dd884","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":8,"box":{"x":297,"y":309,"width":629,"height":11}},{"id":"bec1d237-c4a5-4690-8a24-4d87f322e3dc","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":8,"box":{"x":82,"y":323,"width":812,"height":12}},{"id":"b08a9264-8742-40e8-a253-20b78c21515e","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":8,"box":{"x":81,"y":338,"width":817,"height":12}},{"id":"80c656ee-ac20-485c-aa47-d86dacc6eca7","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":8,"box":{"x":81,"y":353,"width":760,"height":12}},{"id":"4986dbb0-e3c9-41fe-9161-4b9077dc3fd6","block_type":"box","text":"shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects","page_number":8,"box":{"x":81,"y":368,"width":852,"height":11}},{"id":"9a6b0920-21f2-4fa7-a20a-f6ef695a3a63","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":8,"box":{"x":81,"y":383,"width":589,"height":11}},{"id":"0301a6d1-5960-4262-a4ab-e468000d267c","block_type":"box","text":"High Yield Bonds Risk","page_number":8,"box":{"x":81,"y":403,"width":167,"height":11}},{"id":"a39f7892-7289-4c72-9000-c4f381c7172d","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":8,"box":{"x":252,"y":403,"width":667,"height":11}},{"id":"a96c2add-d137-41e6-bf76-3030ec6bfbf0","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":8,"box":{"x":79,"y":418,"width":835,"height":11}},{"id":"63d45f10-3efe-4acd-9a3b-8a5317209815","block_type":"box","text":"for the Fund.","page_number":8,"box":{"x":81,"y":432,"width":91,"height":10}},{"id":"5be8ca75-3ea3-4c0d-9f99-03444c7b9e36","block_type":"box","text":"Illiquid Investments Risk","page_number":8,"box":{"x":81,"y":452,"width":186,"height":12}},{"id":"da1aca6c-5cd7-4b1e-a16d-821b81cfea03","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":8,"box":{"x":271,"y":452,"width":648,"height":12}},{"id":"68457306-beb7-4a0b-9a61-003c87e58959","block_type":"box","text":"the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":8,"box":{"x":80,"y":467,"width":841,"height":12}},{"id":"f145dbef-a035-43f5-aec0-9a0bfbc37362","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":8,"box":{"x":82,"y":482,"width":831,"height":11}},{"id":"8a89f204-b156-4600-8258-c8595d6580cf","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":8,"box":{"x":81,"y":497,"width":811,"height":11}},{"id":"ac5a167d-4093-4bcb-b6d2-5701038ddbed","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":8,"box":{"x":82,"y":512,"width":825,"height":11}},{"id":"2332dc8a-ad92-4f70-a411-4425bbf7e823","block_type":"box","text":"There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue","page_number":8,"box":{"x":81,"y":527,"width":837,"height":11}},{"id":"603bc28c-9510-4de7-b6e1-f08344309eb6","block_type":"box","text":"to be liquid for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an","page_number":8,"box":{"x":80,"y":541,"width":851,"height":12}},{"id":"0ddc2772-1758-426b-91ef-2295a5c4caec","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":8,"box":{"x":82,"y":556,"width":835,"height":12}},{"id":"f95dff96-41cb-434a-891b-49de961d9703","block_type":"box","text":"reduce the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time","page_number":8,"box":{"x":82,"y":571,"width":835,"height":12}},{"id":"3729863d-0123-4cc1-ae78-0e68a27003f1","block_type":"box","text":"or price. In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when","page_number":8,"box":{"x":81,"y":586,"width":791,"height":11}},{"id":"66e04286-660d-416f-9bb5-3d81b5e95ff7","block_type":"box","text":"shareholders are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to","page_number":8,"box":{"x":81,"y":601,"width":846,"height":11}},{"id":"a8b1505b-67af-48f1-9d89-79b5787be2c5","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":8,"box":{"x":81,"y":615,"width":835,"height":12}},{"id":"f3639cc9-2911-4338-ad80-fc5ee8ed98b7","block_type":"box","text":"Fund’s holdings. An investment may be illiquid due to, among other things, the reduced number and capacity of","page_number":8,"box":{"x":82,"y":630,"width":818,"height":12}},{"id":"f1f03f62-626f-4deb-a9dd-092ef6ed600b","block_type":"box","text":"traditional market participants to make a market in fixed-income securities or the lack of an active trading market.","page_number":8,"box":{"x":80,"y":645,"width":837,"height":12}},{"id":"354f2c6e-8135-4376-98b5-bd7f53efac6c","block_type":"box","text":"To the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":8,"box":{"x":81,"y":660,"width":854,"height":11}},{"id":"e705f60b-8ac2-42ac-bb20-4177f29ac268","block_type":"box","text":"and/or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments.","page_number":8,"box":{"x":81,"y":675,"width":815,"height":11}},{"id":"be973b0f-fda0-4492-a462-e42a079759b0","block_type":"box","text":"Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these","page_number":8,"box":{"x":82,"y":690,"width":835,"height":11}},{"id":"6d9af59f-4093-4c01-936a-19483a4064ce","block_type":"box","text":"investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. This may be","page_number":8,"box":{"x":82,"y":704,"width":790,"height":12}},{"id":"8352f196-1657-48b5-91eb-840e87249250","block_type":"box","text":"magnified in a rising interest rate environment or other circumstances where investor redemptions or sales of Fund","page_number":8,"box":{"x":82,"y":719,"width":844,"height":12}},{"id":"74e63a5a-fea9-451d-8741-60718947f8c2","block_type":"box","text":"shares may be higher than normal. In addition, when there is illiquidity in the market for certain securities, the","page_number":8,"box":{"x":81,"y":734,"width":810,"height":12}},{"id":"dc2f1778-673b-4ed5-8783-cd025d41aa41","block_type":"box","text":"Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.","page_number":8,"box":{"x":82,"y":749,"width":715,"height":11}},{"id":"b77ed383-4906-46c1-b0e9-264108c0d17e","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":8,"box":{"x":81,"y":769,"width":271,"height":9}},{"id":"5576f9c7-94db-4744-aa77-d7f296364ab7","block_type":"box","text":"— Indexed and inverse securities provide a potential return based on a","page_number":8,"box":{"x":356,"y":769,"width":522,"height":11}},{"id":"c011c550-6fd1-4cc9-ac14-e2a5b4189b8e","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":8,"box":{"x":82,"y":784,"width":839,"height":11}},{"id":"4c91e970-863a-4587-bd14-0024af29b333","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":8,"box":{"x":80,"y":798,"width":799,"height":12}},{"id":"3b18e5a9-23fd-4ea7-b1e1-4eba76f2923b","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":8,"box":{"x":82,"y":814,"width":796,"height":11}},{"id":"2ac1e162-420b-425f-a25d-3c0745308716","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":8,"box":{"x":81,"y":828,"width":855,"height":12}},{"id":"de77869c-5658-479e-b915-0f35695ab884","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":8,"box":{"x":82,"y":843,"width":441,"height":12}},{"id":"bb4a396e-9ed8-4612-b4f1-049c45ec3116","block_type":"box","text":"Leverage Risk","page_number":8,"box":{"x":81,"y":863,"width":107,"height":11}},{"id":"1b5a1157-0f1c-4020-b00d-7d5ab13a5a75","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":863,"width":741,"height":12}},{"id":"6e11091e-903e-4b0b-8694-9e8091753213","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":878,"width":853,"height":11}},{"id":"111ca2d3-6d6c-4fd2-8993-14b31e4406bf","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":893,"width":856,"height":11}},{"id":"cadaaf73-0ca9-4584-8ac8-52fb82afd882","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"cfafe647-da39-4335-aebc-da4efc390cec","block_type":"box","text":"NM1026U-5981068-8/76","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"7916ee95-543a-4f00-8f7c-b5cbeaab4deb","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act and the rules thereunder. Increases and","page_number":9,"box":{"x":80,"y":46,"width":802,"height":11}},{"id":"edcafe49-142b-495d-8b9e-4b2f42819f0d","block_type":"box","text":"decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":9,"box":{"x":81,"y":60,"width":686,"height":12}},{"id":"35d2bf3b-2427-498e-a876-b4f95d3d38a1","block_type":"box","text":"Market Risk and Selection Risk","page_number":9,"box":{"x":81,"y":81,"width":240,"height":9}},{"id":"51dd14f4-42df-4556-a03d-4d009f8b49f4","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":9,"box":{"x":324,"y":81,"width":593,"height":9}},{"id":"3a64a6a1-867a-4efb-891a-66aa87de3734","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":9,"box":{"x":81,"y":96,"width":851,"height":11}},{"id":"d91351db-16c7-4dec-86a1-2b116c70d672","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":9,"box":{"x":82,"y":110,"width":824,"height":12}},{"id":"7fd4a128-8e66-4116-862d-bd2d60de3c62","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":9,"box":{"x":82,"y":125,"width":851,"height":11}},{"id":"42ebdd83-8fc6-46be-90f9-9c43ac65c1a0","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":9,"box":{"x":82,"y":140,"width":802,"height":11}},{"id":"80a2d966-ac3b-4264-b299-6498ffe2a903","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":9,"box":{"x":81,"y":155,"width":849,"height":11}},{"id":"dfbfc728-daaf-45b3-af8d-88f6622f9764","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":9,"box":{"x":81,"y":170,"width":843,"height":11}},{"id":"f4c6575f-b693-4bdb-8837-ea1db4e80ad7","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or","page_number":9,"box":{"x":81,"y":184,"width":830,"height":12}},{"id":"b67ac908-c19b-49da-b2e3-934228ea6e1d","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":9,"box":{"x":82,"y":199,"width":840,"height":12}},{"id":"49a1acef-e6b6-42b7-97a5-e92298c566ad","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":9,"box":{"x":81,"y":214,"width":789,"height":11}},{"id":"ca9cea25-7798-439b-8412-93106a884284","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":9,"box":{"x":81,"y":229,"width":823,"height":11}},{"id":"9f3c3ed4-acf0-4eec-963c-35b71b7490dc","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":9,"box":{"x":81,"y":244,"width":784,"height":11}},{"id":"42859de9-3be2-4fa7-81b8-ca37a8b1d9d6","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues like pandemics or epidemics,","page_number":9,"box":{"x":81,"y":258,"width":848,"height":12}},{"id":"f683b2f1-4ff9-40e2-b3d0-4119afabc46b","block_type":"box","text":"recessions, or other events.","page_number":9,"box":{"x":82,"y":273,"width":203,"height":11}},{"id":"275a3694-ca09-4863-9c90-8122c3e9a328","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":9,"box":{"x":82,"y":293,"width":818,"height":12}},{"id":"bc37bb78-c987-4e3b-86c1-6b183b052756","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":9,"box":{"x":80,"y":308,"width":819,"height":12}},{"id":"047edbf2-4eb1-4cd9-a781-d0306e730bef","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":9,"box":{"x":81,"y":323,"width":819,"height":11}},{"id":"7f37b283-58db-4330-9ac7-32a9d8eba5dd","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":9,"box":{"x":81,"y":338,"width":846,"height":11}},{"id":"5ff8bd77-5e3d-4401-a27a-38309153269e","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":9,"box":{"x":81,"y":352,"width":848,"height":12}},{"id":"a28acc8f-9894-4988-a399-7ddef77302b8","block_type":"box","text":"the Fund invests.","page_number":9,"box":{"x":80,"y":368,"width":125,"height":9}},{"id":"e236bd02-c73f-4bd0-a0ce-9e7bcc4a9d52","block_type":"box","text":"Operational and Technology Risks","page_number":9,"box":{"x":82,"y":387,"width":254,"height":12}},{"id":"93caa93c-df7d-4a55-bec3-3b5b61bf8874","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":9,"box":{"x":340,"y":388,"width":578,"height":11}},{"id":"1ab85ef6-bc4a-4deb-a26e-2103c0755ea8","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":9,"box":{"x":82,"y":402,"width":779,"height":12}},{"id":"e0bf1b19-6b11-445d-b516-b4dee938d409","block_type":"box","text":"cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":9,"box":{"x":81,"y":417,"width":848,"height":11}},{"id":"451c67ec-7df2-479f-b8dd-29e04e86109d","block_type":"box","text":"for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are","page_number":9,"box":{"x":81,"y":432,"width":806,"height":11}},{"id":"c69b6d18-5aca-4b50-9174-bd25b7060d0b","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":9,"box":{"x":82,"y":447,"width":807,"height":11}},{"id":"e69a554d-48bc-4aaf-b513-ec25e65b2dec","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":9,"box":{"x":82,"y":461,"width":846,"height":12}},{"id":"a6cb46c3-d381-4881-96d6-23978a7ebace","block_type":"box","text":"for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and","page_number":9,"box":{"x":81,"y":476,"width":836,"height":11}},{"id":"00ab3619-70fb-4e6b-a326-39bfcd094f8a","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":9,"box":{"x":82,"y":491,"width":474,"height":11}},{"id":"1645da75-a71e-4d11-8004-1009f800bbc7","block_type":"box","text":"Preferred Securities Risk","page_number":9,"box":{"x":81,"y":511,"width":189,"height":9}},{"id":"69c7fe6e-24b8-4308-a4e3-bf6e60a252cd","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":9,"box":{"x":274,"y":511,"width":636,"height":11}},{"id":"8a059351-d8c9-4766-ba4d-ec30440ef976","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":9,"box":{"x":81,"y":526,"width":824,"height":11}},{"id":"b8a44547-3f67-4f7d-952a-c8b24eaa87d2","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":9,"box":{"x":82,"y":541,"width":806,"height":11}},{"id":"7e7c64e9-9219-4ff0-ab53-2d9255e972a8","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":9,"box":{"x":81,"y":555,"width":842,"height":12}},{"id":"9ccb438c-d6da-41ba-b9a0-db51ae795417","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":9,"box":{"x":81,"y":570,"width":781,"height":12}},{"id":"7372f086-fcd2-41c4-bb28-ca03c05e0d0d","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":9,"box":{"x":81,"y":585,"width":812,"height":12}},{"id":"84b3da4d-aeac-4d65-a1ac-d7a8a4662714","block_type":"box","text":"larger companies.","page_number":9,"box":{"x":82,"y":600,"width":129,"height":12}},{"id":"f15664d5-5f40-4728-82d8-f1d3a02a1251","block_type":"box","text":"Small and Mid-Capitalization Company Risk","page_number":9,"box":{"x":81,"y":620,"width":327,"height":11}},{"id":"40056874-5ea7-49da-8954-736b2acfb00a","block_type":"box","text":"— Companies with small or mid-size market capitalizations will","page_number":9,"box":{"x":412,"y":620,"width":461,"height":11}},{"id":"94fb117e-75b8-4e07-b3ac-ccaf84956994","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more","page_number":9,"box":{"x":82,"y":635,"width":808,"height":11}},{"id":"44b73a4c-74cb-48c6-8176-adadd12e572a","block_type":"box","text":"limited management group than larger capitalized companies. In addition, it is more difficult to get information on","page_number":9,"box":{"x":82,"y":650,"width":833,"height":11}},{"id":"66b8dd87-0cbc-4ed1-bfb9-3cf654999363","block_type":"box","text":"smaller companies, which tend to be less well known, have shorter operating histories, do not have significant","page_number":9,"box":{"x":81,"y":664,"width":812,"height":12}},{"id":"bf087e80-8255-4463-a8e5-4152e19056d1","block_type":"box","text":"ownership by large investors and are followed by relatively few securities analysts.","page_number":9,"box":{"x":81,"y":679,"width":603,"height":12}},{"id":"82ae0b02-b35e-4911-ad9a-77f4056e97b3","block_type":"box","text":"U.S. Government Obligations Risk","page_number":9,"box":{"x":82,"y":699,"width":254,"height":12}},{"id":"52b31e28-8d2f-41f4-85a6-efd1971b7f22","block_type":"box","text":"— Certain securities in which the Fund may invest, including securities issued by","page_number":9,"box":{"x":340,"y":699,"width":596,"height":12}},{"id":"0b48695b-b514-480c-9425-a193473bb887","block_type":"box","text":"certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S.","page_number":9,"box":{"x":81,"y":714,"width":819,"height":12}},{"id":"eda18eaa-93f3-4022-9549-bf78cde6fd4c","block_type":"box","text":"Government or supported by the full faith and credit of the United States. In addition, circumstances could arise","page_number":9,"box":{"x":81,"y":729,"width":824,"height":11}},{"id":"58386d80-ea26-4b2e-9346-020ce160719a","block_type":"box","text":"that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the","page_number":9,"box":{"x":80,"y":744,"width":846,"height":11}},{"id":"5f19ea2e-506d-45a4-ae06-cd0aaa3ac3ef","block_type":"box","text":"legislative “debt ceiling.” Such non-payment could result in losses to the Fund and substantial negative","page_number":9,"box":{"x":82,"y":759,"width":757,"height":11}},{"id":"7c5cff4e-9160-4be2-9e90-c11f88b1428d","block_type":"box","text":"consequences for the U.S. economy and the global financial system.","page_number":9,"box":{"x":81,"y":773,"width":502,"height":12}},{"id":"c7f1ebad-746d-4a03-b619-ba8774ddf450","block_type":"box","text":"Performance Information","page_number":9,"box":{"x":61,"y":812,"width":224,"height":11}},{"id":"f94c9f08-5b6d-4960-a9fe-deeb478fae76","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":838,"width":855,"height":12}},{"id":"9223e9cf-f131-4197-888e-8666a8e909b9","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s performance to that of the Russell 1000 Index and the","page_number":9,"box":{"x":61,"y":853,"width":858,"height":12}},{"id":"b1be06ca-9f29-481c-b17c-f8cbec8a9423","block_type":"box","text":"ICE BofA 3-Month U.S. Treasury Bill Index. To the extent that dividends and distributions have been paid by the Fund,","page_number":9,"box":{"x":62,"y":868,"width":856,"height":12}},{"id":"cf77f2b7-d86a-4e7c-b281-57947c2c5016","block_type":"box","text":"the performance information for the Fund in the chart and table assumes reinvestment of the dividends and","page_number":9,"box":{"x":60,"y":883,"width":795,"height":11}},{"id":"300e079b-6ae2-49b0-90b2-f23073959060","block_type":"box","text":"distributions. As with all such investments, past performance (before and after taxes) is not an indication of future","page_number":9,"box":{"x":61,"y":898,"width":842,"height":11}},{"id":"88749fa1-8ef4-43b7-8058-35166a4c2efd","block_type":"box","text":"results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown.","page_number":9,"box":{"x":61,"y":913,"width":814,"height":11}},{"id":"d6582eda-05ad-4216-9ff3-6f9875080037","block_type":"box","text":"9","page_number":9,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"7e0c0386-e116-483b-819a-cc63e9a52a7f","block_type":"box","text":"NM1026U-5981068-9/76","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"92ba1e95-762b-441a-bc48-ba9bfb5e8bff","block_type":"box","text":"However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates","page_number":10,"box":{"x":62,"y":46,"width":862,"height":11}},{"id":"3532fec4-26a3-4c80-b9d2-5875c67013bc","block_type":"box","text":"had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower.","page_number":10,"box":{"x":61,"y":61,"width":865,"height":11}},{"id":"f632d345-a909-4cb0-962c-0a264aee15e8","block_type":"box","text":"Updated information on the Fund’s performance, including its current net asset value, can be obtained by visiting","page_number":10,"box":{"x":62,"y":75,"width":832,"height":12}},{"id":"b4302b36-6338-47bc-a9f5-a7268e8164a5","block_type":"box","text":"www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":10,"box":{"x":60,"y":90,"width":505,"height":12}},{"id":"48e89f1d-4f88-4fa8-89dc-1cb566c43ec0","block_type":"box","text":"Investor A Shares","page_number":10,"box":{"x":427,"y":113,"width":144,"height":10}},{"id":"ff489d70-22f7-489e-b87d-914d009b0e5c","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":10,"box":{"x":392,"y":129,"width":212,"height":10}},{"id":"df57cb8a-0e90-4e40-a7e3-66607dfc6af1","block_type":"box","text":"BlackRock Event Driven Equity Fund","page_number":10,"box":{"x":349,"y":145,"width":300,"height":13}},{"id":"3d6ca466-1f1d-43f8-a4cf-7a4df4c0215d","block_type":"box","text":"As of 12/31","page_number":10,"box":{"x":447,"y":161,"width":103,"height":13}},{"id":"e1581e83-d893-4876-acbf-755aea867802","block_type":"box","text":"3.94%","page_number":10,"box":{"x":295,"y":256,"width":37,"height":7}},{"id":"09f78cda-9d90-42e7-aa6a-d047004174c0","block_type":"box","text":"6.87%","page_number":10,"box":{"x":343,"y":218,"width":37,"height":7}},{"id":"210db727-490f-41dd-aba3-6a38939cfbd5","block_type":"box","text":"5.13%","page_number":10,"box":{"x":392,"y":240,"width":36,"height":7}},{"id":"cbea27c6-f4a8-4bde-bbde-2be43ae8a2c7","block_type":"box","text":"7.16%","page_number":10,"box":{"x":440,"y":214,"width":36,"height":7}},{"id":"4437e9f9-d053-49a5-aea9-12b4fc1a329c","block_type":"box","text":"6.03%","page_number":10,"box":{"x":488,"y":229,"width":37,"height":7}},{"id":"20e9b7a2-b2d4-431e-b13e-62195128393d","block_type":"box","text":"1.60%","page_number":10,"box":{"x":536,"y":286,"width":37,"height":7}},{"id":"c978f6f2-d71a-420f-bb21-78c508450483","block_type":"box","text":"-0.25%","page_number":10,"box":{"x":582,"y":325,"width":40,"height":7}},{"id":"55d7cc45-09fb-4c91-85d6-216ed52a3fb2","block_type":"box","text":"5.15%","page_number":10,"box":{"x":632,"y":240,"width":37,"height":7}},{"id":"a1e7fe34-8bcc-450d-813d-7db0dede3460","block_type":"box","text":"1.95%","page_number":10,"box":{"x":681,"y":281,"width":36,"height":8}},{"id":"45c58b8f-a0fc-451f-a50d-8b943ad7245e","block_type":"box","text":"8.19%","page_number":10,"box":{"x":729,"y":201,"width":37,"height":7}},{"id":"8622484d-5b87-4d68-a994-aa58c4120e09","block_type":"box","text":"-2%","page_number":10,"box":{"x":245,"y":340,"width":20,"height":7}},{"id":"409673de-4497-4f1f-984f-3b61546ea161","block_type":"box","text":"0%","page_number":10,"box":{"x":248,"y":314,"width":17,"height":7}},{"id":"f3ebc4a5-3a2f-4533-b4fa-e892aa798120","block_type":"box","text":"2%","page_number":10,"box":{"x":249,"y":288,"width":16,"height":8}},{"id":"f69ac370-bbef-4887-8900-bb80c39d2c9f","block_type":"box","text":"4%","page_number":10,"box":{"x":248,"y":262,"width":17,"height":8}},{"id":"dad81a99-d3b0-43c9-91fe-13ec7418581e","block_type":"box","text":"6%","page_number":10,"box":{"x":248,"y":236,"width":17,"height":8}},{"id":"5910ae80-607c-4c44-b281-d0b3371d5b27","block_type":"box","text":"8%","page_number":10,"box":{"x":248,"y":211,"width":17,"height":7}},{"id":"68e4ad42-714d-4c7e-af12-6644a1ca01c8","block_type":"box","text":"10%","page_number":10,"box":{"x":241,"y":185,"width":24,"height":7}},{"id":"0e3c7f22-360c-488e-8705-600b95fca9d7","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":10,"box":{"x":298,"y":350,"width":465,"height":7}},{"id":"1f3e1f49-c2bf-4da7-9a46-bcb1ac762c20","block_type":"box","text":"During the ten-year period shown in the bar chart, the highest return for a quarter was 5.66% (quarter ended","page_number":10,"box":{"x":62,"y":370,"width":796,"height":12}},{"id":"b21e469c-1068-4eb7-9716-919cdb81781e","block_type":"box","text":"June 30, 2020) and the lowest return for a quarter was -5.16% (quarter ended March 31, 2020). The year-to-date","page_number":10,"box":{"x":61,"y":385,"width":835,"height":12}},{"id":"b60a0719-58d6-4a04-84e8-c89d533a8879","block_type":"box","text":"return as of June 30, 2026 was 2.43%.","page_number":10,"box":{"x":61,"y":400,"width":289,"height":11}},{"id":"97e113a7-aa0d-434d-a1a3-ccd6c1c5e09a","block_type":"box","text":"For the periods ended 12/31/25","page_number":10,"box":{"x":70,"y":429,"width":223,"height":10}},{"id":"3213418e-69ae-4eae-b0bf-bdfd5e9e23ba","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":10,"box":{"x":69,"y":441,"width":854,"height":10}},{"id":"4ce6f7b7-6643-46ae-b2dc-8d1e3fa8d038","block_type":"box","text":"BlackRock Event Driven Equity Fund — Investor A Shares","page_number":10,"box":{"x":70,"y":459,"width":375,"height":10}},{"id":"178a4118-4806-4c25-ae79-70aace38e020","block_type":"box","text":"Return Before Taxes 2.51% 2.18% 3.98%","page_number":10,"box":{"x":85,"y":471,"width":840,"height":9}},{"id":"e2e1e2d3-a40d-425b-8f05-55eaac83eb34","block_type":"box","text":"Return After Taxes on Distributions 0.98% 1.19% 2.90%","page_number":10,"box":{"x":85,"y":484,"width":840,"height":9}},{"id":"36cd6853-a071-4fea-88e9-1bbf7a218507","block_type":"box","text":"Return After Taxes on Distributions","page_number":10,"box":{"x":85,"y":497,"width":228,"height":8}},{"id":"a6d43684-0334-4a51-85ae-72460f879d2f","block_type":"box","text":"and Sale of Fund Shares 1.66% 1.28% 2.64%","page_number":10,"box":{"x":85,"y":509,"width":840,"height":8}},{"id":"8cb85b13-a8f9-4629-98cd-05bfdeeec401","block_type":"box","text":"BlackRock Event Driven Equity Fund — Investor C Shares","page_number":10,"box":{"x":70,"y":527,"width":375,"height":10}},{"id":"1999dc30-3b94-4fce-9fc8-09c59df3140f","block_type":"box","text":"Return Before Taxes 6.44% 2.54% 3.93%","page_number":10,"box":{"x":85,"y":540,"width":840,"height":8}},{"id":"5fbf8c69-a35d-4e6e-9ef5-ad077e4c984f","block_type":"box","text":"BlackRock Event Driven Equity Fund — Institutional Shares","page_number":10,"box":{"x":70,"y":558,"width":387,"height":10}},{"id":"e41c6bd2-0f6e-4773-be72-15d5762d4d03","block_type":"box","text":"Return Before Taxes 8.43% 3.55% 4.81%","page_number":10,"box":{"x":85,"y":571,"width":840,"height":8}},{"id":"ad9db2f4-95d3-4085-bd68-e54a020103a8","block_type":"box","text":"Russell 1000 Index","page_number":10,"box":{"x":70,"y":589,"width":128,"height":8}},{"id":"372d5384-f03c-450e-afc5-d651e2884e0d","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 17.37% 13.59% 14.59%","page_number":10,"box":{"x":69,"y":602,"width":856,"height":10}},{"id":"09897d0d-d782-4916-b534-2a3b3d52e44f","block_type":"box","text":"ICE BofA 3-Month U.S. Treasury Bill Index","page_number":10,"box":{"x":70,"y":620,"width":273,"height":11}},{"id":"64e24d67-60dc-4e82-abd4-7c1cf638b73e","block_type":"box","text":"1","page_number":10,"box":{"x":343,"y":620,"width":4,"height":4}},{"id":"441e7b18-c25f-4302-ae1a-3d6da8393af5","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 4.18% 3.17% 2.18%","page_number":10,"box":{"x":69,"y":634,"width":856,"height":10}},{"id":"50c02652-d60c-4445-8204-698a66ab1551","block_type":"box","text":"1","page_number":10,"box":{"x":61,"y":654,"width":3,"height":3}},{"id":"6466e17d-1407-4185-a4d2-af0d28c64a19","block_type":"box","text":"On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index","page_number":10,"box":{"x":81,"y":653,"width":851,"height":10}},{"id":"8f0e28bb-fb47-4e5d-9f0c-ba4b98dd7826","block_type":"box","text":"(the “Index”). 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The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom","page_number":10,"box":{"x":81,"y":684,"width":833,"height":10}},{"id":"b394e100-c153-42dd-85df-d401186413cd","block_type":"box","text":"4pm pricing variant used from March 1, 2021 through November 30, 2023.","page_number":10,"box":{"x":81,"y":695,"width":443,"height":9}},{"id":"1a200758-6127-424e-970a-0fe695d3dee5","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":720,"width":840,"height":11}},{"id":"e1faf5ab-6817-40a4-a29a-376b25f51603","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":735,"width":835,"height":11}},{"id":"85494b1a-95b9-4c9c-acc6-e59a15290485","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":749,"width":851,"height":12}},{"id":"38835567-1650-4ff5-9cc4-a1130a3b2838","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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To purchase or sell","page_number":11,"box":{"x":60,"y":175,"width":857,"height":12}},{"id":"ab518c45-f746-4d21-94b6-dcf488dd7301","block_type":"box","text":"shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact","page_number":11,"box":{"x":61,"y":190,"width":873,"height":12}},{"id":"d52a5f5a-1efa-4906-821a-0d1c99d99984","block_type":"box","text":"the Fund by phone at (800) 441-7762, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania","page_number":11,"box":{"x":60,"y":205,"width":833,"height":11}},{"id":"e35fd6ca-acca-48f6-ab7c-0678fcd2564b","block_type":"box","text":"15253-4429), or by the Internet at www.blackrock.com. 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At times, the Fund may have significant short","page_number":13,"box":{"x":61,"y":886,"width":863,"height":12}},{"id":"79ac60cf-9465-45d0-bee1-537bff732175","block_type":"box","text":"positions in equity securities and equity-related instruments.","page_number":13,"box":{"x":62,"y":901,"width":442,"height":11}},{"id":"9ba1f0b6-b6ac-45f9-8410-90245881df81","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"171bcfb4-5389-4a9f-a931-4c3fbf7d721a","block_type":"box","text":"NM1026U-5981068-13/76","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5552c30f-533d-479b-ae0e-0233e17d633c","block_type":"box","text":"The Fund normally invests in both U.S. and non-U.S. securities. Non-U.S. securities may be denominated in either U.S.","page_number":14,"box":{"x":60,"y":46,"width":869,"height":11}},{"id":"8426c24c-deb4-454d-a27c-baf77904e510","block_type":"box","text":"dollars or foreign currencies. The Fund may invest in securities of issuers of any market capitalization.","page_number":14,"box":{"x":61,"y":60,"width":749,"height":12}},{"id":"e018ef31-9f98-40bd-af9a-8a53a7f7cbc3","block_type":"box","text":"The Fund’s investment in equity securities may include common stock, preferred stock, non-convertible preferred stock","page_number":14,"box":{"x":60,"y":83,"width":877,"height":11}},{"id":"496d4d6c-8109-4dbf-9210-ac71a4edd039","block_type":"box","text":"and depositary receipts. The Fund may gain exposure to equity securities through derivatives. The Fund may also","page_number":14,"box":{"x":61,"y":98,"width":829,"height":11}},{"id":"db1a2fe2-e691-4e7c-9482-19d7efbe60b4","block_type":"box","text":"purchase securities convertible into common stock.","page_number":14,"box":{"x":62,"y":113,"width":377,"height":11}},{"id":"2ad4176c-4470-4f28-85ec-c5caeb62ee02","block_type":"box","text":"The Fund may invest up to 20% of its net assets (plus any borrowings for investment purposes) in fixed-income","page_number":14,"box":{"x":60,"y":135,"width":815,"height":12}},{"id":"78b1a6e3-a86f-41fa-ae14-874d13c16bb8","block_type":"box","text":"securities and related derivative instruments with similar economic characteristics. The Fund’s investment in fixed","page_number":14,"box":{"x":61,"y":150,"width":842,"height":9}},{"id":"c2c5ebcf-a2fd-4b5f-b520-b7045583b13a","block_type":"box","text":"income securities may include fixed and floating rate corporate bonds and municipal securities. The Fund may invest in","page_number":14,"box":{"x":62,"y":165,"width":872,"height":11}},{"id":"100b09ce-1970-438f-a9bc-c00def99e85c","block_type":"box","text":"debt securities of any credit quality, as determined by Fund management, which may include high yield securities","page_number":14,"box":{"x":61,"y":180,"width":828,"height":11}},{"id":"ea1184c6-2d27-4781-84b3-987584efd4c6","block_type":"box","text":"(commonly called “junk bonds”).","page_number":14,"box":{"x":61,"y":195,"width":236,"height":11}},{"id":"61f0711c-8010-4c6b-93ab-1689ee2a8d59","block_type":"box","text":"The Fund may invest in derivatives, including but not limited to, total return swaps (some of which may be referred to","page_number":14,"box":{"x":60,"y":217,"width":859,"height":12}},{"id":"322068c0-d6a4-42da-aff9-62a2f93bb3f7","block_type":"box","text":"as contracts for difference), credit default swaps, futures, options and foreign exchange transactions, for hedging","page_number":14,"box":{"x":61,"y":232,"width":834,"height":11}},{"id":"93be4a83-13d7-4122-9085-551d416df206","block_type":"box","text":"purposes, as well as to enhance the return on its portfolio investments. There is no limit to the Fund’s ability to invest","page_number":14,"box":{"x":62,"y":247,"width":869,"height":11}},{"id":"09273276-515f-47a7-8bc7-147db781f38e","block_type":"box","text":"in derivatives, except as may be limited by requirements of the Investment Company Act of 1940, as amended (the","page_number":14,"box":{"x":62,"y":262,"width":845,"height":11}},{"id":"19a9a792-d193-4b1a-9b17-2657b8c38a57","block_type":"box","text":"“Investment Company Act”), and at times the Fund may utilize derivatives to a significant extent.","page_number":14,"box":{"x":62,"y":276,"width":706,"height":12}},{"id":"400ae904-a186-48d4-bbc5-aefa3afb405e","block_type":"box","text":"The Fund may also invest in indexed and inverse securities.","page_number":14,"box":{"x":60,"y":299,"width":437,"height":11}},{"id":"0d95a05a-8ba6-4614-99d8-a3627f53084f","block_type":"box","text":"When consistent with the Fund’s investment objective, the Fund’s investments may include short-term investments","page_number":14,"box":{"x":60,"y":322,"width":847,"height":11}},{"id":"a06beb55-3128-4811-8774-f59bc35c3756","block_type":"box","text":"such as cash and cash equivalents, U.S. Government and agency securities, money market funds (including funds that","page_number":14,"box":{"x":61,"y":336,"width":873,"height":12}},{"id":"e4b7ba54-93dc-455a-bcc1-60ebe11a0d31","block_type":"box","text":"may be affiliated with or sponsored or managed by BlackRock), commercial paper, certificates of deposit and other","page_number":14,"box":{"x":61,"y":351,"width":846,"height":12}},{"id":"04dc944f-e602-449e-bc2c-1aa8045b7dba","block_type":"box","text":"bank deposits and bankers’ acceptances.","page_number":14,"box":{"x":61,"y":366,"width":305,"height":11}},{"id":"d1a33cce-c8b3-4060-88cb-037feff2ae36","block_type":"box","text":"The Fund may invest in securities of companies without an identified catalyst to hedge unwanted exposures to an","page_number":14,"box":{"x":60,"y":389,"width":833,"height":11}},{"id":"ea94d903-fcec-4000-82d0-b65ae0678829","block_type":"box","text":"industry or the market as a whole.","page_number":14,"box":{"x":62,"y":404,"width":250,"height":11}},{"id":"34d259bd-e37a-43c4-b8e0-a6fc0097753c","block_type":"box","text":"The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.","page_number":14,"box":{"x":60,"y":426,"width":874,"height":12}},{"id":"44371903-884c-4bfd-ba4b-2637c1c5ec59","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGER OF THE FUND","page_number":14,"box":{"x":313,"y":483,"width":371,"height":9}},{"id":"eeaab54f-674e-403a-854b-849b197ec59e","block_type":"box","text":"Mark McKenna is the Fund’s portfolio manager and is primarily responsible for the day-to-day management of the","page_number":14,"box":{"x":72,"y":505,"width":830,"height":12}},{"id":"20de2227-5be7-464c-9635-024e9214d718","block_type":"box","text":"Fund. Please see “Management of the Fund — Portfolio Manager Information” for additional information about the","page_number":14,"box":{"x":72,"y":520,"width":840,"height":12}},{"id":"8aa06e06-7ec7-4b85-bca5-2de03dd1b33b","block_type":"box","text":"portfolio manager.","page_number":14,"box":{"x":72,"y":535,"width":132,"height":11}},{"id":"1eedede5-7884-4853-ab68-6484918d052a","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":14,"box":{"x":61,"y":571,"width":327,"height":12}},{"id":"c72b10ab-44dd-46f0-a685-fd0c3cb3146e","block_type":"box","text":"In addition to the principal investment strategies discussed above, the Fund may also invest or engage in the following","page_number":14,"box":{"x":62,"y":592,"width":870,"height":12}},{"id":"2d013ed1-fc9d-41a1-89b6-58c8f91c9bba","block_type":"box","text":"investments/strategies:","page_number":14,"box":{"x":62,"y":607,"width":173,"height":12}},{"id":"7a9e0c4a-9e6d-423c-8102-e1cae5b05e01","block_type":"box","text":"Borrowing","page_number":14,"box":{"x":81,"y":627,"width":78,"height":11}},{"id":"83193c2a-184c-48f8-b21f-680a5ab1ce9a","block_type":"box","text":"— The Fund may borrow for temporary or emergency purposes, including to meet redemptions, for the","page_number":14,"box":{"x":162,"y":627,"width":751,"height":12}},{"id":"91bc635e-1681-4f68-bbfe-ae956a08d9a8","block_type":"box","text":"payment of dividends, for share repurchases or for the clearance of transactions, subject to the limits set forth","page_number":14,"box":{"x":82,"y":642,"width":815,"height":11}},{"id":"2b857c44-07fc-4639-8903-4594cdd88b4c","block_type":"box","text":"under the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.","page_number":14,"box":{"x":82,"y":657,"width":801,"height":11}},{"id":"f40d7d03-e552-42a9-9397-d4cc8a9d8e7e","block_type":"box","text":"Illiquid Investments","page_number":14,"box":{"x":81,"y":677,"width":148,"height":11}},{"id":"1e59ba1d-58e4-4edb-a11e-ff5e1e29899d","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":677,"width":677,"height":11}},{"id":"728cac21-b133-4bad-96d3-abbb4f72030e","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":691,"width":811,"height":12}},{"id":"bfa4efaf-962e-4fcf-b1e9-7c055bc704df","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":706,"width":831,"height":12}},{"id":"3d2e9a75-95cf-4afb-89ff-e501ad28ecf2","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":721,"width":811,"height":12}},{"id":"c36d7808-b7e2-4b86-afd7-abb59cf92bd6","block_type":"box","text":"Investment Companies","page_number":14,"box":{"x":81,"y":741,"width":172,"height":11}},{"id":"966f7dbf-9ba2-42cd-b4ec-7fca99555fc8","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":741,"width":643,"height":12}},{"id":"7a18828a-bb1c-464a-988f-71cf2bf87dbb","block_type":"box","text":"traded funds, unit investment trusts, and open-end and closed-end funds, subject to the applicable limits under the","page_number":14,"box":{"x":80,"y":756,"width":848,"height":11}},{"id":"428cedaa-07cf-4bc3-97b8-8d091e15f379","block_type":"box","text":"Investment Company Act and the rules thereunder. The Fund may invest in affiliated investment companies,","page_number":14,"box":{"x":82,"y":771,"width":790,"height":11}},{"id":"755e9cdd-e1ae-4719-8c10-3034a1ff3563","block_type":"box","text":"including affiliated money market funds and affiliated exchange-traded funds.","page_number":14,"box":{"x":82,"y":786,"width":565,"height":11}},{"id":"e30a0faa-1cd4-4eec-99f5-775c3ab4b24a","block_type":"box","text":"Master Limited Partnerships","page_number":14,"box":{"x":81,"y":806,"width":215,"height":11}},{"id":"cbd48a10-9c3c-4c40-a89c-72e2e7638719","block_type":"box","text":"— The Fund may invest in publicly traded master limited partnerships (“MLPs”), which","page_number":14,"box":{"x":300,"y":806,"width":633,"height":11}},{"id":"9c542219-937b-4cad-9bc6-bd7d8bfc90e9","block_type":"box","text":"are limited partnerships or limited liability companies taxable as partnerships. MLPs generally have two classes of","page_number":14,"box":{"x":81,"y":820,"width":842,"height":12}},{"id":"637d34ea-c7f5-4fac-a0b5-36b97d045513","block_type":"box","text":"owners, the general partner and limited partners. If investing in an MLP, the Fund intends to purchase publicly","page_number":14,"box":{"x":81,"y":835,"width":809,"height":12}},{"id":"a627d1d5-5033-48ca-8bd1-eb9a9cf1c856","block_type":"box","text":"traded common units issued to limited partners of the MLP. Limited partners have a limited role in the operations","page_number":14,"box":{"x":80,"y":850,"width":836,"height":11}},{"id":"88ec6b7e-9834-4b1f-b551-ad3787c6397e","block_type":"box","text":"and management of the MLP.","page_number":14,"box":{"x":81,"y":865,"width":214,"height":11}},{"id":"364a81c8-ae31-4e82-945c-d8ec696dd73e","block_type":"box","text":"Real Estate Investment Trusts","page_number":14,"box":{"x":81,"y":885,"width":229,"height":9}},{"id":"6e5334f7-abe9-4340-a94d-583602551d55","block_type":"box","text":"— The Fund may invest in real estate investment trusts (“REITs”).","page_number":14,"box":{"x":314,"y":885,"width":484,"height":11}},{"id":"801e27bc-3faf-4644-b526-975abf1e0711","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"a47bb4f9-f508-42d8-a51e-f5c084d4f459","block_type":"box","text":"NM1026U-5981068-14/76","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"47208c63-3d94-44ff-920f-3abda921a96c","block_type":"box","text":"Restricted Securities","page_number":15,"box":{"x":81,"y":46,"width":159,"height":9}},{"id":"59c715e8-c378-4214-885e-260d93d531a3","block_type":"box","text":"—","page_number":15,"box":{"x":245,"y":51,"width":17,"height":1}},{"id":"f4017b4e-60ed-409e-a699-1b161e6728a6","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":15,"box":{"x":268,"y":46,"width":602,"height":11}},{"id":"84d77747-7edd-48ae-a7a5-b0619d30a1c4","block_type":"box","text":"registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their","page_number":15,"box":{"x":82,"y":61,"width":820,"height":11}},{"id":"5913fc7c-c0fd-4856-8283-bd1857a12c22","block_type":"box","text":"resale. They may include Rule 144A securities, which are privately placed securities that can be resold to qualified","page_number":15,"box":{"x":82,"y":75,"width":839,"height":12}},{"id":"3a57ae32-5bf2-4c74-85ff-148000a16814","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":15,"box":{"x":82,"y":90,"width":837,"height":12}},{"id":"5aa40e70-0d86-4664-8a68-8896f842c579","block_type":"box","text":"to Regulation S under the Securities Act of 1933, as amended, and securities of private companies.","page_number":15,"box":{"x":80,"y":105,"width":736,"height":12}},{"id":"00345968-0dc0-4515-8583-5bb0a43bec33","block_type":"box","text":"Securities Lending","page_number":15,"box":{"x":81,"y":125,"width":140,"height":11}},{"id":"2fb6893c-b7ff-477f-836d-e8eb7e479747","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":15,"box":{"x":225,"y":125,"width":396,"height":11}},{"id":"6e7f505f-c08b-4fe2-bc21-5e6b14acf9b5","block_type":"box","text":"1⁄","page_number":15,"box":{"x":622,"y":125,"width":6,"height":6}},{"id":"e2985a49-1259-4e43-8381-823135ae2937","block_type":"box","text":"1⁄3","page_number":15,"box":{"x":626,"y":125,"width":8,"height":9}},{"id":"c79c4158-b622-42cb-9447-551c6b316fee","block_type":"box","text":"⁄3","page_number":15,"box":{"x":632,"y":129,"width":6,"height":5}},{"id":"cbfac8da-583b-4948-8607-7d4a71f174a3","block_type":"box","text":"% of its total assets to financial","page_number":15,"box":{"x":639,"y":125,"width":231,"height":9}},{"id":"46921172-00ef-4060-81dc-4eea12c5b434","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":15,"box":{"x":82,"y":140,"width":748,"height":11}},{"id":"9caa4b67-6b8f-461c-a3ff-4569511dbc6d","block_type":"box","text":"Structured Products","page_number":15,"box":{"x":81,"y":160,"width":153,"height":9}},{"id":"d3bf4aab-192d-4a7a-b201-1540d3fc68fd","block_type":"box","text":"— Structured products are generally privately negotiated obligations where the principal and/","page_number":15,"box":{"x":238,"y":160,"width":685,"height":11}},{"id":"47db5395-3403-4f3c-8464-a20a209c6fa6","block_type":"box","text":"or interest is determined by reference to the performance of a specific asset, benchmark asset, market or interest","page_number":15,"box":{"x":81,"y":175,"width":844,"height":11}},{"id":"ebbdb3b3-5608-4d9d-9193-5c0dc8f8dd18","block_type":"box","text":"rate.","page_number":15,"box":{"x":82,"y":190,"width":31,"height":9}},{"id":"e47ea55e-b279-4b4d-8a70-42d7eca62e9a","block_type":"box","text":"Temporary Defensive Strategies","page_number":15,"box":{"x":82,"y":209,"width":238,"height":12}},{"id":"04810c3a-20c3-45fc-8890-7ee8b9562ec1","block_type":"box","text":"— For temporary defensive purposes, for example, to respond to adverse market,","page_number":15,"box":{"x":325,"y":209,"width":600,"height":12}},{"id":"ae20b72e-d0cf-44d2-99b3-9bd4f07be192","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":224,"width":802,"height":12}},{"id":"e11a9856-6e49-4e25-a4fb-89516c96eed2","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":239,"width":833,"height":11}},{"id":"3a5add4a-713d-49cd-81ba-c4963ec6fbda","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":254,"width":796,"height":11}},{"id":"f467bf95-0188-49fb-a8af-54f78d757e9f","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":15,"box":{"x":81,"y":269,"width":802,"height":11}},{"id":"c0f58d1c-4da0-44d9-a922-2cc5dd1435f8","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":283,"width":778,"height":12}},{"id":"f48097e6-9eb2-4cee-b815-5eb6cdbb4462","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":298,"width":781,"height":12}},{"id":"07ae77dd-4893-40fa-80ae-b182735fd015","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":15,"box":{"x":83,"y":318,"width":545,"height":12}},{"id":"61494455-bbe2-422f-ac62-d238a1e37f52","block_type":"box","text":"— The purchase or sale of securities on","page_number":15,"box":{"x":632,"y":318,"width":295,"height":12}},{"id":"e5ff063f-f9e1-4d05-ac62-b9965220f392","block_type":"box","text":"a when-issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale","page_number":15,"box":{"x":81,"y":333,"width":845,"height":12}},{"id":"ee76d1a8-c510-4a4b-a5ca-90ffd7d34f4e","block_type":"box","text":"of securities by the Fund at an established price with payment and delivery taking place in the future. The Fund","page_number":15,"box":{"x":81,"y":348,"width":814,"height":12}},{"id":"77e402dd-560b-4915-83d7-14b48b143e10","block_type":"box","text":"enters into these transactions to obtain what is considered an advantageous price to the Fund at the time of","page_number":15,"box":{"x":81,"y":363,"width":799,"height":11}},{"id":"2b67ad8f-a0cb-498f-98cd-7974c2cec4f1","block_type":"box","text":"entering into the transaction.","page_number":15,"box":{"x":81,"y":378,"width":211,"height":11}},{"id":"867499d0-9835-4ec6-82da-fded895cc190","block_type":"box","text":"Investment Risks","page_number":15,"box":{"x":62,"y":417,"width":156,"height":10}},{"id":"2d9220a2-3370-4f0c-9fab-662ec50ddaab","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":443,"width":811,"height":11}},{"id":"07511ce0-2cc3-4234-a430-b805be8dbab9","block_type":"box","text":"Policies” section in the Statement of Additional Information (the “SAI”) also includes more information about the Fund,","page_number":15,"box":{"x":61,"y":457,"width":871,"height":12}},{"id":"30d5e13e-fff2-46bd-a0bd-321c678ebb91","block_type":"box","text":"its investments and the related risks. As with any fund, there can be no guarantee that the Fund will meet its","page_number":15,"box":{"x":62,"y":472,"width":799,"height":12}},{"id":"2ef1f1f9-d53f-47b4-85ab-dede514634ff","block_type":"box","text":"investment objective or that the Fund’s performance will be positive for any period of time. An investment in the Fund","page_number":15,"box":{"x":62,"y":487,"width":860,"height":12}},{"id":"6f74ec02-87bc-4a24-94fb-d76d14ad22ee","block_type":"box","text":"is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any","page_number":15,"box":{"x":62,"y":502,"width":856,"height":12}},{"id":"97c40082-b456-46a5-a1eb-5fa4afa63ba5","block_type":"box","text":"bank or governmental agency. The order of the below risk factors does not indicate the significance of any particular","page_number":15,"box":{"x":61,"y":517,"width":853,"height":11}},{"id":"64e8e1b6-bd44-42c5-8d69-7098e0776f37","block_type":"box","text":"risk factor.","page_number":15,"box":{"x":61,"y":532,"width":76,"height":9}},{"id":"45f351b8-ecf8-45cf-a2d0-f0dca9c876fd","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":15,"box":{"x":61,"y":555,"width":322,"height":12}},{"id":"9eb0e4db-07af-4042-89af-ceb73e9bc725","block_type":"box","text":"Convertible Securities Risk","page_number":15,"box":{"x":81,"y":576,"width":206,"height":9}},{"id":"132bf482-fc3a-465b-9e9a-e69675a047e8","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":15,"box":{"x":291,"y":576,"width":593,"height":12}},{"id":"c6733b4e-8bab-49c6-bb60-748a9b269ac0","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":15,"box":{"x":81,"y":591,"width":853,"height":11}},{"id":"fe615b49-1b2c-4bd1-a38b-092eb5975bb3","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":15,"box":{"x":81,"y":606,"width":855,"height":11}},{"id":"1b0366ff-b372-48fa-9287-a7d24ac96890","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":15,"box":{"x":80,"y":621,"width":816,"height":11}},{"id":"1cf84da1-c101-4f42-afc9-cd1abbda4787","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":15,"box":{"x":82,"y":635,"width":796,"height":12}},{"id":"42018892-d0bc-4872-8f87-1a1870e9139d","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":15,"box":{"x":81,"y":650,"width":812,"height":12}},{"id":"9ac944a4-9174-485e-97d2-b41f422b0b27","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":15,"box":{"x":82,"y":665,"width":809,"height":12}},{"id":"c67dced2-fed6-4e09-90e7-e189fd3ef715","block_type":"box","text":"Debt Securities Risk","page_number":15,"box":{"x":81,"y":685,"width":155,"height":9}},{"id":"722d7182-bc2b-4806-b429-7c446f9c34f4","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":15,"box":{"x":240,"y":685,"width":633,"height":11}},{"id":"2555cf1b-2cbb-4d03-a8a3-612c16c5aa6c","block_type":"box","text":"extension risk, and prepayment risk, each of which is described in further detail below:","page_number":15,"box":{"x":81,"y":700,"width":637,"height":11}},{"id":"e5ae2b8b-3c8d-43ab-8808-4505c8447942","block_type":"box","text":"Credit Risk","page_number":15,"box":{"x":82,"y":723,"width":80,"height":9}},{"id":"4ace98bc-bbe9-45b6-aa94-7a71f1a09f8b","block_type":"box","text":"— Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be","page_number":15,"box":{"x":166,"y":722,"width":737,"height":12}},{"id":"74d6bc82-0844-4451-9025-db476848051f","block_type":"box","text":"able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s","page_number":15,"box":{"x":81,"y":737,"width":816,"height":12}},{"id":"ba63a98e-e5db-48e4-b9b4-51a1e40cd59b","block_type":"box","text":"perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The","page_number":15,"box":{"x":82,"y":752,"width":826,"height":12}},{"id":"cc6bd74b-a5f0-4de1-a5dc-6926698e8989","block_type":"box","text":"degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.","page_number":15,"box":{"x":81,"y":767,"width":777,"height":11}},{"id":"45c67e04-2a1b-4782-8f78-407eafecf8e9","block_type":"box","text":"Interest Rate Risk","page_number":15,"box":{"x":82,"y":790,"width":132,"height":9}},{"id":"a6d80d80-9405-48bd-9688-cee4e1fa59ef","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":15,"box":{"x":218,"y":789,"width":704,"height":12}},{"id":"6f95b7a3-db7b-45c0-91f4-c5602e9de268","block_type":"box","text":"rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities","page_number":15,"box":{"x":82,"y":804,"width":835,"height":12}},{"id":"c8788b14-2325-4cc7-8677-135122898f6d","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":15,"box":{"x":80,"y":819,"width":513,"height":9}},{"id":"d432713a-7ccf-4e8d-aa72-ce7baa3e2fdf","block_type":"box","text":"The Fund may be subject to a greater risk of rising interest rates during a period of low interest rates. For example,","page_number":15,"box":{"x":81,"y":842,"width":843,"height":11}},{"id":"a932409c-dc82-404f-aabd-78bdaf9940ac","block_type":"box","text":"if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being","page_number":15,"box":{"x":82,"y":856,"width":806,"height":12}},{"id":"0ba980cc-9360-4915-b857-ecf4f23be711","block_type":"box","text":"equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the","page_number":15,"box":{"x":81,"y":871,"width":831,"height":12}},{"id":"af379af7-daa4-4323-890c-df79b482706b","block_type":"box","text":"price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude","page_number":15,"box":{"x":82,"y":886,"width":854,"height":12}},{"id":"7f372c76-be0e-4c37-bdb9-fe99e9940cf2","block_type":"box","text":"of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those","page_number":15,"box":{"x":81,"y":901,"width":827,"height":12}},{"id":"f7543610-6735-43e1-b74e-a606c860a5f6","block_type":"box","text":"securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest","page_number":15,"box":{"x":81,"y":916,"width":840,"height":11}},{"id":"b51a2c27-018d-49da-bcb0-09b9d8d52629","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"e3f06b50-e5b8-41e0-a825-221c1151ed11","block_type":"box","text":"NM1026U-5981068-15/76","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1b2d6bdb-6122-4014-a35a-203e2d46e4ea","block_type":"box","text":"income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The","page_number":16,"box":{"x":82,"y":46,"width":851,"height":11}},{"id":"088033f9-26f5-4cbc-9c4d-bc3bd186b50d","block_type":"box","text":"Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund","page_number":16,"box":{"x":82,"y":60,"width":808,"height":12}},{"id":"6638d198-98f0-48a8-a1ab-246fd77c6a40","block_type":"box","text":"management.","page_number":16,"box":{"x":82,"y":76,"width":98,"height":11}},{"id":"5e5f3791-672a-4530-b7ab-7dee0434afc7","block_type":"box","text":"To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage","page_number":16,"box":{"x":81,"y":98,"width":852,"height":11}},{"id":"e15f51a6-95fa-4fe5-923d-35643710457d","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":16,"box":{"x":81,"y":113,"width":840,"height":11}},{"id":"ab3bda3e-5c9a-435c-a8dc-8b4bb270d5f1","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset","page_number":16,"box":{"x":80,"y":127,"width":834,"height":12}},{"id":"f7a4954d-2daf-49c3-89eb-aebb633c5d08","block_type":"box","text":"only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be","page_number":16,"box":{"x":81,"y":142,"width":803,"height":12}},{"id":"e64db225-d916-4df7-aab4-59a91be8d358","block_type":"box","text":"expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate","page_number":16,"box":{"x":81,"y":157,"width":839,"height":12}},{"id":"120a4339-9188-4aa0-9e6a-3469e42e1b06","block_type":"box","text":"debt securities.","page_number":16,"box":{"x":81,"y":172,"width":112,"height":9}},{"id":"23c19876-ad67-44ff-9fab-229e42e6bcd5","block_type":"box","text":"These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith","page_number":16,"box":{"x":81,"y":195,"width":839,"height":11}},{"id":"1ee829e9-49f3-42ff-b73c-e0f30653882a","block_type":"box","text":"and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not","page_number":16,"box":{"x":81,"y":209,"width":839,"height":12}},{"id":"8640dd16-329e-4735-b80c-7aff0c89b0df","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":16,"box":{"x":82,"y":224,"width":831,"height":12}},{"id":"4cb3351e-ac66-49f3-985f-05119e1c4d95","block_type":"box","text":"value when interest rates change.","page_number":16,"box":{"x":80,"y":239,"width":248,"height":12}},{"id":"ec692fa9-1236-4b4f-bf23-0eeb39945cbf","block_type":"box","text":"Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and","page_number":16,"box":{"x":81,"y":262,"width":842,"height":11}},{"id":"0501d9c6-8f69-4d12-9227-f3da81816663","block_type":"box","text":"could negatively impact the Fund’s performance. A general rise in interest rates has the potential to cause investors","page_number":16,"box":{"x":81,"y":276,"width":855,"height":12}},{"id":"1bebfcdc-2add-494f-898d-ca270727af01","block_type":"box","text":"to move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that","page_number":16,"box":{"x":80,"y":291,"width":828,"height":12}},{"id":"c9f43f31-ebcc-484f-a00e-896c5b655cd7","block_type":"box","text":"hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at","page_number":16,"box":{"x":82,"y":306,"width":770,"height":12}},{"id":"6fab174f-f9bd-4566-8360-63b2ed5a9559","block_type":"box","text":"inopportune times or at a loss or depressed value and could hurt the Fund’s performance.","page_number":16,"box":{"x":82,"y":321,"width":665,"height":11}},{"id":"e506672c-a834-4d63-bf37-d3d16de62fa6","block_type":"box","text":"During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns. Certain","page_number":16,"box":{"x":82,"y":345,"width":836,"height":11}},{"id":"bf279b03-f424-4863-ad85-2dfa79f488f6","block_type":"box","text":"countries have recently experienced negative interest rates on certain fixed-income instruments. Very low or","page_number":16,"box":{"x":81,"y":360,"width":793,"height":11}},{"id":"0b5d3d37-4769-4a50-b720-1d14e8665b7c","block_type":"box","text":"negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero,","page_number":16,"box":{"x":82,"y":374,"width":834,"height":12}},{"id":"e1f5a3e0-9c63-478a-922e-7a9e4e264b7f","block_type":"box","text":"may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund","page_number":16,"box":{"x":82,"y":389,"width":831,"height":12}},{"id":"97e08b1e-46d4-4bd5-a5f9-f2c37aa8e455","block_type":"box","text":"performance to the extent the Fund is exposed to such interest rates.","page_number":16,"box":{"x":82,"y":404,"width":511,"height":11}},{"id":"50a6652d-6874-493b-98db-02b1fc19e8ce","block_type":"box","text":"Extension Risk","page_number":16,"box":{"x":82,"y":427,"width":107,"height":9}},{"id":"c3805935-9923-4822-b1c0-556cb29e92b9","block_type":"box","text":"— When interest rates rise, certain obligations will be paid off by the obligor more slowly than","page_number":16,"box":{"x":193,"y":427,"width":691,"height":11}},{"id":"831d9d92-92e7-4143-b9d0-723ae10ad748","block_type":"box","text":"anticipated, causing the value of these obligations to fall. Rising interest rates tend to extend the duration of","page_number":16,"box":{"x":81,"y":441,"width":800,"height":12}},{"id":"e5cffcd0-3f06-44dd-ab2e-225ecf27d87e","block_type":"box","text":"securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally","page_number":16,"box":{"x":81,"y":456,"width":832,"height":12}},{"id":"4dd31733-9d64-4459-9c23-6793404652cd","block_type":"box","text":"changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising","page_number":16,"box":{"x":81,"y":471,"width":855,"height":12}},{"id":"9b37c0ac-187b-40d8-b0c2-61259db677b5","block_type":"box","text":"interest rates, securities may exhibit additional volatility and may lose value.","page_number":16,"box":{"x":82,"y":486,"width":559,"height":11}},{"id":"4367028a-d2f2-4af6-9ddd-ffb05186a847","block_type":"box","text":"Prepayment Risk","page_number":16,"box":{"x":81,"y":509,"width":124,"height":11}},{"id":"fdc29a7d-7858-4bdf-a509-884255e0b650","block_type":"box","text":"— When interest rates fall, certain obligations will be paid off by the obligor more quickly than","page_number":16,"box":{"x":209,"y":508,"width":691,"height":12}},{"id":"a0e0a847-e214-4098-bcb7-6dd3f3c42ca7","block_type":"box","text":"originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields. In periods of","page_number":16,"box":{"x":81,"y":523,"width":823,"height":12}},{"id":"e3cf68e5-3a37-4001-82d6-c14413d3786d","block_type":"box","text":"falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are","page_number":16,"box":{"x":81,"y":538,"width":793,"height":12}},{"id":"8a9a03ca-0d14-430a-8fce-3465aa93c325","block_type":"box","text":"motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment","page_number":16,"box":{"x":82,"y":553,"width":830,"height":11}},{"id":"0fce3d19-a987-4f83-bd4f-9436c0a8c083","block_type":"box","text":"proceeds by the management team will generally be at lower rates of return than the return on the assets that were","page_number":16,"box":{"x":82,"y":568,"width":849,"height":11}},{"id":"2ec9257c-26fb-4c79-b90c-ae990afa2521","block_type":"box","text":"prepaid. Prepayment reduces the yield to maturity and the average life of the security.","page_number":16,"box":{"x":82,"y":583,"width":627,"height":11}},{"id":"4607b359-8162-448d-b4ea-80ba28715f2e","block_type":"box","text":"Depositary Receipts Risk","page_number":16,"box":{"x":81,"y":603,"width":191,"height":11}},{"id":"6ab60e26-4ff6-4731-8917-f23429f482af","block_type":"box","text":"— Depositary receipts are generally subject to the same risks as the foreign securities","page_number":16,"box":{"x":276,"y":603,"width":639,"height":11}},{"id":"15c73f91-f623-4370-9c8a-ef816bbc8b0b","block_type":"box","text":"that they evidence or into which they may be converted. In addition to investment risks associated with the","page_number":16,"box":{"x":80,"y":618,"width":786,"height":11}},{"id":"d21edf16-9211-4b82-b6d3-d0fee8acc1c3","block_type":"box","text":"underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms","page_number":16,"box":{"x":82,"y":632,"width":824,"height":12}},{"id":"1cd14d85-9c02-49c5-bf72-caddd8fee07d","block_type":"box","text":"that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other","page_number":16,"box":{"x":80,"y":647,"width":827,"height":12}},{"id":"1c533498-a88d-451a-b655-2131f4c225a6","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":16,"box":{"x":82,"y":662,"width":849,"height":11}},{"id":"ca0c9efa-ee23-41f5-a40d-dcc682fd23fb","block_type":"box","text":"depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that","page_number":16,"box":{"x":81,"y":677,"width":840,"height":11}},{"id":"b71f1c23-f0a6-42b4-8316-f5603af1f2f8","block_type":"box","text":"is, in the United States, considered material. Therefore, there may be less information available regarding these","page_number":16,"box":{"x":82,"y":691,"width":824,"height":12}},{"id":"3670ab5e-262d-40e5-8c24-ce97650d0268","block_type":"box","text":"issuers and there may not be a correlation between such information and the market value of the depositary","page_number":16,"box":{"x":82,"y":706,"width":798,"height":12}},{"id":"0b7e7263-28e8-4e33-a503-a66024679fda","block_type":"box","text":"receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their","page_number":16,"box":{"x":82,"y":721,"width":847,"height":12}},{"id":"2987561f-f4de-480b-a319-1247374a0687","block_type":"box","text":"respective markets and currencies, they continue to be subject to many of the risks associated with investing","page_number":16,"box":{"x":82,"y":736,"width":804,"height":12}},{"id":"330faa2c-1900-4280-8e31-5243eeffc242","block_type":"box","text":"directly in foreign securities, including political, economic, and currency risk.","page_number":16,"box":{"x":81,"y":751,"width":558,"height":11}},{"id":"ba1bf639-c191-4812-b725-137d84bbda6d","block_type":"box","text":"Derivatives Risk","page_number":16,"box":{"x":81,"y":771,"width":123,"height":9}},{"id":"26040723-db96-4cc6-a1cb-162e8da6db35","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":16,"box":{"x":207,"y":771,"width":664,"height":11}},{"id":"b0f6f2f4-3662-46cf-9656-d3582c82e8ea","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":16,"box":{"x":82,"y":786,"width":469,"height":11}},{"id":"0d20d0cb-06aa-4490-ac47-da407b799d22","block_type":"box","text":"Leverage Risk","page_number":16,"box":{"x":82,"y":808,"width":102,"height":12}},{"id":"41ca386f-b99b-4ae7-a626-4412bef15485","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":16,"box":{"x":188,"y":808,"width":723,"height":12}},{"id":"ae8ff039-9274-4f2b-9e83-f72e1d1cf169","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":16,"box":{"x":82,"y":823,"width":832,"height":12}},{"id":"c3c04f51-1787-497a-b9db-d3d94513270a","block_type":"box","text":"exceed the amount originally invested.","page_number":16,"box":{"x":81,"y":838,"width":280,"height":11}},{"id":"3ff828c2-e241-4f30-95b8-e55d2a25b2bf","block_type":"box","text":"Market Risk","page_number":16,"box":{"x":82,"y":861,"width":87,"height":9}},{"id":"0fcdea03-e792-4b74-8ec3-041ab372e081","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":16,"box":{"x":173,"y":860,"width":728,"height":12}},{"id":"45fdcd12-b24a-4219-9d04-82c23647dcb7","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":16,"box":{"x":81,"y":875,"width":834,"height":11}},{"id":"3c5a558b-1ff6-41d3-80d0-7a3688065768","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":16,"box":{"x":82,"y":890,"width":832,"height":11}},{"id":"f284db31-66cd-4b45-a531-ddfda00ad3d4","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"40553f06-4cbe-4051-8c74-b3a41e450b18","block_type":"box","text":"NM1026U-5981068-16/76","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d8128869-0d70-4c48-a289-e029d795c015","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":46,"width":779,"height":11}},{"id":"68e063bd-c1e2-404f-85a0-d1d44541d5ad","block_type":"box","text":"derivatives positions to lose value.","page_number":17,"box":{"x":81,"y":61,"width":253,"height":11}},{"id":"31a79a77-c79d-4414-9a37-10ef2a226831","block_type":"box","text":"Counterpar ty Risk","page_number":17,"box":{"x":82,"y":83,"width":131,"height":11}},{"id":"8879efac-e024-4ebc-a61b-abc91b2f391d","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":17,"box":{"x":217,"y":83,"width":697,"height":11}},{"id":"6ffed3c3-53e6-4d3c-af7c-21fd1f4e9d2b","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":17,"box":{"x":80,"y":98,"width":855,"height":11}},{"id":"6f40ca04-4a26-4a1f-b0d8-8964bf73810c","block_type":"box","text":"exposure to such a counterparty.","page_number":17,"box":{"x":81,"y":113,"width":240,"height":11}},{"id":"b0919fb8-edb6-4f24-ad42-e3f447f585a9","block_type":"box","text":"Illiquidity Risk —","page_number":17,"box":{"x":82,"y":135,"width":122,"height":12}},{"id":"97a79eaf-1fdd-414e-b782-2dc6914d7864","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":17,"box":{"x":208,"y":135,"width":728,"height":12}},{"id":"48d66ae3-8740-4c4c-94a5-92f6f2be3925","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":17,"box":{"x":80,"y":150,"width":839,"height":11}},{"id":"314446fb-294e-4695-938e-d9490250239b","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":17,"box":{"x":81,"y":165,"width":293,"height":11}},{"id":"232ec52d-76f3-4e3c-83d5-dd53a8765b66","block_type":"box","text":"Operational Risk","page_number":17,"box":{"x":82,"y":188,"width":120,"height":11}},{"id":"2939d621-1b5e-4a33-a3b0-417636be895f","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":17,"box":{"x":206,"y":187,"width":727,"height":12}},{"id":"97682263-e835-40a0-8f13-d01c4eac25e3","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":17,"box":{"x":82,"y":202,"width":607,"height":12}},{"id":"e723b857-53ff-4041-98a8-989dd56713dd","block_type":"box","text":"Legal Risk","page_number":17,"box":{"x":82,"y":225,"width":75,"height":11}},{"id":"47746250-6959-44bd-8116-41cd4de41f8c","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":17,"box":{"x":161,"y":225,"width":761,"height":11}},{"id":"ad03206c-e0ff-40c2-b84a-cd8e7e485c65","block_type":"box","text":"enforceability of a contract.","page_number":17,"box":{"x":81,"y":240,"width":198,"height":11}},{"id":"b0e95892-f8ce-4f57-b4b2-74f5eaae19f0","block_type":"box","text":"Volatility and Correlation Risk","page_number":17,"box":{"x":83,"y":262,"width":214,"height":12}},{"id":"f54fa120-2328-46ce-b2ea-e350be0edbd2","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":17,"box":{"x":300,"y":262,"width":590,"height":12}},{"id":"c15bb2e5-f18e-4db0-b316-d218ccbe9b32","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":17,"box":{"x":80,"y":277,"width":855,"height":12}},{"id":"dd985465-6200-4098-bc82-abd18e3a228a","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":17,"box":{"x":80,"y":292,"width":820,"height":11}},{"id":"4c74929b-d961-4ebc-906a-9bacf41e0224","block_type":"box","text":"correlate with the overall securities markets.","page_number":17,"box":{"x":81,"y":307,"width":326,"height":9}},{"id":"55bef93e-3e2c-41ef-87c6-96113f5dec7b","block_type":"box","text":"Valuation Risk","page_number":17,"box":{"x":83,"y":330,"width":102,"height":8}},{"id":"ec72866c-dac8-4a9f-a079-54ad0b8b367e","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":17,"box":{"x":189,"y":329,"width":747,"height":12}},{"id":"c03ee449-b762-47d7-9e1a-d7bc72f63187","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":17,"box":{"x":82,"y":344,"width":783,"height":12}},{"id":"9deab677-f4e0-4d41-86f4-1cd91a0d36dd","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":17,"box":{"x":82,"y":359,"width":837,"height":11}},{"id":"3044d865-e34d-4c6f-be45-1db83488ac55","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":17,"box":{"x":81,"y":374,"width":826,"height":11}},{"id":"30c10f94-18ba-441b-8cb0-695ac6095966","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":17,"box":{"x":80,"y":389,"width":405,"height":11}},{"id":"1da1fc1f-9597-4b73-b7fa-b3ba062054b4","block_type":"box","text":"Hedging Risk","page_number":17,"box":{"x":82,"y":411,"width":95,"height":12}},{"id":"4e255fa1-d17d-45af-8f74-8313d25d6d80","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":17,"box":{"x":181,"y":411,"width":752,"height":12}},{"id":"4c03148f-1c36-4e67-aeb8-f4e4105ef401","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":17,"box":{"x":80,"y":426,"width":820,"height":12}},{"id":"fddbd23c-0c2d-49dc-adc0-f2d206b3419b","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":17,"box":{"x":82,"y":441,"width":823,"height":11}},{"id":"339959ea-92f9-45b0-b6bf-96c6e562748a","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":17,"box":{"x":82,"y":456,"width":813,"height":11}},{"id":"252ce2f7-595b-4624-9e37-fc3b86a4a04d","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":17,"box":{"x":82,"y":470,"width":832,"height":12}},{"id":"227e9817-8cc3-48ee-b08d-566a61e3df74","block_type":"box","text":"noted below.","page_number":17,"box":{"x":82,"y":486,"width":90,"height":8}},{"id":"b0a9868b-e139-43ee-84d0-935b082eb0f6","block_type":"box","text":"Tax Risk","page_number":17,"box":{"x":83,"y":508,"width":59,"height":9}},{"id":"13859613-3069-4ad8-941b-8bcf4394969c","block_type":"box","text":"— The federal income tax treatment of a derivative may not be as favorable as a direct investment in an","page_number":17,"box":{"x":145,"y":508,"width":766,"height":11}},{"id":"f632abc1-438e-4dc7-b8f9-0e0873a6a64b","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":17,"box":{"x":82,"y":523,"width":826,"height":11}},{"id":"883f5287-ff8b-4eb4-a7a9-10c11684b9cd","block_type":"box","text":"investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than","page_number":17,"box":{"x":82,"y":537,"width":846,"height":12}},{"id":"a309f2bb-e7cc-4415-a96e-ba39dc22578d","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":17,"box":{"x":81,"y":552,"width":817,"height":12}},{"id":"a0ad513f-b156-4393-93af-af000157dc98","block_type":"box","text":"Revenue Code. If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable","page_number":17,"box":{"x":82,"y":567,"width":845,"height":11}},{"id":"d2a7ecaf-b4fc-48c4-b473-bab561450dda","block_type":"box","text":"dividends paid by the Fund. In addition, the tax treatment of certain derivatives, such as swaps, is unsettled and","page_number":17,"box":{"x":81,"y":582,"width":827,"height":11}},{"id":"a891c180-dfad-4ea8-a5b3-aad076048f27","block_type":"box","text":"may be subject to future legislation, regulation or administrative pronouncements issued by the Internal Revenue","page_number":17,"box":{"x":82,"y":597,"width":828,"height":11}},{"id":"cd242cb4-5561-45d6-b24f-318a4e490451","block_type":"box","text":"Service (the “IRS”).","page_number":17,"box":{"x":81,"y":612,"width":142,"height":11}},{"id":"0912615d-95bb-41f6-b8a1-70ea579113c0","block_type":"box","text":"Regulatory Risk","page_number":17,"box":{"x":82,"y":634,"width":115,"height":12}},{"id":"a90ac3fa-fd51-4759-8a2f-9cdc8aeb3fcf","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":17,"box":{"x":201,"y":634,"width":688,"height":12}},{"id":"53240fbd-fdc4-48d1-a8e9-86eda5952ddd","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":17,"box":{"x":81,"y":649,"width":851,"height":12}},{"id":"b3d4b243-37ba-4077-8b5b-eb83f7ef4ab5","block_type":"box","text":"and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers are","page_number":17,"box":{"x":81,"y":664,"width":811,"height":11}},{"id":"368d29f2-968a-4adf-9781-40e090ec1a0f","block_type":"box","text":"required to exchange variation margin with the Fund and may be required by applicable regulations to collect and/or","page_number":17,"box":{"x":82,"y":679,"width":850,"height":11}},{"id":"33578371-cc65-4801-a918-9cf907f8791e","block_type":"box","text":"exchange initial margin with the Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":17,"box":{"x":81,"y":693,"width":850,"height":12}},{"id":"fb1f5d1b-bbdb-46d2-94ee-e1cf4742eab1","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":17,"box":{"x":81,"y":708,"width":838,"height":12}},{"id":"45ff7283-2d4f-48a2-b6d8-992bff4b3660","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":17,"box":{"x":81,"y":723,"width":807,"height":12}},{"id":"8d65027f-4a79-4c7f-a4ec-441d05669d10","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":17,"box":{"x":81,"y":738,"width":787,"height":11}},{"id":"d9defd3e-c8f4-49af-8952-caab4cf83fc4","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":17,"box":{"x":82,"y":753,"width":837,"height":11}},{"id":"aced0276-d769-4331-a602-b308feffabae","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":17,"box":{"x":80,"y":768,"width":804,"height":11}},{"id":"53e9667f-0f95-4c03-b945-c7176115da79","block_type":"box","text":"support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or","page_number":17,"box":{"x":81,"y":782,"width":781,"height":12}},{"id":"82c0bedd-784e-463d-b02d-22b7b5bae5a7","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":17,"box":{"x":82,"y":797,"width":773,"height":12}},{"id":"25285992-63b5-4121-a2cd-bd764f36a4f1","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":17,"box":{"x":82,"y":812,"width":836,"height":12}},{"id":"560ccd94-0372-48e0-a508-4db9bd94c0c8","block_type":"box","text":"increase the costs and risks to the Fund of trading in these instruments and, as a result, may affect returns to","page_number":17,"box":{"x":82,"y":827,"width":814,"height":11}},{"id":"69c1ac59-aa06-4a62-b455-2481b6a10e0b","block_type":"box","text":"investors in the Fund.","page_number":17,"box":{"x":82,"y":842,"width":156,"height":9}},{"id":"0a241138-bb97-4372-ab47-240b87b35133","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":17,"box":{"x":82,"y":865,"width":823,"height":11}},{"id":"9104442a-832e-4b8b-8de0-b80c9ceb0b63","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":17,"box":{"x":82,"y":879,"width":827,"height":12}},{"id":"367683a5-2233-44b7-80c9-923f7ff5d2cf","block_type":"box","text":"the effects of any new governmental regulation that may be implemented on the ability of the Fund to use swaps or","page_number":17,"box":{"x":80,"y":894,"width":849,"height":11}},{"id":"ba175f0f-ea51-4aec-a98c-915b137adaf2","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"d4bb748e-7dda-45ef-b88c-26bebab077c6","block_type":"box","text":"NM1026U-5981068-17/76","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"dc68e8ee-381d-45c2-891b-03e94398436b","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":46,"width":846,"height":11}},{"id":"da42e67d-cf48-451a-a444-57024b1dab48","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":18,"box":{"x":81,"y":60,"width":509,"height":12}},{"id":"9e55e238-8358-4a8f-bbad-b11d7f08129a","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":18,"box":{"x":82,"y":83,"width":399,"height":11}},{"id":"1b8452a8-fee1-4487-91db-8d3eea9accb6","block_type":"box","text":"Swaps","page_number":18,"box":{"x":102,"y":103,"width":47,"height":11}},{"id":"db1a98af-9c89-4a0d-aba4-e8c9eb300041","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":18,"box":{"x":154,"y":103,"width":775,"height":12}},{"id":"08db5b6a-7850-4c2f-b60b-e1018f02ff8f","block_type":"box","text":"two-party contracts entered into for periods ranging from a few weeks to more than one year. In a standard","page_number":18,"box":{"x":101,"y":118,"width":784,"height":11}},{"id":"bac62408-d567-4fdd-a2ce-9935717b63d6","block_type":"box","text":"“swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or","page_number":18,"box":{"x":102,"y":133,"width":786,"height":11}},{"id":"54b31a5f-770b-4488-a867-a0f013e992f6","block_type":"box","text":"realized on particular predetermined investments or instruments, which can be adjusted for an interest factor.","page_number":18,"box":{"x":102,"y":147,"width":807,"height":12}},{"id":"e3bab06c-36cb-4a9e-a765-42c956a061b2","block_type":"box","text":"Swap agreements involve the risk that the party with whom the Fund has entered into the swap will default on its","page_number":18,"box":{"x":101,"y":162,"width":830,"height":12}},{"id":"32146a87-86ec-42b9-8716-bbe8ef76f37f","block_type":"box","text":"obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party","page_number":18,"box":{"x":101,"y":177,"width":835,"height":12}},{"id":"8e9dd232-5eb9-42b3-82fe-fd2a3f03ae5a","block_type":"box","text":"to the agreement. Swap agreements may also involve the risk that there is an imperfect correlation between the","page_number":18,"box":{"x":101,"y":192,"width":826,"height":12}},{"id":"bc00584d-63b3-45cd-8e3f-2235a4df4661","block_type":"box","text":"return on the Fund’s obligation to its counterparty and the return on the referenced asset. In addition, swap","page_number":18,"box":{"x":102,"y":207,"width":791,"height":11}},{"id":"99311107-6e3c-4e48-b277-922932e88895","block_type":"box","text":"agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":18,"box":{"x":101,"y":222,"width":615,"height":11}},{"id":"1ced7b8d-cfd8-43e2-b520-48e4d35c7bdd","block_type":"box","text":"Credit Default Swaps","page_number":18,"box":{"x":102,"y":244,"width":153,"height":11}},{"id":"9531a896-e3b7-4df1-85bf-4991087f59d5","block_type":"box","text":"— Credit default swaps may have as reference obligations one or more securities that are","page_number":18,"box":{"x":260,"y":244,"width":663,"height":12}},{"id":"9b0aa745-0f24-4131-b370-6ab067f4edbb","block_type":"box","text":"not currently held by the Fund. The protection “buyer” may be obligated to pay the protection “seller” an up-front","page_number":18,"box":{"x":102,"y":259,"width":825,"height":12}},{"id":"b49bb2e5-2274-4c8e-9ac3-ec08aacc175f","block_type":"box","text":"payment or a periodic stream of payments over the term of the contract, provided generally that no credit event","page_number":18,"box":{"x":102,"y":274,"width":816,"height":11}},{"id":"56e4d50b-4593-43c0-893b-dedf38f1dcd4","block_type":"box","text":"on a reference obligation has occurred. Credit default swaps involve special risks in addition to those mentioned","page_number":18,"box":{"x":101,"y":289,"width":827,"height":11}},{"id":"7d85f2f4-7d58-4861-85c5-07287e2e512a","block_type":"box","text":"above because they are difficult to value, are highly susceptible to illiquid investments risk and credit risk, and","page_number":18,"box":{"x":101,"y":303,"width":812,"height":12}},{"id":"78ae60aa-2d35-48f2-9245-bc6e1d842a94","block_type":"box","text":"generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer","page_number":18,"box":{"x":101,"y":318,"width":822,"height":12}},{"id":"148758c4-c30d-47d7-ba28-7f24957519b9","block_type":"box","text":"of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).","page_number":18,"box":{"x":101,"y":333,"width":758,"height":12}},{"id":"7c973e44-f6db-4ed6-a373-9c5692a232c1","block_type":"box","text":"Forward Foreign Currency Exchange Contracts—","page_number":18,"box":{"x":102,"y":353,"width":353,"height":12}},{"id":"e73fa2c3-e18a-435b-9cb6-da5263e0cb5f","block_type":"box","text":"Forward foreign currency exchange transactions are OTC","page_number":18,"box":{"x":461,"y":353,"width":413,"height":12}},{"id":"44395e80-3247-40b2-8f63-c4b0d377f9c7","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":18,"box":{"x":101,"y":368,"width":820,"height":11}},{"id":"b2f6469d-ac57-4eb3-b9e1-8007b849850b","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":18,"box":{"x":101,"y":383,"width":801,"height":11}},{"id":"6e1df8d7-bb66-4fa0-a111-63a1ce23ece3","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":18,"box":{"x":101,"y":398,"width":824,"height":11}},{"id":"5e766292-01f3-4161-a9c5-28ebe2cade3e","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":18,"box":{"x":101,"y":412,"width":831,"height":12}},{"id":"71c07b08-6f13-4921-b369-1cbbfd68c579","block_type":"box","text":"Futures","page_number":18,"box":{"x":102,"y":433,"width":54,"height":9}},{"id":"b025db6a-b322-4ecc-80bb-69b95632cdaa","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":18,"box":{"x":161,"y":433,"width":765,"height":11}},{"id":"3b55bc29-3ba6-497e-816a-d4cd62a85f3c","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":18,"box":{"x":101,"y":447,"width":786,"height":12}},{"id":"a9a17477-3d0a-43fb-abea-79227e41abd3","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":18,"box":{"x":102,"y":462,"width":769,"height":11}},{"id":"7d41ad1b-0daa-4738-b024-ac423b4f7d1b","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":18,"box":{"x":102,"y":477,"width":822,"height":11}},{"id":"9fd02ac2-a8ca-4969-87be-c4535b508200","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":18,"box":{"x":101,"y":492,"width":832,"height":11}},{"id":"f0e4f51f-fa93-47d5-84ca-847fb5a3427c","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":18,"box":{"x":101,"y":506,"width":806,"height":12}},{"id":"6c88b850-e667-4aa0-8c5d-c1c5d289ecae","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":18,"box":{"x":102,"y":521,"width":793,"height":12}},{"id":"ff517586-5ef3-44a6-8dfa-26f7d7f6042c","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":18,"box":{"x":102,"y":536,"width":787,"height":12}},{"id":"5c91d677-0c98-4451-bfb5-1b9f34f374e3","block_type":"box","text":"default in the performance of its obligations.","page_number":18,"box":{"x":101,"y":551,"width":327,"height":12}},{"id":"10008ce0-b117-4f65-b359-c41b61f01631","block_type":"box","text":"Options","page_number":18,"box":{"x":102,"y":571,"width":55,"height":11}},{"id":"0a0bf230-525f-4f2d-a9f4-c5e025efc911","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":18,"box":{"x":162,"y":571,"width":772,"height":12}},{"id":"2d50a0f4-330d-4391-844f-441107ce30a6","block_type":"box","text":"the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for","page_number":18,"box":{"x":101,"y":586,"width":812,"height":11}},{"id":"6640f97a-f159-406d-8c95-1ec39ea722b0","block_type":"box","text":"cash in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during","page_number":18,"box":{"x":101,"y":601,"width":827,"height":11}},{"id":"6cf9dbf0-8185-4f9f-af83-83767ce97fd9","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":18,"box":{"x":101,"y":615,"width":781,"height":12}},{"id":"96e78780-f605-4ced-8b37-a469663c40e6","block_type":"box","text":"purchases an option, it may lose the total premium paid for it if the price of the underlying security or other","page_number":18,"box":{"x":102,"y":630,"width":785,"height":12}},{"id":"c6c3c81e-08d8-48b6-b69e-1faca99f1377","block_type":"box","text":"assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case","page_number":18,"box":{"x":101,"y":645,"width":831,"height":12}},{"id":"97f89d14-c8da-420c-8399-83c161c04f11","block_type":"box","text":"of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price","page_number":18,"box":{"x":101,"y":660,"width":814,"height":11}},{"id":"11dc9671-a77b-4dd0-9262-786d18cb48e3","block_type":"box","text":"(in the case of a put option). If a put or call option purchased by the Fund were permitted to expire without being","page_number":18,"box":{"x":101,"y":675,"width":826,"height":11}},{"id":"341280ce-a877-4ee5-bec6-c2f2a6e5080b","block_type":"box","text":"sold or exercised, its premium would represent a loss to the Fund. To the extent that the Fund writes or sells an","page_number":18,"box":{"x":101,"y":690,"width":822,"height":11}},{"id":"d3500be9-fdf5-4700-a66c-66434a621d4f","block_type":"box","text":"option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the","page_number":18,"box":{"x":101,"y":704,"width":816,"height":12}},{"id":"d578ceed-53db-47f0-ba1c-1d6ad712bd5c","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":18,"box":{"x":101,"y":719,"width":442,"height":11}},{"id":"4a3b45d6-9a97-4046-88b5-2704347a86e4","block_type":"box","text":"Emerging Markets Risk","page_number":18,"box":{"x":81,"y":739,"width":178,"height":12}},{"id":"a805e295-3e89-4176-9a21-25d73f2340ce","block_type":"box","text":"— The risks of foreign investments are usually much greater for emerging markets.","page_number":18,"box":{"x":263,"y":739,"width":610,"height":12}},{"id":"8bb1e0bd-7e7d-47f0-b214-625a77f6c322","block_type":"box","text":"Investments in emerging markets may be considered speculative. Emerging markets may include those in countries","page_number":18,"box":{"x":82,"y":754,"width":848,"height":12}},{"id":"ee038009-c66e-40f4-a766-3194ffcd9737","block_type":"box","text":"considered emerging or developing by the World Bank, the International Finance Corporation or the United Nations.","page_number":18,"box":{"x":81,"y":769,"width":842,"height":11}},{"id":"6add2a58-54cf-4a35-9789-24c30ce52947","block_type":"box","text":"Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never","page_number":18,"box":{"x":82,"y":784,"width":838,"height":11}},{"id":"c755da63-3da3-4b15-92fe-d51cda72364c","block_type":"box","text":"fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":18,"box":{"x":81,"y":798,"width":825,"height":12}},{"id":"ea58aa20-f08f-4c29-9f70-cbaccfdd9fad","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":18,"box":{"x":82,"y":813,"width":847,"height":12}},{"id":"3a2f1893-048c-4154-b0e7-c77f3d40f443","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":18,"box":{"x":81,"y":828,"width":853,"height":12}},{"id":"b1d34ae2-2604-4d65-862e-babd8f6672f6","block_type":"box","text":"changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few","page_number":18,"box":{"x":81,"y":843,"width":823,"height":12}},{"id":"3c2a0558-59cc-4381-92c3-3691266914d4","block_type":"box","text":"large investors. In addition, traditional measures of investment value used in the United States, such as price to","page_number":18,"box":{"x":82,"y":858,"width":825,"height":11}},{"id":"26909272-1c2e-4643-9009-98fc0f12c905","block_type":"box","text":"earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about","page_number":18,"box":{"x":81,"y":873,"width":855,"height":11}},{"id":"d72b0d6e-4a76-44be-bf1a-5df4f3491bbb","block_type":"box","text":"issuers in emerging markets than would be available about issuers in more developed capital markets, and such","page_number":18,"box":{"x":82,"y":888,"width":827,"height":11}},{"id":"9989ca7d-f4b1-44fc-ade1-f3a57ecd57b1","block_type":"box","text":"issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable","page_number":18,"box":{"x":82,"y":902,"width":843,"height":12}},{"id":"5eec7516-eff5-4b6d-a3ef-492c1fbfd537","block_type":"box","text":"to those to which U.S. companies are subject.","page_number":18,"box":{"x":80,"y":917,"width":339,"height":12}},{"id":"22ff62e1-178d-426f-b525-88144d31da13","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"e933ddfc-d700-418e-8011-c5195cec5ff7","block_type":"box","text":"NM1026U-5981068-18/76","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8db1e3e3-1d25-4668-a9b2-ac4a32bfc99d","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":46,"width":802,"height":11}},{"id":"f63a489b-5f1f-47ba-beb9-e977f2f40c29","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":60,"width":774,"height":12}},{"id":"2508977e-697a-4391-9726-a4051a03c6c4","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":75,"width":830,"height":12}},{"id":"39af6db2-f7f2-4843-b9b6-60b14ff41374","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":90,"width":769,"height":12}},{"id":"0a903a88-91b6-4f43-be38-8c876d05e654","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":105,"width":849,"height":11}},{"id":"071bd0ca-66aa-4d92-a3c0-9330b753c870","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":120,"width":820,"height":11}},{"id":"3b64d477-320d-4302-bf9e-2a344e62cb9a","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":135,"width":779,"height":11}},{"id":"8f40a579-aff9-4593-819e-b252f641b0a8","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":149,"width":798,"height":12}},{"id":"840f3ff5-2a12-4201-a8ec-d03f3fffacb8","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":164,"width":755,"height":12}},{"id":"820ad419-760f-46ff-acf4-48a040a10ddc","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":179,"width":783,"height":12}},{"id":"b367148b-9a95-4b54-b727-c656512cb9a0","block_type":"box","text":"securities markets, which may impair investment and economic growth. National policies that may limit the Fund’s","page_number":19,"box":{"x":81,"y":194,"width":839,"height":11}},{"id":"d9688d29-1714-47d0-9d13-03068b4a28d4","block_type":"box","text":"investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national","page_number":19,"box":{"x":82,"y":209,"width":827,"height":11}},{"id":"e50aef0a-2739-43ac-ad4a-6d6e1a2d652e","block_type":"box","text":"interests.","page_number":19,"box":{"x":82,"y":224,"width":67,"height":9}},{"id":"8a5caeed-8a3a-47a0-a914-f48f10687fa6","block_type":"box","text":"Emerging markets may also have differing legal systems and the existence or possible imposition of exchange","page_number":19,"box":{"x":82,"y":244,"width":809,"height":11}},{"id":"8bb76ff0-72ab-449f-a885-03c42c019f6f","block_type":"box","text":"controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such","page_number":19,"box":{"x":81,"y":258,"width":783,"height":12}},{"id":"a5b4a353-256f-482f-8e79-8f6d28af6658","block_type":"box","text":"investments may adversely affect the Fund’s performance. Sometimes, they may lack or be in the relatively early","page_number":19,"box":{"x":82,"y":273,"width":829,"height":12}},{"id":"dc538341-7633-4d47-93d8-3011d3256ade","block_type":"box","text":"development of legal structures governing private and foreign investments and private property. Many emerging","page_number":19,"box":{"x":81,"y":288,"width":818,"height":12}},{"id":"6a6515db-9f79-43e0-a92e-41ec5151e026","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":19,"box":{"x":82,"y":303,"width":833,"height":11}},{"id":"498c2662-9fbd-4b44-ba85-d5e2f7a4d803","block_type":"box","text":"subject to higher withholding taxes in such countries. In addition, some countries with emerging markets may","page_number":19,"box":{"x":81,"y":318,"width":803,"height":11}},{"id":"68f51d5b-2e6b-4825-8eb1-0fb02b394f21","block_type":"box","text":"impose differential capital gains taxes on foreign investors. Foreign companies with securities listed on U.S.","page_number":19,"box":{"x":82,"y":332,"width":793,"height":12}},{"id":"6dee5d30-b7d2-48a8-b142-a80ba731c982","block_type":"box","text":"exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which","page_number":19,"box":{"x":81,"y":347,"width":855,"height":12}},{"id":"40003cd6-ed93-4933-9f48-ab75043da660","block_type":"box","text":"may significantly decrease the liquidity and value of the securities.","page_number":19,"box":{"x":82,"y":362,"width":485,"height":12}},{"id":"cf7cec29-2303-4602-8202-d5a80e8d2143","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in","page_number":19,"box":{"x":81,"y":382,"width":843,"height":12}},{"id":"c56325f0-45ed-47ab-a089-9bd7baf9cf5c","block_type":"box","text":"developed markets, in part because the Fund will need to use brokers and counterparties that are less well","page_number":19,"box":{"x":81,"y":397,"width":790,"height":11}},{"id":"1da2fd91-0638-4404-8c27-b99a63e80e91","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":19,"box":{"x":81,"y":412,"width":823,"height":11}},{"id":"0881b78e-ef54-4c91-a648-006c0d45c9b5","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":19,"box":{"x":82,"y":427,"width":843,"height":11}},{"id":"993f1d58-26c7-43a9-a5ac-1e8acbec231b","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would","page_number":19,"box":{"x":82,"y":441,"width":845,"height":12}},{"id":"3fe8a1fc-6f62-4fa1-876c-ae9d7a5f4c9c","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation. In","page_number":19,"box":{"x":81,"y":456,"width":837,"height":12}},{"id":"760b5ae6-2fec-4e3b-a83c-0ee791f865f1","block_type":"box","text":"addition, communications between the United States and emerging market countries may be unreliable, increasing","page_number":19,"box":{"x":81,"y":471,"width":844,"height":12}},{"id":"7605c2e6-19a8-4bf8-9007-163aef2a416f","block_type":"box","text":"the risk of delayed settlements or losses of security certificates.","page_number":19,"box":{"x":80,"y":486,"width":474,"height":11}},{"id":"294445c8-d420-4b5c-bf12-635f78a5ee8d","block_type":"box","text":"Equity Securities Risk","page_number":19,"box":{"x":81,"y":506,"width":166,"height":11}},{"id":"64bbe23e-66f7-49b9-a4da-66de2da43b72","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":19,"box":{"x":251,"y":506,"width":666,"height":11}},{"id":"3a16c476-3536-4bfe-bc12-483ec682a75c","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":19,"box":{"x":81,"y":521,"width":850,"height":11}},{"id":"573df30d-ebee-4711-a4f4-e390467fed74","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":19,"box":{"x":82,"y":535,"width":802,"height":12}},{"id":"615480fd-7459-47e9-b997-b76fd2e4c1e2","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":19,"box":{"x":81,"y":550,"width":854,"height":12}},{"id":"49e7196e-2b94-4b42-aae7-43872a4a7cb4","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":19,"box":{"x":81,"y":565,"width":848,"height":12}},{"id":"a61ba492-5ff0-4e61-9308-fbe7697d5a75","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":19,"box":{"x":81,"y":580,"width":824,"height":11}},{"id":"8a51afa0-bf85-425d-b904-afb79f79582b","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":19,"box":{"x":81,"y":595,"width":782,"height":11}},{"id":"f8e331df-7916-4470-94cd-f630f4c16b0c","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":19,"box":{"x":82,"y":610,"width":849,"height":11}},{"id":"6134f0cb-6337-4447-ba7f-92c63b21657b","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":19,"box":{"x":82,"y":625,"width":482,"height":11}},{"id":"54f9ede9-fb78-458e-b6ee-9ec7912bc747","block_type":"box","text":"Event Driven Strategies Risk","page_number":19,"box":{"x":81,"y":645,"width":217,"height":11}},{"id":"c34878e4-2673-499b-904b-4b316b09360a","block_type":"box","text":"— The Fund may invest in event driven strategies, which entail investing in companies","page_number":19,"box":{"x":301,"y":645,"width":633,"height":11}},{"id":"029c10c5-74d0-464a-bbf1-add416a56587","block_type":"box","text":"involved, or potentially involved, in significant corporate actions. Investment decisions may take into account","page_number":19,"box":{"x":82,"y":659,"width":796,"height":12}},{"id":"4180b055-74cc-464e-b3cf-e4b637888402","block_type":"box","text":"BlackRock’s perceptions of the likelihood that an event or transaction will occur, the amount of time that the","page_number":19,"box":{"x":82,"y":674,"width":795,"height":11}},{"id":"3849d379-0828-45a1-9299-b0f3d23fb782","block_type":"box","text":"process will take and the perceived expected value following the catalyst. The success of event driven trading","page_number":19,"box":{"x":82,"y":689,"width":803,"height":11}},{"id":"161cb42c-0f6e-4828-9aa7-53deff86d7f2","block_type":"box","text":"depends on the successful prediction of whether various catalyst events will occur or be consummated. If a","page_number":19,"box":{"x":81,"y":704,"width":789,"height":11}},{"id":"50246bdf-df5a-48c5-9716-98167f043aa3","block_type":"box","text":"proposed transaction appears likely not to be consummated or in fact is not consummated or is delayed, the market","page_number":19,"box":{"x":82,"y":719,"width":855,"height":11}},{"id":"46a0bc27-4a29-4950-91bd-2e29c9a23ae3","block_type":"box","text":"price of the securities purchased by the Fund may decline sharply and result in losses to the Fund.","page_number":19,"box":{"x":82,"y":733,"width":723,"height":12}},{"id":"53ca4741-440e-45c6-9018-604af1f5d6b7","block_type":"box","text":"The Fund may purchase securities at prices only slightly below the anticipated value to be paid or exchanged for the","page_number":19,"box":{"x":81,"y":753,"width":850,"height":12}},{"id":"08f43ae7-4cce-4332-acad-aeccce19a0cf","block_type":"box","text":"securities in the proposed merger, exchange offer, cash tender offer or other similar transaction. The purchase","page_number":19,"box":{"x":81,"y":768,"width":815,"height":12}},{"id":"bc62c42b-0b76-44e7-9d30-4bff783006fc","block_type":"box","text":"price to the Fund may be substantially above the prices at which such securities traded immediately prior to the","page_number":19,"box":{"x":82,"y":783,"width":818,"height":11}},{"id":"287f64df-e179-47db-90e3-03a60c3a68cb","block_type":"box","text":"announcement of such merger, exchange offer, cash tender offer or other similar transaction. If the proposed","page_number":19,"box":{"x":81,"y":798,"width":803,"height":11}},{"id":"39cc5ad0-09a7-4392-9c07-e60fd83df8e9","block_type":"box","text":"merger, exchange offer, cash tender offer or other similar transaction appears likely not to be consummated or in","page_number":19,"box":{"x":82,"y":813,"width":832,"height":11}},{"id":"47035182-6c2e-4279-86c0-e56665f81825","block_type":"box","text":"fact is not consummated or is delayed, or if the value of a transaction is reduced, the market price of the security to","page_number":19,"box":{"x":81,"y":827,"width":853,"height":12}},{"id":"b3509b0f-1c4f-4c65-9d6d-7acf9f8ce1bb","block_type":"box","text":"be tendered or exchanged may, and likely will, decline sharply by an amount greater than the difference between the","page_number":19,"box":{"x":81,"y":842,"width":854,"height":12}},{"id":"1dfabf02-428d-4134-82f5-687d20d6d787","block_type":"box","text":"Fund’s purchase price and the anticipated consideration to be paid. In addition, where a security to be issued in a","page_number":19,"box":{"x":82,"y":857,"width":836,"height":12}},{"id":"48208167-6e6e-4f20-897e-832e32f1344e","block_type":"box","text":"merger or exchange offer has been sold short in the expectation that the short position will be covered by delivery","page_number":19,"box":{"x":82,"y":872,"width":840,"height":12}},{"id":"49036503-71bf-48a5-a277-463495984eca","block_type":"box","text":"of such security when issued, failure of the merger or exchange offer to be consummated may force the Fund to","page_number":19,"box":{"x":81,"y":887,"width":823,"height":11}},{"id":"8644545e-06c4-4b6f-87e1-14407ac6ed01","block_type":"box","text":"cover its short sale, with a resulting, and perhaps significant, loss. In addition, if BlackRock determines that the","page_number":19,"box":{"x":81,"y":902,"width":824,"height":11}},{"id":"3e44c4d1-2acd-4919-8a8c-cde3cfee4c94","block_type":"box","text":"offer price for a security which is the subject of a tender offer is likely to be increased, either by the original bidder","page_number":19,"box":{"x":81,"y":916,"width":841,"height":12}},{"id":"05980a1f-36a4-4c59-af74-c4fcb0d1cfe5","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"d3c6a396-87b6-499e-a59f-41aba2d878b4","block_type":"box","text":"NM1026U-5981068-19/76","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4e6ddb00-7761-46e5-86e9-d800e0f3d699","block_type":"box","text":"or by another party, the Fund may purchase securities above the offer price, thereby exposing the Fund to an even","page_number":20,"box":{"x":81,"y":46,"width":838,"height":11}},{"id":"8c70c53c-c5f0-4c9a-8051-72884503f965","block_type":"box","text":"greater degree of risk of loss.","page_number":20,"box":{"x":81,"y":60,"width":216,"height":12}},{"id":"1b9f4e70-22d4-4d1e-81a0-45fc6f9eeec1","block_type":"box","text":"Where BlackRock determines that it is probable that a transaction will not be consummated, the Fund may sell the","page_number":20,"box":{"x":81,"y":81,"width":843,"height":11}},{"id":"7099de0e-93bf-4c18-a850-3e0d9a9301ea","block_type":"box","text":"securities of the target company short, at times significantly below the announced tender or offering prices for the","page_number":20,"box":{"x":81,"y":95,"width":839,"height":12}},{"id":"89693aff-bb5e-44e3-b5c9-cdce97fc0f77","block_type":"box","text":"securities in the transaction. If the transaction, or another transaction, such as a “defensive” merger or a “friendly”","page_number":20,"box":{"x":81,"y":110,"width":848,"height":12}},{"id":"1d5d7620-82a9-445b-b53e-1d810b475ecd","block_type":"box","text":"tender offer, is consummated at the announced price or a higher price, the Fund may be forced to cover the short","page_number":20,"box":{"x":80,"y":125,"width":836,"height":11}},{"id":"17b9c6da-166a-4963-a347-37c0d75406c8","block_type":"box","text":"position in the market at a higher price than the short sale price, with a resulting, and perhaps significant, loss.","page_number":20,"box":{"x":82,"y":140,"width":819,"height":11}},{"id":"30d17b69-b65b-405a-83b9-2a43acd67a71","block_type":"box","text":"The consummation of mergers, exchange offers, cash tender offers or other similar transactions can be prevented","page_number":20,"box":{"x":81,"y":160,"width":841,"height":11}},{"id":"5c9af843-e4e7-4343-a26b-178f8c44feb5","block_type":"box","text":"or delayed by a variety of factors. An exchange offer or a cash tender offer by one company for the securities of","page_number":20,"box":{"x":81,"y":175,"width":819,"height":11}},{"id":"c340634a-2ed3-4b11-8fc2-3392b3136ac7","block_type":"box","text":"another will often be opposed by the management or shareholders of the target company on the grounds that the","page_number":20,"box":{"x":81,"y":189,"width":833,"height":12}},{"id":"17311906-c8a8-4784-b571-0c3b54eed896","block_type":"box","text":"consideration offered is inadequate or for a variety of other reasons, and this opposition may result in litigation","page_number":20,"box":{"x":81,"y":204,"width":816,"height":12}},{"id":"690e36fb-5b39-473b-890a-5c198b01df6d","block_type":"box","text":"which may significantly delay or prevent consummation of the transaction by alleging, among other things, that the","page_number":20,"box":{"x":80,"y":219,"width":840,"height":12}},{"id":"fdc34246-3ae2-49ac-b737-76cf0ba15f15","block_type":"box","text":"offering material supplied by the offeror contains inadequate, false or misleading disclosures, that the offeror has,","page_number":20,"box":{"x":81,"y":234,"width":843,"height":11}},{"id":"50c23387-03f9-4375-b138-cb136c02391d","block_type":"box","text":"by its activities in connection with the offer, violated federal and/or state securities or takeover laws, or that the","page_number":20,"box":{"x":81,"y":249,"width":824,"height":11}},{"id":"efe80bfd-5504-4903-a7f5-888100f92b94","block_type":"box","text":"proposed acquisition would violate federal antitrust laws, merger regulations or other statutes or regulations. Even if","page_number":20,"box":{"x":82,"y":263,"width":855,"height":12}},{"id":"0df96f9e-6281-4b90-99b4-b131ca020e26","block_type":"box","text":"the business terms and other relevant matters necessary to consummate the transaction have been agreed upon","page_number":20,"box":{"x":80,"y":279,"width":837,"height":11}},{"id":"dc24ed38-8252-4bf0-b2f7-d29207898e05","block_type":"box","text":"by the management of the companies involved, the consummation of such transaction may be prevented or delayed","page_number":20,"box":{"x":81,"y":293,"width":851,"height":12}},{"id":"780b9086-27ef-419f-9f90-2f28ddae6949","block_type":"box","text":"by: the intervention of a government regulatory agency which might have regulatory power over the companies or","page_number":20,"box":{"x":81,"y":308,"width":829,"height":12}},{"id":"a9f6c956-85fd-4a14-9a8d-f639936b48e8","block_type":"box","text":"the transaction, such as, in the case of a U.S. issuer, the SEC, the Antitrust Division of the U.S. Department of","page_number":20,"box":{"x":80,"y":323,"width":819,"height":11}},{"id":"66b43d11-b217-471b-ab6d-421f0c4a8721","block_type":"box","text":"Justice or the U.S. Federal Trade Commission; litigation brought by a shareholder or, in the case of a merger, the","page_number":20,"box":{"x":81,"y":338,"width":828,"height":11}},{"id":"47e5b012-e06c-4c6c-a92a-e1a425c82600","block_type":"box","text":"failure to receive the necessary shareholder approvals, market conditions resulting in material changes in securities","page_number":20,"box":{"x":81,"y":352,"width":854,"height":12}},{"id":"ca389427-4275-4d28-8870-5f554085f6de","block_type":"box","text":"prices; and other circumstances, including, but not limited to, the failure to meet certain conditions customarily","page_number":20,"box":{"x":82,"y":367,"width":818,"height":12}},{"id":"3d23ea10-4f5b-4101-bf50-7684b45fedca","block_type":"box","text":"specified in acquisition agreements. Even if the defensive activities of a target company or the actions of regulatory","page_number":20,"box":{"x":81,"y":382,"width":850,"height":12}},{"id":"81902f93-175d-45e2-8d19-49300c9b2f3d","block_type":"box","text":"authorities fail to defeat a transaction, such activities may cause significant delays, during which the Fund’s capital","page_number":20,"box":{"x":81,"y":397,"width":845,"height":12}},{"id":"032aaf52-e95b-492d-9b0d-a5c9ddf0afd7","block_type":"box","text":"will be committed to the transaction and interest charges on any funds borrowed to finance the Fund’s activities in","page_number":20,"box":{"x":80,"y":412,"width":842,"height":11}},{"id":"4f07c2e1-5e6c-4cda-b151-87dbbdbf430f","block_type":"box","text":"connection with the transaction may be incurred.","page_number":20,"box":{"x":81,"y":427,"width":356,"height":11}},{"id":"edc6831c-7288-4786-9c3e-df953377441b","block_type":"box","text":"Transactions may also be contingent on certain contractual conditions precedent such as available financing for an","page_number":20,"box":{"x":81,"y":447,"width":844,"height":11}},{"id":"4a3a7fb2-6d0a-48bf-a0b8-ae3933308ebf","block_type":"box","text":"acquirer or the absence of any material adverse changes between the date the transaction is agreed to and the","page_number":20,"box":{"x":81,"y":461,"width":819,"height":12}},{"id":"d4eaa3e0-4b12-4d8e-b3b4-c7e3fb07529a","block_type":"box","text":"closing date of the transaction. The future of any such conditions precedent could result in non-consummation or","page_number":20,"box":{"x":81,"y":476,"width":830,"height":12}},{"id":"cca829b7-5665-4f40-bd37-f20de10f38b4","block_type":"box","text":"delay in the closing of such transactions resulting in potentially significant losses to the Fund.","page_number":20,"box":{"x":81,"y":491,"width":688,"height":12}},{"id":"a3005199-5120-498e-9b6c-3dc43dd7acfb","block_type":"box","text":"Offerors in tender or exchange offers customarily reserve the right to cancel such offers in the above and a variety","page_number":20,"box":{"x":81,"y":511,"width":842,"height":12}},{"id":"9867b520-8f6d-4151-90fe-2c678d44edcc","block_type":"box","text":"of other circumstances, including an insufficient response from shareholders of the target company.","page_number":20,"box":{"x":81,"y":526,"width":735,"height":11}},{"id":"b1a3c2ff-7c9d-4b32-9f2c-5d6c61edb6c5","block_type":"box","text":"An exchange offer or a cash tender offer may be made for less than all of the outstanding securities of an issuer,","page_number":20,"box":{"x":81,"y":546,"width":832,"height":11}},{"id":"5d2df07e-f407-44a6-85aa-20d6e130bc1a","block_type":"box","text":"with the provision that, if a greater number is tendered, securities will be accepted on a pro rata basis. Thus, after","page_number":20,"box":{"x":80,"y":561,"width":842,"height":11}},{"id":"1b6ca8bc-a3c5-4dc3-b643-dc73f4b5a02e","block_type":"box","text":"the completion of the offer, and at a time when the market price of the securities has declined below its cost, the","page_number":20,"box":{"x":80,"y":575,"width":836,"height":12}},{"id":"04b78eed-0bce-4bc3-9b93-d5d233c4ffc2","block_type":"box","text":"Fund may have returned to it, and be forced to sell at a loss, a portion of the securities it tendered.","page_number":20,"box":{"x":82,"y":590,"width":730,"height":12}},{"id":"a3a8630c-ec3a-4d50-81a9-f374bba44805","block_type":"box","text":"Foreign Securities Risk","page_number":20,"box":{"x":81,"y":610,"width":176,"height":12}},{"id":"3aa871f1-882a-4cbf-866e-8dff1fe95fb2","block_type":"box","text":"— Securities traded in foreign markets have often (though not always) performed differently","page_number":20,"box":{"x":260,"y":610,"width":677,"height":12}},{"id":"44859224-4068-4660-a213-4d6279021460","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":625,"width":827,"height":11}},{"id":"511c4f82-3d7c-4d13-898b-0b6afc0dc83f","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":640,"width":837,"height":11}},{"id":"cb40ad9b-4ad3-4477-b488-68d29f03decd","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":655,"width":849,"height":11}},{"id":"7b9f871e-e49d-4df6-b87f-77860ba2b7d0","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":670,"width":841,"height":11}},{"id":"547489d1-bb0f-466c-bc59-d33a8617c5cb","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":684,"width":716,"height":12}},{"id":"72872831-f00f-4a51-b255-1682e155d0a7","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States","page_number":20,"box":{"x":82,"y":704,"width":468,"height":12}},{"id":"5cec8685-38e1-4954-8450-3d3a9d7f6ec3","block_type":"box","text":"— The Fund generally holds its foreign securities","page_number":20,"box":{"x":555,"y":704,"width":358,"height":12}},{"id":"c9fcbe13-2c4a-410c-b85a-aa7ca178bcbe","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":719,"width":813,"height":12}},{"id":"6ea7b8bf-ee3c-40c3-9b06-a7543742bcd5","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":734,"width":791,"height":12}},{"id":"e6ac8325-44fe-4c6f-9c4d-05ce6013070e","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":749,"width":818,"height":11}},{"id":"d843e133-3ae8-47cc-85b4-65623d95c325","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":764,"width":833,"height":11}},{"id":"82950646-fc95-4bed-bb9a-9930da365430","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":778,"width":816,"height":12}},{"id":"6bbb1104-2862-4204-9681-01478b496f90","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":793,"width":827,"height":12}},{"id":"a87aab5e-90cb-44bf-a540-4c7b6b7d0c6b","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":808,"width":848,"height":12}},{"id":"9327bc76-119a-460c-bbbc-c1a1bb421912","block_type":"box","text":"United States.","page_number":20,"box":{"x":82,"y":823,"width":102,"height":9}},{"id":"72d078fd-3195-4ceb-b4df-6e003c549b46","block_type":"box","text":"Currency Risk","page_number":20,"box":{"x":82,"y":843,"width":100,"height":11}},{"id":"32496d51-deed-48dd-80c9-8715196c3002","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":843,"width":706,"height":11}},{"id":"961fb806-56c3-4ee8-8fec-fea5542777ba","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":858,"width":823,"height":11}},{"id":"39ee759b-921f-49bc-b6bc-5d18e932bcfb","block_type":"box","text":"value of the Fund’s portfolio.","page_number":20,"box":{"x":80,"y":873,"width":211,"height":11}},{"id":"96555309-2eb1-4871-91c1-e763ee205d28","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":893,"width":823,"height":11}},{"id":"82e1f8cc-0275-43d3-b465-d49f03eac895","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":907,"width":834,"height":12}},{"id":"34eabf39-d578-40db-b417-5d57f6344545","block_type":"box","text":"20","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"b38e580b-c95d-4aca-80ae-789dca6bbb36","block_type":"box","text":"NM1026U-5981068-20/76","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"de574efa-b593-46b0-8b3f-f523487ae0ae","block_type":"box","text":"against a foreign currency, a security denominated in that currency gains value because the currency is worth more","page_number":21,"box":{"x":81,"y":46,"width":846,"height":11}},{"id":"c9f589d6-77fa-4b5c-8b64-b0cbfad0fc9b","block_type":"box","text":"U.S. dollars. This risk, generally known as “currency risk,” means that a strong U.S. dollar will reduce returns for","page_number":21,"box":{"x":82,"y":60,"width":826,"height":12}},{"id":"60fe90a6-ab8b-4d7e-b23c-899871fdbb7f","block_type":"box","text":"U.S. investors while a weak U.S. dollar will increase those returns.","page_number":21,"box":{"x":82,"y":75,"width":486,"height":10}},{"id":"50fab5ba-a2ea-42ee-9493-3c5bbc11568a","block_type":"box","text":"Should the Fund invest in a debt security denominated in U.S. dollars and issued by an issuer whose functional","page_number":21,"box":{"x":81,"y":95,"width":817,"height":12}},{"id":"9d8bfd28-d28b-4234-9b5e-27920bb77503","block_type":"box","text":"currency is a currency other than the U.S. dollar, and such currency decreases in value against the U.S. dollar, such","page_number":21,"box":{"x":81,"y":110,"width":851,"height":12}},{"id":"ef6f0382-7bcf-44a8-8357-bebafacc2c90","block_type":"box","text":"issuer’s ability to repay its obligation under the U.S. dollar-denominated security may be negatively impacted.","page_number":21,"box":{"x":82,"y":125,"width":799,"height":11}},{"id":"3b5f8b48-b8e5-4c07-94d3-4d8a41749f73","block_type":"box","text":"Foreign Economy Risk","page_number":21,"box":{"x":82,"y":145,"width":160,"height":11}},{"id":"c3527a2f-7c21-4b02-b1ad-cd23fbcadd37","block_type":"box","text":"— The economies of certain foreign markets may not compare favorably with the economy of","page_number":21,"box":{"x":246,"y":145,"width":685,"height":11}},{"id":"688bff39-578a-4756-8db7-6ea2e8d44100","block_type":"box","text":"the United States with respect to such issues as growth of gross national product, reinvestment of capital,","page_number":21,"box":{"x":80,"y":160,"width":785,"height":11}},{"id":"8e664cd5-1499-4375-81c2-ac8e5b013e0e","block_type":"box","text":"resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or","page_number":21,"box":{"x":82,"y":175,"width":845,"height":11}},{"id":"9ccb2e75-1708-469f-82d9-300b4897e916","block_type":"box","text":"foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a","page_number":21,"box":{"x":81,"y":189,"width":853,"height":12}},{"id":"c69e58a1-432f-438a-a436-8f5517d9568c","block_type":"box","text":"particular country or countries, changes in international trading patterns, trade barriers and other protectionist or","page_number":21,"box":{"x":82,"y":204,"width":831,"height":12}},{"id":"286b3c99-cd56-4a2f-8529-35f717f5c851","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":219,"width":846,"height":12}},{"id":"66b7c8c2-8e77-458f-8335-a8c5b32138e4","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":234,"width":808,"height":11}},{"id":"bffd50e7-8c5a-4b3d-8596-a082b24365ae","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":249,"width":851,"height":11}},{"id":"5291f033-b99d-4b4b-8242-28e7467d437d","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":263,"width":832,"height":12}},{"id":"4bb8f62b-f1ff-433d-a616-4d0ffa6789fc","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":278,"width":814,"height":12}},{"id":"c34d61e9-f1ca-4412-93c4-805ccda7d296","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":293,"width":805,"height":12}},{"id":"daf75d8e-a928-49b7-9863-5f6dbfe8c3a6","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":308,"width":827,"height":11}},{"id":"16263f3d-d11d-4a63-ad55-5fe4347ec5d3","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":323,"width":801,"height":11}},{"id":"a30b381d-d42e-4ad3-a6b2-6cae8dcc48d9","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":338,"width":809,"height":11}},{"id":"29119de6-0903-41c4-ab5b-b611fce2dea0","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":352,"width":849,"height":12}},{"id":"f95a4a18-e88c-46bf-98ab-9ce37c5f1926","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":367,"width":848,"height":12}},{"id":"57dacb7d-caed-40f3-8c46-b3c05bfeeea5","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":382,"width":774,"height":12}},{"id":"8d41159c-a9c1-4de3-97d3-b033ad89e0d4","block_type":"box","text":"operations, causing the Fund to decline in value.","page_number":21,"box":{"x":81,"y":397,"width":355,"height":12}},{"id":"491a2a9b-39ad-4ff8-84dc-05d8e5973f8d","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":417,"width":838,"height":11}},{"id":"c8e519c0-3105-49a5-81f3-e3445491a352","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":432,"width":815,"height":11}},{"id":"75abfa6b-b1ed-4485-9135-92299cd37cca","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":21,"box":{"x":82,"y":447,"width":827,"height":11}},{"id":"da73b9cf-fe0c-46d8-aa24-a46132e3a2be","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":461,"width":832,"height":12}},{"id":"31638dbe-58d7-43be-b423-6f82c1a80731","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":476,"width":781,"height":12}},{"id":"63abc02d-51df-4711-961e-7c3b892d1b87","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":491,"width":617,"height":11}},{"id":"1452c7b1-6857-44a3-a6eb-74079c36b7b3","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":21,"box":{"x":82,"y":511,"width":476,"height":12}},{"id":"1c2454aa-591f-4e29-8a2a-1174ea555d7e","block_type":"box","text":"— Many foreign governments do not supervise","page_number":21,"box":{"x":563,"y":511,"width":344,"height":12}},{"id":"31e549e1-452d-496d-a7fb-1877c79955ab","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":526,"width":827,"height":11}},{"id":"b707c1b5-1afa-4140-af61-a8e9250f771f","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":541,"width":855,"height":11}},{"id":"5813a199-86ec-4c1f-81ea-4036e23e7dd6","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":555,"width":831,"height":12}},{"id":"fc26bba3-3a6c-4e9c-98d8-e51f7bf47c7e","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":570,"width":800,"height":12}},{"id":"1c6c84bb-9a52-4687-98b4-7f01d960bedc","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":585,"width":829,"height":12}},{"id":"c4724ff1-7fe9-451d-8e39-7fc63e1bc773","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":600,"width":856,"height":12}},{"id":"e5b6b9f8-76fe-4590-bb4c-0019380e13e6","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":615,"width":834,"height":11}},{"id":"79eb1d4c-86f1-49fb-af99-397506d787d8","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":630,"width":844,"height":11}},{"id":"235db506-1acf-4a0b-bc2e-b1f21ee3a0cd","block_type":"box","text":"accurately determine a company’s financial condition.","page_number":21,"box":{"x":81,"y":644,"width":393,"height":12}},{"id":"ee21be45-0a8d-456d-abeb-5b200c1c8277","block_type":"box","text":"Settlement Risk","page_number":21,"box":{"x":82,"y":665,"width":117,"height":9}},{"id":"8686a974-026c-4fab-893d-5fe6a89c0ebd","block_type":"box","text":"— Settlement and clearance procedures in certain foreign markets differ significantly from those in","page_number":21,"box":{"x":203,"y":664,"width":730,"height":12}},{"id":"fb737df8-66fb-44bc-bfb3-92930369222d","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":679,"width":856,"height":12}},{"id":"378a4f1e-50b4-45b4-8db8-17d7aa24ccf6","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":694,"width":784,"height":12}},{"id":"bac888e1-dcf5-413e-a33c-a2fb6d6f506a","block_type":"box","text":"investments.","page_number":21,"box":{"x":82,"y":709,"width":92,"height":9}},{"id":"df257b02-2a0d-4067-b7fe-ee161cb0f935","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":729,"width":825,"height":11}},{"id":"39250945-87bd-4381-98aa-f0e9dd0b6a83","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":744,"width":839,"height":11}},{"id":"7ee32ad9-54e8-48b3-9430-582231cb1abf","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":759,"width":854,"height":11}},{"id":"b326d67b-9852-4ce4-ba73-9e73b31c01c9","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":773,"width":839,"height":12}},{"id":"2cc5a755-4cd8-400c-a00f-7b9cbacbf658","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":788,"width":841,"height":12}},{"id":"fb927687-063a-4496-93bf-881316670afd","block_type":"box","text":"to another party, the Fund could be liable for any losses incurred.","page_number":21,"box":{"x":80,"y":803,"width":480,"height":11}},{"id":"fa983007-dc70-4f9e-b755-87141f51809a","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":21,"box":{"x":83,"y":823,"width":221,"height":12}},{"id":"7304e6d4-620e-43f9-97ec-945636cdc0cc","block_type":"box","text":"— The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":21,"box":{"x":308,"y":823,"width":589,"height":12}},{"id":"d36cac2b-631e-43c9-8596-b6ff92faa137","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":838,"width":838,"height":11}},{"id":"1cb9c5bd-54bf-4983-997c-7d677b6e0a96","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":853,"width":834,"height":11}},{"id":"e9af64fc-bcba-4d33-9623-26edfbeb5b5f","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":867,"width":836,"height":12}},{"id":"979d0de9-9d2b-4672-885f-bd1edd9a3b8c","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":882,"width":854,"height":12}},{"id":"5e77b001-cbcb-4b03-aabc-ef6b3cc8dacb","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":897,"width":831,"height":12}},{"id":"b08ce0be-e2ab-447a-bcdc-b3d0e1fac14f","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":912,"width":852,"height":12}},{"id":"c8de5859-be59-4d1e-9406-e4764c9494c6","block_type":"box","text":"21","page_number":21,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"e3df1934-e373-4e8a-af35-e6973e85483a","block_type":"box","text":"NM1026U-5981068-21/76","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"15767bb3-a3e0-4518-aafe-a2fb270eb7eb","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":22,"box":{"x":81,"y":46,"width":848,"height":11}},{"id":"bb6bbe30-b60e-443a-b1a8-5210e028fe18","block_type":"box","text":"an accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether","page_number":22,"box":{"x":81,"y":60,"width":831,"height":12}},{"id":"eff44e02-a15f-45bf-879f-28f1bfeafa18","block_type":"box","text":"they were shareholders during the accrual period. Conversely, if the Fund receives a tax refund that has not been","page_number":22,"box":{"x":80,"y":75,"width":830,"height":12}},{"id":"a8656c37-8548-49ba-9016-80d2b9d056b2","block_type":"box","text":"previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting","page_number":22,"box":{"x":82,"y":90,"width":832,"height":12}},{"id":"dc89d146-8dbc-43b7-ad8f-edc4f64a4253","block_type":"box","text":"increase in the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit from","page_number":22,"box":{"x":82,"y":105,"width":836,"height":11}},{"id":"aac8c03c-f814-46f9-b28d-a5221b1a1244","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":22,"box":{"x":81,"y":120,"width":325,"height":9}},{"id":"537f5278-7dd0-49d7-9816-c60e6d6b2619","block_type":"box","text":"High Portfolio Turnover Risk","page_number":22,"box":{"x":81,"y":140,"width":212,"height":11}},{"id":"1abb1514-3545-449e-88ba-fbc4c6fc5c70","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":22,"box":{"x":297,"y":140,"width":629,"height":11}},{"id":"84cc08c6-6eb2-403f-86a3-f94c3f611102","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":22,"box":{"x":82,"y":155,"width":812,"height":11}},{"id":"e46b700f-4d52-4cac-a17f-b1fdc28a49f5","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":22,"box":{"x":81,"y":169,"width":817,"height":12}},{"id":"8ca86c22-6f1b-4e51-b9cd-4da0c830e2c2","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":22,"box":{"x":81,"y":184,"width":760,"height":12}},{"id":"22c6c269-0e34-43d0-ac1b-287c8f61df1a","block_type":"box","text":"shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects","page_number":22,"box":{"x":81,"y":199,"width":852,"height":12}},{"id":"285afdcb-8a65-48fb-b031-f917916d2fa4","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":22,"box":{"x":81,"y":214,"width":589,"height":11}},{"id":"6e63ed35-8787-40b1-a056-a2df5582c1cd","block_type":"box","text":"High Yield Bonds Risk","page_number":22,"box":{"x":81,"y":234,"width":167,"height":11}},{"id":"2a41c6cb-2bb6-4e57-b1a8-0a1de1c6d430","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":22,"box":{"x":252,"y":234,"width":667,"height":11}},{"id":"1f931846-dc0a-41da-b7d1-c5e8158c4796","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":22,"box":{"x":79,"y":249,"width":835,"height":11}},{"id":"386cd129-9c97-4cba-915d-84e1924fae39","block_type":"box","text":"for the Fund. The major risks of junk bond investments include:","page_number":22,"box":{"x":81,"y":263,"width":462,"height":12}},{"id":"63af2fd1-4db0-41c2-8d84-9dc31a2174c5","block_type":"box","text":"Junk bonds may be issued by less creditworthy issuers. Issuers of junk bonds may have a larger amount of","page_number":22,"box":{"x":101,"y":283,"width":789,"height":12}},{"id":"93e53d08-162b-4734-9a5b-68e74c8dd1b5","block_type":"box","text":"outstanding debt relative to their assets than issuers of investment grade bonds. In the event of an issuer’s","page_number":22,"box":{"x":101,"y":298,"width":795,"height":12}},{"id":"6f4379ab-0986-4fc7-b0b6-823f2cef4775","block_type":"box","text":"bankruptcy, claims of other creditors may have priority over the claims of junk bond holders, leaving few or no","page_number":22,"box":{"x":102,"y":313,"width":802,"height":12}},{"id":"e285394a-0810-4a5b-9a34-299712d2def1","block_type":"box","text":"assets available to repay junk bond holders.","page_number":22,"box":{"x":101,"y":328,"width":323,"height":11}},{"id":"9f6197bc-28bf-45b7-8eb2-fe7d7a03d368","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and","page_number":22,"box":{"x":102,"y":348,"width":786,"height":12}},{"id":"3e7d7433-f877-4397-b3a7-78ca2bd9f78a","block_type":"box","text":"general economic conditions may have a greater impact on the prices of junk bonds than on other higher rated","page_number":22,"box":{"x":101,"y":363,"width":811,"height":11}},{"id":"35a233fb-e5ce-4fbb-9b57-d6c6790ee528","block_type":"box","text":"fixed-income securities.","page_number":22,"box":{"x":101,"y":378,"width":171,"height":9}},{"id":"8d7ab9bd-c4f7-4789-95e8-18d09f61e028","block_type":"box","text":"Issuers of junk bonds may be unable to meet their interest or principal payment obligations because of an","page_number":22,"box":{"x":102,"y":398,"width":778,"height":11}},{"id":"1446811e-20f8-437c-8f1d-efae8767221f","block_type":"box","text":"economic downturn, specific issuer developments, or the unavailability of additional financing.","page_number":22,"box":{"x":101,"y":412,"width":689,"height":12}},{"id":"adb0220d-830c-4f8c-a7e7-d15ece602a7d","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from the Fund","page_number":22,"box":{"x":101,"y":432,"width":817,"height":12}},{"id":"a3aa85d3-26a9-48bf-ab96-579300bfcf38","block_type":"box","text":"before it matures. If the issuer redeems junk bonds, the Fund may have to invest the proceeds in bonds with","page_number":22,"box":{"x":102,"y":447,"width":798,"height":12}},{"id":"21cb5546-8425-4318-a1a0-2a8fb82d5bce","block_type":"box","text":"lower yields and may lose income.","page_number":22,"box":{"x":102,"y":462,"width":249,"height":11}},{"id":"065a71a8-48df-49a5-b465-b99e5bfa196f","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities, even under normal economic conditions.","page_number":22,"box":{"x":101,"y":482,"width":831,"height":12}},{"id":"a553c4fd-43b9-42b0-8ea7-927ae226a1a9","block_type":"box","text":"There are fewer dealers in the junk bond market, and there may be significant differences in the prices quoted for","page_number":22,"box":{"x":101,"y":497,"width":836,"height":11}},{"id":"65e7d3e1-2c26-4e50-adc7-5ef94cf00b8d","block_type":"box","text":"junk bonds by the dealers. Because they are less liquid than higher rated fixed-income securities, judgment may","page_number":22,"box":{"x":99,"y":512,"width":825,"height":11}},{"id":"ad8434e6-da76-44c2-bf61-ea69fa257394","block_type":"box","text":"play a greater role in valuing junk bonds than is the case with securities trading in a more liquid market.","page_number":22,"box":{"x":102,"y":527,"width":761,"height":11}},{"id":"41220bb2-d11f-4024-86a0-4ca133d85a39","block_type":"box","text":"The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms","page_number":22,"box":{"x":101,"y":546,"width":815,"height":12}},{"id":"1879d9b5-9f50-45b7-9b94-e5f2c5ee0738","block_type":"box","text":"with a defaulting issuer.","page_number":22,"box":{"x":101,"y":561,"width":173,"height":12}},{"id":"e3b20e2f-c875-41a7-bf01-14ece7271185","block_type":"box","text":"The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market","page_number":22,"box":{"x":81,"y":584,"width":817,"height":11}},{"id":"5b04e937-0d60-42c9-9419-3520a5a9dac3","block_type":"box","text":"value may change from time to time, positively or negatively, to reflect new developments regarding the issuer.","page_number":22,"box":{"x":80,"y":599,"width":811,"height":11}},{"id":"d1400ae4-d41b-42b9-8b69-c8e94316fa76","block_type":"box","text":"Illiquid Investments Risk","page_number":22,"box":{"x":81,"y":619,"width":186,"height":11}},{"id":"bda6ceae-9b7e-4b43-81e3-71d52147424c","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":22,"box":{"x":271,"y":619,"width":648,"height":11}},{"id":"a399dc18-c64d-4255-b2dc-cfdfac3e71ca","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":22,"box":{"x":80,"y":633,"width":841,"height":12}},{"id":"b46e86b2-632d-4143-89cd-6ceed9a5ce6e","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":22,"box":{"x":82,"y":648,"width":831,"height":12}},{"id":"abd006dd-1283-4ab6-850e-19633dd74add","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":22,"box":{"x":81,"y":663,"width":811,"height":12}},{"id":"8720ee51-98f8-40cc-a98d-a1aa38fdd180","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":22,"box":{"x":82,"y":678,"width":825,"height":12}},{"id":"e814d8b5-fbeb-4212-bc67-b431adb35ae5","block_type":"box","text":"There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue","page_number":22,"box":{"x":81,"y":693,"width":837,"height":11}},{"id":"93799832-a21e-4616-9d76-0699b7a76ab2","block_type":"box","text":"to be liquid for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an","page_number":22,"box":{"x":80,"y":708,"width":851,"height":11}},{"id":"6ed267d2-ee13-4cc7-92e1-cc89bc46e867","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":22,"box":{"x":82,"y":723,"width":835,"height":11}},{"id":"9ac5dc13-eeb0-4e25-88b0-36e0eeee8220","block_type":"box","text":"reduce the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time","page_number":22,"box":{"x":82,"y":737,"width":835,"height":12}},{"id":"a823f0e6-50b4-450f-8174-116187a1b222","block_type":"box","text":"or price. In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when","page_number":22,"box":{"x":81,"y":752,"width":791,"height":12}},{"id":"29f12b1c-a5c2-4a1e-a4eb-43c2c13855e4","block_type":"box","text":"shareholders are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to","page_number":22,"box":{"x":81,"y":767,"width":846,"height":11}},{"id":"b7e7c626-ae0e-44b3-b4bf-409385f344ba","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":22,"box":{"x":81,"y":782,"width":835,"height":11}},{"id":"37a6b82d-d165-46a6-b589-38f0975c3826","block_type":"box","text":"Fund’s holdings. An investment may be illiquid due to, among other things, the reduced number and capacity of","page_number":22,"box":{"x":82,"y":797,"width":818,"height":11}},{"id":"89d7789c-827c-4e99-afcd-6829f83efd8f","block_type":"box","text":"traditional market participants to make a market in fixed-income securities or the lack of an active trading market.","page_number":22,"box":{"x":80,"y":811,"width":837,"height":12}},{"id":"8927fba7-8368-499c-9ccf-8075e5a0223f","block_type":"box","text":"To the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":22,"box":{"x":81,"y":826,"width":854,"height":12}},{"id":"36b95d07-6514-42b0-a0cf-cdd2d33bcf37","block_type":"box","text":"and/or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments.","page_number":22,"box":{"x":81,"y":841,"width":815,"height":12}},{"id":"9a35aab7-9357-460b-b8e9-09380164674e","block_type":"box","text":"Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these","page_number":22,"box":{"x":82,"y":856,"width":835,"height":11}},{"id":"ee6b6669-7eb1-4ab5-bbf5-4b0906bc5058","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":22,"box":{"x":82,"y":871,"width":790,"height":11}},{"id":"0d8ee068-554c-4e95-ba2a-dbd7de9f7843","block_type":"box","text":"magnified in a rising interest rate environment or other circumstances where investor redemptions or sales of Fund","page_number":22,"box":{"x":82,"y":885,"width":844,"height":12}},{"id":"dc939ef7-cb1e-404f-9121-9cb6287171e1","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":22,"box":{"x":81,"y":900,"width":810,"height":12}},{"id":"8d3f2fb3-7c42-4ece-9ce8-2fe8c8f96d3d","block_type":"box","text":"Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.","page_number":22,"box":{"x":82,"y":915,"width":715,"height":12}},{"id":"cc0be031-b09b-435f-ac9b-a20986ae5044","block_type":"box","text":"22","page_number":22,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"f8bc05ed-8b34-4498-a499-a02d9a0b1d50","block_type":"box","text":"NM1026U-5981068-22/76","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8ccdda7e-9c8d-4534-9474-34e787a81012","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":23,"box":{"x":81,"y":46,"width":271,"height":9}},{"id":"5617f883-39d6-419b-90ab-0acdd4e6eee4","block_type":"box","text":"— Indexed and inverse securities provide a potential return based on a","page_number":23,"box":{"x":356,"y":46,"width":522,"height":11}},{"id":"68f8329f-4a61-4a02-8d4b-b5f0fd981d52","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":23,"box":{"x":82,"y":60,"width":839,"height":12}},{"id":"2ecef03c-f337-4c50-8f4c-88b85a17a602","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":23,"box":{"x":80,"y":75,"width":799,"height":12}},{"id":"8b30013a-7b59-4108-88cc-47799a73661f","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":23,"box":{"x":82,"y":90,"width":796,"height":12}},{"id":"1408e546-f68a-4d97-9ee7-22f6ef3f3d86","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":23,"box":{"x":81,"y":105,"width":855,"height":12}},{"id":"7c84968a-7efc-4349-a1be-be3312188bc6","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":23,"box":{"x":82,"y":120,"width":441,"height":11}},{"id":"ed16d8f9-703b-4245-87e8-656b63a8e517","block_type":"box","text":"Leverage Risk","page_number":23,"box":{"x":81,"y":140,"width":107,"height":11}},{"id":"00b89ff8-eb82-41a3-ba3e-35a3fcec007c","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":23,"box":{"x":192,"y":140,"width":741,"height":11}},{"id":"f3559753-d464-4601-ada5-32820739b674","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":23,"box":{"x":81,"y":155,"width":787,"height":11}},{"id":"3fe2474a-2469-491b-bd14-24c0dc6ef887","block_type":"box","text":"investment company registered with the SEC, the Fund is subject to the federal securities laws, including the","page_number":23,"box":{"x":82,"y":169,"width":798,"height":12}},{"id":"8bddb02c-044c-4877-ba53-2a7fd705624d","block_type":"box","text":"Investment Company Act. Under Rule 18f-4 under the Investment Company Act, among other things, the Fund must","page_number":23,"box":{"x":82,"y":184,"width":845,"height":12}},{"id":"d604c0c5-1cc6-471e-811e-ebad766f06b2","block_type":"box","text":"either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk.","page_number":23,"box":{"x":81,"y":199,"width":844,"height":12}},{"id":"7e57ce9c-e9f4-4e44-a7f8-3fde3f9b7c47","block_type":"box","text":"The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so","page_number":23,"box":{"x":81,"y":214,"width":839,"height":11}},{"id":"4af4c0d8-90e4-49ce-9f51-7329c6bc7e2c","block_type":"box","text":"to satisfy its obligations or to meet the applicable requirements of the Investment Company Act and the rules","page_number":23,"box":{"x":80,"y":229,"width":805,"height":11}},{"id":"aa1ff87a-afc0-4641-8818-2e0ebb8f29a9","block_type":"box","text":"thereunder. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses","page_number":23,"box":{"x":80,"y":244,"width":814,"height":11}},{"id":"d178e433-e79c-40ab-8577-85171517691d","block_type":"box","text":"leverage.","page_number":23,"box":{"x":82,"y":259,"width":63,"height":11}},{"id":"5941f2dd-3bcf-448b-8ed9-71dafaccdaeb","block_type":"box","text":"Market Risk and Selection Risk","page_number":23,"box":{"x":81,"y":278,"width":240,"height":10}},{"id":"16a763ea-e4d9-4f77-888c-ca32e61564b1","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":23,"box":{"x":324,"y":279,"width":593,"height":9}},{"id":"bbf9a557-03f4-4875-a386-bcebfd2f948e","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":23,"box":{"x":81,"y":293,"width":851,"height":12}},{"id":"14181221-7062-4acf-8ac9-320220e102d9","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":23,"box":{"x":82,"y":308,"width":824,"height":11}},{"id":"8138e3d6-ce5f-4fa3-b14e-85f8bf8bf3c0","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":23,"box":{"x":82,"y":323,"width":851,"height":11}},{"id":"7da73784-6302-4ae1-9f73-9689f17487f8","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":23,"box":{"x":82,"y":338,"width":802,"height":11}},{"id":"365be269-24dd-431f-b977-e66812283eea","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":23,"box":{"x":81,"y":352,"width":849,"height":12}},{"id":"c2dbace9-6ac1-44bd-9709-e37a9bb6d12a","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":23,"box":{"x":81,"y":368,"width":843,"height":11}},{"id":"e4d95ad9-0e2f-4b13-a49e-0952b5a76784","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or","page_number":23,"box":{"x":81,"y":382,"width":830,"height":12}},{"id":"f75e472a-ba7c-4068-bb5c-d6a460788e5a","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":23,"box":{"x":82,"y":397,"width":840,"height":12}},{"id":"1af70c72-c776-4580-9d7f-f3d02b33df5a","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":23,"box":{"x":81,"y":412,"width":789,"height":11}},{"id":"8c87d9ee-91c5-4b02-bca1-67ec60d6148f","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":23,"box":{"x":81,"y":427,"width":823,"height":11}},{"id":"745e21fa-9abb-48ed-9f1d-9399dfb2cf76","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":23,"box":{"x":81,"y":441,"width":784,"height":12}},{"id":"d320b2cc-0d4c-4ce4-9073-30bc2e36833d","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues like pandemics or epidemics,","page_number":23,"box":{"x":81,"y":456,"width":848,"height":11}},{"id":"999ef730-d058-4190-bcef-ab61b01b9dd4","block_type":"box","text":"recessions, or other events.","page_number":23,"box":{"x":82,"y":471,"width":203,"height":11}},{"id":"1f35399d-c60a-44ef-ae14-7e7766de5561","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":23,"box":{"x":82,"y":491,"width":818,"height":12}},{"id":"a4fd184a-64ea-4b6d-95d8-0ada84045b1f","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":23,"box":{"x":80,"y":506,"width":819,"height":11}},{"id":"ec2b1ca8-8a6c-4f83-bb6a-be36a4c9b5ba","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":23,"box":{"x":81,"y":521,"width":819,"height":11}},{"id":"c7bbc035-a9c5-4b96-af91-2fdab7f1f40e","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":23,"box":{"x":81,"y":535,"width":846,"height":12}},{"id":"5c22e7ae-b009-47e0-a1a7-d842f5382dd7","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":23,"box":{"x":81,"y":550,"width":848,"height":12}},{"id":"ec56f670-50a6-4ae7-a9d6-09a76a45525e","block_type":"box","text":"the Fund invests.","page_number":23,"box":{"x":80,"y":565,"width":125,"height":9}},{"id":"e235a0b5-7def-4767-bb57-4c1c1f1f6ff0","block_type":"box","text":"Operational and Technology Risks","page_number":23,"box":{"x":82,"y":585,"width":254,"height":12}},{"id":"6c37a35a-b707-456d-a3e1-58c48966b1f5","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":23,"box":{"x":340,"y":585,"width":549,"height":12}},{"id":"6b6de032-93f7-4e1c-bbdd-8c8475b2dcbf","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":23,"box":{"x":81,"y":600,"width":790,"height":12}},{"id":"7c9a31ba-17e4-40ff-b334-80ecc378bf05","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":23,"box":{"x":81,"y":615,"width":837,"height":11}},{"id":"68390d0c-6d6e-4709-98a0-6230080db892","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":23,"box":{"x":82,"y":630,"width":845,"height":11}},{"id":"37da64dd-4109-4bcd-89bc-87ff40016aed","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":23,"box":{"x":81,"y":645,"width":832,"height":11}},{"id":"9b3794f8-74b0-4d28-9144-c704f0338311","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":23,"box":{"x":82,"y":659,"width":763,"height":12}},{"id":"cffecddc-4bb0-440a-b617-f0bba9219281","block_type":"box","text":"counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and","page_number":23,"box":{"x":81,"y":674,"width":825,"height":12}},{"id":"0b0aeba9-c9cc-4fea-bc2f-7e5bc5033bd5","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":23,"box":{"x":81,"y":689,"width":842,"height":11}},{"id":"3f742e67-f6e1-4b30-821e-cf1b890309ca","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":23,"box":{"x":81,"y":704,"width":852,"height":11}},{"id":"31efc17e-6160-4c67-bb43-de7e6024c942","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":23,"box":{"x":82,"y":719,"width":827,"height":11}},{"id":"afd57a18-4655-403c-b9c7-03aee0f343e9","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":23,"box":{"x":81,"y":739,"width":821,"height":11}},{"id":"4e27919d-570e-45be-99ea-057248f76073","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":23,"box":{"x":82,"y":753,"width":814,"height":12}},{"id":"e0ddc549-274f-4912-93d8-c7e5eb606c41","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":23,"box":{"x":81,"y":768,"width":824,"height":12}},{"id":"d6eef1a3-4c7e-464d-ba0f-9a6a1a721293","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":23,"box":{"x":81,"y":783,"width":791,"height":11}},{"id":"6bfc93df-5327-459f-8c8c-e1096b82d4a0","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":23,"box":{"x":82,"y":798,"width":852,"height":11}},{"id":"1b86e9f1-0502-4562-a8b2-465fc8fe1867","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":23,"box":{"x":81,"y":813,"width":784,"height":11}},{"id":"f0125ef5-4959-41e5-ac6a-0ed10fc6541b","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":23,"box":{"x":81,"y":827,"width":787,"height":12}},{"id":"a87c1f9e-bb0b-4ca8-9113-0002097c61cf","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations","page_number":23,"box":{"x":81,"y":842,"width":840,"height":12}},{"id":"5ee5c977-be60-4ce2-822b-ef978121bc4f","block_type":"box","text":"of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":23,"box":{"x":81,"y":857,"width":809,"height":12}},{"id":"de96752f-750b-4207-9c08-614f9b03f933","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":23,"box":{"x":81,"y":872,"width":829,"height":12}},{"id":"48f3931b-568f-40a6-8e7a-0db7277fc8df","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":23,"box":{"x":82,"y":887,"width":798,"height":11}},{"id":"39d3c1da-86d0-40d9-a3c7-c70c9bc6b8f6","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":23,"box":{"x":81,"y":902,"width":829,"height":11}},{"id":"853ddf68-6655-45f4-bd15-8d337e069da7","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":23,"box":{"x":82,"y":916,"width":846,"height":12}},{"id":"40749253-b095-40ca-af5f-6a5c556cf398","block_type":"box","text":"23","page_number":23,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"46b79814-4d31-4dc0-9439-d47068d9b0da","block_type":"box","text":"NM1026U-5981068-23/76","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"54085a18-4375-41c8-9135-f06d1fc14371","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":24,"box":{"x":82,"y":46,"width":846,"height":11}},{"id":"2d71c248-226c-4ca9-a2ef-fa32cc9a8f15","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":24,"box":{"x":81,"y":60,"width":838,"height":12}},{"id":"1b0551cd-56d4-49d4-8d1f-ff349b0a616c","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":24,"box":{"x":80,"y":76,"width":770,"height":11}},{"id":"7b48509e-2b38-4916-87fc-671ec63f5bf1","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":24,"box":{"x":80,"y":90,"width":792,"height":12}},{"id":"a87b1372-c273-4e83-864a-c31b70246e70","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":24,"box":{"x":82,"y":105,"width":845,"height":11}},{"id":"fd82738d-280b-4942-a572-9ce4fdf8686c","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":24,"box":{"x":80,"y":120,"width":840,"height":11}},{"id":"66017fb9-e47a-4209-8379-0c7fb8f34619","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":24,"box":{"x":81,"y":135,"width":841,"height":11}},{"id":"0a505a17-d257-4595-96f4-075b7d7fc718","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":24,"box":{"x":80,"y":149,"width":847,"height":12}},{"id":"e6b3277c-b858-4cf5-845e-b11270310980","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":24,"box":{"x":82,"y":164,"width":838,"height":12}},{"id":"289940fc-7d4c-442e-b7d0-b9511c113244","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":24,"box":{"x":81,"y":179,"width":847,"height":12}},{"id":"3a2c6ca9-ed55-42a8-b690-c6b357c73bdf","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":24,"box":{"x":81,"y":194,"width":845,"height":11}},{"id":"d345b804-440e-4b79-84d2-0ac49427fb97","block_type":"box","text":"and the associated risks to the Fund.","page_number":24,"box":{"x":81,"y":209,"width":273,"height":9}},{"id":"4284232d-2dee-4546-9dce-d748156120ba","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":24,"box":{"x":81,"y":229,"width":769,"height":11}},{"id":"326937d7-dc55-4836-946e-c9c4cca99404","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":24,"box":{"x":81,"y":244,"width":855,"height":11}},{"id":"5a733c0c-2310-4ce1-abd8-fb409e62d971","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":24,"box":{"x":80,"y":258,"width":848,"height":12}},{"id":"4d09eb38-f401-4c87-abf3-3aea948979a3","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":24,"box":{"x":81,"y":273,"width":777,"height":12}},{"id":"2b5904cc-bf19-400d-81f8-8992d5fbe8d0","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":24,"box":{"x":81,"y":288,"width":824,"height":12}},{"id":"5988e9c2-be71-41a0-a11c-1950e1754bae","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":24,"box":{"x":81,"y":303,"width":785,"height":11}},{"id":"21559fba-7d0e-45de-80dd-0b377f18e158","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":24,"box":{"x":82,"y":318,"width":853,"height":11}},{"id":"aa4573ce-5afa-4a77-aa0d-21a25e109c54","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":24,"box":{"x":82,"y":332,"width":855,"height":12}},{"id":"43039d51-5d3e-49a1-90dc-fddabf77ef2c","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":24,"box":{"x":82,"y":347,"width":813,"height":12}},{"id":"dc78e2af-ebf9-48a9-8876-31afc160383e","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":24,"box":{"x":81,"y":362,"width":806,"height":12}},{"id":"70c5d604-7594-440b-a3e8-59bf6272cf99","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":24,"box":{"x":82,"y":377,"width":602,"height":11}},{"id":"bc48749e-525b-4782-b7d0-859626ca3287","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":24,"box":{"x":82,"y":397,"width":794,"height":12}},{"id":"7ad52de4-6beb-4762-b857-2aea5caa6e05","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":24,"box":{"x":81,"y":412,"width":840,"height":11}},{"id":"a6455a18-8207-4377-ae31-073a6b89d193","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":24,"box":{"x":81,"y":427,"width":801,"height":11}},{"id":"89ac158e-ab5b-4f2f-bea5-54cb4cb29271","block_type":"box","text":"resources to monitor and implement required changes.","page_number":24,"box":{"x":82,"y":442,"width":402,"height":11}},{"id":"4035b1c8-09f8-40bf-89b5-aa027bcea728","block_type":"box","text":"Preferred Securities Risk","page_number":24,"box":{"x":81,"y":461,"width":189,"height":10}},{"id":"68b1fcf6-b51c-4844-b18e-97a43296be58","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":24,"box":{"x":274,"y":461,"width":636,"height":12}},{"id":"e44cca5d-c1c6-4f10-b80f-4a1c731df259","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":24,"box":{"x":81,"y":476,"width":824,"height":12}},{"id":"314c9cb0-0a93-497a-8129-cce94154f57b","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":24,"box":{"x":82,"y":491,"width":806,"height":12}},{"id":"b2adcafd-dad4-4ff7-af80-53f6bb8375ae","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":24,"box":{"x":81,"y":506,"width":842,"height":11}},{"id":"6337e8f3-7332-40f8-b929-dd947b2ef4f1","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":24,"box":{"x":81,"y":521,"width":781,"height":11}},{"id":"2493b96c-3c5e-4083-90b5-e802899be597","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":24,"box":{"x":81,"y":535,"width":812,"height":12}},{"id":"8a71dd48-35d4-4e0e-ab11-507ddf483cdf","block_type":"box","text":"larger companies.","page_number":24,"box":{"x":82,"y":551,"width":129,"height":11}},{"id":"4cd9d2f7-c579-471d-b1c9-7c6855439ccc","block_type":"box","text":"Short Sales and Short Position Risk","page_number":24,"box":{"x":81,"y":570,"width":271,"height":10}},{"id":"10fabf5e-a95d-4e54-a3e4-922d2c41208f","block_type":"box","text":"— Because making short sales or taking short positions in securities that it","page_number":24,"box":{"x":356,"y":571,"width":560,"height":11}},{"id":"46054f5f-d759-4238-b119-964ee5be6aba","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":24,"box":{"x":81,"y":585,"width":828,"height":11}},{"id":"7c5597fc-dc32-470c-8eff-56577366c22e","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":24,"box":{"x":82,"y":600,"width":853,"height":11}},{"id":"be6698e9-944d-490b-89d7-b55d84acc323","block_type":"box","text":"if the price of the reference instrument increases after the Fund entered into the short sale or position. As a result,","page_number":24,"box":{"x":82,"y":615,"width":846,"height":11}},{"id":"5ccaaab0-33dc-4a50-bacb-828f746acede","block_type":"box","text":"if the Fund makes short sales or takes a short position in a reference instrument that increases in value, it will","page_number":24,"box":{"x":82,"y":630,"width":816,"height":11}},{"id":"1253d5a5-a04e-414d-a082-1367c3e77cc0","block_type":"box","text":"likely underperform similar funds that do not make short sales or take short positions in such reference","page_number":24,"box":{"x":82,"y":644,"width":766,"height":12}},{"id":"2726cacf-6b42-4280-b391-db1ad5913bcc","block_type":"box","text":"instrument. The Fund may engage in short sales and gain short exposure through certain derivative instruments,","page_number":24,"box":{"x":82,"y":660,"width":828,"height":11}},{"id":"5044faa8-a166-4c48-aa56-d1f0fd14477c","block_type":"box","text":"such as futures, options or swaps. There can be no assurance that the Fund will be able to close out a short sale or","page_number":24,"box":{"x":81,"y":674,"width":856,"height":11}},{"id":"0f11bd49-4523-487b-89f8-50078fef9fc8","block_type":"box","text":"position at any particular time or at an acceptable price. Although the Fund’s gain is limited to the amount at which","page_number":24,"box":{"x":82,"y":689,"width":844,"height":11}},{"id":"07f38a50-ad72-4e92-ba66-445c29c3e1bd","block_type":"box","text":"it sold a security short or the amount paid in connection with a short position, its potential loss is limited only by","page_number":24,"box":{"x":82,"y":704,"width":829,"height":11}},{"id":"92418cf9-3a03-4bff-9b26-f98de2d99021","block_type":"box","text":"the maximum attainable price of the position, less the price at which the position was sold. Therefore, the Fund may","page_number":24,"box":{"x":80,"y":719,"width":857,"height":11}},{"id":"f46573f6-ad41-4165-a75e-aa31d8ae0da0","block_type":"box","text":"lose more money than the actual cost of a short sale or position and the potential losses are theoretically unlimited","page_number":24,"box":{"x":82,"y":733,"width":851,"height":12}},{"id":"d73c23a7-688b-469e-8ca4-6cc5d7e0d072","block_type":"box","text":"on a short sale or position. Short sales and positions generally involve a form of leverage because they can provide","page_number":24,"box":{"x":81,"y":748,"width":850,"height":12}},{"id":"9443d34f-2c3f-459c-8bb5-cde3c41d5ada","block_type":"box","text":"investment exposure in an amount exceeding the initial investment, which can exaggerate the Fund’s losses. The","page_number":24,"box":{"x":82,"y":763,"width":831,"height":12}},{"id":"1f10e9ce-20d3-4fce-8a34-e611b18edd21","block_type":"box","text":"Fund may also pay transaction costs and borrowing fees in connection with short sales or positions. There is the","page_number":24,"box":{"x":82,"y":778,"width":828,"height":11}},{"id":"fe89e7b0-702e-432c-a516-4163dd91b5a3","block_type":"box","text":"risk that the counterparty to a short sale or position may fail to honor its contractual terms, causing a loss to the","page_number":24,"box":{"x":82,"y":793,"width":831,"height":11}},{"id":"78aec048-09d9-4bc4-be4a-a8ec2c099649","block_type":"box","text":"Fund.","page_number":24,"box":{"x":82,"y":808,"width":37,"height":9}},{"id":"13ca997f-99d4-496e-885d-103de1009da0","block_type":"box","text":"Small and Mid-Capitalization Company Risk","page_number":24,"box":{"x":81,"y":828,"width":327,"height":11}},{"id":"1e7c5255-0387-4b9a-a251-bcf5983a3952","block_type":"box","text":"— Companies with small or mid-size market capitalizations will","page_number":24,"box":{"x":412,"y":828,"width":461,"height":11}},{"id":"d4e7ff48-d9ee-4239-b240-cd806508a2ae","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more","page_number":24,"box":{"x":82,"y":842,"width":808,"height":12}},{"id":"2d52b0f7-2e10-45b1-b2ed-c04d7bccf29f","block_type":"box","text":"limited management group than larger capitalized companies. In addition, it is more difficult to get information on","page_number":24,"box":{"x":82,"y":857,"width":833,"height":12}},{"id":"848d489b-8976-475f-8c68-9818e32118b2","block_type":"box","text":"smaller companies, which tend to be less well known, have shorter operating histories, do not have significant","page_number":24,"box":{"x":81,"y":872,"width":812,"height":12}},{"id":"2be1d713-7c7f-43cc-b8da-96f9ddba653f","block_type":"box","text":"ownership by large investors and are followed by relatively few securities analysts.","page_number":24,"box":{"x":81,"y":887,"width":603,"height":11}},{"id":"11d74dd1-a86f-4ab8-bea7-d053ad1eb635","block_type":"box","text":"24","page_number":24,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"f269cd90-f52a-42c0-b3ef-03e60b18b9a0","block_type":"box","text":"NM1026U-5981068-24/76","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9cf33de3-dbee-4be5-b67d-c524e73ff312","block_type":"box","text":"U.S. Government Obligations Risk","page_number":25,"box":{"x":82,"y":46,"width":254,"height":11}},{"id":"40c42e2b-8c58-4e60-aa16-6a94d09c8b26","block_type":"box","text":"— Not all U.S. Government securities are backed by the full faith and credit of","page_number":25,"box":{"x":340,"y":46,"width":576,"height":11}},{"id":"db8aef5c-e3e7-494b-88d5-a6ba85c0923b","block_type":"box","text":"the United States. Obligations of certain agencies, authorities, instrumentalities and sponsored enterprises of the","page_number":25,"box":{"x":80,"y":60,"width":840,"height":12}},{"id":"914bb38c-ce85-459a-8820-acc912121d86","block_type":"box","text":"U.S. Government are backed by the full faith and credit of the United States (e.g., the Government National","page_number":25,"box":{"x":82,"y":75,"width":786,"height":12}},{"id":"9b813730-8380-44c9-b1b2-70628ee77478","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":25,"box":{"x":82,"y":90,"width":814,"height":12}},{"id":"60edbe56-abe6-4b53-b8c1-d29997627ac1","block_type":"box","text":"(e.g","page_number":25,"box":{"x":81,"y":105,"width":27,"height":12}},{"id":"b6b5266c-c15b-457d-a661-f04585e1ee49","block_type":"box","text":".","page_number":25,"box":{"x":110,"y":113,"width":2,"height":1}},{"id":"56aa26d8-287e-4ff1-84fb-e874926e10ee","block_type":"box","text":", the Federal Home Loan Banks) and others are supported by the discretionary authority of the U.S.","page_number":25,"box":{"x":115,"y":105,"width":729,"height":11}},{"id":"b101e0c8-8e56-4e53-942e-c32b11711f90","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":25,"box":{"x":81,"y":120,"width":843,"height":11}},{"id":"ffa97327-ac0c-4f68-886d-5451f131bdee","block_type":"box","text":"instrumentality or sponsored enterprise issuing the obligation. No assurance can be given that the U.S. Government","page_number":25,"box":{"x":82,"y":135,"width":852,"height":11}},{"id":"2f713f10-0eb8-4f8e-8207-945a75987385","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":25,"box":{"x":80,"y":149,"width":758,"height":12}},{"id":"6a698733-e1a4-4fe8-91b3-539f68c0840c","block_type":"box","text":"circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government","page_number":25,"box":{"x":81,"y":164,"width":794,"height":12}},{"id":"65778e8b-b951-409a-a4ad-720a47d55a92","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":25,"box":{"x":81,"y":179,"width":854,"height":12}},{"id":"79f3f748-0cb5-4aa2-b1d0-b5009cf4489e","block_type":"box","text":"substantial negative consequences for the U.S. economy and the global financial system.","page_number":25,"box":{"x":81,"y":194,"width":656,"height":11}},{"id":"7ff00516-21c9-42ae-85bc-61717308a783","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":25,"box":{"x":61,"y":217,"width":296,"height":12}},{"id":"78c2a768-f001-4977-8b08-7a9f78e0ade7","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":25,"box":{"x":60,"y":233,"width":832,"height":12}},{"id":"fea1cbc9-0d3b-464e-85d3-e97816f614ca","block_type":"box","text":"strategies, including:","page_number":25,"box":{"x":61,"y":248,"width":151,"height":12}},{"id":"31e329d1-37eb-4ab6-a4f7-485a95df12e7","block_type":"box","text":"Borrowing Risk","page_number":25,"box":{"x":81,"y":268,"width":115,"height":11}},{"id":"3e9511ae-709d-4a80-8a45-17c67219061c","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":25,"box":{"x":200,"y":268,"width":711,"height":12}},{"id":"dda2edcd-f4df-40e8-ba0d-297dad7db6f2","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":25,"box":{"x":80,"y":283,"width":813,"height":11}},{"id":"403c14cd-7eac-4b17-a162-07284b411516","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":25,"box":{"x":82,"y":298,"width":846,"height":11}},{"id":"08c25f6e-f979-4eda-a781-55983bb07833","block_type":"box","text":"do so to satisfy its obligations.","page_number":25,"box":{"x":81,"y":312,"width":225,"height":12}},{"id":"a09c196b-3b55-4d8e-92d0-1ec9b0b3bff7","block_type":"box","text":"Expense Risk","page_number":25,"box":{"x":81,"y":333,"width":102,"height":11}},{"id":"995fca0d-2162-4e34-8578-4dc28bf6b5a9","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":332,"width":734,"height":12}},{"id":"6c5a1587-c4ef-4be1-8de8-44b3cf6cd1de","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":348,"width":855,"height":11}},{"id":"75512862-5196-4756-9162-dc2bf3aa72a1","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":362,"width":842,"height":12}},{"id":"3fb0ca08-0820-48a1-b3b6-a75dc3d2238d","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":377,"width":808,"height":12}},{"id":"d735caf2-239b-4ef6-9341-1fdb010702bb","block_type":"box","text":"significant.","page_number":25,"box":{"x":81,"y":392,"width":78,"height":11}},{"id":"f29d0adc-e081-4717-90d2-791c22e153e2","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":25,"box":{"x":81,"y":412,"width":366,"height":11}},{"id":"64b5be51-335c-4efe-b8f0-67169a3b7f6d","block_type":"box","text":"— As with other investments, investments in other investment","page_number":25,"box":{"x":450,"y":412,"width":459,"height":11}},{"id":"078dfba5-5788-4928-9111-1c587bfe134d","block_type":"box","text":"companies, including exchange-traded funds (“ETFs”), are subject to market and selection risk. In addition, if the","page_number":25,"box":{"x":81,"y":427,"width":828,"height":11}},{"id":"2a6b2198-37a9-4745-8d1c-9404e701ca40","block_type":"box","text":"Fund acquires shares of investment companies, including ones affiliated with the Fund, shareholders bear both","page_number":25,"box":{"x":82,"y":441,"width":817,"height":12}},{"id":"d515d7e1-1cbd-4c0e-9b08-49aad28f4895","block_type":"box","text":"their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the","page_number":25,"box":{"x":80,"y":456,"width":822,"height":12}},{"id":"438f5b17-3d9b-4dbb-93bc-8e75d07be456","block_type":"box","text":"expenses of the investment companies (to the extent not offset by BlackRock through waivers). To the extent the","page_number":25,"box":{"x":81,"y":471,"width":830,"height":12}},{"id":"52bf66c0-306a-488a-8292-42054b63e0e4","block_type":"box","text":"Fund is held by an affiliated fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":25,"box":{"x":82,"y":486,"width":836,"height":11}},{"id":"144cd63d-fbb9-4d25-97f2-909583178ac3","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":25,"box":{"x":81,"y":506,"width":396,"height":11}},{"id":"22d5d8aa-52dd-48b1-ac28-d9374f1134e0","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":25,"box":{"x":481,"y":506,"width":440,"height":11}},{"id":"95fb5bfd-0119-4a0b-a445-e78223678387","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":25,"box":{"x":82,"y":521,"width":801,"height":11}},{"id":"1b46ed35-3dfa-4043-985d-aaba978075da","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":25,"box":{"x":81,"y":535,"width":825,"height":12}},{"id":"ea6afb78-616a-4ec0-bd0d-e2eee6a52f6f","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":25,"box":{"x":82,"y":550,"width":816,"height":12}},{"id":"2ba4e004-bd20-4089-8a6f-cded8f63fdf2","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":25,"box":{"x":82,"y":565,"width":818,"height":12}},{"id":"eaf1311e-bb8e-4095-b073-bc6bc3d090cc","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":25,"box":{"x":80,"y":580,"width":835,"height":12}},{"id":"a2d0c488-4f43-4a84-9a56-4512451a17c2","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":25,"box":{"x":80,"y":595,"width":807,"height":11}},{"id":"683bca7e-c67e-4fad-8fd9-504080cd4f2a","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":25,"box":{"x":82,"y":610,"width":841,"height":11}},{"id":"9ef8e88f-7a5c-41a8-a9eb-5ab034280514","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":25,"box":{"x":80,"y":624,"width":855,"height":12}},{"id":"64017b02-788f-4ed2-be54-4a1e441c34f4","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":25,"box":{"x":81,"y":640,"width":751,"height":10}},{"id":"d0d8769c-9420-42f9-b2ac-95cbeb74a77c","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":25,"box":{"x":81,"y":654,"width":785,"height":12}},{"id":"5b738288-69c5-428b-8337-da548bcab6f4","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":25,"box":{"x":81,"y":669,"width":841,"height":12}},{"id":"97bc84c1-0764-4def-9f8f-1a647ef63b4b","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":25,"box":{"x":80,"y":684,"width":824,"height":11}},{"id":"0d1e756b-19a3-4b53-a8f7-8eb5bcc0ecb9","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":25,"box":{"x":81,"y":699,"width":822,"height":11}},{"id":"66d50503-e71e-48c2-902d-ea41711f300b","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":25,"box":{"x":81,"y":713,"width":801,"height":12}},{"id":"9c7a4f58-1b70-428c-b548-16e89b29af18","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":25,"box":{"x":80,"y":729,"width":765,"height":11}},{"id":"c5773945-9501-47fe-a27b-4d2b910e34b7","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":25,"box":{"x":82,"y":743,"width":852,"height":12}},{"id":"ec2ee2a8-7940-45a2-ab7b-88ef77afac06","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":25,"box":{"x":82,"y":758,"width":847,"height":11}},{"id":"600cbb65-17cf-436a-a581-110a04f75156","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":25,"box":{"x":80,"y":773,"width":847,"height":11}},{"id":"9072986b-63f5-49d6-851a-e50788875a46","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":25,"box":{"x":81,"y":788,"width":845,"height":11}},{"id":"fdd5f1fa-01e7-472e-8c5e-a007e93a2c98","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":25,"box":{"x":82,"y":802,"width":835,"height":12}},{"id":"ee342875-9da6-4ea4-acba-92d4df092592","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":25,"box":{"x":82,"y":817,"width":839,"height":12}},{"id":"ede3296e-a330-4b34-8191-77df0015bcc5","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":25,"box":{"x":82,"y":832,"width":461,"height":12}},{"id":"1584c8d0-7c14-42dd-86e1-636356330e9d","block_type":"box","text":"Master Limited Partnerships Risk","page_number":25,"box":{"x":81,"y":852,"width":254,"height":11}},{"id":"6707974a-c16e-493e-a676-4a6ba7f2a645","block_type":"box","text":"— The common units of a master limited partnership (“MLP”) are listed and","page_number":25,"box":{"x":338,"y":852,"width":559,"height":11}},{"id":"e1e9b7a5-6fcd-44f0-81d2-7e5a8d466ca1","block_type":"box","text":"traded on U.S. securities exchanges and their value fluctuates predominantly based on prevailing market conditions","page_number":25,"box":{"x":80,"y":867,"width":851,"height":11}},{"id":"1230904c-ad5b-41e3-aa7a-5750ff469137","block_type":"box","text":"and the success of the MLP. Unlike owners of common stock of a corporation, owners of common units have limited","page_number":25,"box":{"x":81,"y":882,"width":853,"height":11}},{"id":"c432226a-7438-48f4-a7a1-55c3e01d1776","block_type":"box","text":"voting rights and have no ability to annually elect directors. In the event of liquidation, common units have","page_number":25,"box":{"x":80,"y":896,"width":778,"height":12}},{"id":"e9d1cd8b-59e9-402b-8454-65d3fd380d75","block_type":"box","text":"preference over subordinated units, but not over debt or preferred units, to the remaining assets of the MLP.","page_number":25,"box":{"x":82,"y":911,"width":796,"height":12}},{"id":"a807e271-2b6f-4678-a7a9-b64f6376a7da","block_type":"box","text":"25","page_number":25,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"ad56e99d-c18a-49d0-84de-cbbacf618eeb","block_type":"box","text":"NM1026U-5981068-25/76","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9347a3ea-16b7-40d9-a081-aa7d2069b0a8","block_type":"box","text":"Money Market Securities Risk","page_number":26,"box":{"x":81,"y":46,"width":229,"height":11}},{"id":"d4fef68c-854b-4918-97a2-e32230236cb3","block_type":"box","text":"— If market conditions improve while the Fund has invested some or all of its","page_number":26,"box":{"x":314,"y":46,"width":570,"height":11}},{"id":"be458bd8-cd3d-4625-a097-42398f956f3a","block_type":"box","text":"assets in high quality money market securities, this strategy could result in reducing the potential gain from the","page_number":26,"box":{"x":81,"y":60,"width":819,"height":12}},{"id":"a036ade5-a9a1-49c1-8794-30e4c432e949","block_type":"box","text":"market upswing, thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":26,"box":{"x":82,"y":76,"width":657,"height":11}},{"id":"56fef84a-6663-46b0-99f1-aeab8744d360","block_type":"box","text":"Ownership Limitations Risk","page_number":26,"box":{"x":82,"y":95,"width":205,"height":12}},{"id":"e0cb4d2a-9bc4-4859-8f46-81a24eb0461d","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":26,"box":{"x":291,"y":95,"width":610,"height":12}},{"id":"8aece186-7985-47c3-9ab8-5a57ea747401","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":110,"width":849,"height":12}},{"id":"562509bb-0cbc-4fbb-82e7-6a302c2a7561","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":125,"width":798,"height":11}},{"id":"b951c012-f6ac-4f1a-b07f-9099fe79bd5b","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":140,"width":833,"height":11}},{"id":"6ed623f4-3b9b-48fc-91d9-e9e5bf69795c","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":155,"width":851,"height":11}},{"id":"facfafcc-479d-4c5c-9e53-824c0a3180b3","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":169,"width":813,"height":12}},{"id":"aceb3251-f401-4200-95d6-66fb41532b18","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":26,"box":{"x":82,"y":184,"width":331,"height":12}},{"id":"b8737f98-0d79-4cf8-ba5d-5ab44776fe04","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":204,"width":826,"height":12}},{"id":"fa749fdd-8cf1-473d-89f4-0dff288d7671","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":219,"width":848,"height":12}},{"id":"27482e30-5d10-4f8e-9aa8-937b29fb86fa","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":234,"width":799,"height":11}},{"id":"08abfb23-0049-4d50-93d1-f00b46550a23","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":249,"width":828,"height":11}},{"id":"47eab2bc-069a-49f3-a267-53da5968309f","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":263,"width":828,"height":12}},{"id":"3d456585-724b-4309-8aed-60f1e0e8d972","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":278,"width":837,"height":12}},{"id":"3fc9d898-e1a7-4fc8-aabf-e8bde11cbd5c","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":293,"width":837,"height":12}},{"id":"c892b782-7d3d-49a4-b977-be8d76747862","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":308,"width":800,"height":12}},{"id":"d707c464-0413-4c36-abc9-b74c3d264b3a","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":26,"box":{"x":81,"y":323,"width":678,"height":11}},{"id":"90c07a41-ef8f-44a7-a838-0e5547888b8e","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":343,"width":842,"height":11}},{"id":"2a0c6c76-88ec-40fb-93e4-aac48246cc74","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":358,"width":833,"height":11}},{"id":"2e583251-8b31-40c4-8b22-9a40b2fba52a","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":26,"box":{"x":82,"y":372,"width":582,"height":12}},{"id":"48a171c9-948d-4343-a70e-4451b14b65f5","block_type":"box","text":"Real Estate-Related Securities Risk","page_number":26,"box":{"x":81,"y":393,"width":269,"height":9}},{"id":"d8465729-0db4-45de-9690-abef918e187c","block_type":"box","text":"— The main risk of real estate-related securities is that the value of the","page_number":26,"box":{"x":354,"y":392,"width":527,"height":10}},{"id":"87c8c070-b52a-47c9-8b66-7da5101e3fb0","block_type":"box","text":"underlying real estate may go down. Many factors may affect real estate values. These factors include both the","page_number":26,"box":{"x":82,"y":407,"width":816,"height":12}},{"id":"5b985e33-9707-431c-b9e0-a9d5897deaa8","block_type":"box","text":"general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re-lease","page_number":26,"box":{"x":81,"y":422,"width":845,"height":12}},{"id":"25165009-25b0-4d20-8ebb-2dc19752e137","block_type":"box","text":"space under expiring leases on attractive terms, the amount of new construction in a particular area, the laws and","page_number":26,"box":{"x":81,"y":437,"width":841,"height":11}},{"id":"721aa770-90df-47a8-be09-7fbaf2c5854a","block_type":"box","text":"regulations (including zoning, environmental and tax laws) affecting real estate and the costs of owning, maintaining","page_number":26,"box":{"x":82,"y":452,"width":852,"height":11}},{"id":"1866ec13-0c84-48fd-9088-63db63bc1c6e","block_type":"box","text":"and improving real estate. The availability of mortgage financing and changes in interest rates may also affect real","page_number":26,"box":{"x":81,"y":467,"width":841,"height":11}},{"id":"2457d0cd-f4e6-4fa3-b8df-75b7261ffdd0","block_type":"box","text":"estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in one","page_number":26,"box":{"x":81,"y":481,"width":807,"height":12}},{"id":"1ae1753e-afa5-472b-bdf2-7cc816062864","block_type":"box","text":"property type, the Fund will be particularly subject to the risks associated with that area or property type. Many","page_number":26,"box":{"x":82,"y":496,"width":815,"height":12}},{"id":"ca4fedfd-8cd1-476b-9351-4840e71ec461","block_type":"box","text":"issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities.","page_number":26,"box":{"x":82,"y":511,"width":845,"height":12}},{"id":"6cc0ddae-7b46-4188-bb3b-5e22c4040288","block_type":"box","text":"The value of the securities the Fund buys will not necessarily track the value of the underlying investments of the","page_number":26,"box":{"x":81,"y":526,"width":828,"height":11}},{"id":"d8501e41-cf26-4631-85ff-efec97a0cb15","block_type":"box","text":"issuers of such securities. In addition, certain issuers of real estate-related securities may have developed or","page_number":26,"box":{"x":82,"y":541,"width":805,"height":11}},{"id":"7c235dcc-c476-4eb4-8989-92b4e05b216f","block_type":"box","text":"commenced development on properties and may develop additional properties in the future. Real estate","page_number":26,"box":{"x":81,"y":555,"width":767,"height":12}},{"id":"62845ac8-5634-43af-843d-6d5aa981d012","block_type":"box","text":"development involves significant risks in addition to those involved in the ownership and operation of established","page_number":26,"box":{"x":81,"y":570,"width":831,"height":12}},{"id":"4558f5a0-3ed6-4638-beaf-7d307cd97b6a","block_type":"box","text":"properties. Real estate securities may have limited diversification and are, therefore, subject to risks inherent in","page_number":26,"box":{"x":82,"y":585,"width":824,"height":12}},{"id":"62a633a5-3a47-4bfc-bfe1-490c594178ef","block_type":"box","text":"operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow","page_number":26,"box":{"x":81,"y":600,"width":817,"height":12}},{"id":"a83ae925-9156-4a54-9954-dbb3868fe665","block_type":"box","text":"dependency and defaults by borrowers or tenants.","page_number":26,"box":{"x":81,"y":615,"width":367,"height":11}},{"id":"c29e8e20-81a7-41c9-80c2-537ca5cfaed4","block_type":"box","text":"Reference Rate Replacement Risk","page_number":26,"box":{"x":81,"y":635,"width":260,"height":11}},{"id":"89a04759-9ce5-4e6c-9daa-e4bce44625a4","block_type":"box","text":"— The Fund’s investments, payment obligations and financing terms may be","page_number":26,"box":{"x":345,"y":635,"width":563,"height":11}},{"id":"d5799055-5f7f-4821-ab2f-ad9659d66e40","block_type":"box","text":"based on floating rates, such as the Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Interbank","page_number":26,"box":{"x":81,"y":650,"width":803,"height":11}},{"id":"97d32189-f4da-45e1-b8e5-c32eb486a592","block_type":"box","text":"Average Rate (“SONIA”), and other similar types of reference rates (“Reference Rates”). The elimination of a","page_number":26,"box":{"x":81,"y":664,"width":796,"height":12}},{"id":"44131dbf-5730-48ba-958a-d7c8930fd23b","block_type":"box","text":"Reference Rate or any other changes or reforms to the determination or supervision of a Reference Rate could have","page_number":26,"box":{"x":82,"y":679,"width":853,"height":12}},{"id":"51793064-180d-4e41-ba1e-02d8e25de834","block_type":"box","text":"an adverse impact on the market for, or value of, any instruments (including debt instruments and certain derivative","page_number":26,"box":{"x":81,"y":694,"width":851,"height":12}},{"id":"562d557b-0c74-43fa-9ed2-199ce1e4b940","block_type":"box","text":"instruments) or payments linked to those Reference Rates. In addition, any substitute Reference Rate and any","page_number":26,"box":{"x":82,"y":709,"width":812,"height":11}},{"id":"7d75c849-235c-422b-a6fa-7f6d07a7f8b1","block_type":"box","text":"pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect the Fund’s","page_number":26,"box":{"x":82,"y":724,"width":804,"height":11}},{"id":"34c3dc03-0022-475d-8516-db9004c2ce35","block_type":"box","text":"performance and/or net asset value.","page_number":26,"box":{"x":82,"y":739,"width":270,"height":11}},{"id":"348596be-11b2-4f4b-9b2c-d28449f169d5","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been the","page_number":26,"box":{"x":82,"y":759,"width":835,"height":11}},{"id":"42538bdf-67b1-4af8-90f1-4eddf2ec0ffa","block_type":"box","text":"subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":26,"box":{"x":81,"y":773,"width":781,"height":12}},{"id":"6b8eeed2-7cf7-40ca-ac97-faab67d2d29f","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":26,"box":{"x":82,"y":788,"width":768,"height":12}},{"id":"46b47b69-a912-4838-9466-65da279638fa","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by virtue","page_number":26,"box":{"x":82,"y":803,"width":847,"height":12}},{"id":"2d0c201c-f539-4bdc-a542-4863c624376d","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":26,"box":{"x":81,"y":818,"width":846,"height":11}},{"id":"1ec1fa3b-17a5-4c0d-86fa-f411a328975d","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":26,"box":{"x":81,"y":833,"width":822,"height":11}},{"id":"1187df59-d0fe-4ccd-9f1b-20d490c767d4","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may further","page_number":26,"box":{"x":82,"y":847,"width":798,"height":12}},{"id":"eda3f7e1-25b8-4889-9852-e03b006f40cb","block_type":"box","text":"change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of","page_number":26,"box":{"x":81,"y":862,"width":839,"height":12}},{"id":"963508db-d26a-4ddb-9c3d-186bd753f65b","block_type":"box","text":"benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and","page_number":26,"box":{"x":81,"y":877,"width":826,"height":12}},{"id":"9e577660-f1ce-467a-83de-6dc48c3112c5","block_type":"box","text":"certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and","page_number":26,"box":{"x":81,"y":892,"width":778,"height":12}},{"id":"be985e67-2456-4955-9e19-b95a82985de3","block_type":"box","text":"26","page_number":26,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"d1099b23-7f54-4825-b89e-425b6c769a72","block_type":"box","text":"NM1026U-5981068-26/76","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a89a1755-8822-4a8a-8ab1-feced93c1ba0","block_type":"box","text":"disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be","page_number":27,"box":{"x":81,"y":46,"width":851,"height":11}},{"id":"43cc1103-190c-410a-9282-3270077e1071","block_type":"box","text":"other consequences which cannot be predicted.","page_number":27,"box":{"x":81,"y":61,"width":350,"height":11}},{"id":"a5e7c292-06db-4901-951d-ad932705da6f","block_type":"box","text":"REIT Investment Risk","page_number":27,"box":{"x":81,"y":81,"width":163,"height":9}},{"id":"0d5d7607-7fc1-4a63-bbc9-2afc7cfab89b","block_type":"box","text":"—","page_number":27,"box":{"x":248,"y":86,"width":17,"height":1}},{"id":"837ec621-15f4-442f-9a84-b1e49fd9c0f3","block_type":"box","text":"In addition to the risks facing real estate-related securities, such as a decline in property","page_number":27,"box":{"x":271,"y":80,"width":653,"height":12}},{"id":"ae246b8c-023c-4d6a-8539-7615f790ba98","block_type":"box","text":"values due to increasing vacancies, a decline in rents resulting from unanticipated economic, legal or technological","page_number":27,"box":{"x":80,"y":95,"width":846,"height":12}},{"id":"f11b95f5-2be6-4a81-999b-ba904daa312c","block_type":"box","text":"developments or a decline in the price of securities of real estate companies due to a failure of borrowers to pay","page_number":27,"box":{"x":81,"y":110,"width":829,"height":12}},{"id":"c4c09507-349b-45de-ba1c-689a53d30cfd","block_type":"box","text":"their loans or poor management, investments in REITs involve unique risks. REITs may have limited financial","page_number":27,"box":{"x":80,"y":125,"width":793,"height":11}},{"id":"8d19328c-1e6d-45ff-a5a6-aac59e09de36","block_type":"box","text":"resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may","page_number":27,"box":{"x":82,"y":140,"width":836,"height":11}},{"id":"8e23c0b6-ecde-4b6b-89a7-a0a14d0004fe","block_type":"box","text":"be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment","page_number":27,"box":{"x":81,"y":155,"width":814,"height":11}},{"id":"8508fc12-3891-49e5-acbf-41ca7f75896f","block_type":"box","text":"company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code, which","page_number":27,"box":{"x":81,"y":169,"width":825,"height":12}},{"id":"58ad1d32-6d11-4ab0-b6f3-2ab184f91d58","block_type":"box","text":"allows REITs to reduce their corporate taxable income for dividends paid to their shareholders. Ordinary REIT","page_number":27,"box":{"x":81,"y":184,"width":797,"height":12}},{"id":"eeb4cbcd-1870-430b-ace6-7a97023beffd","block_type":"box","text":"dividends received by the Fund and distributed to the Fund’s shareholders will generally be taxable as ordinary","page_number":27,"box":{"x":81,"y":199,"width":812,"height":12}},{"id":"012eaf7c-546b-4256-8c41-ac33edf32b3d","block_type":"box","text":"income and will not constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT","page_number":27,"box":{"x":82,"y":214,"width":838,"height":11}},{"id":"aac67fd7-228c-459f-a6aa-2de618ef9fc4","block_type":"box","text":"shareholder may claim a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated","page_number":27,"box":{"x":81,"y":229,"width":832,"height":11}},{"id":"2e7e2cb5-53cb-422c-a7d7-6fe46678a364","block_type":"box","text":"investment company may report dividends as eligible for this deduction to the extent the regulated investment","page_number":27,"box":{"x":82,"y":244,"width":809,"height":11}},{"id":"b454b6bd-c913-43ed-a937-951114ab9640","block_type":"box","text":"company’s income is derived from ordinary REIT dividends (reduced by allocable regulated investment company","page_number":27,"box":{"x":81,"y":258,"width":819,"height":12}},{"id":"4edae77d-52dc-47c0-ba28-0de33589dbd2","block_type":"box","text":"expenses). A shareholder may treat the dividends as such provided the regulated investment company and the","page_number":27,"box":{"x":81,"y":273,"width":813,"height":12}},{"id":"b8da1fe5-9f36-4b35-9eb8-ed61c58f19b4","block_type":"box","text":"shareholder satisfy applicable holding period requirements.","page_number":27,"box":{"x":81,"y":288,"width":434,"height":12}},{"id":"f387a2fc-a6f0-4b63-8e0d-7f78f8c4f2ca","block_type":"box","text":"Reliance on Advisor Risk","page_number":27,"box":{"x":81,"y":308,"width":188,"height":9}},{"id":"3a2bb6fd-49b9-4fc2-aa7c-1e73249d9e1a","block_type":"box","text":"— The performance or continued operation of the Fund may be negatively impacted due","page_number":27,"box":{"x":273,"y":308,"width":646,"height":12}},{"id":"e937b8fd-43c6-49b9-87ec-2a6aedd71b78","block_type":"box","text":"to operational risks arising from factors such as processing errors and human errors, inadequate or failed internal","page_number":27,"box":{"x":80,"y":323,"width":839,"height":11}},{"id":"6fc5cdab-4f36-4c7e-ab39-eaee1a527777","block_type":"box","text":"or external processes, failures in systems and technology, changes or losses in personnel, and errors caused by","page_number":27,"box":{"x":81,"y":338,"width":829,"height":11}},{"id":"f173eb92-54df-472a-8b3b-5d89fed26bfc","block_type":"box","text":"third-party service providers or trading counterparties. The use of certain investment strategies that involve manual","page_number":27,"box":{"x":80,"y":352,"width":848,"height":12}},{"id":"af2b46da-65ba-424b-ae74-bfd83b511a4a","block_type":"box","text":"or additional processing, such as over-the-counter derivatives, increases these risks. Although BlackRock attempts","page_number":27,"box":{"x":81,"y":368,"width":842,"height":11}},{"id":"87fdc589-3903-4154-9aad-4363f1acb30d","block_type":"box","text":"to minimize such failures through controls and oversight, it is not possible to identify all of the operational risks that","page_number":27,"box":{"x":80,"y":382,"width":854,"height":12}},{"id":"ffa23348-7de8-4c27-87a8-4e0662755ef2","block_type":"box","text":"may affect the Fund or to develop processes and controls that completely eliminate or mitigate the occurrence of","page_number":27,"box":{"x":82,"y":397,"width":831,"height":12}},{"id":"9ccf35e7-d7e7-41ca-a59b-c4ec6fd313d5","block_type":"box","text":"such failures. The Fund and its shareholders could be negatively impacted as a result.","page_number":27,"box":{"x":81,"y":412,"width":633,"height":11}},{"id":"0e649def-bcf3-40e7-bd69-10e687deefd4","block_type":"box","text":"Restricted Securities Risk","page_number":27,"box":{"x":81,"y":432,"width":198,"height":9}},{"id":"89e7c97f-05db-4c37-b551-48dd6d7835af","block_type":"box","text":"—","page_number":27,"box":{"x":284,"y":437,"width":17,"height":1}},{"id":"9c796313-1941-4a1f-8d40-1efff2dad64b","block_type":"box","text":"Limitations on the resale, including any required lock-up or holding periods, of","page_number":27,"box":{"x":306,"y":432,"width":571,"height":11}},{"id":"46543ddc-8610-4d2d-b0f8-993676b94adf","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":447,"width":843,"height":11}},{"id":"c2d045d2-8938-4011-8495-fa3465a9a761","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":461,"width":813,"height":12}},{"id":"8e71549f-1b5d-445a-bede-35106695c27c","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":476,"width":851,"height":12}},{"id":"83729b8a-c97b-4485-8973-32b1e23730f8","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":491,"width":774,"height":12}},{"id":"656a4815-055d-4e0c-afd4-3030a487e73e","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":506,"width":839,"height":11}},{"id":"95ea0a3e-c06f-44bc-9328-5c82c79dd6ff","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":521,"width":828,"height":11}},{"id":"d9dda7b9-d27a-4002-8e6d-03f3bdd5a19d","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":535,"width":830,"height":12}},{"id":"50a0c616-421e-4cd2-9950-129c1d1dc51c","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":550,"width":787,"height":12}},{"id":"3e240a56-ad46-407a-a096-f3d385558e97","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":565,"width":838,"height":12}},{"id":"1cb499cb-2197-4eb1-8692-9ace03e6897a","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":580,"width":843,"height":12}},{"id":"1ffb84d5-caaf-47e2-9eb9-6080920eacfb","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":595,"width":827,"height":11}},{"id":"661d6e48-3b6f-4531-abcb-aafbbc688dd8","block_type":"box","text":"represent limited investment opportunities and each shareholder’s proportionate investment exposure to such","page_number":27,"box":{"x":82,"y":610,"width":812,"height":11}},{"id":"548c1605-c406-4491-8a6e-0e78cdbdda59","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":624,"width":795,"height":12}},{"id":"1beeeb58-2b1a-4775-b3c8-c823dd431709","block_type":"box","text":"additional investments made in the Fund by other shareholders.","page_number":27,"box":{"x":81,"y":640,"width":468,"height":11}},{"id":"ec526a13-9a67-434b-9c8f-7e65a67ab7b5","block_type":"box","text":"Securities Lending Risk","page_number":27,"box":{"x":81,"y":659,"width":178,"height":12}},{"id":"84a130dd-9056-4e10-ad0f-3494a2d7ca68","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":659,"width":661,"height":12}},{"id":"2d121409-1fcf-4aaa-b2f8-f6cc21a7be49","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":674,"width":852,"height":12}},{"id":"364ad5f8-a91a-41dc-8afd-bd2fd52cb178","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":689,"width":811,"height":11}},{"id":"2aac2292-5bcf-4742-9c2f-30644b77c3dd","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":704,"width":829,"height":11}},{"id":"466c59bd-8ec8-4971-8da8-e45f7557a4b7","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":27,"box":{"x":81,"y":719,"width":292,"height":11}},{"id":"f9a887b1-cf61-43f1-babc-8c228a55e23d","block_type":"box","text":"Structured Securities Risk","page_number":27,"box":{"x":81,"y":739,"width":200,"height":9}},{"id":"e416983b-442f-4705-84fd-d93851e02e82","block_type":"box","text":"— Because structured securities of the type in which the Fund may invest typically","page_number":27,"box":{"x":285,"y":739,"width":605,"height":11}},{"id":"37ef36d1-dd9d-42fa-8dcd-29c5d03411eb","block_type":"box","text":"involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments,","page_number":27,"box":{"x":82,"y":753,"width":823,"height":12}},{"id":"52dd7c7e-ae51-41c9-8cb3-1d746c5d03b1","block_type":"box","text":"index or reference obligation and will also be subject to counterparty risk. The Fund may have the right to receive","page_number":27,"box":{"x":82,"y":768,"width":827,"height":12}},{"id":"060168ba-d201-4eb3-97ab-b8b1cb133c73","block_type":"box","text":"payments only from the structured security, and generally does not have direct rights against the issuer or the entity","page_number":27,"box":{"x":82,"y":783,"width":852,"height":12}},{"id":"2aa03f4b-adb3-40c5-99b3-3457c1abb8c5","block_type":"box","text":"that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed","page_number":27,"box":{"x":80,"y":798,"width":823,"height":11}},{"id":"0a5d4f43-c76c-4239-8ae5-e4e51d8e9476","block_type":"box","text":"herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions","page_number":27,"box":{"x":82,"y":813,"width":818,"height":11}},{"id":"222302f0-d340-49ae-bb16-73dfe2407077","block_type":"box","text":"from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may","page_number":27,"box":{"x":81,"y":827,"width":842,"height":12}},{"id":"e1679345-ac2a-460a-8d94-e9d230609724","block_type":"box","text":"decline in value or default; and the possibility that the structured securities are subordinate to other classes. The","page_number":27,"box":{"x":81,"y":842,"width":834,"height":12}},{"id":"993dc660-34c8-492d-ab76-9ffe03421cfb","block_type":"box","text":"Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the","page_number":27,"box":{"x":82,"y":857,"width":834,"height":11}},{"id":"b341bb77-5283-4d4b-a040-bbdf88a0ed2c","block_type":"box","text":"right of payment of another class. Subordinated structured securities typically have higher yields and present","page_number":27,"box":{"x":82,"y":872,"width":799,"height":12}},{"id":"3502d3a7-effb-4c8e-8d77-2bdbba655b9d","block_type":"box","text":"greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement","page_number":27,"box":{"x":81,"y":887,"width":851,"height":11}},{"id":"32f949c9-cf33-454f-96a5-ec02267d3700","block_type":"box","text":"transactions, and there currently is no active trading market for structured securities. Structured securities are","page_number":27,"box":{"x":80,"y":902,"width":814,"height":11}},{"id":"0377c01c-01fe-4f13-afb7-fb902dfc6513","block_type":"box","text":"based upon the movement of one or more factors, including currency exchange rates, interest rates, reference","page_number":27,"box":{"x":81,"y":916,"width":812,"height":12}},{"id":"75512d5c-03ca-48bf-b711-958b8000a820","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"0ee17eba-b425-4f50-94af-91da3d67d545","block_type":"box","text":"NM1026U-5981068-27/76","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1a50e666-5258-4655-a697-14c59d155b08","block_type":"box","text":"bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price","page_number":28,"box":{"x":81,"y":46,"width":816,"height":11}},{"id":"8b350924-6024-469e-80cf-b831dcff082a","block_type":"box","text":"fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the","page_number":28,"box":{"x":81,"y":60,"width":795,"height":12}},{"id":"5ebd7058-44ef-4bd3-809e-bd7022d0a216","block_type":"box","text":"structured security to be reduced to zero. Certain issuers of such structured securities may be deemed to be","page_number":28,"box":{"x":81,"y":75,"width":802,"height":12}},{"id":"51c48126-1d62-4f60-82f6-eb99861c4f73","block_type":"box","text":"“investment companies” as defined in the Investment Company Act. As a result, the Fund’s investment in such","page_number":28,"box":{"x":82,"y":90,"width":816,"height":12}},{"id":"6ffb825b-a678-4cde-9b11-ae22d0816b28","block_type":"box","text":"securities may be limited by certain investment restrictions contained in the Investment Company Act.","page_number":28,"box":{"x":81,"y":105,"width":749,"height":11}},{"id":"12858836-4ba3-469b-b23f-38c353f60292","block_type":"box","text":"Valuation Risk","page_number":28,"box":{"x":83,"y":125,"width":107,"height":9}},{"id":"22e68bcd-2006-4f1a-b4fb-bd995e12228c","block_type":"box","text":"—","page_number":28,"box":{"x":194,"y":130,"width":17,"height":1}},{"id":"8652ce1d-d318-4f22-836c-295ebd6cb305","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":28,"box":{"x":215,"y":125,"width":700,"height":11}},{"id":"b8f76f7b-876e-4cad-861c-4b2898c9f22d","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":28,"box":{"x":81,"y":140,"width":835,"height":11}},{"id":"5febb0b6-3eb0-41d5-8490-98639c3c06bc","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":28,"box":{"x":81,"y":155,"width":848,"height":11}},{"id":"a934b32c-1422-4264-b82d-d9bd856302ca","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":28,"box":{"x":82,"y":169,"width":845,"height":12}},{"id":"b0d10528-fc2b-4afd-a42e-29ca2c03ec45","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":28,"box":{"x":82,"y":184,"width":840,"height":12}},{"id":"0e637537-7c8e-40d2-a76d-11b514f03d0d","block_type":"box","text":"that value fixed-income securities generally utilize a range of market-based and security-specific inputs and","page_number":28,"box":{"x":80,"y":199,"width":783,"height":12}},{"id":"e6b5eeb0-0caf-4100-972f-de6d8475aeb2","block_type":"box","text":"assumptions, as well as considerations about general market conditions, to establish a price. Pricing services","page_number":28,"box":{"x":81,"y":214,"width":810,"height":11}},{"id":"cfff29b2-226b-405a-953e-a1b374d233cc","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund","page_number":28,"box":{"x":81,"y":229,"width":847,"height":11}},{"id":"f77be80c-12a2-47bb-b549-de538c4be51d","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":28,"box":{"x":82,"y":244,"width":848,"height":11}},{"id":"62783c00-7376-4fca-93fc-a92f4919093f","block_type":"box","text":"trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold","page_number":28,"box":{"x":80,"y":259,"width":819,"height":11}},{"id":"f942518c-53b4-4c78-ac69-a5dce388cdcb","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":28,"box":{"x":81,"y":273,"width":837,"height":12}},{"id":"7ef1bc3e-9841-445e-b8c6-26c567a1b620","block_type":"box","text":"technological issues and/or errors by pricing services or other third-party service providers.","page_number":28,"box":{"x":80,"y":288,"width":672,"height":12}},{"id":"a2d263b3-4f32-4525-b70e-d50d36b5f4b4","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":28,"box":{"x":83,"y":308,"width":584,"height":11}},{"id":"6db9beb1-5fc7-46f6-8709-103e904f7d30","block_type":"box","text":"— When-issued and delayed","page_number":28,"box":{"x":671,"y":308,"width":208,"height":11}},{"id":"f152e9d5-6a1c-4106-9952-af2f615717c4","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":28,"box":{"x":81,"y":323,"width":843,"height":11}},{"id":"d717495b-3355-4c73-b11c-46d02194c969","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":28,"box":{"x":82,"y":338,"width":830,"height":11}},{"id":"b8b8dbda-4f35-4861-8403-73084d31462d","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":352,"width":849,"height":12}},{"id":"32f6a8f5-28b2-4d4c-b803-85f686da3ddc","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":28,"box":{"x":80,"y":367,"width":425,"height":12}},{"id":"dcab51bd-1d41-4397-8c95-78549965df98","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"5fe7a595-a13d-4dcb-8910-54d26927aa6a","block_type":"box","text":"NM1026U-5981068-28/76","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e1dabd89-0245-4679-919a-a3ebe9c24e3f","block_type":"box","text":"Account Information","page_number":29,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"de7ad455-d84c-488e-a324-122745f80f44","block_type":"box","text":"How to Choose the Share Class that Best Suits Your Needs","page_number":29,"box":{"x":61,"y":156,"width":536,"height":11}},{"id":"156ce47a-c902-458b-892b-b2ce3163ed93","block_type":"box","text":"The Fund currently offers multiple share classes (Investor A, Investor C and Institutional Shares in this prospectus),","page_number":29,"box":{"x":60,"y":182,"width":849,"height":12}},{"id":"9a2e84c4-9c67-4ba5-bbaf-7a847a04d964","block_type":"box","text":"each with its own sales charge and expense structure, allowing you to invest in the way that best suits your needs.","page_number":29,"box":{"x":61,"y":197,"width":844,"height":12}},{"id":"7c8482df-52f3-467e-a594-6f7041760357","block_type":"box","text":"Each share class represents an ownership interest in the same investment portfolio of the Fund. 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Please see","page_number":32,"box":{"x":61,"y":504,"width":869,"height":11}},{"id":"0f719c22-0074-4602-afd9-dd861fd7febe","block_type":"box","text":"the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus to","page_number":32,"box":{"x":60,"y":519,"width":872,"height":11}},{"id":"f412e8c0-c15b-43e9-871f-d145e419ff53","block_type":"box","text":"determine any sales charge waivers and reductions that may be available to you through your Financial","page_number":32,"box":{"x":61,"y":534,"width":776,"height":11}},{"id":"2ad313bc-f6c1-41e0-abac-8120f43bc3ad","block_type":"box","text":"Intermediary.","page_number":32,"box":{"x":61,"y":549,"width":97,"height":11}},{"id":"0ffe5143-d480-4ee7-abdd-0ef7f074b780","block_type":"box","text":"More information about existing sales charge reductions and waivers is available free of charge in a clear and","page_number":32,"box":{"x":62,"y":571,"width":805,"height":12}},{"id":"e9cee873-1204-4660-8dc0-8bcd848e9a1c","block_type":"box","text":"prominent format via hyperlink at www.blackrock.com and in the SAI, which is available on the website or on request.","page_number":32,"box":{"x":62,"y":586,"width":857,"height":11}},{"id":"c0cd9ddd-f285-41d4-bf00-988cd67a0fb6","block_type":"box","text":"Details About the Share Classes","page_number":32,"box":{"x":61,"y":625,"width":293,"height":11}},{"id":"6fda1cee-20fb-46de-ba70-9466b0087468","block_type":"box","text":"Investor A Shares — Initial Sales Charge Option","page_number":32,"box":{"x":61,"y":651,"width":396,"height":13}},{"id":"4f4810a9-6b1d-42b8-8e32-fe1b0e2561a6","block_type":"box","text":"The following table shows the front-end sales charges that you may pay if you buy Investor A Shares. The offering price","page_number":32,"box":{"x":60,"y":668,"width":873,"height":11}},{"id":"14c0abf8-f5d3-4a1d-959e-eb8bfe6d33c8","block_type":"box","text":"for Investor A Shares includes any front-end sales charge. The front-end sales charge expressed as a percentage of","page_number":32,"box":{"x":60,"y":682,"width":851,"height":12}},{"id":"6fccbc6f-111a-4331-8c8c-615984954a41","block_type":"box","text":"the offering price may be higher or lower than the charge described below due to rounding. 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Once you achieve a breakpoint, you pay that sales","page_number":32,"box":{"x":62,"y":757,"width":837,"height":11}},{"id":"be6111e3-e085-4010-a081-172703f5eb5d","block_type":"box","text":"charge on your entire purchase amount (and not just the portion above the breakpoint). 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5.00%","page_number":32,"box":{"x":70,"y":862,"width":830,"height":10}},{"id":"72f0f2a2-1c19-41f5-8c2b-e5099c2ddda0","block_type":"box","text":"$25,000 but less than $50,000 4.75% 4.99% 4.50%","page_number":32,"box":{"x":70,"y":880,"width":830,"height":10}},{"id":"075c3ff8-4187-45b2-a53c-91b71fe11147","block_type":"box","text":"$50,000 but less than $100,000 4.00% 4.17% 3.75%","page_number":32,"box":{"x":70,"y":898,"width":830,"height":10}},{"id":"439de069-859c-4b2e-b9b8-5f13f9aa307f","block_type":"box","text":"32","page_number":32,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"2ae58f7b-e541-4e42-b7b5-49c672a442f6","block_type":"box","text":"NM1026U-5981068-32/76","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"92aeed01-983f-489f-af3c-22e24bb4f3bb","block_type":"box","text":"Your Investment","page_number":33,"box":{"x":69,"y":81,"width":96,"height":7}},{"id":"d00c2645-c9e9-4a05-a3d6-c75b94143e27","block_type":"box","text":"Sales Charge","page_number":33,"box":{"x":548,"y":60,"width":79,"height":9}},{"id":"a445bc78-2bfd-4c65-9cef-5dd2cf629617","block_type":"box","text":"as a % of","page_number":33,"box":{"x":561,"y":71,"width":54,"height":7}},{"id":"2305ffa6-814f-49da-957a-6377cd99f652","block_type":"box","text":"Offering Price","page_number":33,"box":{"x":547,"y":81,"width":82,"height":9}},{"id":"80104d80-e182-4b1d-864d-613d6b757d13","block_type":"box","text":"Sales Charge","page_number":33,"box":{"x":690,"y":60,"width":80,"height":9}},{"id":"084f8e54-461c-45d3-8df6-3182eee398cf","block_type":"box","text":"as a % of","page_number":33,"box":{"x":703,"y":71,"width":54,"height":7}},{"id":"5d527469-50aa-4b05-8d22-6bce76af8a44","block_type":"box","text":"Your 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2.75%","page_number":33,"box":{"x":70,"y":98,"width":830,"height":10}},{"id":"51449227-d042-4dad-bb16-36e9a5b62191","block_type":"box","text":"$250,000 and over","page_number":33,"box":{"x":70,"y":116,"width":128,"height":10}},{"id":"e1b758a4-109d-4a66-975b-0ba95173f813","block_type":"box","text":"2","page_number":33,"box":{"x":198,"y":116,"width":4,"height":4}},{"id":"370cd31f-4a0b-4306-9cf5-cf2c33245a69","block_type":"box","text":"0.00% 0.00% —","page_number":33,"box":{"x":572,"y":116,"width":318,"height":8}},{"id":"f4db37a8-ba6a-4528-ba45-bfe1c0a8e725","block_type":"box","text":"2","page_number":33,"box":{"x":890,"y":116,"width":4,"height":4}},{"id":"a6adf82b-3a04-4f83-ab2e-feeb36a8836c","block_type":"box","text":"1","page_number":33,"box":{"x":61,"y":136,"width":3,"height":4}},{"id":"8b69a47d-d935-4d63-bd62-f3c6890e045b","block_type":"box","text":"Rounded to the nearest one-hundredth percent.","page_number":33,"box":{"x":81,"y":136,"width":278,"height":9}},{"id":"0bc35031-7aaa-45c2-812c-368261b032b2","block_type":"box","text":"2","page_number":33,"box":{"x":61,"y":149,"width":3,"height":3}},{"id":"efaef4b8-a340-4689-938b-75890ba8d9e9","block_type":"box","text":"If you invest $250,000 or more in Investor A Shares, you will not pay an initial sales charge. In that case, BlackRock compensates the Financial","page_number":33,"box":{"x":82,"y":148,"width":845,"height":10}},{"id":"dd0f8f87-f449-4348-8a7c-0c0c36f1eb5b","block_type":"box","text":"Intermediary from its own resources. However, if you redeem your shares within 18 months after purchase, you may be charged a deferred sales","page_number":33,"box":{"x":82,"y":159,"width":851,"height":9}},{"id":"80583b0c-6740-4d4d-bd24-87924e6261c7","block_type":"box","text":"charge of 1.00% of the lesser of the original cost of the shares being redeemed or your redemption proceeds. Such deferred sales charge may","page_number":33,"box":{"x":81,"y":169,"width":840,"height":10}},{"id":"0022c034-240a-4a27-8e57-c9ad77703bb7","block_type":"box","text":"be waived in connection with certain fee-based programs.","page_number":33,"box":{"x":81,"y":180,"width":337,"height":9}},{"id":"84c38c0c-30d0-495b-ac6e-fd54eba74d61","block_type":"box","text":"No initial sales charge applies to Investor A Shares that you buy through reinvestment of Fund dividends or capital","page_number":33,"box":{"x":62,"y":205,"width":837,"height":11}},{"id":"d284049c-66e6-4b38-bca3-08beff41152f","block_type":"box","text":"gains.","page_number":33,"box":{"x":60,"y":220,"width":43,"height":11}},{"id":"0bc9d5c2-a4dd-4db0-9abf-9be22c0c5561","block_type":"box","text":"Sales Charges Reduced or Eliminated for Investor A Shares","page_number":33,"box":{"x":60,"y":243,"width":490,"height":12}},{"id":"8bc031f8-3d24-4b74-af93-6f276ccd5755","block_type":"box","text":"There are several ways in which the sales charge can be reduced or eliminated. Purchases of Investor A Shares at","page_number":33,"box":{"x":60,"y":259,"width":841,"height":12}},{"id":"58858937-cb7d-4b6e-ac14-7c35775c3bd7","block_type":"box","text":"certain fixed dollar levels, known as “breakpoints,” cause a reduction in the front-end sales charge (as described","page_number":33,"box":{"x":61,"y":274,"width":831,"height":11}},{"id":"1b0d6d15-4c59-4c64-9f91-609d51925975","block_type":"box","text":"above in the “Investor A Shares — Initial Sales Charge Option” section). Additionally, the front-end sales charge can be","page_number":33,"box":{"x":61,"y":289,"width":876,"height":11}},{"id":"77d0f8d1-3cfd-4425-8a3d-c9a324f59339","block_type":"box","text":"reduced or eliminated through one or a combination of the following: a Letter of Intent, the right of accumulation, the","page_number":33,"box":{"x":61,"y":303,"width":856,"height":12}},{"id":"58620a79-5f82-409b-aa32-e3397f438510","block_type":"box","text":"reinstatement privilege (described under “Account Services and Privileges”), or a waiver of the sales charge (described","page_number":33,"box":{"x":61,"y":318,"width":872,"height":12}},{"id":"b8dcb9c3-52a4-4173-b6ba-1c519ae9f2da","block_type":"box","text":"below).","page_number":33,"box":{"x":61,"y":333,"width":50,"height":11}},{"id":"d0d29e4e-0dca-42b2-b556-4abe7817d366","block_type":"box","text":"Reductions or eliminations through a Letter of Intent or right of accumulation will apply to the value of all qualifying","page_number":33,"box":{"x":62,"y":356,"width":840,"height":11}},{"id":"97079d18-5ac8-4aa2-8ec7-85e481d6cf12","block_type":"box","text":"holdings in shares of mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”) owned by","page_number":33,"box":{"x":61,"y":370,"width":875,"height":12}},{"id":"a70a3ede-b9a5-49b0-bacd-987c62ab0670","block_type":"box","text":"(a) the investor, or (b) the investor’s spouse and any children and a trust, custodial account or fiduciary account for the","page_number":33,"box":{"x":61,"y":385,"width":875,"height":12}},{"id":"3e2e54f7-2e4a-4478-a2ef-c05959dbbb2d","block_type":"box","text":"benefit of any such individuals. For this purpose, the value of an investor’s holdings means the offering price of the","page_number":33,"box":{"x":61,"y":400,"width":847,"height":12}},{"id":"b462bd63-e3b6-4ece-bcaa-7d02a24fd6b6","block_type":"box","text":"newly purchased shares (including any applicable sales charge) plus the current value (including any sales charges","page_number":33,"box":{"x":61,"y":415,"width":844,"height":12}},{"id":"ed4ba2d3-db80-43a4-97dd-e01b7abec259","block_type":"box","text":"paid) of all other shares the investor already holds taken together.","page_number":33,"box":{"x":62,"y":430,"width":484,"height":11}},{"id":"f86c735b-07fc-45c6-b3de-34dde34611b5","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":33,"box":{"x":61,"y":452,"width":861,"height":12}},{"id":"bcbe85fe-9b89-467e-88d2-2860670f61fb","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":33,"box":{"x":60,"y":467,"width":817,"height":12}},{"id":"9821267d-5ff0-457f-82d2-0d4818874b39","block_type":"box","text":"Qualifying Holdings","page_number":33,"box":{"x":62,"y":490,"width":143,"height":11}},{"id":"a029f968-a95b-4e92-9769-e9b35d03e39b","block_type":"box","text":"— Investor A and A1, Investor C, Investor P, Institutional, Class K and Premier Shares (in most","page_number":33,"box":{"x":209,"y":490,"width":696,"height":11}},{"id":"04b04b6b-3ae7-4a27-ac90-830dcb83de3d","block_type":"box","text":"BlackRock Funds), investments in certain unlisted closed-end management investment companies sponsored and","page_number":33,"box":{"x":62,"y":505,"width":836,"height":11}},{"id":"4e0d1404-d335-44eb-939e-3a30017c52cb","block_type":"box","text":"advised by BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and investments in the","page_number":33,"box":{"x":61,"y":519,"width":808,"height":12}},{"id":"0ae12327-7596-4cef-9186-c19b4f0dd52c","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program.","page_number":33,"box":{"x":62,"y":534,"width":314,"height":12}},{"id":"bcfc662b-1d36-44ca-9ecc-02094b2a127b","block_type":"box","text":"Qualifying Holdings may include shares held in accounts held at a Financial Intermediary, including personal accounts,","page_number":33,"box":{"x":61,"y":557,"width":867,"height":11}},{"id":"66024d71-2165-424a-9d66-21f824af1e4b","block_type":"box","text":"certain retirement accounts, UGMA/UTMA accounts, Joint Tenancy accounts, trust accounts and Transfer on Death","page_number":33,"box":{"x":61,"y":572,"width":844,"height":11}},{"id":"53a35a6e-bf76-4be5-9c3a-ea673111f2ea","block_type":"box","text":"accounts, as well as shares purchased by a trust of which the investor is a beneficiary. For purposes of the Letter of","page_number":33,"box":{"x":61,"y":586,"width":856,"height":12}},{"id":"88fb560b-15db-4702-b6d0-32978aed5a47","block_type":"box","text":"Intent and right of accumulation, the investor may not combine with the investor’s other holdings shares held in","page_number":33,"box":{"x":62,"y":601,"width":818,"height":12}},{"id":"bce969ea-9455-40e0-802a-5b6be06a18c8","block_type":"box","text":"pension, profit sharing or other employer-sponsored retirement plans if those shares are held in the name of a","page_number":33,"box":{"x":62,"y":616,"width":811,"height":12}},{"id":"25aaaa94-140b-4d21-9ce4-63b51faa67b4","block_type":"box","text":"nominee or custodian.","page_number":33,"box":{"x":61,"y":631,"width":162,"height":9}},{"id":"6d33d1b9-13bf-4acb-a59e-4e2f509df04f","block_type":"box","text":"In order to receive a reduced sales charge, at the time an investor purchases shares of the Fund, the investor should","page_number":33,"box":{"x":62,"y":653,"width":861,"height":12}},{"id":"217a751b-69ff-411b-a28e-4c3e9f76386d","block_type":"box","text":"inform the Financial Intermediary and/or BlackRock Funds of any other shares of the Fund or any other BlackRock","page_number":33,"box":{"x":62,"y":668,"width":836,"height":12}},{"id":"1b5f647a-615f-484b-9e63-a82aa4e17612","block_type":"box","text":"Fund or Eligible Unlisted BlackRock Closed-End Fund that qualify for a reduced sales charge. Failure by the investor to","page_number":33,"box":{"x":62,"y":683,"width":862,"height":12}},{"id":"9f98afef-cd01-4941-b6f5-eaed7d119f5f","block_type":"box","text":"notify the Financial Intermediary or BlackRock Funds may result in the investor not receiving the sales charge reduction","page_number":33,"box":{"x":61,"y":698,"width":875,"height":12}},{"id":"435149f1-03c5-46a1-aa85-8b3e93e8076d","block_type":"box","text":"to which the investor is otherwise entitled.","page_number":33,"box":{"x":60,"y":713,"width":312,"height":9}},{"id":"dc0c5486-25fe-449b-b488-0a80105916f6","block_type":"box","text":"The Financial Intermediary or BlackRock Funds may request documentation — including account statements and","page_number":33,"box":{"x":60,"y":736,"width":828,"height":11}},{"id":"42fda357-b45f-4eef-84b3-9a8ce3e13ce4","block_type":"box","text":"records of the original cost of the shares owned by the investor, the investor’s spouse and/or children showing that","page_number":33,"box":{"x":61,"y":750,"width":850,"height":12}},{"id":"493d862f-19a4-4bfe-83e6-815d30345937","block_type":"box","text":"the investor qualifies for a reduced sales charge. The investor should retain these records because — depending on","page_number":33,"box":{"x":60,"y":765,"width":856,"height":12}},{"id":"8f0805a1-19de-45d1-aad1-bf5d89d5a2b5","block_type":"box","text":"where an account is held or the type of account — the Fund and/or the Financial Intermediary, BlackRock Funds or","page_number":33,"box":{"x":60,"y":780,"width":845,"height":11}},{"id":"bd98b698-3342-4b17-a5f5-6f153b179ff0","block_type":"box","text":"Eligible Unlisted BlackRock Closed-End Funds may not be able to maintain this information.","page_number":33,"box":{"x":62,"y":795,"width":667,"height":11}},{"id":"a3a20ab9-0e74-44a6-a25a-37b935a595c2","block_type":"box","text":"For more information, see the SAI or contact your Financial Intermediary.","page_number":33,"box":{"x":62,"y":817,"width":531,"height":12}},{"id":"b2732dbe-1d7b-4f8d-aa90-48066b9657d3","block_type":"box","text":"Letter of Intent","page_number":33,"box":{"x":61,"y":840,"width":124,"height":10}},{"id":"525a7693-489c-4ed1-a632-abe7e483a12c","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of Intent” stating the","page_number":33,"box":{"x":60,"y":856,"width":839,"height":12}},{"id":"b9db2969-dda9-44c1-9421-262d2eff8f2a","block_type":"box","text":"investor’s intention to make one or more of the following investments within the next 13 months which would, if bought","page_number":33,"box":{"x":62,"y":871,"width":875,"height":12}},{"id":"fb9f4ecd-b75f-4afc-ad7f-cea188150192","block_type":"box","text":"all at once, qualify the investor for a reduced sales charge:","page_number":33,"box":{"x":61,"y":886,"width":431,"height":12}},{"id":"dbb00e3c-68b7-4ee3-97f6-b26923472633","block_type":"box","text":"i. Buy a specified amount of Investor A, Investor C, Investor P, Institutional, Class K and/or Premier Shares,","page_number":33,"box":{"x":82,"y":909,"width":794,"height":11}},{"id":"65467ecc-29e8-4dc3-a30d-21527e547d75","block_type":"box","text":"33","page_number":33,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"c13fa9b1-80d0-45ba-b745-ef148b5cf0d4","block_type":"box","text":"NM1026U-5981068-33/76","page_number":33,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"98385bec-0dd0-40f0-aae5-b4922de58395","block_type":"box","text":"ii. Make an investment in one or more Eligible Unlisted BlackRock Closed-End Funds and/or","page_number":34,"box":{"x":82,"y":46,"width":675,"height":11}},{"id":"65bb5931-8411-4873-bf3b-d17bc7840027","block_type":"box","text":"iii. Make an investment through the BlackRock CollegeAdvantage 529 Program in one or more BlackRock Funds.","page_number":34,"box":{"x":82,"y":68,"width":820,"height":12}},{"id":"b33f16ed-5e3a-44c6-bf49-4296625df9fa","block_type":"box","text":"The initial investment must meet the minimum initial purchase requirement. The 13-month Letter of Intent period","page_number":34,"box":{"x":60,"y":91,"width":830,"height":11}},{"id":"3ab2b85e-f53b-4a7a-a967-5e63f11de3e4","block_type":"box","text":"commences on the day that the Letter of Intent is received by the Fund.","page_number":34,"box":{"x":61,"y":106,"width":524,"height":11}},{"id":"30fde58e-ac44-4637-9439-6fa8e1aa1f55","block_type":"box","text":"The market value of current holdings in the BlackRock Funds (including Investor A, Investor C, Investor P, Institutional,","page_number":34,"box":{"x":60,"y":128,"width":865,"height":12}},{"id":"6918948e-bed2-49c9-8b44-42e65f4c84c3","block_type":"box","text":"Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the BlackRock CollegeAdvantage 529","page_number":34,"box":{"x":61,"y":143,"width":862,"height":12}},{"id":"d9baf58e-f60c-450e-b7c6-af056c1eff12","block_type":"box","text":"Program Class A and Class C Units) as of the date of commencement that are eligible under the Right of Accumulation","page_number":34,"box":{"x":61,"y":158,"width":870,"height":11}},{"id":"86631f8a-a77f-494e-b127-26778a7bf3cb","block_type":"box","text":"may be counted towards the sales charge reduction.","page_number":34,"box":{"x":61,"y":173,"width":384,"height":11}},{"id":"2df930cf-8df5-4260-be74-5438075f7941","block_type":"box","text":"The investor must notify the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock","page_number":34,"box":{"x":60,"y":195,"width":823,"height":12}},{"id":"15b74521-08ef-49bc-9498-a61ead3b19f1","block_type":"box","text":"Closed-End Funds and/or the BlackRock CollegeAdvantage 529 Program that should be counted towards the sales","page_number":34,"box":{"x":61,"y":210,"width":842,"height":12}},{"id":"ff94a48b-e419-4892-b274-564c76dab9a0","block_type":"box","text":"charge reduction and (ii) any subsequent purchases that should be counted towards the Letter of Intent.","page_number":34,"box":{"x":61,"y":225,"width":765,"height":11}},{"id":"fe225eb6-8586-4454-9690-984d598877a5","block_type":"box","text":"During the term of the Letter of Intent, the Fund will hold Investor A Shares representing up to 5% of the indicated","page_number":34,"box":{"x":62,"y":247,"width":833,"height":12}},{"id":"d23f1d75-7d64-4e14-90c5-fe658b49cb92","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is","page_number":34,"box":{"x":61,"y":262,"width":852,"height":12}},{"id":"336e3326-3fcc-421e-827a-caa53e1362f7","block_type":"box","text":"not purchased. If the full amount indicated is not purchased within the 13-month period, and the investor does not pay","page_number":34,"box":{"x":61,"y":277,"width":872,"height":11}},{"id":"86767f4e-bdb5-4e50-9d4a-7109a9dee980","block_type":"box","text":"the higher sales load within 20 days, the Fund will redeem enough of the Investor A Shares held in escrow to pay the","page_number":34,"box":{"x":60,"y":292,"width":860,"height":11}},{"id":"29f996df-ef31-43db-a160-f6da0140aab7","block_type":"box","text":"difference.","page_number":34,"box":{"x":61,"y":307,"width":77,"height":9}},{"id":"a96478cc-ccea-4263-b6c1-60d8b0672af6","block_type":"box","text":"Right of Accumulation","page_number":34,"box":{"x":61,"y":330,"width":183,"height":12}},{"id":"1f9efdce-a143-413d-b70a-8ee1621939ce","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":34,"box":{"x":62,"y":346,"width":839,"height":12}},{"id":"f3a33de1-b5a8-4639-8d78-e5453755a950","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":34,"box":{"x":61,"y":361,"width":856,"height":11}},{"id":"9dc69aa5-a5d4-4826-a02a-bb7f9055be9b","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":34,"box":{"x":82,"y":383,"width":821,"height":12}},{"id":"08af7f5d-f2de-4690-af7a-f182712a1148","block_type":"box","text":"Premier Shares in most BlackRock Funds,","page_number":34,"box":{"x":102,"y":398,"width":306,"height":11}},{"id":"6f501b09-f468-40b3-935b-e1ae1ad5e7b3","block_type":"box","text":"ii. The current value of an investor’s existing shares of Eligible Unlisted BlackRock Closed-End Funds and","page_number":34,"box":{"x":82,"y":421,"width":771,"height":11}},{"id":"379bd82f-62c3-4f46-82ef-df9e27905d63","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":34,"box":{"x":82,"y":443,"width":788,"height":12}},{"id":"070f81e3-e599-4b03-8d2c-46ffb17f3405","block_type":"box","text":"investor’s spouse and children.","page_number":34,"box":{"x":102,"y":458,"width":228,"height":11}},{"id":"c5a1ac65-2fc6-4690-b085-5894076a9b9f","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":34,"box":{"x":62,"y":481,"width":866,"height":11}},{"id":"edef8adf-1651-4acc-82d4-8209812ccb9e","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":34,"box":{"x":61,"y":496,"width":866,"height":11}},{"id":"a790f1c3-8e83-42f7-9444-6bbdfe97800a","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":34,"box":{"x":62,"y":510,"width":854,"height":12}},{"id":"c59bb90b-ffff-4953-a451-e656d22c3d6c","block_type":"box","text":"any previously purchased shares.","page_number":34,"box":{"x":61,"y":525,"width":243,"height":12}},{"id":"8261f154-ad17-4549-9787-e55b14238b67","block_type":"box","text":"Other Front-End Sales Charge Waivers","page_number":34,"box":{"x":61,"y":548,"width":314,"height":13}},{"id":"07fabe46-a4d9-43bb-a465-1988854a5683","block_type":"box","text":"The following persons may also buy Investor A Shares without paying a sales charge:","page_number":34,"box":{"x":60,"y":564,"width":623,"height":12}},{"id":"8b7772d7-b159-4467-8900-5f3f7e21d4ad","block_type":"box","text":"Certain employer-sponsored retirement plans. For purposes of this waiver, employer-sponsored retirement plans do","page_number":34,"box":{"x":81,"y":584,"width":846,"height":12}},{"id":"89af677c-0c71-4243-92c7-b2c6d309fb8c","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs;","page_number":34,"box":{"x":82,"y":599,"width":352,"height":11}},{"id":"bce1057a-e690-4a8c-afb9-97320478903a","block_type":"box","text":"Rollovers of current investments through certain employer-sponsored retirement plans provided the shares are","page_number":34,"box":{"x":82,"y":619,"width":812,"height":12}},{"id":"944fa3d2-d0f0-4b72-b022-0a8490fddc57","block_type":"box","text":"transferred to Investor A Shares of the same or another BlackRock Fund as either a direct rollover, or subsequent to","page_number":34,"box":{"x":80,"y":634,"width":854,"height":11}},{"id":"13abd7d0-181b-4c42-a6cb-6e2765024760","block_type":"box","text":"distribution, the rolled-over proceeds are contributed to a BlackRock IRA through an account directly with the Fund;","page_number":34,"box":{"x":81,"y":649,"width":840,"height":12}},{"id":"bc4359db-8e86-4e4f-8f94-643681a37a1a","block_type":"box","text":"or purchases by IRA programs that are sponsored by Financial Intermediary firms provided the Financial","page_number":34,"box":{"x":81,"y":664,"width":760,"height":11}},{"id":"f535c92c-24de-4fb2-98ee-91ee4eb85385","block_type":"box","text":"Intermediary firm has entered into a Class A Net Asset Value agreement with respect to such program with the","page_number":34,"box":{"x":82,"y":679,"width":812,"height":11}},{"id":"0661a0be-3068-479a-aa97-b0c32b267cdb","block_type":"box","text":"Distributor;","page_number":34,"box":{"x":82,"y":694,"width":79,"height":10}},{"id":"be63ca2c-57f5-4eef-8307-4c7903cf1035","block_type":"box","text":"Insurance company separate accounts;","page_number":34,"box":{"x":82,"y":714,"width":286,"height":11}},{"id":"cd053c68-f69d-4fd8-b196-c2f9ce9fe30e","block_type":"box","text":"Registered investment advisers, trust companies and bank trust departments exercising discretionary investment","page_number":34,"box":{"x":82,"y":734,"width":836,"height":11}},{"id":"b04e4fba-bffe-4701-bf3d-cbd7eef77169","block_type":"box","text":"authority with respect to amounts to be invested in the Fund;","page_number":34,"box":{"x":81,"y":748,"width":446,"height":12}},{"id":"f18a87dd-9807-4ef9-8ac2-d298ffec8c13","block_type":"box","text":"Persons participating in a fee-based program (such as a wrap account) under which they pay advisory fees to a","page_number":34,"box":{"x":81,"y":768,"width":815,"height":12}},{"id":"ac469faa-4748-44fd-9053-ee0d5029ed33","block_type":"box","text":"broker-dealer or other financial institution;","page_number":34,"box":{"x":81,"y":783,"width":306,"height":11}},{"id":"59a55ed4-1425-4703-904b-5b611a41092b","block_type":"box","text":"Financial Intermediaries who have entered into an agreement with the Distributor and have been approved by the","page_number":34,"box":{"x":82,"y":803,"width":828,"height":12}},{"id":"f440958e-190a-4bf3-b55f-3c580b760ae5","block_type":"box","text":"Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not charge a","page_number":34,"box":{"x":82,"y":818,"width":800,"height":11}},{"id":"b43af236-bd43-4467-9265-752b71d4ce34","block_type":"box","text":"transaction fee;","page_number":34,"box":{"x":80,"y":833,"width":114,"height":10}},{"id":"d3b8e7be-bba9-4314-adac-bb0ba24540bd","block_type":"box","text":"Persons associated with the Fund, the Fund’s manager, the Fund’s sub-adviser, transfer agent, Distributor, fund","page_number":34,"box":{"x":81,"y":853,"width":819,"height":11}},{"id":"0b3b5f86-fcd9-4c55-86b1-ffbda77e8584","block_type":"box","text":"accounting agents, Barclays PLC (“Barclays”) and their respective affiliates (to the extent permitted by these firms)","page_number":34,"box":{"x":81,"y":867,"width":846,"height":12}},{"id":"25d0b9e1-c87a-4291-a362-bc7b3b76978b","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees of firms who have entered","page_number":34,"box":{"x":82,"y":882,"width":843,"height":12}},{"id":"5e32964e-baa7-454c-998c-8cf973de6c63","block_type":"box","text":"into selling agreements to distribute shares of BlackRock Funds; (d) immediate family members of such persons;","page_number":34,"box":{"x":82,"y":897,"width":829,"height":12}},{"id":"f10c4214-8bd1-4dd9-a52c-e4b1a3161a78","block_type":"box","text":"and (e) any trust, pension, profit-sharing or other benefit plan for any of the persons set forth in (a) through (d);","page_number":34,"box":{"x":81,"y":912,"width":815,"height":12}},{"id":"26917852-1624-4348-94bc-189844aeeca9","block_type":"box","text":"34","page_number":34,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"ec66506d-0b63-4eb4-bd36-c7632a8ba170","block_type":"box","text":"NM1026U-5981068-34/76","page_number":34,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3af24d68-fd83-4ad6-9adf-37e3beead8e2","block_type":"box","text":"State sponsored 529 college savings plans and rollovers of such 529 plans into Roth IRAs as permitted under the","page_number":35,"box":{"x":81,"y":46,"width":841,"height":11}},{"id":"2af22211-9551-48d5-95bf-b14f9aaf51e7","block_type":"box","text":"Internal Revenue Code; and","page_number":35,"box":{"x":82,"y":61,"width":201,"height":10}},{"id":"0a1e7a72-da1c-424a-a491-f352f0ac6f25","block_type":"box","text":"Accounts opened directly with the Fund that do not have a Financial Intermediary associated with the account.","page_number":35,"box":{"x":81,"y":81,"width":808,"height":11}},{"id":"35baabe1-1bf5-4a0f-bdbf-6c6e16edc992","block_type":"box","text":"In addition, a sales charge waiver may be available for investors exchanging Investor P Shares of another BlackRock","page_number":35,"box":{"x":62,"y":103,"width":852,"height":12}},{"id":"46b1dae1-d016-4995-9338-15b889d89820","block_type":"box","text":"Fund for Investor A Shares of the Fund through an intermediary-processed exchange, provided that the investor had","page_number":35,"box":{"x":62,"y":118,"width":846,"height":11}},{"id":"2567a0f8-7668-45a5-882d-79f65aeba326","block_type":"box","text":"previously paid a sales charge with respect to such shares.","page_number":35,"box":{"x":62,"y":133,"width":434,"height":11}},{"id":"570098af-fe36-4810-a81a-dc6e4ec8b214","block_type":"box","text":"In addition, Financial Intermediaries may, in connection with a change in account type or otherwise in accordance with","page_number":35,"box":{"x":62,"y":155,"width":864,"height":12}},{"id":"c660902f-103c-4b30-9759-632393e62440","block_type":"box","text":"a Financial Intermediary’s policies and procedures, exchange one class of shares for Investor A Shares of the same","page_number":35,"box":{"x":61,"y":170,"width":852,"height":12}},{"id":"f04d28e0-5df1-4214-938c-cb8a3cdfdc9a","block_type":"box","text":"Fund. In such cases, such exchange would not be subject to an Investor A Shares sales charge. The availability of","page_number":35,"box":{"x":62,"y":185,"width":837,"height":11}},{"id":"203cc27c-39ad-4a5f-950f-1e030506661d","block_type":"box","text":"Investor A Shares sales charge waivers may depend on the policies, procedures and trading platforms of your Financial","page_number":35,"box":{"x":62,"y":200,"width":873,"height":11}},{"id":"6e513e9b-56c2-4299-b213-42221129fa94","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":35,"box":{"x":62,"y":214,"width":317,"height":12}},{"id":"5db23411-a5a0-490c-a383-a551dffbb1ee","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":35,"box":{"x":61,"y":237,"width":861,"height":12}},{"id":"1d19a53e-bdea-4a7e-b86d-4ad1ae982398","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":35,"box":{"x":60,"y":252,"width":817,"height":11}},{"id":"6cae5375-4048-4f1a-9bf4-6e693b8893b8","block_type":"box","text":"Investor A Shares at Net Asset Value","page_number":35,"box":{"x":61,"y":275,"width":306,"height":10}},{"id":"2a760361-d06b-467d-930d-eafb35388100","block_type":"box","text":"If you invest $250,000 or more in Investor A Shares, you will not pay any initial sales charge. However, if you redeem","page_number":35,"box":{"x":62,"y":291,"width":859,"height":12}},{"id":"70095d98-48a7-45ed-a9c9-0c86b8d5f259","block_type":"box","text":"your Investor A Shares within 18 months after purchase, you may be charged a deferred sales charge of 1.00% of the","page_number":35,"box":{"x":60,"y":306,"width":866,"height":12}},{"id":"c15f9853-2003-43b6-8ba1-33e41d19be9e","block_type":"box","text":"lesser of the original cost of the shares being redeemed or your redemption proceeds. For a discussion on waivers,","page_number":35,"box":{"x":62,"y":321,"width":845,"height":11}},{"id":"5a170afe-9ccf-4f70-916e-9721f3f64b30","block_type":"box","text":"see “Contingent Deferred Sales Charge Waivers.”","page_number":35,"box":{"x":61,"y":336,"width":363,"height":11}},{"id":"34de95a1-8641-40d7-804b-7070215cce0d","block_type":"box","text":"If you are eligible to buy both Investor A and Institutional Shares, you should buy Institutional Shares since Investor A","page_number":35,"box":{"x":62,"y":358,"width":860,"height":12}},{"id":"ec8cec32-9586-4668-b866-dd0c104feb47","block_type":"box","text":"Shares are subject to a front end sales charge and an annual 0.25% service fee, while Institutional Shares are not.","page_number":35,"box":{"x":61,"y":373,"width":848,"height":12}},{"id":"bbad6d4d-1af5-40e4-8562-beb83368e454","block_type":"box","text":"The Distributor normally pays the annual Investor A Shares service fee to dealers as a shareholder servicing fee on a","page_number":35,"box":{"x":60,"y":388,"width":863,"height":11}},{"id":"210cba29-765b-4d0c-84f6-f04b55d54505","block_type":"box","text":"monthly basis.","page_number":35,"box":{"x":61,"y":403,"width":105,"height":11}},{"id":"d4f9aecd-4681-4eda-818a-757b088e12bf","block_type":"box","text":"Investor C Shares — Deferred Sales Charge Option","page_number":35,"box":{"x":61,"y":426,"width":420,"height":12}},{"id":"b3af6311-4ddb-44b2-bf4b-c3a078a57c32","block_type":"box","text":"If you select Investor C Shares, you do not pay an initial sales charge at the time of purchase. However, if you redeem","page_number":35,"box":{"x":62,"y":442,"width":865,"height":12}},{"id":"c6c5b81d-ec37-4b10-a072-2467e01a0cf3","block_type":"box","text":"your Investor C Shares within one year after purchase, you may be required to pay a deferred sales charge of 1.00%.","page_number":35,"box":{"x":60,"y":457,"width":858,"height":11}},{"id":"95b9e79c-d712-4af3-9463-1b473f17dd63","block_type":"box","text":"The charge will apply to the lesser of the original cost of the shares being redeemed or the proceeds of your","page_number":35,"box":{"x":60,"y":472,"width":795,"height":11}},{"id":"e1e015a3-f346-4df6-811a-6bb3c25aa18a","block_type":"box","text":"redemption. When you redeem Investor C Shares, the redemption order is processed so that the lowest deferred sales","page_number":35,"box":{"x":61,"y":487,"width":874,"height":11}},{"id":"0b1a437a-7055-4065-b6db-b76d0651ff29","block_type":"box","text":"charge is charged. Investor C Shares that are not subject to the deferred sales charge are redeemed first. In addition,","page_number":35,"box":{"x":61,"y":501,"width":867,"height":12}},{"id":"0619cdf6-9b6c-4d42-9c9c-c1013c35e8b7","block_type":"box","text":"you will not be charged a deferred sales charge when you redeem shares that you acquire through reinvestment of","page_number":35,"box":{"x":60,"y":516,"width":843,"height":12}},{"id":"d4ddf903-2fe7-4465-8f20-0bc2a16c428f","block_type":"box","text":"Fund dividends or capital gains. Any CDSC paid on the redemptions of Investor C Shares expressed as a percentage of","page_number":35,"box":{"x":62,"y":531,"width":873,"height":12}},{"id":"61e999c4-767a-497f-bf48-62c6e1b7e8ba","block_type":"box","text":"the applicable redemption amount may be higher or lower than the charge described due to rounding.","page_number":35,"box":{"x":60,"y":546,"width":745,"height":11}},{"id":"50142f1f-1845-4489-801d-92ff0a9ee710","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), Investor C Shares will automatically convert to Investor A Shares","page_number":35,"box":{"x":62,"y":568,"width":864,"height":12}},{"id":"6db79dee-4a5a-4da6-b12e-02d286299e8b","block_type":"box","text":"approximately eight years after the date of purchase. It is the Financial Intermediary’s responsibility to ensure that the","page_number":35,"box":{"x":61,"y":583,"width":870,"height":12}},{"id":"3fa5f962-9ff7-488b-ae23-f153695bcbf7","block_type":"box","text":"shareholder is credited with the proper holding period. As of the Effective Date, certain Financial Intermediaries,","page_number":35,"box":{"x":61,"y":598,"width":823,"height":12}},{"id":"d1e6cfc3-9e4d-4342-83e5-28d498768dbb","block_type":"box","text":"including group retirement recordkeeping platforms, may not have been tracking such holding periods and therefore","page_number":35,"box":{"x":62,"y":613,"width":847,"height":11}},{"id":"27cfcc69-b1df-4b68-a41f-fa55953ca18e","block_type":"box","text":"may not be able to process such conversions. In such instances, the automatic conversion of Investor C Shares to","page_number":35,"box":{"x":61,"y":628,"width":842,"height":11}},{"id":"42f7d562-94b9-419e-a338-f343af29251b","block_type":"box","text":"Investor A Shares will occur approximately eight years after the Effective Date. The automatic conversion of Investor C","page_number":35,"box":{"x":62,"y":642,"width":865,"height":12}},{"id":"0f46b5ec-61b9-4b13-9ae0-edcec7c93627","block_type":"box","text":"Shares to Investor A Shares is not a taxable event for Federal income tax purposes. Please consult your Financial","page_number":35,"box":{"x":61,"y":657,"width":832,"height":12}},{"id":"6200c3cd-5e61-4c99-b60b-1445753363be","block_type":"box","text":"Intermediary for additional information.","page_number":35,"box":{"x":62,"y":672,"width":285,"height":12}},{"id":"799fd27d-3cdc-49a3-b568-e4572829700b","block_type":"box","text":"In addition, accounts that do not have a Financial Intermediary associated with them are not eligible to hold Investor C","page_number":35,"box":{"x":62,"y":695,"width":869,"height":11}},{"id":"916a9e40-7f64-47a8-9fba-5ad5b02b5a3e","block_type":"box","text":"Shares, and any Investor C Shares held in such accounts will be automatically converted to Investor A Shares.","page_number":35,"box":{"x":61,"y":710,"width":810,"height":11}},{"id":"e66a3aaa-2e5d-49e4-ba94-293dfa29ba52","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":35,"box":{"x":61,"y":732,"width":861,"height":12}},{"id":"aaac17e1-4213-4638-9519-57f1dedc2910","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":35,"box":{"x":60,"y":747,"width":817,"height":12}},{"id":"f9131d48-149c-43d0-bb11-a39bdb21da93","block_type":"box","text":"You will also pay distribution fees of 0.75% and service fees of 0.25% for Investor C Shares each year. Because these","page_number":35,"box":{"x":60,"y":769,"width":870,"height":12}},{"id":"ae292dcc-f046-44cb-ace0-18f891d3fd51","block_type":"box","text":"fees are paid out of the Fund’s assets on an ongoing basis, over time these fees increase the cost of your investment","page_number":35,"box":{"x":60,"y":784,"width":870,"height":12}},{"id":"520d382d-8fc4-4b21-a250-6d22a725e4e3","block_type":"box","text":"and may cost you more than paying other types of sales charges. The Distributor uses the money that it receives from","page_number":35,"box":{"x":61,"y":799,"width":867,"height":12}},{"id":"78f8d904-cec1-402b-99f9-dcb45356df48","block_type":"box","text":"the deferred sales charges and the distribution fees to cover the costs of marketing, advertising and compensating","page_number":35,"box":{"x":60,"y":814,"width":849,"height":12}},{"id":"daea6f07-3ff2-4beb-a75e-cfaceb1d0f90","block_type":"box","text":"the Financial Intermediary who assists you in purchasing Fund shares.","page_number":35,"box":{"x":60,"y":829,"width":517,"height":11}},{"id":"1eeff97c-fd38-4e1e-8736-cfe2d929c5e4","block_type":"box","text":"The Distributor currently pays dealers a sales concession of 1.00% of the purchase price of Investor C Shares from its","page_number":35,"box":{"x":60,"y":851,"width":870,"height":12}},{"id":"dbeefc86-e69d-476f-9f91-12253250b152","block_type":"box","text":"own resources at the time of sale. The Distributor pays the annual Investor C Shares distribution fee and the annual","page_number":35,"box":{"x":61,"y":866,"width":853,"height":12}},{"id":"300a2646-26df-4c22-a0ce-bb9e2a717093","block_type":"box","text":"Investor C Shares service fee as an ongoing concession and as a shareholder servicing fee, respectively, to dealers","page_number":35,"box":{"x":62,"y":881,"width":851,"height":12}},{"id":"82f9edde-b3c3-4f4c-83bc-cafefc6eeda4","block_type":"box","text":"for Investor C Shares held for over a year and normally retains the Investor C Shares distribution fee and service fee","page_number":35,"box":{"x":60,"y":896,"width":856,"height":11}},{"id":"d71ccab7-bc19-4f1c-a43a-0170522e2f16","block_type":"box","text":"during the first year after purchase. For certain employer-sponsored retirement plans, the Distributor will pay the full","page_number":35,"box":{"x":61,"y":911,"width":850,"height":11}},{"id":"4d60a7d9-87a1-4dbb-9e9e-ffbff2732c1c","block_type":"box","text":"35","page_number":35,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"08e410d6-2d0c-4ca5-b29b-453573706cf7","block_type":"box","text":"NM1026U-5981068-35/76","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b2c52b65-cd20-4f77-a52c-12366655d374","block_type":"box","text":"Investor C Shares distribution fee and service fee to dealers beginning in the first year after purchase in lieu of paying","page_number":36,"box":{"x":62,"y":46,"width":866,"height":11}},{"id":"9123c104-12ef-476c-b597-15f57b0b560b","block_type":"box","text":"the sales concession. This may depend on the policies, procedures and trading platforms of your Financial","page_number":36,"box":{"x":60,"y":60,"width":782,"height":12}},{"id":"2581b7b9-6250-43d9-9b24-e0a8ab9a3929","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":36,"box":{"x":62,"y":75,"width":317,"height":12}},{"id":"94f3d35a-e67f-400b-8fa9-a64e757a3a54","block_type":"box","text":"Contingent Deferred Sales Charge Waivers","page_number":36,"box":{"x":61,"y":98,"width":352,"height":13}},{"id":"5ed79c52-b615-42e1-82e1-51a3bb23c1ac","block_type":"box","text":"The deferred sales charge relating to Investor A and Investor C Shares may be reduced or waived in certain","page_number":36,"box":{"x":60,"y":115,"width":788,"height":11}},{"id":"349292e1-17bc-480f-adee-e73c45d1b161","block_type":"box","text":"circumstances, such as:","page_number":36,"box":{"x":61,"y":130,"width":177,"height":10}},{"id":"8de87547-3a7d-40fa-9202-2b787939f1bd","block_type":"box","text":"Redemptions of shares purchased through certain employer-sponsored retirement plans and rollovers of current","page_number":36,"box":{"x":82,"y":149,"width":824,"height":12}},{"id":"2c166ce5-600b-4f0b-9674-84c025d3e032","block_type":"box","text":"investments in the Fund through such plans;","page_number":36,"box":{"x":82,"y":165,"width":324,"height":11}},{"id":"26cf8265-cc60-48e2-a679-03eb6cb33936","block_type":"box","text":"Exchanges pursuant to the exchange privilege, as described in “How to Buy, Sell, Exchange and Transfer Shares —","page_number":36,"box":{"x":82,"y":184,"width":844,"height":12}},{"id":"86edf3d6-cb02-4da0-94fe-32f32aff3fbd","block_type":"box","text":"How to Exchange Shares or Transfer Your Account”;","page_number":36,"box":{"x":82,"y":199,"width":375,"height":12}},{"id":"f5b4e61e-9599-42e4-bc39-8e01d83f4395","block_type":"box","text":"Redemptions made in connection with minimum required distributions from IRA or 403(b)(7) accounts due to the","page_number":36,"box":{"x":82,"y":219,"width":826,"height":11}},{"id":"f8e04100-1013-49d1-8e44-1cce36682120","block_type":"box","text":"shareholder reaching the age of 72;","page_number":36,"box":{"x":81,"y":234,"width":262,"height":11}},{"id":"a859448c-43ba-44de-81c3-b9dee91b5869","block_type":"box","text":"Redemptions made with respect to certain retirement plans sponsored by the Fund, BlackRock or an affiliate;","page_number":36,"box":{"x":82,"y":254,"width":804,"height":11}},{"id":"bfe7eabd-2dfc-46d4-a966-c3246c492dad","block_type":"box","text":"Redemptions resulting from shareholder death as long as the waiver request is made within one year of death or, if","page_number":36,"box":{"x":82,"y":274,"width":847,"height":11}},{"id":"7f0ec930-8ec9-4abe-a2dc-fada79afba19","block_type":"box","text":"later, reasonably promptly following completion of probate (including in connection with the distribution of account","page_number":36,"box":{"x":82,"y":289,"width":834,"height":11}},{"id":"6bcad05f-c917-453a-b0ff-3c6e34d826c8","block_type":"box","text":"assets to a beneficiary of the decedent);","page_number":36,"box":{"x":81,"y":303,"width":297,"height":12}},{"id":"6757749c-97d0-43b4-99e5-d4177e137ec5","block_type":"box","text":"Withdrawals resulting from shareholder disability (as defined in the Internal Revenue Code) as long as the disability","page_number":36,"box":{"x":81,"y":323,"width":847,"height":12}},{"id":"12ca662c-5d71-461a-bc0e-9b4a5e60a2f2","block_type":"box","text":"arose subsequent to the purchase of the shares;","page_number":36,"box":{"x":81,"y":338,"width":360,"height":12}},{"id":"9fd02174-033e-4510-83eb-7674d456c375","block_type":"box","text":"Involuntary redemptions made of shares in accounts with low balances;","page_number":36,"box":{"x":82,"y":358,"width":525,"height":12}},{"id":"5169167d-82fa-4b7e-8d85-bcec9e003768","block_type":"box","text":"Certain redemptions made through the Systematic Withdrawal Plan (“SWP”) offered by the Fund, BlackRock or an","page_number":36,"box":{"x":81,"y":378,"width":833,"height":12}},{"id":"bc672fd7-d6e8-492f-8f1f-6ae54b5d86ed","block_type":"box","text":"affiliate;","page_number":36,"box":{"x":81,"y":393,"width":59,"height":11}},{"id":"26c6ea50-5d90-4e70-b80a-688818d5cdbe","block_type":"box","text":"Redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":36,"box":{"x":82,"y":413,"width":823,"height":12}},{"id":"bd1c5df6-6d6d-4da3-8f2d-d1f97ba248da","block_type":"box","text":"Redemptions when a shareholder can demonstrate hardship, in the absolute discretion of the Fund.","page_number":36,"box":{"x":82,"y":433,"width":732,"height":11}},{"id":"344a7d2e-3d9c-4468-9bef-72f2d8738ff1","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":36,"box":{"x":61,"y":456,"width":861,"height":11}},{"id":"814ed987-e869-4322-b66c-428925e255c3","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":36,"box":{"x":60,"y":470,"width":817,"height":12}},{"id":"326fa2b6-3ec0-4981-a5a1-1d384c1b90ce","block_type":"box","text":"More information about existing sales charge reductions and waivers is available free of charge in a clear and","page_number":36,"box":{"x":62,"y":493,"width":805,"height":12}},{"id":"c1c8f332-c24a-4dd5-8fdc-db0c3ca2a06a","block_type":"box","text":"prominent format via hyperlink at www.blackrock.com and in the SAI, which is available on the website or on request.","page_number":36,"box":{"x":62,"y":508,"width":857,"height":11}},{"id":"ac548338-f200-4d61-b88a-4bc8c8004fb3","block_type":"box","text":"Institutional Shares","page_number":36,"box":{"x":61,"y":531,"width":161,"height":10}},{"id":"1e4c36fa-0ea4-47a8-afc1-ad3858c9e792","block_type":"box","text":"Institutional Shares are not subject to any sales charge. Only certain investors are eligible to buy Institutional Shares.","page_number":36,"box":{"x":62,"y":547,"width":864,"height":12}},{"id":"91f5a6c2-afe9-4578-9b31-6ac39c6032de","block_type":"box","text":"Your Financial Intermediary can help you determine whether you are eligible to buy Institutional Shares. The Fund may","page_number":36,"box":{"x":60,"y":562,"width":865,"height":12}},{"id":"842ff90b-bc95-49c5-a9a2-19858ea2c66c","block_type":"box","text":"permit a lower initial investment for certain investors if their purchase, combined with purchases by other investors","page_number":36,"box":{"x":62,"y":577,"width":845,"height":11}},{"id":"880fa3c3-1ff9-4e8d-a32e-b2f4e83439cb","block_type":"box","text":"received together by the Fund, meets the minimum investment requirement.","page_number":36,"box":{"x":61,"y":592,"width":557,"height":11}},{"id":"fd397adf-19ce-4a34-aaaf-c0e6e67ab7a2","block_type":"box","text":"Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional","page_number":36,"box":{"x":62,"y":614,"width":826,"height":12}},{"id":"18f42f75-6568-4d3c-b18f-fda7a4f1422e","block_type":"box","text":"Shares on such brokerage platforms through a broker acting as an agent for the investor may be required to pay a","page_number":36,"box":{"x":61,"y":629,"width":838,"height":12}},{"id":"9ea4f862-2489-4c5f-b740-661ee31fdded","block_type":"box","text":"commission and/or other forms of compensation to the broker. Shares of the Fund are available in other share","page_number":36,"box":{"x":61,"y":644,"width":816,"height":11}},{"id":"71af2f7d-e117-481b-a0d9-9ae45f1a6cac","block_type":"box","text":"classes that have different fees and expenses.","page_number":36,"box":{"x":61,"y":659,"width":345,"height":11}},{"id":"fa193842-eb8e-40b5-bc61-7ee1886ad628","block_type":"box","text":"Eligible Institutional Share investors include the following:","page_number":36,"box":{"x":62,"y":681,"width":421,"height":12}},{"id":"396ee912-5078-434d-8728-09193dd95265","block_type":"box","text":"Individuals and “Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of","page_number":36,"box":{"x":82,"y":701,"width":854,"height":12}},{"id":"dd28bbc3-b9ba-4269-9de6-9ae1175fb88b","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":36,"box":{"x":80,"y":716,"width":849,"height":12}},{"id":"a1ccff90-d777-4fd1-950e-be893af44a56","block_type":"box","text":"shares;","page_number":36,"box":{"x":81,"y":731,"width":53,"height":11}},{"id":"223a58db-f961-4957-b274-385b2538d2b5","block_type":"box","text":"Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar","page_number":36,"box":{"x":81,"y":751,"width":838,"height":11}},{"id":"64484a7d-a33f-4233-aa2d-b4719a1fc5a4","block_type":"box","text":"services or (ii) have entered into an agreement with the Distributor to offer Institutional Shares through a no-load","page_number":36,"box":{"x":81,"y":766,"width":829,"height":11}},{"id":"7fe38489-4253-499f-8667-8209930e2e76","block_type":"box","text":"program or investment platform, in each case, with no minimum initial investment;","page_number":36,"box":{"x":82,"y":780,"width":604,"height":12}},{"id":"90a835dc-5a89-445f-ba12-36fe55a5165f","block_type":"box","text":"Clients investing through Financial Intermediaries that have entered into an agreement with the Distributor to offer","page_number":36,"box":{"x":81,"y":800,"width":840,"height":12}},{"id":"82c8aa63-c658-401b-82b9-75978ac162d2","block_type":"box","text":"such shares on a platform that charges a transaction based sales commission outside of the Fund, with a minimum","page_number":36,"box":{"x":81,"y":815,"width":853,"height":12}},{"id":"26289eca-df65-4668-a0cf-4dd18a86873e","block_type":"box","text":"initial investment of $1,000;","page_number":36,"box":{"x":82,"y":829,"width":207,"height":12}},{"id":"b6139f6e-3fc4-4eaf-9618-7727b3145b74","block_type":"box","text":"Certain employee benefits plans, such as health savings accounts, and certain employer-sponsored retirement","page_number":36,"box":{"x":81,"y":850,"width":816,"height":12}},{"id":"c148539e-52a9-449d-8757-6b6a6493c4fd","block_type":"box","text":"plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective","page_number":36,"box":{"x":82,"y":865,"width":821,"height":11}},{"id":"7d6844cc-57a0-4860-9f6c-4f92abea19be","block_type":"box","text":"trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks","page_number":36,"box":{"x":80,"y":880,"width":835,"height":11}},{"id":"79ac6b22-2b7b-4e50-bbb2-daaf67d710eb","block_type":"box","text":"36","page_number":36,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"dea7bbce-77e9-4ab4-be10-193688ed087e","block_type":"box","text":"NM1026U-5981068-36/76","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1d51a810-1734-4b70-9aba-33b7aa647367","block_type":"box","text":"and trust companies, each of which is not subject to any minimum initial investment and may purchase shares of","page_number":37,"box":{"x":81,"y":46,"width":835,"height":11}},{"id":"bf9efa54-a257-4e5e-b289-90914d8ed6ea","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":37,"box":{"x":80,"y":61,"width":849,"height":11}},{"id":"e198ab3b-636f-4afd-9c85-689873396404","block_type":"box","text":"shares;","page_number":37,"box":{"x":81,"y":76,"width":53,"height":10}},{"id":"733b7f22-00bd-4027-bc44-d4a32acdcf21","block_type":"box","text":"Trust department clients of Bank of America, N.A. and its affiliates for whom they (i) act in a fiduciary capacity","page_number":37,"box":{"x":81,"y":95,"width":810,"height":12}},{"id":"68942c82-eab8-45d9-9596-a30dc8710b7c","block_type":"box","text":"(excluding participant directed employee benefit plans); (ii) otherwise have investment discretion; or (iii) act as","page_number":37,"box":{"x":81,"y":110,"width":812,"height":12}},{"id":"8c9c7f26-dbdf-4feb-a57d-bb0412a226fa","block_type":"box","text":"custodian for at least $2 million in assets, who are not subject to any minimum initial investment;","page_number":37,"box":{"x":81,"y":124,"width":719,"height":12}},{"id":"35c2e75a-7912-4722-83d5-fe30dc66bb33","block_type":"box","text":"Holders of certain Bank of America Corporation (“BofA Corp.”) sponsored unit investment trusts (“UITs”) who","page_number":37,"box":{"x":82,"y":145,"width":799,"height":11}},{"id":"6049b647-de8d-4364-bb5d-b7e801d33059","block_type":"box","text":"reinvest dividends received from such UITs in shares of the Fund, who are not subject to any minimum initial","page_number":37,"box":{"x":82,"y":160,"width":794,"height":11}},{"id":"7db53c20-75e8-4dc7-b297-8dcc7fb6daab","block_type":"box","text":"investment;","page_number":37,"box":{"x":82,"y":175,"width":83,"height":10}},{"id":"0af7ab9c-5081-43ae-82fd-1da1d487038c","block_type":"box","text":"Employees, officers and directors/trustees of BlackRock, Inc., BlackRock Funds, BofA Corp., Barclays or their","page_number":37,"box":{"x":82,"y":195,"width":805,"height":11}},{"id":"11498d68-be04-4a47-9e74-b00afecc454d","block_type":"box","text":"respective affiliates and immediate family members of such persons who are not subject to any minimum initial","page_number":37,"box":{"x":82,"y":209,"width":819,"height":12}},{"id":"8aa8bd86-e81b-4929-b62f-74dc38421d3d","block_type":"box","text":"investment;","page_number":37,"box":{"x":82,"y":224,"width":83,"height":11}},{"id":"0e79673b-19f3-4c5f-9586-7dd089e23333","block_type":"box","text":"Tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s broker","page_number":37,"box":{"x":81,"y":244,"width":836,"height":12}},{"id":"2e9e8dee-1b1d-456a-b560-3a22f39a902c","block_type":"box","text":"dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family members","page_number":37,"box":{"x":81,"y":259,"width":851,"height":12}},{"id":"0aa9aabd-6c2d-4e6f-a588-b2422d9c59de","block_type":"box","text":"of such persons; and","page_number":37,"box":{"x":81,"y":274,"width":154,"height":11}},{"id":"b643e6d9-b12c-496d-a8ce-48cebec55c92","block_type":"box","text":"Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record","page_number":37,"box":{"x":81,"y":294,"width":816,"height":11}},{"id":"fd7beb34-d665-464d-81cc-0746b81041d7","block_type":"box","text":"keeper, provided that such program offers only mutual fund options and that the program maintains an account with","page_number":37,"box":{"x":82,"y":309,"width":851,"height":11}},{"id":"f15dd0a9-9437-43a1-9fc4-3e2390fa4e8b","block_type":"box","text":"the Fund on an omnibus basis.","page_number":37,"box":{"x":80,"y":324,"width":227,"height":9}},{"id":"5dc9fd9f-3ff3-4efd-a520-082e047994b5","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":37,"box":{"x":60,"y":346,"width":620,"height":12}},{"id":"fcdaca49-b685-449d-94c6-df635bc940c0","block_type":"box","text":"Distribution and Shareholder Servicing Payments","page_number":37,"box":{"x":61,"y":385,"width":442,"height":13}},{"id":"bf450979-5fe3-411e-9a91-413f759c23dc","block_type":"box","text":"Plan Payments","page_number":37,"box":{"x":61,"y":412,"width":122,"height":12}},{"id":"3b99375c-6715-459d-a8ab-d53932cfeb15","block_type":"box","text":"The Fund has adopted plans (the “Plans”) pursuant to Rule 12b-1 under the Investment Company Act with respect to","page_number":37,"box":{"x":60,"y":428,"width":859,"height":11}},{"id":"531d08c0-10e2-42d2-aae1-f9a2962bffe6","block_type":"box","text":"the Investor Shares that allow the Fund to pay distribution fees for the sale of its shares and/or shareholder servicing","page_number":37,"box":{"x":60,"y":443,"width":869,"height":11}},{"id":"8283781b-7744-4399-84d4-858af8ce9c17","block_type":"box","text":"fees for certain services provided to its shareholders.","page_number":37,"box":{"x":60,"y":457,"width":395,"height":12}},{"id":"33d2577b-427e-474c-a098-c5d4b586c248","block_type":"box","text":"Under the Plans, Investor C Shares pay a distribution fee to the Distributor and/or its affiliates for distribution and","page_number":37,"box":{"x":62,"y":480,"width":837,"height":12}},{"id":"f8a146aa-4d32-49aa-b00b-a9f587ebd17f","block_type":"box","text":"sales support services. The distribution fees may be used to pay the Distributor for distribution and sales support","page_number":37,"box":{"x":61,"y":495,"width":839,"height":11}},{"id":"ff5956c1-289e-4774-9e27-7449a721d02e","block_type":"box","text":"services and to pay the Distributor and BlackRock and its affiliates for sales support services provided and related","page_number":37,"box":{"x":61,"y":510,"width":845,"height":11}},{"id":"b7634e2f-9fcb-4fe1-b377-72fde682cca2","block_type":"box","text":"expenses incurred in connection with the sale of Investor C Shares. The distribution fees may also be used to pay","page_number":37,"box":{"x":61,"y":525,"width":838,"height":11}},{"id":"70697b29-ee36-4ebf-b1a4-05764fd3c510","block_type":"box","text":"Financial Intermediaries for sales support services and related expenses. All Investor C Shares pay a maximum","page_number":37,"box":{"x":62,"y":539,"width":819,"height":12}},{"id":"f400955a-459a-43da-9ede-2f0acf79eda5","block_type":"box","text":"distribution fee per year that is a percentage of the average daily net asset value of the Investor C Shares of the Fund.","page_number":37,"box":{"x":61,"y":554,"width":869,"height":12}},{"id":"cdc04bf8-31c3-4150-b3e9-bcf508870569","block_type":"box","text":"Institutional and Investor A Shares do not pay distribution fees.","page_number":37,"box":{"x":62,"y":569,"width":462,"height":11}},{"id":"abe35250-a95d-4fa8-976e-b0f592c84418","block_type":"box","text":"Under the Plans, the Fund also pays shareholder servicing fees (also referred to as general shareholder liaison","page_number":37,"box":{"x":62,"y":592,"width":814,"height":11}},{"id":"20a20e73-ff56-475a-9ef3-2cdbcb3d0a9b","block_type":"box","text":"services fees) to Financial Intermediaries for providing support services to their customers who own Investor Shares of","page_number":37,"box":{"x":61,"y":606,"width":876,"height":12}},{"id":"97bb9230-e3fc-4e6d-8285-eb4c6e53ed53","block_type":"box","text":"the Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily net asset value of","page_number":37,"box":{"x":60,"y":621,"width":867,"height":12}},{"id":"99e47637-1e69-406a-b625-ec99de645897","block_type":"box","text":"Investor Shares of the Fund. All Investor Shares pay this shareholder servicing fee. Institutional Shares do not pay this","page_number":37,"box":{"x":62,"y":636,"width":871,"height":12}},{"id":"6748a366-b497-4fbd-9114-f44b565d013f","block_type":"box","text":"shareholder servicing fee.","page_number":37,"box":{"x":61,"y":651,"width":189,"height":11}},{"id":"0d111e68-2aec-4d1d-9458-703ce7500b9e","block_type":"box","text":"In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of","page_number":37,"box":{"x":62,"y":673,"width":859,"height":12}},{"id":"cf4e2233-bcae-4494-801b-6918089ccdf6","block_type":"box","text":"the following services to their customers who own Investor Shares:","page_number":37,"box":{"x":60,"y":688,"width":492,"height":12}},{"id":"86f5380b-bd1a-462b-a892-4f211384c67a","block_type":"box","text":"Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and","page_number":37,"box":{"x":81,"y":709,"width":848,"height":11}},{"id":"1b936f7d-9208-4d0e-b523-886a4a715ff4","block_type":"box","text":"redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers’","page_number":37,"box":{"x":82,"y":723,"width":811,"height":12}},{"id":"426b5bfa-bd99-4d09-ac16-bdfa37cb1966","block_type":"box","text":"investments;","page_number":37,"box":{"x":82,"y":738,"width":92,"height":11}},{"id":"6b5ac879-5af8-4e27-86f5-b6cd21b1d689","block_type":"box","text":"Assisting customers in designating and changing dividend options, account designations and addresses; and","page_number":37,"box":{"x":81,"y":758,"width":801,"height":11}},{"id":"417d7e7f-a0c8-49bf-bee3-127aec18078c","block_type":"box","text":"Providing other similar shareholder liaison services.","page_number":37,"box":{"x":81,"y":778,"width":379,"height":11}},{"id":"2de2c919-4b69-45f8-a77b-bfc587dad070","block_type":"box","text":"The shareholder servicing fees payable pursuant to the Plans are paid to compensate Financial Intermediaries for the","page_number":37,"box":{"x":60,"y":800,"width":864,"height":12}},{"id":"0454cbab-ef50-4b19-b04f-7bc6d7982094","block_type":"box","text":"administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the","page_number":37,"box":{"x":61,"y":815,"width":848,"height":12}},{"id":"032c6b98-e96f-4433-8309-ecf21ef6dc5c","block_type":"box","text":"sale of the Fund’s shares.","page_number":37,"box":{"x":61,"y":830,"width":191,"height":9}},{"id":"d5a80e7e-2f45-4a40-aa2b-360a3f4c6909","block_type":"box","text":"Because the fees paid by the Fund under the Plans are paid out of Fund assets on an ongoing basis, over time these","page_number":37,"box":{"x":62,"y":853,"width":859,"height":11}},{"id":"2deb98ae-7405-4536-b79e-d76e00917cfe","block_type":"box","text":"fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In","page_number":37,"box":{"x":60,"y":867,"width":836,"height":12}},{"id":"cf9f84e5-d460-40eb-8704-cc3c752e41c0","block_type":"box","text":"addition, the distribution fees paid by Investor C Shares may over time cost investors more than the front-end sales","page_number":37,"box":{"x":61,"y":882,"width":848,"height":12}},{"id":"ac3ded7b-10ea-48ca-a3b6-55696bf451f8","block_type":"box","text":"charge on Investor A Shares. For more information on the Plans, including a complete list of services provided","page_number":37,"box":{"x":61,"y":897,"width":809,"height":12}},{"id":"3c12e5dd-2660-4612-b734-5abaf7e6fecc","block_type":"box","text":"thereunder, see the SAI.","page_number":37,"box":{"x":60,"y":912,"width":178,"height":11}},{"id":"a59a0b39-e351-4e56-ac9a-edd2b7826dce","block_type":"box","text":"37","page_number":37,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"a3868de0-f842-4eb1-8d57-9c360a45ffb6","block_type":"box","text":"NM1026U-5981068-37/76","page_number":37,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8bbf0ae6-b781-40a7-908e-15380478f673","block_type":"box","text":"Other Payments by the Fund","page_number":38,"box":{"x":61,"y":46,"width":233,"height":13}},{"id":"9d20b142-c229-41bd-9bd7-6787e510e917","block_type":"box","text":"In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plans and fees the Fund pays to","page_number":38,"box":{"x":62,"y":62,"width":860,"height":12}},{"id":"b69b7bae-3a34-42c5-ade5-0fc6ba890506","block_type":"box","text":"its transfer agent, BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”), BlackRock, on behalf of the Fund,","page_number":38,"box":{"x":62,"y":77,"width":867,"height":12}},{"id":"dce266cd-2e68-4e33-958f-4c74c2299427","block_type":"box","text":"may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund","page_number":38,"box":{"x":61,"y":92,"width":874,"height":12}},{"id":"43410aa8-658e-4816-91f2-f1fe6a58eb19","block_type":"box","text":"will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting","page_number":38,"box":{"x":60,"y":107,"width":843,"height":11}},{"id":"e1fdfa84-de41-4029-a0cf-67ef8f7d1834","block_type":"box","text":"and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average","page_number":38,"box":{"x":61,"y":122,"width":862,"height":11}},{"id":"cb60e62f-3c4b-419f-97ff-11a527100993","block_type":"box","text":"daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each","page_number":38,"box":{"x":61,"y":137,"width":815,"height":11}},{"id":"9357039e-3913-49a7-821a-1b5406a10b31","block_type":"box","text":"account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial.","page_number":38,"box":{"x":61,"y":151,"width":791,"height":12}},{"id":"a2222dc5-0929-4514-8c1d-9b201b6d7bc0","block_type":"box","text":"Other Payments by BlackRock","page_number":38,"box":{"x":61,"y":174,"width":252,"height":13}},{"id":"b57af0d5-5fa9-405b-ac12-116660f65646","block_type":"box","text":"From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative,","page_number":38,"box":{"x":62,"y":191,"width":851,"height":11}},{"id":"fc605652-3e9e-41b9-8578-c54a31e12ef7","block_type":"box","text":"networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or","page_number":38,"box":{"x":61,"y":205,"width":843,"height":12}},{"id":"0349cf28-42fb-478c-bc67-f3674dadc5cb","block_type":"box","text":"their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate","page_number":38,"box":{"x":60,"y":220,"width":853,"height":12}},{"id":"38074ccd-606b-476e-8e26-82c0ebb3aa8b","block_type":"box","text":"affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments","page_number":38,"box":{"x":61,"y":235,"width":866,"height":12}},{"id":"1af39110-5cb1-4567-9ce3-faf65335260e","block_type":"box","text":"would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be","page_number":38,"box":{"x":60,"y":250,"width":839,"height":11}},{"id":"45c8ac0b-f0d9-4670-91f1-7bcc6b3c3a68","block_type":"box","text":"based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage","page_number":38,"box":{"x":61,"y":265,"width":860,"height":11}},{"id":"d1682d10-e249-4087-bff4-088d69a8ce65","block_type":"box","text":"of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another","page_number":38,"box":{"x":61,"y":280,"width":841,"height":11}},{"id":"82d74ab1-7ba4-41a1-aa62-997220c46079","block_type":"box","text":"basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial","page_number":38,"box":{"x":61,"y":294,"width":856,"height":12}},{"id":"63db96ef-18cc-47c2-8358-f365093edc6d","block_type":"box","text":"and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated","page_number":38,"box":{"x":61,"y":309,"width":813,"height":12}},{"id":"6ed3c5b8-6365-4b00-8925-3cb6629c59ed","block_type":"box","text":"persons to recommend or sell shares of the Fund to you.","page_number":38,"box":{"x":62,"y":324,"width":415,"height":12}},{"id":"3b6f6a78-831d-4a4e-a523-629ed56502cf","block_type":"box","text":"Please contact your Financial Intermediary for details about payments it may receive from the Fund or from BlackRock,","page_number":38,"box":{"x":61,"y":347,"width":869,"height":11}},{"id":"96a58f14-12b6-40e5-8c24-1307c5ccd856","block_type":"box","text":"the Distributor or their affiliates. For more information, see the SAI.","page_number":38,"box":{"x":60,"y":361,"width":495,"height":11}},{"id":"5be4acab-3ade-4387-8174-3f1603f0f909","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":38,"box":{"x":61,"y":400,"width":434,"height":14}},{"id":"4d704760-6d83-4f9b-ae79-e58852aa6fe7","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":38,"box":{"x":60,"y":427,"width":846,"height":11}},{"id":"0008de0b-a1f8-46d1-a4a0-284b254736d3","block_type":"box","text":"Intermediary. You may also buy, sell, exchange and transfer shares through BlackRock if your account is held directly","page_number":38,"box":{"x":62,"y":441,"width":857,"height":12}},{"id":"9b044872-eb60-43a6-b1ab-74d3d99ed870","block_type":"box","text":"with BlackRock. To learn more about buying, selling, exchanging or transferring shares through BlackRock, call","page_number":38,"box":{"x":60,"y":456,"width":809,"height":12}},{"id":"76178734-d06a-4cc0-bd68-474ae223264c","block_type":"box","text":"(800) 441-7762. Because the selection of a mutual fund involves many considerations, your Financial Intermediary","page_number":38,"box":{"x":61,"y":471,"width":847,"height":11}},{"id":"3bf242fd-b87a-4a74-9351-6368e0c8cc88","block_type":"box","text":"may help you with this decision.","page_number":38,"box":{"x":61,"y":486,"width":232,"height":11}},{"id":"e3a76a51-e38f-4a11-881d-0ad9ff06f082","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":38,"box":{"x":60,"y":509,"width":867,"height":11}},{"id":"efd6a51f-2d85-4f2f-8482-6c71999a410f","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":38,"box":{"x":61,"y":523,"width":858,"height":12}},{"id":"6c5e9576-63c6-4791-80da-cf996a30db41","block_type":"box","text":"investments (including by way of exchange from another BlackRock Fund) into existing accounts, the Fund generally","page_number":38,"box":{"x":62,"y":538,"width":845,"height":12}},{"id":"c7f152c0-3478-4314-bc0e-b5312565d819","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":38,"box":{"x":61,"y":553,"width":860,"height":11}},{"id":"44a9db32-6bd3-4520-aa6b-1a9a7e72be2c","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":38,"box":{"x":60,"y":568,"width":868,"height":11}},{"id":"665145ca-3f49-48ff-89a8-13c18a9f4656","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":38,"box":{"x":61,"y":583,"width":863,"height":11}},{"id":"b1eac3e5-e7d8-4de2-b24d-2b26c9bdeaae","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":38,"box":{"x":61,"y":597,"width":787,"height":12}},{"id":"65d7c642-75ad-41f8-8281-39d9e6fe508e","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":38,"box":{"x":62,"y":612,"width":857,"height":12}},{"id":"f1f94488-3f29-401c-acc6-a6d7d4cadaae","block_type":"box","text":"restricted from making additional investments.","page_number":38,"box":{"x":61,"y":627,"width":341,"height":12}},{"id":"7c1b5247-2e87-4776-8f14-888c741642a1","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":38,"box":{"x":60,"y":650,"width":861,"height":11}},{"id":"08cc5a74-fe4e-4c0c-8fd7-60ac64984257","block_type":"box","text":"for any shareholders and suspend and resume the sale of any share class of the Fund at any time for any reason. In","page_number":38,"box":{"x":60,"y":664,"width":856,"height":12}},{"id":"2a5a54e9-6626-42bb-8650-0a423be91db4","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":38,"box":{"x":61,"y":679,"width":822,"height":12}},{"id":"7c82b1f2-a711-4fa0-af12-2ae1bc49903d","block_type":"box","text":"described below.","page_number":38,"box":{"x":61,"y":694,"width":121,"height":9}},{"id":"b11d2296-b9c7-4d46-9966-ca24e0daffe7","block_type":"box","text":"Under certain circumstances, if no activity occurs in an account within a time period specified by state law, a","page_number":38,"box":{"x":62,"y":717,"width":797,"height":11}},{"id":"8d8bf035-6b29-4cdd-8704-418ae0c574a2","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":38,"box":{"x":61,"y":731,"width":487,"height":12}},{"id":"40e18c69-bde8-439c-bbb6-cbc1e9e32c78","block_type":"box","text":"How to Buy Shares","page_number":38,"box":{"x":61,"y":755,"width":156,"height":12}},{"id":"d2b5eb7c-7450-4d5e-bbec-3cbb98e75b92","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":38,"box":{"x":213,"y":777,"width":478,"height":9}},{"id":"45276fac-23d9-4a25-b4e6-659a20a41d0b","block_type":"box","text":"Initial Purchase","page_number":38,"box":{"x":61,"y":794,"width":105,"height":8}},{"id":"01cdb295-176e-4de1-89f8-3fbe02d5b207","block_type":"box","text":"First, select the share class","page_number":38,"box":{"x":214,"y":794,"width":183,"height":9}},{"id":"22eb328c-8608-45c1-839f-3107bd539035","block_type":"box","text":"appropriate for you","page_number":38,"box":{"x":214,"y":807,"width":123,"height":10}},{"id":"6da95c8d-4543-4e3e-aec0-d465ddb6d59e","block_type":"box","text":"Refer to the “Share Classes at a Glance” table in this prospectus (be","page_number":38,"box":{"x":461,"y":794,"width":458,"height":10}},{"id":"96c7331b-bdf2-4055-8f79-24ff216f25a7","block_type":"box","text":"sure to read this prospectus carefully). When you place your initial","page_number":38,"box":{"x":461,"y":807,"width":435,"height":10}},{"id":"82534bc7-3f5e-4eba-8262-ab69ed710009","block_type":"box","text":"order, you must indicate which share class you select (if you do not","page_number":38,"box":{"x":461,"y":821,"width":444,"height":10}},{"id":"5d3e97ed-2ba1-49fd-9825-c5abe9061014","block_type":"box","text":"specify a share class and do not qualify to purchase Institutional","page_number":38,"box":{"x":461,"y":834,"width":426,"height":11}},{"id":"1ae314bd-5438-46b9-af31-ad11ba6ab7ae","block_type":"box","text":"Shares, you will receive Investor A Shares). Certain factors, such as","page_number":38,"box":{"x":461,"y":848,"width":449,"height":10}},{"id":"fa622365-58bc-4755-bbba-8a4bc3585688","block_type":"box","text":"the amount of your investment, your time frame for investing, and your","page_number":38,"box":{"x":460,"y":861,"width":466,"height":11}},{"id":"ae821455-e8d0-443f-9ef1-daedb387f33c","block_type":"box","text":"financial goals, may affect which share class you choose. Your","page_number":38,"box":{"x":460,"y":875,"width":414,"height":10}},{"id":"8e6c3b3c-affa-4ea5-8c6f-915de27f58ab","block_type":"box","text":"Financial Intermediary can help you determine which share class is","page_number":38,"box":{"x":461,"y":889,"width":443,"height":10}},{"id":"7dc162b5-5c4d-461c-a605-49a235066eb7","block_type":"box","text":"appropriate for you.","page_number":38,"box":{"x":461,"y":902,"width":127,"height":10}},{"id":"d97731e5-08c4-4ead-873f-23ebbd0bd362","block_type":"box","text":"38","page_number":38,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"402e9803-a0bf-4abf-a77a-eeecaafcdf35","block_type":"box","text":"NM1026U-5981068-38/76","page_number":38,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"dcdececf-895d-4e24-8e53-cede58a2999d","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":39,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"6dbec1a3-4f07-44a8-ae85-21eeefba7093","block_type":"box","text":"Initial Purchase","page_number":39,"box":{"x":61,"y":67,"width":105,"height":8}},{"id":"1622839e-0319-46c2-87b0-f7e540a1f9e9","block_type":"box","text":"(continued)","page_number":39,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"bb0ed1f4-b857-4393-8803-77c351afa9ba","block_type":"box","text":"Next, determine the amount of","page_number":39,"box":{"x":214,"y":67,"width":203,"height":10}},{"id":"bea3486c-b76d-4729-a93f-511b49071eca","block_type":"box","text":"your investment","page_number":39,"box":{"x":213,"y":81,"width":105,"height":10}},{"id":"48f24454-395f-450b-893a-7fe6cc160df6","block_type":"box","text":"Refer to the minimum initial investment in the “Share Classes at a","page_number":39,"box":{"x":461,"y":67,"width":440,"height":8}},{"id":"481ace3c-7fef-4849-85cd-d8c2fc37006a","block_type":"box","text":"Glance” table of this prospectus. Be sure to note the maximum","page_number":39,"box":{"x":461,"y":81,"width":418,"height":10}},{"id":"e283f4c1-92dd-451c-ab04-8db523184587","block_type":"box","text":"investment amounts in Investor C Shares. See “Account Information —","page_number":39,"box":{"x":461,"y":94,"width":471,"height":9}},{"id":"bc97dc59-0303-4c8e-90ed-cb6bfcc6f485","block_type":"box","text":"Details About the Share Classes” for information on a lower initial","page_number":39,"box":{"x":461,"y":108,"width":435,"height":8}},{"id":"a3456eb4-1a23-49fe-8fd8-67211811576b","block_type":"box","text":"investment requirement for certain Fund investors if their purchase,","page_number":39,"box":{"x":461,"y":121,"width":446,"height":10}},{"id":"8a99e935-ae43-47a2-84b1-ed6cfeee6b57","block_type":"box","text":"combined with purchases by other investors received together by the","page_number":39,"box":{"x":461,"y":135,"width":453,"height":10}},{"id":"be3be492-7d44-491e-b1cd-91487c628423","block_type":"box","text":"Fund, meets the minimum investment requirement.","page_number":39,"box":{"x":461,"y":149,"width":337,"height":10}},{"id":"698556ca-0227-4445-8738-7fce1f8a1391","block_type":"box","text":"Have your Financial Intermediary","page_number":39,"box":{"x":214,"y":167,"width":215,"height":10}},{"id":"45c72a17-e674-4a20-9ee9-68649436b8fd","block_type":"box","text":"submit your purchase order","page_number":39,"box":{"x":214,"y":180,"width":181,"height":10}},{"id":"31d15cd2-c1c3-4a6b-80b3-f9abf1721ffa","block_type":"box","text":"The price of your shares is based on the next calculation of the Fund’s","page_number":39,"box":{"x":460,"y":166,"width":466,"height":11}},{"id":"5b654787-468a-433c-9850-9468dbdb4772","block_type":"box","text":"net asset value after your order is placed. Any purchase orders placed","page_number":39,"box":{"x":461,"y":180,"width":463,"height":10}},{"id":"067fea7a-2aac-4886-b44f-a6da6f256787","block_type":"box","text":"prior to the close of business on the New York Stock Exchange (the","page_number":39,"box":{"x":461,"y":193,"width":443,"height":11}},{"id":"963d4f58-b972-4824-98d7-4851423a6926","block_type":"box","text":"“NYSE”) (generally 4:00 p.m. Eastern time) will be priced at the net","page_number":39,"box":{"x":461,"y":207,"width":445,"height":10}},{"id":"13c94652-a4cf-4e4c-91fd-2772a6130bec","block_type":"box","text":"asset value determined that day. Certain Financial Intermediaries,","page_number":39,"box":{"x":461,"y":221,"width":435,"height":10}},{"id":"457610b7-9527-481c-af7b-aa7be9e572ee","block_type":"box","text":"however, may require submission of orders prior to that time. Purchase","page_number":39,"box":{"x":461,"y":234,"width":469,"height":10}},{"id":"aa805f01-db6f-4c47-9ca1-6e45565828af","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":39,"box":{"x":461,"y":248,"width":429,"height":10}},{"id":"7fe45bea-527a-4ada-b23d-9231bc9a3f0f","block_type":"box","text":"determined on the next business day.","page_number":39,"box":{"x":461,"y":261,"width":247,"height":10}},{"id":"152a18c5-725d-4fa2-933a-502dba7c0f2d","block_type":"box","text":"A broker-dealer or financial institution maintaining the account in which","page_number":39,"box":{"x":460,"y":277,"width":468,"height":11}},{"id":"dba4b8f3-9918-4120-b487-d13476b66492","block_type":"box","text":"you hold shares may charge a separate account, service or transaction","page_number":39,"box":{"x":460,"y":291,"width":470,"height":10}},{"id":"2983ca23-844a-46d5-9ce7-90422b31ead5","block_type":"box","text":"fee on the purchase or sale of Fund shares that would be in addition to","page_number":39,"box":{"x":460,"y":304,"width":471,"height":10}},{"id":"e56fa542-f3ac-422e-8131-1dfa0d09765b","block_type":"box","text":"the fees and expenses shown in the Fund’s “Fees and Expenses”","page_number":39,"box":{"x":460,"y":318,"width":434,"height":10}},{"id":"2e08c290-7171-415b-82db-7adc5b685905","block_type":"box","text":"table.","page_number":39,"box":{"x":460,"y":332,"width":36,"height":8}},{"id":"4cb51988-75bd-455b-947a-e1fb00dab846","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":39,"box":{"x":460,"y":348,"width":473,"height":10}},{"id":"6e3dbba7-8e49-4f44-a96c-cd39a4d1aded","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":39,"box":{"x":461,"y":361,"width":453,"height":11}},{"id":"196ffc55-c286-4876-9d7a-73c6438e1ada","block_type":"box","text":"processing fee to confirm a purchase.","page_number":39,"box":{"x":461,"y":375,"width":249,"height":10}},{"id":"8d67a91b-614d-4abd-88cc-fb489cd88f52","block_type":"box","text":"Or contact BlackRock (for","page_number":39,"box":{"x":214,"y":393,"width":167,"height":10}},{"id":"535d2315-1fc9-4a0a-8d96-b3419c814ce5","block_type":"box","text":"accounts held directly with","page_number":39,"box":{"x":214,"y":406,"width":173,"height":11}},{"id":"f6ba25ed-a8d2-4cc6-a720-811498c7733b","block_type":"box","text":"BlackRock)","page_number":39,"box":{"x":214,"y":420,"width":71,"height":10}},{"id":"73be88cb-4948-495c-8f2e-427e9e87cdd1","block_type":"box","text":"To purchase shares directly from BlackRock, call (800) 441-7762 and","page_number":39,"box":{"x":460,"y":393,"width":461,"height":10}},{"id":"9da8097e-d17f-453e-a54c-cfbf0a3c3a5e","block_type":"box","text":"request a new account application. Mail the completed application","page_number":39,"box":{"x":461,"y":406,"width":438,"height":10}},{"id":"61403d4b-becf-4e64-b5a1-527931f1fbf0","block_type":"box","text":"along with a check payable to “BlackRock Funds” to the Transfer Agent","page_number":39,"box":{"x":461,"y":420,"width":468,"height":10}},{"id":"0c92aa33-8a0c-4f40-b900-d59b78fffa2f","block_type":"box","text":"at the address on the application. The Fund limits purchases by","page_number":39,"box":{"x":461,"y":434,"width":421,"height":10}},{"id":"cee100ea-cba9-4e07-a70d-e0d17f492297","block_type":"box","text":"personal check to $500,000 per trade.","page_number":39,"box":{"x":461,"y":446,"width":257,"height":11}},{"id":"41f4d218-ab9c-4db1-8ae6-28caad65dca7","block_type":"box","text":"Add to Your","page_number":39,"box":{"x":60,"y":465,"width":78,"height":8}},{"id":"47e3c74c-829f-40da-861e-72aa250d52e5","block_type":"box","text":"Investment","page_number":39,"box":{"x":61,"y":477,"width":75,"height":8}},{"id":"4f2da7b3-c71e-4a78-b2bf-0e294b4010bf","block_type":"box","text":"Purchase additional shares For Investor A and Investor C Shares, the minimum investment for","page_number":39,"box":{"x":214,"y":465,"width":683,"height":10}},{"id":"f42898b2-8496-4c56-af21-92ba371e85e8","block_type":"box","text":"additional purchases is generally $50 for all accounts (with the","page_number":39,"box":{"x":461,"y":478,"width":415,"height":11}},{"id":"1abb92d9-09a9-4adf-9c1f-d5ba28abcf50","block_type":"box","text":"exception of certain employer-sponsored retirement plans which may","page_number":39,"box":{"x":461,"y":492,"width":455,"height":10}},{"id":"9114943d-4dc5-43db-8122-fa353582b4da","block_type":"box","text":"have a lower minimum for additional purchases). The minimums for","page_number":39,"box":{"x":461,"y":505,"width":445,"height":11}},{"id":"e75178a8-ef68-4030-9032-742d20e5cc99","block_type":"box","text":"additional purchases may be waived under certain circumstances.","page_number":39,"box":{"x":461,"y":519,"width":436,"height":10}},{"id":"d4211797-0edd-4183-803e-caa176b05907","block_type":"box","text":"Institutional Shares have no minimum for additional purchases.","page_number":39,"box":{"x":461,"y":533,"width":418,"height":10}},{"id":"e96f9a6e-1674-42d9-96b6-fd4514c6a2fd","block_type":"box","text":"Have your Financial Intermediary","page_number":39,"box":{"x":214,"y":551,"width":215,"height":10}},{"id":"a88ef91e-187a-4290-82d2-7d40babc7827","block_type":"box","text":"submit your purchase order for","page_number":39,"box":{"x":214,"y":564,"width":203,"height":10}},{"id":"d3351aa2-373c-4f87-9d8d-704dc9ebbf04","block_type":"box","text":"additional shares","page_number":39,"box":{"x":214,"y":578,"width":113,"height":8}},{"id":"100c6062-8a30-4d73-b579-cea7b9786877","block_type":"box","text":"To purchase additional shares you may contact your Financial","page_number":39,"box":{"x":460,"y":551,"width":405,"height":10}},{"id":"ddca997c-c7ff-4f10-b2e1-86449a1aa278","block_type":"box","text":"Intermediary. For more details on purchasing by Internet see below.","page_number":39,"box":{"x":461,"y":564,"width":444,"height":11}},{"id":"c18ae2dd-f01f-4ccf-974e-7146d0e0eab9","block_type":"box","text":"Or contact BlackRock (for","page_number":39,"box":{"x":214,"y":596,"width":167,"height":10}},{"id":"2c332099-58e9-4e82-bac0-846201f70007","block_type":"box","text":"accounts held directly with","page_number":39,"box":{"x":214,"y":610,"width":173,"height":10}},{"id":"72030b93-fc7c-48db-8fdb-d930f464cdb0","block_type":"box","text":"BlackRock)","page_number":39,"box":{"x":214,"y":623,"width":71,"height":10}},{"id":"2f2ed590-7e41-4a37-96eb-96faa65818fc","block_type":"box","text":"Purchase by Telephone:","page_number":39,"box":{"x":461,"y":596,"width":158,"height":10}},{"id":"247c7e96-0316-473f-915b-65af451f9025","block_type":"box","text":"Call (800) 441-7762 and speak with one of","page_number":39,"box":{"x":625,"y":596,"width":288,"height":10}},{"id":"c22bfa14-c77c-4bea-b813-4e524183a25a","block_type":"box","text":"our representatives. 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Any redemption request placed after that time","page_number":40,"box":{"x":461,"y":650,"width":470,"height":11}},{"id":"647a215b-fe96-4083-9a70-ad3500b33380","block_type":"box","text":"will be priced at the net asset value at the close of business on the","page_number":40,"box":{"x":460,"y":664,"width":447,"height":10}},{"id":"6d4d629e-b650-40dd-a7d2-cb4e70e7ce77","block_type":"box","text":"next business day.","page_number":40,"box":{"x":461,"y":678,"width":121,"height":10}},{"id":"a42caf91-dd6b-4322-bb81-594c801d371b","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":40,"box":{"x":461,"y":694,"width":437,"height":10}},{"id":"9a7acc25-f662-48b9-b1e8-30817e961fe3","block_type":"box","text":"redemption proceeds (check, wire or ACH), your redemption proceeds","page_number":40,"box":{"x":461,"y":707,"width":458,"height":11}},{"id":"f8c0b64e-2744-46ee-931b-80751eb7698d","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":40,"box":{"x":460,"y":721,"width":465,"height":10}},{"id":"679646d9-5296-4e79-9c6b-1fdcb03f0200","block_type":"box","text":"but in any event, within seven days.","page_number":40,"box":{"x":461,"y":735,"width":233,"height":10}},{"id":"beebcd90-2303-44af-b7d3-53404add7c2b","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":40,"box":{"x":461,"y":750,"width":415,"height":11}},{"id":"8bd91ac4-7ee4-4809-a6f1-b6a8039b02f4","block_type":"box","text":"redemption of shares.","page_number":40,"box":{"x":461,"y":764,"width":144,"height":10}},{"id":"24524dd6-7823-481b-bb7a-9dbb3f63df9f","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":40,"box":{"x":460,"y":780,"width":380,"height":10}},{"id":"46a51d39-01f7-4842-a847-f5fa4ba31d2b","block_type":"box","text":"circumstances.","page_number":40,"box":{"x":461,"y":794,"width":98,"height":8}},{"id":"c7ca8042-55f2-441d-bdd6-71cafe4de5d0","block_type":"box","text":"Selling shares held directly with","page_number":40,"box":{"x":214,"y":812,"width":207,"height":10}},{"id":"4e31b2db-9eac-42dd-8fcf-ecddff08f75e","block_type":"box","text":"BlackRock","page_number":40,"box":{"x":214,"y":825,"width":67,"height":9}},{"id":"cd171d2a-0e43-41aa-9008-5d95934b8e1b","block_type":"box","text":"Methods of Redeeming","page_number":40,"box":{"x":461,"y":812,"width":156,"height":10}},{"id":"8bdf4ce7-6f26-47e3-a0d0-c73ec33ab3b8","block_type":"box","text":"Redeem by Telephone:","page_number":40,"box":{"x":461,"y":828,"width":150,"height":10}},{"id":"25fc600b-dd02-4587-8d6f-ad7363b22148","block_type":"box","text":"You may redeem Investor Shares held directly","page_number":40,"box":{"x":617,"y":828,"width":302,"height":10}},{"id":"f99f6392-8141-48f3-a852-2c5dc505bb85","block_type":"box","text":"with BlackRock by telephone request if certain conditions are met and","page_number":40,"box":{"x":460,"y":841,"width":464,"height":11}},{"id":"a729a9f6-0c76-4444-9065-e8ff8175581d","block_type":"box","text":"if the amount being sold is less than (i) $100,000 for payments by","page_number":40,"box":{"x":461,"y":854,"width":441,"height":11}},{"id":"a7882bdd-97bc-41a0-b163-01fbce2ab453","block_type":"box","text":"check or (ii) $250,000 for payments through ACH or wire transfer.","page_number":40,"box":{"x":461,"y":868,"width":433,"height":11}},{"id":"aa134960-510a-4882-a76b-269d624108f8","block_type":"box","text":"Certain redemption requests, such as those in excess of these","page_number":40,"box":{"x":461,"y":882,"width":418,"height":10}},{"id":"202b05a8-60d0-4e6d-824f-6eceb826d2b0","block_type":"box","text":"amounts, must be in writing with a medallion signature guarantee. For","page_number":40,"box":{"x":461,"y":896,"width":462,"height":10}},{"id":"b8b91185-5a09-4d14-9803-7fbc8061f6b6","block_type":"box","text":"Institutional Shares, certain redemption requests may require written","page_number":40,"box":{"x":461,"y":909,"width":456,"height":10}},{"id":"212d9cce-15ba-422e-b59d-8ba184e997be","block_type":"box","text":"40","page_number":40,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"f77e9d28-1fbd-4c37-aedf-73ab8ff9c7b4","block_type":"box","text":"NM1026U-5981068-40/76","page_number":40,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"46918b8f-dd78-4d99-b136-3c77025f3966","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":41,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"41f4e0f9-e3a2-46b4-9f46-a9b88db53f76","block_type":"box","text":"Full or Partial","page_number":41,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"54245aa3-9bb9-4fd6-9da8-eb2c84643c43","block_type":"box","text":"Redemption of","page_number":41,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"e63f425d-8449-4f7f-8aab-6dffc29cd5ff","block_type":"box","text":"Shares (continued)","page_number":41,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"970f8655-9763-418e-9e22-b079661307ae","block_type":"box","text":"Selling shares held directly with","page_number":41,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"afaa6555-53a2-48c7-8c4e-d29017cf57e3","block_type":"box","text":"BlackRock (continued)","page_number":41,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"cef5922a-63a6-44ed-b5a5-470826714e3f","block_type":"box","text":"instructions with a medallion signature guarantee. Call (800) 441-7762","page_number":41,"box":{"x":461,"y":67,"width":472,"height":11}},{"id":"cb3a87a0-7b44-4d89-ba91-e9df633af937","block_type":"box","text":"for details.","page_number":41,"box":{"x":460,"y":81,"width":70,"height":8}},{"id":"a5d35187-0cf7-4b8b-9402-f7cebf1fdb43","block_type":"box","text":"You can obtain a medallion signature guarantee stamp from a bank,","page_number":41,"box":{"x":460,"y":97,"width":448,"height":10}},{"id":"18b4194c-8b15-41a7-b244-3ac9453ad050","block_type":"box","text":"securities dealer, securities broker, credit union, savings and loan","page_number":41,"box":{"x":461,"y":111,"width":434,"height":10}},{"id":"0a802f0f-39ea-45b4-91a6-5983929a62a4","block_type":"box","text":"association, national securities exchange or registered securities","page_number":41,"box":{"x":461,"y":124,"width":430,"height":10}},{"id":"3a6b563e-9067-4147-ae02-e772c7d2377f","block_type":"box","text":"association. A notary public seal will not be acceptable.","page_number":41,"box":{"x":461,"y":138,"width":366,"height":10}},{"id":"8ae5fa4c-782d-4b5e-999e-4ad087165060","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":41,"box":{"x":460,"y":154,"width":468,"height":10}},{"id":"e9769b11-4fe6-48f3-b092-24309294c783","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":41,"box":{"x":461,"y":167,"width":474,"height":10}},{"id":"a1d05e38-af15-4247-a76b-561e04649595","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":41,"box":{"x":460,"y":181,"width":450,"height":10}},{"id":"e01678ac-2341-44ca-b6c9-9334c7c1fd7b","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":41,"box":{"x":461,"y":194,"width":450,"height":11}},{"id":"0477901e-fe3b-475c-9369-2931597fbb97","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":41,"box":{"x":460,"y":208,"width":445,"height":10}},{"id":"529c2ca2-01f9-40bd-b88e-f460744b206e","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":41,"box":{"x":461,"y":221,"width":463,"height":11}},{"id":"bfa3878d-141c-4ca5-bcc1-976d09e32ea7","block_type":"box","text":"believes it is advisable to do so.","page_number":41,"box":{"x":461,"y":235,"width":212,"height":8}},{"id":"a38bdccf-7bf3-4f47-ba69-ffd8a46dc9fa","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":41,"box":{"x":461,"y":251,"width":452,"height":10}},{"id":"d87e4dc0-63e2-4f51-abc8-5e4be26c03fc","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":41,"box":{"x":461,"y":264,"width":427,"height":11}},{"id":"743797d9-d7a4-406a-bb9f-c06fa2965982","block_type":"box","text":"redemption methods below.","page_number":41,"box":{"x":461,"y":278,"width":181,"height":10}},{"id":"dfac82ed-3f7e-4b04-a378-4705c4044483","block_type":"box","text":"Redeem by VRU:","page_number":41,"box":{"x":461,"y":294,"width":111,"height":10}},{"id":"79790cb2-7e2c-49a1-bf9c-39a63946f1db","block_type":"box","text":"Investor Shares may also be redeemed by use of the","page_number":41,"box":{"x":579,"y":294,"width":348,"height":10}},{"id":"8306651a-cf83-4bfe-92d2-2ddab65b7d5a","block_type":"box","text":"Fund’s automated VRU service. Payment for Investor Shares redeemed","page_number":41,"box":{"x":461,"y":308,"width":469,"height":10}},{"id":"2a2cc50b-4bc3-4ce9-9098-73e57babe8d6","block_type":"box","text":"by the VRU service may be made for non-retirement accounts in","page_number":41,"box":{"x":461,"y":321,"width":420,"height":10}},{"id":"b0212b45-da61-40a5-a2b0-d39b7ec70aba","block_type":"box","text":"amounts up to $25,000, either through check, ACH or wire.","page_number":41,"box":{"x":461,"y":334,"width":392,"height":11}},{"id":"f1b6511c-8a51-42d2-a337-c62b88218636","block_type":"box","text":"Redeem by Internet:","page_number":41,"box":{"x":461,"y":351,"width":136,"height":10}},{"id":"fa099f18-d5cd-4ff2-b356-7d6a6c030d35","block_type":"box","text":"You may redeem in your account by logging onto","page_number":41,"box":{"x":603,"y":351,"width":317,"height":10}},{"id":"0bb13424-bd62-456e-989a-ca5cc6bfd49e","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":41,"box":{"x":460,"y":364,"width":461,"height":9}},{"id":"3bcc3148-254b-4d4e-9852-56d8cc8d06f2","block_type":"box","text":"redemptions may be sent via check, ACH or wire to the bank account of","page_number":41,"box":{"x":461,"y":378,"width":473,"height":10}},{"id":"d176c6e4-7ff1-4d80-9f9c-f8cef16f793e","block_type":"box","text":"record. Payment for shares redeemed by Internet may be made for non","page_number":41,"box":{"x":461,"y":391,"width":472,"height":11}},{"id":"8826ff27-2ccd-4193-8e3b-e55968c58c20","block_type":"box","text":"retirement accounts in amounts up to $100,000 per account per day,","page_number":41,"box":{"x":461,"y":404,"width":459,"height":11}},{"id":"428107ed-c8ce-4fd8-be51-745851daa525","block_type":"box","text":"either through check, ACH or wire. Different maximums may apply to","page_number":41,"box":{"x":461,"y":418,"width":451,"height":11}},{"id":"4039155d-f178-406b-ab9c-ae61559887ab","block_type":"box","text":"certain institutional investors.","page_number":41,"box":{"x":461,"y":432,"width":196,"height":8}},{"id":"4d9edadb-9d57-4cab-af55-ad23d7079653","block_type":"box","text":"Redeem in Writing:","page_number":41,"box":{"x":461,"y":448,"width":127,"height":10}},{"id":"928c8435-8e10-4ffa-9a8f-e7afc84473ed","block_type":"box","text":"You may sell shares held at BlackRock by writing to","page_number":41,"box":{"x":594,"y":448,"width":338,"height":11}},{"id":"045a7e48-5933-46d8-adb6-5aed13c040fb","block_type":"box","text":"BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429 or","page_number":41,"box":{"x":461,"y":462,"width":468,"height":10}},{"id":"bb48c0c1-e9a3-4fdd-b3e9-b7f8075a373a","block_type":"box","text":"for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":41,"box":{"x":460,"y":475,"width":446,"height":11}},{"id":"b359f577-5758-446f-87c0-44201038a9ba","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. All shareholders on the account","page_number":41,"box":{"x":461,"y":489,"width":466,"height":10}},{"id":"83ee02a4-4d2c-4964-9114-6c78de7e64ab","block_type":"box","text":"must sign the letter. A medallion signature guarantee will generally be","page_number":41,"box":{"x":461,"y":503,"width":460,"height":10}},{"id":"7ad07054-6314-4230-a0a3-55ec581be2fa","block_type":"box","text":"required but may be waived in certain limited circumstances. You can","page_number":41,"box":{"x":461,"y":516,"width":457,"height":10}},{"id":"6250cd62-dbb5-40c6-b35f-f61da16b53a9","block_type":"box","text":"obtain a medallion signature guarantee stamp from a bank, securities","page_number":41,"box":{"x":461,"y":529,"width":461,"height":11}},{"id":"3ef14dbb-5cda-4517-bf04-b8b3fb8d0739","block_type":"box","text":"dealer, securities broker, credit union, savings and loan association,","page_number":41,"box":{"x":461,"y":543,"width":450,"height":10}},{"id":"7dafc3db-bf68-47ba-81e2-ee32eff5b1fb","block_type":"box","text":"national securities exchange or registered securities association. A","page_number":41,"box":{"x":461,"y":557,"width":443,"height":10}},{"id":"f922a294-3155-4894-97b3-2ec5b8319f4e","block_type":"box","text":"notary public seal will not be acceptable. If you hold stock certificates,","page_number":41,"box":{"x":461,"y":570,"width":465,"height":10}},{"id":"09fb7265-a55a-41a3-ad83-7453eac3d0f2","block_type":"box","text":"return the certificates with the letter. Proceeds from redemptions may","page_number":41,"box":{"x":461,"y":583,"width":462,"height":11}},{"id":"1aeed7f6-c1b8-4d46-9436-4f89ffb967a8","block_type":"box","text":"be sent via check, ACH or wire to the bank account of record.","page_number":41,"box":{"x":461,"y":597,"width":404,"height":10}},{"id":"5bd408df-e87d-4874-a0ef-635689368024","block_type":"box","text":"Payment of Redemption Proceeds","page_number":41,"box":{"x":461,"y":613,"width":228,"height":10}},{"id":"263df214-632b-418c-8014-34ca6a11c95f","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":41,"box":{"x":461,"y":629,"width":467,"height":11}},{"id":"8cfb0bb5-570d-498f-8aab-99f61570ecd1","block_type":"box","text":"banking information on file, through ACH or by wire transfer.","page_number":41,"box":{"x":461,"y":643,"width":393,"height":10}},{"id":"9ad93126-19c4-40ae-936c-acc4dba08c81","block_type":"box","text":"Payment by Check:","page_number":41,"box":{"x":461,"y":659,"width":129,"height":10}},{"id":"c90ea7f6-def9-4528-8ff0-7779b7d8bb58","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":41,"box":{"x":597,"y":659,"width":329,"height":10}},{"id":"8dbca41a-e67f-491d-af19-d91a37e0bcf7","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":41,"box":{"x":460,"y":672,"width":430,"height":11}},{"id":"a2d25270-075d-48ad-856c-27354dfcc68f","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":41,"box":{"x":461,"y":686,"width":460,"height":10}},{"id":"f7283173-1aa8-42f4-8d85-eadb58f14f00","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":41,"box":{"x":461,"y":700,"width":468,"height":10}},{"id":"db037fa5-3a8f-469e-a15a-b21ae09ffcc7","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":41,"box":{"x":461,"y":712,"width":467,"height":11}},{"id":"a872108a-5299-4fd3-a37b-411512ec0453","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":41,"box":{"x":461,"y":727,"width":467,"height":10}},{"id":"ed2910e9-2ef4-4049-88cd-266d928b90cb","block_type":"box","text":"charges imposed by your bank for this service.","page_number":41,"box":{"x":461,"y":740,"width":307,"height":11}},{"id":"0290e13f-77ed-4270-af22-3695d6b69917","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":41,"box":{"x":460,"y":756,"width":438,"height":11}},{"id":"93437fcd-2c26-443f-9d22-dd38b4e887cb","block_type":"box","text":"amounts (","page_number":41,"box":{"x":461,"y":770,"width":65,"height":10}},{"id":"954c7bf0-95a7-4bd8-851a-4703700885cc","block_type":"box","text":"e.g","page_number":41,"box":{"x":528,"y":771,"width":21,"height":9}},{"id":"0db3d6dc-62e9-452c-96e7-2c5847a07e58","block_type":"box","text":"., income dividends or capital gains) which you have","page_number":41,"box":{"x":549,"y":770,"width":341,"height":10}},{"id":"18d6ed9e-ae7f-4d74-9006-22094254cadf","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":41,"box":{"x":461,"y":784,"width":403,"height":10}},{"id":"ee8c95c2-a1c7-4dba-9996-3ef0053db7fb","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. 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If you","page_number":41,"box":{"x":461,"y":851,"width":465,"height":10}},{"id":"4869f485-addb-4360-b43a-422a8a5e2fd9","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":41,"box":{"x":461,"y":865,"width":473,"height":8}},{"id":"552ee0e2-a04d-4162-a801-9bd907625f12","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":41,"box":{"x":461,"y":878,"width":456,"height":10}},{"id":"d14b3f55-b78b-439d-9b53-e6ab86e00f35","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":41,"box":{"x":461,"y":892,"width":461,"height":10}},{"id":"5156f258-dff4-4936-81fb-fc67664f7229","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":41,"box":{"x":460,"y":905,"width":469,"height":11}},{"id":"2c60728a-ab29-49df-9372-88377ac23302","block_type":"box","text":"41","page_number":41,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"97cf5737-5968-4013-8e04-eaa542489843","block_type":"box","text":"NM1026U-5981068-41/76","page_number":41,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"bb06edd5-b057-42af-bf4c-8235c11bdf27","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":42,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"dc3907e7-5bc8-431b-b051-c107924bfc9d","block_type":"box","text":"Full or Partial","page_number":42,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"0382b9a6-0c37-4a28-aac8-7dfdc3b374c4","block_type":"box","text":"Redemption of","page_number":42,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"d36a668e-0b91-494a-8a3e-0084bad6e4fe","block_type":"box","text":"Shares (continued)","page_number":42,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"bc5d8eab-4500-42f1-87e6-e728a0cb6855","block_type":"box","text":"Selling shares held directly with","page_number":42,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"3ccc74d4-1c9a-4781-9103-42dec41ceb9b","block_type":"box","text":"BlackRock (continued)","page_number":42,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"651818f4-7434-4791-88e9-d863b4ea32f5","block_type":"box","text":"as of the date of payment of the distribution.","page_number":42,"box":{"x":461,"y":67,"width":295,"height":10}},{"id":"d6cc9155-d793-4c3e-8de7-29e7347e48ad","block_type":"box","text":"Payment by Wire Transfer:","page_number":42,"box":{"x":461,"y":83,"width":177,"height":11}},{"id":"caca5a04-988f-4735-900e-31ae50196d31","block_type":"box","text":"Payment for redeemed shares for which a","page_number":42,"box":{"x":644,"y":83,"width":275,"height":11}},{"id":"bd553253-3471-47c0-985f-9415038a2d49","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":42,"box":{"x":461,"y":97,"width":437,"height":10}},{"id":"84afc27f-b07f-4672-be05-6e59d2b38edd","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":42,"box":{"x":461,"y":110,"width":471,"height":11}},{"id":"b6c29cbc-91d3-4be0-a9a8-e0961a78c195","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":42,"box":{"x":461,"y":124,"width":417,"height":10}},{"id":"d4088567-3d7e-4d1c-8afe-ce5caf7eb783","block_type":"box","text":"custodian is also open for business. 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This delay will usually not exceed ten days.","page_number":42,"box":{"x":461,"y":665,"width":352,"height":10}},{"id":"ef221356-6567-4f03-bb7e-707f4dfc3ffe","block_type":"box","text":"Redemption","page_number":42,"box":{"x":61,"y":683,"width":80,"height":10}},{"id":"ab3a5575-df1d-4120-993d-3c6830402002","block_type":"box","text":"Proceeds","page_number":42,"box":{"x":61,"y":695,"width":62,"height":8}},{"id":"51672939-307b-4626-91f1-9bffcc40d2ae","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":42,"box":{"x":461,"y":686,"width":445,"height":9}},{"id":"37d8dc49-e55d-4337-85cf-92c1328a96bc","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":42,"box":{"x":461,"y":699,"width":467,"height":10}},{"id":"c17d78ed-e9ab-4de7-9523-03e4f5f70450","block_type":"box","text":"portfolio assets to generate cash. 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The","page_number":42,"box":{"x":461,"y":780,"width":453,"height":11}},{"id":"2c251bc1-4d20-4eef-8ff9-096f80b82c70","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":42,"box":{"x":461,"y":794,"width":405,"height":8}},{"id":"dd28517f-86b9-42c3-ac58-724f8f0e5569","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":42,"box":{"x":461,"y":810,"width":408,"height":10}},{"id":"79e58434-72b3-4632-b1d2-3860f49eb2a2","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":42,"box":{"x":461,"y":823,"width":457,"height":11}},{"id":"8666783e-ff8a-42e9-91af-266ac91c59f8","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":42,"box":{"x":460,"y":837,"width":440,"height":10}},{"id":"7aa56583-b195-4f95-90c7-2c80919f27ba","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":42,"box":{"x":460,"y":850,"width":340,"height":11}},{"id":"2c0b93a4-0dcf-4c68-9df0-139772df050a","block_type":"box","text":"42","page_number":42,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"8f7b5fe1-46c8-4175-8c6d-3ac07751d3d6","block_type":"box","text":"NM1026U-5981068-42/76","page_number":42,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"97e29a9b-f820-4163-bbcc-d768ee1d1f3a","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":43,"box":{"x":61,"y":46,"width":415,"height":13}},{"id":"92f07fa8-48f2-43f1-8938-277c35714503","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":43,"box":{"x":213,"y":68,"width":478,"height":9}},{"id":"fb857874-83a3-4744-bbb4-75814cc4d315","block_type":"box","text":"Exchange Privilege","page_number":43,"box":{"x":61,"y":85,"width":128,"height":10}},{"id":"f15504e8-995a-43c9-bc7b-1d1de4d79016","block_type":"box","text":"Selling shares of one BlackRock","page_number":43,"box":{"x":214,"y":85,"width":212,"height":11}},{"id":"5be2ec27-2c8e-4a3a-b227-c409c5ffe1e7","block_type":"box","text":"Fund to purchase shares of","page_number":43,"box":{"x":214,"y":99,"width":181,"height":10}},{"id":"f8d47840-4f43-4144-9826-5b08d2efc8a5","block_type":"box","text":"another BlackRock Fund","page_number":43,"box":{"x":214,"y":113,"width":158,"height":8}},{"id":"a8ada856-9f36-45c9-a2d4-b226af1b9bf5","block_type":"box","text":"(“exchanging”)","page_number":43,"box":{"x":214,"y":126,"width":95,"height":10}},{"id":"994b7008-cc36-41fe-8c8d-6943aed2edca","block_type":"box","text":"Investor A, Investor C and Institutional Shares of the Fund are","page_number":43,"box":{"x":461,"y":85,"width":408,"height":10}},{"id":"c4719f31-1237-45bd-bdca-0950115cd157","block_type":"box","text":"generally exchangeable for shares of the same class of another","page_number":43,"box":{"x":460,"y":99,"width":421,"height":10}},{"id":"6fcbe59c-f375-4222-8d11-3da3eb7922f9","block_type":"box","text":"BlackRock Fund, to the extent such shares are offered by your","page_number":43,"box":{"x":461,"y":112,"width":412,"height":11}},{"id":"f2a03c2d-b5df-45ed-944f-612cf85e96bf","block_type":"box","text":"Financial Intermediary.","page_number":43,"box":{"x":461,"y":126,"width":147,"height":10}},{"id":"bc3c39a8-af5e-4b3a-a54e-c657b6b667f7","block_type":"box","text":"You can exchange $1,000 or more of Investor A or Investor C Shares","page_number":43,"box":{"x":460,"y":141,"width":455,"height":11}},{"id":"6c89d438-e140-474a-9d23-ee73447a129f","block_type":"box","text":"from one fund into the same class of another fund which offers that","page_number":43,"box":{"x":460,"y":155,"width":450,"height":9}},{"id":"173c5d98-bfa5-4d46-abd2-ffc1093ecd03","block_type":"box","text":"class of shares (you can exchange less than $1,000 of Investor A or","page_number":43,"box":{"x":461,"y":168,"width":453,"height":11}},{"id":"cf4fea29-ad96-46e5-a7c9-4c645c98b7dd","block_type":"box","text":"Investor C Shares if you already have an account in the fund into which","page_number":43,"box":{"x":461,"y":183,"width":468,"height":10}},{"id":"6323c906-f191-4e96-8aa9-adef654edd0b","block_type":"box","text":"you are exchanging). Investors who currently own Institutional Shares of","page_number":43,"box":{"x":460,"y":196,"width":475,"height":11}},{"id":"69c4ad35-02b6-47e2-98c6-0212d62b0f03","block_type":"box","text":"the Fund may make exchanges into Institutional Shares of other","page_number":43,"box":{"x":460,"y":210,"width":424,"height":10}},{"id":"64253e4a-00bf-4ea8-b137-e4e44d504559","block_type":"box","text":"BlackRock Funds except for investors holding shares through certain","page_number":43,"box":{"x":461,"y":223,"width":452,"height":11}},{"id":"00643c41-2ad2-4835-ae61-65ca20646b02","block_type":"box","text":"client accounts at Financial Intermediaries that are omnibus with the","page_number":43,"box":{"x":461,"y":237,"width":453,"height":8}},{"id":"cbb49c29-3f6a-4ffd-a05d-bfd89ba37928","block_type":"box","text":"Fund and do not meet applicable minimums.","page_number":43,"box":{"x":461,"y":250,"width":292,"height":10}},{"id":"b9156b37-1010-4623-8d77-41816712ddf6","block_type":"box","text":"There is no required minimum amount with respect to exchanges of","page_number":43,"box":{"x":460,"y":266,"width":448,"height":11}},{"id":"6f5d44ad-d638-4161-b95b-9a7c82e36a3c","block_type":"box","text":"Institutional Shares.","page_number":43,"box":{"x":461,"y":280,"width":132,"height":8}},{"id":"75492ccf-889e-40d5-9b3d-930da8439070","block_type":"box","text":"You may only exchange into a share class and fund that are open to","page_number":43,"box":{"x":460,"y":296,"width":449,"height":10}},{"id":"4b53439f-248c-42ac-a928-07c480308149","block_type":"box","text":"new investors or in which you have a current account if the fund is","page_number":43,"box":{"x":461,"y":310,"width":437,"height":10}},{"id":"5c7f23c9-bea2-42e1-b3a3-0710ac720230","block_type":"box","text":"closed to new investors.","page_number":43,"box":{"x":461,"y":323,"width":159,"height":8}},{"id":"1955fe41-6fe1-4c21-b2a1-4afe4640b004","block_type":"box","text":"Some of the BlackRock Funds impose a different initial or deferred","page_number":43,"box":{"x":461,"y":339,"width":441,"height":10}},{"id":"8fb448be-33bf-457d-b79c-d7de7aa32313","block_type":"box","text":"sales charge schedule. The CDSC will continue to be measured from","page_number":43,"box":{"x":461,"y":353,"width":453,"height":10}},{"id":"4ec6d084-b331-4921-b8a4-61cbc9457490","block_type":"box","text":"the date of the original purchase. The CDSC schedule applicable to your","page_number":43,"box":{"x":460,"y":366,"width":477,"height":11}},{"id":"69e235b9-1d85-4532-8751-764cba30401a","block_type":"box","text":"original purchase will apply to the shares you receive in the exchange","page_number":43,"box":{"x":461,"y":380,"width":457,"height":10}},{"id":"3bcdabf4-fe0b-414b-95b4-2c753a419d0c","block_type":"box","text":"and any subsequent exchange.","page_number":43,"box":{"x":461,"y":394,"width":203,"height":10}},{"id":"073e43be-9d9a-422c-9d09-ccfcd3ff4886","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":43,"box":{"x":460,"y":410,"width":435,"height":10}},{"id":"90f8e4a8-7eae-4f66-a8fc-295ec2cf3a7d","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":43,"box":{"x":461,"y":423,"width":406,"height":10}},{"id":"202d2a47-6051-4402-9e06-bc8d2dfc4c28","block_type":"box","text":"BlackRock, you may: (i) call (800) 441-7762 and speak with one of our","page_number":43,"box":{"x":461,"y":437,"width":468,"height":10}},{"id":"5902b953-e49c-4215-915d-95b2aeb91202","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":43,"box":{"x":461,"y":450,"width":455,"height":10}},{"id":"e05d5181-3f5f-47e3-a9da-21987e6abb61","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":43,"box":{"x":460,"y":464,"width":423,"height":10}},{"id":"c3c3fb3e-a2ef-4bbf-a72e-332ea47690bd","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":43,"box":{"x":461,"y":477,"width":398,"height":10}},{"id":"6032a548-bc06-4182-979c-18b74a1a5067","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":43,"box":{"x":461,"y":491,"width":409,"height":10}},{"id":"758d6ce3-a2b4-4d53-b47f-1c726b64cad7","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":43,"box":{"x":461,"y":504,"width":469,"height":11}},{"id":"fa90c8ec-fd68-4bf0-89fd-9c8c61a52477","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":43,"box":{"x":460,"y":518,"width":461,"height":10}},{"id":"29bf1ee7-bc05-459e-b5e8-274d55247f51","block_type":"box","text":"this option either in writing or by calling (800) 441-7762. The Fund has","page_number":43,"box":{"x":460,"y":531,"width":469,"height":11}},{"id":"28a4f54c-db61-4159-9b67-c3f9693a7b39","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":43,"box":{"x":460,"y":545,"width":368,"height":10}},{"id":"cd4f7e51-bc37-4371-9dea-dda35132bb06","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":43,"box":{"x":460,"y":561,"width":450,"height":10}},{"id":"0382cdb5-4bed-4a4a-842e-540a5b3c1996","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":43,"box":{"x":460,"y":574,"width":473,"height":11}},{"id":"bc9ea213-a2af-4d8d-a630-8d042227bb7d","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":43,"box":{"x":461,"y":588,"width":420,"height":10}},{"id":"8ae728fb-0426-42a3-bd7c-6d80665d4719","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":43,"box":{"x":461,"y":602,"width":439,"height":10}},{"id":"00b86f1c-bda0-4d0f-819a-389b0d27e451","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":43,"box":{"x":461,"y":615,"width":460,"height":10}},{"id":"39026508-020a-4446-91b6-abb441a94d25","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":43,"box":{"x":461,"y":629,"width":430,"height":10}},{"id":"6423b438-41ec-4ecd-9664-53b4a8d7eecb","block_type":"box","text":"income tax purposes a share exchange is a taxable event and a capital","page_number":43,"box":{"x":461,"y":642,"width":469,"height":11}},{"id":"81175a2e-6d76-4971-af29-9a454182aa11","block_type":"box","text":"gain or loss may be realized. Please consult your tax adviser or other","page_number":43,"box":{"x":460,"y":656,"width":456,"height":10}},{"id":"41137751-16ea-47a8-ae9b-3676b22e4957","block_type":"box","text":"Financial Intermediary before making an exchange request.","page_number":43,"box":{"x":461,"y":669,"width":390,"height":11}},{"id":"8e3cb22c-2614-4096-a8b8-2eb6b27204b2","block_type":"box","text":"Transfer Shares to","page_number":43,"box":{"x":60,"y":687,"width":124,"height":9}},{"id":"9bf21b02-01e1-4ae5-ba14-3a05ef15fed0","block_type":"box","text":"Another Financial","page_number":43,"box":{"x":60,"y":699,"width":118,"height":8}},{"id":"e1a79f68-8ebe-4612-85d2-e5e5b8d9339a","block_type":"box","text":"Intermediary","page_number":43,"box":{"x":61,"y":711,"width":85,"height":10}},{"id":"310abbdb-9157-4b7a-90b5-40c7d7e3641f","block_type":"box","text":"Transfer to a participating","page_number":43,"box":{"x":213,"y":687,"width":171,"height":11}},{"id":"f4d0be44-303f-4e47-a2eb-bc5002f64489","block_type":"box","text":"Financial Intermediary","page_number":43,"box":{"x":214,"y":701,"width":145,"height":10}},{"id":"04081f59-7d7e-417f-953c-4e51b08dc73b","block_type":"box","text":"You may transfer your shares of the Fund only to another Financial","page_number":43,"box":{"x":460,"y":687,"width":436,"height":11}},{"id":"14f947a7-205d-4fa0-b554-e11e524653df","block_type":"box","text":"Intermediary that has entered into an agreement with the Distributor.","page_number":43,"box":{"x":461,"y":701,"width":455,"height":10}},{"id":"f9593c7f-ecab-4b42-b296-992476e63c58","block_type":"box","text":"Certain shareholder services may not be available for the transferred","page_number":43,"box":{"x":461,"y":714,"width":456,"height":11}},{"id":"909bf091-0d74-4aa2-83ea-5c38a1aff04a","block_type":"box","text":"shares. All future trading of these assets must be coordinated by the","page_number":43,"box":{"x":461,"y":728,"width":456,"height":10}},{"id":"fa990b5d-7217-4343-95cc-14c8b89fdc0d","block_type":"box","text":"receiving firm.","page_number":43,"box":{"x":461,"y":741,"width":91,"height":11}},{"id":"a2007680-4dd7-4cfa-9b40-01a76de8b331","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":43,"box":{"x":461,"y":758,"width":390,"height":10}},{"id":"eb836232-f6aa-41c7-afbb-883b69c87c3b","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":43,"box":{"x":461,"y":771,"width":443,"height":10}},{"id":"0b70e87d-564c-47d0-be34-859f3641b30a","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":43,"box":{"x":461,"y":785,"width":394,"height":10}},{"id":"fc6da3e6-559c-4704-9712-b3a1dcc73a3d","block_type":"box","text":"Transfer to a non-participating","page_number":43,"box":{"x":213,"y":803,"width":199,"height":10}},{"id":"7032f642-ffcb-4836-9f7f-e87aa1f67471","block_type":"box","text":"Financial Intermediary","page_number":43,"box":{"x":214,"y":816,"width":145,"height":10}},{"id":"c73caf6f-dcd7-4106-a29d-82be7ee75410","block_type":"box","text":"You must either:","page_number":43,"box":{"x":460,"y":803,"width":107,"height":8}},{"id":"a421bb51-e1fd-47f6-911e-b69d1929de63","block_type":"box","text":"•","page_number":43,"box":{"x":464,"y":819,"width":3,"height":3}},{"id":"ba0cd67f-1b09-4b53-b769-63745674eceb","block_type":"box","text":"Transfer your shares to an account with the Fund; or","page_number":43,"box":{"x":470,"y":816,"width":346,"height":10}},{"id":"b857b54d-7003-49eb-a0e5-389afaa19099","block_type":"box","text":"•","page_number":43,"box":{"x":464,"y":833,"width":3,"height":2}},{"id":"67263d4d-7535-4aba-a8f8-8f35912d6352","block_type":"box","text":"Sell your shares, paying any applicable deferred sales charge.","page_number":43,"box":{"x":471,"y":830,"width":409,"height":10}},{"id":"aa76fb2b-de4f-4f78-99f9-a63b83fae8ea","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":43,"box":{"x":461,"y":846,"width":390,"height":10}},{"id":"a5a1d9eb-aab7-4eda-b0a4-60bbfd62afe8","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":43,"box":{"x":461,"y":859,"width":443,"height":11}},{"id":"1d22215e-59b4-45b2-a20e-6f9b150a8a30","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":43,"box":{"x":461,"y":873,"width":394,"height":10}},{"id":"c99f1903-76ce-46ea-9fb1-eb7636ed2aed","block_type":"box","text":"43","page_number":43,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"063a7189-8775-4214-b16d-f46006409942","block_type":"box","text":"NM1026U-5981068-43/76","page_number":43,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b3edb326-f1a5-45c0-b780-b8220616c851","block_type":"box","text":"Account Services and Privileges","page_number":44,"box":{"x":60,"y":47,"width":292,"height":13}},{"id":"140a2451-e4cb-4b37-a339-6621829239d8","block_type":"box","text":"The following table provides examples of account services and privileges available in your BlackRock account. Certain","page_number":44,"box":{"x":60,"y":73,"width":865,"height":11}},{"id":"eac4c54d-9b8e-4482-93ba-7ea98d530026","block_type":"box","text":"of these account services and privileges are only available to shareholders of Investor Shares whose accounts are","page_number":44,"box":{"x":61,"y":88,"width":841,"height":11}},{"id":"37c573b7-9ac3-4e34-9ec7-8045d3e37722","block_type":"box","text":"held directly with BlackRock. If your account is held directly with BlackRock, please call (800) 441-7762 or visit","page_number":44,"box":{"x":61,"y":102,"width":816,"height":12}},{"id":"335d08be-2801-4702-9b0a-a4e13bec3ed0","block_type":"box","text":"www.blackrock.com for additional information as well as forms and applications. Otherwise, please contact your","page_number":44,"box":{"x":60,"y":117,"width":824,"height":12}},{"id":"a00ad94b-6827-401b-9fd3-7907338b0686","block_type":"box","text":"Financial Intermediary for assistance in requesting one or more of the following services and privileges.","page_number":44,"box":{"x":62,"y":132,"width":759,"height":12}},{"id":"fd53eab6-ae08-40c2-8f9c-31b55fd2e855","block_type":"box","text":"Automatic","page_number":44,"box":{"x":60,"y":161,"width":70,"height":9}},{"id":"f6bec351-e542-41dd-bd56-e822a70a297c","block_type":"box","text":"Investment Plan","page_number":44,"box":{"x":61,"y":173,"width":109,"height":8}},{"id":"4a159932-a00e-4395-bb2d-acc6915561a8","block_type":"box","text":"Allows systematic investments","page_number":44,"box":{"x":213,"y":162,"width":202,"height":10}},{"id":"4ec00e6b-dcec-4e52-8603-308dd79b28c2","block_type":"box","text":"on a periodic basis from your","page_number":44,"box":{"x":214,"y":175,"width":192,"height":10}},{"id":"13a2dce9-98c1-4e1b-9bd4-85faa6c27411","block_type":"box","text":"checking or savings account.","page_number":44,"box":{"x":214,"y":189,"width":189,"height":10}},{"id":"3419baf2-6dfc-48b7-acd3-a1848c46ddbb","block_type":"box","text":"BlackRock’s AIP allows you to invest a specific amount on a periodic","page_number":44,"box":{"x":461,"y":161,"width":451,"height":11}},{"id":"12a6d487-0fca-4842-abd6-ec467de0e19c","block_type":"box","text":"basis from your checking or savings account into your investment","page_number":44,"box":{"x":461,"y":175,"width":431,"height":10}},{"id":"59b0ff32-5908-4521-9f76-15a1761a8c22","block_type":"box","text":"account. You may apply for this option upon account opening or by","page_number":44,"box":{"x":461,"y":188,"width":437,"height":11}},{"id":"a695964a-92a5-4eff-91d0-bd1ba1478174","block_type":"box","text":"completing the AIP application. The minimum investment amount for","page_number":44,"box":{"x":461,"y":202,"width":451,"height":10}},{"id":"45641637-b82d-4106-ae72-e96838929395","block_type":"box","text":"an automatic investment is $50 per portfolio.","page_number":44,"box":{"x":461,"y":215,"width":300,"height":11}},{"id":"60e69f12-22a5-48e8-b02d-720bf9f4e017","block_type":"box","text":"Dividend Allocation","page_number":44,"box":{"x":61,"y":234,"width":129,"height":8}},{"id":"9d2c4eeb-d2ea-4d91-bec6-ac4d9da27e50","block_type":"box","text":"Plan","page_number":44,"box":{"x":61,"y":245,"width":28,"height":8}},{"id":"f8f7cc12-3dd9-41ec-b9a0-2874d771840c","block_type":"box","text":"Automatically invests your","page_number":44,"box":{"x":213,"y":234,"width":172,"height":10}},{"id":"6b1ea395-e21d-4205-9ab2-4b7118c56520","block_type":"box","text":"distributions into another","page_number":44,"box":{"x":214,"y":247,"width":165,"height":8}},{"id":"8ad9b3e6-1216-4f02-9bd8-c889b57c19fe","block_type":"box","text":"BlackRock Fund of your choice","page_number":44,"box":{"x":214,"y":261,"width":200,"height":10}},{"id":"537d2590-0eb7-4490-84f5-366626ec63f3","block_type":"box","text":"pursuant to your instructions,","page_number":44,"box":{"x":214,"y":274,"width":193,"height":10}},{"id":"29473f38-7182-4970-9b40-5ebad33a77f7","block_type":"box","text":"without any fees or sales","page_number":44,"box":{"x":213,"y":288,"width":165,"height":10}},{"id":"ae68a1ee-f605-439a-8d78-6ea4f6f2df1c","block_type":"box","text":"charges.","page_number":44,"box":{"x":214,"y":301,"width":55,"height":11}},{"id":"4ca2e136-6f9c-49ac-bbd0-56f7a2f264fe","block_type":"box","text":"Dividend and capital gains distributions may be reinvested in your","page_number":44,"box":{"x":461,"y":234,"width":433,"height":10}},{"id":"221172b0-b127-4a71-84ba-e8de15571443","block_type":"box","text":"account to purchase additional shares or paid in cash. Using the","page_number":44,"box":{"x":461,"y":247,"width":427,"height":10}},{"id":"3e0f6bae-fb08-408f-a685-5bcd24dcde79","block_type":"box","text":"Dividend Allocation Plan, you can direct your distributions to your bank","page_number":44,"box":{"x":461,"y":261,"width":463,"height":10}},{"id":"89323998-2054-4cc3-9f54-ae514f5407d4","block_type":"box","text":"account (checking or savings), to purchase shares of another fund at","page_number":44,"box":{"x":461,"y":274,"width":455,"height":11}},{"id":"fb5953f4-23a8-4271-90ec-35c162cec704","block_type":"box","text":"BlackRock without any fees or sales charges, or by check to a special","page_number":44,"box":{"x":461,"y":288,"width":459,"height":10}},{"id":"1a176ddd-3054-48f5-99cf-8ef0f7a9ec81","block_type":"box","text":"payee. Please call (800) 441-7762 for details. If investing in another","page_number":44,"box":{"x":461,"y":301,"width":454,"height":11}},{"id":"ef2ec27a-7464-43e8-bc39-fe61e792f2bb","block_type":"box","text":"fund at BlackRock, the receiving fund must be open to new purchases.","page_number":44,"box":{"x":460,"y":315,"width":467,"height":10}},{"id":"ec4b2fb6-2449-47c6-ac71-09299111df42","block_type":"box","text":"EZ Trader","page_number":44,"box":{"x":61,"y":333,"width":65,"height":8}},{"id":"070ca37c-6835-446f-b496-3840dd11ad8a","block_type":"box","text":"Allows an investor to purchase or","page_number":44,"box":{"x":213,"y":333,"width":220,"height":10}},{"id":"51ebc4e0-7dc1-468d-a3f0-62309bc5523a","block_type":"box","text":"sell Investor Shares by telephone","page_number":44,"box":{"x":214,"y":346,"width":219,"height":11}},{"id":"8e7387fb-d5e2-40e6-8ced-f3b7c275a077","block_type":"box","text":"or over the Internet through ACH.","page_number":44,"box":{"x":214,"y":360,"width":216,"height":10}},{"id":"19b0041a-e277-4d77-a1b4-fb4cfe240839","block_type":"box","text":"(NOTE: This option is offered to shareholders whose accounts are held","page_number":44,"box":{"x":461,"y":333,"width":467,"height":10}},{"id":"bcfe1172-cc1e-4083-8ab2-ba420f69cdf6","block_type":"box","text":"directly with BlackRock. Please speak with your Financial Intermediary","page_number":44,"box":{"x":461,"y":347,"width":462,"height":10}},{"id":"787b7db5-dbe1-4c68-a0bb-96662ae1c214","block_type":"box","text":"if your account is held elsewhere.)","page_number":44,"box":{"x":461,"y":360,"width":225,"height":10}},{"id":"1250fd19-f736-4b2f-bf22-775f3a24e74c","block_type":"box","text":"Prior to establishing an EZ Trader account, please contact your bank to","page_number":44,"box":{"x":461,"y":376,"width":467,"height":10}},{"id":"ec35d3cd-49df-43d1-96ab-eab602b96824","block_type":"box","text":"confirm that it is a member of the ACH system. Once confirmed,","page_number":44,"box":{"x":461,"y":389,"width":423,"height":11}},{"id":"43fc7c80-f017-4590-9869-86c74548853f","block_type":"box","text":"complete an application, making sure to include the appropriate bank","page_number":44,"box":{"x":461,"y":403,"width":459,"height":10}},{"id":"25a106cf-70ad-4bc0-8e31-124be2601197","block_type":"box","text":"information, and return the application to the address listed on the","page_number":44,"box":{"x":461,"y":417,"width":442,"height":10}},{"id":"43246460-3460-4df5-9307-b5627cc57e40","block_type":"box","text":"form.","page_number":44,"box":{"x":460,"y":430,"width":34,"height":8}},{"id":"4f6f6c8c-bc72-4cd1-950c-cec92a42c9c1","block_type":"box","text":"Prior to placing a telephone or Internet purchase or sale order, please","page_number":44,"box":{"x":461,"y":446,"width":460,"height":11}},{"id":"42152366-e12d-4316-a8ba-966e61b63d66","block_type":"box","text":"call (800) 441-7762 to confirm that your bank information has been","page_number":44,"box":{"x":461,"y":460,"width":449,"height":10}},{"id":"5e7283f3-077e-440f-9283-a30f0400cfa1","block_type":"box","text":"updated on your account. Once this is established, you may place your","page_number":44,"box":{"x":461,"y":473,"width":466,"height":11}},{"id":"e8d76674-652c-41e5-b2af-0f090cc1346e","block_type":"box","text":"request to sell shares with the Fund by telephone or Internet. 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Shares","page_number":45,"box":{"x":461,"y":132,"width":454,"height":9}},{"id":"29cea2d5-5519-486f-9153-4ca2660d52d6","block_type":"box","text":"will be purchased at the net asset value calculated at the close of","page_number":45,"box":{"x":460,"y":146,"width":438,"height":10}},{"id":"8220a6b2-dd72-4a43-b5f7-27146bda1c65","block_type":"box","text":"trading on the day the request is received. 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Shareholders that held Investor A or Institutional Shares in the","page_number":45,"box":{"x":60,"y":834,"width":867,"height":12}},{"id":"118df4d1-8db8-41c5-a6e5-335a9bb51d4e","block_type":"box","text":"program may be eligible to purchase additional shares of the respective share class of the Fund but may be subject to","page_number":45,"box":{"x":62,"y":849,"width":868,"height":11}},{"id":"9316ee98-889f-49de-8b46-56b937aff30a","block_type":"box","text":"upfront sales charges with respect to Investor A shares. Additional purchases of Institutional Shares are permitted","page_number":45,"box":{"x":61,"y":864,"width":842,"height":11}},{"id":"960759c1-d967-4350-9476-2b8546ad43d4","block_type":"box","text":"only if you have an existing position at the time of purchase or are otherwise eligible to purchase Institutional Shares.","page_number":45,"box":{"x":61,"y":878,"width":865,"height":12}},{"id":"6263a4d6-98d9-4dbd-a946-363b9b72980d","block_type":"box","text":"Please speak to your Financial Intermediary for more information.","page_number":45,"box":{"x":61,"y":893,"width":480,"height":12}},{"id":"7d51de68-2af0-469b-a918-554bcd131914","block_type":"box","text":"45","page_number":45,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"4662cb90-3012-4a01-b3c6-dfa7882dec94","block_type":"box","text":"NM1026U-5981068-45/76","page_number":45,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c9efaca1-8fc4-477d-a2df-5e01b2fdf0ce","block_type":"box","text":"Certain Financial Intermediaries may, in connection with a change in account type (for example, due to leaving a fee","page_number":46,"box":{"x":61,"y":46,"width":854,"height":11}},{"id":"ba435212-85a5-4de5-bc0b-af23a267e5cf","block_type":"box","text":"based program or upon termination of the fee-based program) or otherwise in accordance with the Financial","page_number":46,"box":{"x":61,"y":60,"width":790,"height":12}},{"id":"ebac1e3a-615e-4fd2-84a9-fac6dcb9f3a0","block_type":"box","text":"Intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":46,"box":{"x":62,"y":75,"width":855,"height":12}},{"id":"27e82a38-8390-4df2-b0e0-6707e2697156","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":46,"box":{"x":61,"y":90,"width":831,"height":12}},{"id":"f9b4e652-3d62-48bb-bb8f-5720f468befb","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your Financial Intermediary for information about","page_number":46,"box":{"x":61,"y":105,"width":828,"height":12}},{"id":"51d4c953-5ae6-4f87-90c6-d1b346af0053","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":46,"box":{"x":61,"y":120,"width":437,"height":11}},{"id":"b4185b0d-6792-4578-926a-90272bcc7d95","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are included in","page_number":46,"box":{"x":62,"y":142,"width":859,"height":12}},{"id":"32e58a7a-a03b-47ff-9db9-a36bacd3332f","block_type":"box","text":"the client agreement for each fee-based program and are available from your Financial Intermediary. Please speak to","page_number":46,"box":{"x":60,"y":157,"width":858,"height":12}},{"id":"a6c522ed-5294-458f-9711-6b812bb0e07f","block_type":"box","text":"your Financial Intermediary for more information.","page_number":46,"box":{"x":60,"y":172,"width":357,"height":11}},{"id":"d1dfaf92-d3c1-4956-a3bd-0e58f7372667","block_type":"box","text":"Short-Term Trading Policy","page_number":46,"box":{"x":61,"y":211,"width":232,"height":13}},{"id":"9d541ee5-c45c-4816-8995-a0e8aed688a9","block_type":"box","text":"The Board of Directors (the “Board”) of the Corporation has determined that the interests of long-term shareholders","page_number":46,"box":{"x":60,"y":237,"width":852,"height":12}},{"id":"3d0283f2-1715-433e-aed9-69fd4c30fb85","block_type":"box","text":"and the Fund’s ability to manage its investments may be adversely affected when shares are repeatedly bought, sold","page_number":46,"box":{"x":61,"y":252,"width":860,"height":11}},{"id":"77995543-7ec0-43f8-91ff-b2b1d6c88665","block_type":"box","text":"or exchanged in response to short-term market fluctuations — also known as “market timing.” The Fund is not","page_number":46,"box":{"x":61,"y":267,"width":814,"height":11}},{"id":"5e3b4092-4125-4765-b0b2-ff550a1f828f","block_type":"box","text":"designed for market timing organizations or other entities using programmed or frequent purchases and sales or","page_number":46,"box":{"x":61,"y":282,"width":827,"height":11}},{"id":"a797bc98-8ce8-4926-a69e-caa8645d7434","block_type":"box","text":"exchanges. The exchange privilege for Investor Shares and Institutional Shares is not intended as a vehicle for short","page_number":46,"box":{"x":61,"y":296,"width":860,"height":12}},{"id":"58ccf5b0-a4c6-49ee-8287-ca37260ed1b4","block_type":"box","text":"term trading. Excessive purchase and sale or exchange activity may interfere with portfolio management, increase","page_number":46,"box":{"x":60,"y":311,"width":839,"height":12}},{"id":"ae801e8f-0178-4259-a959-c555e7c03932","block_type":"box","text":"expenses and taxes and may have an adverse effect on the performance of the Fund and its returns to shareholders.","page_number":46,"box":{"x":61,"y":326,"width":863,"height":11}},{"id":"9d04c056-4e99-4e74-814f-8a26d7365a7e","block_type":"box","text":"For example, large flows of cash into and out of the Fund may require the management team to allocate a significant","page_number":46,"box":{"x":62,"y":341,"width":857,"height":11}},{"id":"2768343b-1048-4371-aea6-7c539e6abfd4","block_type":"box","text":"amount of assets to cash or other short-term investments or sell securities, rather than maintaining such assets in","page_number":46,"box":{"x":61,"y":356,"width":847,"height":11}},{"id":"cc551416-e307-4ada-abc1-e1651a53fb20","block_type":"box","text":"securities selected to achieve the Fund’s investment objective. Frequent trading may cause the Fund to sell securities","page_number":46,"box":{"x":61,"y":371,"width":866,"height":11}},{"id":"87fd0ecb-e58b-47a7-bf07-93c41d93c918","block_type":"box","text":"at less favorable prices, and transaction costs, such as brokerage commissions, can reduce the Fund’s performance.","page_number":46,"box":{"x":61,"y":385,"width":865,"height":12}},{"id":"ca5a7b8e-2c1a-42e8-9a8f-7e1df3b6cc4a","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":46,"box":{"x":60,"y":408,"width":873,"height":11}},{"id":"aed7d9a5-7385-43e2-be52-dcdd56758e92","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":46,"box":{"x":61,"y":423,"width":872,"height":11}},{"id":"a0816d53-f8d5-4f64-9788-4d8898c79d0a","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":46,"box":{"x":61,"y":438,"width":865,"height":11}},{"id":"7d89e974-d753-4fff-8538-b44055fded56","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":46,"box":{"x":61,"y":452,"width":817,"height":12}},{"id":"ab5798fa-2acb-4778-91bb-3a642cf8405d","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":46,"box":{"x":61,"y":467,"width":818,"height":12}},{"id":"1b73dad3-8624-45cd-85b2-9ab25e76de35","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":46,"box":{"x":60,"y":482,"width":865,"height":12}},{"id":"01b9f4b1-dc75-45b7-93b8-167d258ec915","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":46,"box":{"x":61,"y":497,"width":829,"height":11}},{"id":"c1bb0a9a-b739-4855-950a-e283605087c5","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":46,"box":{"x":62,"y":512,"width":671,"height":11}},{"id":"4d6e1e00-d877-4870-b020-f42b27a280e2","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":46,"box":{"x":60,"y":534,"width":869,"height":12}},{"id":"432fcb0d-728a-4481-9082-dca2db9e1da7","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":46,"box":{"x":60,"y":549,"width":839,"height":12}},{"id":"df72f226-2ea3-41a1-b446-061c953e97c7","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":46,"box":{"x":61,"y":564,"width":869,"height":11}},{"id":"ccc4f0df-cf69-4a12-954b-c9b13c9c2144","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":46,"box":{"x":61,"y":579,"width":870,"height":11}},{"id":"1aca354d-2e18-4fdc-aa83-511c6efdaecc","block_type":"box","text":"Fund or its shareholders.","page_number":46,"box":{"x":62,"y":594,"width":181,"height":9}},{"id":"69456a0d-16d2-43f8-98e6-db21889bfac4","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":46,"box":{"x":62,"y":616,"width":796,"height":12}},{"id":"5a4badc3-1d7e-4c53-be7f-25402611287b","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":46,"box":{"x":61,"y":631,"width":860,"height":11}},{"id":"a0272d46-2741-497e-a619-71c2ec8fcbcb","block_type":"box","text":"in market timing activity, it reserves the right to reject any specific purchase or exchange order. 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Transactions","page_number":46,"box":{"x":61,"y":690,"width":829,"height":12}},{"id":"4d8e9453-9b01-4b4c-81c5-d6a7351db66f","block_type":"box","text":"placed through the same Financial Intermediary on an omnibus basis may be deemed part of a group for the purpose","page_number":46,"box":{"x":62,"y":705,"width":862,"height":12}},{"id":"462f964a-c9e4-403b-ae08-4b5b2c2007f0","block_type":"box","text":"of this policy and may be rejected in whole or in part by the Fund. Certain accounts, such as omnibus accounts and","page_number":46,"box":{"x":61,"y":720,"width":849,"height":11}},{"id":"310cbadf-da4f-48e5-b42f-d9d3258b543e","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":46,"box":{"x":61,"y":735,"width":866,"height":11}},{"id":"1c539a7b-e0d6-4a72-9fe4-0117ce9afac0","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":46,"box":{"x":60,"y":750,"width":806,"height":11}},{"id":"50ab4c23-b13b-4b15-99f0-2b61f1303ca8","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":46,"box":{"x":61,"y":764,"width":804,"height":12}},{"id":"9157ee47-a1e6-4a65-b6ab-f2dd707c9834","block_type":"box","text":"exchangers whose orders are aggregated may not be known by the Fund. While the Fund monitors for market timing","page_number":46,"box":{"x":61,"y":779,"width":849,"height":12}},{"id":"bbf6ac7e-6d9f-4359-aa96-316bb04a77a2","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":46,"box":{"x":61,"y":794,"width":875,"height":12}},{"id":"52d69562-6ec3-41a2-bd45-7ba946e44763","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":46,"box":{"x":62,"y":809,"width":869,"height":11}},{"id":"b6deadab-e8b0-4200-a94d-0739404e4adc","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":46,"box":{"x":61,"y":824,"width":845,"height":11}},{"id":"0c8dc83e-0a79-476b-8a4c-8a2954575be1","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":46,"box":{"x":62,"y":839,"width":868,"height":11}},{"id":"54022f94-fd27-4d67-991c-9ea7bb9daa6a","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":46,"box":{"x":61,"y":854,"width":861,"height":11}},{"id":"eee41e35-7d59-44db-af45-5520a880ab98","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":46,"box":{"x":61,"y":868,"width":868,"height":12}},{"id":"db7011ca-8fa9-41a9-92bc-0b03da234c42","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":46,"box":{"x":60,"y":883,"width":847,"height":12}},{"id":"65acda81-f422-4800-b3bf-508970f2b94d","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Fund’s","page_number":46,"box":{"x":60,"y":898,"width":806,"height":11}},{"id":"2f4b2c36-8dd1-42fc-af4f-a2708ee00df9","block_type":"box","text":"Distributor, suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":46,"box":{"x":62,"y":913,"width":748,"height":11}},{"id":"ed94df56-36e6-409a-8f32-4549980a0af3","block_type":"box","text":"46","page_number":46,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"20588e45-35bf-45b1-aedf-ebb7b4831777","block_type":"box","text":"NM1026U-5981068-46/76","page_number":46,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4c2f795c-0e76-4339-ae35-8562fc0ee113","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":47,"box":{"x":60,"y":46,"width":824,"height":11}},{"id":"98b30b80-3e28-42f4-ae1f-e1cd22843789","block_type":"box","text":"deemed abusive.","page_number":47,"box":{"x":61,"y":61,"width":123,"height":9}},{"id":"490b194f-87cd-4142-a8b8-b53337dc270c","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":47,"box":{"x":60,"y":83,"width":841,"height":12}},{"id":"85730e84-7e9e-4cc4-8356-0eceb5d4c2c4","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":47,"box":{"x":60,"y":98,"width":572,"height":11}},{"id":"044e5805-3859-49f4-a8b5-9386c58a9e50","block_type":"box","text":"47","page_number":47,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"30bad526-da7a-4d09-9d42-f52621e6ca14","block_type":"box","text":"NM1026U-5981068-47/76","page_number":47,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ab4ea881-994d-435c-a418-4d4e84430225","block_type":"box","text":"Management of the Fund","page_number":48,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"292536ad-82aa-4d38-81b4-c3b50e7afeb8","block_type":"box","text":"BlackRock","page_number":48,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"0c625fc2-6dd0-4778-a91e-a595f0dd595a","block_type":"box","text":"BlackRock, the Fund’s investment adviser, manages the Fund’s investments and its business operations subject to","page_number":48,"box":{"x":62,"y":183,"width":846,"height":11}},{"id":"0c5c4ecd-5432-4557-9527-202dddacb134","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":48,"box":{"x":60,"y":197,"width":841,"height":12}},{"id":"6d2ce726-188c-41a8-ad78-2b0a62aeef0b","block_type":"box","text":"draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":48,"box":{"x":61,"y":212,"width":796,"height":12}},{"id":"22684287-8192-4777-a721-6b4bd7e0757e","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":48,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"405ede14-a7b6-456f-b563-d2e6275055d5","block_type":"box","text":"BlackRock, Inc.","page_number":48,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"66ef50c4-ac83-4f9f-b799-48b8c377ff23","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":48,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"48c7a92d-7a83-4116-ac3a-73b43a643d8e","block_type":"box","text":"companies. BlackRock and its affiliates had approximately $15.3 trillion in investment company and other portfolio","page_number":48,"box":{"x":61,"y":278,"width":845,"height":12}},{"id":"20ab1c81-41ed-4dd5-8b3c-839eb80c7adb","block_type":"box","text":"assets under management as of June 30, 2026.","page_number":48,"box":{"x":61,"y":294,"width":357,"height":11}},{"id":"01ef707f-295a-46bc-ab87-76d99d8b679e","block_type":"box","text":"The Fund has entered into an investment management agreement (the “Management Agreement”) with BlackRock.","page_number":48,"box":{"x":60,"y":317,"width":844,"height":11}},{"id":"9ee86932-25ce-49a9-9450-60ac07293f62","block_type":"box","text":"Under the Management Agreement, the maximum annual management fees that can be paid to BlackRock (as a","page_number":48,"box":{"x":62,"y":331,"width":823,"height":12}},{"id":"68cb8db0-ba52-4561-9a72-6b297ca9ac4d","block_type":"box","text":"percentage of average daily net assets) are calculated as follows:","page_number":48,"box":{"x":62,"y":346,"width":480,"height":12}},{"id":"153d530c-1ebb-49eb-ae96-e77550562e19","block_type":"box","text":"Average Daily Net Assets","page_number":48,"box":{"x":69,"y":385,"width":151,"height":9}},{"id":"75506e32-852a-47c1-8bc0-b7fecf968647","block_type":"box","text":"Rate of","page_number":48,"box":{"x":844,"y":374,"width":43,"height":8}},{"id":"8039d9bd-114e-46b2-b2e7-3b824e210be1","block_type":"box","text":"Management Fee","page_number":48,"box":{"x":813,"y":385,"width":104,"height":9}},{"id":"269b4023-821b-4984-a422-e2dfef5720c1","block_type":"box","text":"First $1 billion","page_number":48,"box":{"x":70,"y":401,"width":92,"height":10}},{"id":"bd80867c-85ae-41b5-b36a-a9d01883a577","block_type":"box","text":"1.20%","page_number":48,"box":{"x":850,"y":402,"width":41,"height":8}},{"id":"0d5279c1-4a05-4908-96f2-f848f4d3c08e","block_type":"box","text":"$1 billion – $3 billion","page_number":48,"box":{"x":70,"y":419,"width":138,"height":10}},{"id":"5ee56c25-d972-479f-81d7-21f0fad7aaed","block_type":"box","text":"1.13%","page_number":48,"box":{"x":850,"y":420,"width":41,"height":8}},{"id":"6ba5ec50-8c6d-47ca-a6d5-593e16fddf15","block_type":"box","text":"$3 billion – $5 billion","page_number":48,"box":{"x":70,"y":437,"width":138,"height":10}},{"id":"5461729f-b107-4710-8ef6-e57cee892f39","block_type":"box","text":"1.08%","page_number":48,"box":{"x":850,"y":438,"width":41,"height":8}},{"id":"b086abe2-c29b-4aac-8e9b-39659d055b58","block_type":"box","text":"$5 billion – $10 billion","page_number":48,"box":{"x":70,"y":455,"width":147,"height":10}},{"id":"5a735bfa-3a9a-4826-8edb-e8f0eaf49961","block_type":"box","text":"1.04%","page_number":48,"box":{"x":850,"y":456,"width":41,"height":8}},{"id":"5b473c59-1cbc-49d5-a26a-a4806cafb837","block_type":"box","text":"In excess of $10 billion","page_number":48,"box":{"x":70,"y":473,"width":153,"height":10}},{"id":"08d483b7-6471-4cf6-a0bb-e077bfcbe155","block_type":"box","text":"1.02%","page_number":48,"box":{"x":850,"y":474,"width":41,"height":8}},{"id":"622227a5-d80e-45ef-b785-1865316c180a","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets","page_number":48,"box":{"x":62,"y":506,"width":840,"height":11}},{"id":"f79b7b74-221f-4b46-b303-998b20a564f5","block_type":"box","text":"estimated to be attributable to investments in other equity and fixed-income mutual funds and ETFs managed by","page_number":48,"box":{"x":61,"y":521,"width":824,"height":11}},{"id":"bfc8a0ea-0331-42d0-8d4f-ea70314c7638","block_type":"box","text":"BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition, BlackRock","page_number":48,"box":{"x":62,"y":535,"width":843,"height":12}},{"id":"69efb96d-7915-46e4-9cb7-70667e5f2917","block_type":"box","text":"has contractually agreed to waive its management fees by the amount of advisory fees the Fund pays to BlackRock","page_number":48,"box":{"x":61,"y":550,"width":846,"height":12}},{"id":"a76b980a-714b-478a-a734-e10cbcb9da5b","block_type":"box","text":"indirectly through its investment in money market funds managed by BlackRock or its affiliates (the “affiliated money","page_number":48,"box":{"x":62,"y":565,"width":859,"height":12}},{"id":"2181e8cd-25ad-4bed-bee7-d4d1677e8ca6","block_type":"box","text":"market fund waiver”), through June 30, 2028. The contractual agreements may be terminated upon 90 days’ notice by","page_number":48,"box":{"x":61,"y":580,"width":872,"height":12}},{"id":"1cd155de-49ed-4a4b-9d03-611ebf0ef56f","block_type":"box","text":"a majority of the non-interested directors or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":48,"box":{"x":61,"y":595,"width":840,"height":11}},{"id":"56121bb7-5d87-4fcb-bb89-ca8568287c26","block_type":"box","text":"BlackRock has agreed to cap net expenses (excluding: (i) interest, taxes, dividends tied to short sales, brokerage","page_number":48,"box":{"x":62,"y":618,"width":833,"height":11}},{"id":"ad596343-5a47-4146-9e0f-b8af9ae0fade","block_type":"box","text":"commissions, and other expenditures which are capitalized in accordance with generally accepted accounting","page_number":48,"box":{"x":61,"y":632,"width":803,"height":12}},{"id":"cf484ea0-ad00-4a1a-be96-934f131dbad5","block_type":"box","text":"principles; (ii) the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result of","page_number":48,"box":{"x":62,"y":647,"width":810,"height":11}},{"id":"63bc3afb-d3a7-4d40-a2c2-aeb925bcda97","block_type":"box","text":"investing in other investment companies; (iii) other expenses attributable to, and incurred as a result of, the Fund’s","page_number":48,"box":{"x":62,"y":662,"width":847,"height":11}},{"id":"8f8d993a-59e3-4d10-9354-07ec31c5063e","block_type":"box","text":"investments; and (iv) extraordinary expenses (including litigation expenses) not incurred in the ordinary course of the","page_number":48,"box":{"x":62,"y":677,"width":858,"height":11}},{"id":"bda308a8-7dbe-445e-9fbb-573f427ea5c5","block_type":"box","text":"Fund’s business, if any) of each share class of the Fund at the levels shown below and in the Fund’s fees and","page_number":48,"box":{"x":62,"y":691,"width":807,"height":12}},{"id":"e6b1c7f7-326a-47fd-9229-482b2b85c099","block_type":"box","text":"expenses table in the “Fund Overview” section of this prospectus. Items (i), (ii), (iii) and (iv) in the preceding sentence","page_number":48,"box":{"x":61,"y":706,"width":866,"height":12}},{"id":"c6e7c66f-06a7-42c6-a509-a034f9983e27","block_type":"box","text":"are referred to in this prospectus as “Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and","page_number":48,"box":{"x":61,"y":721,"width":835,"height":11}},{"id":"a2671c07-8513-43b1-918d-61d1a15d4574","block_type":"box","text":"certain other Fund expenses.” To achieve these expense caps, BlackRock has agreed to waive and/or reimburse fees","page_number":48,"box":{"x":61,"y":736,"width":866,"height":12}},{"id":"e3df287e-fb03-4761-86dd-0756ba4f0b66","block_type":"box","text":"or expenses if these operating expenses exceed a certain limit.","page_number":48,"box":{"x":61,"y":751,"width":466,"height":11}},{"id":"c06b1e06-a02a-4cef-8536-3365d1d0c211","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":48,"box":{"x":60,"y":773,"width":863,"height":12}},{"id":"8d14b5b0-e6df-44d5-bf48-b95de00941f9","block_type":"box","text":"limit Total Annual Fund Operating Expenses to the amounts noted in the table below.","page_number":48,"box":{"x":62,"y":788,"width":618,"height":12}},{"id":"b2090c9c-0ce4-4fa5-bfb7-91a1da488aa2","block_type":"box","text":"48","page_number":48,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"133e6492-c523-403c-a008-6587747d0e2d","block_type":"box","text":"NM1026U-5981068-48/76","page_number":48,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4cc65a7c-1b0c-45be-b85b-d1d6124dc0e9","block_type":"box","text":"Contractual Cap(s)","page_number":49,"box":{"x":561,"y":50,"width":114,"height":9}},{"id":"cf791d19-1a22-4664-8c7a-f2a2cf88ca2b","block_type":"box","text":"1","page_number":49,"box":{"x":676,"y":50,"width":4,"height":4}},{"id":"5dedffca-8581-4333-811a-269599460f50","block_type":"box","text":"on Total Annual 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Expenses","page_number":49,"box":{"x":764,"y":71,"width":119,"height":9}},{"id":"10a181c0-4c16-4e9c-a4fc-6c616182f30c","block_type":"box","text":"2","page_number":49,"box":{"x":884,"y":71,"width":3,"height":3}},{"id":"15b79df3-82c8-4eec-8578-59385ce6da66","block_type":"box","text":"after giving effect to all","page_number":49,"box":{"x":755,"y":81,"width":141,"height":9}},{"id":"56ff92c5-5250-4a1c-8cc4-1891301b6742","block_type":"box","text":"applicable expense limitation","page_number":49,"box":{"x":738,"y":91,"width":175,"height":9}},{"id":"6e3a8e7d-ffce-4063-8d07-7d86d8cf5eda","block_type":"box","text":"provisions (excluding Dividend","page_number":49,"box":{"x":735,"y":102,"width":181,"height":9}},{"id":"f7ca3d42-b75f-4c0d-865d-8bfee2815545","block_type":"box","text":"Expense, Interest Expense,","page_number":49,"box":{"x":744,"y":112,"width":163,"height":9}},{"id":"5ee36837-f459-447c-8c33-b6c3b92cb009","block_type":"box","text":"Acquired Fund 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1.19%","page_number":49,"box":{"x":70,"y":196,"width":781,"height":8}},{"id":"28cc6808-c19c-4228-a592-2c41242aecd5","block_type":"box","text":"1","page_number":49,"box":{"x":61,"y":216,"width":3,"height":3}},{"id":"3b9dcea7-e979-48d1-8885-5846a1ccb9a8","block_type":"box","text":"The contractual caps are in effect through June 30, 2028. The contractual agreement may be terminated with respect to the Fund upon 90 days’","page_number":49,"box":{"x":81,"y":216,"width":851,"height":9}},{"id":"db880232-83d0-4d4a-9ac3-7db01f386ac8","block_type":"box","text":"notice by a majority of the non-interested directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":49,"box":{"x":81,"y":226,"width":799,"height":9}},{"id":"e04569b4-d169-4846-ab54-78afd390d9c6","block_type":"box","text":"2","page_number":49,"box":{"x":61,"y":239,"width":3,"height":4}},{"id":"5e8a7187-8d00-4f1a-98f7-d29b641dc7e4","block_type":"box","text":"As a percentage of average daily net assets.","page_number":49,"box":{"x":81,"y":239,"width":260,"height":9}},{"id":"6920acd7-238c-4684-9fd3-65452683fedc","block_type":"box","text":"The amount of the contractual waivers and/or reimbursements of fees and expenses made pursuant to the contractual","page_number":49,"box":{"x":60,"y":264,"width":875,"height":11}},{"id":"b64cddb8-4610-4324-a2d4-8ba957abd7b1","block_type":"box","text":"caps on net expenses will be reduced by the amount of the affiliated money market fund waiver.","page_number":49,"box":{"x":61,"y":279,"width":705,"height":11}},{"id":"a1f04565-c743-4513-a700-78ca1ec1876f","block_type":"box","text":"For the fiscal year ended May 31, 2026, BlackRock received a management fee, net of management fee waivers, at","page_number":49,"box":{"x":62,"y":302,"width":851,"height":11}},{"id":"938bc996-2f12-4358-9de0-918e3223bf89","block_type":"box","text":"the annual rate of 1.07% of the Fund’s average daily net assets.","page_number":49,"box":{"x":60,"y":316,"width":473,"height":12}},{"id":"fce06e7b-c7d9-41f5-b0ce-22ee3745e780","block_type":"box","text":"A discussion of the basis for the Board’s approval of the Management Agreement with BlackRock is available in the","page_number":49,"box":{"x":60,"y":339,"width":850,"height":11}},{"id":"eeb1b908-2b6a-455b-bc6b-0a1f5f506fb3","block_type":"box","text":"Fund’s reports filed on Form N-CSR for the fiscal year ended May 31, 2026.","page_number":49,"box":{"x":62,"y":354,"width":556,"height":11}},{"id":"582b0bab-65db-457b-b74a-3a690fc0e564","block_type":"box","text":"From time to time, a manager, analyst, or other employee of BlackRock or its affiliates may express views regarding a","page_number":49,"box":{"x":62,"y":376,"width":864,"height":12}},{"id":"1046bd5c-2600-4b38-a9fa-8af07718b60f","block_type":"box","text":"particular asset class, company, security, industry, or market sector. The views expressed by any such person are the","page_number":49,"box":{"x":62,"y":391,"width":863,"height":12}},{"id":"2f9c480e-f604-4dca-944c-fb8b8e73daa1","block_type":"box","text":"views of only that individual as of the time expressed and do not necessarily represent the views of BlackRock or any","page_number":49,"box":{"x":60,"y":406,"width":861,"height":11}},{"id":"d740a2f0-b70d-4661-873c-678ae0266e73","block_type":"box","text":"other person within the BlackRock organization. Any such views are subject to change at any time based upon market","page_number":49,"box":{"x":61,"y":421,"width":864,"height":11}},{"id":"e65f3e71-aa6a-4221-ab1e-0100470f671b","block_type":"box","text":"or other conditions and BlackRock disclaims any responsibility to update such views. These views may not be relied on","page_number":49,"box":{"x":61,"y":436,"width":872,"height":11}},{"id":"0990fc41-e87c-415e-a202-dafef8f1e7d7","block_type":"box","text":"as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be","page_number":49,"box":{"x":61,"y":450,"width":841,"height":12}},{"id":"ee0fcfc2-bbe5-45d2-b55f-420e20aee9ee","block_type":"box","text":"relied on as an indication of trading intent on behalf of the Fund.","page_number":49,"box":{"x":61,"y":465,"width":472,"height":12}},{"id":"ce466065-9c85-4344-b296-75f65ab1170c","block_type":"box","text":"Portfolio Manager Information","page_number":49,"box":{"x":61,"y":504,"width":272,"height":14}},{"id":"834f0dfb-cdb7-4d52-a755-fee0a98e2705","block_type":"box","text":"Information regarding the portfolio manager is set forth below. Further information regarding the portfolio manager,","page_number":49,"box":{"x":62,"y":530,"width":844,"height":12}},{"id":"051e94f9-b035-4289-9f58-cf4ff86a0359","block_type":"box","text":"including other accounts managed, compensation, ownership of Fund shares, and possible conflicts of interest, is","page_number":49,"box":{"x":62,"y":545,"width":836,"height":12}},{"id":"66e8c675-01f6-4a79-88b6-6afbe538d49a","block_type":"box","text":"available in the SAI.","page_number":49,"box":{"x":61,"y":560,"width":144,"height":9}},{"id":"d14b3c04-6c7c-4544-80f3-22eb2366a629","block_type":"box","text":"Portfolio Manager Primary Role Since Title and Recent Biography","page_number":49,"box":{"x":61,"y":588,"width":797,"height":9}},{"id":"685242f4-1e7c-42e7-9373-0b41a75b0a78","block_type":"box","text":"Mark McKenna Primarily responsible for the day-to","page_number":49,"box":{"x":61,"y":605,"width":423,"height":11}},{"id":"cd4da47d-3345-4d06-98c1-a0b99d2138a6","block_type":"box","text":"day management of the Fund’s","page_number":49,"box":{"x":252,"y":619,"width":204,"height":10}},{"id":"c09a2934-1d45-435f-9c60-638e2b02e048","block_type":"box","text":"portfolio, including setting the Fund’s","page_number":49,"box":{"x":253,"y":632,"width":245,"height":11}},{"id":"6ae91926-daee-47c6-b716-69124fbe36be","block_type":"box","text":"overall investment strategy and","page_number":49,"box":{"x":252,"y":646,"width":206,"height":10}},{"id":"ad061f2a-4c78-4f16-aec5-990a0ac42430","block_type":"box","text":"overseeing the management of the","page_number":49,"box":{"x":252,"y":660,"width":230,"height":10}},{"id":"ca2cf932-1365-4005-8178-b8b8971f9ddb","block_type":"box","text":"Fund.","page_number":49,"box":{"x":253,"y":673,"width":34,"height":8}},{"id":"108b5507-ecc1-4b30-9bdf-92400c8ebdde","block_type":"box","text":"2015 Managing Director of BlackRock, Inc. since","page_number":49,"box":{"x":545,"y":605,"width":352,"height":11}},{"id":"09aafbd2-2ef1-4a7d-ba28-22eb0c49d182","block_type":"box","text":"2014.","page_number":49,"box":{"x":615,"y":619,"width":39,"height":8}},{"id":"f98dea61-7f37-4044-8ac9-e0da47cce376","block_type":"box","text":"Conflicts of Interest","page_number":49,"box":{"x":61,"y":714,"width":181,"height":11}},{"id":"b5a31fd9-1980-41ec-abea-b3892e781215","block_type":"box","text":"The investment activities of BlackRock and its affiliates (including BlackRock, Inc. and its subsidiaries (collectively, the","page_number":49,"box":{"x":60,"y":740,"width":871,"height":11}},{"id":"13e03e0e-7afd-48a6-bd97-aa9043f1f2da","block_type":"box","text":"“Affiliates”)), and their respective directors, officers or employees, in managing their own accounts and other","page_number":49,"box":{"x":62,"y":755,"width":801,"height":11}},{"id":"8bb17685-9072-49c9-bf4e-3ec35100ab0e","block_type":"box","text":"accounts, may present conflicts of interest that could disadvantage the Fund and its shareholders.","page_number":49,"box":{"x":61,"y":769,"width":723,"height":12}},{"id":"414599a6-376d-4463-8b1f-a995d8ce9f08","block_type":"box","text":"BlackRock and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management","page_number":49,"box":{"x":62,"y":792,"width":871,"height":12}},{"id":"8f3d9e24-4c60-44be-b7d9-22acf19984d5","block_type":"box","text":"activities and in the ordinary course of business may engage in activities in which their interests or the interests of","page_number":49,"box":{"x":61,"y":807,"width":845,"height":11}},{"id":"1e6c1c5f-432d-40d8-b06f-31590496edfd","block_type":"box","text":"other clients may conflict with those of the Fund. BlackRock and its Affiliates act, or may act, as an investor, research","page_number":49,"box":{"x":61,"y":822,"width":865,"height":11}},{"id":"ed15125c-6162-4c4b-98b5-c7e49f29ab5d","block_type":"box","text":"provider, investment manager, commodity pool operator, commodity trading advisor, financier, underwriter, adviser,","page_number":49,"box":{"x":62,"y":837,"width":839,"height":11}},{"id":"ac34c64b-98a9-4593-bff8-2c135126ffb9","block_type":"box","text":"trader, lender, index provider, agent and/or principal. 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The terms of a fund’s index licensing agreement with BlackRock or its","page_number":50,"box":{"x":62,"y":612,"width":870,"height":11}},{"id":"761d8f7f-e69c-4551-86d4-9078dab92e2d","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":50,"box":{"x":60,"y":626,"width":545,"height":12}},{"id":"3fbafef4-8a4e-45ae-bd51-e9f8a5cd1057","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":50,"box":{"x":60,"y":649,"width":837,"height":12}},{"id":"f1584d48-09e9-4133-a04c-b2f235061e14","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":50,"box":{"x":61,"y":664,"width":865,"height":11}},{"id":"689b479d-33a1-406f-9dd0-18b543018c4c","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":50,"box":{"x":62,"y":679,"width":819,"height":11}},{"id":"52410850-630c-4a55-915c-0a787dfb646b","block_type":"box","text":"Valuation of Fund Investments","page_number":50,"box":{"x":63,"y":717,"width":271,"height":11}},{"id":"a87eed97-7e63-4ab8-b085-3eab70c3735d","block_type":"box","text":"When you buy shares, you pay the net asset value, plus any applicable sales charge. This is the offering price. Shares","page_number":50,"box":{"x":60,"y":744,"width":869,"height":11}},{"id":"9561cbf5-7e6c-4677-93d9-ef670033c839","block_type":"box","text":"are also redeemed at their net asset value, minus any applicable sales charge or redemption fee. 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The net asset value of shares is","page_number":50,"box":{"x":61,"y":847,"width":825,"height":12}},{"id":"ff2810b7-969e-42dd-9274-e1cc8ccccce3","block_type":"box","text":"calculated by dividing the value of the net assets of each class of shares (i.e., the value of its total assets less total","page_number":50,"box":{"x":61,"y":862,"width":854,"height":12}},{"id":"b1887117-af9c-4b8a-ab98-75f2443a8f66","block_type":"box","text":"liabilities) by the total number of outstanding shares of the class, generally rounded to the nearest cent.","page_number":50,"box":{"x":62,"y":877,"width":764,"height":12}},{"id":"9e812810-1d46-4fbb-81e3-88941aea132e","block_type":"box","text":"Generally, Institutional Shares will have the highest net asset value because that class has the lowest expenses.","page_number":50,"box":{"x":61,"y":900,"width":830,"height":11}},{"id":"9b089b4b-cfde-4de9-ba73-a856f4f02e1a","block_type":"box","text":"Investor A Shares will have a higher net asset value than Investor C Shares. Also, dividends paid on Investor A and","page_number":50,"box":{"x":62,"y":915,"width":841,"height":11}},{"id":"68829516-1dd5-4248-8f8e-368ae12a156f","block_type":"box","text":"50","page_number":50,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"cb22d853-5b9a-40e2-b292-2f0de69fc3f1","block_type":"box","text":"NM1026U-5981068-50/76","page_number":50,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6cd88620-cb9c-432c-892d-5381f7843a17","block_type":"box","text":"Institutional Shares will generally be higher than dividends paid on Investor C Shares because Investor A and","page_number":51,"box":{"x":62,"y":46,"width":797,"height":11}},{"id":"15f36106-9c20-449f-b517-267d6883f68a","block_type":"box","text":"Institutional Shares have lower expenses.","page_number":51,"box":{"x":62,"y":61,"width":304,"height":11}},{"id":"3f91dab1-2ce4-4938-bf2f-b130cc2ca05f","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":51,"box":{"x":60,"y":83,"width":844,"height":11}},{"id":"81a81bc1-1519-4af5-b883-e4d1b947f9c7","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":51,"box":{"x":60,"y":98,"width":837,"height":11}},{"id":"63000bba-c1cc-4c71-8515-d46a5fffc8cb","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":51,"box":{"x":62,"y":113,"width":464,"height":11}},{"id":"770ae714-5bdf-4d50-ae11-2839da8c8904","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":51,"box":{"x":62,"y":135,"width":863,"height":12}},{"id":"e2f7651b-77be-44db-a1d2-f95fe8f06173","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":51,"box":{"x":60,"y":150,"width":858,"height":12}},{"id":"11fdd3a4-fe11-4e22-9df3-a778cbf8fb10","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":51,"box":{"x":62,"y":165,"width":863,"height":11}},{"id":"c8c1687f-cbac-4496-9347-8d60f638ec14","block_type":"box","text":"or market on which the security or instrument is primarily traded at the time of valuation. Shares of underlying open","page_number":51,"box":{"x":61,"y":180,"width":852,"height":11}},{"id":"bf0dc611-4085-4967-b2d4-15ed6e043821","block_type":"box","text":"end funds that are not traded on an exchange (including money market funds) are valued at net asset value. Shares of","page_number":51,"box":{"x":61,"y":195,"width":872,"height":11}},{"id":"66f1e021-927e-4347-95ac-e225adbd0911","block_type":"box","text":"underlying exchange-traded closed-end funds or other ETFs are valued at their most recent closing price.","page_number":51,"box":{"x":61,"y":209,"width":763,"height":12}},{"id":"de2ca849-1eed-4227-bcdd-284bf8b356d3","block_type":"box","text":"The Fund values fixed-income portfolio securities and certain derivative instruments using prices provided by dealers","page_number":51,"box":{"x":60,"y":232,"width":857,"height":11}},{"id":"601ad32d-a23a-4c57-9b81-7129d8a121f3","block_type":"box","text":"or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":51,"box":{"x":61,"y":247,"width":870,"height":11}},{"id":"1101b09f-3e40-4853-bcc3-38b8b82178db","block_type":"box","text":"accordance with BlackRock’s valuation policies and procedures. Pricing services may use valuation models that utilize","page_number":51,"box":{"x":61,"y":262,"width":868,"height":11}},{"id":"9e4c97a7-2621-4f27-a793-fac6feee611c","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":51,"box":{"x":61,"y":276,"width":842,"height":12}},{"id":"907f7dd2-e5ee-496e-9820-f3839abebd38","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":51,"box":{"x":61,"y":291,"width":853,"height":12}},{"id":"72d6afb3-de86-4309-973c-a86b48dd1aa5","block_type":"box","text":"odd lot sizes. 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To avoid","page_number":52,"box":{"x":60,"y":590,"width":808,"height":11}},{"id":"4055dff0-84a5-4ea2-899b-32e69b967453","block_type":"box","text":"withholding, foreign financial institutions and investment funds will generally either need to (a) collect and report to the","page_number":52,"box":{"x":60,"y":604,"width":874,"height":12}},{"id":"4ecd16ca-c3de-4f68-b2c6-88cbc87f7ca2","block_type":"box","text":"IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due diligence","page_number":52,"box":{"x":62,"y":619,"width":789,"height":12}},{"id":"a1323c62-7411-4706-909b-1d2ab0dc8dbd","block_type":"box","text":"procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying foreign entities","page_number":52,"box":{"x":62,"y":634,"width":858,"height":12}},{"id":"bff63eee-65eb-461c-a8f6-5e1a05b47fa8","block_type":"box","text":"and account holders or (b) if an intergovernmental agreement is entered into and implementing legislation is adopted,","page_number":52,"box":{"x":61,"y":649,"width":865,"height":12}},{"id":"84c69439-5dd8-4f68-9493-94dba99df1fa","block_type":"box","text":"comply with the agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":52,"box":{"x":61,"y":664,"width":802,"height":11}},{"id":"2a05b405-e90f-45f4-b29a-e0b1c18c61ba","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":52,"box":{"x":62,"y":679,"width":639,"height":11}},{"id":"e623798e-40bf-461c-a403-ae0338a69d38","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":52,"box":{"x":60,"y":701,"width":855,"height":11}},{"id":"35b179e6-d9a9-4f79-95cf-e789f972f97b","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":52,"box":{"x":61,"y":716,"width":832,"height":11}},{"id":"7119fd1b-0f38-44d5-8c21-fea68b3e8031","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":52,"box":{"x":62,"y":731,"width":383,"height":11}},{"id":"fe4089de-734a-490d-b09c-1c560713c5e7","block_type":"box","text":"52","page_number":52,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"269fe43e-d606-4845-aa3b-b325e88c84b7","block_type":"box","text":"NM1026U-5981068-52/76","page_number":52,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"596b9a6b-fe88-4e3e-9373-9c6d26bdd347","block_type":"box","text":"The financial highlights tables are intended to help investors understand the Fund’s financial performance for the","page_number":53,"box":{"x":60,"y":75,"width":833,"height":12}},{"id":"460618c4-e52e-41bf-8b6b-a4949e579ea2","block_type":"box","text":"periods shown. Certain information reflects financial results for a single share of the Fund. The total returns in the","page_number":53,"box":{"x":62,"y":90,"width":839,"height":12}},{"id":"1f44740b-bbd7-49c6-bbb7-76e836b65686","block_type":"box","text":"tables represent the rate of return that an investor would have earned (or lost) on an investment in the Fund,","page_number":53,"box":{"x":60,"y":105,"width":800,"height":11}},{"id":"44ce1b92-e860-4fc1-8906-428f18cf31e3","block_type":"box","text":"assuming reinvestment of all dividends and distributions. The information has been audited by Deloitte & Touche LLP","page_number":53,"box":{"x":61,"y":120,"width":860,"height":11}},{"id":"330379d8-8094-46e0-a350-290859363a51","block_type":"box","text":"whose report, along with the Fund’s audited financial statements, is included in the Fund’s Annual Financial","page_number":53,"box":{"x":60,"y":135,"width":792,"height":11}},{"id":"02995ba7-5d15-4487-b175-78cdffc70a84","block_type":"box","text":"Statements and Additional Information for the fiscal year ended May 31, 2026, as filed with the SEC on Form N-CSR,","page_number":53,"box":{"x":61,"y":149,"width":859,"height":12}},{"id":"510655c2-99ad-49d6-8e58-2ef59656c074","block_type":"box","text":"which are available upon request and at www.blackrock.com.","page_number":53,"box":{"x":60,"y":165,"width":446,"height":10}},{"id":"49b731bb-6a64-4000-947e-ffba73d199bf","block_type":"box","text":"BlackRock Event Driven Equity 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Davidson & Co. (“D.A. Davidson”):","page_number":60,"box":{"x":61,"y":46,"width":324,"height":12}},{"id":"ffdcd8fe-5b06-407a-9319-2873857ba7ae","block_type":"box","text":"Effective March 1, 2021, shareholders purchasing Fund shares including existing Fund shareholders, through a D.A.","page_number":60,"box":{"x":62,"y":62,"width":852,"height":12}},{"id":"0efcd66b-6f3f-4472-bbb4-8b6a5713dd2f","block_type":"box","text":"Davidson platform or account, or through an introducing broker-dealer or independent registered investment adviser for","page_number":60,"box":{"x":62,"y":77,"width":873,"height":12}},{"id":"8b7cf192-e0f7-415e-9577-ef9716316403","block_type":"box","text":"which D.A. Davidson provides trade execution, clearance, and/or custody services, will be eligible for the following","page_number":60,"box":{"x":60,"y":92,"width":840,"height":12}},{"id":"496f22bd-9374-4318-a14e-fb5a315a2881","block_type":"box","text":"sales charge waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and","page_number":60,"box":{"x":61,"y":107,"width":864,"height":11}},{"id":"0dc04d11-4d0e-46ee-99ed-7f7c6e463d8f","block_type":"box","text":"discounts, which may differ from those disclosed elsewhere in this Prospectus or the Fund’s SAI.","page_number":60,"box":{"x":61,"y":122,"width":713,"height":11}},{"id":"5de529ac-6c2d-467e-a6e3-88e834b80dff","block_type":"box","text":"Front-End Sales Charge Waivers on Investor A Shares Available at D.A. 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Davidson.","page_number":60,"box":{"x":82,"y":216,"width":309,"height":11}},{"id":"0638ae68-be70-4791-978c-d1ded079b9ce","block_type":"box","text":"Shares purchased from the proceeds of redemptions of the same Fund or another BlackRock Fund, provided (1) the","page_number":60,"box":{"x":81,"y":236,"width":851,"height":11}},{"id":"f4390ad6-6fcf-4a1a-8a13-d1b98cd98648","block_type":"box","text":"repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same","page_number":60,"box":{"x":82,"y":251,"width":820,"height":11}},{"id":"49d59ba6-1b21-4976-bb41-40f2304d84cf","block_type":"box","text":"account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of","page_number":60,"box":{"x":81,"y":265,"width":792,"height":12}},{"id":"ad969a55-2d88-4200-a4f4-4e21940f249f","block_type":"box","text":"Reinstatement).","page_number":60,"box":{"x":82,"y":281,"width":114,"height":11}},{"id":"a7260f93-e5b5-4131-854c-f5f038b79733","block_type":"box","text":"A shareholder in the Fund’s Investor C Shares will have their shares converted at net asset value to Investor A","page_number":60,"box":{"x":81,"y":300,"width":812,"height":9}},{"id":"a379fc7e-350b-4181-bc89-6030c5947ef3","block_type":"box","text":"Shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the","page_number":60,"box":{"x":81,"y":315,"width":776,"height":12}},{"id":"fdb09b8e-9322-4f11-ad36-660148296e98","block_type":"box","text":"conversion is consistent with D.A. 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Eligible BlackRock Fund assets not held at D.A. Davidson may be included in the calculation of rights of","page_number":60,"box":{"x":82,"y":580,"width":837,"height":12}},{"id":"b02c74bc-4e15-44df-add4-11c648851da8","block_type":"box","text":"accumulation only if the shareholder notifies his or her financial advisor about such assets.","page_number":60,"box":{"x":81,"y":595,"width":670,"height":11}},{"id":"4a66a183-6aa5-4ae6-90e3-086342ab17d6","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases of BlackRock Funds, over a","page_number":60,"box":{"x":82,"y":615,"width":833,"height":11}},{"id":"2ac5fbd0-83b1-470d-b031-d97770b54e96","block_type":"box","text":"13-month time period. Eligible BlackRock Fund assets not held at D.A. Davidson may be included in the calculation","page_number":60,"box":{"x":82,"y":630,"width":841,"height":11}},{"id":"d371b522-de25-42fb-b302-c79e56a01f50","block_type":"box","text":"of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":60,"box":{"x":81,"y":644,"width":705,"height":12}},{"id":"6b7345cd-bf4d-4301-8010-16302d95b3a8","block_type":"box","text":"A-2","page_number":60,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"322e79df-0fb5-44d0-810a-c4e83f653087","block_type":"box","text":"NM1026U-5981068-60/76","page_number":60,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9a83367e-d993-4c94-88ba-ce6127cd473a","block_type":"box","text":"Edward D. Jones & Co., L.P. (“Edward Jones”):","page_number":61,"box":{"x":61,"y":46,"width":383,"height":12}},{"id":"a20cc7b3-a723-4141-bd0b-9a4b831eae4a","block_type":"box","text":"Policies Regarding Transactions Through Edward Jones","page_number":61,"box":{"x":61,"y":71,"width":456,"height":12}},{"id":"a15b85b8-4899-4e9c-b53a-48d32329b7ef","block_type":"box","text":"The following information has been provided by Edward Jones:","page_number":61,"box":{"x":62,"y":102,"width":455,"height":11}},{"id":"601e805d-b4a0-4f66-afca-a1a66625cd79","block_type":"box","text":"Effective on or after June 10, 2026, the following information supersedes prior information with respect to","page_number":61,"box":{"x":62,"y":124,"width":780,"height":12}},{"id":"0c4457dd-cd2e-45fc-acc3-0adf27d814fc","block_type":"box","text":"transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also","page_number":61,"box":{"x":60,"y":139,"width":817,"height":12}},{"id":"50b8f61f-34dd-4860-a3b1-ab2a14a9e238","block_type":"box","text":"referred to as “shareholders”) purchasing fund shares on the Edward Jones commission and fee-based platforms are","page_number":61,"box":{"x":61,"y":154,"width":863,"height":11}},{"id":"3d302aa2-505a-4a93-bf59-f84e3b70b0e9","block_type":"box","text":"eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ","page_number":61,"box":{"x":61,"y":169,"width":860,"height":11}},{"id":"15bbc04c-6053-4865-b8da-c0eab7068ca8","block_type":"box","text":"from discounts and waivers described elsewhere in this prospectus or statement of additional information (“SAI”) or","page_number":61,"box":{"x":60,"y":184,"width":854,"height":11}},{"id":"a2aa1173-8345-4f8b-99e1-93a2f72c6eab","block_type":"box","text":"through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time","page_number":61,"box":{"x":60,"y":198,"width":875,"height":12}},{"id":"a1b25dc8-915a-4fee-8ce0-a7c95438379f","block_type":"box","text":"of purchase of any relationship, holdings of BlackRock Funds, or other facts qualifying the purchaser for discounts or","page_number":61,"box":{"x":61,"y":213,"width":857,"height":12}},{"id":"1edfe6d6-660b-4b10-a8d8-79c680274aa8","block_type":"box","text":"waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if","page_number":61,"box":{"x":60,"y":228,"width":871,"height":9}},{"id":"4bfecb47-fe4b-4b41-99f4-0fd0f14c10d4","block_type":"box","text":"they have questions regarding their eligibility for these discounts and waivers.","page_number":61,"box":{"x":60,"y":243,"width":570,"height":11}},{"id":"82fc6a28-0511-4614-8a28-e9cb6a07ace2","block_type":"box","text":"Breakpoints","page_number":61,"box":{"x":61,"y":266,"width":99,"height":12}},{"id":"e0b87b62-f209-4e4d-a411-e8e871e8ec67","block_type":"box","text":"Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.","page_number":61,"box":{"x":82,"y":288,"width":788,"height":11}},{"id":"f3c626d0-2280-46ea-903b-9ced4475cb9c","block_type":"box","text":"Rights of Accumulation (“ROA”)","page_number":61,"box":{"x":61,"y":310,"width":265,"height":13}},{"id":"f105a72e-f3aa-477b-abdf-09a7fd1b7436","block_type":"box","text":"The applicable sales charge on a purchase of Investor A Shares is determined by taking into account all share","page_number":61,"box":{"x":81,"y":332,"width":810,"height":11}},{"id":"70dfa5d7-28e4-4562-8a99-c2437f6c9399","block_type":"box","text":"classes (except certain money market funds and any assets held in group retirement plans) of BlackRock Funds and","page_number":61,"box":{"x":81,"y":347,"width":855,"height":11}},{"id":"f4113c4c-2eea-4557-820c-5be5b88b4cd4","block_type":"box","text":"the BlackRock CollegeAdvantage 529 Program held by the shareholder or in an account grouped by Edward Jones","page_number":61,"box":{"x":80,"y":362,"width":834,"height":11}},{"id":"27a28f61-ffce-4d65-8c81-5822375a7c80","block_type":"box","text":"with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). If grouping assets","page_number":61,"box":{"x":80,"y":376,"width":849,"height":12}},{"id":"6199d60a-8d52-4c64-a231-1fca106e0226","block_type":"box","text":"as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another","page_number":61,"box":{"x":81,"y":391,"width":793,"height":11}},{"id":"3852755d-06d4-437b-b558-9a7457049f24","block_type":"box","text":"platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder","page_number":61,"box":{"x":82,"y":406,"width":794,"height":12}},{"id":"432dd79b-1280-407f-8ff6-ad3019ee41bb","block_type":"box","text":"notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such","page_number":61,"box":{"x":82,"y":421,"width":811,"height":11}},{"id":"d19f3469-2a7a-416a-9ac6-c0d1f7b596f2","block_type":"box","text":"shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a","page_number":61,"box":{"x":81,"y":436,"width":841,"height":11}},{"id":"2e6597a1-294c-450a-a5d6-1703d0add416","block_type":"box","text":"sales charge.","page_number":61,"box":{"x":81,"y":451,"width":97,"height":11}},{"id":"8be0f328-7a92-4f8f-beb1-d42cc977bbc1","block_type":"box","text":"The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA","page_number":61,"box":{"x":81,"y":470,"width":846,"height":12}},{"id":"c14393e1-93e7-4a54-a511-d5f30541e176","block_type":"box","text":"accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a","page_number":61,"box":{"x":81,"y":486,"width":769,"height":11}},{"id":"3778f3d4-0b0b-4fe1-81e0-38831eaa082d","block_type":"box","text":"shareholder or pricing group level.","page_number":61,"box":{"x":81,"y":500,"width":248,"height":12}},{"id":"a077600a-c593-420b-a428-b2ba0be5c092","block_type":"box","text":"ROA is determined by calculating the higher of cost minus redemptions or market value (current shares multiplied","page_number":61,"box":{"x":82,"y":520,"width":833,"height":12}},{"id":"e853524c-6e21-4000-8c62-84db88f5446a","block_type":"box","text":"by NAV).","page_number":61,"box":{"x":81,"y":535,"width":58,"height":11}},{"id":"33cdad18-dd00-42fa-99a4-472a5063a727","block_type":"box","text":"Letter of Intent (“LOI”)","page_number":61,"box":{"x":61,"y":558,"width":188,"height":12}},{"id":"c7488aa4-e5f7-4663-a328-d16209c4ddcc","block_type":"box","text":"Through a LOI, a shareholder can receive the sales charge and breakpoint discounts for purchases such","page_number":61,"box":{"x":81,"y":579,"width":765,"height":12}},{"id":"458a1e22-47f8-4d65-905b-ae153393f7c1","block_type":"box","text":"shareholder intends to make over a 13-month period from the date Edward Jones receives the LOI. 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The inclusion of eligible BlackRock Funds","page_number":61,"box":{"x":81,"y":653,"width":827,"height":12}},{"id":"d5329a63-e7ac-4dff-815b-243854d5d4dd","block_type":"box","text":"assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of","page_number":61,"box":{"x":81,"y":668,"width":845,"height":12}},{"id":"88137920-aac2-43d2-9d66-c56113222eaf","block_type":"box","text":"calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not","page_number":61,"box":{"x":81,"y":683,"width":851,"height":12}},{"id":"6307d3d3-c387-4c8a-ab49-c8a3d6555d85","block_type":"box","text":"reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.","page_number":61,"box":{"x":82,"y":698,"width":680,"height":12}},{"id":"969d0133-fbd8-4970-8545-cfd8c7ed04a5","block_type":"box","text":"If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the","page_number":61,"box":{"x":82,"y":718,"width":842,"height":11}},{"id":"7c12afcb-7af7-417a-82bb-1b05f5f7bd51","block_type":"box","text":"IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be","page_number":61,"box":{"x":82,"y":733,"width":829,"height":11}},{"id":"d8854100-25c9-4419-9bf5-4bfccb2d1999","block_type":"box","text":"established by the employer.","page_number":61,"box":{"x":81,"y":748,"width":209,"height":11}},{"id":"5de3186e-5df3-4693-89f4-493ab579dccb","block_type":"box","text":"Sales Charge Waivers","page_number":61,"box":{"x":60,"y":771,"width":180,"height":12}},{"id":"6841422d-263a-4df9-bb65-8aa7fe19b745","block_type":"box","text":"Sales charges are waived for the following shareholders and in the following situations:","page_number":61,"box":{"x":61,"y":787,"width":639,"height":11}},{"id":"59ceb804-258d-42e8-a3ec-a46c2fa03411","block_type":"box","text":"Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by","page_number":61,"box":{"x":81,"y":807,"width":806,"height":11}},{"id":"345b7b08-6cce-4ca9-a2f3-5677095cc07d","block_type":"box","text":"Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the","page_number":61,"box":{"x":82,"y":822,"width":850,"height":11}},{"id":"2ff7633c-ee01-40c3-b739-866f9b79685a","block_type":"box","text":"associate’s life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant","page_number":61,"box":{"x":81,"y":837,"width":846,"height":11}},{"id":"34ea3319-44af-45e1-86bd-cba5ccb6c1ff","block_type":"box","text":"to Edward Jones’ policies and procedures.","page_number":61,"box":{"x":80,"y":852,"width":310,"height":11}},{"id":"818aee8d-e442-4f14-97ef-7f82e723f85e","block_type":"box","text":"Shares purchased in an Edward Jones fee-based program.","page_number":61,"box":{"x":81,"y":871,"width":427,"height":12}},{"id":"9f63cb5a-fef1-429e-bec3-e392f4ae3fb3","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.","page_number":61,"box":{"x":81,"y":891,"width":710,"height":12}},{"id":"0cc4eb57-6d8c-45ef-8ccc-709256a6fa9f","block_type":"box","text":"A-3","page_number":61,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"23642573-b1bc-4bc7-ae7e-7da1f077a308","block_type":"box","text":"NM1026U-5981068-61/76","page_number":61,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6868b431-8ca9-4728-9220-d4b264da949a","block_type":"box","text":"Shares purchased from the proceeds of redeemed shares of BlackRock Funds so long as the following conditions","page_number":62,"box":{"x":81,"y":46,"width":834,"height":11}},{"id":"d9a63711-8f0c-4aea-acfa-d6a9e44b824f","block_type":"box","text":"are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made","page_number":62,"box":{"x":81,"y":60,"width":850,"height":12}},{"id":"72d7d6ab-caab-407e-8b16-bba053c1c874","block_type":"box","text":"from a share class that charges a front load and one of the following (“Right of Reinstatement”):","page_number":62,"box":{"x":81,"y":75,"width":708,"height":12}},{"id":"0ee460fd-3238-4944-bf38-f26b348c7bba","block_type":"box","text":"The redemption and repurchase occur in the same account.","page_number":62,"box":{"x":101,"y":96,"width":438,"height":11}},{"id":"c5a420de-1136-4ef0-8a71-0cb980ded857","block_type":"box","text":"The redemption proceeds are used to process an: IRA contribution, return of excess contributions, conversion,","page_number":62,"box":{"x":101,"y":115,"width":811,"height":11}},{"id":"8cbca5f3-a5a6-47a6-b876-2ddfad906a61","block_type":"box","text":"recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same","page_number":62,"box":{"x":102,"y":130,"width":784,"height":12}},{"id":"ae381445-c92e-4da9-b289-211936e364cb","block_type":"box","text":"Edward Jones grouping for ROA.","page_number":62,"box":{"x":102,"y":145,"width":231,"height":11}},{"id":"d0a91bd1-4e39-48cf-8a03-db6c02a5f2c0","block_type":"box","text":"The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases","page_number":62,"box":{"x":76,"y":166,"width":839,"height":12}},{"id":"03c2edb2-256d-46ed-b56d-c3dc90381005","block_type":"box","text":"made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund","page_number":62,"box":{"x":76,"y":179,"width":805,"height":12}},{"id":"819ae82f-cdea-40e8-a334-22c709267427","block_type":"box","text":"products.","page_number":62,"box":{"x":77,"y":192,"width":66,"height":11}},{"id":"e58f13fa-084b-4990-9b5a-1eb51eb30d5c","block_type":"box","text":"Shares exchanged into Investor A Shares from another share class so long as the exchange is into the same fund","page_number":62,"box":{"x":81,"y":210,"width":837,"height":12}},{"id":"e1160b71-519c-4158-8774-c66ba10929c2","block_type":"box","text":"and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSCs due to","page_number":62,"box":{"x":81,"y":225,"width":834,"height":11}},{"id":"ed95af58-2a66-4e80-b5aa-0e9dd9c2d45b","block_type":"box","text":"BlackRock, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the","page_number":62,"box":{"x":82,"y":240,"width":796,"height":11}},{"id":"6543675f-50a5-4fe5-8af3-ff0995d5d94d","block_type":"box","text":"prospectus.","page_number":62,"box":{"x":82,"y":255,"width":84,"height":11}},{"id":"11371c78-8554-4272-854c-863c35b0a22a","block_type":"box","text":"Exchanges from Investor C Shares to Investor A Shares of the same fund, generally, in the 84th month following the","page_number":62,"box":{"x":82,"y":274,"width":850,"height":12}},{"id":"15b5eff9-a29c-4994-8da2-d5a164c9ff5e","block_type":"box","text":"anniversary of the purchase date or earlier at the discretion of Edward Jones.","page_number":62,"box":{"x":81,"y":289,"width":567,"height":12}},{"id":"2b11968c-8e24-4671-9a9f-dde0894cf37a","block_type":"box","text":"Contingent Deferred Sales Charge (“CDSC”) Waivers","page_number":62,"box":{"x":61,"y":312,"width":437,"height":13}},{"id":"474262c0-c98c-4d13-b8f0-eb7d26aaa038","block_type":"box","text":"If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is","page_number":62,"box":{"x":62,"y":329,"width":854,"height":11}},{"id":"a20ae5ed-99d8-40a4-9378-85bdcb3ddca0","block_type":"box","text":"expired, the shareholder is responsible to pay the CDSC except in the following conditions:","page_number":62,"box":{"x":61,"y":343,"width":665,"height":12}},{"id":"efabc2d2-8b46-4459-9541-22b6f35a00fd","block_type":"box","text":"The death or disability of the shareholder.","page_number":62,"box":{"x":81,"y":363,"width":304,"height":12}},{"id":"e4fee560-2dbf-478f-a7dc-e4c36a53ad11","block_type":"box","text":"Systematic withdrawals with up to 10% per year of the account value.","page_number":62,"box":{"x":81,"y":383,"width":508,"height":12}},{"id":"d69fd851-7660-4913-88b8-4b4e8779fa13","block_type":"box","text":"Return of excess contributions from an IRA.","page_number":62,"box":{"x":82,"y":403,"width":317,"height":10}},{"id":"9d455945-a53b-422c-babc-09fd611eeea7","block_type":"box","text":"Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is","page_number":62,"box":{"x":81,"y":423,"width":834,"height":12}},{"id":"d99b4d49-c079-48b5-8975-de3983d63c2f","block_type":"box","text":"taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.","page_number":62,"box":{"x":80,"y":438,"width":739,"height":12}},{"id":"0c548dc9-bf56-4177-b7c2-535910353067","block_type":"box","text":"Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward","page_number":62,"box":{"x":81,"y":458,"width":820,"height":12}},{"id":"0a7f97b5-a6a5-46c2-97f6-a6586aa8405d","block_type":"box","text":"Jones.","page_number":62,"box":{"x":81,"y":473,"width":46,"height":9}},{"id":"f34b03aa-79d0-401f-8cb1-50f7bd3d4014","block_type":"box","text":"Shares exchanged in an Edward Jones fee-based program.","page_number":62,"box":{"x":81,"y":493,"width":428,"height":12}},{"id":"0436142f-b784-4880-92cc-18d374fdeb2a","block_type":"box","text":"Shares acquired through a NAV Reinstatement.","page_number":62,"box":{"x":81,"y":513,"width":344,"height":12}},{"id":"55b6fc39-942d-4227-bf0d-80580ef04d5e","block_type":"box","text":"Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.","page_number":62,"box":{"x":81,"y":533,"width":705,"height":11}},{"id":"570ae65a-d453-443a-9e3a-f25fcb5467a0","block_type":"box","text":"Other Important Information Regarding Transactions Through Edward Jones","page_number":62,"box":{"x":61,"y":556,"width":624,"height":12}},{"id":"98849c26-c8db-4d72-8c28-764669d7b87b","block_type":"box","text":"Minimum Purchase Amounts for Investor A and Investor C Shares","page_number":62,"box":{"x":61,"y":580,"width":541,"height":11}},{"id":"ef805f59-bacf-4392-a493-131ee8f98225","block_type":"box","text":"Initial purchase minimum: $250","page_number":62,"box":{"x":82,"y":601,"width":234,"height":12}},{"id":"c30bfa23-9698-4046-b545-a457d0f1fd22","block_type":"box","text":"Subsequent purchase minimum: none","page_number":62,"box":{"x":81,"y":622,"width":279,"height":11}},{"id":"acbcc03d-e86d-42e2-9062-79082eba08cb","block_type":"box","text":"Minimum Balances","page_number":62,"box":{"x":61,"y":645,"width":156,"height":10}},{"id":"f040aa49-7796-48cf-99e5-836fa0d027d9","block_type":"box","text":"Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following","page_number":62,"box":{"x":82,"y":666,"width":837,"height":12}},{"id":"54ab2ce7-81d1-4c94-beaf-4fb86b651300","block_type":"box","text":"are examples of accounts that are not included in this policy:","page_number":62,"box":{"x":81,"y":681,"width":447,"height":12}},{"id":"749ddfab-f690-4ae6-9637-bcab01a138e2","block_type":"box","text":"A fee-based account held on an Edward Jones platform","page_number":62,"box":{"x":101,"y":701,"width":403,"height":11}},{"id":"191685a0-450c-42ce-9859-5edd6a1dac1f","block_type":"box","text":"A 529 account held on an Edward Jones platform","page_number":62,"box":{"x":101,"y":721,"width":361,"height":11}},{"id":"dbb7bde8-fb50-4839-ad30-1bbc1d45a8cb","block_type":"box","text":"An account with an active systematic investment plan or LOI","page_number":62,"box":{"x":101,"y":741,"width":440,"height":12}},{"id":"eb96d9e9-c9d4-44ea-99be-cac9580dcbdb","block_type":"box","text":"Exchanging Share Classes","page_number":62,"box":{"x":61,"y":764,"width":218,"height":13}},{"id":"17aae92c-036e-439a-95b3-5236b21e0461","block_type":"box","text":"At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a","page_number":62,"box":{"x":81,"y":786,"width":836,"height":11}},{"id":"9ad548d9-84ff-4997-9778-276372764ccd","block_type":"box","text":"fund to Investor A Shares of the same fund at NAV, provided that Edward Jones will be responsible for any remaining","page_number":62,"box":{"x":81,"y":800,"width":855,"height":12}},{"id":"931a9d5e-a973-4f5b-8691-c3dbec8ce4ea","block_type":"box","text":"CDSC due to BlackRock, if applicable, and that the shareholders meet the eligibility requirements of the new share","page_number":62,"box":{"x":81,"y":815,"width":844,"height":12}},{"id":"eb33b3e6-aab3-4c81-9a36-ef627b1314b8","block_type":"box","text":"class.","page_number":62,"box":{"x":81,"y":830,"width":42,"height":9}},{"id":"d2a1e132-5ea1-4630-8913-ce63ee6b50f8","block_type":"box","text":"A-4","page_number":62,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"2b0d8730-25b5-4754-952b-27d4158d2b7b","block_type":"box","text":"NM1026U-5981068-62/76","page_number":62,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c15c4df4-88dc-4acb-b62e-3391774c1ac0","block_type":"box","text":"J.P. 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Morgan Securities LLC","page_number":63,"box":{"x":62,"y":62,"width":860,"height":12}},{"id":"19ab3741-4cef-4343-b3b9-eba9c97a9083","block_type":"box","text":"brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and","page_number":63,"box":{"x":61,"y":77,"width":825,"height":12}},{"id":"c7784591-f129-4f3e-a4ea-4f2af7864d4d","block_type":"box","text":"contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers), share class conversion policy and","page_number":63,"box":{"x":61,"y":92,"width":836,"height":12}},{"id":"00e0083b-5e49-4248-8df3-3eb8e9f97e9e","block_type":"box","text":"discounts, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.","page_number":63,"box":{"x":61,"y":107,"width":684,"height":11}},{"id":"ed553610-41ba-47f3-a81c-65e952613c02","block_type":"box","text":"Front-end sales charge waivers on Investor A Shares available at J.P. 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For purposes of this provision, employer","page_number":64,"box":{"x":81,"y":293,"width":826,"height":12}},{"id":"117317a7-87a3-4d09-9a61-7203a90fc93a","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.","page_number":64,"box":{"x":81,"y":308,"width":684,"height":12}},{"id":"94f3ffc8-0270-419f-af41-0b7958057bb7","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":64,"box":{"x":81,"y":328,"width":362,"height":12}},{"id":"f50aa2be-3c5a-407c-8ef0-6e90cb7a5b93","block_type":"box","text":"Investor C shares that are no longer subject to a contingent deferred sales charge and are converted to Investor A","page_number":64,"box":{"x":82,"y":348,"width":840,"height":12}},{"id":"d11050a3-3528-4b9a-8467-cad45db05b62","block_type":"box","text":"shares of the same fund pursuant to Janney’s policies and procedures.","page_number":64,"box":{"x":81,"y":363,"width":523,"height":11}},{"id":"aa6e2a8a-439c-4633-a6e0-468ca228a09c","block_type":"box","text":"CDSC waivers on Investor A and C shares available at Janney","page_number":64,"box":{"x":61,"y":386,"width":507,"height":12}},{"id":"f8ea7c69-eb00-4645-91ca-276cc102e3ba","block_type":"box","text":"Shares sold upon the death or disability of the shareholder.","page_number":64,"box":{"x":81,"y":407,"width":436,"height":12}},{"id":"a087eb7e-d835-4efd-8075-f9f69ddb5aef","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus or SAI.","page_number":64,"box":{"x":81,"y":427,"width":721,"height":12}},{"id":"c0ccbb92-b5d3-4af1-aa3b-fd6b32b7d47a","block_type":"box","text":"Shares purchased in connection with a return of excess contributions from an IRA account.","page_number":64,"box":{"x":81,"y":447,"width":667,"height":11}},{"id":"0acce84f-160a-4e49-ac09-e687f0a7356a","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal","page_number":64,"box":{"x":81,"y":467,"width":820,"height":11}},{"id":"cb362d02-7091-4841-a2dc-0a561514e0d9","block_type":"box","text":"Revenue Code.","page_number":64,"box":{"x":82,"y":482,"width":108,"height":9}},{"id":"6a2ed805-62fd-43c9-b1cf-a0d49e22588d","block_type":"box","text":"Shares sold to pay Janney fees but only if the transaction is initiated by Janney.","page_number":64,"box":{"x":81,"y":502,"width":583,"height":11}},{"id":"cde68643-f4cd-4f2e-8567-7f27d3d25cfe","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":64,"box":{"x":81,"y":522,"width":362,"height":12}},{"id":"39605c0b-d9e1-4c3a-80b2-1e2678f73256","block_type":"box","text":"Shares exchanged into the same share class of a different fund.","page_number":64,"box":{"x":81,"y":542,"width":473,"height":12}},{"id":"c92724a4-7bf5-43c0-b08a-f62879e0f6d8","block_type":"box","text":"Front-end sales charge* discounts available at Janney: breakpoints, rights of accumulation, and/or","page_number":64,"box":{"x":61,"y":565,"width":822,"height":12}},{"id":"13ffe6aa-e9c6-4752-9876-e3fece43bf42","block_type":"box","text":"letters of intent","page_number":64,"box":{"x":61,"y":582,"width":128,"height":10}},{"id":"a63cb493-c7b0-4c5f-b3ec-97d9124a18d3","block_type":"box","text":"Breakpoints as described in the Fund’s prospectus or SAI.","page_number":64,"box":{"x":82,"y":603,"width":426,"height":11}},{"id":"7796218a-1383-437e-8e44-3e41240f9b74","block_type":"box","text":"Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated","page_number":64,"box":{"x":82,"y":623,"width":847,"height":12}},{"id":"3fada45d-9724-4641-a5c2-a0264e992d25","block_type":"box","text":"based on the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at","page_number":64,"box":{"x":81,"y":638,"width":834,"height":12}},{"id":"be03e5d6-884d-4c2e-8bd1-eec27d593d76","block_type":"box","text":"Janney. Eligible BlackRock Fund assets not held at Janney may be included in the ROA calculation only if the","page_number":64,"box":{"x":81,"y":653,"width":793,"height":11}},{"id":"6276ad2d-15f5-495d-a631-d7c863ae5a80","block_type":"box","text":"shareholder notifies his or her financial advisor about such assets.","page_number":64,"box":{"x":81,"y":668,"width":490,"height":9}},{"id":"a5c2fe8d-4786-42e6-80e4-73bed1d97737","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases within a BlackRock Fund, over","page_number":64,"box":{"x":82,"y":688,"width":854,"height":11}},{"id":"0027c41c-b279-45cd-8b6b-a78a35b97afa","block_type":"box","text":"a 13-month time period. Eligible BlackRock Fund assets not held at Janney Montgomery Scott may be included in","page_number":64,"box":{"x":81,"y":703,"width":831,"height":11}},{"id":"eca78bd0-a492-40b1-a07b-6990f63eaa4c","block_type":"box","text":"the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":64,"box":{"x":80,"y":717,"width":818,"height":12}},{"id":"37a236e1-bc99-4d2e-ad70-f93c7ef33b79","block_type":"box","text":"*Also referred to as an “initial sales charge.”","page_number":64,"box":{"x":62,"y":740,"width":332,"height":11}},{"id":"abae36ec-f768-48fd-872e-362d1e1b080e","block_type":"box","text":"A-6","page_number":64,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"02bccf9f-0f8e-479a-b0f4-6db5f615af78","block_type":"box","text":"NM1026U-5981068-64/76","page_number":64,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d89d62ad-d3b2-45a4-8759-c93b126fb45b","block_type":"box","text":"Merrill Lynch:","page_number":65,"box":{"x":61,"y":46,"width":110,"height":13}},{"id":"0663dd7d-ec86-4d2b-9eb1-9e01f4cc3fa6","block_type":"box","text":"Purchases or sales of front-end (i.e. Investor A) or level-load (i.e., Investor C) mutual fund shares through a Merrill","page_number":65,"box":{"x":61,"y":62,"width":834,"height":12}},{"id":"f07f2c9b-b452-47d1-b864-19c0b4f2b782","block_type":"box","text":"platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end","page_number":65,"box":{"x":62,"y":77,"width":870,"height":12}},{"id":"361bfa6f-96aa-4568-a061-36e74390cd0b","block_type":"box","text":"waivers) and discounts, which differ from those disclosed elsewhere in this Fund’s prospectus. Purchasers will have to","page_number":65,"box":{"x":60,"y":92,"width":874,"height":11}},{"id":"76f42e38-06bb-429e-97ae-2efabf44a5c0","block_type":"box","text":"buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for","page_number":65,"box":{"x":61,"y":107,"width":823,"height":11}},{"id":"f3d3a11e-1d5e-4d9d-a041-2f72ec1b4ab9","block_type":"box","text":"waivers or discounts not listed below.","page_number":65,"box":{"x":60,"y":122,"width":274,"height":9}},{"id":"bc13af62-0881-46aa-94c4-99f49afa6d21","block_type":"box","text":"It is the client’s responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that","page_number":65,"box":{"x":62,"y":144,"width":841,"height":12}},{"id":"085b1b4e-9a2a-4215-8a2f-f06d40fe95ff","block_type":"box","text":"qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such","page_number":65,"box":{"x":61,"y":159,"width":870,"height":12}},{"id":"16ea6701-3df8-44bd-a3c5-4474bcefb176","block_type":"box","text":"facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.","page_number":65,"box":{"x":60,"y":174,"width":823,"height":11}},{"id":"81dd6b19-dcf0-4535-bc9c-51f4c2d441ec","block_type":"box","text":"Additional information on waivers, discounts, and share class exchanges is available in the Merrill Sales Load Waiver","page_number":65,"box":{"x":60,"y":196,"width":862,"height":12}},{"id":"e012e774-67f1-4566-a298-9d89498cf844","block_type":"box","text":"and Discounts Supplement (the “Merrill SLWD Supplement”) and in the Mutual Fund Investing at Merrill pamphlet at","page_number":65,"box":{"x":61,"y":211,"width":853,"height":12}},{"id":"0d104f85-3fb9-484d-8ffc-21900d42a8ae","block_type":"box","text":"ml.com/funds. 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