{"annotation_id":"d8702387-40e6-458c-9acd-947c5f398fce","file_hash":"3150ce3638edd50d799f9faab959879a6f91cf768d9cb2e80ead369d058e4a72","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"6f5d15ef-da31-47ac-9b5b-cb3d1661f3dc","block_type":"box","text":"SEPTEMBER 28, 2026","page_number":1,"box":{"x":754,"y":47,"width":184,"height":11}},{"id":"b7535309-7e27-4d55-8ad7-12614795c007","block_type":"box","text":"Prospectus","page_number":1,"box":{"x":106,"y":175,"width":259,"height":32}},{"id":"3399909d-d7df-424e-b175-48d6761f206c","block_type":"box","text":"BlackRock Funds II","page_number":1,"box":{"x":63,"y":297,"width":155,"height":9}},{"id":"89d45303-20ed-4ff7-a5d9-5b190d202de9","block_type":"box","text":"|","page_number":1,"box":{"x":229,"y":296,"width":3,"height":11}},{"id":"f249f937-7967-408e-8776-69e8feb15317","block_type":"box","text":"Investor and Institutional Shares","page_number":1,"box":{"x":243,"y":297,"width":268,"height":9}},{"id":"32275b6a-e01a-4b97-90f6-61cab5075e1b","block_type":"box","text":"•","page_number":1,"box":{"x":63,"y":325,"width":6,"height":4}},{"id":"d17a162e-f44c-4c75-8f58-a7a6a6a79935","block_type":"box","text":"BlackRock Global Dividend Portfolio","page_number":1,"box":{"x":84,"y":321,"width":296,"height":10}},{"id":"39425260-a1fd-4a27-823d-0180f803b18c","block_type":"box","text":"Investor A: BABDX","page_number":1,"box":{"x":84,"y":339,"width":113,"height":7}},{"id":"d792deea-2bd3-4442-875b-36540f20452a","block_type":"box","text":"•","page_number":1,"box":{"x":200,"y":341,"width":4,"height":3}},{"id":"c2011d1b-b5fa-415c-8c1e-c6322d6c6123","block_type":"box","text":"Investor C: BCBDX","page_number":1,"box":{"x":208,"y":339,"width":115,"height":7}},{"id":"ac6d3e46-24d1-4b79-a95b-4273f3a7621e","block_type":"box","text":"•","page_number":1,"box":{"x":327,"y":341,"width":3,"height":3}},{"id":"62a77d84-6399-49a8-b54e-1c8383b81c61","block_type":"box","text":"Institutional: BIBDX","page_number":1,"box":{"x":335,"y":339,"width":123,"height":7}},{"id":"3b84e6e3-33aa-4af8-9d73-c43399cacf81","block_type":"box","text":"This Prospectus contains information you should know before investing, including information about risks.","page_number":1,"box":{"x":63,"y":834,"width":741,"height":11}},{"id":"70808664-25f8-4c4d-a52a-049f24dbdc14","block_type":"box","text":"Please read it before you invest and keep it for future reference.","page_number":1,"box":{"x":63,"y":850,"width":438,"height":10}},{"id":"df279c40-ef96-47ba-be3d-6af075f503f2","block_type":"box","text":"The Securities and Exchange Commission has not approved or disapproved these securities or passed upon","page_number":1,"box":{"x":63,"y":870,"width":749,"height":11}},{"id":"e4fa672b-58af-4662-8a35-7fedd190bd5c","block_type":"box","text":"the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.","page_number":1,"box":{"x":63,"y":886,"width":615,"height":10}},{"id":"8fb86705-120e-4433-8ad1-88acf146a931","block_type":"box","text":"Not FDIC Insured","page_number":1,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"c24de844-9e26-4c3c-80b8-6e50e4d2e42a","block_type":"box","text":"•","page_number":1,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"fb636633-3cb2-4890-a713-71c13981fcf0","block_type":"box","text":"May Lose Value","page_number":1,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"62c4e33d-1fb6-46c6-9687-7c2c128abcf3","block_type":"box","text":"•","page_number":1,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"fb2c89e0-7eb6-4f5b-be0e-eabfa510ff00","block_type":"box","text":"No Bank Guarantee","page_number":1,"box":{"x":344,"y":916,"width":127,"height":8}},{"id":"db5cc1a2-cd5a-4a35-9304-d2136a315363","block_type":"box","text":"NM1026U-5988115-1/72","page_number":1,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"ab5e8045-7e5a-4d29-af40-905e08514c06","block_type":"box","text":"Table of Contents","page_number":2,"box":{"x":371,"y":82,"width":255,"height":18}},{"id":"e464cbc3-cf48-4df0-87fa-fac88cd529d6","block_type":"box","text":"Fund Overview","page_number":2,"box":{"x":190,"y":136,"width":155,"height":13}},{"id":"c90a53fb-1f10-481a-8e04-5c69ef8a2462","block_type":"box","text":"Key facts and details about the Fund, including investment objective,","page_number":2,"box":{"x":361,"y":140,"width":503,"height":11}},{"id":"df08b0ce-0887-47b7-ab10-b5b793342256","block_type":"box","text":"principal investment strategies, principal risk factors, fee and expense","page_number":2,"box":{"x":360,"y":155,"width":517,"height":11}},{"id":"1ba0cf9a-84bd-4393-84dd-b1d282d2d003","block_type":"box","text":"information and historical per formance information","page_number":2,"box":{"x":361,"y":169,"width":374,"height":12}},{"id":"a8d14bbe-4427-4aaa-a2d4-b16225c4d5f6","block_type":"box","text":"Investment Objective .............................................................................. 3","page_number":2,"box":{"x":361,"y":185,"width":577,"height":11}},{"id":"dc7dca95-2f94-42de-b097-1f8ead0d8703","block_type":"box","text":"Fees and Expenses of the Fund ............................................................... 3","page_number":2,"box":{"x":361,"y":200,"width":577,"height":12}},{"id":"d6b9f72f-57e9-413f-852d-44462c5250cf","block_type":"box","text":"Principal Investment Strategies of the Fund .............................................. 4","page_number":2,"box":{"x":360,"y":216,"width":577,"height":11}},{"id":"2c3ed7a9-c37a-4258-a1a7-262f32e1f686","block_type":"box","text":"Principal Risks of Investing in the Fund .................................................... 5","page_number":2,"box":{"x":360,"y":231,"width":578,"height":12}},{"id":"eb7cd0f9-1e31-4cfa-bf7c-567933328fd7","block_type":"box","text":"Per formance Information ........................................................................ 9","page_number":2,"box":{"x":360,"y":247,"width":578,"height":9}},{"id":"87ed9a37-4d52-4337-8e57-7600f937af45","block_type":"box","text":"Investment Manager ............................................................................... 10","page_number":2,"box":{"x":361,"y":262,"width":577,"height":12}},{"id":"f53cebd9-f3d4-4755-8bea-6e40f4e043e3","block_type":"box","text":"Por tfolio Managers ................................................................................. 10","page_number":2,"box":{"x":360,"y":278,"width":578,"height":11}},{"id":"67af34d0-ad3f-4a95-902a-95f8766e9a18","block_type":"box","text":"Purchase and Sale of Fund Shares .......................................................... 10","page_number":2,"box":{"x":360,"y":293,"width":578,"height":9}},{"id":"401bbe99-90d9-462f-a239-52835b4b1b49","block_type":"box","text":"Tax Information....................................................................................... 11","page_number":2,"box":{"x":361,"y":309,"width":576,"height":9}},{"id":"a63903cf-72ce-433d-b830-1ac107bba67c","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries ................ 11","page_number":2,"box":{"x":360,"y":324,"width":577,"height":12}},{"id":"60559ac4-b545-42b2-b0f0-5a53861a28b0","block_type":"box","text":"Details About the Fund","page_number":2,"box":{"x":102,"y":348,"width":242,"height":12}},{"id":"707ea0d2-4510-4883-be93-4bfd76816faa","block_type":"box","text":"Information about how the Fund invests, including investment objective,","page_number":2,"box":{"x":361,"y":351,"width":524,"height":12}},{"id":"8f1c315e-c90f-4e8c-b1dd-024ecb2eb44a","block_type":"box","text":"investment process, principal strategies and risk factors","page_number":2,"box":{"x":361,"y":366,"width":412,"height":12}},{"id":"4447d237-b21d-4cc5-b573-8a11efe02727","block_type":"box","text":"How the Fund Invests.............................................................................. 12","page_number":2,"box":{"x":361,"y":382,"width":577,"height":9}},{"id":"9b9f66ea-ca35-4040-875c-fef2f07f9b62","block_type":"box","text":"Investment Risks.................................................................................... 14","page_number":2,"box":{"x":361,"y":397,"width":576,"height":9}},{"id":"cc10b567-a273-44f4-a0f6-4379a993c1b3","block_type":"box","text":"Account Information","page_number":2,"box":{"x":128,"y":420,"width":215,"height":13}},{"id":"c6cb7122-3bd7-4c8e-b8e5-6c35f46414db","block_type":"box","text":"Information about account services, sales charges and waivers,","page_number":2,"box":{"x":361,"y":424,"width":468,"height":12}},{"id":"76a15f68-0617-46da-9dd6-dc0f5e8a04d1","block_type":"box","text":"shareholder transactions, and distribution and other payments","page_number":2,"box":{"x":360,"y":439,"width":459,"height":11}},{"id":"2de1c218-51da-4224-b658-d4da4415c20b","block_type":"box","text":"How to Choose the Share Class that Best Suits Your Needs ...................... 26","page_number":2,"box":{"x":361,"y":454,"width":577,"height":10}},{"id":"1ec0da47-5b75-4ed2-b263-4cb7aa12199e","block_type":"box","text":"Details About the Share Classes ............................................................. 30","page_number":2,"box":{"x":361,"y":470,"width":577,"height":9}},{"id":"9f4c046f-c2d1-48a4-806a-7b1fc008f6ce","block_type":"box","text":"Distribution and Shareholder Servicing Payments...................................... 34","page_number":2,"box":{"x":361,"y":485,"width":576,"height":12}},{"id":"a73e05ea-a719-40de-86ba-af3c8b44feeb","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares ....................................... 35","page_number":2,"box":{"x":361,"y":501,"width":577,"height":11}},{"id":"025ecad5-1121-4059-87b8-3c7dfe06ab5b","block_type":"box","text":"Account Services and Privileges .............................................................. 41","page_number":2,"box":{"x":359,"y":516,"width":578,"height":12}},{"id":"7c4bb854-fa52-4153-b2a9-3812b471de52","block_type":"box","text":"Fund’s Rights ......................................................................................... 42","page_number":2,"box":{"x":361,"y":532,"width":577,"height":11}},{"id":"513cb90e-34a9-4020-9a15-6c86d254fc55","block_type":"box","text":"Par ticipation in Fee-Based Programs ........................................................ 43","page_number":2,"box":{"x":360,"y":547,"width":578,"height":12}},{"id":"29b5a7ed-389a-4ceb-b3bc-0f16a5604cc9","block_type":"box","text":"Shor t-Term Trading Policy ........................................................................ 43","page_number":2,"box":{"x":361,"y":563,"width":577,"height":11}},{"id":"b685586e-62e4-480f-ba0e-0c58f2f77531","block_type":"box","text":"Management of the Fund","page_number":2,"box":{"x":80,"y":586,"width":264,"height":16}},{"id":"8b5fae3b-06ca-443f-bba2-54bd39a4d30c","block_type":"box","text":"Information about BlackRock and the Por tfolio Managers","page_number":2,"box":{"x":361,"y":590,"width":415,"height":11}},{"id":"31db9dd6-510a-432f-b8c8-212e64801657","block_type":"box","text":"BlackRock .............................................................................................. 45","page_number":2,"box":{"x":361,"y":605,"width":577,"height":9}},{"id":"c57e8024-a374-42aa-924e-69955582c8ad","block_type":"box","text":"Por tfolio Manager Information ................................................................. 46","page_number":2,"box":{"x":360,"y":621,"width":578,"height":11}},{"id":"c93bec74-5f0d-4435-b4ea-bc3347e3e3b1","block_type":"box","text":"Conflicts of Interest ................................................................................ 46","page_number":2,"box":{"x":361,"y":636,"width":577,"height":9}},{"id":"de9d2095-efa1-474d-b0a6-31a31bb2fdbf","block_type":"box","text":"Valuation of Fund Investments ................................................................. 47","page_number":2,"box":{"x":362,"y":652,"width":576,"height":9}},{"id":"456e0d12-3b14-4b86-bac0-2e2a652cd2bd","block_type":"box","text":"Dividends, Distributions and Taxes........................................................... 48","page_number":2,"box":{"x":361,"y":667,"width":577,"height":11}},{"id":"b762ad49-7aa1-42c5-83b2-fddc092f8d11","block_type":"box","text":"Financial Highlights","page_number":2,"box":{"x":136,"y":691,"width":207,"height":15}},{"id":"c3d3577c-4c6a-45d5-84ac-a1db4f45ebc3","block_type":"box","text":"Financial Per formance of the Fund ........................................................... 50","page_number":2,"box":{"x":361,"y":694,"width":577,"height":9}},{"id":"55a60574-5c78-45d0-a560-bbcebf530d0a","block_type":"box","text":"General Information","page_number":2,"box":{"x":136,"y":727,"width":207,"height":12}},{"id":"6f7a5dc6-9a44-4bc8-a3e5-e1e68c65bfce","block_type":"box","text":"Shareholder Documents.......................................................................... 53","page_number":2,"box":{"x":361,"y":730,"width":577,"height":9}},{"id":"2f621e9e-34d5-41f8-b206-ffb1eb34bf3b","block_type":"box","text":"Cer tain Fund Policies .............................................................................. 53","page_number":2,"box":{"x":361,"y":746,"width":577,"height":9}},{"id":"cd8c6fbc-c50b-4851-bbb7-efcd5dffae81","block_type":"box","text":"Statement of Additional Information ......................................................... 54","page_number":2,"box":{"x":361,"y":761,"width":576,"height":9}},{"id":"c42b2ca9-4c5b-486a-bef1-291a04f4d095","block_type":"box","text":"Glossary","page_number":2,"box":{"x":253,"y":785,"width":92,"height":15}},{"id":"665f0da3-9cab-4bf9-9b91-0adb58af52eb","block_type":"box","text":"Glossary of Investment Terms ................................................................. 55","page_number":2,"box":{"x":361,"y":788,"width":577,"height":12}},{"id":"b6600f3d-4fda-4792-8310-85c9b9439984","block_type":"box","text":"Intermediary-Defined","page_number":2,"box":{"x":126,"y":821,"width":218,"height":16}},{"id":"4fe10629-cad6-4b9e-b1fc-116c289dd173","block_type":"box","text":"Sales Charge Waiver","page_number":2,"box":{"x":125,"y":841,"width":220,"height":16}},{"id":"5fa5d6e1-ac27-4f0e-92f2-2549da742914","block_type":"box","text":"Policies","page_number":2,"box":{"x":261,"y":862,"width":82,"height":13}},{"id":"67310582-2c0e-4ead-b3c5-7aa02463f208","block_type":"box","text":"Intermediary-Defined Sales Charge Waiver Policies................................... A-1","page_number":2,"box":{"x":361,"y":824,"width":576,"height":12}},{"id":"e5464f31-bd01-4b60-91e0-d51dd7ce9201","block_type":"box","text":"For More Information","page_number":2,"box":{"x":122,"y":889,"width":221,"height":13}},{"id":"e94af086-9a95-4a15-bb7f-3a8d50a14e10","block_type":"box","text":"Fund and Service Providers ............................................... Inside Back Cover","page_number":2,"box":{"x":361,"y":893,"width":578,"height":9}},{"id":"543085fd-112b-41b6-8c10-02cb61434c74","block_type":"box","text":"Additional Information....................................................... Back Cover","page_number":2,"box":{"x":359,"y":908,"width":580,"height":9}},{"id":"8f6f0e2d-f13c-4474-8814-b55006c1a10f","block_type":"box","text":"NM1026U-5988115-2/72","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"ccba488e-0059-4d76-b19f-92f9966bf326","block_type":"box","text":"Fund Overview","page_number":3,"box":{"x":64,"y":82,"width":315,"height":27}},{"id":"48222ffc-59a2-4245-8c83-fa96833a1f5c","block_type":"box","text":"Key Facts About BlackRock Global Dividend Portfolio","page_number":3,"box":{"x":62,"y":156,"width":480,"height":14}},{"id":"1f964f49-7d87-4047-bbbf-2ac633c81a0f","block_type":"box","text":"Investment Objective","page_number":3,"box":{"x":62,"y":187,"width":191,"height":14}},{"id":"0a52e51e-0ec4-46de-bf6b-9caae7bd768b","block_type":"box","text":"The investment objective of BlackRock Global Dividend Portfolio (the “Fund”), a series of BlackRock Funds II (the","page_number":3,"box":{"x":60,"y":213,"width":828,"height":12}},{"id":"b7a7fd94-bd2e-4c04-957f-3ef5cbe7f7f2","block_type":"box","text":"“Trust”), is to seek to provide a level of current income that exceeds the average yield on global stocks generally.","page_number":3,"box":{"x":62,"y":228,"width":830,"height":12}},{"id":"e8488bdc-6026-45cd-b1a5-1d8c38ab8e9c","block_type":"box","text":"Additionally, the Fund seeks to provide long-term capital appreciation.","page_number":3,"box":{"x":60,"y":243,"width":510,"height":11}},{"id":"5afb837c-030a-44e6-bc94-1bae565313ae","block_type":"box","text":"Fees and Expenses of the Fund","page_number":3,"box":{"x":61,"y":282,"width":283,"height":13}},{"id":"ee201895-aac4-4f1f-93f1-7182ac75d78b","block_type":"box","text":"This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Amounts in","page_number":3,"box":{"x":60,"y":308,"width":864,"height":11}},{"id":"6059bb4f-729f-4dda-806f-b577e360cf0e","block_type":"box","text":"the table are rounded to the nearest basis point, which in some cases may be “0.00.”","page_number":3,"box":{"x":60,"y":323,"width":636,"height":11}},{"id":"b8778b0b-fb81-436d-b207-49e0781630b9","block_type":"box","text":"You may pay other fees, such","page_number":3,"box":{"x":703,"y":323,"width":219,"height":11}},{"id":"2f583ac2-ce0d-49cf-b51f-2d95384887f4","block_type":"box","text":"as brokerage commissions and other fees to your financial professional or your selected securities dealer, broker,","page_number":3,"box":{"x":61,"y":338,"width":851,"height":11}},{"id":"2f46e09b-b8e5-4608-ae64-2b2488bba956","block_type":"box","text":"investment adviser, service provider or industry professional (including BlackRock Advisors, LLC (“BlackRock”) and","page_number":3,"box":{"x":61,"y":353,"width":871,"height":11}},{"id":"a29fe2fe-4b95-4f85-b336-62eec2065bc0","block_type":"box","text":"its affiliates) (each, a “Financial Intermediary”), which are not reflected in the table and example below.","page_number":3,"box":{"x":61,"y":367,"width":786,"height":12}},{"id":"a0eba44b-b35c-4ddb-8806-c7a517db6302","block_type":"box","text":"You may","page_number":3,"box":{"x":853,"y":368,"width":61,"height":11}},{"id":"412d3562-d624-4cfe-9f43-a2cb18c73a9c","block_type":"box","text":"qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the","page_number":3,"box":{"x":61,"y":381,"width":872,"height":13}},{"id":"fd877bba-2673-4023-8fc8-927a085c0d70","block_type":"box","text":"fund complex advised by BlackRock or its affiliates. More information about these and other discounts is available","page_number":3,"box":{"x":60,"y":397,"width":842,"height":11}},{"id":"d011b6dd-25d0-45c0-a5d2-37d5edc6f1e6","block_type":"box","text":"from your Financial Intermediary and in the “Details About the Share Classes” and the “Intermediary-Defined Sales","page_number":3,"box":{"x":60,"y":412,"width":847,"height":11}},{"id":"4a8c16da-822a-4a40-b13b-d2929f18890f","block_type":"box","text":"Charge Waiver Policies” sections on pages 30 and A-1, respectively, of the Fund’s prospectus and in the “Purchase of","page_number":3,"box":{"x":61,"y":427,"width":868,"height":11}},{"id":"736c8e45-8f29-42de-80c8-9cb7b96c0f49","block_type":"box","text":"Shares” section on page II-97 of Part II of the Fund’s Statement of Additional Information.","page_number":3,"box":{"x":61,"y":441,"width":660,"height":12}},{"id":"2de8f657-76ea-42a4-91e8-775e8a191439","block_type":"box","text":"Shareholder Fees","page_number":3,"box":{"x":69,"y":470,"width":116,"height":8}},{"id":"81d1653b-32d0-45ed-9d98-0a298800aff5","block_type":"box","text":"(fees paid directly from your investment)","page_number":3,"box":{"x":69,"y":482,"width":275,"height":10}},{"id":"e8836119-2f8a-4e05-8045-1e249885d941","block_type":"box","text":"Investor A","page_number":3,"box":{"x":668,"y":470,"width":68,"height":8}},{"id":"b2d512bb-2718-4e21-8d85-b0ec154621b6","block_type":"box","text":"Shares","page_number":3,"box":{"x":679,"y":482,"width":46,"height":8}},{"id":"12e2890f-25ae-4af4-9424-9bca9c7e19d3","block_type":"box","text":"Investor C","page_number":3,"box":{"x":766,"y":470,"width":67,"height":8}},{"id":"c98edf8b-29c2-4295-8c72-6a001a06707b","block_type":"box","text":"Shares","page_number":3,"box":{"x":776,"y":482,"width":46,"height":8}},{"id":"3c992ef5-d268-484f-bcfd-c4b789a11470","block_type":"box","text":"Institutional","page_number":3,"box":{"x":856,"y":470,"width":80,"height":8}},{"id":"77166c2b-44bc-4862-95f4-6c3c4c91717b","block_type":"box","text":"Shares","page_number":3,"box":{"x":874,"y":482,"width":46,"height":8}},{"id":"08b5b4e8-d2ef-433a-9481-f187d21f509f","block_type":"box","text":"Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering","page_number":3,"box":{"x":70,"y":500,"width":546,"height":10}},{"id":"1ec8e1c9-d2a3-480c-bb84-baaa4bb672a1","block_type":"box","text":"price)","page_number":3,"box":{"x":70,"y":513,"width":34,"height":10}},{"id":"418cccbb-a74f-48f6-9a9f-963361b0a42f","block_type":"box","text":"5.25% None None","page_number":3,"box":{"x":688,"y":513,"width":225,"height":9}},{"id":"a3f2fdc1-b13d-4cec-82f4-7c3d5469202f","block_type":"box","text":"Maximum Deferred Sales Charge (Load) (as a percentage of offering price or","page_number":3,"box":{"x":70,"y":531,"width":506,"height":11}},{"id":"b703a996-ed42-4c3a-9222-876f8e5c8eb6","block_type":"box","text":"redemption proceeds, whichever is lower) None","page_number":3,"box":{"x":70,"y":545,"width":649,"height":10}},{"id":"af98ad4b-5bc1-4bc7-83ea-5521fc0767de","block_type":"box","text":"1","page_number":3,"box":{"x":720,"y":545,"width":3,"height":4}},{"id":"f7fe01bd-5c38-4328-b292-27f8cd4420f2","block_type":"box","text":"1.00%","page_number":3,"box":{"x":786,"y":545,"width":41,"height":8}},{"id":"d118f543-b757-46ed-a58f-62a009c02d9f","block_type":"box","text":"2","page_number":3,"box":{"x":828,"y":545,"width":3,"height":4}},{"id":"a14f79a8-bb35-4d86-a9ba-55fc4460f228","block_type":"box","text":"None","page_number":3,"box":{"x":881,"y":545,"width":32,"height":8}},{"id":"d74a88bd-52ab-492b-b074-9a256554ee46","block_type":"box","text":"Annual Fund Operating Expenses","page_number":3,"box":{"x":69,"y":571,"width":222,"height":10}},{"id":"89fb7efd-00c9-4031-8847-f3d7f86530d0","block_type":"box","text":"(expenses that you pay each year as a","page_number":3,"box":{"x":69,"y":582,"width":261,"height":10}},{"id":"fc9e2edf-7d94-4746-9407-cfa5b4520847","block_type":"box","text":"percentage of the value of your investment)","page_number":3,"box":{"x":70,"y":594,"width":294,"height":10}},{"id":"61db9ee6-ef91-4004-8f27-6424b1882a59","block_type":"box","text":"Investor A","page_number":3,"box":{"x":668,"y":582,"width":68,"height":8}},{"id":"959f313f-405b-41f0-a4da-b4c260da1357","block_type":"box","text":"Shares","page_number":3,"box":{"x":679,"y":594,"width":46,"height":8}},{"id":"529428ac-8fe0-4a6d-bf46-f47fa7ea5601","block_type":"box","text":"Investor C","page_number":3,"box":{"x":766,"y":582,"width":67,"height":8}},{"id":"a656e199-ee28-4cf2-8d55-0de5ecfbda0a","block_type":"box","text":"Shares","page_number":3,"box":{"x":776,"y":594,"width":46,"height":8}},{"id":"2d1c0d69-a181-4452-be25-c098fd33b21c","block_type":"box","text":"Institutional","page_number":3,"box":{"x":856,"y":582,"width":80,"height":8}},{"id":"2cb57492-308d-4ba7-91ca-4a84761136b5","block_type":"box","text":"Shares","page_number":3,"box":{"x":874,"y":594,"width":46,"height":8}},{"id":"86555d3d-8693-4587-89f9-afba4381134a","block_type":"box","text":"Management Fee","page_number":3,"box":{"x":70,"y":612,"width":112,"height":10}},{"id":"12fc1611-6194-43ff-ac04-15f5eeae0756","block_type":"box","text":"3,4","page_number":3,"box":{"x":183,"y":612,"width":11,"height":5}},{"id":"4c216c58-4fc1-46d5-968d-ca54d7e48696","block_type":"box","text":"0.60% 0.60% 0.60%","page_number":3,"box":{"x":688,"y":612,"width":236,"height":8}},{"id":"0cb56b9e-cd97-4429-8dca-ee15b15a6632","block_type":"box","text":"Distribution and/or Service (12b-1) Fees 0.25% 1.00% None","page_number":3,"box":{"x":70,"y":630,"width":843,"height":10}},{"id":"b02a340b-4fa6-42b1-9710-3b9dc1e57a51","block_type":"box","text":"Other Expenses","page_number":3,"box":{"x":69,"y":648,"width":103,"height":10}},{"id":"3d960af8-8ad6-49bf-94bd-cd23901b2163","block_type":"box","text":"0.21% 0.28% 0.21%","page_number":3,"box":{"x":688,"y":648,"width":236,"height":8}},{"id":"e8ba9250-a3a8-4ab0-aefa-b8d092ff768e","block_type":"box","text":"Total Annual Fund Operating Expenses 1.06% 1.88% 0.81%","page_number":3,"box":{"x":69,"y":666,"width":855,"height":10}},{"id":"c81a2091-cb37-4205-9d44-f379568d9806","block_type":"box","text":"Fee Waivers and/or Expense Reimbursements","page_number":3,"box":{"x":70,"y":684,"width":304,"height":10}},{"id":"ee87bcbf-2677-4a8d-ac72-58149029a8ee","block_type":"box","text":"4","page_number":3,"box":{"x":375,"y":684,"width":4,"height":4}},{"id":"65612d9a-2b3f-426a-badf-097a319f9e88","block_type":"box","text":"0.00% 0.00% 0.00%","page_number":3,"box":{"x":688,"y":684,"width":236,"height":8}},{"id":"aaf256ac-24ca-40d5-b50f-7c5fbb254b89","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense","page_number":3,"box":{"x":69,"y":702,"width":481,"height":10}},{"id":"78fc9506-56c1-4ce8-865d-a6b3ec42bfde","block_type":"box","text":"Reimbursements","page_number":3,"box":{"x":70,"y":716,"width":110,"height":8}},{"id":"517e7d62-5d6d-4433-a68e-0e5d42bb107a","block_type":"box","text":"4","page_number":3,"box":{"x":181,"y":716,"width":4,"height":4}},{"id":"eebfa59c-c0db-4e90-9406-99929485d1f0","block_type":"box","text":"1.06% 1.88% 0.81%","page_number":3,"box":{"x":689,"y":716,"width":235,"height":8}},{"id":"b9a7e804-33fd-4af1-a44d-4156c579c2a0","block_type":"box","text":"1","page_number":3,"box":{"x":61,"y":735,"width":3,"height":4}},{"id":"e1a1641c-b7e9-44d8-a7dc-7713833bf450","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":735,"width":835,"height":9}},{"id":"fd8d41ff-0fc4-43c9-9131-0749872e5132","block_type":"box","text":"purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.","page_number":3,"box":{"x":81,"y":745,"width":718,"height":10}},{"id":"2a114c20-3c0b-4e5e-b471-58d4fc11fb55","block_type":"box","text":"2","page_number":3,"box":{"x":61,"y":759,"width":3,"height":3}},{"id":"4fdfb244-285f-4bff-a37b-08414c2b67a3","block_type":"box","text":"There is no CDSC on Investor C Shares after one year.","page_number":3,"box":{"x":81,"y":758,"width":318,"height":10}},{"id":"88b092d2-d958-4995-98fd-5138a333a16d","block_type":"box","text":"3","page_number":3,"box":{"x":61,"y":771,"width":3,"height":4}},{"id":"b6feded6-5709-416c-b7a5-32800e3067d1","block_type":"box","text":"The management fee payable by the Fund is based on assets estimated to be attributable to the Fund’s direct investments in fixed income and","page_number":3,"box":{"x":81,"y":771,"width":842,"height":10}},{"id":"abecad78-2af5-4ce1-acd0-9791ea90c656","block_type":"box","text":"equity securities and instruments, including exchange-traded funds (“ETFs”) advised by BlackRock or other investment advisers, other","page_number":3,"box":{"x":81,"y":782,"width":786,"height":9}},{"id":"f7095358-da96-4b43-92a5-c3bd7a4a11e1","block_type":"box","text":"investments and cash and cash equivalents (including money market funds, whether advised by BlackRock or other investment advisers) and","page_number":3,"box":{"x":81,"y":792,"width":828,"height":9}},{"id":"a4f2a0d8-b7b8-4143-a244-79f00fcab4cf","block_type":"box","text":"excludes investments in other BlackRock mutual funds (the “underlying funds”).","page_number":3,"box":{"x":81,"y":802,"width":468,"height":10}},{"id":"487367ca-65a8-40c0-b6f0-77bd34ccc3d0","block_type":"box","text":"4","page_number":3,"box":{"x":60,"y":815,"width":4,"height":4}},{"id":"f89be6af-df22-40ad-9002-9a43e46de71c","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 45, BlackRock has contractually agreed to","page_number":3,"box":{"x":81,"y":815,"width":837,"height":9}},{"id":"469c7cc1-00df-481d-bbb3-d4da1b5b85d4","block_type":"box","text":"waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed","page_number":3,"box":{"x":80,"y":825,"width":854,"height":10}},{"id":"a938450f-9b5f-4782-8f70-715e03f195d3","block_type":"box","text":"income ETFs managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition, BlackRock has","page_number":3,"box":{"x":81,"y":836,"width":854,"height":9}},{"id":"e103229c-ec6e-4c57-91e5-3abeb14383f0","block_type":"box","text":"contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its","page_number":3,"box":{"x":81,"y":846,"width":843,"height":9}},{"id":"412b6c02-207b-4552-9800-a5faf62bced3","block_type":"box","text":"investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028. The contractual agreements may be","page_number":3,"box":{"x":81,"y":856,"width":795,"height":10}},{"id":"c3f40f45-211d-49b7-879c-086ec75ab6ed","block_type":"box","text":"terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting","page_number":3,"box":{"x":80,"y":867,"width":821,"height":9}},{"id":"ca315656-46e3-4eca-ab0c-03f4750d7cd4","block_type":"box","text":"securities of the Fund.","page_number":3,"box":{"x":81,"y":877,"width":130,"height":7}},{"id":"5efb8aa0-eb4b-411a-883f-76ed8945f382","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":935,"width":9,"height":9}},{"id":"5a969f8d-31e3-400d-a4cb-71a7542822b0","block_type":"box","text":"NM1026U-5988115-3/72","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"c76d2c45-ef09-488c-8e12-adf82e74986c","block_type":"box","text":"Example:","page_number":4,"box":{"x":61,"y":46,"width":74,"height":12}},{"id":"4eb3d11a-51bb-49af-829f-0afeea1d57d4","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":4,"box":{"x":60,"y":62,"width":830,"height":12}},{"id":"5cc3108a-0364-4877-959e-5c158b881c97","block_type":"box","text":"mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then","page_number":4,"box":{"x":61,"y":77,"width":832,"height":12}},{"id":"a4eecadb-9c15-441b-bb4a-5ce3e5a8ef35","block_type":"box","text":"redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%","page_number":4,"box":{"x":61,"y":92,"width":832,"height":11}},{"id":"aac94910-9f63-47d4-bdd0-0b1996f92f01","block_type":"box","text":"return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher","page_number":4,"box":{"x":61,"y":107,"width":859,"height":11}},{"id":"ace984b1-8323-44fd-9674-45def1732277","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":"5c83829c-371e-436e-924f-389e57527025","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":"68432e81-4193-4b20-9668-a1d3c58022a6","block_type":"box","text":"Investor A Shares $627 $845 $1,079 $1,751","page_number":4,"box":{"x":70,"y":168,"width":848,"height":10}},{"id":"5bff0534-c75c-44ff-b57b-258bd1998e63","block_type":"box","text":"Investor C Shares $291 $591 $1,016 $1,987","page_number":4,"box":{"x":70,"y":186,"width":848,"height":10}},{"id":"06745e48-2946-4d68-97d8-45f9e802d906","block_type":"box","text":"Institutional Shares $ 83 $259 $ 450 $1,002","page_number":4,"box":{"x":70,"y":204,"width":848,"height":10}},{"id":"0114beba-e042-42b1-afe6-98b13f30da49","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":"98da0a80-6c44-4cb6-8a71-a35237cdb0fc","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":"25cc4f5e-6ee8-4520-9988-36a0b933a6dc","block_type":"box","text":"Investor C Shares $191 $591 $1,016 $1,987","page_number":4,"box":{"x":70,"y":283,"width":848,"height":10}},{"id":"c84c1728-5197-45fd-9fc4-ffe5ddb50790","block_type":"box","text":"Portfolio Turnover:","page_number":4,"box":{"x":61,"y":308,"width":151,"height":10}},{"id":"94d75697-b46e-4e75-801a-dd0c4448015d","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":"f5490d5a-9ee7-46b0-8b2a-b929e91cb321","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":"56d2f515-5d8f-45d2-8df7-671f54337b5f","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":"188e819f-429f-4bdd-bdab-72477e9402e7","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":"432ca483-df21-478d-b86c-d41b3daae621","block_type":"box","text":"61% of the average value of its portfolio.","page_number":4,"box":{"x":61,"y":383,"width":298,"height":12}},{"id":"1e9b0d3c-844a-4725-8a77-2624c055a5c9","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":4,"box":{"x":61,"y":422,"width":394,"height":14}},{"id":"9b482736-0e4a-44b0-8b42-ff5f2c0cc17a","block_type":"box","text":"Under normal circumstances, the Fund will invest at least 80% of its net assets in dividend-paying equity securities","page_number":4,"box":{"x":62,"y":448,"width":843,"height":12}},{"id":"57dc304a-96c0-4e7b-a2b5-b14de7cb0a9d","block_type":"box","text":"and at least 40% of its assets outside of the United States (unless market conditions are not deemed favorable by","page_number":4,"box":{"x":61,"y":463,"width":844,"height":12}},{"id":"62e1d62d-4025-4be8-9896-7a8ab3b81a8b","block_type":"box","text":"Fund management, in which case the Fund would invest at least 30% of its assets outside of the United States).","page_number":4,"box":{"x":62,"y":478,"width":825,"height":12}},{"id":"a54b0684-9079-4c9d-9002-15bc697ac054","block_type":"box","text":"Investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide investment","page_number":4,"box":{"x":62,"y":493,"width":815,"height":11}},{"id":"5ef0794f-2db0-444e-a739-86ed3de3e50b","block_type":"box","text":"exposure to the securities included within that policy or to one or more market risk factors associated with such","page_number":4,"box":{"x":61,"y":508,"width":821,"height":11}},{"id":"0bcf4fd8-af85-484a-80c4-bd8fbe110c46","block_type":"box","text":"securities. For purposes of the Fund’s 80% policy, dividend-paying equity securities are equity securities of companies","page_number":4,"box":{"x":61,"y":523,"width":865,"height":11}},{"id":"c1bd314f-8e01-495d-8e6e-6157dda2b28f","block_type":"box","text":"that pay out a portion of their profits to shareholders of such securities on a periodic basis (i.e., at least once within","page_number":4,"box":{"x":60,"y":537,"width":856,"height":12}},{"id":"7aae26c6-0683-4338-a2fa-55c5640bccf6","block_type":"box","text":"the company’s latest fiscal year). The Fund will primarily invest in common stock, preferred stock and non-convertible","page_number":4,"box":{"x":60,"y":552,"width":861,"height":12}},{"id":"77d99916-1952-4888-9e7e-e6681e825db9","block_type":"box","text":"preferred stock. The Fund may invest in securities of non-U.S. issuers that can be U.S. dollar based or non-U.S. dollar","page_number":4,"box":{"x":62,"y":567,"width":864,"height":12}},{"id":"1d82a944-7cec-4bec-a82d-e727de05d781","block_type":"box","text":"based. The Fund may invest in securities of companies of any market capitalization, but intends to invest primarily in","page_number":4,"box":{"x":61,"y":582,"width":856,"height":11}},{"id":"537a2a20-2f98-4a02-bd35-8bc58e3d7ba0","block_type":"box","text":"securities of large capitalization companies. The combination of equity securities will be varied from time to time both","page_number":4,"box":{"x":61,"y":597,"width":863,"height":11}},{"id":"3f77aa14-261b-48f0-88f3-579cd0292e63","block_type":"box","text":"with respect to types of securities and markets in response to changing market and economic trends. The Fund may","page_number":4,"box":{"x":60,"y":612,"width":855,"height":11}},{"id":"a3060653-ba3c-476f-babb-6206210fe4bd","block_type":"box","text":"invest in shares of companies through initial public offerings (“IPOs”) and “new issues.” The Fund may also purchase","page_number":4,"box":{"x":62,"y":626,"width":863,"height":12}},{"id":"9aea0c65-4091-4d1e-92c9-3be3043f920e","block_type":"box","text":"securities convertible into common and preferred stock.","page_number":4,"box":{"x":61,"y":641,"width":410,"height":11}},{"id":"4f122a7e-9597-479e-987d-7bc1d8af7228","block_type":"box","text":"The Fund’s 80% policy is non-fundamental and may not be changed without 60 days’ prior notice to shareholders.","page_number":4,"box":{"x":60,"y":664,"width":834,"height":11}},{"id":"3aaa2b19-da5a-419b-ace5-c829d1865830","block_type":"box","text":"The Fund may invest up to 20% of its net assets in global fixed-income securities, including corporate bonds, U.S.","page_number":4,"box":{"x":60,"y":686,"width":835,"height":12}},{"id":"44f9183e-9117-4fbe-934d-acc78f304c18","block_type":"box","text":"Government debt securities, non-U.S. Government and supranational debt securities (an example of such an entity is","page_number":4,"box":{"x":61,"y":701,"width":859,"height":12}},{"id":"1b165b9d-e291-4eb8-be3e-1f1c76f3ac3c","block_type":"box","text":"the International Bank for Reconstruction and Development (the “World Bank”)), asset-backed securities, mortgage","page_number":4,"box":{"x":60,"y":716,"width":851,"height":12}},{"id":"c7e65bd0-31c1-4d9a-a378-e672021c16de","block_type":"box","text":"backed securities, corporate loans, emerging market debt securities and non-investment grade debt securities (high","page_number":4,"box":{"x":61,"y":731,"width":850,"height":11}},{"id":"7ae8bc57-ca37-4f2a-98cd-ff3d637cbe37","block_type":"box","text":"yield or junk bonds). Investment in fixed-income securities will be made on an opportunistic basis. The Fund may invest","page_number":4,"box":{"x":60,"y":746,"width":877,"height":11}},{"id":"b8a59ab3-9239-4c9f-b249-1a83bc19213e","block_type":"box","text":"in fixed-income securities of any duration or maturity.","page_number":4,"box":{"x":62,"y":760,"width":385,"height":12}},{"id":"b602f897-9a32-49a0-91a8-172ec1d91d81","block_type":"box","text":"The Fund has no geographic limits in where it may invest and has no specific policy on the number of different","page_number":4,"box":{"x":60,"y":783,"width":811,"height":12}},{"id":"6f290841-4bc0-4484-98ce-b4b32313cca2","block_type":"box","text":"countries in which it will invest. The Fund may invest in both developed and emerging markets. The Fund may","page_number":4,"box":{"x":61,"y":798,"width":801,"height":11}},{"id":"eaa57f96-1c02-4c9a-8df1-aceaee752941","block_type":"box","text":"emphasize foreign securities when Fund management expects these investments to outperform U.S. securities. The","page_number":4,"box":{"x":61,"y":813,"width":853,"height":11}},{"id":"ead0d6eb-b3a5-434d-97d8-a2dc20d5bd3d","block_type":"box","text":"Fund may use derivatives, including options, futures, swaps and forward contracts both to seek to increase the return","page_number":4,"box":{"x":62,"y":827,"width":865,"height":12}},{"id":"4f636abb-d99d-49b9-a8ba-795254399c16","block_type":"box","text":"of the Fund or to hedge (or protect) the value of its assets against adverse movements in currency exchange rates,","page_number":4,"box":{"x":61,"y":842,"width":844,"height":12}},{"id":"56d57aec-b111-4e46-88a1-cc7226639221","block_type":"box","text":"interest rates and movements in the securities markets. The Fund may enter into currency transactions on a hedged or","page_number":4,"box":{"x":62,"y":857,"width":874,"height":12}},{"id":"58ac46de-3dc7-44a6-8b6e-2d8051ddbb27","block_type":"box","text":"unhedged basis in order to seek total return. The Fund may use indexed and inverse securities.","page_number":4,"box":{"x":61,"y":872,"width":700,"height":12}},{"id":"c5f7f782-f852-410a-919b-c8341c3557b2","block_type":"box","text":"Under normal circumstances, the Fund anticipates it will allocate a substantial amount (at least 40% or more —","page_number":4,"box":{"x":62,"y":895,"width":823,"height":11}},{"id":"f2d04f52-a583-42a8-a3a8-c0b00c5a252b","block_type":"box","text":"unless market conditions are not deemed favorable by Fund management, in which case the Fund would invest at least","page_number":4,"box":{"x":61,"y":909,"width":876,"height":12}},{"id":"291e7329-c28b-432c-be9b-31ae1955a963","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"b00f601d-cf2d-492a-aaed-4b07aa38fa68","block_type":"box","text":"NM1026U-5988115-4/72","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"f99dbea4-1f81-4cad-b83f-c121d69a1e02","block_type":"box","text":"30%) of its total assets in foreign securities, which may include securities (i) of foreign government issuers, (ii) of","page_number":5,"box":{"x":61,"y":46,"width":833,"height":11}},{"id":"60090c59-f4e8-4f21-b8bb-e4df83593991","block_type":"box","text":"issuers organized or located outside the United States, (iii) of issuers which primarily trade in a market located outside","page_number":5,"box":{"x":62,"y":60,"width":872,"height":12}},{"id":"f772f0eb-98d3-47fa-8772-77d0498f9750","block_type":"box","text":"the United States, or (iv) of issuers doing a substantial amount of business outside the United States, which the Fund","page_number":5,"box":{"x":60,"y":75,"width":868,"height":12}},{"id":"4334e18a-adb6-4e87-be75-2116d35e4152","block_type":"box","text":"considers to be companies that derive at least 50% of their revenue or profits from business outside the United States","page_number":5,"box":{"x":61,"y":90,"width":874,"height":11}},{"id":"c21d9136-7980-48de-a7e5-56be25a5eb21","block_type":"box","text":"or have at least 50% of their sales or assets outside the United States. The Fund will allocate its assets among","page_number":5,"box":{"x":61,"y":105,"width":821,"height":12}},{"id":"c6b1dd68-0fe4-45d9-af61-7828e9a34f8e","block_type":"box","text":"various regions and countries, including the United States (but in no less than three different countries). For temporary","page_number":5,"box":{"x":60,"y":120,"width":876,"height":11}},{"id":"77d441ed-0a0c-4e92-8034-b4f161fe8aee","block_type":"box","text":"defensive purposes the Fund may deviate very substantially from this allocation.","page_number":5,"box":{"x":61,"y":135,"width":588,"height":11}},{"id":"2969816e-2a95-42f5-a474-483e3c2fefd1","block_type":"box","text":"The Fund may engage in active and frequent trading of portfolio securities to achieve its principal investment","page_number":5,"box":{"x":60,"y":157,"width":799,"height":12}},{"id":"55173e1e-8a7d-4f4a-88fa-99e0e9d28b2d","block_type":"box","text":"strategies.","page_number":5,"box":{"x":61,"y":172,"width":76,"height":12}},{"id":"09df4aef-5af4-411e-aa70-00800be54105","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":5,"box":{"x":61,"y":211,"width":354,"height":13}},{"id":"e56f6560-2810-480c-a495-dbea0a05dfe3","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":237,"width":860,"height":12}},{"id":"06616840-fe8b-4e9c-a89b-117f43f444a1","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":252,"width":802,"height":11}},{"id":"c34e1cb9-7364-4611-a5ee-611552d74ea8","block_type":"box","text":"investment in the Fund or your investment may not perform as well as other similar investments. The following is a","page_number":5,"box":{"x":62,"y":267,"width":842,"height":11}},{"id":"a32d59f6-3d0a-406e-a078-488a6f2ce5d2","block_type":"box","text":"summary description of the principal risks of investing in the Fund. The relative significance of each risk factor below","page_number":5,"box":{"x":61,"y":282,"width":857,"height":11}},{"id":"147e4a71-c2eb-40b8-be2d-24b32dfc9232","block_type":"box","text":"may change over time and you should review each risk factor carefully.","page_number":5,"box":{"x":61,"y":296,"width":515,"height":12}},{"id":"16c023ce-77f9-402b-b5a1-491cad377f43","block_type":"box","text":"Equity Securities Risk","page_number":5,"box":{"x":81,"y":316,"width":166,"height":12}},{"id":"8236a381-bbc1-4882-b5dc-ff9bf7a53e16","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":316,"width":685,"height":12}},{"id":"debbe80c-85b7-4fb5-a7bd-577780d4244c","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":5,"box":{"x":81,"y":331,"width":550,"height":12}},{"id":"73db3098-f4a8-4bd5-99b2-59ad48631d04","block_type":"box","text":"Income Producing Stock Availability Risk","page_number":5,"box":{"x":81,"y":351,"width":310,"height":12}},{"id":"6e3f3ec9-aec7-40f1-ae42-a82e4addd05b","block_type":"box","text":"—","page_number":5,"box":{"x":396,"y":357,"width":17,"height":0}},{"id":"ff8dfb23-4818-4d22-9a76-8129bb811ff5","block_type":"box","text":"Depending upon market conditions, income producing common stock","page_number":5,"box":{"x":418,"y":351,"width":507,"height":12}},{"id":"79fc1e7b-e89a-4c1b-b412-593cc7ffa728","block_type":"box","text":"that meets the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a","page_number":5,"box":{"x":80,"y":366,"width":837,"height":12}},{"id":"4d255d2d-7c4d-4129-a200-13817efc78cf","block_type":"box","text":"few market sectors. This may limit the ability of the Fund to produce current income while remaining fully diversified.","page_number":5,"box":{"x":81,"y":381,"width":852,"height":11}},{"id":"1a7cb53b-3fec-433e-a2c1-6c85ef7cd08a","block_type":"box","text":"Foreign Securities Risk","page_number":5,"box":{"x":81,"y":401,"width":176,"height":11}},{"id":"34c97757-71ce-490a-8ffa-07c5830e7060","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":5,"box":{"x":260,"y":401,"width":668,"height":11}},{"id":"17cc79b9-4bd8-44f3-9b87-60a050481080","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":5,"box":{"x":82,"y":416,"width":531,"height":11}},{"id":"765cdaa3-8548-407b-9e36-2e99be7ecdc2","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":5,"box":{"x":101,"y":436,"width":823,"height":11}},{"id":"0b9ea96e-19dd-458c-892e-abd6c39127d4","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":5,"box":{"x":102,"y":450,"width":823,"height":12}},{"id":"6d5996d2-e346-4a60-adf1-c02eb1a1f981","block_type":"box","text":"oversight.","page_number":5,"box":{"x":101,"y":466,"width":70,"height":11}},{"id":"c7ccc1c7-60b2-4ac8-b2cd-86ea5faa5a31","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.","page_number":5,"box":{"x":101,"y":485,"width":644,"height":12}},{"id":"854815d9-ad69-4ff2-be52-5ee829d7e1c4","block_type":"box","text":"The economies of certain foreign markets may not compare favorably with the economy of the United States with","page_number":5,"box":{"x":101,"y":505,"width":830,"height":12}},{"id":"c8916dda-0b6c-448c-8d7c-5ba526d8098d","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":5,"box":{"x":102,"y":520,"width":808,"height":12}},{"id":"8c42bd1c-588c-4153-904d-7706b2930d80","block_type":"box","text":"payments position.","page_number":5,"box":{"x":102,"y":535,"width":137,"height":11}},{"id":"0aa28d50-c9ac-4535-b232-7e15fd32e0d6","block_type":"box","text":"The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or","page_number":5,"box":{"x":101,"y":555,"width":821,"height":11}},{"id":"fa6e3e8f-8141-4943-a5ad-e521170bfa52","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":5,"box":{"x":102,"y":570,"width":809,"height":11}},{"id":"3cb0958b-71ca-474b-b03f-fbaece8304ec","block_type":"box","text":"markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":5,"box":{"x":102,"y":584,"width":784,"height":12}},{"id":"d18740d5-893d-4848-9450-13a9f4268b59","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":5,"box":{"x":101,"y":600,"width":352,"height":11}},{"id":"77c99b1d-459b-47a2-b719-7446270f2e4d","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":5,"box":{"x":102,"y":619,"width":823,"height":12}},{"id":"61c2c007-2b46-4223-a7c6-b32068f6b2e9","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":5,"box":{"x":101,"y":634,"width":811,"height":12}},{"id":"6b3c963d-974c-4496-8524-5fe10796b8bc","block_type":"box","text":"U.S. securities laws.","page_number":5,"box":{"x":102,"y":649,"width":148,"height":9}},{"id":"7d202640-2a6e-47a0-868b-59e82672c218","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of","page_number":5,"box":{"x":101,"y":669,"width":834,"height":12}},{"id":"300c5a13-962b-4233-91c7-0ba9a5f5b33f","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":5,"box":{"x":101,"y":684,"width":628,"height":11}},{"id":"1f9dd099-a457-4340-ada0-68b0801e91ca","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":5,"box":{"x":101,"y":704,"width":830,"height":11}},{"id":"b3dd9df4-fe61-4232-9846-8f331dd39147","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":5,"box":{"x":101,"y":719,"width":831,"height":11}},{"id":"44b51037-d06b-4ef3-8c1a-480b1bbedccd","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":5,"box":{"x":101,"y":733,"width":813,"height":12}},{"id":"6d692353-671d-4cfe-94da-7b3c37923733","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":5,"box":{"x":101,"y":748,"width":395,"height":12}},{"id":"4f46ecbb-3b75-47c8-aafe-0c5dd0c1e085","block_type":"box","text":"Convertible Securities Risk","page_number":5,"box":{"x":81,"y":768,"width":206,"height":9}},{"id":"8569831a-a5c5-4900-a5b7-98372008d1ec","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":5,"box":{"x":291,"y":768,"width":593,"height":12}},{"id":"d964dc9e-6649-4c5a-a509-2e6dfa35cdb6","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":5,"box":{"x":81,"y":783,"width":853,"height":11}},{"id":"209036af-769e-4f96-9bc4-976d6b39fafc","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":5,"box":{"x":81,"y":798,"width":855,"height":11}},{"id":"09d6e022-c132-4a28-b44d-b542abfee83b","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":5,"box":{"x":80,"y":813,"width":816,"height":11}},{"id":"4c20b113-5e1d-4ccb-a34a-80906cad909b","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":5,"box":{"x":82,"y":827,"width":796,"height":12}},{"id":"c4b0036b-bd6c-4907-beba-d343ef1a53e7","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":5,"box":{"x":81,"y":842,"width":812,"height":12}},{"id":"81655510-8e58-472d-9ac6-d2d6c9c6459b","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":5,"box":{"x":82,"y":857,"width":809,"height":12}},{"id":"a4aac131-22e8-404c-ab5d-7d6e3e275686","block_type":"box","text":"Corporate Loans Risk","page_number":5,"box":{"x":81,"y":877,"width":162,"height":11}},{"id":"2f561874-708a-4b08-ab1c-f0e30a3c6d5a","block_type":"box","text":"— Commercial banks and other financial institutions or institutional investors make corporate","page_number":5,"box":{"x":247,"y":877,"width":689,"height":11}},{"id":"c83aa8f9-0b42-4799-a36b-27a1ea4f688b","block_type":"box","text":"loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at","page_number":5,"box":{"x":82,"y":892,"width":845,"height":12}},{"id":"7086607f-26f9-4087-ae04-ff386412e4e7","block_type":"box","text":"rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate","page_number":5,"box":{"x":82,"y":907,"width":827,"height":11}},{"id":"4561279a-0613-4d0a-be6f-3df75eacd3c1","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"83d7a552-d9b9-48e3-99ac-47b00c201e08","block_type":"box","text":"NM1026U-5988115-5/72","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"3548779f-2993-4f68-95e1-e7ca049c8ff4","block_type":"box","text":"(“SOFR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less","page_number":6,"box":{"x":81,"y":46,"width":821,"height":11}},{"id":"2ccc2379-a6f8-42b4-b2dc-090bb45c2905","block_type":"box","text":"exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest.","page_number":6,"box":{"x":81,"y":60,"width":840,"height":12}},{"id":"0bc3c773-1e8e-4f19-8824-63911d17b7e8","block_type":"box","text":"The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition,","page_number":6,"box":{"x":81,"y":75,"width":826,"height":12}},{"id":"756b593e-f85d-4b8e-a4de-b47061be3216","block_type":"box","text":"transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate","page_number":6,"box":{"x":80,"y":90,"width":846,"height":12}},{"id":"2a9ab7c7-482b-4f45-804b-5d8ecae94dd0","block_type":"box","text":"loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. To","page_number":6,"box":{"x":82,"y":105,"width":847,"height":12}},{"id":"96831d55-30dd-4a55-a979-93efef0f47a4","block_type":"box","text":"the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional","page_number":6,"box":{"x":80,"y":120,"width":830,"height":11}},{"id":"3a139c9a-dc24-4c2b-a045-0f6204e849a5","block_type":"box","text":"cash, sell investments or temporarily borrow from banks and other lenders.","page_number":6,"box":{"x":81,"y":135,"width":552,"height":11}},{"id":"3f9b3390-0e32-4fc8-9865-a2dcf4066aa0","block_type":"box","text":"Debt Securities Risk","page_number":6,"box":{"x":81,"y":155,"width":155,"height":9}},{"id":"26a100b4-5d61-44dd-bed6-7f1af4876dd0","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":155,"width":633,"height":10}},{"id":"03086e8e-53d9-44dc-8cb9-37a59496b68a","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":169,"width":648,"height":12}},{"id":"c924a47f-0be0-4c10-8433-37ff8a5fce59","block_type":"box","text":"Credit Risk","page_number":6,"box":{"x":82,"y":190,"width":80,"height":9}},{"id":"6c867cde-bf14-4bba-9d1e-1f51c93dbd5d","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":189,"width":737,"height":12}},{"id":"c2b449cd-00c7-4c47-b87c-76b07f4089ce","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":204,"width":816,"height":12}},{"id":"ceecf172-f804-4dee-a6f0-4134836e6103","block_type":"box","text":"perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The","page_number":6,"box":{"x":82,"y":219,"width":826,"height":11}},{"id":"71486dd1-4921-49ee-ac69-29d8e831b616","block_type":"box","text":"degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.","page_number":6,"box":{"x":81,"y":234,"width":777,"height":11}},{"id":"423c0f5d-a188-4d95-9a40-680d5e3de38c","block_type":"box","text":"Interest Rate Risk","page_number":6,"box":{"x":82,"y":254,"width":132,"height":9}},{"id":"d49c2572-20a6-4ca4-9b4d-3780c6bc95d9","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":6,"box":{"x":218,"y":254,"width":704,"height":11}},{"id":"5121cce7-e7ec-4670-b548-1104b431bba9","block_type":"box","text":"rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities","page_number":6,"box":{"x":82,"y":269,"width":835,"height":11}},{"id":"d0475b45-0fb7-4964-a3e9-211cbdbcc6ac","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":6,"box":{"x":80,"y":283,"width":513,"height":10}},{"id":"35d6744e-66bf-4c93-bb63-89928f4116cf","block_type":"box","text":"The Fund may be subject to a greater risk of rising interest rates during a period of low interest rates. For example,","page_number":6,"box":{"x":81,"y":303,"width":843,"height":12}},{"id":"dca4d074-c628-4754-9862-39d9b3aae5ef","block_type":"box","text":"if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being","page_number":6,"box":{"x":82,"y":318,"width":806,"height":12}},{"id":"2d71c702-8da4-46c6-b465-9b603867e90b","block_type":"box","text":"equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the","page_number":6,"box":{"x":81,"y":333,"width":831,"height":12}},{"id":"1cfb6fd8-765e-4a8b-b611-3c2d3b8b3665","block_type":"box","text":"price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude","page_number":6,"box":{"x":82,"y":348,"width":854,"height":12}},{"id":"f153f08c-c475-4c0f-a25c-847939266de3","block_type":"box","text":"of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those","page_number":6,"box":{"x":81,"y":363,"width":827,"height":11}},{"id":"d96681f3-987a-45ec-bef7-0ed0d1d059b3","block_type":"box","text":"securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest","page_number":6,"box":{"x":81,"y":378,"width":840,"height":11}},{"id":"515d61be-04a9-48f5-b42d-603727cfeca6","block_type":"box","text":"income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The","page_number":6,"box":{"x":82,"y":392,"width":851,"height":12}},{"id":"46049899-7157-4271-8503-4dd632a0aa4a","block_type":"box","text":"Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund","page_number":6,"box":{"x":82,"y":407,"width":808,"height":12}},{"id":"98735043-1c35-4c70-afe1-04f74bd1a075","block_type":"box","text":"management.","page_number":6,"box":{"x":82,"y":423,"width":98,"height":11}},{"id":"64eccd8b-9af1-43ec-8e47-0cbe8c745495","block_type":"box","text":"To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage","page_number":6,"box":{"x":81,"y":442,"width":852,"height":12}},{"id":"7fb90b81-9035-429a-8ed4-ce6112954946","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":6,"box":{"x":81,"y":457,"width":840,"height":11}},{"id":"e504cb06-12e3-4568-b79c-0a2696aa1c6d","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset","page_number":6,"box":{"x":80,"y":472,"width":834,"height":11}},{"id":"0dd61e79-e271-4e5d-9e95-ef1962686104","block_type":"box","text":"only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be","page_number":6,"box":{"x":81,"y":487,"width":803,"height":11}},{"id":"a4bc87cd-7989-4478-87b8-a0d98e2e8efd","block_type":"box","text":"expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate","page_number":6,"box":{"x":81,"y":501,"width":839,"height":12}},{"id":"970a93a1-d1f2-4995-ac8f-431432ac7b48","block_type":"box","text":"debt securities.","page_number":6,"box":{"x":81,"y":516,"width":112,"height":9}},{"id":"7865fbed-d9d5-4964-91f8-3e9ad3dea3c3","block_type":"box","text":"These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith","page_number":6,"box":{"x":81,"y":536,"width":839,"height":12}},{"id":"22c5c31c-0ba3-42d4-85d0-9ddae5bf66bd","block_type":"box","text":"and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not","page_number":6,"box":{"x":81,"y":551,"width":839,"height":12}},{"id":"831f3558-4e5c-4af9-bc6f-5e7d35a28be3","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":6,"box":{"x":82,"y":566,"width":831,"height":11}},{"id":"b505d709-e7b7-41a7-967f-0224a23fac60","block_type":"box","text":"value when interest rates change.","page_number":6,"box":{"x":80,"y":581,"width":248,"height":11}},{"id":"e57f0f18-117a-4cd0-bcf5-887abec69390","block_type":"box","text":"A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large","page_number":6,"box":{"x":81,"y":601,"width":855,"height":11}},{"id":"2c7e1124-711b-403b-bd63-058a90e972b9","block_type":"box","text":"scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy","page_number":6,"box":{"x":81,"y":615,"width":801,"height":12}},{"id":"de0785ca-7b3b-4ab0-b0ca-7affc92d0b7c","block_type":"box","text":"redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could","page_number":6,"box":{"x":82,"y":631,"width":827,"height":11}},{"id":"a5af0773-e527-4324-bfb9-9a18d599dae2","block_type":"box","text":"hurt the Fund’s performance.","page_number":6,"box":{"x":82,"y":645,"width":214,"height":11}},{"id":"caa6729f-f484-486b-917c-c296bec396bf","block_type":"box","text":"Extension Risk","page_number":6,"box":{"x":82,"y":665,"width":107,"height":9}},{"id":"70fdde90-2a7d-4dde-b8a1-613d70f08f6f","block_type":"box","text":"— When interest rates rise, certain obligations will be paid off by the obligor more slowly than","page_number":6,"box":{"x":193,"y":665,"width":691,"height":12}},{"id":"a203f915-10b4-4934-b27a-ed4a6c255b64","block_type":"box","text":"anticipated, causing the value of these obligations to fall.","page_number":6,"box":{"x":81,"y":680,"width":420,"height":11}},{"id":"fae2f058-e27d-4b53-a747-150349b3e7a8","block_type":"box","text":"Prepayment Risk","page_number":6,"box":{"x":81,"y":700,"width":124,"height":11}},{"id":"35a46c69-623b-4df8-93f8-c20ffaac0d33","block_type":"box","text":"— When interest rates fall, certain obligations will be paid off by the obligor more quickly than","page_number":6,"box":{"x":209,"y":700,"width":691,"height":11}},{"id":"8c415562-37ab-4f88-8b7b-5fba535780b6","block_type":"box","text":"originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.","page_number":6,"box":{"x":81,"y":715,"width":724,"height":11}},{"id":"428ff586-0c6a-410c-b93d-34c292e4969a","block_type":"box","text":"Derivatives Risk","page_number":6,"box":{"x":81,"y":735,"width":123,"height":9}},{"id":"cbbddb88-e1d1-453c-87e1-684896ccca0b","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":735,"width":664,"height":11}},{"id":"a37f9c44-32fd-4b53-a262-0a89965f2272","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":6,"box":{"x":82,"y":749,"width":469,"height":12}},{"id":"9d46e67e-6c1a-4612-9090-82286da3e48b","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":82,"y":770,"width":102,"height":11}},{"id":"41da011c-e56c-44a6-a571-7fe43a109c99","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":769,"width":723,"height":12}},{"id":"f5cb3426-4003-48d8-903b-0eb9d6385581","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":784,"width":832,"height":12}},{"id":"8b7b853a-bdaf-4bd6-8521-d3cea39bbb46","block_type":"box","text":"exceed the amount originally invested.","page_number":6,"box":{"x":81,"y":799,"width":280,"height":12}},{"id":"64d58e50-0787-4775-824d-3521d9778d0c","block_type":"box","text":"Market Risk","page_number":6,"box":{"x":82,"y":819,"width":87,"height":9}},{"id":"4a96d3ef-f70a-4fcc-84b5-3d9d86a52413","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":819,"width":728,"height":12}},{"id":"c400c2b0-b29e-4e8c-850a-62fb5bf830b5","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":834,"width":834,"height":11}},{"id":"647a9f8b-cc87-4873-aeb0-6b2a436d094c","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":849,"width":832,"height":11}},{"id":"46be28f9-36b2-4992-af2d-8b085626cad0","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":864,"width":779,"height":11}},{"id":"ea37b321-9f1c-4758-82f0-135502f2a511","block_type":"box","text":"derivatives positions to lose value.","page_number":6,"box":{"x":81,"y":879,"width":253,"height":11}},{"id":"0170fb25-6db2-40c7-81f9-3b02b557ad78","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"77826abb-22d0-4eee-bee6-53747c405fed","block_type":"box","text":"NM1026U-5988115-6/72","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"996e44e7-5287-46c6-a55a-669d93986850","block_type":"box","text":"Counterpar ty Risk","page_number":7,"box":{"x":82,"y":46,"width":131,"height":11}},{"id":"cb762496-3a93-470e-a681-a57852a5cf7e","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":7,"box":{"x":217,"y":46,"width":697,"height":11}},{"id":"183ec7f8-b407-433d-83ba-ea206e38712e","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":7,"box":{"x":80,"y":60,"width":855,"height":12}},{"id":"610e78ca-ad30-4493-af6d-15ad5ec522e6","block_type":"box","text":"exposure to such a counterparty.","page_number":7,"box":{"x":81,"y":76,"width":240,"height":11}},{"id":"09f8879b-387a-477a-9b8b-fd006e4b8866","block_type":"box","text":"Illiquidity Risk","page_number":7,"box":{"x":82,"y":96,"width":100,"height":11}},{"id":"bdfc86f3-4527-4ad6-8bf9-0b45e75164cb","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":7,"box":{"x":186,"y":95,"width":750,"height":12}},{"id":"c5f94a30-4882-4618-a0e4-832f34de9724","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":7,"box":{"x":80,"y":110,"width":839,"height":11}},{"id":"bb13e3a3-297d-42bf-824f-70fe33eae387","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":7,"box":{"x":81,"y":125,"width":293,"height":11}},{"id":"4d30632e-d713-412f-b231-7fa6a59e4f6c","block_type":"box","text":"Operational Risk","page_number":7,"box":{"x":82,"y":145,"width":120,"height":11}},{"id":"8f762c07-6568-4697-b269-da1e0346dd27","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":7,"box":{"x":206,"y":145,"width":727,"height":11}},{"id":"9e6b0a2f-250e-4c23-8984-0a7a9d599b3f","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":7,"box":{"x":82,"y":160,"width":607,"height":11}},{"id":"12a9633b-39cd-4294-bb40-5d51d8061f1a","block_type":"box","text":"Legal Risk","page_number":7,"box":{"x":82,"y":180,"width":75,"height":11}},{"id":"cb01288d-0186-48f6-86ed-05041f289e40","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":7,"box":{"x":161,"y":180,"width":761,"height":11}},{"id":"9e82a232-9e8e-43b8-a3ef-8a45948559a3","block_type":"box","text":"enforceability of a contract.","page_number":7,"box":{"x":81,"y":195,"width":198,"height":11}},{"id":"ed5e434f-d3a3-4b77-b6d7-27cda6e4988f","block_type":"box","text":"Volatility and Correlation Risk","page_number":7,"box":{"x":83,"y":215,"width":214,"height":11}},{"id":"93a45471-321f-485a-a84b-6d6526960397","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":7,"box":{"x":300,"y":214,"width":590,"height":12}},{"id":"474a98a1-acf0-4955-ae5e-06ce2485b314","block_type":"box","text":"fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the","page_number":7,"box":{"x":81,"y":229,"width":775,"height":12}},{"id":"96659a1a-7a20-4b87-ae40-49bb8c2f591a","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":7,"box":{"x":81,"y":244,"width":589,"height":12}},{"id":"2bcf1e81-afe5-419c-b143-04417e0d6120","block_type":"box","text":"Valuation Risk","page_number":7,"box":{"x":83,"y":264,"width":102,"height":9}},{"id":"de10ee0b-d210-4cc9-8d10-ff0fcc3d6ce1","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":7,"box":{"x":189,"y":264,"width":747,"height":12}},{"id":"fc7b2d1d-9de4-459e-b781-d078dca77aa1","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":7,"box":{"x":82,"y":279,"width":783,"height":11}},{"id":"323896a9-2df3-4063-b096-4c763b91fb45","block_type":"box","text":"instruments or quote prices for them.","page_number":7,"box":{"x":82,"y":294,"width":273,"height":11}},{"id":"52ea71ef-5d9b-42a8-ba62-ee188afbec4f","block_type":"box","text":"Hedging Risk","page_number":7,"box":{"x":82,"y":314,"width":95,"height":11}},{"id":"5c92b84d-d585-4fd1-8929-68c68f259a7b","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":7,"box":{"x":181,"y":314,"width":728,"height":11}},{"id":"4f18226a-6a85-4506-9953-0a04e14d6df6","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":7,"box":{"x":81,"y":329,"width":839,"height":11}},{"id":"161441e3-8573-4ce4-8206-bc1939655d07","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":7,"box":{"x":82,"y":344,"width":354,"height":11}},{"id":"1ce47810-8761-4ed4-ba49-af7f4fe279f9","block_type":"box","text":"Tax Risk","page_number":7,"box":{"x":83,"y":364,"width":59,"height":9}},{"id":"2f87827f-b25e-4578-b9a3-d5dad85a4f2d","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":7,"box":{"x":145,"y":363,"width":719,"height":12}},{"id":"6b512f0a-14f1-4e63-b053-ec145220aaa5","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":7,"box":{"x":81,"y":378,"width":801,"height":12}},{"id":"f569f231-26d3-48aa-b519-3ebf77b61a42","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":7,"box":{"x":82,"y":393,"width":802,"height":12}},{"id":"d60d5e56-be17-49af-bf3d-b315010d31c8","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":7,"box":{"x":82,"y":408,"width":830,"height":11}},{"id":"d6423208-009d-4cce-a2cc-d8cffc24a799","block_type":"box","text":"realizes from its investments.","page_number":7,"box":{"x":82,"y":423,"width":215,"height":9}},{"id":"7c42bf4e-4fd3-4675-b0dc-85377941c8b9","block_type":"box","text":"Emerging Markets Risk","page_number":7,"box":{"x":81,"y":443,"width":178,"height":11}},{"id":"f51761c6-fbcf-4a5f-9602-325c48770c95","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":7,"box":{"x":263,"y":443,"width":617,"height":11}},{"id":"c744a585-f395-46e5-a510-1d4616303ecc","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":457,"width":825,"height":12}},{"id":"1c15c2e6-c933-4f7c-a4ba-b063d3d67906","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":472,"width":822,"height":12}},{"id":"95a8abc0-f542-4765-9572-b022772fbc62","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":487,"width":816,"height":12}},{"id":"0d716743-7ca7-488b-b0f0-a8292735da32","block_type":"box","text":"liquidity than developed markets.","page_number":7,"box":{"x":82,"y":502,"width":240,"height":11}},{"id":"c6a79671-5b97-4ab1-ae03-faaf992db7a4","block_type":"box","text":"Focus Risk","page_number":7,"box":{"x":81,"y":522,"width":84,"height":9}},{"id":"7929ea32-1088-4486-8e03-25107b53d6c1","block_type":"box","text":"— Under normal circumstances, the Fund focuses its investments in the securities of a limited number","page_number":7,"box":{"x":168,"y":522,"width":760,"height":11}},{"id":"5e3cad3a-d9e9-465e-afb9-d7e841f268a1","block_type":"box","text":"of issuers. This may subject the Fund to greater issuer-specific risk and potential losses than a fund that invests in","page_number":7,"box":{"x":81,"y":537,"width":845,"height":11}},{"id":"bb5d0144-b316-4b8e-8093-f8cba3633fc1","block_type":"box","text":"the securities of a greater number of issuers.","page_number":7,"box":{"x":80,"y":552,"width":333,"height":11}},{"id":"b4d168bb-1a9b-4102-a7f1-31ee06c76ef6","block_type":"box","text":"High Yield Bonds Risk","page_number":7,"box":{"x":81,"y":572,"width":167,"height":11}},{"id":"774626e6-fee7-41bb-ab36-acb8bb9bf08f","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":7,"box":{"x":252,"y":572,"width":667,"height":11}},{"id":"151d927e-b735-4ed0-9457-ffc207bf5637","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":7,"box":{"x":79,"y":587,"width":835,"height":11}},{"id":"5550741c-11c9-40d3-bc84-22ee64dbdfb8","block_type":"box","text":"for the Fund.","page_number":7,"box":{"x":81,"y":601,"width":91,"height":9}},{"id":"cff0b56f-737c-4403-bd2b-245cadf8c997","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":7,"box":{"x":81,"y":621,"width":271,"height":9}},{"id":"7cafabae-019e-4980-a09c-ea2aeb5a8079","block_type":"box","text":"—","page_number":7,"box":{"x":356,"y":627,"width":17,"height":0}},{"id":"0fae2d45-618d-4ab0-8cb2-8047933c561b","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":7,"box":{"x":379,"y":622,"width":499,"height":10}},{"id":"efcaddff-d74a-48c7-beaf-2db4a448f16f","block_type":"box","text":"particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect","page_number":7,"box":{"x":82,"y":636,"width":839,"height":11}},{"id":"d092f6c4-c7b2-4c51-b9c5-4a8c708b75f6","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":7,"box":{"x":80,"y":651,"width":799,"height":11}},{"id":"202d25fa-152c-4b9e-a2f8-fb61eba3c4c5","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":7,"box":{"x":82,"y":666,"width":796,"height":11}},{"id":"0e36c35d-4dab-4594-b372-d38f886a6627","block_type":"box","text":"securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index","page_number":7,"box":{"x":81,"y":681,"width":855,"height":11}},{"id":"d06f321a-d311-4f9b-9005-14b2f5e51537","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":7,"box":{"x":82,"y":696,"width":441,"height":11}},{"id":"d9de2f13-3e48-43a1-809c-6a8cd2d187cb","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":7,"box":{"x":81,"y":715,"width":276,"height":12}},{"id":"e79b33fc-129b-4503-b0c5-5390563e502c","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":7,"box":{"x":361,"y":716,"width":573,"height":11}},{"id":"0a69ad10-ad02-4bfb-b2f5-f1a48b40e946","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":7,"box":{"x":81,"y":730,"width":848,"height":12}},{"id":"8b93936e-b3b1-49f7-9bff-503f560df86f","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":7,"box":{"x":81,"y":745,"width":839,"height":12}},{"id":"94fd36d2-7203-4876-a370-89ce01011e91","block_type":"box","text":"performance of large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":7,"box":{"x":82,"y":760,"width":851,"height":11}},{"id":"747fb117-1660-472e-be85-05467542c2ea","block_type":"box","text":"Leverage Risk","page_number":7,"box":{"x":81,"y":780,"width":107,"height":11}},{"id":"b9d92b5b-a62b-467a-8517-38ef52cd98a9","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":7,"box":{"x":192,"y":780,"width":741,"height":11}},{"id":"493d0384-b229-4a5e-be89-b2814d17f196","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may","page_number":7,"box":{"x":81,"y":795,"width":853,"height":11}},{"id":"fdefe346-cd02-47d5-94cd-e15cfbfdc740","block_type":"box","text":"cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":7,"box":{"x":81,"y":809,"width":856,"height":12}},{"id":"1647a492-ec93-4eb8-8ee0-af172b639146","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules","page_number":7,"box":{"x":80,"y":824,"width":775,"height":12}},{"id":"751b4ab7-f7b1-4b87-a5ae-97a6ade89684","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":7,"box":{"x":80,"y":839,"width":814,"height":12}},{"id":"6134e1b7-94de-478d-9223-9f284280ca1c","block_type":"box","text":"leverage.","page_number":7,"box":{"x":82,"y":854,"width":63,"height":12}},{"id":"96387bc7-5b9b-4d1d-9ee4-01bf1c9922f5","block_type":"box","text":"Market Risk and Selection Risk","page_number":7,"box":{"x":81,"y":874,"width":240,"height":9}},{"id":"9308f5ba-67a6-41f1-9e7d-29ab9afe15f1","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":7,"box":{"x":324,"y":874,"width":593,"height":9}},{"id":"fa854906-a5a5-434f-8d94-246563d4cce5","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":7,"box":{"x":81,"y":889,"width":851,"height":11}},{"id":"398f1181-0609-4d41-a2d1-34d47f8cc969","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":7,"box":{"x":82,"y":904,"width":824,"height":11}},{"id":"51c470d1-1950-417d-a253-d11b1705008d","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":7,"box":{"x":82,"y":919,"width":851,"height":11}},{"id":"e68bbbeb-3ef0-4a76-938f-d83c27f5ebc0","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"04e2ae06-9b40-43b3-8617-32f2028b8fdf","block_type":"box","text":"NM1026U-5988115-7/72","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"53ba1713-29e1-4b94-82eb-7d223bffe086","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":8,"box":{"x":82,"y":46,"width":802,"height":11}},{"id":"fe7634f1-49a2-4929-9262-30a3a0bdf302","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":8,"box":{"x":81,"y":60,"width":849,"height":12}},{"id":"c20ad4cf-8375-436d-99e8-de84ae29348b","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":8,"box":{"x":81,"y":76,"width":843,"height":11}},{"id":"78c42c6a-5cd9-4d05-998c-78eb3335071a","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or","page_number":8,"box":{"x":81,"y":90,"width":830,"height":12}},{"id":"83e233d3-beff-493a-bcd8-2f1970edc664","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":8,"box":{"x":82,"y":105,"width":840,"height":12}},{"id":"6a1a6cb2-ce43-42b8-ae2b-276aeb1faec2","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":8,"box":{"x":81,"y":120,"width":789,"height":11}},{"id":"7c8b74e0-02bc-4fa6-83f7-6d4653e6f275","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":8,"box":{"x":81,"y":135,"width":823,"height":11}},{"id":"431b4a77-c684-4681-a027-1263b8ef01db","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":8,"box":{"x":81,"y":149,"width":784,"height":12}},{"id":"6aa61e7b-c0ec-4128-8c39-8deea67a0b22","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":8,"box":{"x":81,"y":164,"width":844,"height":11}},{"id":"e92a3649-6f59-4fa9-b6fa-769556aef00d","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":8,"box":{"x":82,"y":184,"width":818,"height":12}},{"id":"6945759f-96b9-46cf-81ea-d43cb1bb356e","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":8,"box":{"x":80,"y":199,"width":819,"height":12}},{"id":"a426367d-c3ee-4096-b0bb-cb9d601cc569","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":8,"box":{"x":81,"y":214,"width":819,"height":11}},{"id":"7f8684e2-3197-4a00-84ce-7759aa5e2059","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":8,"box":{"x":81,"y":229,"width":846,"height":11}},{"id":"c0b6c3b0-36c8-4e2a-a873-5014d3e2bae6","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":8,"box":{"x":81,"y":244,"width":848,"height":11}},{"id":"019123e4-a8ac-4d33-8eb5-86d7ee525ba1","block_type":"box","text":"the Fund invests.","page_number":8,"box":{"x":80,"y":259,"width":125,"height":9}},{"id":"cbe64e1d-b956-4144-ba05-b03fcb35c8d2","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks","page_number":8,"box":{"x":81,"y":278,"width":346,"height":12}},{"id":"161751ff-93fd-4bad-9f1c-be371c30f65c","block_type":"box","text":"— Mortgage- and asset-backed securities represent interests in","page_number":8,"box":{"x":432,"y":279,"width":469,"height":11}},{"id":"c12b5166-2a10-44a5-a361-d4a6ac7dd4c2","block_type":"box","text":"“pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset","page_number":8,"box":{"x":82,"y":293,"width":839,"height":12}},{"id":"baf26405-2929-4a15-a4f7-3615584cd8d3","block_type":"box","text":"backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are","page_number":8,"box":{"x":81,"y":308,"width":822,"height":11}},{"id":"917be944-b5d7-4e35-af37-824573770898","block_type":"box","text":"subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.","page_number":8,"box":{"x":81,"y":323,"width":821,"height":11}},{"id":"9dbe8bd6-4a85-4d72-a15a-784db83ba1e4","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of","page_number":8,"box":{"x":81,"y":338,"width":851,"height":11}},{"id":"49634305-ab05-495b-8979-943c0b5cd53d","block_type":"box","text":"certain mortgage-backed securities.","page_number":8,"box":{"x":81,"y":353,"width":263,"height":11}},{"id":"661b1f6d-7dce-4343-8bf3-d4d94af1eb68","block_type":"box","text":"“New Issues” Risk","page_number":8,"box":{"x":83,"y":373,"width":139,"height":9}},{"id":"66f36427-be55-414e-b7f2-35e736e501a5","block_type":"box","text":"—","page_number":8,"box":{"x":227,"y":378,"width":17,"height":1}},{"id":"a9cf516a-4158-4e1b-99ab-91d99676b200","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":8,"box":{"x":249,"y":372,"width":681,"height":12}},{"id":"853591e5-ccb0-469f-a007-bc570adf3a45","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":8,"box":{"x":81,"y":387,"width":843,"height":12}},{"id":"6561d6af-e52a-4cfe-9514-3d3f727c2771","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shortly after the IPO.","page_number":8,"box":{"x":81,"y":402,"width":517,"height":12}},{"id":"b11c994e-a06d-4941-8052-c8dabba11939","block_type":"box","text":"Operational and Technology Risks","page_number":8,"box":{"x":82,"y":422,"width":254,"height":11}},{"id":"bab38b9a-9ca5-40d2-b375-6f7658bf50a4","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":8,"box":{"x":340,"y":422,"width":578,"height":12}},{"id":"235cc36f-5102-44eb-badd-4217a5eb1882","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":8,"box":{"x":82,"y":437,"width":779,"height":11}},{"id":"a69a1a09-80c8-406c-8ab8-e157e0160420","block_type":"box","text":"cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":8,"box":{"x":81,"y":452,"width":848,"height":11}},{"id":"fb533479-f223-4051-9e3f-f7c542ec6a64","block_type":"box","text":"for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are","page_number":8,"box":{"x":81,"y":467,"width":806,"height":11}},{"id":"4f9b98cf-ddd4-48fa-84d0-ffe4f3d73a2b","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":8,"box":{"x":82,"y":481,"width":807,"height":12}},{"id":"efef2f93-16c2-4157-904c-a50c3de9cddd","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":8,"box":{"x":82,"y":496,"width":846,"height":12}},{"id":"80903e08-433c-410d-8428-47a8b2a89726","block_type":"box","text":"for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and","page_number":8,"box":{"x":81,"y":511,"width":836,"height":11}},{"id":"b9c5b2e6-c1e0-45b4-a3e4-5646dc577e07","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":8,"box":{"x":82,"y":526,"width":474,"height":11}},{"id":"170c41f2-e6a6-4073-a5b2-3316b40504d7","block_type":"box","text":"Preferred Securities Risk","page_number":8,"box":{"x":81,"y":546,"width":189,"height":9}},{"id":"088c4bad-9cde-49cb-a59f-bddc8b96d1c2","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":8,"box":{"x":274,"y":546,"width":636,"height":11}},{"id":"12b4363e-327a-47f2-9005-0de29977fcfa","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":8,"box":{"x":81,"y":561,"width":824,"height":11}},{"id":"78791376-80c2-4d54-b58e-a597ae9f6162","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":8,"box":{"x":82,"y":575,"width":806,"height":12}},{"id":"0a8ecc1b-bfe9-457e-86ab-ed20b85ca55b","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":8,"box":{"x":81,"y":590,"width":842,"height":12}},{"id":"114c2f22-70fd-442f-a098-26e9c43aded2","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":8,"box":{"x":81,"y":605,"width":781,"height":12}},{"id":"40df022e-08da-4f1f-84d5-bb9cb8e60cd9","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":8,"box":{"x":81,"y":620,"width":812,"height":11}},{"id":"aecc09d9-7738-47e7-bb45-8bc274b40b25","block_type":"box","text":"larger companies.","page_number":8,"box":{"x":82,"y":635,"width":129,"height":11}},{"id":"77477a91-415f-40b9-b386-9eb9e2a6d767","block_type":"box","text":"Risk of Investing in the United States","page_number":8,"box":{"x":81,"y":655,"width":283,"height":11}},{"id":"9253b999-1f0c-49f0-8f00-3799ef758027","block_type":"box","text":"—","page_number":8,"box":{"x":369,"y":660,"width":17,"height":1}},{"id":"beabcea1-8b91-4dc1-9f63-86be7103c8fc","block_type":"box","text":"Certain changes in the U.S. economy, such as when the U.S. economy","page_number":8,"box":{"x":391,"y":655,"width":518,"height":11}},{"id":"6b092bcc-3878-4f0f-a2a3-dd909817a2e3","block_type":"box","text":"weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has","page_number":8,"box":{"x":80,"y":670,"width":847,"height":11}},{"id":"bf4efb8d-111c-4a83-9b1a-259c41c46b37","block_type":"box","text":"exposure.","page_number":8,"box":{"x":81,"y":687,"width":70,"height":9}},{"id":"ea16969f-1110-4603-a5e7-6a2b314a2e21","block_type":"box","text":"Small and Mid-Capitalization Company Risk","page_number":8,"box":{"x":81,"y":705,"width":327,"height":11}},{"id":"29776666-8400-4e65-84f6-9e11d1252756","block_type":"box","text":"— Companies with small or mid-size market capitalizations will","page_number":8,"box":{"x":412,"y":705,"width":461,"height":11}},{"id":"ce1edef2-5268-4c76-9630-c874782b6f9d","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more","page_number":8,"box":{"x":82,"y":719,"width":808,"height":12}},{"id":"db9f7241-61c4-4218-accd-b22aa75fa258","block_type":"box","text":"limited management group than larger capitalized companies. In addition, it is more difficult to get information on","page_number":8,"box":{"x":82,"y":734,"width":833,"height":12}},{"id":"cb8cef9a-5461-4c80-b6e3-d4955b2f6573","block_type":"box","text":"smaller companies, which tend to be less well known, have shorter operating histories, do not have significant","page_number":8,"box":{"x":81,"y":749,"width":812,"height":11}},{"id":"ea18ac49-3876-464e-8380-7cd69f2ed5c1","block_type":"box","text":"ownership by large investors and are followed by relatively few securities analysts.","page_number":8,"box":{"x":81,"y":764,"width":603,"height":11}},{"id":"96a35388-b247-4876-ab60-0bb84c0a8eda","block_type":"box","text":"Supranational Entities Risk","page_number":8,"box":{"x":81,"y":784,"width":205,"height":11}},{"id":"9038c661-0529-4ca0-bdb1-65291a93f597","block_type":"box","text":"— The Fund may invest in obligations issued or guaranteed by the World Bank. The","page_number":8,"box":{"x":290,"y":784,"width":610,"height":11}},{"id":"d029980b-64a5-448c-aab1-482b201510ff","block_type":"box","text":"government members, or “stockholders,” usually make initial capital contributions to the World Bank and in many","page_number":8,"box":{"x":81,"y":799,"width":834,"height":11}},{"id":"861f9645-cadf-4d72-b9c7-bf515605490b","block_type":"box","text":"cases are committed to make additional capital contributions if the World Bank is unable to repay its borrowings.","page_number":8,"box":{"x":81,"y":813,"width":830,"height":12}},{"id":"8a2d250c-ca50-4c55-9611-0eec83f74b54","block_type":"box","text":"There is no guarantee that one or more stockholders of the World Bank will continue to make any necessary","page_number":8,"box":{"x":81,"y":828,"width":795,"height":12}},{"id":"b1c52cd9-58fc-4ad3-b318-a9e17acad610","block_type":"box","text":"additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay","page_number":8,"box":{"x":81,"y":843,"width":855,"height":11}},{"id":"93b64ce3-0985-431e-a67a-6c7e3b646019","block_type":"box","text":"principal on its debt securities, and the Fund may lose money on such investments.","page_number":8,"box":{"x":82,"y":858,"width":612,"height":11}},{"id":"fef1974b-44e8-4a2a-abad-c446d0ac6f18","block_type":"box","text":"U.S. Government Issuer Risk","page_number":8,"box":{"x":82,"y":878,"width":215,"height":9}},{"id":"821989dd-1809-45a9-8e95-576ee0a02ce1","block_type":"box","text":"—","page_number":8,"box":{"x":302,"y":883,"width":17,"height":1}},{"id":"db93be29-7f2a-4e80-9744-449c381b812e","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":8,"box":{"x":323,"y":878,"width":612,"height":11}},{"id":"3b902fd7-9222-4def-8774-e4cef9147bbc","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying","page_number":8,"box":{"x":81,"y":893,"width":797,"height":11}},{"id":"fd54aea7-c586-4378-9733-486a61632605","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"c88a4c9c-74df-42b5-b3ad-d053cc3590c2","block_type":"box","text":"NM1026U-5988115-8/72","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"1b90c932-f2c2-4c05-bc62-c2da53cefe80","block_type":"box","text":"degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can","page_number":9,"box":{"x":81,"y":46,"width":850,"height":11}},{"id":"69167c67-3012-4533-943d-fd3224db3459","block_type":"box","text":"be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated","page_number":9,"box":{"x":81,"y":60,"width":843,"height":12}},{"id":"75027d1d-3d28-4025-82b9-0da32dd09346","block_type":"box","text":"by law to do so.","page_number":9,"box":{"x":81,"y":76,"width":114,"height":11}},{"id":"88e8b8df-3958-41ad-9676-a2eab6500d10","block_type":"box","text":"Performance Information","page_number":9,"box":{"x":61,"y":114,"width":224,"height":11}},{"id":"ff38cb3a-8e04-4ded-8161-2d5417ab8b68","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":140,"width":855,"height":12}},{"id":"0cd39527-0011-47f1-9108-e3e3aba1bbfd","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s performance to that of the MSCI All Country World Index","page_number":9,"box":{"x":61,"y":155,"width":868,"height":12}},{"id":"a9da8f37-23b2-4325-a728-729604d32ff3","block_type":"box","text":"(Net). To the extent that dividends and distributions have been paid by the Fund, the performance information for the","page_number":9,"box":{"x":61,"y":170,"width":858,"height":11}},{"id":"042596a1-9bf6-4c80-8cdd-778006a10f6d","block_type":"box","text":"Fund in the chart and table assumes reinvestment of the dividends and distributions. As with all such investments,","page_number":9,"box":{"x":62,"y":185,"width":844,"height":11}},{"id":"f2520d61-fdd1-4199-861a-1780af1d8907","block_type":"box","text":"past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the","page_number":9,"box":{"x":62,"y":200,"width":864,"height":11}},{"id":"d1133463-5a41-4dc5-9945-6e9faf3a805e","block_type":"box","text":"bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and","page_number":9,"box":{"x":61,"y":214,"width":849,"height":12}},{"id":"7e0dc286-35a1-4ac1-8d75-b6108d9f448e","block_type":"box","text":"sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund","page_number":9,"box":{"x":61,"y":229,"width":803,"height":12}},{"id":"88f41358-f5b3-4cd9-8bee-0de1f78fa6e5","block_type":"box","text":"expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s","page_number":9,"box":{"x":61,"y":244,"width":807,"height":12}},{"id":"7b7ccde7-12c2-4920-bb0c-f8172b7f4526","block_type":"box","text":"performance, including its current net asset value, can be obtained by visiting www.blackrock.com or can be obtained","page_number":9,"box":{"x":62,"y":259,"width":861,"height":12}},{"id":"727d6874-ac82-42ec-888a-72b12e1c22df","block_type":"box","text":"by phone at 800-882-0052.","page_number":9,"box":{"x":61,"y":274,"width":202,"height":11}},{"id":"87bddaf3-3403-4c5a-ac6c-4811de05aafd","block_type":"box","text":"Investor A Shares","page_number":9,"box":{"x":427,"y":297,"width":144,"height":10}},{"id":"599af2eb-4fd3-49b9-892d-22c9cf8acf79","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":9,"box":{"x":392,"y":313,"width":212,"height":10}},{"id":"aae0a7c2-9362-488b-991f-85bdff6bff3b","block_type":"box","text":"BlackRock Global Dividend Portfolio","page_number":9,"box":{"x":350,"y":329,"width":298,"height":10}},{"id":"ead7d429-48de-4d82-9e8b-f1628f65e160","block_type":"box","text":"As of 12/31","page_number":9,"box":{"x":447,"y":345,"width":103,"height":13}},{"id":"239cbaa3-e04a-4ba3-a8f1-bf030b650cb8","block_type":"box","text":"5.68%","page_number":9,"box":{"x":295,"y":436,"width":37,"height":8}},{"id":"bbe4f671-ad97-4ca9-980f-6172f3e2eb4d","block_type":"box","text":"19.54%","page_number":9,"box":{"x":340,"y":393,"width":44,"height":8}},{"id":"20dfdf8a-abf9-4e84-ad05-6908b4cc17f8","block_type":"box","text":"-10.70%","page_number":9,"box":{"x":385,"y":502,"width":49,"height":8}},{"id":"072c682c-2dde-444d-94d6-3bc5a1393ed6","block_type":"box","text":"22.43%","page_number":9,"box":{"x":436,"y":384,"width":45,"height":8}},{"id":"40a72664-0537-445b-b537-3bcb9022a5e2","block_type":"box","text":"6.67%","page_number":9,"box":{"x":488,"y":433,"width":37,"height":8}},{"id":"1e21c837-c521-4fdc-9a46-78aa33206a88","block_type":"box","text":"17.46%","page_number":9,"box":{"x":532,"y":400,"width":45,"height":7}},{"id":"31aa92a8-a4f1-4430-abc1-213ddb63ee15","block_type":"box","text":"-13.93%","page_number":9,"box":{"x":578,"y":513,"width":49,"height":7}},{"id":"89a0edf0-8cc5-4d38-be08-3009d968cc26","block_type":"box","text":"16.28%","page_number":9,"box":{"x":629,"y":403,"width":44,"height":8}},{"id":"4673e662-5212-4de5-bcfb-bb5879838244","block_type":"box","text":"9.48%","page_number":9,"box":{"x":681,"y":425,"width":36,"height":7}},{"id":"0b82c838-32fc-46e5-85de-42a057820866","block_type":"box","text":"18.98%","page_number":9,"box":{"x":725,"y":395,"width":45,"height":7}},{"id":"53b29231-2cbc-43f6-8d9d-8adf0d365f2a","block_type":"box","text":"-20%","page_number":9,"box":{"x":237,"y":524,"width":28,"height":7}},{"id":"0c2c3919-34bb-43a7-8811-ac94a00c9f37","block_type":"box","text":"-10%","page_number":9,"box":{"x":237,"y":493,"width":28,"height":7}},{"id":"88f95a6c-b94d-45e3-a299-4926ce6b7a51","block_type":"box","text":"0%","page_number":9,"box":{"x":248,"y":462,"width":17,"height":7}},{"id":"17072d00-d4be-4710-a0f6-f884e3143dea","block_type":"box","text":"10%","page_number":9,"box":{"x":241,"y":431,"width":24,"height":7}},{"id":"b5742019-320c-4cba-837a-5efcdfea2881","block_type":"box","text":"20%","page_number":9,"box":{"x":240,"y":399,"width":25,"height":8}},{"id":"0d107486-3145-4663-9e2e-ff1885775f9d","block_type":"box","text":"30%","page_number":9,"box":{"x":240,"y":368,"width":25,"height":8}},{"id":"6614a501-e96a-47e6-a28c-8d2d324befc3","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":9,"box":{"x":298,"y":534,"width":465,"height":7}},{"id":"464b7781-2cfb-4079-bd9a-0861c2aa9002","block_type":"box","text":"During the ten-year period shown in the bar chart, the highest return for a quarter was 13.27% (quarter ended","page_number":9,"box":{"x":62,"y":554,"width":806,"height":12}},{"id":"675c32fc-640e-4987-99e6-af28ef680d78","block_type":"box","text":"December 31, 2022) and the lowest return for a quarter was -20.22% (quarter ended March 31, 2020). The year-to","page_number":9,"box":{"x":62,"y":569,"width":853,"height":11}},{"id":"49d6dbec-da96-489a-ad0a-3278dcb47f3e","block_type":"box","text":"date return as of June 30, 2026 was 8.98%.","page_number":9,"box":{"x":61,"y":584,"width":327,"height":11}},{"id":"4b497afb-d931-4210-b98e-94da5a9ec492","block_type":"box","text":"For the periods ended 12/31/25","page_number":9,"box":{"x":70,"y":613,"width":223,"height":10}},{"id":"f274197a-0284-4b6e-9603-63b1bb9dd364","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":9,"box":{"x":69,"y":624,"width":854,"height":10}},{"id":"b435361c-f5a5-4c28-93af-6d9d17b78d9f","block_type":"box","text":"BlackRock Global Dividend Portfolio — Investor A Shares","page_number":9,"box":{"x":70,"y":642,"width":375,"height":8}},{"id":"28ea0c6e-6090-4e3a-934d-b347705f0447","block_type":"box","text":"Return Before Taxes 12.74% 7.73% 7.89%","page_number":9,"box":{"x":85,"y":655,"width":840,"height":8}},{"id":"f91f0701-69ba-416d-b011-b23436aff6e2","block_type":"box","text":"Return After Taxes on Distributions 7.83% 5.07% 5.90%","page_number":9,"box":{"x":85,"y":668,"width":840,"height":8}},{"id":"9cc1f250-f83b-4f48-a484-77d6bc8a2cdc","block_type":"box","text":"Return After Taxes on Distributions","page_number":9,"box":{"x":85,"y":681,"width":228,"height":8}},{"id":"69f9ea71-ca3e-4b18-98e3-5f0fd7e4dfbe","block_type":"box","text":"and Sale of Fund Shares 10.50% 5.59% 5.98%","page_number":9,"box":{"x":85,"y":692,"width":840,"height":9}},{"id":"e5c3d146-ecbb-46d0-b0af-469847aa45ea","block_type":"box","text":"BlackRock Global Dividend Portfolio — Investor C Shares","page_number":9,"box":{"x":70,"y":710,"width":376,"height":9}},{"id":"7d474bec-a811-4ef6-8ad1-5ca5b220425e","block_type":"box","text":"Return Before Taxes 17.01% 8.02% 7.81%","page_number":9,"box":{"x":85,"y":723,"width":840,"height":9}},{"id":"9c269316-4e6c-4bfe-adac-c3a76379bd4d","block_type":"box","text":"BlackRock Global Dividend Portfolio — Institutional Shares","page_number":9,"box":{"x":70,"y":741,"width":387,"height":9}},{"id":"113fd50e-f857-4cd6-aa13-4145a9d460e6","block_type":"box","text":"Return Before Taxes 19.28% 9.18% 8.76%","page_number":9,"box":{"x":85,"y":754,"width":840,"height":9}},{"id":"aa841b1b-c978-46c1-9958-bbc13dfa2be1","block_type":"box","text":"MSCI All Country World Index (Net)","page_number":9,"box":{"x":70,"y":772,"width":227,"height":11}},{"id":"10f7a5ef-0fe8-4359-8328-88463e52b71c","block_type":"box","text":"1","page_number":9,"box":{"x":298,"y":772,"width":4,"height":4}},{"id":"7afff3ab-5fe1-418f-8c00-60cc2de3408d","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes,","page_number":9,"box":{"x":69,"y":786,"width":337,"height":10}},{"id":"ca69be91-89c7-47b2-b175-b02efab5bb86","block_type":"box","text":"except for withholding taxes on reinvested dividends) 22.34% 11.19% 11.72%","page_number":9,"box":{"x":69,"y":799,"width":856,"height":11}},{"id":"a2b5cc5f-71ce-4841-aaf8-3105152719ef","block_type":"box","text":"1","page_number":9,"box":{"x":61,"y":819,"width":3,"height":4}},{"id":"a8b67f4f-f64f-49a3-9b8f-88238801ad9b","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":9,"box":{"x":69,"y":819,"width":819,"height":9}},{"id":"076e0711-5c3f-4eaa-a910-3fbe4d47807a","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":9,"box":{"x":61,"y":829,"width":870,"height":10}},{"id":"5395de76-9862-4cac-b6ab-e4d90a8dbda2","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":9,"box":{"x":60,"y":840,"width":862,"height":9}},{"id":"2472f61c-d92d-4b88-9531-4b56cad7255d","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any. For additional comparative","page_number":9,"box":{"x":60,"y":850,"width":834,"height":9}},{"id":"be05a760-55ed-486e-9c02-285af3629762","block_type":"box","text":"performance information for the MSCI All Country World Index, please see the Fund’s Statement of Additional Information.","page_number":9,"box":{"x":61,"y":860,"width":718,"height":9}},{"id":"068a44a9-8b17-4f0f-9e7f-2152705f5594","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":9,"box":{"x":60,"y":885,"width":840,"height":12}},{"id":"ff81f5b7-4742-47ce-bc89-529392fb617a","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":9,"box":{"x":61,"y":900,"width":835,"height":12}},{"id":"10f56574-47fd-4228-81fc-9aac846ce64c","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":9,"box":{"x":61,"y":915,"width":851,"height":12}},{"id":"454526b0-4e13-4219-8a40-cc971265b3a1","block_type":"box","text":"9","page_number":9,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"dd9d84b5-e922-41dd-a80f-127b0645cb4d","block_type":"box","text":"NM1026U-5988115-9/72","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"68fa9fe4-e175-4121-bdac-bc0c18373acf","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for","page_number":10,"box":{"x":60,"y":46,"width":840,"height":11}},{"id":"13d094e2-d3fc-4999-a90d-ea944c5b1a4f","block_type":"box","text":"Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary.","page_number":10,"box":{"x":62,"y":60,"width":700,"height":12}},{"id":"a4bd1ef2-892f-44a7-a8a7-3127511213de","block_type":"box","text":"Investment Manager","page_number":10,"box":{"x":62,"y":100,"width":187,"height":13}},{"id":"3c213dae-0a53-466c-bbc5-9755bf93e357","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”). The Fund’s sub","page_number":10,"box":{"x":60,"y":126,"width":832,"height":11}},{"id":"da6d03ff-ca5e-4515-ba54-a276042ec103","block_type":"box","text":"adviser is BlackRock International Limited. Where applicable, the use of the term BlackRock also refers to the Fund’s","page_number":10,"box":{"x":61,"y":140,"width":862,"height":12}},{"id":"1aac3ac3-bf03-41d3-b3f3-efed2827a4d0","block_type":"box","text":"sub-adviser.","page_number":10,"box":{"x":61,"y":155,"width":85,"height":9}},{"id":"df26c7f4-9c77-49a3-89ac-c4bb84caea62","block_type":"box","text":"Portfolio Managers","page_number":10,"box":{"x":61,"y":194,"width":173,"height":14}},{"id":"6119b342-ad06-446d-91a6-6020711d37e1","block_type":"box","text":"Portfolio Manager","page_number":10,"box":{"x":70,"y":238,"width":121,"height":10}},{"id":"c2683627-be3d-432f-b4c2-9937ec30e763","block_type":"box","text":"Portfolio Manager","page_number":10,"box":{"x":362,"y":226,"width":121,"height":11}},{"id":"4dcb1b96-8258-4598-bb25-07519bdfde9c","block_type":"box","text":"of the Fund Since Title","page_number":10,"box":{"x":364,"y":238,"width":426,"height":8}},{"id":"39e5a1e7-48ab-460c-a658-432ef9e1d66c","block_type":"box","text":"Zeshan Azam 2026 Managing Director of BlackRock, Inc.","page_number":10,"box":{"x":69,"y":256,"width":826,"height":10}},{"id":"19e68990-4a73-4650-beab-905f41bd99d4","block_type":"box","text":"Wendy Agnew, CFA 2026 Director of BlackRock, Inc.","page_number":10,"box":{"x":69,"y":274,"width":758,"height":10}},{"id":"e8c173db-03c8-4283-b458-2d6332fa810f","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":10,"box":{"x":61,"y":315,"width":309,"height":11}},{"id":"1e50826b-7163-4812-b05a-97d8480967e5","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell","page_number":10,"box":{"x":60,"y":341,"width":857,"height":11}},{"id":"bd8be526-82b8-45a1-9a6a-092ba7bbf78c","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":10,"box":{"x":61,"y":356,"width":873,"height":11}},{"id":"fdd06381-5f7b-4032-ac1b-1dcae1d3c11d","block_type":"box","text":"the Fund by phone at (800) 441-7762, by mail (c/o BlackRock Funds II, P.O. Box 534429, Pittsburgh, Pennsylvania","page_number":10,"box":{"x":60,"y":371,"width":847,"height":11}},{"id":"5e5ff118-4ca1-4dc8-963b-7616e7ec99cb","block_type":"box","text":"15253-4429), or by the Internet at www.blackrock.com. The Fund’s initial and subsequent investment minimums","page_number":10,"box":{"x":62,"y":385,"width":827,"height":12}},{"id":"c5bd82f0-8e90-408e-b45e-c688b274aa8f","block_type":"box","text":"generally are as follows, although the Fund may reduce or waive the minimums in some cases:","page_number":10,"box":{"x":60,"y":400,"width":696,"height":12}},{"id":"218664ff-0c23-421f-b22b-d234213e58d4","block_type":"box","text":"Investor A and Investor C Shares Institutional Shares","page_number":10,"box":{"x":232,"y":429,"width":480,"height":7}},{"id":"801ba4d4-d944-4aef-9cb4-4d0b5bdbffd4","block_type":"box","text":"Minimum Initial","page_number":10,"box":{"x":61,"y":446,"width":104,"height":8}},{"id":"cee57213-4160-4473-a902-199e693e65ba","block_type":"box","text":"Investment","page_number":10,"box":{"x":61,"y":459,"width":75,"height":8}},{"id":"9e41a017-8515-4e89-ab7e-2fab846a610d","block_type":"box","text":"$1,000 for all accounts except:","page_number":10,"box":{"x":232,"y":445,"width":207,"height":11}},{"id":"6f7142da-2bab-4912-a7d8-fbdde793a5be","block_type":"box","text":"•","page_number":10,"box":{"x":235,"y":462,"width":4,"height":3}},{"id":"453a3d22-ce16-44f8-979a-db8ade951e94","block_type":"box","text":"$50, if establishing an Automatic Investment","page_number":10,"box":{"x":243,"y":458,"width":296,"height":11}},{"id":"5de20e3e-f006-4d2a-842f-a52e0de111ca","block_type":"box","text":"Plan.","page_number":10,"box":{"x":243,"y":473,"width":30,"height":8}},{"id":"b190a753-8486-4f90-bff8-eba460c1c5fa","block_type":"box","text":"•","page_number":10,"box":{"x":235,"y":489,"width":4,"height":3}},{"id":"54b91c5d-e12e-49f3-a505-933a516074d1","block_type":"box","text":"There is no investment minimum for employer","page_number":10,"box":{"x":242,"y":486,"width":306,"height":10}},{"id":"2fe829b8-9104-415c-a8f3-d843a3b6760d","block_type":"box","text":"sponsored retirement plans (not including SEP","page_number":10,"box":{"x":242,"y":500,"width":306,"height":10}},{"id":"9bb181f5-bbf1-4935-b2da-3fa58f4158f0","block_type":"box","text":"IRAs, SIMPLE IRAs or SARSEPs).","page_number":10,"box":{"x":243,"y":513,"width":213,"height":10}},{"id":"1b94755f-4e77-4e6b-9a69-3a96f29957a5","block_type":"box","text":"•","page_number":10,"box":{"x":235,"y":530,"width":4,"height":2}},{"id":"9a4192e2-ab38-4913-89f1-79838a9f317a","block_type":"box","text":"There is no investment minimum for certain fee","page_number":10,"box":{"x":242,"y":527,"width":318,"height":8}},{"id":"b23e03e3-410c-4335-bf86-915c29e319c2","block_type":"box","text":"based programs.","page_number":10,"box":{"x":243,"y":541,"width":109,"height":10}},{"id":"2a381266-8c9f-4944-b33c-ac96e0616715","block_type":"box","text":"There is no minimum initial investment for:","page_number":10,"box":{"x":595,"y":446,"width":282,"height":8}},{"id":"16d0d235-dd47-4ca7-b871-aa14ccc0da9e","block_type":"box","text":"•","page_number":10,"box":{"x":598,"y":462,"width":4,"height":3}},{"id":"c618ffb5-10f3-4c17-ace6-32310d2faf07","block_type":"box","text":"Certain employee benefits plans, such as health","page_number":10,"box":{"x":605,"y":459,"width":320,"height":10}},{"id":"8fc5dfcb-beb1-4964-8ccd-92412a789af1","block_type":"box","text":"savings accounts, and certain employer","page_number":10,"box":{"x":605,"y":473,"width":266,"height":10}},{"id":"2b72c10d-e1cc-4493-b1b6-d2e2617bcf45","block_type":"box","text":"sponsored retirement plans (not including SEP","page_number":10,"box":{"x":605,"y":486,"width":306,"height":11}},{"id":"c27cb3d6-19a8-4bda-bbe2-2fafba431e9b","block_type":"box","text":"IRAs, SIMPLE IRAs or SARSEPs), state sponsored","page_number":10,"box":{"x":606,"y":500,"width":326,"height":10}},{"id":"1e64ca60-2e72-45a0-8acd-bd4d28247ee4","block_type":"box","text":"529 college savings plans, collective trust funds,","page_number":10,"box":{"x":605,"y":513,"width":323,"height":11}},{"id":"e113aa7e-52af-4ef6-b9f5-6385c73c401c","block_type":"box","text":"investment companies or other pooled investment","page_number":10,"box":{"x":606,"y":527,"width":330,"height":10}},{"id":"11e40a9e-190d-4535-b91c-d46a183c36e1","block_type":"box","text":"vehicles, unaffiliated thrifts and unaffiliated","page_number":10,"box":{"x":605,"y":540,"width":288,"height":10}},{"id":"9313c305-cdbb-44ba-961e-7ae99beca0de","block_type":"box","text":"banks and trust companies, each of which may","page_number":10,"box":{"x":605,"y":554,"width":312,"height":10}},{"id":"83ca9ce2-fbd9-4ecb-b371-02196be075dd","block_type":"box","text":"purchase shares of the Fund through a Financial","page_number":10,"box":{"x":606,"y":567,"width":317,"height":11}},{"id":"20ef802a-7af6-4c1d-a8ba-c5e2f7b0df23","block_type":"box","text":"Intermediary that has entered into an agreement","page_number":10,"box":{"x":606,"y":581,"width":322,"height":10}},{"id":"3aeff84b-92df-4e04-9201-d320fd3f8d82","block_type":"box","text":"with the Fund’s distributor to purchase such","page_number":10,"box":{"x":605,"y":595,"width":290,"height":10}},{"id":"660a1421-6dc4-426d-aefb-f0211a1419f9","block_type":"box","text":"shares.","page_number":10,"box":{"x":605,"y":608,"width":48,"height":8}},{"id":"6f1fefb5-313d-4589-a648-977dc7fe6173","block_type":"box","text":"•","page_number":10,"box":{"x":598,"y":624,"width":4,"height":3}},{"id":"60e207a8-ca37-46fb-9bf5-2fd91c4ed51a","block_type":"box","text":"Clients of Financial Intermediaries that: (i) charge","page_number":10,"box":{"x":605,"y":621,"width":326,"height":11}},{"id":"3720bdbd-7f08-468d-a4db-3d653c6f3470","block_type":"box","text":"such clients a fee for advisory, investment","page_number":10,"box":{"x":605,"y":635,"width":280,"height":10}},{"id":"8829f47b-8840-4393-9289-19e97a5488da","block_type":"box","text":"consulting, or similar services or (ii) have entered","page_number":10,"box":{"x":605,"y":649,"width":326,"height":10}},{"id":"1a584fd7-27a3-419a-8f32-264dad63e7a3","block_type":"box","text":"into an agreement with the Fund’s distributor to","page_number":10,"box":{"x":606,"y":662,"width":313,"height":11}},{"id":"cd9d802e-6b53-4f59-84c9-96e509a3b4b1","block_type":"box","text":"offer Institutional Shares through a no-load","page_number":10,"box":{"x":605,"y":676,"width":283,"height":10}},{"id":"84e2efd9-6595-484c-9e8e-e8fc8c516a16","block_type":"box","text":"program or investment platform.","page_number":10,"box":{"x":606,"y":689,"width":211,"height":11}},{"id":"a349f3f5-672d-4076-a285-ef4c3167343a","block_type":"box","text":"•","page_number":10,"box":{"x":598,"y":706,"width":4,"height":2}},{"id":"9dd85f33-e5e6-4561-b483-18c8ad25b097","block_type":"box","text":"Clients investing through a self-directed IRA","page_number":10,"box":{"x":605,"y":703,"width":287,"height":10}},{"id":"83878ce8-214b-4db5-b01e-1497ffa9e9d9","block_type":"box","text":"brokerage account program sponsored by a","page_number":10,"box":{"x":605,"y":717,"width":286,"height":10}},{"id":"318b95ea-a2b5-423d-9b1b-7949e205603b","block_type":"box","text":"retirement plan record-keeper, provided that such","page_number":10,"box":{"x":606,"y":730,"width":324,"height":10}},{"id":"b8b85c07-5d70-49cc-ab65-dc52e0a138d1","block_type":"box","text":"program offers only mutual fund options and that","page_number":10,"box":{"x":606,"y":743,"width":324,"height":11}},{"id":"678a9900-069c-489c-ac46-5f7d9040a47d","block_type":"box","text":"the program maintains an account with the Fund","page_number":10,"box":{"x":605,"y":757,"width":319,"height":10}},{"id":"97cf6dd9-a228-4c7e-983b-2a64782b7204","block_type":"box","text":"on an omnibus basis.","page_number":10,"box":{"x":605,"y":771,"width":141,"height":8}},{"id":"2229d86a-3379-4ee5-affd-68db495237ba","block_type":"box","text":"$2 million for individuals and “Institutional","page_number":10,"box":{"x":595,"y":787,"width":279,"height":10}},{"id":"f9beae1a-2115-4071-9f84-e57c95f3ecc2","block_type":"box","text":"Investors,” which include, but are not limited to,","page_number":10,"box":{"x":596,"y":802,"width":315,"height":9}},{"id":"ee5ab168-0a8b-451e-8b4f-0740acf3edd8","block_type":"box","text":"endowments, foundations, family offices, local,","page_number":10,"box":{"x":595,"y":815,"width":311,"height":10}},{"id":"3684710e-0b15-478f-97b3-b01e52c3d461","block_type":"box","text":"city, and state governmental institutions,","page_number":10,"box":{"x":595,"y":829,"width":268,"height":10}},{"id":"c049d163-1016-443c-b657-a9c8d377f8ff","block_type":"box","text":"corporations and insurance company separate","page_number":10,"box":{"x":595,"y":842,"width":305,"height":10}},{"id":"80baa89f-9d13-471e-aa72-f93588fc4135","block_type":"box","text":"accounts who may purchase shares of the Fund","page_number":10,"box":{"x":595,"y":855,"width":315,"height":11}},{"id":"d5f6fad2-bfc1-4576-9b19-41648dfb7f41","block_type":"box","text":"through a Financial Intermediary that has entered","page_number":10,"box":{"x":594,"y":869,"width":327,"height":10}},{"id":"41cc8085-59a8-419d-a698-7c96fbfa7a35","block_type":"box","text":"into an agreement with the Fund’s distributor to","page_number":10,"box":{"x":596,"y":883,"width":313,"height":10}},{"id":"29c34817-3c57-4783-8a7b-160ff4478fc0","block_type":"box","text":"purchase such shares.","page_number":10,"box":{"x":596,"y":896,"width":148,"height":10}},{"id":"7a23d306-7cc0-404c-b7b9-3892ec1704c7","block_type":"box","text":"$1,000 for:","page_number":10,"box":{"x":595,"y":913,"width":75,"height":10}},{"id":"d00018f4-df44-496c-9a80-9cce1d16385f","block_type":"box","text":"10","page_number":10,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"e2f6fc12-7797-4e59-81de-e4e346c745da","block_type":"box","text":"NM1026U-5988115-10/72","page_number":10,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ff469a82-4dbb-45a2-b349-53bad9817f5c","block_type":"box","text":"Investor A and Investor C Shares Institutional Shares","page_number":11,"box":{"x":232,"y":50,"width":480,"height":7}},{"id":"1841069e-8546-4245-a99d-62eb29ee1fd6","block_type":"box","text":"Minimum Initial","page_number":11,"box":{"x":61,"y":67,"width":104,"height":8}},{"id":"f45f2658-6f69-4216-b7c6-a20e66226f77","block_type":"box","text":"Investment","page_number":11,"box":{"x":61,"y":81,"width":75,"height":8}},{"id":"6b22b559-0060-46fe-8a50-b87f1c530f70","block_type":"box","text":"(continued)","page_number":11,"box":{"x":61,"y":94,"width":76,"height":10}},{"id":"d699236e-5004-45be-acd2-437c6040540c","block_type":"box","text":"•","page_number":11,"box":{"x":598,"y":70,"width":4,"height":3}},{"id":"45428a0c-883f-44b6-957e-5ba42be4b7da","block_type":"box","text":"Clients investing through Financial Intermediaries","page_number":11,"box":{"x":605,"y":67,"width":325,"height":11}},{"id":"9e29f4a7-f40b-4744-936c-1202680d1bfb","block_type":"box","text":"that offer such shares on a platform that charges","page_number":11,"box":{"x":605,"y":81,"width":327,"height":10}},{"id":"d580ceed-6f03-47c9-afdd-d8dae2a8f114","block_type":"box","text":"a transaction based sales commission outside of","page_number":11,"box":{"x":605,"y":94,"width":327,"height":9}},{"id":"145ae706-2149-47a4-bb25-94b3feb15a8d","block_type":"box","text":"the Fund.","page_number":11,"box":{"x":605,"y":108,"width":60,"height":8}},{"id":"9ff63843-498e-4de6-aaa1-404abcc3308b","block_type":"box","text":"•","page_number":11,"box":{"x":598,"y":124,"width":4,"height":3}},{"id":"b8cb5558-fa05-4bbd-ad48-957211283595","block_type":"box","text":"Tax-qualified accounts for insurance agents that","page_number":11,"box":{"x":605,"y":121,"width":315,"height":11}},{"id":"aef3c46d-563f-469a-9530-355310f7af66","block_type":"box","text":"are registered representatives of an insurance","page_number":11,"box":{"x":605,"y":135,"width":306,"height":10}},{"id":"e29affda-f412-4d54-8883-422b0f16ba27","block_type":"box","text":"company’s broker-dealer that has entered into an","page_number":11,"box":{"x":605,"y":149,"width":325,"height":10}},{"id":"b2209e1f-e6dd-4da0-8bb3-c0e712fa026d","block_type":"box","text":"agreement with the Fund’s distributor to offer","page_number":11,"box":{"x":605,"y":162,"width":301,"height":10}},{"id":"f24a5191-edab-4a56-9d9c-15e04694a6b0","block_type":"box","text":"Institutional Shares, and the family members of","page_number":11,"box":{"x":606,"y":175,"width":314,"height":11}},{"id":"18212846-109e-4143-a52d-605c6bd304da","block_type":"box","text":"such persons.","page_number":11,"box":{"x":605,"y":189,"width":92,"height":10}},{"id":"fa8824ba-f6c2-4dfa-974a-51e4d4b32c84","block_type":"box","text":"Minimum Additional","page_number":11,"box":{"x":61,"y":207,"width":133,"height":8}},{"id":"7dd9dae3-257d-43a9-a149-244361b56a3e","block_type":"box","text":"Investment","page_number":11,"box":{"x":61,"y":221,"width":75,"height":8}},{"id":"b41c9670-35ff-40ef-a272-6bfbdc8d340e","block_type":"box","text":"$50 for all accounts (with the exception of certain","page_number":11,"box":{"x":232,"y":206,"width":329,"height":11}},{"id":"b43d20f5-1976-4d8d-9960-4a39cd22fbc8","block_type":"box","text":"employer-sponsored retirement plans which may","page_number":11,"box":{"x":232,"y":221,"width":319,"height":10}},{"id":"93aeb787-136d-49c8-aeee-7cd05b5d2051","block_type":"box","text":"have a lower minimum).","page_number":11,"box":{"x":233,"y":234,"width":155,"height":10}},{"id":"621c546d-711b-40ad-9257-6a9844b5d5e6","block_type":"box","text":"No subsequent minimum.","page_number":11,"box":{"x":596,"y":207,"width":167,"height":10}},{"id":"77744759-336a-4407-9b77-9f34192deece","block_type":"box","text":"Tax Information","page_number":11,"box":{"x":63,"y":275,"width":138,"height":11}},{"id":"af8725cc-205e-4651-937d-0709a0301cf9","block_type":"box","text":"The Fund’s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary","page_number":11,"box":{"x":60,"y":301,"width":838,"height":11}},{"id":"18424aea-3de3-44e8-8902-ee2ebbae5864","block_type":"box","text":"income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan","page_number":11,"box":{"x":62,"y":316,"width":829,"height":11}},{"id":"9eca6967-74c9-4afb-877d-e49d9a93a61c","block_type":"box","text":"described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to","page_number":11,"box":{"x":61,"y":331,"width":862,"height":11}},{"id":"ce93a94f-2a0c-42f5-b714-3cb5c64865a0","block_type":"box","text":"U.S. federal income tax when distributions are received from such tax-deferred arrangements.","page_number":11,"box":{"x":62,"y":345,"width":686,"height":12}},{"id":"c8e24b89-bb11-4193-b1ca-5202d9b28461","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries","page_number":11,"box":{"x":61,"y":384,"width":578,"height":14}},{"id":"16671fef-ca72-47ef-8619-c9c0c3407fed","block_type":"box","text":"If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the","page_number":11,"box":{"x":62,"y":410,"width":848,"height":12}},{"id":"acb715aa-0c01-4b98-9f7e-bee1c1d90be2","block_type":"box","text":"Fund’s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services.","page_number":11,"box":{"x":62,"y":425,"width":868,"height":12}},{"id":"c0dc71ee-5b03-4b39-89db-8431612285fa","block_type":"box","text":"These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial","page_number":11,"box":{"x":60,"y":448,"width":867,"height":11}},{"id":"509e7144-76f5-47de-a623-90d85035fccb","block_type":"box","text":"professional to recommend the Fund over another investment.","page_number":11,"box":{"x":62,"y":463,"width":455,"height":11}},{"id":"55c64c02-3011-4c15-8009-e7c2c04e2cf8","block_type":"box","text":"Ask your individual financial professional or visit your Financial Intermediary’s website for more information.","page_number":11,"box":{"x":60,"y":485,"width":790,"height":12}},{"id":"2bb88deb-6fd0-4d87-b47a-74f651f9b1f6","block_type":"box","text":"11","page_number":11,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"eebdde5c-c743-4da2-93ff-1ebdfd20e5c0","block_type":"box","text":"NM1026U-5988115-11/72","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9402c3e2-24ae-4be0-9c04-f01e52c50e72","block_type":"box","text":"Details About the Fund","page_number":12,"box":{"x":65,"y":82,"width":494,"height":27}},{"id":"91aff20a-571f-474b-87e2-34e3c89e95b4","block_type":"box","text":"Included in this prospectus are sections that tell you about buying and selling shares, management information,","page_number":12,"box":{"x":62,"y":146,"width":821,"height":12}},{"id":"4826656b-d07d-41ee-8cb4-8da18ea621d9","block_type":"box","text":"shareholder features of the BlackRock Global Dividend Portfolio (the “Fund”), a series of BlackRock Funds II (the","page_number":12,"box":{"x":61,"y":161,"width":827,"height":11}},{"id":"d9280ab3-9c01-40ea-b075-ebf5c4e985e9","block_type":"box","text":"“Trust”), and your rights as a shareholder.","page_number":12,"box":{"x":62,"y":176,"width":306,"height":11}},{"id":"6b57ddcb-a42f-4248-915c-b652f55c5cf1","block_type":"box","text":"How the Fund Invests","page_number":12,"box":{"x":61,"y":215,"width":196,"height":11}},{"id":"137dcf5f-bc29-4d7d-a1b9-0b41d487ffc6","block_type":"box","text":"Investment Objective","page_number":12,"box":{"x":61,"y":241,"width":175,"height":13}},{"id":"0af8c0d7-5a95-46bc-bd45-1d6cd0a30754","block_type":"box","text":"The investment objective of the Fund is to seek to provide a level of current income that exceeds the average yield on","page_number":12,"box":{"x":60,"y":258,"width":864,"height":11}},{"id":"49e68a74-73d6-42ef-9223-304dd6ea6e1c","block_type":"box","text":"global stocks generally. Additionally, the Fund seeks to provide long-term capital appreciation.","page_number":12,"box":{"x":60,"y":273,"width":686,"height":11}},{"id":"89eaaf22-25c1-466f-96fe-e19983608957","block_type":"box","text":"This investment objective is a non-fundamental policy of the Fund and may not be changed without 30 days’ prior","page_number":12,"box":{"x":60,"y":295,"width":831,"height":12}},{"id":"3f739b1c-1c76-4bf7-a207-bb1856ddb907","block_type":"box","text":"notice to shareholders.","page_number":12,"box":{"x":61,"y":310,"width":168,"height":9}},{"id":"c833a936-4627-404f-948d-e8c3789d0ea7","block_type":"box","text":"Investment Process","page_number":12,"box":{"x":61,"y":333,"width":163,"height":10}},{"id":"01aa5311-dbf2-403f-8bc2-c2c6ceabbc07","block_type":"box","text":"The portfolio management team’s investment process seeks to identify and exploit diverse sources of inefficiency by","page_number":12,"box":{"x":60,"y":349,"width":861,"height":12}},{"id":"a6754ffd-c312-4e80-b88c-b8d24a9c9d58","block_type":"box","text":"applying a combination of stock-specific analysis, and top-down economic research, across the equity universe and","page_number":12,"box":{"x":61,"y":364,"width":843,"height":12}},{"id":"2bc52338-b858-49d6-b9af-0cef0190b27d","block_type":"box","text":"macro-economic environment. In addition to the portfolio managers, individual stock research is conducted by global","page_number":12,"box":{"x":61,"y":379,"width":854,"height":11}},{"id":"db2570d3-6c47-4cca-94fa-d41aecd0bf68","block_type":"box","text":"sector, and country, specialists seeking to identify stocks with the following characteristics: 1) sustainable business","page_number":12,"box":{"x":61,"y":394,"width":852,"height":11}},{"id":"7386143a-c3a2-4d84-8974-44f47724158a","block_type":"box","text":"model, 2) strong financial position, and 3) above average dividends.","page_number":12,"box":{"x":61,"y":409,"width":498,"height":11}},{"id":"b9442ee3-8d4e-44f1-b00f-4ad31d5cac5e","block_type":"box","text":"Principal Investment Strategies","page_number":12,"box":{"x":61,"y":432,"width":260,"height":12}},{"id":"52bd3c2d-c320-4266-a85c-2c5fe1031a43","block_type":"box","text":"Under normal circumstances, the Fund will invest at least 80% of its net assets in dividend-paying equity securities","page_number":12,"box":{"x":62,"y":448,"width":843,"height":11}},{"id":"d227392d-0c6a-45d5-acaa-c475b7bcf830","block_type":"box","text":"and at least 40% of its assets outside of the United States (unless market conditions are not deemed favorable by","page_number":12,"box":{"x":61,"y":463,"width":844,"height":11}},{"id":"d0e19ade-ee25-4bcc-9ff9-08f4e68b0923","block_type":"box","text":"Fund management, in which case the Fund would invest at least 30% of its assets outside of the United States).","page_number":12,"box":{"x":62,"y":477,"width":825,"height":12}},{"id":"5392a781-989b-4a86-9c9e-7f390a1f5440","block_type":"box","text":"Investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide investment","page_number":12,"box":{"x":62,"y":492,"width":815,"height":12}},{"id":"5c97bc86-5871-44f1-aa55-a5fa5f736102","block_type":"box","text":"exposure to the securities included within that policy or to one or more market risk factors associated with such","page_number":12,"box":{"x":61,"y":507,"width":821,"height":12}},{"id":"bdd1462c-d453-4506-b90c-88f2ec75c5e8","block_type":"box","text":"securities. For purposes of the Fund’s 80% policy, dividend-paying equity securities are equity securities of companies","page_number":12,"box":{"x":61,"y":522,"width":865,"height":12}},{"id":"31f91c6b-fc7e-426d-831e-a8562a3a1a8c","block_type":"box","text":"that pay out a portion of their profits to shareholders of such securities on a periodic basis (i.e., at least once within","page_number":12,"box":{"x":60,"y":537,"width":856,"height":11}},{"id":"307ac867-c4dd-4494-bb3f-314c20b0487c","block_type":"box","text":"the company’s latest fiscal year). The Fund will primarily invest in common stock, preferred stock and non-convertible","page_number":12,"box":{"x":60,"y":552,"width":861,"height":11}},{"id":"653f45fb-0de2-44f5-b5e9-7649b8b45185","block_type":"box","text":"preferred stock. The Fund may invest in securities of non-U.S. issuers that can be U.S. dollar based or non-U.S. dollar","page_number":12,"box":{"x":62,"y":566,"width":864,"height":12}},{"id":"f6efa5af-ab25-4487-89d6-c44b2dba1cee","block_type":"box","text":"based. The Fund may invest in securities of companies of any market capitalization, but intends to invest primarily in","page_number":12,"box":{"x":61,"y":581,"width":856,"height":12}},{"id":"972b1235-ab85-40c5-a61b-68d44da9b988","block_type":"box","text":"securities of large capitalization companies. The combination of equity securities will be varied from time to time both","page_number":12,"box":{"x":61,"y":596,"width":863,"height":12}},{"id":"1927289f-4057-4f5a-b2e3-bc4f0b1c1fc4","block_type":"box","text":"with respect to types of securities and markets in response to changing market and economic trends. The Fund may","page_number":12,"box":{"x":60,"y":611,"width":855,"height":11}},{"id":"20b466f6-870d-4687-8674-8cfc822f85e6","block_type":"box","text":"invest in shares of companies through initial public offerings (“IPOs”) and “new issues.” The Fund may also purchase","page_number":12,"box":{"x":62,"y":626,"width":863,"height":11}},{"id":"528e18bb-f05e-4784-a20a-c6c5e01fb460","block_type":"box","text":"securities convertible into common and preferred stock.","page_number":12,"box":{"x":61,"y":641,"width":410,"height":11}},{"id":"e3765e0c-9c30-4eb7-a320-cd504ca8f9cd","block_type":"box","text":"The Fund’s 80% policy is non-fundamental and may not be changed without 60 days’ prior notice to shareholders.","page_number":12,"box":{"x":60,"y":663,"width":834,"height":12}},{"id":"fbff88f8-65a3-4296-ada9-358ff41cae20","block_type":"box","text":"The Fund may invest up to 20% of its net assets in global fixed-income securities, including corporate bonds, U.S.","page_number":12,"box":{"x":60,"y":686,"width":835,"height":11}},{"id":"9d53be6e-8cf5-4fb9-b023-c1c6c3a1a294","block_type":"box","text":"Government debt securities, non-U.S. Government and supranational debt securities (an example of such an entity is","page_number":12,"box":{"x":61,"y":701,"width":859,"height":11}},{"id":"5a860d45-2183-4ae3-af0a-1499e1388860","block_type":"box","text":"the International Bank for Reconstruction and Development (the “World Bank”)), asset-backed securities, mortgage","page_number":12,"box":{"x":60,"y":715,"width":851,"height":12}},{"id":"7f70c59c-8084-48bd-8055-7b5f7b6be655","block_type":"box","text":"backed securities, corporate loans, emerging market debt securities and non-investment grade debt securities (high","page_number":12,"box":{"x":61,"y":730,"width":850,"height":12}},{"id":"3b56b0bc-b44c-4168-a49b-e09a34d47ba4","block_type":"box","text":"yield or junk bonds). Investment in fixed-income securities will be made on an opportunistic basis. The Fund may invest","page_number":12,"box":{"x":60,"y":745,"width":877,"height":11}},{"id":"98cb128a-d8db-4bfa-8564-537db4ef509d","block_type":"box","text":"in fixed-income securities of any duration or maturity.","page_number":12,"box":{"x":62,"y":760,"width":385,"height":11}},{"id":"6c3d3794-c1e5-4329-b85e-6a8963424431","block_type":"box","text":"The Fund has no geographic limits in where it may invest and has no specific policy on the number of different","page_number":12,"box":{"x":60,"y":782,"width":811,"height":12}},{"id":"37e1b5e7-6124-497e-bf05-8880abc9d92d","block_type":"box","text":"countries in which it will invest. The Fund may invest in both developed and emerging markets. The Fund may","page_number":12,"box":{"x":61,"y":797,"width":801,"height":12}},{"id":"fc4bda91-257b-4aa3-bfd9-510cd39baf54","block_type":"box","text":"emphasize foreign securities when Fund management expects these investments to outperform U.S. securities.","page_number":12,"box":{"x":61,"y":812,"width":821,"height":12}},{"id":"5fd2504b-2adc-4f2d-8796-e0a923373553","block_type":"box","text":"The Fund may use derivatives, including options, futures, swaps and forward contracts both to seek to increase the","page_number":12,"box":{"x":60,"y":835,"width":850,"height":11}},{"id":"c06d7277-ae36-470e-b2de-9fb0f94b2578","block_type":"box","text":"return of the Fund or to hedge (or protect) the value of its assets against adverse movements in currency exchange","page_number":12,"box":{"x":61,"y":849,"width":846,"height":12}},{"id":"33f07ddc-32f6-4e5d-b3d2-5b717ce5059a","block_type":"box","text":"rates, interest rates and movements in the securities markets. The Fund may enter into currency transactions on a","page_number":12,"box":{"x":61,"y":865,"width":844,"height":11}},{"id":"ac087f6c-cce3-475f-a38d-9e04d41b0786","block_type":"box","text":"hedged or unhedged basis in order to seek total return. The Fund may, when consistent with its investment objective,","page_number":12,"box":{"x":61,"y":879,"width":860,"height":12}},{"id":"36b60815-c96c-4fb1-bf33-48338a090750","block_type":"box","text":"buy or sell options or futures on a security or an index of securities and may buy options on a currency or a basket of","page_number":12,"box":{"x":61,"y":894,"width":861,"height":11}},{"id":"b57848b5-0ad7-4697-a9c9-f819bebb4f31","block_type":"box","text":"currencies, or enter into foreign currency transactions, including swaps. The Fund may also use forward foreign","page_number":12,"box":{"x":61,"y":909,"width":816,"height":11}},{"id":"6911710d-2131-428d-88ff-efba5c218233","block_type":"box","text":"12","page_number":12,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"72ffbe61-3506-41f3-b245-02da4395146f","block_type":"box","text":"NM1026U-5988115-12/72","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"707a0304-e571-4140-b3cb-1d4af95b77a8","block_type":"box","text":"currency exchange contracts, which are obligations to buy or sell a currency at a pre-determined rate in the future.","page_number":13,"box":{"x":61,"y":46,"width":837,"height":11}},{"id":"243b42a0-dc81-42bb-87a8-5914c4a2cc71","block_type":"box","text":"Derivatives are financial instruments whose value is derived from another security, a commodity (such as oil or gas), a","page_number":13,"box":{"x":62,"y":60,"width":867,"height":12}},{"id":"634deed2-2138-4cd3-af55-8154a2ef7901","block_type":"box","text":"currency or an index such as the S&P 500 Index. The use of options, futures, swaps and forward contracts can be","page_number":13,"box":{"x":61,"y":75,"width":841,"height":12}},{"id":"51cfa280-2341-424d-b0ab-7b47a1499fee","block_type":"box","text":"effective in protecting or enhancing the value of the Fund’s assets. The Fund may, but under normal market conditions","page_number":13,"box":{"x":61,"y":90,"width":870,"height":12}},{"id":"d359e0bc-f869-4c02-a6d1-3439245f2b7a","block_type":"box","text":"generally does not intend to, use derivatives for speculation to increase returns.","page_number":13,"box":{"x":60,"y":105,"width":588,"height":12}},{"id":"3dbfbe8d-2016-4705-8f1c-ff5bf1ce0cf6","block_type":"box","text":"The Fund may use indexed and inverse securities.","page_number":13,"box":{"x":60,"y":128,"width":366,"height":11}},{"id":"57571f92-2ffe-4768-991e-8b361275e8f4","block_type":"box","text":"Under normal circumstances, the Fund anticipates it will allocate a substantial amount (at least 40% or more —","page_number":13,"box":{"x":62,"y":150,"width":823,"height":11}},{"id":"a7a6380d-16a2-4dcb-8955-37058fbe9f0d","block_type":"box","text":"unless market conditions are not deemed favorable by Fund management, in which case the Fund would invest at least","page_number":13,"box":{"x":61,"y":165,"width":876,"height":11}},{"id":"01548cf9-3901-487c-a475-0e5f4c180f70","block_type":"box","text":"30%) of its total assets in foreign securities, which may include securities (i) of foreign government issuers, (ii) of","page_number":13,"box":{"x":61,"y":180,"width":833,"height":11}},{"id":"d03dd7c9-fccc-4300-9a1a-95de1df30721","block_type":"box","text":"issuers organized or located outside the United States, (iii) of issuers which primarily trade in a market located outside","page_number":13,"box":{"x":62,"y":195,"width":872,"height":11}},{"id":"fa8b885b-a7b7-4ad6-8fcd-ca6d99145593","block_type":"box","text":"the United States, or (iv) of issuers doing a substantial amount of business outside the United States, which the Fund","page_number":13,"box":{"x":60,"y":209,"width":868,"height":12}},{"id":"da5bfb5f-7be8-46a4-b453-065957c2f18b","block_type":"box","text":"considers to be companies that derive at least 50% of their revenue or profits from business outside the United States","page_number":13,"box":{"x":61,"y":224,"width":874,"height":11}},{"id":"d715d12f-9a41-4a2b-8eb7-e2bbaa803cbc","block_type":"box","text":"or have at least 50% of their sales or assets outside the United States. The Fund will allocate its assets among","page_number":13,"box":{"x":61,"y":239,"width":821,"height":12}},{"id":"8325f194-d65e-43b9-a218-54c4ca73338a","block_type":"box","text":"various regions and countries, including the United States (but in no less than three different countries). For temporary","page_number":13,"box":{"x":60,"y":254,"width":876,"height":11}},{"id":"7dffe19b-3366-49e8-beea-22419ca69f19","block_type":"box","text":"defensive purposes the Fund may deviate very substantially from this allocation.","page_number":13,"box":{"x":61,"y":269,"width":588,"height":11}},{"id":"b8c7e7f7-651d-4c96-9d6d-f5d0b468c1aa","block_type":"box","text":"The Fund may engage in active and frequent trading of portfolio securities to achieve its principal investment","page_number":13,"box":{"x":60,"y":291,"width":799,"height":12}},{"id":"e81a3253-c14d-4074-908f-52060b076a67","block_type":"box","text":"strategies.","page_number":13,"box":{"x":61,"y":306,"width":76,"height":12}},{"id":"5841ec16-8d30-4a09-bee1-882f0819e0a2","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":13,"box":{"x":61,"y":329,"width":327,"height":13}},{"id":"da3fd6ed-ed23-491b-b672-5b7e3a3e40fa","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":13,"box":{"x":62,"y":345,"width":870,"height":12}},{"id":"03157115-2662-44ab-8392-0b3827a80630","block_type":"box","text":"investments/strategies:","page_number":13,"box":{"x":62,"y":360,"width":173,"height":12}},{"id":"bc9e852a-3923-4823-aa8f-09ae1a88be49","block_type":"box","text":"Borrowing","page_number":13,"box":{"x":81,"y":380,"width":78,"height":12}},{"id":"6bf7ae4b-418c-4271-961d-9a4239d4e29e","block_type":"box","text":"— The Fund may borrow for temporary or emergency purposes, including to meet redemptions, for the","page_number":13,"box":{"x":162,"y":380,"width":751,"height":12}},{"id":"2f73c0c6-ec05-484a-93e7-cb0f2709e484","block_type":"box","text":"payment of dividends, for share repurchases or for the clearance of transactions, subject to the limits set forth","page_number":13,"box":{"x":82,"y":395,"width":815,"height":11}},{"id":"8bcc48f5-9193-4297-af9f-884bd6986546","block_type":"box","text":"under the Investment Company Act of 1940, as amended (the “Investment Company Act”), the rules and","page_number":13,"box":{"x":82,"y":410,"width":769,"height":11}},{"id":"d2bd7820-d5b5-4e47-af0c-a5791fa506d9","block_type":"box","text":"regulations thereunder and any applicable exemptive relief.","page_number":13,"box":{"x":82,"y":425,"width":432,"height":11}},{"id":"4f0deb2f-2524-4b1c-9f0b-67d80b09265e","block_type":"box","text":"Investment Companies","page_number":13,"box":{"x":81,"y":445,"width":172,"height":11}},{"id":"eb8d1a2f-fd66-4a6f-8070-8cb17bb84965","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":13,"box":{"x":258,"y":445,"width":643,"height":11}},{"id":"54b1d7e9-f54c-4ed9-b1e5-9d255ab1a680","block_type":"box","text":"traded funds (“ETFs”), unit investment trusts, and open-end and closed-end funds, subject to the applicable limits","page_number":13,"box":{"x":80,"y":459,"width":837,"height":12}},{"id":"385795e5-deb9-423b-b1cd-08b59fc43301","block_type":"box","text":"under the Investment Company Act and the rules thereunder. The Fund may invest in affiliated investment","page_number":13,"box":{"x":82,"y":474,"width":777,"height":12}},{"id":"9cd7e9bb-ac6d-447e-b645-62354d09db3a","block_type":"box","text":"companies, including affiliated money market funds and affiliated ETFs.","page_number":13,"box":{"x":81,"y":489,"width":525,"height":12}},{"id":"2477e34f-da07-4849-ad44-7b8e9a449089","block_type":"box","text":"Master Limited Partnerships—","page_number":13,"box":{"x":81,"y":509,"width":215,"height":11}},{"id":"40cec659-80ae-4eed-9433-8cc14883a0cc","block_type":"box","text":"s— The Fund may invest in publicly traded master limited partnerships (“MLPs”) which","page_number":13,"box":{"x":295,"y":509,"width":628,"height":12}},{"id":"53018f88-fc30-43a3-b3f5-af8955df5398","block_type":"box","text":"are limited partnerships or limited liability companies taxable as partnerships. MLPs may derive income and gains","page_number":13,"box":{"x":81,"y":524,"width":839,"height":11}},{"id":"d940779a-f629-4ddb-b137-892569ba97c5","block_type":"box","text":"from the exploration, development, mining or production, processing, refining, transportation (including pipelines","page_number":13,"box":{"x":81,"y":539,"width":826,"height":11}},{"id":"676d58f5-1419-4653-ad4e-7d8264cc3fd8","block_type":"box","text":"transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs generally","page_number":13,"box":{"x":80,"y":554,"width":818,"height":11}},{"id":"7ee6fd29-177d-426b-85f2-b641344bb6e9","block_type":"box","text":"have two classes of owners, the general partner and limited partners. When investing in an MLP, the Fund intends","page_number":13,"box":{"x":82,"y":568,"width":838,"height":12}},{"id":"d6362c95-3c1c-4b70-a77f-f9a08b6db76a","block_type":"box","text":"to purchase publicly traded common units issued to limited partners of the MLP. The general partner is typically","page_number":13,"box":{"x":80,"y":583,"width":822,"height":12}},{"id":"709c85b9-34df-49e0-ae9c-e340c0409bae","block_type":"box","text":"owned by a major energy company, an investment fund or the direct management of the MLP or is an entity owned","page_number":13,"box":{"x":81,"y":598,"width":839,"height":12}},{"id":"8b5981a4-865d-40fd-80a0-63c77ed9cb9e","block_type":"box","text":"by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or","page_number":13,"box":{"x":81,"y":613,"width":849,"height":11}},{"id":"c7aaa969-ce6d-4c0d-b023-d7ecda85c1dd","block_type":"box","text":"other entity.","page_number":13,"box":{"x":81,"y":628,"width":85,"height":11}},{"id":"1a535c71-3548-42f5-82a8-3f2080d3bdcd","block_type":"box","text":"Real Estate Investment Trusts","page_number":13,"box":{"x":81,"y":648,"width":229,"height":9}},{"id":"801581cb-e01a-4680-af85-dc7a2cf3dfc8","block_type":"box","text":"— The Fund may invest in real estate investment trusts (“REITs”). REITs are","page_number":13,"box":{"x":314,"y":648,"width":559,"height":11}},{"id":"21607e73-1cf2-46a9-b865-945a85ee1314","block_type":"box","text":"companies that own interests in real estate or in real estate-related loans or other interests, and have revenue","page_number":13,"box":{"x":81,"y":663,"width":815,"height":11}},{"id":"592844e8-d692-4029-aaf5-6f3dd2c1aad3","block_type":"box","text":"primarily consisting of rent derived from owned, income producing real estate properties and capital gains from the","page_number":13,"box":{"x":82,"y":677,"width":844,"height":12}},{"id":"e2af699d-5698-4bc8-a9dc-691dbd3029bf","block_type":"box","text":"sale of such properties. REITs can generally be classified as equity REITs, mortgage REITs and hybrid REITs. Equity","page_number":13,"box":{"x":81,"y":692,"width":842,"height":12}},{"id":"6a2ce4a0-9676-4277-9c2c-ca3ca4ea43d5","block_type":"box","text":"REITs invest the majority of their assets directly in real property and derive their income primarily from rents. Equity","page_number":13,"box":{"x":82,"y":707,"width":844,"height":11}},{"id":"425accb8-dde4-4b10-a0f4-dbc2769b874b","block_type":"box","text":"REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the","page_number":13,"box":{"x":82,"y":722,"width":840,"height":11}},{"id":"edf5dcea-c635-43d5-add1-995cd2a4d03c","block_type":"box","text":"majority of their assets in real estate mortgages and derive their income primarily from interest payments. Hybrid","page_number":13,"box":{"x":82,"y":737,"width":829,"height":11}},{"id":"f6a46257-0206-470f-9bda-aaa3310144f7","block_type":"box","text":"REITs combine the characteristics of both equity REITs and mortgage REITs. REITs are not taxed on income","page_number":13,"box":{"x":82,"y":751,"width":783,"height":12}},{"id":"95d7c94e-6e9b-4db3-90d8-783f9b4255d6","block_type":"box","text":"distributed to shareholders provided they comply with the requirements of the Internal Revenue Code of 1986, as","page_number":13,"box":{"x":81,"y":766,"width":834,"height":12}},{"id":"7c8bf92d-855a-4e83-9b28-279f4623778a","block_type":"box","text":"amended (the “Internal Revenue Code”).","page_number":13,"box":{"x":81,"y":781,"width":297,"height":11}},{"id":"948f395c-a722-41da-b6f3-cf403ff87d38","block_type":"box","text":"Securities Lending","page_number":13,"box":{"x":81,"y":801,"width":140,"height":11}},{"id":"466175da-34c3-4ab9-a4b3-a370998d2f70","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":13,"box":{"x":225,"y":801,"width":396,"height":12}},{"id":"5cade8c9-f540-4280-a01f-60dd73f29159","block_type":"box","text":"1⁄","page_number":13,"box":{"x":622,"y":801,"width":6,"height":6}},{"id":"720a4fd8-2836-4530-891e-407850909bb5","block_type":"box","text":"1⁄3","page_number":13,"box":{"x":626,"y":801,"width":8,"height":9}},{"id":"f6aeb6e9-f48c-434f-bcd0-22d395cd3102","block_type":"box","text":"⁄3","page_number":13,"box":{"x":632,"y":805,"width":6,"height":5}},{"id":"40f066b4-8647-499a-b10b-8e4355b6c5ea","block_type":"box","text":"% of its total assets to financial","page_number":13,"box":{"x":639,"y":801,"width":231,"height":9}},{"id":"a58cf6ae-a5e0-4748-b2ce-0d4c4875f792","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":13,"box":{"x":82,"y":816,"width":748,"height":11}},{"id":"860983de-142a-438e-ba62-5f33b49c5edf","block_type":"box","text":"Temporary Defensive Strategies","page_number":13,"box":{"x":82,"y":836,"width":238,"height":11}},{"id":"083ad47d-748a-455a-902c-5b8675bb9cb1","block_type":"box","text":"— For temporary defensive purposes, for example, to respond to adverse market,","page_number":13,"box":{"x":325,"y":836,"width":600,"height":11}},{"id":"20c24c9d-3817-40fa-9831-5532c0dcadf2","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":13,"box":{"x":81,"y":851,"width":802,"height":11}},{"id":"ca0d3044-b3e6-4cd9-b8c2-7f65b3c9446b","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":13,"box":{"x":82,"y":866,"width":833,"height":11}},{"id":"fc99aa0e-42fe-4508-8f16-ad8a5d058479","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":13,"box":{"x":81,"y":880,"width":796,"height":12}},{"id":"a5379f58-297a-4e98-b503-114a5077910e","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":13,"box":{"x":81,"y":895,"width":802,"height":12}},{"id":"7e3a1ca7-0051-48c9-a57a-7179bd7bfc55","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"6845d54d-2a34-4a0d-a290-0870f679f488","block_type":"box","text":"NM1026U-5988115-13/72","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4a2cdd52-ed43-42f4-bba7-2c3a48d664f8","block_type":"box","text":"unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed income","page_number":14,"box":{"x":82,"y":46,"width":778,"height":11}},{"id":"d4120a85-5530-42e5-bb53-1a9f636f6c92","block_type":"box","text":"securities. Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":14,"box":{"x":81,"y":60,"width":781,"height":12}},{"id":"1bb9ed86-fe22-4353-9a4a-3b9272378d20","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":14,"box":{"x":272,"y":117,"width":453,"height":9}},{"id":"4b8f76f3-b7ea-4a72-b1fc-d9af111677f8","block_type":"box","text":"The Fund is managed by a team of financial professionals. Zeshan Azam and Wendy Agnew, CFA are the portfolio","page_number":14,"box":{"x":70,"y":140,"width":831,"height":11}},{"id":"6fe0bb24-10c9-4084-9d65-466862996c84","block_type":"box","text":"managers and are jointly and primarily responsible for the day-to-day management of the Fund. Please see","page_number":14,"box":{"x":71,"y":155,"width":780,"height":11}},{"id":"8936d053-8fa2-407f-81fb-9ad6c9a62104","block_type":"box","text":"“Management of the Fund — Portfolio Manager Information” for additional information about the portfolio","page_number":14,"box":{"x":72,"y":169,"width":775,"height":12}},{"id":"99eb342e-3a75-43d0-b954-1b9b0f992d3f","block_type":"box","text":"management team.","page_number":14,"box":{"x":71,"y":185,"width":141,"height":11}},{"id":"c5de06b4-8fda-400a-89c5-cf78caf02225","block_type":"box","text":"Investment Risks","page_number":14,"box":{"x":62,"y":236,"width":156,"height":11}},{"id":"540b913b-2b74-42d3-a29f-63f573c822fd","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objective and","page_number":14,"box":{"x":60,"y":262,"width":811,"height":12}},{"id":"2b3b5385-3155-446d-bf43-c7f5e5bfaf0d","block_type":"box","text":"Policies” section in the Statement of Additional Information (the “SAI”) also includes more information about the Fund,","page_number":14,"box":{"x":61,"y":277,"width":871,"height":11}},{"id":"ab30f0bd-e49a-465d-9a35-9022904dc13c","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":14,"box":{"x":62,"y":292,"width":799,"height":11}},{"id":"4bf0fcdb-8db3-4abc-9ac0-d6329e3f761d","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":14,"box":{"x":62,"y":307,"width":860,"height":11}},{"id":"a696c23c-4637-40be-9ba5-e46ff120712f","block_type":"box","text":"is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or governmental agency. The","page_number":14,"box":{"x":62,"y":322,"width":869,"height":11}},{"id":"61173970-04e8-48c9-9286-0a5f49cdbaca","block_type":"box","text":"order of the below risk factors does not indicate the significance of any particular risk factor.","page_number":14,"box":{"x":61,"y":336,"width":678,"height":12}},{"id":"c5e70eac-be34-41bc-9fb9-ef15c07ba6e0","block_type":"box","text":"Principal Risks of Investing in the Fund:","page_number":14,"box":{"x":61,"y":359,"width":328,"height":13}},{"id":"bdad39f3-2ec6-4b45-b355-3e535d6ef2fb","block_type":"box","text":"Convertible Securities Risk","page_number":14,"box":{"x":81,"y":381,"width":206,"height":9}},{"id":"41e921d5-89d7-4d6f-9f34-4a66db74de30","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":14,"box":{"x":291,"y":381,"width":593,"height":11}},{"id":"450f17b2-3067-45b0-a5e4-10fb39541eef","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":14,"box":{"x":81,"y":396,"width":853,"height":11}},{"id":"ec2fe06b-12ec-4f06-9412-e9f4c8d49177","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":14,"box":{"x":81,"y":411,"width":855,"height":11}},{"id":"010c83f5-a3c2-4b06-8a66-bf8d448eea45","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":14,"box":{"x":80,"y":425,"width":816,"height":12}},{"id":"2a5990a9-2217-4367-b87a-453e7f50cd1e","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":14,"box":{"x":82,"y":440,"width":796,"height":12}},{"id":"0709cc2f-5b82-4704-b68f-f0fbc76685cf","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":14,"box":{"x":81,"y":455,"width":812,"height":11}},{"id":"346dd6cd-4b2a-44c8-ae29-d874078b3052","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":14,"box":{"x":82,"y":470,"width":809,"height":11}},{"id":"d261c0b4-1d2e-4808-a3c5-b58711d604ca","block_type":"box","text":"Corporate Loans Risk","page_number":14,"box":{"x":81,"y":490,"width":162,"height":11}},{"id":"53df9e70-f9ae-4ca0-9f5b-81a0369fe100","block_type":"box","text":"— Commercial banks and other financial institutions or institutional investors make corporate","page_number":14,"box":{"x":247,"y":490,"width":689,"height":11}},{"id":"4590f4ec-fad0-4451-add0-7d07427c8bf8","block_type":"box","text":"loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at","page_number":14,"box":{"x":82,"y":505,"width":845,"height":11}},{"id":"68603a9f-4af6-48a8-a978-36c1baa6a7e3","block_type":"box","text":"rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate","page_number":14,"box":{"x":82,"y":520,"width":827,"height":11}},{"id":"82581a96-6614-4ac4-b412-8a67a4fb5810","block_type":"box","text":"(“SOFR”), or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less","page_number":14,"box":{"x":81,"y":534,"width":826,"height":12}},{"id":"9edf6129-bc6c-4abb-9725-71b29924f7dd","block_type":"box","text":"exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest.","page_number":14,"box":{"x":81,"y":549,"width":840,"height":11}},{"id":"bdf7a26c-557e-407c-bf84-27a54c958509","block_type":"box","text":"However, because the trading market for certain corporate loans may be less developed than the secondary market","page_number":14,"box":{"x":82,"y":564,"width":850,"height":11}},{"id":"7461547a-f1e8-4455-91cb-f39fb4653b12","block_type":"box","text":"for bonds and notes, the Fund may experience difficulties in selling its corporate loans. Transactions in corporate","page_number":14,"box":{"x":81,"y":579,"width":831,"height":11}},{"id":"f0eb8a57-3f1b-497e-901e-81885061e1ef","block_type":"box","text":"loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily","page_number":14,"box":{"x":82,"y":594,"width":841,"height":11}},{"id":"4c60b3cb-40f5-4cd6-bc87-b6ef7be358a9","block_type":"box","text":"available to make additional investments or to meet the Fund’s redemption obligations. To the extent the extended","page_number":14,"box":{"x":81,"y":609,"width":843,"height":11}},{"id":"ce55165a-c095-4b96-bea1-c07f8900879d","block_type":"box","text":"settlement process gives rise to short-term liquidity needs, the Fund may hold additional cash, sell investments or","page_number":14,"box":{"x":81,"y":623,"width":841,"height":12}},{"id":"3e9b8fea-ddb8-4050-971a-886c36f1d873","block_type":"box","text":"temporarily borrow from banks and other lenders. Leading financial institutions often act as agent for a broader","page_number":14,"box":{"x":80,"y":638,"width":819,"height":12}},{"id":"61223e6c-bcff-4559-ae58-8a2da5eb40fb","block_type":"box","text":"group of lenders, generally referred to as a syndicate. The syndicate’s agent arranges the corporate loans, holds","page_number":14,"box":{"x":81,"y":653,"width":827,"height":11}},{"id":"083375aa-41f0-4f8b-b6ea-cda6f4107810","block_type":"box","text":"collateral and accepts payments of principal and interest. If the agent develops financial problems, the Fund may","page_number":14,"box":{"x":81,"y":668,"width":831,"height":11}},{"id":"865a0a31-e0e5-4f6e-b9c8-2353927b81bb","block_type":"box","text":"not recover its investment or recovery may be delayed. By investing in a corporate loan, the Fund may become a","page_number":14,"box":{"x":82,"y":683,"width":822,"height":11}},{"id":"63610979-17f7-40fe-a287-8bcad131f85f","block_type":"box","text":"member of the syndicate.","page_number":14,"box":{"x":82,"y":697,"width":184,"height":12}},{"id":"4f9d1114-b5a4-4e0a-a7c6-1109f483d5ca","block_type":"box","text":"The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads.","page_number":14,"box":{"x":81,"y":720,"width":739,"height":11}},{"id":"9c3002a7-072c-4b01-b481-993b7fa3209d","block_type":"box","text":"The corporate loans in which the Fund invests are subject to the risk of loss of principal and income. Although","page_number":14,"box":{"x":81,"y":742,"width":806,"height":12}},{"id":"008bfc42-9547-425c-8a81-ce831fd75216","block_type":"box","text":"borrowers frequently provide collateral to secure repayment of these obligations they do not always do so. If they do","page_number":14,"box":{"x":81,"y":757,"width":852,"height":12}},{"id":"c05e05fd-79c0-402c-8ece-58f80433d588","block_type":"box","text":"provide collateral, the value of the collateral may not completely cover the borrower’s obligations at the time of a","page_number":14,"box":{"x":82,"y":772,"width":827,"height":12}},{"id":"fdce015b-dbdd-4696-a9ce-5fe129aa458b","block_type":"box","text":"default. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit the","page_number":14,"box":{"x":81,"y":787,"width":847,"height":11}},{"id":"3b119a6c-21ca-4c13-87b2-da79730019a7","block_type":"box","text":"Fund’s rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event of","page_number":14,"box":{"x":82,"y":802,"width":852,"height":11}},{"id":"13602af1-23c1-4f99-9c3d-8d579880d6fc","block_type":"box","text":"a bankruptcy, the holder of a corporate loan may not recover its principal, may experience a long delay in recovering","page_number":14,"box":{"x":81,"y":817,"width":849,"height":11}},{"id":"95322ee3-0ca4-4491-b495-9b451d1d6e22","block_type":"box","text":"its investment and may not receive interest during the delay.","page_number":14,"box":{"x":82,"y":832,"width":441,"height":11}},{"id":"622efa01-cb69-40b4-b00b-99ac3d992487","block_type":"box","text":"Debt Securities Risk","page_number":14,"box":{"x":81,"y":851,"width":155,"height":10}},{"id":"54582809-2e5a-4643-978a-7d940f5edc24","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":14,"box":{"x":240,"y":852,"width":633,"height":10}},{"id":"2c4ef4a0-098a-4f20-96af-e918ac19f127","block_type":"box","text":"extension risk, and prepayment risk, each of which is described in further detail below:","page_number":14,"box":{"x":81,"y":866,"width":637,"height":12}},{"id":"8250d14e-234b-4b71-b090-c2f018012b14","block_type":"box","text":"Credit Risk","page_number":14,"box":{"x":82,"y":889,"width":80,"height":9}},{"id":"b140c446-d963-4d31-8f4d-44de206423bb","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":14,"box":{"x":166,"y":889,"width":737,"height":11}},{"id":"9f80f28c-7fdf-4726-ab03-14c351535936","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":14,"box":{"x":81,"y":904,"width":816,"height":11}},{"id":"8ae47f3f-dde5-4862-abd7-7350e40561f6","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"371dd23a-9719-4c20-ad28-4ca44f3678e4","block_type":"box","text":"NM1026U-5988115-14/72","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"671ef33f-a68e-445c-bbc5-de5f27bb8b7b","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":46,"width":826,"height":11}},{"id":"e87137f3-8439-48ed-a41b-304d8eb2a322","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":60,"width":777,"height":12}},{"id":"d0042eca-621f-42d9-be1e-d5d8fe18b147","block_type":"box","text":"Interest Rate Risk","page_number":15,"box":{"x":82,"y":83,"width":132,"height":9}},{"id":"dbeeba4d-3bef-49eb-97e1-9e323c5ae08c","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":83,"width":704,"height":12}},{"id":"d730d8cc-b069-4941-be51-a99a7f11055a","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":98,"width":835,"height":11}},{"id":"226aec2e-6e5c-42f3-a598-f11bc032b5e1","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":15,"box":{"x":80,"y":113,"width":513,"height":9}},{"id":"4c34f1aa-7b67-4365-a42e-b281a792c7a8","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":135,"width":843,"height":12}},{"id":"07e692aa-f748-4df7-939a-8365184088ca","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":150,"width":806,"height":12}},{"id":"3c54281a-6d8a-48f1-9715-4c3e60ee41cd","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":165,"width":831,"height":11}},{"id":"8a0eecaf-c5f2-43fe-9ca4-0cbb1bb4973a","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":180,"width":854,"height":11}},{"id":"202ab949-442f-47da-a7fd-1b5106b1e2ff","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":195,"width":827,"height":11}},{"id":"1cdda638-97e8-4860-8442-67ec9fca894d","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":209,"width":840,"height":12}},{"id":"bca7c332-05bc-40a2-b6f5-69b6b2c10407","block_type":"box","text":"income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The","page_number":15,"box":{"x":82,"y":224,"width":851,"height":12}},{"id":"efb5f78a-4fbd-48a5-8a7c-9ecc749fab30","block_type":"box","text":"Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund","page_number":15,"box":{"x":82,"y":239,"width":808,"height":12}},{"id":"3d939d71-a019-40d2-af8f-8d523d6d1172","block_type":"box","text":"management.","page_number":15,"box":{"x":82,"y":255,"width":98,"height":10}},{"id":"7979ead3-ca74-4a99-a9e9-a954c098f997","block_type":"box","text":"To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage","page_number":15,"box":{"x":81,"y":276,"width":852,"height":12}},{"id":"99e204b9-b3b2-4bea-a100-7259bcb7e97d","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":15,"box":{"x":81,"y":291,"width":840,"height":12}},{"id":"0f3dd653-0877-4d16-a123-b1d3434c011c","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset","page_number":15,"box":{"x":80,"y":306,"width":834,"height":12}},{"id":"d8559628-9c23-467f-96cb-aa67a27a4499","block_type":"box","text":"only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be","page_number":15,"box":{"x":81,"y":321,"width":803,"height":11}},{"id":"03f28ed9-d1d4-49e7-adc8-ca97393edc9a","block_type":"box","text":"expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate","page_number":15,"box":{"x":81,"y":336,"width":839,"height":11}},{"id":"d76f17a7-281d-4794-baf6-7e5a02939906","block_type":"box","text":"debt securities.","page_number":15,"box":{"x":81,"y":351,"width":112,"height":9}},{"id":"b0508802-24cc-4bcc-bb95-fcea6cbc0f8a","block_type":"box","text":"These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith","page_number":15,"box":{"x":81,"y":373,"width":839,"height":12}},{"id":"455c17a8-43a0-4f64-ad94-5f0552f3ffe3","block_type":"box","text":"and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not","page_number":15,"box":{"x":81,"y":388,"width":839,"height":11}},{"id":"47f788e7-754d-47a4-a6fd-6b24c4b2682d","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":15,"box":{"x":82,"y":403,"width":831,"height":11}},{"id":"985643a4-e494-47c2-9b09-68c0cb00ead7","block_type":"box","text":"value when interest rates change.","page_number":15,"box":{"x":80,"y":418,"width":248,"height":11}},{"id":"21a49ae5-8da2-4888-aa91-25286a347778","block_type":"box","text":"Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and","page_number":15,"box":{"x":81,"y":440,"width":842,"height":12}},{"id":"8f56dbc3-73d3-4ee9-9a3a-7f6a7d6add10","block_type":"box","text":"could negatively impact the Fund’s performance. A general rise in interest rates has the potential to cause investors","page_number":15,"box":{"x":81,"y":455,"width":855,"height":12}},{"id":"be7166c6-9a8b-4e68-8f81-a5b6b8430f4f","block_type":"box","text":"to move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that","page_number":15,"box":{"x":80,"y":470,"width":828,"height":11}},{"id":"23909603-777c-49f4-adfb-491422e65602","block_type":"box","text":"hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at","page_number":15,"box":{"x":82,"y":485,"width":770,"height":11}},{"id":"09c4737c-f1ce-40d6-8486-72bcc25cb806","block_type":"box","text":"inopportune times or at a loss or depressed value and could hurt the Fund’s performance.","page_number":15,"box":{"x":82,"y":499,"width":665,"height":12}},{"id":"8754a4db-59cd-49ae-8392-742978ee7ff0","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":15,"box":{"x":82,"y":522,"width":836,"height":12}},{"id":"13107905-5cd1-4225-acfc-faadef2e92e4","block_type":"box","text":"countries have recently experienced negative interest rates on certain fixed-income instruments. Very low or","page_number":15,"box":{"x":81,"y":537,"width":793,"height":11}},{"id":"0abd2ccf-3228-449f-b404-40ee7ab015f5","block_type":"box","text":"negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero,","page_number":15,"box":{"x":82,"y":552,"width":834,"height":11}},{"id":"95f1c5ce-96f2-403b-b50e-736dd14d2eb1","block_type":"box","text":"may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund","page_number":15,"box":{"x":82,"y":566,"width":831,"height":12}},{"id":"e7b79a63-2307-4fce-b8dc-ba334982a1f4","block_type":"box","text":"performance to the extent the Fund is exposed to such interest rates.","page_number":15,"box":{"x":82,"y":581,"width":511,"height":12}},{"id":"420efe02-0e4a-4bca-9cb2-1a1ba80c6c4c","block_type":"box","text":"Extension Risk","page_number":15,"box":{"x":82,"y":604,"width":107,"height":9}},{"id":"c70a1ba1-a2fb-4131-8319-fb3fd445fa29","block_type":"box","text":"— When interest rates rise, certain obligations will be paid off by the obligor more slowly than","page_number":15,"box":{"x":193,"y":604,"width":691,"height":11}},{"id":"557b88ab-13b0-4d46-92b8-857abb5f1fdd","block_type":"box","text":"anticipated, causing the value of these obligations to fall. Rising interest rates tend to extend the duration of","page_number":15,"box":{"x":81,"y":619,"width":800,"height":11}},{"id":"1bbdf958-f71d-46d0-95b0-790af8e79d68","block_type":"box","text":"securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally","page_number":15,"box":{"x":81,"y":633,"width":832,"height":12}},{"id":"8028fef6-b89a-4436-a8c9-561f2574e8da","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":15,"box":{"x":81,"y":648,"width":855,"height":12}},{"id":"00a20e26-7ec0-4d09-a149-621040ad693b","block_type":"box","text":"interest rates, securities may exhibit additional volatility and may lose value.","page_number":15,"box":{"x":82,"y":663,"width":559,"height":12}},{"id":"562a9c35-2356-4507-bb0e-b4d472520f6b","block_type":"box","text":"Prepayment Risk","page_number":15,"box":{"x":81,"y":686,"width":124,"height":11}},{"id":"4ca8d843-aab5-41af-b106-c17b6ea971c9","block_type":"box","text":"— When interest rates fall, certain obligations will be paid off by the obligor more quickly than","page_number":15,"box":{"x":209,"y":686,"width":691,"height":11}},{"id":"43e6ac73-1de9-4af0-9f00-c25e5213143b","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":15,"box":{"x":81,"y":701,"width":823,"height":11}},{"id":"8ac88f4a-6994-4532-886d-cfd828116a48","block_type":"box","text":"falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are","page_number":15,"box":{"x":81,"y":715,"width":793,"height":12}},{"id":"a9959b9e-aeaf-4b0f-9f7c-699f4111d5c5","block_type":"box","text":"motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment","page_number":15,"box":{"x":82,"y":730,"width":830,"height":12}},{"id":"9ac61c78-7aa3-45d4-a61d-57412741dfb0","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":15,"box":{"x":82,"y":745,"width":849,"height":12}},{"id":"6753d9b4-5423-4b87-af38-e1eb4e6ccc93","block_type":"box","text":"prepaid. Prepayment reduces the yield to maturity and the average life of the security.","page_number":15,"box":{"x":82,"y":760,"width":627,"height":11}},{"id":"aed3a51d-adff-4d38-9d0c-bd7ef583bdfe","block_type":"box","text":"Derivatives Risk","page_number":15,"box":{"x":81,"y":780,"width":123,"height":9}},{"id":"dd10d7e0-63f9-4a8d-ba09-eecb2afc0829","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":15,"box":{"x":207,"y":780,"width":664,"height":11}},{"id":"76d11b71-eb49-452a-8a24-17b179bca646","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":15,"box":{"x":82,"y":795,"width":469,"height":11}},{"id":"2110402a-a08e-4c61-82a7-52fff4dce01d","block_type":"box","text":"Leverage Risk","page_number":15,"box":{"x":82,"y":817,"width":102,"height":12}},{"id":"67c3afc9-c706-4735-ae31-1dbb72c51e3b","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":15,"box":{"x":188,"y":817,"width":723,"height":12}},{"id":"d4ad4fa6-893e-43ee-b1f7-806d84ca32f5","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":15,"box":{"x":82,"y":832,"width":832,"height":12}},{"id":"f1337524-11cf-40fc-9887-2a77c59fb489","block_type":"box","text":"exceed the amount originally invested.","page_number":15,"box":{"x":81,"y":847,"width":280,"height":11}},{"id":"75823136-09ba-4bb5-8587-c7e90fcb53c0","block_type":"box","text":"Market Risk","page_number":15,"box":{"x":82,"y":870,"width":87,"height":9}},{"id":"6be71e5e-7e7a-45f9-be46-3ad06f9bece4","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":15,"box":{"x":173,"y":869,"width":728,"height":12}},{"id":"877de302-736e-4702-8e0a-4bfcedab4730","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":15,"box":{"x":81,"y":884,"width":834,"height":11}},{"id":"5da25e74-7e91-49ad-b5a9-5ddc87addb68","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock Advisors, LLC (“BlackRock”) may not","page_number":15,"box":{"x":82,"y":899,"width":841,"height":11}},{"id":"2060701e-5146-4d25-8583-971ed329251d","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"a032aff3-5f02-42dd-adfc-0d384aada607","block_type":"box","text":"NM1026U-5988115-15/72","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"66755fe1-fd0d-403a-aaf2-7a4ee8a75f56","block_type":"box","text":"be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could","page_number":16,"box":{"x":81,"y":46,"width":848,"height":11}},{"id":"7244f866-c5aa-44c9-b399-3c8c1c670e3d","block_type":"box","text":"cause the Fund’s derivatives positions to lose value.","page_number":16,"box":{"x":81,"y":61,"width":385,"height":11}},{"id":"04e810c2-2c8d-494d-8ff0-e84f184f70af","block_type":"box","text":"Counterpar ty Risk","page_number":16,"box":{"x":82,"y":83,"width":131,"height":11}},{"id":"6af0de0e-9208-4431-933b-e3dae471fdf3","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":16,"box":{"x":217,"y":83,"width":697,"height":11}},{"id":"958da273-61e1-47f1-879e-3da3887e4764","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":16,"box":{"x":80,"y":98,"width":855,"height":11}},{"id":"4c5b5d1b-efc1-40d6-8c98-e9f06ca7d8d9","block_type":"box","text":"exposure to such a counterparty.","page_number":16,"box":{"x":81,"y":113,"width":240,"height":11}},{"id":"fda2976c-013a-49d1-a0b2-369f30ebf2ff","block_type":"box","text":"Illiquidity Risk —","page_number":16,"box":{"x":82,"y":135,"width":122,"height":12}},{"id":"d8c31367-227a-47ac-839e-f719426a8655","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":16,"box":{"x":208,"y":135,"width":728,"height":12}},{"id":"a0b01e86-8a67-4bb1-bb48-5ab96d9853ed","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":16,"box":{"x":80,"y":150,"width":839,"height":11}},{"id":"80b787ee-d0bc-4227-b292-59893b7eab85","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":16,"box":{"x":81,"y":165,"width":293,"height":11}},{"id":"c0f8d90f-1bed-4022-b430-aba7d5343c2b","block_type":"box","text":"Operational Risk","page_number":16,"box":{"x":82,"y":188,"width":120,"height":11}},{"id":"6aa92309-f62e-4a60-b778-8fa787dacc4a","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":16,"box":{"x":206,"y":187,"width":727,"height":12}},{"id":"67a68883-b818-4daf-9f95-a63f84ceada3","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":16,"box":{"x":82,"y":202,"width":607,"height":12}},{"id":"55ce663b-2661-4583-9c24-efebfe449cfe","block_type":"box","text":"Legal Risk","page_number":16,"box":{"x":82,"y":225,"width":75,"height":11}},{"id":"75493eec-fed7-4922-a240-e170694c00b4","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":16,"box":{"x":161,"y":225,"width":761,"height":11}},{"id":"41d3ba47-b822-4e99-9f4b-90d175fb1d01","block_type":"box","text":"enforceability of a contract.","page_number":16,"box":{"x":81,"y":240,"width":198,"height":11}},{"id":"8ab9bb4b-0712-4e9e-a478-cf5454a6bf1f","block_type":"box","text":"Volatility and Correlation Risk","page_number":16,"box":{"x":83,"y":262,"width":214,"height":12}},{"id":"8ead2c03-ff54-410e-8ecc-f5be379f2131","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":16,"box":{"x":300,"y":262,"width":590,"height":12}},{"id":"34b8b8af-422c-4ed2-aeff-9aadd7cc988a","block_type":"box","text":"volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price","page_number":16,"box":{"x":80,"y":277,"width":855,"height":12}},{"id":"730f04e9-2ba5-4b53-a15f-c7bcb96e90a7","block_type":"box","text":"within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not","page_number":16,"box":{"x":80,"y":292,"width":820,"height":11}},{"id":"91621ca9-1684-465f-9c12-a8c6ff4c0ae0","block_type":"box","text":"correlate with the overall securities markets.","page_number":16,"box":{"x":81,"y":307,"width":326,"height":9}},{"id":"e86c4048-546a-45d1-a0a2-c200c60fba2f","block_type":"box","text":"Valuation Risk","page_number":16,"box":{"x":83,"y":330,"width":102,"height":8}},{"id":"239bcdff-9383-45c6-9d6e-ddb63c2e7ca0","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":16,"box":{"x":189,"y":329,"width":747,"height":12}},{"id":"b7018c5c-604f-4b2b-9329-6846a8c77d10","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":16,"box":{"x":82,"y":344,"width":783,"height":12}},{"id":"22ce489d-3197-4efa-89dc-e4d86e773fce","block_type":"box","text":"instruments or quote prices for them. Derivatives may also expose the Fund to greater risk and increase its costs.","page_number":16,"box":{"x":82,"y":359,"width":837,"height":11}},{"id":"d8e9e364-095a-4a12-8bcb-10a98cc80e19","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":16,"box":{"x":81,"y":374,"width":826,"height":11}},{"id":"2417f64b-8092-4fb0-b345-6a4fe1bcadc7","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":16,"box":{"x":80,"y":389,"width":405,"height":11}},{"id":"59f53c09-58f2-429a-b22e-3d88644290d2","block_type":"box","text":"Hedging Risk","page_number":16,"box":{"x":82,"y":411,"width":95,"height":12}},{"id":"62887a2b-f8aa-43cd-a016-b2e9b47287cf","block_type":"box","text":"— When a derivative is used as a hedge against a position that the Fund holds, any loss generated by","page_number":16,"box":{"x":181,"y":411,"width":752,"height":12}},{"id":"89ed7afe-d54e-4092-8251-d3bf8cdf3784","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":16,"box":{"x":80,"y":426,"width":820,"height":12}},{"id":"6128dbc5-b2df-4e9f-a952-71d59d6bf5d3","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":16,"box":{"x":82,"y":441,"width":823,"height":11}},{"id":"836d0c4a-3144-42ac-8987-1d7c9faf62ad","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":16,"box":{"x":82,"y":456,"width":813,"height":11}},{"id":"081a4d7a-60a7-41b1-9879-6309e77d7491","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":16,"box":{"x":82,"y":470,"width":832,"height":12}},{"id":"1af8cb00-447e-4bb3-8f9d-67d710c6b87b","block_type":"box","text":"noted below.","page_number":16,"box":{"x":82,"y":486,"width":90,"height":8}},{"id":"682149b2-4784-43a4-b68d-e8bbed409d84","block_type":"box","text":"Tax Risk","page_number":16,"box":{"x":83,"y":508,"width":59,"height":9}},{"id":"9e6bec7c-d0ff-47cb-b526-692ed892e64d","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":16,"box":{"x":145,"y":508,"width":766,"height":11}},{"id":"6d381928-fed0-48cd-bdc1-b4e9ac9f278d","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":16,"box":{"x":82,"y":523,"width":826,"height":11}},{"id":"54f169d5-a79c-4658-b7dc-607042815e6f","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":16,"box":{"x":82,"y":537,"width":846,"height":12}},{"id":"4c32ebe7-25d5-4ac8-a96b-a455abb8e7a2","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":16,"box":{"x":81,"y":552,"width":817,"height":12}},{"id":"acdb56b4-bdb2-46b0-9ca5-6b70ca760a13","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":16,"box":{"x":82,"y":567,"width":845,"height":11}},{"id":"9ae9f65b-c599-4ce0-8df4-dca6d7e68b22","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":16,"box":{"x":81,"y":582,"width":827,"height":11}},{"id":"e17dad4e-c204-4911-b426-0df49e12d6bd","block_type":"box","text":"may be subject to future legislation, regulation or administrative pronouncements issued by the Internal Revenue","page_number":16,"box":{"x":82,"y":597,"width":828,"height":11}},{"id":"0a5458b9-e509-4f22-b401-4630cf123e2c","block_type":"box","text":"Service (the “IRS”).","page_number":16,"box":{"x":81,"y":612,"width":142,"height":11}},{"id":"e20a331d-434e-489b-a43f-1e7710035d54","block_type":"box","text":"Regulatory Risk","page_number":16,"box":{"x":82,"y":634,"width":115,"height":12}},{"id":"d76b189a-5d2d-42be-ab5e-b0aedccfa0ad","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":16,"box":{"x":201,"y":634,"width":688,"height":12}},{"id":"b1d9db33-39c6-4021-a697-9c2fc68b67bd","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":16,"box":{"x":81,"y":649,"width":851,"height":12}},{"id":"91d1166f-73fc-4b3c-b597-bd07e7baf089","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":16,"box":{"x":81,"y":664,"width":811,"height":11}},{"id":"249957de-cb36-49b9-9167-9f00666cf5e7","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":16,"box":{"x":82,"y":679,"width":850,"height":11}},{"id":"3688b9f3-a908-4107-8612-a1c2cf648799","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":16,"box":{"x":81,"y":693,"width":850,"height":12}},{"id":"eb965aa3-6a81-41c5-bff9-43d4ee150b57","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":16,"box":{"x":81,"y":708,"width":838,"height":12}},{"id":"c3a9ec6a-dfb6-4e94-93f4-f5d6a9161ef0","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":16,"box":{"x":81,"y":723,"width":807,"height":12}},{"id":"746a210f-a5f6-4849-aa33-8b15ff575693","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":16,"box":{"x":81,"y":738,"width":787,"height":11}},{"id":"f813bc5c-26d5-4114-a194-9a78143cb6bf","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":16,"box":{"x":82,"y":753,"width":837,"height":11}},{"id":"d808acb2-dcb1-4736-a887-f25304e8fd17","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":16,"box":{"x":80,"y":768,"width":804,"height":11}},{"id":"476adb3a-75ea-4dcc-a452-757013e9c1ff","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":16,"box":{"x":81,"y":782,"width":781,"height":12}},{"id":"8c5a967a-34c7-4466-a219-1c1d16ebb6f2","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":16,"box":{"x":82,"y":797,"width":773,"height":12}},{"id":"aa0c48a1-bdc3-446b-be21-8cd139fd1079","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":16,"box":{"x":82,"y":812,"width":836,"height":12}},{"id":"5f69cf20-4272-4915-b42c-f51968f370f7","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":16,"box":{"x":82,"y":827,"width":814,"height":11}},{"id":"42b39e3b-c4fa-416d-84f7-400fb25d2a68","block_type":"box","text":"investors in the Fund.","page_number":16,"box":{"x":82,"y":842,"width":156,"height":9}},{"id":"0b2d053c-0f38-47c8-8707-502723d6a090","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":16,"box":{"x":82,"y":865,"width":823,"height":11}},{"id":"7e5b542c-257d-45d6-9a3f-b84cee0cfcad","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":16,"box":{"x":82,"y":879,"width":827,"height":12}},{"id":"5aa636d9-3c9b-4e93-aac2-47f92da79b5c","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":16,"box":{"x":80,"y":894,"width":849,"height":11}},{"id":"04f96c7d-e049-4cbf-9d31-10e2b562a873","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"8643e0a8-ceb6-41fa-9ad7-118f045ebce1","block_type":"box","text":"NM1026U-5988115-16/72","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2f32335e-258d-46a2-9328-efa45c52e2ad","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":17,"box":{"x":81,"y":46,"width":846,"height":11}},{"id":"cdb02e05-07d1-4d9c-8c4c-ebce4cb3ff46","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":17,"box":{"x":81,"y":60,"width":509,"height":12}},{"id":"dd88a848-5173-4f1c-b527-105ec0afda7c","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":17,"box":{"x":82,"y":83,"width":399,"height":11}},{"id":"610d7437-74a8-41ef-9576-cbb214bdd7e4","block_type":"box","text":"Swaps","page_number":17,"box":{"x":102,"y":103,"width":47,"height":11}},{"id":"06806ea4-95d1-4493-b22f-45da22bfccff","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":17,"box":{"x":154,"y":103,"width":775,"height":12}},{"id":"8288bf96-c8e5-4b9c-a317-3bd0304ca25e","block_type":"box","text":"two-party contracts entered into for periods ranging from a few days to more than one year. In a standard “swap”","page_number":17,"box":{"x":101,"y":118,"width":829,"height":11}},{"id":"9e1e8a2f-779c-4d51-becc-b9b2eb70ad41","block_type":"box","text":"transaction, two parties agree to exchange the value(s) or cash flow(s) of one asset for another over a certain","page_number":17,"box":{"x":101,"y":133,"width":807,"height":11}},{"id":"d3242822-54e6-4a05-a19f-541eccda1dbb","block_type":"box","text":"period of time. Swap agreements involve the risk that the party with whom the Fund has entered into the swap","page_number":17,"box":{"x":102,"y":147,"width":811,"height":12}},{"id":"2759681b-34d8-442f-9fbb-582843ce1c61","block_type":"box","text":"will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to","page_number":17,"box":{"x":101,"y":162,"width":820,"height":12}},{"id":"950f7d34-d29f-40e4-8a4c-364a70e4a2bf","block_type":"box","text":"pay the other party to the agreement. Swap agreements may also involve the risk that there is an imperfect","page_number":17,"box":{"x":102,"y":177,"width":791,"height":12}},{"id":"4aa15051-40a9-422c-903f-b8072f6fb69c","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":17,"box":{"x":101,"y":192,"width":789,"height":12}},{"id":"4ab13877-e6cc-490a-913b-9c2b700818f4","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":17,"box":{"x":101,"y":207,"width":796,"height":11}},{"id":"88d3a91a-2cc1-44b1-9d11-e61b67b6baf8","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":17,"box":{"x":102,"y":227,"width":335,"height":11}},{"id":"03305d38-735e-452c-b520-d4c847c2ebe0","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":17,"box":{"x":442,"y":227,"width":437,"height":11}},{"id":"d42d3d61-b6f6-40a7-8f9f-e85428113f16","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":17,"box":{"x":101,"y":242,"width":820,"height":11}},{"id":"f813fa21-7f1c-41e1-acb2-85b2494ef845","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":17,"box":{"x":101,"y":256,"width":801,"height":12}},{"id":"dd229a62-2360-40f0-aee7-7daa5176cadc","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":17,"box":{"x":101,"y":271,"width":824,"height":12}},{"id":"91b8644d-deff-4b37-b813-2ff0dec0a41f","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":17,"box":{"x":101,"y":286,"width":831,"height":12}},{"id":"3af45b61-c473-4092-b4a8-a32cd5358482","block_type":"box","text":"Futures","page_number":17,"box":{"x":102,"y":306,"width":54,"height":9}},{"id":"ae249f7a-3ec1-4ea1-8873-66dc4cb1dc62","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":17,"box":{"x":161,"y":306,"width":765,"height":12}},{"id":"97d366f8-c188-4d36-aacb-af48a64321b9","block_type":"box","text":"seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The","page_number":17,"box":{"x":101,"y":321,"width":786,"height":11}},{"id":"044c6af8-1dc3-4364-be34-2862bc6520c2","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":17,"box":{"x":102,"y":336,"width":769,"height":11}},{"id":"c1e56218-1bbe-4d29-89d6-70287dd02f2a","block_type":"box","text":"between the change in market value of the instruments held by the Fund and the price of the futures contract or","page_number":17,"box":{"x":102,"y":351,"width":822,"height":11}},{"id":"2167f886-cb48-4a1b-bf52-d559a7621e2e","block_type":"box","text":"option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close","page_number":17,"box":{"x":101,"y":365,"width":832,"height":12}},{"id":"36ba3d3a-04cc-436f-825c-dc54b6170c1c","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":17,"box":{"x":101,"y":380,"width":806,"height":12}},{"id":"2ee187d1-a5df-439a-9b93-696396f86f8b","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":17,"box":{"x":102,"y":395,"width":793,"height":11}},{"id":"9e04eb6c-32b2-4069-a397-96d97eec1038","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":17,"box":{"x":102,"y":410,"width":787,"height":11}},{"id":"bc15364c-9f12-4ac9-90d6-0e1e41f6fb3c","block_type":"box","text":"default in the performance of its obligations.","page_number":17,"box":{"x":101,"y":425,"width":327,"height":11}},{"id":"32ec8382-811d-48b7-bc41-97ca18f75d77","block_type":"box","text":"Options","page_number":17,"box":{"x":102,"y":445,"width":55,"height":11}},{"id":"9fbd8627-d47b-4e28-ada1-098835fe2750","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":17,"box":{"x":162,"y":445,"width":772,"height":11}},{"id":"a34ab2b0-f82c-45e5-9bb9-57fbdb27e627","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":17,"box":{"x":101,"y":459,"width":812,"height":12}},{"id":"ddb0b595-16fb-445e-bcdf-41531ac131ed","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":17,"box":{"x":101,"y":474,"width":827,"height":12}},{"id":"74628084-08bf-4b02-b7f1-8c8714b47582","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":17,"box":{"x":101,"y":489,"width":781,"height":11}},{"id":"89eb2ca9-3be3-479e-b533-e06ca941817c","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":17,"box":{"x":102,"y":504,"width":785,"height":12}},{"id":"1e1ba07c-2d98-4e3e-95cd-82f408a74eae","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":17,"box":{"x":101,"y":519,"width":831,"height":11}},{"id":"4d5825bc-94b4-47bd-bf56-58a17c9d66e1","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":17,"box":{"x":101,"y":534,"width":814,"height":11}},{"id":"bee19df3-7bae-45a2-a632-22b555838e4a","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":17,"box":{"x":101,"y":548,"width":826,"height":12}},{"id":"523960b1-2e3b-4455-9e22-cc8880be3d07","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":17,"box":{"x":101,"y":563,"width":822,"height":11}},{"id":"f616eda7-e4a8-4998-b465-fe4e5a21f417","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":17,"box":{"x":101,"y":578,"width":816,"height":12}},{"id":"c1d767f6-3f5b-4103-b77e-f1f849b9a079","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":17,"box":{"x":101,"y":593,"width":442,"height":11}},{"id":"89b970b5-59ce-4ee9-8654-6451b74e8750","block_type":"box","text":"Emerging Markets Risk","page_number":17,"box":{"x":81,"y":613,"width":178,"height":11}},{"id":"3bd9d2a1-e4ed-402c-b155-cf6da10345be","block_type":"box","text":"— The risks of foreign investments are usually much greater for emerging markets.","page_number":17,"box":{"x":263,"y":613,"width":610,"height":11}},{"id":"811b6cb2-3d38-48e5-8e42-0e005457f2b0","block_type":"box","text":"Investments in emerging markets may be considered speculative. Emerging markets may include those in countries","page_number":17,"box":{"x":82,"y":628,"width":848,"height":11}},{"id":"afa4bd3c-2701-41bb-9b79-cfa2fc049cbd","block_type":"box","text":"considered emerging or developing by the World Bank, the International Finance Corporation or the United Nations.","page_number":17,"box":{"x":81,"y":643,"width":842,"height":11}},{"id":"cd467e9c-1346-4036-913e-86f83eb9f863","block_type":"box","text":"Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never","page_number":17,"box":{"x":82,"y":658,"width":838,"height":11}},{"id":"6b1b2503-3a05-4346-9f9f-efdb9ae0c83d","block_type":"box","text":"fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":17,"box":{"x":81,"y":672,"width":825,"height":12}},{"id":"681e7ffd-8e80-4dc8-94da-1ff5f30d205d","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":17,"box":{"x":82,"y":687,"width":847,"height":12}},{"id":"324dfb29-d5e2-4cfd-a35b-b31438de8fb2","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":17,"box":{"x":81,"y":702,"width":853,"height":11}},{"id":"644122e9-6131-4e3f-87cb-364aaa204d92","block_type":"box","text":"changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few","page_number":17,"box":{"x":81,"y":717,"width":823,"height":11}},{"id":"c91c9851-6a72-45c3-a206-04f81508c531","block_type":"box","text":"large investors. In addition, traditional measures of investment value used in the United States, such as price to","page_number":17,"box":{"x":82,"y":731,"width":825,"height":12}},{"id":"5a772c2c-044e-48ca-9fc8-dbc87d3da798","block_type":"box","text":"earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about","page_number":17,"box":{"x":81,"y":746,"width":855,"height":12}},{"id":"f8e83713-123e-451b-948f-4d87dcf9a272","block_type":"box","text":"issuers in emerging markets than would be available about issuers in more developed capital markets, and such","page_number":17,"box":{"x":82,"y":761,"width":827,"height":12}},{"id":"0629614f-a069-43cb-9b62-d84614e9dc3c","block_type":"box","text":"issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable","page_number":17,"box":{"x":82,"y":776,"width":843,"height":12}},{"id":"5eaaa713-c336-491d-8594-5ebfe38dd136","block_type":"box","text":"to those to which U.S. companies are subject.","page_number":17,"box":{"x":80,"y":791,"width":339,"height":11}},{"id":"d7fd1eb7-2c8a-4725-95ce-6ebd7f0b4132","block_type":"box","text":"Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their","page_number":17,"box":{"x":82,"y":811,"width":802,"height":11}},{"id":"b446036e-3ae6-4821-bb03-43e17d9b62f4","block_type":"box","text":"governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign","page_number":17,"box":{"x":81,"y":826,"width":774,"height":11}},{"id":"3e253c13-838f-4319-9b32-d8fc8bc93dd3","block_type":"box","text":"investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high","page_number":17,"box":{"x":82,"y":840,"width":830,"height":12}},{"id":"317a393c-bc09-435c-944f-37e4e88ed1fa","block_type":"box","text":"rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have","page_number":17,"box":{"x":82,"y":855,"width":769,"height":12}},{"id":"b0b19ee7-590c-4ac2-96a0-12f392beebd0","block_type":"box","text":"expropriated substantial amounts of private property, and most claims of the property owners have never been fully","page_number":17,"box":{"x":81,"y":870,"width":849,"height":11}},{"id":"43adc42c-6334-468a-93ed-c2d2e9df0da8","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":17,"box":{"x":81,"y":885,"width":820,"height":11}},{"id":"6586f544-7337-4a6c-ac45-3e9adac62ae3","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. Some countries have pervasive","page_number":17,"box":{"x":82,"y":900,"width":779,"height":11}},{"id":"670481eb-b15a-41fa-a373-b6e587fcd7f8","block_type":"box","text":"corruption and crime that may hinder investments. Certain emerging markets may also face other significant","page_number":17,"box":{"x":81,"y":915,"width":798,"height":11}},{"id":"1eeff63e-2913-498f-9eee-577fd5aa8aa3","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"cb6c518c-3b7a-4b76-9c5e-79780febba25","block_type":"box","text":"NM1026U-5988115-17/72","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"919cc9d5-25ab-4159-b686-83362cd39e7c","block_type":"box","text":"internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition,","page_number":18,"box":{"x":82,"y":46,"width":755,"height":11}},{"id":"e2b321c6-7461-469d-8dc1-4dce902cb1f7","block_type":"box","text":"governments in many emerging market countries participate to a significant degree in their economies and","page_number":18,"box":{"x":81,"y":60,"width":783,"height":12}},{"id":"7271a56e-b29c-4dfb-ace0-6a6ce2075daa","block_type":"box","text":"securities markets, which may impair investment and economic growth. National policies that may limit the Fund’s","page_number":18,"box":{"x":81,"y":76,"width":839,"height":11}},{"id":"1f94f2ce-1b9a-4522-bffe-f9ff71a89f77","block_type":"box","text":"investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national","page_number":18,"box":{"x":82,"y":90,"width":827,"height":11}},{"id":"1ca63a56-cc9c-47c1-a854-fd93220ccee2","block_type":"box","text":"interests.","page_number":18,"box":{"x":82,"y":105,"width":67,"height":9}},{"id":"b2301ce2-fc87-43b5-96cf-d35a8d50f3ad","block_type":"box","text":"Emerging markets may also have differing legal systems and the existence or possible imposition of exchange","page_number":18,"box":{"x":82,"y":125,"width":809,"height":11}},{"id":"7421b592-dd4a-4034-9ce4-804502aca8b0","block_type":"box","text":"controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such","page_number":18,"box":{"x":81,"y":140,"width":783,"height":11}},{"id":"0621792b-6cfe-4947-b1e2-858564bf60e6","block_type":"box","text":"investments may adversely affect the Fund’s performance. Sometimes, they may lack or be in the relatively early","page_number":18,"box":{"x":82,"y":155,"width":829,"height":11}},{"id":"b09b614c-c1da-41f8-b4f7-bd6d22cec917","block_type":"box","text":"development of legal structures governing private and foreign investments and private property. Many emerging","page_number":18,"box":{"x":81,"y":169,"width":818,"height":12}},{"id":"7c85d409-655c-4c36-bf2d-885fce8a15fb","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":18,"box":{"x":82,"y":184,"width":833,"height":12}},{"id":"313dd684-4889-4e9e-89a8-c3c698163a1d","block_type":"box","text":"subject to higher withholding taxes in such countries. In addition, some countries with emerging markets may","page_number":18,"box":{"x":81,"y":199,"width":803,"height":12}},{"id":"a627e472-1292-4770-9d1e-f6b999bae946","block_type":"box","text":"impose differential capital gains taxes on foreign investors. Foreign companies with securities listed on U.S.","page_number":18,"box":{"x":82,"y":214,"width":793,"height":11}},{"id":"37f565df-e5fd-45c6-89a5-f3bb216c4072","block_type":"box","text":"exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which","page_number":18,"box":{"x":81,"y":229,"width":855,"height":11}},{"id":"41c1b75f-a472-4bc1-82b8-2daadd2e140c","block_type":"box","text":"may significantly decrease the liquidity and value of the securities.","page_number":18,"box":{"x":82,"y":244,"width":485,"height":11}},{"id":"86c39fbc-1845-458f-aa40-0e8f9b5950a0","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in","page_number":18,"box":{"x":81,"y":263,"width":843,"height":12}},{"id":"eb114012-b8c4-49ee-a0e2-7c83c6276124","block_type":"box","text":"developed markets, in part because the Fund will need to use brokers and counterparties that are less well","page_number":18,"box":{"x":81,"y":279,"width":790,"height":11}},{"id":"53095a9d-8a7b-4f32-a127-c76d567e2614","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":18,"box":{"x":81,"y":293,"width":823,"height":12}},{"id":"4f93fbac-f91d-43df-9d2e-cb78697397a3","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":18,"box":{"x":82,"y":308,"width":843,"height":12}},{"id":"ada2386b-70e5-4f53-bd51-f7a5e6088141","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would","page_number":18,"box":{"x":82,"y":323,"width":845,"height":11}},{"id":"02fd1f02-f37a-46b3-a4d3-88350eef1ab5","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation. In","page_number":18,"box":{"x":81,"y":338,"width":837,"height":11}},{"id":"66cc9ec5-d6cb-4d95-a3e3-cb3d6707b380","block_type":"box","text":"addition, communications between the United States and emerging market countries may be unreliable, increasing","page_number":18,"box":{"x":81,"y":353,"width":844,"height":11}},{"id":"67034087-58fa-405c-ae56-bb4529eac5a2","block_type":"box","text":"the risk of delayed settlements or losses of security certificates.","page_number":18,"box":{"x":80,"y":367,"width":474,"height":12}},{"id":"ad787aeb-a6c3-4d30-bed3-691f1299891a","block_type":"box","text":"Equity Securities Risk","page_number":18,"box":{"x":81,"y":387,"width":166,"height":12}},{"id":"30f6409c-f1ee-4009-b3ad-fb92e621a415","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":18,"box":{"x":251,"y":387,"width":666,"height":12}},{"id":"633b4ab1-9b03-4c7f-8377-c68e2affda93","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":18,"box":{"x":81,"y":402,"width":850,"height":12}},{"id":"d01e7c73-5cde-4bcb-b017-1802f159f58b","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":18,"box":{"x":82,"y":417,"width":802,"height":11}},{"id":"284d74f9-85c2-4942-86ab-b5493778b33b","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":18,"box":{"x":81,"y":432,"width":854,"height":11}},{"id":"a84d2a3e-1616-45cb-a730-399f53517f57","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":18,"box":{"x":81,"y":447,"width":848,"height":11}},{"id":"5ac958df-d0b9-47a4-bc46-f553a9463131","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":18,"box":{"x":81,"y":462,"width":824,"height":11}},{"id":"2e45c4ff-6c58-4dbf-8768-e89143dc0aaf","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":18,"box":{"x":81,"y":476,"width":782,"height":12}},{"id":"8f25a8ad-52f7-4bf9-a9e2-35356de92391","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":18,"box":{"x":82,"y":491,"width":849,"height":12}},{"id":"057b9645-8da2-4b3f-a957-c6e52fe2121e","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":18,"box":{"x":82,"y":506,"width":482,"height":11}},{"id":"d03be665-990c-4360-af54-a9cd16874c54","block_type":"box","text":"Focus Risk","page_number":18,"box":{"x":81,"y":526,"width":84,"height":9}},{"id":"bc31ac1e-1e8c-4f9c-9259-11af307f4fac","block_type":"box","text":"— Under normal circumstances, the Fund focuses its investments in the securities of a limited number","page_number":18,"box":{"x":168,"y":526,"width":760,"height":11}},{"id":"c4a818e1-3344-4175-abde-d10b460d3760","block_type":"box","text":"of issuers. This may subject the Fund to greater issuer-specific risk and potential losses than a fund that invests in","page_number":18,"box":{"x":81,"y":541,"width":845,"height":11}},{"id":"c835b388-2ad1-4f1b-9a7f-18ed90e4a734","block_type":"box","text":"the securities of a greater number of issuers.","page_number":18,"box":{"x":80,"y":555,"width":333,"height":12}},{"id":"03cc0eb4-369b-4a24-abfe-2675538103cb","block_type":"box","text":"Foreign Securities Risk","page_number":18,"box":{"x":81,"y":576,"width":176,"height":11}},{"id":"ec77b2a6-8e2f-45f6-8314-928d2f84e643","block_type":"box","text":"— Securities traded in foreign markets have often (though not always) performed differently","page_number":18,"box":{"x":260,"y":575,"width":677,"height":12}},{"id":"654de792-c705-499d-9e78-67611a7ddeb7","block_type":"box","text":"from securities traded in the United States. However, such investments often involve special risks not present in","page_number":18,"box":{"x":81,"y":590,"width":827,"height":12}},{"id":"f4c9d9b6-8c0f-48e1-b4e9-7ad2deb893f0","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":18,"box":{"x":82,"y":605,"width":837,"height":12}},{"id":"f8ecddfb-7d27-4e49-9ac1-10625b8666e4","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":18,"box":{"x":80,"y":620,"width":849,"height":12}},{"id":"2cb1fda9-5f11-4ef9-9d00-4011fbb64aac","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":18,"box":{"x":81,"y":635,"width":841,"height":11}},{"id":"b9ab1e36-b88c-4197-8dce-50964c7cec50","block_type":"box","text":"foreign securities may go up and down more than prices of securities traded in the United States.","page_number":18,"box":{"x":81,"y":650,"width":716,"height":11}},{"id":"dd4ae11d-e23a-49cc-9a04-c56079c66246","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States","page_number":18,"box":{"x":82,"y":670,"width":468,"height":11}},{"id":"c28a6f33-958b-4468-9bad-d764d29da694","block_type":"box","text":"— The Fund generally holds its foreign securities","page_number":18,"box":{"x":555,"y":670,"width":358,"height":11}},{"id":"61f8d0f8-2018-4664-bd59-704ff9fe0403","block_type":"box","text":"and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be","page_number":18,"box":{"x":81,"y":684,"width":813,"height":12}},{"id":"3eef04ad-bbb1-4c50-9ebb-f79c3f21c16c","block_type":"box","text":"recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory","page_number":18,"box":{"x":82,"y":699,"width":791,"height":12}},{"id":"83d087b4-be32-4c00-9d89-4bdc00f0eeec","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":18,"box":{"x":81,"y":714,"width":818,"height":12}},{"id":"daf6069f-9243-4a8a-91ff-d432780a0e4a","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":18,"box":{"x":81,"y":729,"width":833,"height":11}},{"id":"eb70d31d-4e1f-4569-9d9e-f7e248969b84","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":18,"box":{"x":81,"y":744,"width":816,"height":11}},{"id":"75b55813-0316-4c64-ba91-516df2c212b3","block_type":"box","text":"increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments and","page_number":18,"box":{"x":82,"y":759,"width":827,"height":11}},{"id":"3b316415-38dc-4a31-8897-ba1f14633a35","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":18,"box":{"x":80,"y":773,"width":848,"height":12}},{"id":"dbbc7224-9607-4d40-a1e4-6e4d3d7a6856","block_type":"box","text":"United States.","page_number":18,"box":{"x":82,"y":788,"width":102,"height":9}},{"id":"58bda26e-1e6e-4b15-9521-0780d67c550f","block_type":"box","text":"Currency Risk","page_number":18,"box":{"x":82,"y":808,"width":100,"height":12}},{"id":"193690a6-5eef-407d-8ca1-f1b9ebfce64d","block_type":"box","text":"— Securities and other instruments in which the Fund invests may be denominated or quoted in","page_number":18,"box":{"x":186,"y":808,"width":706,"height":12}},{"id":"a304289d-ea16-4103-b232-c79460fcc868","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":18,"box":{"x":81,"y":823,"width":823,"height":12}},{"id":"03d9a867-d1e1-4aa6-83c7-822f9ac4271c","block_type":"box","text":"value of the Fund’s portfolio.","page_number":18,"box":{"x":80,"y":838,"width":211,"height":11}},{"id":"9da03378-3491-4b58-9505-3a8fde78576f","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":18,"box":{"x":81,"y":858,"width":823,"height":11}},{"id":"727abca9-af42-4570-b2c9-3f148a6380fc","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":18,"box":{"x":82,"y":873,"width":834,"height":11}},{"id":"2769b82b-5d9b-43b4-ab72-4bb929c65498","block_type":"box","text":"against a foreign currency, a security denominated in that currency gains value because the currency is worth more","page_number":18,"box":{"x":81,"y":887,"width":846,"height":12}},{"id":"e397a6a5-927a-4f65-b405-7b78ce174e23","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":18,"box":{"x":82,"y":902,"width":826,"height":12}},{"id":"36362f30-517d-43b2-b5de-648154024f18","block_type":"box","text":"U.S. investors while a weak U.S. dollar will increase those returns.","page_number":18,"box":{"x":82,"y":917,"width":486,"height":9}},{"id":"0e4acc7d-f183-4f50-8601-d49cd12cde1c","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"7cd0daa4-efb3-4f2d-91ed-31846da58a3e","block_type":"box","text":"NM1026U-5988115-18/72","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2abf4b8b-cf8c-49fc-bcdb-9252adab13ae","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":19,"box":{"x":81,"y":46,"width":817,"height":11}},{"id":"6af23362-34cf-435f-828c-a0f544aad491","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":19,"box":{"x":81,"y":61,"width":851,"height":11}},{"id":"ccb57111-70e3-4f20-933f-82f3888732b9","block_type":"box","text":"issuer’s ability to repay its obligation under the U.S. dollar-denominated security may be negatively impacted.","page_number":19,"box":{"x":82,"y":75,"width":799,"height":12}},{"id":"5b1573da-233e-4ec4-a9d4-7ac25a8ca985","block_type":"box","text":"Foreign Economy Risk","page_number":19,"box":{"x":82,"y":96,"width":160,"height":11}},{"id":"389df358-a5f4-4f6d-af36-f3f566df5c66","block_type":"box","text":"— The economies of certain foreign markets may not compare favorably with the economy of","page_number":19,"box":{"x":246,"y":95,"width":685,"height":12}},{"id":"7168e496-7f3c-40d1-a562-be0d00c8b137","block_type":"box","text":"the United States with respect to such issues as growth of gross national product, reinvestment of capital,","page_number":19,"box":{"x":80,"y":110,"width":785,"height":12}},{"id":"03c7397d-6a8a-46cc-a535-a1fdc3fdb567","block_type":"box","text":"resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or","page_number":19,"box":{"x":82,"y":125,"width":845,"height":11}},{"id":"32482bb8-5ae7-4299-9b61-3a8a6c2ee4f3","block_type":"box","text":"foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a","page_number":19,"box":{"x":81,"y":140,"width":853,"height":11}},{"id":"b69154b6-1d40-45d8-a85a-34ab9b2cc1b4","block_type":"box","text":"particular country or countries, changes in international trading patterns, trade barriers and other protectionist or","page_number":19,"box":{"x":82,"y":155,"width":831,"height":11}},{"id":"a798a27f-d8b2-45b0-9e18-1e8a14c9feee","block_type":"box","text":"retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such","page_number":19,"box":{"x":82,"y":169,"width":846,"height":12}},{"id":"45cdac7f-4cf6-4a92-85f4-51904846de5a","block_type":"box","text":"as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the","page_number":19,"box":{"x":81,"y":184,"width":808,"height":11}},{"id":"f0d4769f-db0b-4653-9591-49730bdffd82","block_type":"box","text":"imposition of punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest","page_number":19,"box":{"x":82,"y":199,"width":851,"height":12}},{"id":"825587cc-b660-443a-9a14-7d97578439a0","block_type":"box","text":"rates, political events, military action and other conditions may, without prior warning, lead to the governments of","page_number":19,"box":{"x":82,"y":214,"width":832,"height":11}},{"id":"196e10b9-ddc4-46d4-b226-c8bcb408d58a","block_type":"box","text":"certain countries, or the U.S. Government with respect to certain countries, prohibiting or imposing substantial","page_number":19,"box":{"x":81,"y":229,"width":814,"height":11}},{"id":"b80e03d0-dcbf-41c1-be78-55f25c131c36","block_type":"box","text":"restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain","page_number":19,"box":{"x":82,"y":244,"width":805,"height":11}},{"id":"39a24c31-1942-4203-9553-25e890b597d4","block_type":"box","text":"industries in those countries. Capital controls and/or sanctions may include the prohibition of, or restrictions on,","page_number":19,"box":{"x":82,"y":258,"width":827,"height":12}},{"id":"33888838-1555-4bfe-ad1c-e86faa003f12","block_type":"box","text":"the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory","page_number":19,"box":{"x":80,"y":273,"width":801,"height":12}},{"id":"e764fed6-2d68-4a7e-a911-01f193420a8c","block_type":"box","text":"actions of one government against another government, such as seizure of assets. Any of these actions could","page_number":19,"box":{"x":81,"y":288,"width":809,"height":12}},{"id":"b7a85cd7-babf-49d9-9e4b-270bc968b028","block_type":"box","text":"severely impair the Fund’s ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign","page_number":19,"box":{"x":81,"y":303,"width":849,"height":11}},{"id":"27d48872-578e-409f-9821-2148f31387c6","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":19,"box":{"x":81,"y":318,"width":848,"height":11}},{"id":"9bf25471-6c0f-4697-83e5-24f03590ef33","block_type":"box","text":"could negatively impact the value and/or liquidity of such assets or otherwise adversely affect the Fund’s","page_number":19,"box":{"x":81,"y":332,"width":774,"height":12}},{"id":"84999694-a147-463a-9b81-e0a939667266","block_type":"box","text":"operations, causing the Fund to decline in value.","page_number":19,"box":{"x":81,"y":348,"width":355,"height":11}},{"id":"174846d6-1b75-4e18-ac92-89e7b6518973","block_type":"box","text":"Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on","page_number":19,"box":{"x":81,"y":367,"width":838,"height":12}},{"id":"387e8875-8b4b-487b-af11-8ffa25bcc89a","block_type":"box","text":"foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social","page_number":19,"box":{"x":81,"y":382,"width":815,"height":12}},{"id":"e6de621c-e36d-4cae-b2a8-d98212fbcaea","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":19,"box":{"x":82,"y":397,"width":827,"height":12}},{"id":"b2c4c24e-5d74-4c7a-b9d1-45d5a069b8ac","block_type":"box","text":"regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets,","page_number":19,"box":{"x":82,"y":412,"width":832,"height":11}},{"id":"5e55de13-f652-4f55-b8f0-2d00a9944bcd","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":19,"box":{"x":81,"y":427,"width":781,"height":11}},{"id":"a97d10c2-5115-4ff4-b1ff-261658d3113e","block_type":"box","text":"impossible, to predict and take into account with respect to the Fund’s investments.","page_number":19,"box":{"x":82,"y":442,"width":617,"height":11}},{"id":"9fc5bdb9-dc93-4f14-88a6-a5f17cf26574","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":19,"box":{"x":82,"y":462,"width":476,"height":11}},{"id":"17c3be2c-bbed-462f-9f92-c07248b584cb","block_type":"box","text":"— Many foreign governments do not supervise","page_number":19,"box":{"x":563,"y":461,"width":344,"height":12}},{"id":"bf8b2563-a08a-49a3-9374-fd54b676f8d1","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":19,"box":{"x":81,"y":476,"width":827,"height":12}},{"id":"022757f9-fcf5-4941-b96c-58e25121a6fe","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":19,"box":{"x":80,"y":491,"width":855,"height":11}},{"id":"132d99fe-32d2-4e65-9951-8f30a3104520","block_type":"box","text":"example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a","page_number":19,"box":{"x":81,"y":506,"width":831,"height":11}},{"id":"c88b7b8c-facb-4857-9c3b-ac4ebe8767fe","block_type":"box","text":"person buys or sells a company’s securities based on material non-public information about that company. In","page_number":19,"box":{"x":82,"y":521,"width":800,"height":11}},{"id":"29a351b3-eecc-4c3d-9230-f1ad0fd13e42","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":19,"box":{"x":81,"y":535,"width":829,"height":12}},{"id":"ede0152b-973c-4a4b-b09f-513cf0cfa689","block_type":"box","text":"shareholder rights, and pursue legal remedies with respect to its foreign investments. Accounting standards in other","page_number":19,"box":{"x":81,"y":550,"width":856,"height":12}},{"id":"c71c137a-0465-4869-87d3-ee08bbcbfbf6","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":19,"box":{"x":81,"y":565,"width":834,"height":12}},{"id":"bfb320f0-1ccf-42cc-a5d9-0116233ab682","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":19,"box":{"x":82,"y":580,"width":844,"height":12}},{"id":"1970295d-b81f-44fe-81b6-dc6e5e6dcab8","block_type":"box","text":"accurately determine a company’s financial condition.","page_number":19,"box":{"x":81,"y":595,"width":393,"height":11}},{"id":"b35810f0-a9a5-4105-8c1c-ccab59180805","block_type":"box","text":"Settlement Risk","page_number":19,"box":{"x":82,"y":615,"width":117,"height":9}},{"id":"6cb359cc-08e2-4690-b1f7-24c0b5148d59","block_type":"box","text":"— Settlement and clearance procedures in certain foreign markets differ significantly from those in","page_number":19,"box":{"x":203,"y":615,"width":730,"height":11}},{"id":"67e2c392-36a8-43a9-9aeb-cfd59de2cfe2","block_type":"box","text":"the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks","page_number":19,"box":{"x":80,"y":630,"width":856,"height":11}},{"id":"09ef0731-2280-4e33-8ae3-15e85a4a08b5","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":19,"box":{"x":81,"y":644,"width":784,"height":12}},{"id":"c479d706-e9ed-423e-b189-9cba9e24da2a","block_type":"box","text":"investments.","page_number":19,"box":{"x":82,"y":660,"width":92,"height":8}},{"id":"92c5d558-85d6-49af-801c-2c37917f23a5","block_type":"box","text":"At times, settlements in certain foreign countries have not kept pace with the number of securities transactions.","page_number":19,"box":{"x":81,"y":679,"width":825,"height":12}},{"id":"e0de1f11-acc1-47e8-b47a-d35eee036dc7","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":19,"box":{"x":81,"y":694,"width":839,"height":12}},{"id":"54c85511-4a5d-43ec-9d15-44a04b0c6e64","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":19,"box":{"x":82,"y":709,"width":854,"height":11}},{"id":"bfd03782-e2be-4bc1-aafc-e304fe7f48b8","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":19,"box":{"x":82,"y":724,"width":839,"height":11}},{"id":"7791f7c4-114f-4bc0-a607-3705395f3d43","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":19,"box":{"x":81,"y":739,"width":841,"height":11}},{"id":"3c0c0f4e-fbae-4eb5-908d-fbe6631c7b0a","block_type":"box","text":"to another party, the Fund could be liable for any losses incurred.","page_number":19,"box":{"x":80,"y":753,"width":480,"height":12}},{"id":"b29841c1-5cf8-4795-b09a-72728693398f","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":19,"box":{"x":83,"y":774,"width":221,"height":11}},{"id":"1a50539f-19d9-4d68-9c0b-09c49810f906","block_type":"box","text":"— The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":19,"box":{"x":308,"y":773,"width":589,"height":12}},{"id":"f2bbe8b4-8fe9-4312-b768-57ff470c9a1a","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":19,"box":{"x":82,"y":788,"width":838,"height":12}},{"id":"f8053255-cd4d-4c09-9882-7e43b6f9ce14","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding tax","page_number":19,"box":{"x":81,"y":803,"width":834,"height":12}},{"id":"effc00fe-1d91-4b87-b699-8f78c1c215f3","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":19,"box":{"x":82,"y":818,"width":836,"height":11}},{"id":"96cd4c13-f707-4f05-b95b-2bf0ee449cae","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":19,"box":{"x":80,"y":833,"width":854,"height":11}},{"id":"e63c67e7-9402-464c-b37e-a9ae5eaa7985","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":19,"box":{"x":80,"y":847,"width":831,"height":12}},{"id":"dc778bb1-95c7-4e98-a99e-a29a4b1cb445","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":19,"box":{"x":82,"y":862,"width":852,"height":12}},{"id":"a81c45aa-87a0-41b7-a092-f37aa23b275a","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":19,"box":{"x":81,"y":877,"width":848,"height":12}},{"id":"1428eda0-66c0-435c-a453-a674bc0a59f6","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":19,"box":{"x":81,"y":892,"width":831,"height":12}},{"id":"5154627d-e410-40ef-8dca-24eef4fcc12f","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":19,"box":{"x":80,"y":907,"width":830,"height":11}},{"id":"03cad353-a9a0-423a-9727-28309420cab7","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"3ad366fe-f5a6-4fe1-9938-4ad47c133537","block_type":"box","text":"NM1026U-5988115-19/72","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9e9d9776-0bc9-4ac4-8c28-7ae50a9a6053","block_type":"box","text":"previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting","page_number":20,"box":{"x":82,"y":46,"width":832,"height":11}},{"id":"6f118503-857e-4ad1-9255-1ecd04cc1a3d","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":20,"box":{"x":82,"y":60,"width":836,"height":12}},{"id":"a797ec9d-6769-4037-900e-1a32f140c194","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":20,"box":{"x":81,"y":76,"width":325,"height":9}},{"id":"5defe893-514e-4ea5-ac6f-6946fce3d9bf","block_type":"box","text":"High Yield Bonds Risk","page_number":20,"box":{"x":81,"y":95,"width":167,"height":12}},{"id":"937fc3d1-7bae-426e-96d2-bbd035805b50","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":20,"box":{"x":252,"y":95,"width":667,"height":12}},{"id":"9edb1bb1-5784-44d2-8045-8f9ee92c175b","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":20,"box":{"x":79,"y":110,"width":835,"height":12}},{"id":"5b148737-9833-4b6c-9323-b8045e7a7d50","block_type":"box","text":"for the Fund. The major risks of junk bond investments include:","page_number":20,"box":{"x":81,"y":125,"width":462,"height":11}},{"id":"fd9a2aa9-4bb0-4645-8493-88db69c6cf39","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":20,"box":{"x":101,"y":145,"width":789,"height":11}},{"id":"6c81cada-efb9-45dc-908d-28b557edc040","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":20,"box":{"x":101,"y":160,"width":795,"height":11}},{"id":"533320c4-6952-457b-b4ac-ed223ad56f6f","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":20,"box":{"x":102,"y":175,"width":802,"height":11}},{"id":"7e14c2c4-6dd9-421e-9816-cefdfd07673a","block_type":"box","text":"assets available to repay junk bond holders.","page_number":20,"box":{"x":101,"y":190,"width":323,"height":11}},{"id":"c5526fce-774f-4cb4-9db4-6b9d02ff7c6e","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and","page_number":20,"box":{"x":102,"y":209,"width":786,"height":12}},{"id":"ddbf101c-0383-429e-a5e4-d996be0605fa","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":20,"box":{"x":101,"y":224,"width":811,"height":12}},{"id":"7e0e897d-7bde-4dc7-b94a-9d36fba44274","block_type":"box","text":"fixed-income securities.","page_number":20,"box":{"x":101,"y":239,"width":171,"height":9}},{"id":"9bf3c10c-c73b-47a6-968d-e1d6ca80f5ca","block_type":"box","text":"Issuers of junk bonds may be unable to meet their interest or principal payment obligations because of an","page_number":20,"box":{"x":102,"y":259,"width":778,"height":12}},{"id":"2956c5d2-9d28-4574-862a-075312774db9","block_type":"box","text":"economic downturn, specific issuer developments, or the unavailability of additional financing.","page_number":20,"box":{"x":101,"y":274,"width":689,"height":11}},{"id":"11be481e-157a-437e-85bb-286e2560467f","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from the Fund","page_number":20,"box":{"x":101,"y":294,"width":817,"height":11}},{"id":"4af80a23-a2db-41fb-a940-16193229ca6d","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":20,"box":{"x":102,"y":309,"width":798,"height":11}},{"id":"90c0258e-1c4e-4bfb-997a-259e48f1b0e2","block_type":"box","text":"lower yields and may lose income.","page_number":20,"box":{"x":102,"y":324,"width":249,"height":11}},{"id":"7981f5f7-dc33-48f8-b720-e9e8e22e6d7d","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities, even under normal economic conditions.","page_number":20,"box":{"x":101,"y":343,"width":831,"height":12}},{"id":"a099d216-92e4-475b-b13e-b1a6e42cfd9a","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":20,"box":{"x":101,"y":358,"width":836,"height":12}},{"id":"c428a7d4-ccdb-452d-b69b-45b203f5dacb","block_type":"box","text":"junk bonds by the dealers. Because they are less liquid than higher rated fixed-income securities, judgment may","page_number":20,"box":{"x":99,"y":373,"width":825,"height":12}},{"id":"1a27f526-0852-42f5-9170-7826d7eb2c8c","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":20,"box":{"x":102,"y":388,"width":761,"height":11}},{"id":"f60a2611-66af-4a4e-a701-a2ff7793c6c8","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":20,"box":{"x":101,"y":408,"width":815,"height":11}},{"id":"d0eddc71-877f-4a87-9146-a54a42d5dd7a","block_type":"box","text":"with a defaulting issuer.","page_number":20,"box":{"x":101,"y":423,"width":173,"height":11}},{"id":"48f01e35-fb41-4f54-8144-2e9f75e39924","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":20,"box":{"x":81,"y":445,"width":817,"height":12}},{"id":"8b22ab8a-b4d3-45b0-8d27-af20a96c6fa8","block_type":"box","text":"value may change from time to time, positively or negatively, to reflect new developments regarding the issuer.","page_number":20,"box":{"x":80,"y":460,"width":811,"height":12}},{"id":"40c92b84-c190-47e0-8f02-80037d43b44e","block_type":"box","text":"Income Producing Stock Availability Risk","page_number":20,"box":{"x":81,"y":480,"width":310,"height":11}},{"id":"ca3bbb2b-51c6-4f19-b9d4-4283fe4a6f16","block_type":"box","text":"—","page_number":20,"box":{"x":396,"y":485,"width":17,"height":1}},{"id":"96ca5e71-9bb4-45ca-9f37-615df2a8f545","block_type":"box","text":"Depending upon market conditions, income producing common stock","page_number":20,"box":{"x":418,"y":480,"width":507,"height":12}},{"id":"0afcb44d-d9f7-473a-b7b8-f07ac953b72d","block_type":"box","text":"that meets the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a","page_number":20,"box":{"x":80,"y":495,"width":837,"height":11}},{"id":"5e616a5a-cf8d-4d1b-9630-f96177640be1","block_type":"box","text":"few market sectors. This may limit the ability of the Fund to produce current income while remaining fully diversified.","page_number":20,"box":{"x":81,"y":510,"width":852,"height":11}},{"id":"9db7a512-e010-41a2-95dc-7fe0d3413e6b","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":20,"box":{"x":81,"y":530,"width":271,"height":9}},{"id":"3a8c11fd-341b-4fa8-b527-53788b8b87e3","block_type":"box","text":"—","page_number":20,"box":{"x":356,"y":535,"width":17,"height":1}},{"id":"983a12ea-cbe7-4afc-b4b6-e036da83d256","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":20,"box":{"x":379,"y":530,"width":499,"height":11}},{"id":"d6fe6198-7297-430b-bac2-ff72707bb6c9","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":20,"box":{"x":82,"y":545,"width":839,"height":11}},{"id":"08a25022-f77a-4812-8969-428d0401fd06","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":20,"box":{"x":80,"y":559,"width":799,"height":12}},{"id":"baa57085-2990-4cc7-89c5-67320ddfb6e1","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":20,"box":{"x":82,"y":574,"width":796,"height":12}},{"id":"ba94aba8-2d20-4823-9091-116fac575839","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":20,"box":{"x":81,"y":589,"width":855,"height":12}},{"id":"71d9509c-50b0-424e-90ef-c04f162135fc","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":20,"box":{"x":82,"y":604,"width":441,"height":11}},{"id":"37e7d57d-0fde-4f5f-af6d-5969a2992055","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":20,"box":{"x":81,"y":624,"width":276,"height":11}},{"id":"476d5d85-8d3b-407f-af07-c444b255dd45","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":20,"box":{"x":361,"y":624,"width":573,"height":11}},{"id":"a7a0abf2-d063-4ac8-8048-f0c5d77b4134","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":20,"box":{"x":81,"y":639,"width":848,"height":11}},{"id":"09459cb0-bd7c-4697-98ad-4a3d89d0e937","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":20,"box":{"x":81,"y":654,"width":839,"height":11}},{"id":"56c48feb-61e3-4bd8-9896-efd90ad29865","block_type":"box","text":"performance of large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":20,"box":{"x":82,"y":668,"width":851,"height":12}},{"id":"c8d1f330-87d9-4b9e-8bd4-50382c2dd78e","block_type":"box","text":"Leverage Risk","page_number":20,"box":{"x":81,"y":688,"width":107,"height":12}},{"id":"85cf274c-57a2-47cb-a82c-be29b42da33c","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":20,"box":{"x":192,"y":688,"width":741,"height":12}},{"id":"b78ee39a-8f16-478c-ae34-7f2370c83cb7","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":20,"box":{"x":81,"y":703,"width":787,"height":12}},{"id":"bd037833-e938-4100-865b-443cd50342a7","block_type":"box","text":"investment company registered with the Securities and Exchange Commission (the “SEC”), the Fund is subject to","page_number":20,"box":{"x":82,"y":718,"width":831,"height":11}},{"id":"b2461027-ed88-489c-a980-3981b0ec35fe","block_type":"box","text":"the federal securities laws, including the Investment Company Act and the rules thereunder. Under Rule 18f-4 under","page_number":20,"box":{"x":80,"y":733,"width":853,"height":11}},{"id":"1b05c166-bd71-404a-97d4-f19828903b3a","block_type":"box","text":"the Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or","page_number":20,"box":{"x":80,"y":748,"width":808,"height":11}},{"id":"a30c75e8-b0be-4744-b5e3-9b22fd7f6fc6","block_type":"box","text":"comply with an outer limit on fund leverage risk based on value-at-risk. The use of leverage may cause the Fund to","page_number":20,"box":{"x":81,"y":762,"width":837,"height":12}},{"id":"aafc9252-2072-41b6-9a19-ca2c5de879d4","block_type":"box","text":"liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the","page_number":20,"box":{"x":82,"y":777,"width":807,"height":12}},{"id":"749c71b8-45f6-40af-bf4a-5f272676800f","block_type":"box","text":"applicable requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the","page_number":20,"box":{"x":81,"y":792,"width":840,"height":11}},{"id":"564d7d35-d7f4-479b-9983-9b60ccda91e3","block_type":"box","text":"value of the Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":20,"box":{"x":80,"y":807,"width":558,"height":11}},{"id":"74241750-26a8-4feb-b152-bb779722fa60","block_type":"box","text":"Market Risk and Selection Risk","page_number":20,"box":{"x":81,"y":827,"width":240,"height":9}},{"id":"d7baebda-969f-4516-ab86-f0e5accf3bc8","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":20,"box":{"x":324,"y":827,"width":593,"height":9}},{"id":"c4be59e6-e98b-45f5-b44b-96754b6ffb47","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":20,"box":{"x":81,"y":842,"width":851,"height":11}},{"id":"c02e2773-381c-4758-b9ff-2dca1b85463b","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":20,"box":{"x":82,"y":856,"width":824,"height":12}},{"id":"88244149-641d-4fc7-ae29-00f5e018d717","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":20,"box":{"x":82,"y":871,"width":851,"height":12}},{"id":"d3a90b5a-f52f-4927-8204-c6d8d00668ee","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":20,"box":{"x":82,"y":886,"width":802,"height":12}},{"id":"e620a58c-1efc-4f01-8cc6-99c89e7ccb23","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":20,"box":{"x":81,"y":901,"width":849,"height":12}},{"id":"79c1fab9-c399-4abd-ace9-808448c8cea3","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":20,"box":{"x":81,"y":916,"width":843,"height":11}},{"id":"ef2598ed-15d9-4b71-ac39-147c154d0b96","block_type":"box","text":"20","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"60d9e751-1339-4a49-9b8b-19faab8ae1e1","block_type":"box","text":"NM1026U-5988115-20/72","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9fcc1723-006b-45b7-b318-20007feaa9e6","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":21,"box":{"x":81,"y":46,"width":830,"height":11}},{"id":"fcbe761f-7d5f-45e8-8bc6-4a82e8b59545","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":21,"box":{"x":82,"y":60,"width":840,"height":12}},{"id":"35520ca4-fe38-4e6a-aba4-f275dba57855","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":21,"box":{"x":81,"y":75,"width":789,"height":12}},{"id":"49136450-2341-47c3-a780-961fbce93b23","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":21,"box":{"x":81,"y":90,"width":823,"height":12}},{"id":"bae186c9-a243-4252-9d1d-74db3b25e2a2","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":21,"box":{"x":81,"y":105,"width":784,"height":12}},{"id":"3e02b501-df69-4712-80ce-b1bbf0caa2bd","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":21,"box":{"x":81,"y":120,"width":844,"height":11}},{"id":"96400c0d-e8e2-443b-bb7e-83f1ec26b2b0","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":21,"box":{"x":82,"y":140,"width":818,"height":11}},{"id":"f0d0b1a6-09cf-44f5-9ad4-424e45187d2b","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":21,"box":{"x":80,"y":155,"width":819,"height":11}},{"id":"385db6f3-d4a2-4363-815e-1c8191d24d89","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":21,"box":{"x":81,"y":169,"width":819,"height":12}},{"id":"341431d5-7834-452f-bd92-2c0c735818bf","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":21,"box":{"x":81,"y":184,"width":846,"height":12}},{"id":"ff56f2fb-4440-4ca3-b3e4-966c6ec5e4a9","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":21,"box":{"x":81,"y":199,"width":848,"height":12}},{"id":"d54f7cbc-11a3-4668-aca8-6320940092e9","block_type":"box","text":"the Fund invests.","page_number":21,"box":{"x":80,"y":214,"width":125,"height":9}},{"id":"7d304e6c-014d-4ee1-86a4-3e921f52bb83","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks","page_number":21,"box":{"x":81,"y":234,"width":346,"height":11}},{"id":"72f2b8a6-a911-4e50-8b17-c87e2f686e64","block_type":"box","text":"— Mortgage-backed securities (residential and commercial) and","page_number":21,"box":{"x":432,"y":234,"width":470,"height":11}},{"id":"6a3dd3ed-91d5-4295-9487-6719195e370d","block_type":"box","text":"asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or","page_number":21,"box":{"x":81,"y":249,"width":835,"height":11}},{"id":"d40983e5-7f66-4037-88da-d402661d5052","block_type":"box","text":"receivables held in trust. Although asset-backed and commercial mortgage-backed securities (“CMBS”) generally","page_number":21,"box":{"x":82,"y":264,"width":828,"height":11}},{"id":"ff8d17bd-e826-4e2b-98e3-39094a9f23f1","block_type":"box","text":"experience less prepayment than residential mortgage-backed securities, mortgage-backed and asset-backed","page_number":21,"box":{"x":81,"y":279,"width":804,"height":11}},{"id":"15734f6a-7520-43b4-8929-6f7381c9b080","block_type":"box","text":"securities, like traditional fixed-income securities, are subject to credit, interest rate, prepayment and extension","page_number":21,"box":{"x":81,"y":293,"width":820,"height":12}},{"id":"692e256d-da80-4182-bed2-711ed86404fb","block_type":"box","text":"risks.","page_number":21,"box":{"x":82,"y":308,"width":37,"height":9}},{"id":"355a7fa8-0f92-40f8-9529-8352955875d0","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of","page_number":21,"box":{"x":81,"y":328,"width":851,"height":12}},{"id":"0f1117b7-0d46-48fb-9b4b-9e82af7348fa","block_type":"box","text":"certain mortgage-backed securities. The Fund’s investments in asset-backed securities are subject to risks similar","page_number":21,"box":{"x":81,"y":343,"width":842,"height":11}},{"id":"1e8b8178-474e-4ac0-a35d-19549f861a1f","block_type":"box","text":"to those associated with mortgage-related securities, as well as additional risks associated with the nature of the","page_number":21,"box":{"x":80,"y":358,"width":837,"height":11}},{"id":"b99c2ff1-97e0-4ebc-bf86-f0a71283d377","block_type":"box","text":"assets and the servicing of those assets. These securities also are subject to the risk of default on the underlying","page_number":21,"box":{"x":81,"y":372,"width":840,"height":12}},{"id":"32cae1c5-76f7-4008-9563-25ed4e58f98f","block_type":"box","text":"mortgages or assets, particularly during periods of economic downturn. Certain CMBS are issued in several classes","page_number":21,"box":{"x":82,"y":387,"width":852,"height":12}},{"id":"94364ad6-a9ae-49df-82c1-e7fb86830e5b","block_type":"box","text":"with different levels of yield and credit protection. The Fund’s investments in CMBS with several classes may be in","page_number":21,"box":{"x":80,"y":402,"width":842,"height":12}},{"id":"3bbd1bc5-4531-4c5f-bc7a-3f85da1c56f3","block_type":"box","text":"the lower classes that have greater risks than the higher classes, including greater interest rate, credit and","page_number":21,"box":{"x":80,"y":417,"width":787,"height":11}},{"id":"a14c5891-a358-42c4-8330-f6142786c786","block_type":"box","text":"prepayment risks.","page_number":21,"box":{"x":82,"y":432,"width":128,"height":11}},{"id":"55a11528-8b8f-4f0d-ae03-cd53382348d0","block_type":"box","text":"Mortgage-backed securities may be either pass-through securities or collateralized mortgage obligations (“CMOs”).","page_number":21,"box":{"x":82,"y":452,"width":842,"height":11}},{"id":"c12eb4e7-15f1-48d2-b1b1-a9d96fde7d97","block_type":"box","text":"Pass-through securities represent a right to receive principal and interest payments collected on a pool of","page_number":21,"box":{"x":81,"y":467,"width":776,"height":11}},{"id":"964418d1-d64e-45b9-8252-df2841fbf0b3","block_type":"box","text":"mortgages, which are passed through to security holders. CMOs are created by dividing the principal and interest","page_number":21,"box":{"x":82,"y":482,"width":831,"height":11}},{"id":"b45543cd-428c-450e-b5e1-a5ec73d65d89","block_type":"box","text":"payments collected on a pool of mortgages into several revenue streams (“tranches”) with different priority rights to","page_number":21,"box":{"x":82,"y":496,"width":852,"height":12}},{"id":"b2552669-fb5e-4ea8-930d-0f13ad64be97","block_type":"box","text":"portions of the underlying mortgage payments. Certain CMO tranches may represent a right to receive interest only","page_number":21,"box":{"x":82,"y":511,"width":846,"height":12}},{"id":"3efb2408-d083-41de-9cd8-81bed263bca5","block_type":"box","text":"(“IOs”), principal only (“POs”) or an amount that remains after floating-rate tranches are paid (an “inverse floater”).","page_number":21,"box":{"x":81,"y":526,"width":843,"height":11}},{"id":"96c016ce-2e26-4c7b-80f8-474ffe189d9b","block_type":"box","text":"These securities are frequently referred to as “mortgage derivatives” and may be extremely sensitive to changes in","page_number":21,"box":{"x":81,"y":541,"width":846,"height":11}},{"id":"4407ab13-c7e3-4289-94f5-cefb0d8a3f0e","block_type":"box","text":"interest rates. Interest rates on inverse floaters, for example, vary inversely with a short-term floating rate (which","page_number":21,"box":{"x":82,"y":555,"width":828,"height":12}},{"id":"1dceb2e1-9626-4de7-b39c-6c0cb5bc6ef1","block_type":"box","text":"may be reset periodically). Interest rates on inverse floaters will decrease when short-term rates increase, and will","page_number":21,"box":{"x":82,"y":570,"width":838,"height":12}},{"id":"0a369875-ff93-4662-b294-ea51d40b258e","block_type":"box","text":"increase when short-term rates decrease. These securities have the effect of providing a degree of investment","page_number":21,"box":{"x":82,"y":585,"width":813,"height":12}},{"id":"28ba78c8-8084-4808-a016-d80b9525e177","block_type":"box","text":"leverage. In response to changes in market interest rates or other market conditions, the value of an inverse floater","page_number":21,"box":{"x":82,"y":600,"width":850,"height":12}},{"id":"ab56c7ac-47c1-42f0-aa38-3e36702b8923","block_type":"box","text":"may increase or decrease at a multiple of the increase or decrease in the value of the underlying securities. If the","page_number":21,"box":{"x":82,"y":615,"width":834,"height":11}},{"id":"c67f5cb3-78d9-4538-80fb-ac7ed5aa0a86","block_type":"box","text":"Fund invests in CMO tranches (including CMO tranches issued by government agencies) and interest rates move in","page_number":21,"box":{"x":82,"y":630,"width":842,"height":11}},{"id":"b0220efc-0c71-4c39-91ea-980126ae2584","block_type":"box","text":"a manner not anticipated by Fund management, it is possible that the Fund could lose all or substantially all of its","page_number":21,"box":{"x":81,"y":644,"width":836,"height":12}},{"id":"ac048a43-9824-4333-8d57-c694c9c569cd","block_type":"box","text":"investment. Certain mortgage-backed securities in which the Fund may invest may also provide a degree of","page_number":21,"box":{"x":82,"y":659,"width":787,"height":12}},{"id":"d3a741fa-d4cd-4608-bf27-4da9a4457b0d","block_type":"box","text":"investment leverage, which could cause the Fund to lose all or substantially all of its investment.","page_number":21,"box":{"x":82,"y":674,"width":708,"height":12}},{"id":"9bcd5f07-4e3f-4960-8fb0-8f4401948932","block_type":"box","text":"The mortgage market in the United States has experienced difficulties that may adversely affect the performance","page_number":21,"box":{"x":81,"y":694,"width":834,"height":12}},{"id":"c02719a9-8278-4665-9e71-30ef9f7a207d","block_type":"box","text":"and market value of certain of the Fund’s mortgage-related investments. Delinquencies and losses on mortgage","page_number":21,"box":{"x":81,"y":709,"width":825,"height":11}},{"id":"a00a5ee1-553a-4144-b352-6ffa00f08158","block_type":"box","text":"loans (including subprime and second-lien mortgage loans) and a decline in or flattening of real estate values (in","page_number":21,"box":{"x":82,"y":724,"width":825,"height":11}},{"id":"73b44ff3-aafd-4c37-b5ca-204b46190f90","block_type":"box","text":"each case as has been experienced and may continue to be experienced in many housing markets) may exacerbate","page_number":21,"box":{"x":81,"y":739,"width":850,"height":11}},{"id":"6dcadbe9-b14a-4d46-83c5-f31d1296c568","block_type":"box","text":"such delinquencies and losses. Also, a number of mortgage loan originators have experienced serious financial","page_number":21,"box":{"x":81,"y":753,"width":818,"height":12}},{"id":"fa7a413e-dcfa-447a-967d-8e57cb614836","block_type":"box","text":"difficulties or bankruptcy. Reduced investor demand for mortgage loans and mortgage-related securities and","page_number":21,"box":{"x":81,"y":768,"width":796,"height":12}},{"id":"56e3c902-fc51-4708-9eb2-1491b709843f","block_type":"box","text":"increased investor yield requirements have caused limited liquidity in the secondary market for mortgage-related","page_number":21,"box":{"x":82,"y":783,"width":825,"height":12}},{"id":"3b744bb6-9b57-4889-8374-91343f4c07e3","block_type":"box","text":"securities, which can adversely affect the market value of mortgage-related securities. It is possible that such","page_number":21,"box":{"x":81,"y":798,"width":807,"height":11}},{"id":"56aa3237-a6ee-478d-b3d6-179a6baf2b9c","block_type":"box","text":"limited liquidity in such secondary markets could continue or worsen.","page_number":21,"box":{"x":82,"y":813,"width":505,"height":11}},{"id":"836985c7-faf1-42c6-99d9-4a0afa70d67d","block_type":"box","text":"Asset-backed securities entail certain risks not presented by mortgage-backed securities, including the risk that in","page_number":21,"box":{"x":81,"y":833,"width":839,"height":11}},{"id":"217cdf02-26ee-4fa6-9ab4-689677ae1567","block_type":"box","text":"certain states it may be difficult to perfect the liens securing the collateral backing certain asset-backed securities.","page_number":21,"box":{"x":81,"y":847,"width":849,"height":12}},{"id":"fc74e8da-326d-4f9b-a9ce-0d3658c4096e","block_type":"box","text":"In addition, certain asset-backed securities are based on loans that are unsecured, which means that there is no","page_number":21,"box":{"x":82,"y":863,"width":832,"height":10}},{"id":"7041538f-b7e4-45aa-89b6-14fa06503fa9","block_type":"box","text":"collateral to seize if the underlying borrower defaults.","page_number":21,"box":{"x":81,"y":877,"width":388,"height":12}},{"id":"1eb79dd9-dbf1-4f80-8364-9343d323fc54","block_type":"box","text":"“New Issues” Risk","page_number":21,"box":{"x":83,"y":897,"width":139,"height":9}},{"id":"e88b4c45-7f1d-497f-b063-22841d4c1358","block_type":"box","text":"— “New issues” are IPOs of equity securities. Investments in companies that have recently","page_number":21,"box":{"x":226,"y":897,"width":673,"height":12}},{"id":"0d361417-34ba-4eb5-acdc-ca4f07c68065","block_type":"box","text":"gone public have the potential to produce substantial gains for the Fund. However, there is no assurance that the","page_number":21,"box":{"x":81,"y":912,"width":833,"height":12}},{"id":"1ce9c14d-0417-407c-8e00-195666b7d744","block_type":"box","text":"21","page_number":21,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"9a021ac2-8e6e-4230-a549-17cc7d7d8bf1","block_type":"box","text":"NM1026U-5988115-21/72","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d3f7935b-8208-4436-97e2-fec07fb37e47","block_type":"box","text":"Fund will have access to profitable IPOs and therefore investors should not rely on these past gains as an indication","page_number":22,"box":{"x":82,"y":46,"width":853,"height":11}},{"id":"cf9333c7-187d-4e68-bdad-55472fb574a6","block_type":"box","text":"of future performance. The investment performance of the Fund during periods when it is unable to invest","page_number":22,"box":{"x":81,"y":60,"width":778,"height":12}},{"id":"bf6eafe0-3cff-41d0-a8d2-a3b634961954","block_type":"box","text":"significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. In addition, as the","page_number":22,"box":{"x":81,"y":75,"width":827,"height":12}},{"id":"30824aec-dd4c-4fd4-9774-90e03a0deb4a","block_type":"box","text":"Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease. Securities issued in","page_number":22,"box":{"x":82,"y":90,"width":838,"height":12}},{"id":"0e7ba665-c42a-46e6-81bc-9052803102cd","block_type":"box","text":"IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":22,"box":{"x":82,"y":105,"width":776,"height":12}},{"id":"81aad70b-c809-406d-a7bd-ff3cfac4219b","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":22,"box":{"x":81,"y":120,"width":830,"height":11}},{"id":"ac73c282-8a72-476d-813b-d0c0da07863c","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after","page_number":22,"box":{"x":82,"y":135,"width":834,"height":11}},{"id":"7e49db32-3d33-492f-ab67-e0cdbfe6fbab","block_type":"box","text":"the IPO. When an IPO is brought to the market, availability may be limited and the Fund may not be able to buy any","page_number":22,"box":{"x":80,"y":150,"width":844,"height":11}},{"id":"d14b9909-c78c-453b-bd63-fd1432c4b696","block_type":"box","text":"shares at the offering price, or, if it is able to buy shares, it may not be able to buy as many shares at the offering","page_number":22,"box":{"x":81,"y":164,"width":840,"height":12}},{"id":"da37b063-4070-4664-b69d-d21fb672cfc5","block_type":"box","text":"price as it would like.","page_number":22,"box":{"x":82,"y":179,"width":153,"height":11}},{"id":"06bb60a4-c90c-45ea-95c6-8d56f38092d8","block_type":"box","text":"Operational and Technology Risks","page_number":22,"box":{"x":82,"y":199,"width":254,"height":11}},{"id":"e47ef973-62ab-426c-a653-f3d7af77ae49","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":22,"box":{"x":340,"y":199,"width":549,"height":11}},{"id":"5f98fa4d-7869-4b2d-819e-546873d0f469","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":22,"box":{"x":81,"y":214,"width":790,"height":11}},{"id":"568b135f-dc9f-472b-a299-2b7ebb8ad6a8","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":22,"box":{"x":81,"y":229,"width":837,"height":11}},{"id":"3ae91c90-75c0-42e1-8b61-38f346bd20a7","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":22,"box":{"x":82,"y":244,"width":845,"height":11}},{"id":"49d0fd70-a60f-4117-aa46-ee2a12a780d3","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":22,"box":{"x":81,"y":259,"width":832,"height":11}},{"id":"0de8d7e8-d5e2-49dd-92e0-b96fe43fb149","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":22,"box":{"x":82,"y":273,"width":763,"height":12}},{"id":"61c36059-9b2b-4f5e-a3c6-694b7d3babdc","block_type":"box","text":"counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and","page_number":22,"box":{"x":81,"y":288,"width":825,"height":12}},{"id":"7610380b-00c5-47a8-b665-946920daabb0","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":22,"box":{"x":81,"y":303,"width":842,"height":11}},{"id":"5a5fd592-269e-4347-b7d3-110b9f8abe5c","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":22,"box":{"x":81,"y":318,"width":852,"height":11}},{"id":"4960f6ff-3537-448f-bef1-3f12a122bde2","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":22,"box":{"x":82,"y":333,"width":827,"height":11}},{"id":"77e9f5f1-eb23-4767-a5c9-8cbaf3988673","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":22,"box":{"x":81,"y":352,"width":821,"height":12}},{"id":"31c830a9-fa7c-471c-9021-b2b7087404a7","block_type":"box","text":"Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized","page_number":22,"box":{"x":82,"y":367,"width":814,"height":12}},{"id":"39524740-4ad2-4c43-b668-9454f1af4f81","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":22,"box":{"x":81,"y":382,"width":824,"height":12}},{"id":"c92b205a-7f1f-4082-80ff-5600bf48089a","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":22,"box":{"x":81,"y":397,"width":791,"height":11}},{"id":"bd3f5ce6-f9ef-4dc8-be96-511c100fb3a1","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":22,"box":{"x":82,"y":412,"width":852,"height":11}},{"id":"1fa5453e-8f45-459b-bc7e-3eea45ef374e","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":22,"box":{"x":81,"y":427,"width":784,"height":11}},{"id":"78f1101b-8fad-4c3b-9423-3071fe04e8c3","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":22,"box":{"x":81,"y":441,"width":787,"height":12}},{"id":"99f9c86e-a312-434b-85da-6d9d792e4a5a","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations","page_number":22,"box":{"x":81,"y":456,"width":840,"height":12}},{"id":"3cc22dbc-4c6f-498b-8be8-18364cd5bf7b","block_type":"box","text":"of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":22,"box":{"x":81,"y":471,"width":809,"height":12}},{"id":"491ab32a-d8f7-4ea3-972f-b931bbe4d0a1","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":22,"box":{"x":81,"y":486,"width":829,"height":11}},{"id":"25193db8-99d0-415f-b742-a9984a60ad45","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":22,"box":{"x":82,"y":501,"width":798,"height":11}},{"id":"0fe0a611-7b34-4e9a-89b8-c45cf9429800","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":22,"box":{"x":81,"y":516,"width":829,"height":11}},{"id":"91b72f84-f312-419c-9af6-18fbed297dba","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":22,"box":{"x":82,"y":530,"width":846,"height":12}},{"id":"fb6be848-7e2e-4ff9-b7cf-d412ddaee941","block_type":"box","text":"relied upon by the Fund or its service providers, as well as market events that occur at a pace that overloads these","page_number":22,"box":{"x":82,"y":545,"width":846,"height":12}},{"id":"f587a116-cfee-4a8c-98d9-8fbad16281fd","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. In addition, the risks of increased use of AI","page_number":22,"box":{"x":81,"y":560,"width":838,"height":11}},{"id":"1e641a1e-93a6-4946-8221-47eeac1ebc61","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":22,"box":{"x":80,"y":575,"width":770,"height":11}},{"id":"0f1860f2-e1a0-4eda-90cd-1766367bdbe2","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":22,"box":{"x":80,"y":590,"width":792,"height":11}},{"id":"4f92fa96-8d1b-4a46-8903-cd9bb48da64f","block_type":"box","text":"incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all relevant data into such","page_number":22,"box":{"x":82,"y":605,"width":845,"height":11}},{"id":"f619ca14-841f-4e7c-825f-3cf0d8698f7e","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":22,"box":{"x":80,"y":619,"width":840,"height":12}},{"id":"c264fca1-c4ac-4f14-8345-e80cd89225d2","block_type":"box","text":"or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are generated. AI","page_number":22,"box":{"x":81,"y":634,"width":841,"height":12}},{"id":"b9273e48-4e7f-492a-9b58-562b26dc6bff","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":22,"box":{"x":80,"y":649,"width":847,"height":12}},{"id":"96450b52-ed2c-4632-b454-f6cd4e7a7edf","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":22,"box":{"x":82,"y":664,"width":838,"height":11}},{"id":"43600add-ff69-40bc-afc0-5b082b146cf4","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":22,"box":{"x":81,"y":679,"width":847,"height":11}},{"id":"d5edaa83-a119-4951-9d8d-c440f0c34770","block_type":"box","text":"operate, continue to quickly evolve, and it is impossible to anticipate the full scope of future AI capabilities or rules","page_number":22,"box":{"x":81,"y":693,"width":845,"height":12}},{"id":"57b65ec2-25f8-4967-ac29-949b16fd0ffe","block_type":"box","text":"and the associated risks to the Fund.","page_number":22,"box":{"x":81,"y":709,"width":273,"height":8}},{"id":"7ad17b2f-9b4d-425f-b9d3-31f1e0346afd","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":22,"box":{"x":81,"y":728,"width":769,"height":12}},{"id":"43476eab-c36e-46ac-8525-a6297f30c993","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":22,"box":{"x":81,"y":743,"width":855,"height":12}},{"id":"83653f0c-60a2-4f5f-bdb2-500013764648","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":22,"box":{"x":80,"y":758,"width":848,"height":11}},{"id":"aef35303-0b7c-45e5-9fc6-f4c67e055988","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":22,"box":{"x":81,"y":773,"width":777,"height":11}},{"id":"957be2ef-26cb-42fb-b555-f7940b2b9799","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":22,"box":{"x":81,"y":788,"width":824,"height":11}},{"id":"61632373-ede8-4008-a0e2-9e78de43725c","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":22,"box":{"x":81,"y":802,"width":785,"height":12}},{"id":"05568145-2e28-4d43-9713-185166593ab4","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":22,"box":{"x":82,"y":817,"width":853,"height":12}},{"id":"843b5709-5d87-4e26-a92e-3fc3652206f1","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":22,"box":{"x":82,"y":832,"width":855,"height":12}},{"id":"596902f7-9157-4b73-b9c6-15c716773b19","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":22,"box":{"x":82,"y":847,"width":813,"height":11}},{"id":"f679c31f-281e-4dc1-a4c3-316a8e56876a","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":22,"box":{"x":81,"y":862,"width":806,"height":11}},{"id":"9f09d815-0fa7-42d3-a313-096954792e73","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":22,"box":{"x":82,"y":876,"width":602,"height":12}},{"id":"3e3d67df-db6f-4ac9-812c-ba984bf1adca","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":22,"box":{"x":82,"y":897,"width":794,"height":11}},{"id":"bf820a25-3888-4f51-9527-e09cc3acccf4","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":22,"box":{"x":81,"y":912,"width":840,"height":11}},{"id":"8ab25ac9-061a-46b2-b71d-e1f87caddca5","block_type":"box","text":"22","page_number":22,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"382e781e-a9f5-4399-afbb-24bf31dbe56d","block_type":"box","text":"NM1026U-5988115-22/72","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a63e4481-f86f-44b3-9ed0-37117a1f3ccc","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":23,"box":{"x":81,"y":46,"width":801,"height":11}},{"id":"2d768e34-0ea3-4159-8b1a-d90dde72dd2a","block_type":"box","text":"resources to monitor and implement required changes.","page_number":23,"box":{"x":82,"y":61,"width":402,"height":11}},{"id":"4490a758-05e9-4050-afbe-d9f0081eec5c","block_type":"box","text":"Preferred Securities Risk","page_number":23,"box":{"x":81,"y":81,"width":189,"height":9}},{"id":"fd378e48-0d5a-42f4-bd57-9f92663ee9b0","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":23,"box":{"x":274,"y":80,"width":636,"height":12}},{"id":"a13ed034-0585-46e5-9829-1c785adc23f5","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":23,"box":{"x":81,"y":95,"width":824,"height":12}},{"id":"27f92786-00c9-42e8-8489-a2a3f9f564a0","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":23,"box":{"x":82,"y":110,"width":806,"height":12}},{"id":"1332adb7-c6d7-4afd-ba31-69be9dfd4b46","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":23,"box":{"x":81,"y":125,"width":842,"height":11}},{"id":"d4879c1a-7a37-4299-a827-de479fbc709a","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":23,"box":{"x":81,"y":140,"width":781,"height":11}},{"id":"2e47cb64-d4ad-4d5c-8757-a9bc5738a703","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":23,"box":{"x":81,"y":155,"width":812,"height":11}},{"id":"f2f519d6-0484-4dca-8c39-56eedeea8f02","block_type":"box","text":"larger companies.","page_number":23,"box":{"x":82,"y":170,"width":129,"height":11}},{"id":"702f29bc-1293-4f85-83f9-f50870f33d37","block_type":"box","text":"Risk of Investing in the United States","page_number":23,"box":{"x":81,"y":189,"width":283,"height":12}},{"id":"6778f169-ac1c-454d-8bd3-9776b60afd9d","block_type":"box","text":"—","page_number":23,"box":{"x":369,"y":195,"width":17,"height":1}},{"id":"5c3c45f9-a24e-4212-a587-e2ac51098ff4","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations, tariffs,","page_number":23,"box":{"x":390,"y":189,"width":519,"height":12}},{"id":"8031ada7-df36-4622-8eda-eefc7e7658fe","block_type":"box","text":"inflation and/or an economic recession in the United States may have a material adverse effect on the U.S.","page_number":23,"box":{"x":82,"y":204,"width":790,"height":12}},{"id":"34e5c0d5-c386-47b3-b47c-06166b974ec2","block_type":"box","text":"economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the","page_number":23,"box":{"x":81,"y":219,"width":835,"height":12}},{"id":"a6fcf2f1-bf95-4aef-b60e-b3b2edae77c6","block_type":"box","text":"United States are changing many aspects of financial, commercial, public health, environmental, and other","page_number":23,"box":{"x":82,"y":234,"width":784,"height":11}},{"id":"7d384cf3-55b2-4dd3-a3ad-7b6e74468d41","block_type":"box","text":"regulation and may have a significant effect on U.S. markets generally, as well as on the value of certain securities.","page_number":23,"box":{"x":82,"y":249,"width":849,"height":11}},{"id":"6a5c5219-7607-4b5e-98bc-9c6687c702ed","block_type":"box","text":"Governmental agencies project that the United States will continue to maintain elevated public debt levels for the","page_number":23,"box":{"x":81,"y":263,"width":832,"height":12}},{"id":"772e06eb-569f-439b-93de-ce75fc93206e","block_type":"box","text":"foreseeable future. Although elevated debt levels do not necessarily indicate or cause economic problems, elevated","page_number":23,"box":{"x":81,"y":278,"width":851,"height":12}},{"id":"6aa3d8b1-6ecb-4a09-8773-eda1142c9f0b","block_type":"box","text":"public debt service costs may constrain future economic growth.","page_number":23,"box":{"x":82,"y":293,"width":471,"height":12}},{"id":"dd7e25c4-d927-4767-bf2d-149cb815dab7","block_type":"box","text":"The United States has developed increasingly strained relations with a number of foreign countries. If relations with","page_number":23,"box":{"x":81,"y":313,"width":847,"height":12}},{"id":"dc063440-768a-41a7-9249-8aed56dfa07e","block_type":"box","text":"certain countries deteriorate, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the","page_number":23,"box":{"x":81,"y":328,"width":810,"height":11}},{"id":"c30b6702-5421-4afa-ae2f-6cfa81903860","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and political discord. If","page_number":23,"box":{"x":82,"y":343,"width":832,"height":11}},{"id":"80ad3c9c-9e14-4846-a2e0-9d1a7a07cd0b","block_type":"box","text":"these trends were to continue, it may have an adverse impact on the U.S. economy and the issuers in which the","page_number":23,"box":{"x":80,"y":358,"width":826,"height":11}},{"id":"58667255-d132-4a81-ab5c-2696bb8661e8","block_type":"box","text":"Fund invests.","page_number":23,"box":{"x":82,"y":373,"width":95,"height":9}},{"id":"8d6af06e-1788-4441-87aa-ffe63fc220cf","block_type":"box","text":"Small and Mid-Capitalization Company Risk","page_number":23,"box":{"x":81,"y":393,"width":327,"height":11}},{"id":"6259d1cb-01db-4a3d-867b-e129e10d7e71","block_type":"box","text":"— Companies with small or mid-size market capitalizations will","page_number":23,"box":{"x":412,"y":393,"width":461,"height":11}},{"id":"a4d40360-44c6-45fe-93c2-385d4776e6cc","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more","page_number":23,"box":{"x":82,"y":407,"width":808,"height":12}},{"id":"096eeafb-138a-4031-906a-0dc0560cdefc","block_type":"box","text":"limited management group than larger capitalized companies. In addition, it is more difficult to get information on","page_number":23,"box":{"x":82,"y":422,"width":833,"height":12}},{"id":"41a6b9d4-d342-4622-a320-ca6b753a11b3","block_type":"box","text":"smaller companies, which tend to be less well known, have shorter operating histories, do not have significant","page_number":23,"box":{"x":81,"y":437,"width":812,"height":11}},{"id":"34faebca-736e-421b-9c31-1359f7028d81","block_type":"box","text":"ownership by large investors and are followed by relatively few securities analysts.","page_number":23,"box":{"x":81,"y":452,"width":603,"height":11}},{"id":"5e1e9299-8550-4e5f-b78a-3e53957517bf","block_type":"box","text":"Supranational Entities Risk","page_number":23,"box":{"x":81,"y":472,"width":205,"height":11}},{"id":"520ec812-666c-4569-8483-d1904ccf5cf5","block_type":"box","text":"— The Fund may invest in obligations issued or guaranteed by the World Bank. The","page_number":23,"box":{"x":290,"y":472,"width":610,"height":11}},{"id":"7aaee568-20a3-4e22-bdb0-8cb2d04e6fcb","block_type":"box","text":"government members, or “stockholders,” usually make initial capital contributions to the World Bank and in many","page_number":23,"box":{"x":81,"y":487,"width":834,"height":11}},{"id":"49ef3dc9-5e01-4fd3-b94b-e4f376f8714c","block_type":"box","text":"cases are committed to make additional capital contributions if the World Bank is unable to repay its borrowings.","page_number":23,"box":{"x":81,"y":501,"width":830,"height":12}},{"id":"64951a8e-d1c0-4f67-aa7f-e84a8daea621","block_type":"box","text":"There is no guarantee that one or more stockholders of the World Bank will continue to make any necessary","page_number":23,"box":{"x":81,"y":516,"width":795,"height":12}},{"id":"4aa77f59-25f5-4dee-a28b-46b6ccb58de9","block_type":"box","text":"additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay","page_number":23,"box":{"x":81,"y":531,"width":855,"height":11}},{"id":"8cd42a8a-b1ac-485e-80dc-814282bafe5f","block_type":"box","text":"principal on its debt securities, and the Fund may lose money on such investments.","page_number":23,"box":{"x":82,"y":546,"width":612,"height":11}},{"id":"0c9af083-f7d4-4ad5-8349-f4459678ec58","block_type":"box","text":"U.S. Government Issuer Risk","page_number":23,"box":{"x":82,"y":566,"width":215,"height":9}},{"id":"5d103591-eaca-4dc1-a747-9e9ff3353e59","block_type":"box","text":"—","page_number":23,"box":{"x":302,"y":571,"width":17,"height":1}},{"id":"c9551103-533f-4712-bc95-319f3222d6d3","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":23,"box":{"x":323,"y":566,"width":612,"height":11}},{"id":"b92eeec0-aed1-4e74-8183-ba08d649ef15","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying","page_number":23,"box":{"x":81,"y":581,"width":797,"height":11}},{"id":"8ef6e81e-ce72-40b9-b0c8-6a00b8a2f876","block_type":"box","text":"degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can","page_number":23,"box":{"x":81,"y":595,"width":850,"height":12}},{"id":"5fd13194-0d14-4d79-8836-1ee20f0e65b8","block_type":"box","text":"be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated","page_number":23,"box":{"x":81,"y":610,"width":843,"height":12}},{"id":"730398b5-7f42-4257-a2d4-8a672c58b9a6","block_type":"box","text":"by law to do so.","page_number":23,"box":{"x":81,"y":625,"width":114,"height":12}},{"id":"746f0eb8-e82f-4d0c-9514-49db00ee7e78","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":23,"box":{"x":61,"y":648,"width":296,"height":13}},{"id":"2c2c66c0-5383-4ae9-91a5-96eadb53e66b","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":23,"box":{"x":60,"y":665,"width":832,"height":11}},{"id":"8020dcc8-739b-4af4-bff9-77eb6c59811c","block_type":"box","text":"strategies, including:","page_number":23,"box":{"x":61,"y":680,"width":151,"height":11}},{"id":"66c95e00-6e8f-4f31-96f5-bcf6af711d2a","block_type":"box","text":"Affiliated Fund Risk","page_number":23,"box":{"x":80,"y":699,"width":150,"height":9}},{"id":"62e7f699-3901-4918-be42-7cc760b04b63","block_type":"box","text":"—","page_number":23,"box":{"x":234,"y":705,"width":17,"height":0}},{"id":"545fc795-b7e6-4405-ad4c-5cfb7c8724dc","block_type":"box","text":"In managing the Fund, BlackRock will have authority to select and substitute underlying","page_number":23,"box":{"x":257,"y":699,"width":638,"height":12}},{"id":"92c30796-a8d9-4288-a103-7269dbbb4ee3","block_type":"box","text":"funds. BlackRock may be subject to conflicts of interest in selecting underlying funds because the fees paid to","page_number":23,"box":{"x":81,"y":714,"width":811,"height":12}},{"id":"f17b0a79-83db-4714-89b1-4098d6fb6592","block_type":"box","text":"BlackRock by some underlying funds are higher than the fees paid by other underlying funds. However, BlackRock is","page_number":23,"box":{"x":82,"y":729,"width":849,"height":11}},{"id":"48503f06-09b3-4426-be26-b4dfda2c1527","block_type":"box","text":"a fiduciary to the Fund and is legally obligated to act in the Fund’s best interests when selecting underlying funds. If","page_number":23,"box":{"x":81,"y":744,"width":852,"height":11}},{"id":"1cbb5ffb-3641-4352-b271-ff3b554feaf5","block_type":"box","text":"an underlying fund holds interests in an affiliated fund, the Fund may be prohibited from purchasing shares of that","page_number":23,"box":{"x":81,"y":759,"width":841,"height":11}},{"id":"35f9ee88-210e-435f-b063-c4ff916d4d4c","block_type":"box","text":"underlying fund.","page_number":23,"box":{"x":82,"y":773,"width":113,"height":12}},{"id":"7c1a2c4e-2137-4f38-a55b-e4dfa2890c81","block_type":"box","text":"Borrowing Risk","page_number":23,"box":{"x":81,"y":793,"width":115,"height":12}},{"id":"caff5ef8-c966-4e05-bbdd-0a3bdacae63d","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":23,"box":{"x":200,"y":793,"width":711,"height":12}},{"id":"0366677e-1701-426c-92fa-14ab4598258d","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":23,"box":{"x":80,"y":808,"width":813,"height":12}},{"id":"9262ff2a-fb10-4371-8546-5d187b3a6f35","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":23,"box":{"x":82,"y":823,"width":846,"height":12}},{"id":"0aa95cb4-35be-4b7d-add8-f021bc17f6e0","block_type":"box","text":"do so to satisfy its obligations.","page_number":23,"box":{"x":81,"y":838,"width":225,"height":11}},{"id":"6a8ebda8-aa6a-451a-905f-ac78275e9a66","block_type":"box","text":"Expense Risk","page_number":23,"box":{"x":81,"y":858,"width":102,"height":11}},{"id":"1bc9fc0a-b1f1-4b51-a33b-6c009a9cc2aa","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":23,"box":{"x":187,"y":858,"width":734,"height":11}},{"id":"24d6420b-cff3-4756-9404-160da7848377","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":23,"box":{"x":81,"y":873,"width":855,"height":11}},{"id":"d938ca50-e3b9-424b-b601-5aa2e39c4656","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":23,"box":{"x":82,"y":887,"width":842,"height":12}},{"id":"9efd6d2f-e990-4811-9440-25f7b48341ba","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":23,"box":{"x":82,"y":902,"width":808,"height":12}},{"id":"09786050-40e1-4ca4-9c05-150f2997e778","block_type":"box","text":"significant.","page_number":23,"box":{"x":81,"y":917,"width":78,"height":12}},{"id":"5936b711-79cd-4f47-b7e3-5fee75e27116","block_type":"box","text":"23","page_number":23,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"294e26d5-9b59-4cb1-bda2-db7be6975bf6","block_type":"box","text":"NM1026U-5988115-23/72","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2cb36501-f217-43f5-a4be-6e67815e7fe1","block_type":"box","text":"Illiquid Investments Risk","page_number":24,"box":{"x":81,"y":46,"width":186,"height":11}},{"id":"0c7dfb93-3bf1-4f4b-b737-62776bea3362","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":24,"box":{"x":271,"y":46,"width":648,"height":11}},{"id":"b138a03f-23bb-4059-b57f-01a2382bd913","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":24,"box":{"x":80,"y":60,"width":841,"height":12}},{"id":"a75fb64b-0d1f-4b0e-bc45-40715cf4be76","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":24,"box":{"x":82,"y":75,"width":831,"height":12}},{"id":"5292cbd3-3f18-4826-9c91-e3249b39e1e8","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":24,"box":{"x":81,"y":90,"width":811,"height":12}},{"id":"e05789d8-013d-40e9-b6b5-9769f3bf186a","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":24,"box":{"x":82,"y":105,"width":825,"height":12}},{"id":"86531ba8-c104-448d-80ef-d478c6c1df0d","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":24,"box":{"x":81,"y":120,"width":837,"height":11}},{"id":"d0abbf69-80d7-4b6b-b0e0-e15629bb7f3e","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":24,"box":{"x":80,"y":135,"width":851,"height":11}},{"id":"7bcaef5d-3415-472d-9846-bde1e84ed461","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":24,"box":{"x":82,"y":150,"width":835,"height":11}},{"id":"0e62bc20-c09b-4c8e-9bad-5ca92c82856e","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":24,"box":{"x":82,"y":164,"width":835,"height":12}},{"id":"0fc6903b-8acc-4532-97d4-77937b96a126","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":24,"box":{"x":81,"y":179,"width":791,"height":12}},{"id":"6d0438ef-ed84-4060-b7e8-f728f54e661e","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":24,"box":{"x":81,"y":194,"width":846,"height":11}},{"id":"cb83b3da-0432-4546-932d-fa1bef883a8f","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":24,"box":{"x":81,"y":209,"width":835,"height":11}},{"id":"06218b8e-3332-4e0e-ab94-6edc4492a79b","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":24,"box":{"x":82,"y":224,"width":818,"height":11}},{"id":"8f968f0c-d8e4-40d9-8727-ff82662204ce","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":24,"box":{"x":80,"y":238,"width":837,"height":12}},{"id":"6253c682-b3cd-4815-8030-230d20f94e02","block_type":"box","text":"To the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":24,"box":{"x":81,"y":253,"width":854,"height":12}},{"id":"59b39394-0e7c-4802-8b2f-d7ab02140d1a","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":24,"box":{"x":81,"y":268,"width":815,"height":12}},{"id":"23784a3b-07f9-4fb2-b462-be038dd598a2","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":24,"box":{"x":82,"y":283,"width":835,"height":11}},{"id":"3f1fac63-ba30-4a92-b3be-89276af3f9d0","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":24,"box":{"x":82,"y":298,"width":790,"height":11}},{"id":"2dde7488-bb5d-4ec0-8091-e060165871f8","block_type":"box","text":"magnified in a rising interest rate environment or other circumstances where investor redemptions or sales of Fund","page_number":24,"box":{"x":82,"y":312,"width":844,"height":12}},{"id":"963abaa6-ac1d-443e-bafc-bd9d09936626","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":24,"box":{"x":81,"y":327,"width":810,"height":12}},{"id":"02c84b50-ef7c-41b8-aa5c-c532248f2db2","block_type":"box","text":"Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.","page_number":24,"box":{"x":82,"y":342,"width":715,"height":12}},{"id":"a52fee8d-d948-4493-b8e2-3904813941d2","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":24,"box":{"x":81,"y":362,"width":366,"height":11}},{"id":"2a9192f1-6d6f-4abd-8981-debceaa0353b","block_type":"box","text":"— As with other investments, investments in other investment","page_number":24,"box":{"x":450,"y":362,"width":459,"height":11}},{"id":"95a2b583-8f86-4df1-8fdd-8fe9bae4feb9","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":24,"box":{"x":81,"y":377,"width":815,"height":12}},{"id":"ae513544-a745-4d54-a516-d47a4a2caccc","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":24,"box":{"x":82,"y":392,"width":844,"height":11}},{"id":"322941f4-cbe3-48ef-9cc3-57ad1fd3ead5","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":24,"box":{"x":81,"y":407,"width":822,"height":11}},{"id":"82c7b8d3-3001-48ca-a77e-ff9841b74ffc","block_type":"box","text":"companies (to the extent not offset by BlackRock through waivers). To the extent the Fund is held by an affiliated","page_number":24,"box":{"x":81,"y":421,"width":829,"height":12}},{"id":"b5cb990e-eb8b-48e8-bd6f-2671f19a2cec","block_type":"box","text":"fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":24,"box":{"x":81,"y":436,"width":628,"height":12}},{"id":"049ff6f4-555c-47a9-8820-b51eebf26105","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":24,"box":{"x":81,"y":456,"width":396,"height":12}},{"id":"2bb93ee8-288e-4566-8925-50a4a9bbd659","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":24,"box":{"x":481,"y":456,"width":440,"height":12}},{"id":"6cee9f1c-1126-4e2c-a660-1fc2adf6fab5","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":24,"box":{"x":82,"y":471,"width":801,"height":12}},{"id":"fcdce3f2-257a-4cae-b942-0d7558d06da3","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":24,"box":{"x":81,"y":486,"width":825,"height":11}},{"id":"123277a3-5b55-466b-b148-1d1ac3a7afd1","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":24,"box":{"x":82,"y":501,"width":816,"height":11}},{"id":"12e8a9ea-dd2b-400e-9229-0f65fb6d0d0c","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":24,"box":{"x":82,"y":516,"width":818,"height":11}},{"id":"ce68c9f6-8296-4709-b32a-a35e74366b6a","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":24,"box":{"x":80,"y":530,"width":835,"height":12}},{"id":"d96791b7-4b17-4a66-b816-d617cab7a20a","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":24,"box":{"x":80,"y":545,"width":807,"height":12}},{"id":"d386e8ea-04d8-4b7f-8418-f270d9b15e14","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":24,"box":{"x":82,"y":560,"width":841,"height":12}},{"id":"27880adb-a100-4a9a-b696-f13df3d21e6c","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":24,"box":{"x":80,"y":575,"width":855,"height":11}},{"id":"a60f443a-de38-4c2a-9696-861b8081caff","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":24,"box":{"x":81,"y":590,"width":751,"height":10}},{"id":"64711059-1bbe-4ecc-8666-fca6e3a2cf76","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":24,"box":{"x":81,"y":605,"width":785,"height":11}},{"id":"28b690e3-357e-4e09-ae01-c79ba6dd4f6f","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":24,"box":{"x":81,"y":619,"width":841,"height":12}},{"id":"9c514cb0-e94d-4add-977a-f0603a9be74b","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":24,"box":{"x":80,"y":634,"width":824,"height":12}},{"id":"334a60ff-c155-417f-b890-0d88f11a2b7f","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":24,"box":{"x":81,"y":649,"width":822,"height":12}},{"id":"8d2f7fee-6feb-400c-af97-a7bcbcb0e2c5","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":24,"box":{"x":81,"y":664,"width":801,"height":11}},{"id":"88cc33ed-71ec-4d25-91dd-f34303924308","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":24,"box":{"x":80,"y":679,"width":765,"height":11}},{"id":"430ebd51-b477-4b82-bcfc-358dc62fdec1","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":24,"box":{"x":82,"y":693,"width":852,"height":12}},{"id":"c05ce831-9bb5-4d06-bb11-c62c3d9b2358","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":24,"box":{"x":82,"y":709,"width":847,"height":11}},{"id":"f65b7167-0559-4808-8cc0-8a4ba5a94625","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":24,"box":{"x":80,"y":723,"width":847,"height":12}},{"id":"22b308cf-a684-4f73-87a1-ecfa1c5e39fc","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":24,"box":{"x":81,"y":738,"width":845,"height":11}},{"id":"f38f2182-dbd0-4f16-a48f-c727108ac7c6","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":24,"box":{"x":82,"y":753,"width":835,"height":11}},{"id":"ea054f1c-dbce-46ec-8577-5d2e08d08c6f","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":24,"box":{"x":82,"y":768,"width":839,"height":11}},{"id":"87731a9d-c96d-45fd-a84f-a3692870683a","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":24,"box":{"x":82,"y":783,"width":461,"height":11}},{"id":"77673fb4-9648-41cf-bcf3-5e33e7f5d6e7","block_type":"box","text":"Master Limited Partnerships Risk","page_number":24,"box":{"x":81,"y":802,"width":254,"height":12}},{"id":"3e687e7a-4c18-43dd-8fac-b60d6a66e92b","block_type":"box","text":"— The common units of an MLP are listed and traded on U.S. securities","page_number":24,"box":{"x":338,"y":802,"width":531,"height":10}},{"id":"9e69821e-9438-45ef-9dd4-35b64d7805ec","block_type":"box","text":"exchanges and their value fluctuates predominantly based on prevailing market conditions and the success of the","page_number":24,"box":{"x":81,"y":817,"width":836,"height":12}},{"id":"0f72401f-596a-4a34-bc19-f3785e156ae8","block_type":"box","text":"MLP. Unlike owners of common stock of a corporation, owners of common units have limited voting rights and have","page_number":24,"box":{"x":82,"y":832,"width":844,"height":12}},{"id":"cc0829a7-b230-4243-88a4-41e4b88b1b7d","block_type":"box","text":"no ability to annually elect directors. In the event of liquidation, common units have preference over subordinated","page_number":24,"box":{"x":82,"y":847,"width":830,"height":11}},{"id":"0779299b-3f24-4a2c-8d97-10adf789061c","block_type":"box","text":"units, but not over debt or preferred units, to the remaining assets of the MLP.","page_number":24,"box":{"x":82,"y":862,"width":575,"height":11}},{"id":"5333e549-c41f-4341-bf43-ece5348bee47","block_type":"box","text":"Ownership Limitations Risk","page_number":24,"box":{"x":82,"y":882,"width":205,"height":11}},{"id":"447b6465-cf90-482e-98a1-e60566d7cba4","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":24,"box":{"x":291,"y":882,"width":610,"height":11}},{"id":"760b58ef-598b-43f8-ad75-7073baa9bb7d","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":24,"box":{"x":80,"y":896,"width":849,"height":12}},{"id":"25c6e3b7-5567-47c2-bda1-dae48bfcf4d9","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":24,"box":{"x":81,"y":911,"width":798,"height":12}},{"id":"b8ffaa4d-c1b3-4f42-a04d-2092b6bf7760","block_type":"box","text":"24","page_number":24,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"b2438e52-0917-462e-ac2e-6a7104636201","block_type":"box","text":"NM1026U-5988115-24/72","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"162423cd-bd8a-4004-baaf-3d8825737684","block_type":"box","text":"purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law,","page_number":25,"box":{"x":82,"y":46,"width":833,"height":11}},{"id":"88906fdf-f68a-41fb-9ca8-d5a784ac9c2d","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":25,"box":{"x":82,"y":60,"width":851,"height":12}},{"id":"aacae3df-4c0b-4bd0-9691-e8e62d31907a","block_type":"box","text":"be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and","page_number":25,"box":{"x":81,"y":75,"width":813,"height":12}},{"id":"f4d5e829-8b98-454b-ac80-1ea5e69882aa","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":25,"box":{"x":82,"y":90,"width":331,"height":12}},{"id":"f1d9d7a2-2f60-4185-b0d5-29c1d794c384","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":25,"box":{"x":82,"y":110,"width":826,"height":12}},{"id":"ea0dd2f7-5989-4e99-873b-25f2422a768f","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":25,"box":{"x":81,"y":125,"width":848,"height":11}},{"id":"6c93fa73-3ffe-4a43-afa6-cb2612594794","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":25,"box":{"x":81,"y":140,"width":799,"height":11}},{"id":"8842df2d-704d-4de4-a530-02db0e7c5609","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":25,"box":{"x":81,"y":155,"width":828,"height":11}},{"id":"1abed3dc-e710-4dab-881e-5ecee5b5fe50","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":25,"box":{"x":81,"y":169,"width":828,"height":12}},{"id":"91c927d3-45dd-4f39-9485-c94c4eee742d","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":25,"box":{"x":80,"y":184,"width":837,"height":12}},{"id":"a167b584-287a-4da1-86fb-f4d2672699fc","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":25,"box":{"x":80,"y":199,"width":837,"height":12}},{"id":"a08dbbec-301f-47de-ba78-f6e59917fba1","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":25,"box":{"x":82,"y":214,"width":800,"height":11}},{"id":"6860e9de-d17c-4fe9-8d84-aba74a944bd6","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":25,"box":{"x":81,"y":229,"width":678,"height":11}},{"id":"46a110f6-2672-4250-b924-6118f35b3356","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":25,"box":{"x":81,"y":249,"width":842,"height":11}},{"id":"765fd54c-94ea-4646-b678-57efb33ea3fa","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":25,"box":{"x":81,"y":264,"width":833,"height":11}},{"id":"818e096a-6f6b-4462-80d3-34e439ceaadd","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":25,"box":{"x":82,"y":278,"width":582,"height":12}},{"id":"225f7fde-2c58-4b5f-9d47-2fbabbb3cf1a","block_type":"box","text":"REIT Investment Risk","page_number":25,"box":{"x":81,"y":298,"width":163,"height":10}},{"id":"1fdc728e-3074-47ae-813b-9e9762299bb3","block_type":"box","text":"— In addition to the risks facing real estate-related securities, such as a decline in property","page_number":25,"box":{"x":248,"y":298,"width":676,"height":12}},{"id":"93172ae2-8bce-4981-b080-67b65aaafe53","block_type":"box","text":"values due to increasing vacancies, a decline in rents resulting from unanticipated economic, legal or technological","page_number":25,"box":{"x":80,"y":313,"width":846,"height":12}},{"id":"2a7569f5-7a7f-4844-80a5-e4c96ff683c6","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":25,"box":{"x":81,"y":328,"width":829,"height":11}},{"id":"fd647111-78fc-4283-8ddb-52b0f127383d","block_type":"box","text":"their loans or poor management, investments in REITs involve unique risks. REITs may have limited financial","page_number":25,"box":{"x":80,"y":343,"width":793,"height":11}},{"id":"1dfb58bc-2c73-49ef-9d1b-38ad8b1d4429","block_type":"box","text":"resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may","page_number":25,"box":{"x":82,"y":358,"width":836,"height":11}},{"id":"87f4d7ae-2dcc-428f-81a0-5cc6e7d21485","block_type":"box","text":"be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment","page_number":25,"box":{"x":81,"y":372,"width":814,"height":12}},{"id":"8c1d0f26-117a-448a-82f4-5c64694a21e6","block_type":"box","text":"company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code, which","page_number":25,"box":{"x":81,"y":387,"width":825,"height":12}},{"id":"ad96e8bb-4f07-4776-b52b-69d2ddd3ca7c","block_type":"box","text":"allows REITs to reduce their corporate taxable income for dividends paid to their shareholders. Ordinary REIT","page_number":25,"box":{"x":81,"y":402,"width":797,"height":12}},{"id":"88280208-1b04-47bf-b034-983319923b8a","block_type":"box","text":"dividends received by the Fund and distributed to the Fund’s shareholders will generally be taxable as ordinary","page_number":25,"box":{"x":81,"y":417,"width":812,"height":11}},{"id":"fc6123ab-6ce8-457d-b47c-1c9bb7fdb53d","block_type":"box","text":"income and will not constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT","page_number":25,"box":{"x":82,"y":432,"width":838,"height":11}},{"id":"70a331ff-9fad-49b4-aae3-103e5d425e66","block_type":"box","text":"shareholder may claim a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated","page_number":25,"box":{"x":81,"y":447,"width":832,"height":11}},{"id":"4b98c341-4651-4680-8687-5acf083b382c","block_type":"box","text":"investment company may report dividends as eligible for this deduction to the extent the regulated investment","page_number":25,"box":{"x":82,"y":461,"width":809,"height":12}},{"id":"5ca47213-a81f-4cc5-b943-816b684730cf","block_type":"box","text":"company’s income is derived from ordinary REIT dividends (reduced by allocable regulated investment company","page_number":25,"box":{"x":81,"y":476,"width":819,"height":12}},{"id":"5fd0f0b1-a5fb-45e9-8a85-f4fe9ecc5b16","block_type":"box","text":"expenses). A shareholder may treat the dividends as such provided the regulated investment company and the","page_number":25,"box":{"x":81,"y":491,"width":813,"height":12}},{"id":"5891ef20-99af-4352-a409-8660a9c87354","block_type":"box","text":"shareholder satisfy applicable holding period requirements.","page_number":25,"box":{"x":81,"y":506,"width":434,"height":11}},{"id":"75134106-5c8c-4cbb-9a9b-e252481d2c1a","block_type":"box","text":"Reliance on Advisor Risk","page_number":25,"box":{"x":81,"y":526,"width":188,"height":9}},{"id":"b8958268-fdd9-4057-8a33-97c4fe5de1d9","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":25,"box":{"x":273,"y":526,"width":614,"height":11}},{"id":"34eb3d5d-3a40-4c35-b09a-6d601116c4b2","block_type":"box","text":"therefore BlackRock’s parent, BlackRock, Inc. BlackRock is not required to devote its full time to the business of","page_number":25,"box":{"x":80,"y":541,"width":830,"height":11}},{"id":"782ca485-268a-4b57-b111-a1502d16b722","block_type":"box","text":"the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock","page_number":25,"box":{"x":80,"y":555,"width":856,"height":12}},{"id":"e405def1-e6aa-45bf-91ab-6f535ce31635","block_type":"box","text":"will allocate a substantial portion of his or her time to the Fund. The loss of, or changes in, BlackRock’s personnel","page_number":25,"box":{"x":80,"y":570,"width":841,"height":12}},{"id":"dc787e2f-c9b1-400b-ab4f-76ee76a2aafb","block_type":"box","text":"could have a negative effect on the performance or the continued operation of the Fund.","page_number":25,"box":{"x":81,"y":585,"width":649,"height":12}},{"id":"252cf3db-c3ec-4941-9d7d-b3d9e27d9bb0","block_type":"box","text":"Securities Lending Risk","page_number":25,"box":{"x":81,"y":605,"width":178,"height":12}},{"id":"7d38a2ae-04b8-4073-b3c7-22c7d657ea1a","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":25,"box":{"x":263,"y":605,"width":661,"height":12}},{"id":"68072fbf-8aef-4401-9738-23a857c5923a","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":25,"box":{"x":82,"y":620,"width":852,"height":11}},{"id":"4c4521db-e4cf-43b7-ae72-ecb72f29996f","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":25,"box":{"x":81,"y":635,"width":811,"height":11}},{"id":"bd599dc3-fa04-45e0-b8a0-a1bccbc2b32d","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":25,"box":{"x":81,"y":650,"width":829,"height":11}},{"id":"406c6aaf-8680-44db-9311-c148b30dbeeb","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":25,"box":{"x":81,"y":664,"width":292,"height":12}},{"id":"eaadcec7-4510-4b39-b33a-402d202f5b4d","block_type":"box","text":"Valuation Risk","page_number":25,"box":{"x":83,"y":685,"width":107,"height":9}},{"id":"2894186a-dc5f-4407-8868-e7a45b6f757a","block_type":"box","text":"—","page_number":25,"box":{"x":194,"y":690,"width":17,"height":1}},{"id":"bdb708b8-0719-45e8-a6a1-a9a639e9a6b8","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":25,"box":{"x":215,"y":684,"width":700,"height":12}},{"id":"a31ed895-1504-45d2-b43c-85764333e900","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":25,"box":{"x":81,"y":699,"width":835,"height":12}},{"id":"387d5b88-110a-45ca-9ac9-9b7d110547b8","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":25,"box":{"x":81,"y":714,"width":848,"height":12}},{"id":"0861bf11-8641-40e1-b66e-7e7af13d2516","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":25,"box":{"x":82,"y":729,"width":845,"height":11}},{"id":"a45ea314-866a-4535-9f4e-bd8765f16629","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":25,"box":{"x":82,"y":744,"width":840,"height":11}},{"id":"b9af343b-dbd2-4bce-831b-ecbc93cdcb3c","block_type":"box","text":"that value fixed-income securities generally utilize a range of market-based and security-specific inputs and","page_number":25,"box":{"x":80,"y":759,"width":783,"height":11}},{"id":"206a0461-1610-4144-9975-da7bf3c78bb7","block_type":"box","text":"assumptions, as well as considerations about general market conditions, to establish a price. Pricing services","page_number":25,"box":{"x":81,"y":774,"width":810,"height":11}},{"id":"af04540b-13f5-4f39-9504-f462817cb1bc","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund","page_number":25,"box":{"x":81,"y":788,"width":847,"height":12}},{"id":"447b89d2-c1cb-4b5c-ac9a-b5626714ec57","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":25,"box":{"x":82,"y":803,"width":848,"height":11}},{"id":"ae2a67ec-5963-4f92-9acc-50af673cbfc6","block_type":"box","text":"trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold","page_number":25,"box":{"x":80,"y":818,"width":819,"height":11}},{"id":"49309619-f0a3-440e-9d9d-117fb740a044","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":25,"box":{"x":81,"y":833,"width":837,"height":11}},{"id":"4c6952d9-de34-40a1-a9a1-0d162237e3cc","block_type":"box","text":"technological issues and/or errors by pricing services or other third-party service providers.","page_number":25,"box":{"x":80,"y":848,"width":672,"height":11}},{"id":"f5f88cc2-c1ef-4f79-a4e7-897ea117f9a4","block_type":"box","text":"25","page_number":25,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"1950ae1d-c3d0-4ef6-a7df-0a31adf0d9b7","block_type":"box","text":"NM1026U-5988115-25/72","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"347de01a-25d6-4ea6-aac7-0f0e8bfbb88c","block_type":"box","text":"Account Information","page_number":26,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"4bd0ee5b-e387-4ff0-a1bb-54c6ea33ed8e","block_type":"box","text":"How to Choose the Share Class that Best Suits Your Needs","page_number":26,"box":{"x":61,"y":156,"width":536,"height":11}},{"id":"a0e550a1-b458-4e86-9558-aeb0096af31e","block_type":"box","text":"The Fund currently offers multiple share classes (Investor A, Investor C and Institutional Shares in this prospectus),","page_number":26,"box":{"x":60,"y":182,"width":849,"height":12}},{"id":"bf54d7b0-c339-4df7-bf89-8da3694bf9b7","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":26,"box":{"x":61,"y":197,"width":844,"height":12}},{"id":"982afa93-4a04-4fdc-a1f9-02e1dd4fdeb1","block_type":"box","text":"Each share class represents an ownership interest in the same investment portfolio. When you choose your class of","page_number":26,"box":{"x":62,"y":212,"width":856,"height":11}},{"id":"bb41f1e1-82a8-4f11-9e2d-59bb649a900b","block_type":"box","text":"shares, you should consider the size of your investment and how long you plan to hold your shares. Either your","page_number":26,"box":{"x":61,"y":227,"width":813,"height":11}},{"id":"325f2012-7846-40bd-a98b-2c8f80f96736","block_type":"box","text":"financial professional or your selected securities dealer, broker, investment adviser, service provider or industry","page_number":26,"box":{"x":60,"y":242,"width":821,"height":11}},{"id":"8341b3e5-2517-42f6-b645-83661b0ce022","block_type":"box","text":"professional (including BlackRock and its affiliates) (each a “Financial Intermediary”) can help you determine which","page_number":26,"box":{"x":62,"y":256,"width":845,"height":12}},{"id":"c20473e3-7686-49ce-a6ec-28637bb3cd97","block_type":"box","text":"share class is best suited to your personal financial goals. Investor A Shares and Investor C Shares are sometimes","page_number":26,"box":{"x":61,"y":271,"width":847,"height":12}},{"id":"b1427532-684b-4b76-b7b0-1b97ca769cb4","block_type":"box","text":"referred to herein collectively as “Investor Shares.”","page_number":26,"box":{"x":61,"y":286,"width":375,"height":11}},{"id":"d7fa926f-2153-4aec-b769-31b35d7a136e","block_type":"box","text":"For example, if you select Institutional Shares, you will not pay any sales charge. However, only certain investors may","page_number":26,"box":{"x":62,"y":309,"width":861,"height":11}},{"id":"3483c3e6-9963-4d5a-ac77-ba3695e32ec2","block_type":"box","text":"buy Institutional Shares. If you select Investor A Shares, you generally pay a sales charge at the time of purchase and","page_number":26,"box":{"x":61,"y":323,"width":865,"height":12}},{"id":"b4bc4aca-0013-427f-99ee-5e86792d28de","block_type":"box","text":"an ongoing service fee of 0.25% per year. You may be eligible for a sales charge reduction or waiver.","page_number":26,"box":{"x":61,"y":338,"width":736,"height":12}},{"id":"9d2d458f-6243-43d0-ba0e-6dbfe86711f1","block_type":"box","text":"If you select Investor C Shares, you will invest the full amount of your purchase price, but you will be subject to a","page_number":26,"box":{"x":62,"y":361,"width":826,"height":11}},{"id":"cce2b40f-8800-4da9-bd82-3e0d51e3cfac","block_type":"box","text":"distribution fee of 0.75% per year and a service fee of 0.25% per year under a plan adopted pursuant to Rule 12b-1","page_number":26,"box":{"x":61,"y":376,"width":850,"height":11}},{"id":"f2f9ae4f-912a-4e0a-b8d8-940001153a40","block_type":"box","text":"under the Investment Company Act. Because these fees are paid out of the Fund’s assets on an ongoing basis, over","page_number":26,"box":{"x":61,"y":390,"width":857,"height":12}},{"id":"9d23ebb6-1c65-4f50-9bc4-feb589164969","block_type":"box","text":"time these fees increase the cost of your investment and may cost you more than paying other types of sales charges.","page_number":26,"box":{"x":60,"y":405,"width":873,"height":12}},{"id":"261a9e43-f369-4f84-978a-b7dc965f70fc","block_type":"box","text":"In addition, you may be subject to a deferred sales charge when you sell Investor C Shares within one year. Classes","page_number":26,"box":{"x":62,"y":420,"width":850,"height":12}},{"id":"bbc350d8-9363-4eaf-aa78-da2b6255a41f","block_type":"box","text":"with lower expenses will have higher net asset values and dividends relative to other share classes.","page_number":26,"box":{"x":60,"y":435,"width":733,"height":12}},{"id":"39e210cd-fa83-49b5-a509-65582fbff090","block_type":"box","text":"The Fund’s shares are distributed by BlackRock Investments, LLC (the “Distributor”), an affiliate of BlackRock.","page_number":26,"box":{"x":60,"y":458,"width":811,"height":11}},{"id":"69c78714-0247-441f-82b2-0cabd01f601b","block_type":"box","text":"The table on the following pages summarizes key features of each of the share classes offered in this prospectus.","page_number":26,"box":{"x":60,"y":480,"width":842,"height":12}},{"id":"13b3de5c-eb22-44d4-981d-13a6619f525d","block_type":"box","text":"Share Classes at a Glance","page_number":26,"box":{"x":387,"y":503,"width":218,"height":10}},{"id":"1d1beb8d-34f1-49ae-9938-7adc269ddcd9","block_type":"box","text":"1","page_number":26,"box":{"x":605,"y":503,"width":6,"height":5}},{"id":"c20e1539-ecc9-45b9-bc7b-bd742c811c6a","block_type":"box","text":"Investor A Investor C","page_number":26,"box":{"x":232,"y":532,"width":282,"height":8}},{"id":"e083b549-d0d2-457f-a987-106a91f77f4e","block_type":"box","text":"2,3","page_number":26,"box":{"x":515,"y":532,"width":10,"height":5}},{"id":"ca4fd7ad-5ae5-4f95-9a63-ae393461b3fb","block_type":"box","text":"Institutional","page_number":26,"box":{"x":676,"y":532,"width":71,"height":8}},{"id":"c22c39f9-0058-4305-b31e-adeb266d865e","block_type":"box","text":"Availability","page_number":26,"box":{"x":60,"y":549,"width":73,"height":11}},{"id":"13a9fd06-678f-43f7-a8ce-dcaca95fcee9","block_type":"box","text":"Generally available through","page_number":26,"box":{"x":232,"y":549,"width":177,"height":11}},{"id":"5a6e4978-bfe1-49f6-baa9-5e95a05567de","block_type":"box","text":"Financial Intermediaries.","page_number":26,"box":{"x":233,"y":563,"width":160,"height":8}},{"id":"fe2348b9-e7c0-446d-8fc5-77ae972c64b8","block_type":"box","text":"Generally available through","page_number":26,"box":{"x":454,"y":549,"width":177,"height":11}},{"id":"5519ea2a-510f-4b99-8ad2-e96d0aa3ee82","block_type":"box","text":"Financial Intermediaries. Must","page_number":26,"box":{"x":455,"y":563,"width":199,"height":8}},{"id":"66a87a14-cb69-4a19-8c0c-26ad085e92cf","block_type":"box","text":"be held through a Financial","page_number":26,"box":{"x":454,"y":577,"width":177,"height":10}},{"id":"8a597d6f-5891-4fe1-97f4-8a26408af59e","block_type":"box","text":"Intermediary.","page_number":26,"box":{"x":455,"y":590,"width":84,"height":10}},{"id":"b5f2a6e0-dcd9-4318-926b-a7c7f6c506ac","block_type":"box","text":"Limited to certain investors, including:","page_number":26,"box":{"x":676,"y":550,"width":251,"height":10}},{"id":"a9ec9380-aa9f-485c-a3d5-c84fbdfe7720","block_type":"box","text":"•","page_number":26,"box":{"x":679,"y":566,"width":3,"height":3}},{"id":"c64a72d5-a92d-4396-9f7f-ab2aa236995a","block_type":"box","text":"Individuals and “Institutional","page_number":26,"box":{"x":686,"y":563,"width":187,"height":8}},{"id":"57b52cdf-6540-4763-a43e-004623c1719d","block_type":"box","text":"Investors,” which include, but are not","page_number":26,"box":{"x":686,"y":577,"width":246,"height":9}},{"id":"b2eb0c8a-4269-4ce5-9bb5-b76f38f9f09b","block_type":"box","text":"limited to, endowments, foundations,","page_number":26,"box":{"x":686,"y":590,"width":245,"height":10}},{"id":"a0f2f424-e6c5-4d09-bea6-2fa8d539fd6a","block_type":"box","text":"family offices, local, city, and state","page_number":26,"box":{"x":685,"y":603,"width":230,"height":11}},{"id":"06008681-782d-43d8-b684-6f5ef55e86f1","block_type":"box","text":"governmental institutions,","page_number":26,"box":{"x":685,"y":617,"width":171,"height":10}},{"id":"c4f5a269-8483-46c4-b1f7-bfb4d8b0dfe5","block_type":"box","text":"corporations and insurance company","page_number":26,"box":{"x":686,"y":631,"width":243,"height":10}},{"id":"9eeea403-052b-408c-b034-254d822440ad","block_type":"box","text":"separate accounts, who may","page_number":26,"box":{"x":686,"y":644,"width":189,"height":10}},{"id":"e2850959-9840-4ff1-be8a-345b62f9b9c1","block_type":"box","text":"purchase shares of the Fund through","page_number":26,"box":{"x":686,"y":658,"width":243,"height":10}},{"id":"6976f5c3-740d-428b-ace7-04596fa42a25","block_type":"box","text":"a Financial Intermediary that has","page_number":26,"box":{"x":686,"y":671,"width":216,"height":10}},{"id":"56a4a8cc-08f0-44b9-8627-6549a04cc608","block_type":"box","text":"entered into an agreement with the","page_number":26,"box":{"x":686,"y":685,"width":231,"height":10}},{"id":"3c66708c-50ae-4f85-8d74-8ee8ef61fc25","block_type":"box","text":"Distributor to purchase such shares.","page_number":26,"box":{"x":686,"y":698,"width":240,"height":10}},{"id":"f355a22a-88a8-41f9-ad87-37804cbc9e8c","block_type":"box","text":"•","page_number":26,"box":{"x":679,"y":715,"width":3,"height":2}},{"id":"fbd3eb61-3c10-4602-a393-407bca11077f","block_type":"box","text":"Certain employee benefits plans,","page_number":26,"box":{"x":686,"y":712,"width":217,"height":10}},{"id":"081415ee-78f4-4c55-8135-15996ca75568","block_type":"box","text":"such as health savings accounts, and","page_number":26,"box":{"x":686,"y":726,"width":248,"height":10}},{"id":"07e41e51-25ce-444f-a1a5-6d4a7147f4ec","block_type":"box","text":"certain employer-sponsored","page_number":26,"box":{"x":686,"y":739,"width":182,"height":10}},{"id":"32b64bdd-7fbe-474d-b21a-ae9c6287e013","block_type":"box","text":"retirement plans (not including SEP","page_number":26,"box":{"x":686,"y":752,"width":232,"height":11}},{"id":"2467f3d2-590d-4a46-8b11-ca2d597a9367","block_type":"box","text":"IRAs, SIMPLE IRAs or SARSEPs),","page_number":26,"box":{"x":686,"y":766,"width":213,"height":10}},{"id":"ae7b04c1-90df-4318-97f6-9bce9ddec76f","block_type":"box","text":"state sponsored 529 college savings","page_number":26,"box":{"x":686,"y":780,"width":244,"height":10}},{"id":"557b7a33-1d54-47c9-a4f5-cbf5c55b4362","block_type":"box","text":"plans, collective trust funds,","page_number":26,"box":{"x":686,"y":793,"width":186,"height":10}},{"id":"6b7442b6-01ac-44ae-aace-c5d3b6c7fd1f","block_type":"box","text":"investment companies or other","page_number":26,"box":{"x":686,"y":807,"width":205,"height":10}},{"id":"92afe349-0c4e-4192-80f2-7a9e084ac53d","block_type":"box","text":"pooled investment vehicles,","page_number":26,"box":{"x":686,"y":820,"width":182,"height":10}},{"id":"c2aee3f3-0e52-4513-9f97-f6c122be4c41","block_type":"box","text":"unaffiliated thrifts and unaffiliated","page_number":26,"box":{"x":686,"y":834,"width":225,"height":8}},{"id":"45340e16-287d-4763-9eb0-63efe7a7d7d9","block_type":"box","text":"banks and trust companies, each of","page_number":26,"box":{"x":686,"y":847,"width":239,"height":10}},{"id":"306cf77a-cf21-45c8-a010-9498cb9de77f","block_type":"box","text":"which may purchase shares of the","page_number":26,"box":{"x":685,"y":861,"width":226,"height":10}},{"id":"b8617d7c-12db-45d3-84f2-01c7e718ce5f","block_type":"box","text":"Fund through a Financial Intermediary","page_number":26,"box":{"x":686,"y":874,"width":249,"height":11}},{"id":"16442375-4c11-4e46-8920-0662d2cdd1ec","block_type":"box","text":"that has entered into an agreement","page_number":26,"box":{"x":685,"y":888,"width":235,"height":10}},{"id":"fc41342d-2245-490d-ae8f-b856e8ca293b","block_type":"box","text":"26","page_number":26,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"692524e4-f86c-4cf3-adca-7226549f1a01","block_type":"box","text":"NM1026U-5988115-26/72","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1a3827d8-c570-4123-a412-59bd092ba403","block_type":"box","text":"Investor A Investor C","page_number":27,"box":{"x":232,"y":50,"width":282,"height":7}},{"id":"c3267b12-869d-4bfb-a10c-c2b551b8f10f","block_type":"box","text":"2,3","page_number":27,"box":{"x":515,"y":50,"width":10,"height":5}},{"id":"bf2b6f8a-a148-47a4-a727-711691ac029d","block_type":"box","text":"Institutional","page_number":27,"box":{"x":676,"y":50,"width":71,"height":7}},{"id":"3b1fc08e-b23a-443b-8d27-909d72d41070","block_type":"box","text":"Availability","page_number":27,"box":{"x":60,"y":67,"width":73,"height":10}},{"id":"2217d566-45fd-4464-8396-73daa58ce9aa","block_type":"box","text":"(continued)","page_number":27,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"6a76aada-9175-4b08-83e0-cc1ae5f9fd8b","block_type":"box","text":"with the Distributor to purchase such","page_number":27,"box":{"x":685,"y":67,"width":244,"height":10}},{"id":"fb948627-81c7-43e6-8f0a-f71101f5d7a2","block_type":"box","text":"shares.","page_number":27,"box":{"x":686,"y":81,"width":48,"height":8}},{"id":"01dd8071-340d-41e5-bf2b-0216d98f80f9","block_type":"box","text":"•","page_number":27,"box":{"x":679,"y":97,"width":3,"height":3}},{"id":"7161b09b-f067-4daf-88e8-f0c2a1e8d06a","block_type":"box","text":"Employees, officers and directors/","page_number":27,"box":{"x":686,"y":94,"width":229,"height":11}},{"id":"bf3c1839-aabb-4982-94f8-227e009d4108","block_type":"box","text":"trustees of BlackRock or its affiliates","page_number":27,"box":{"x":685,"y":108,"width":246,"height":8}},{"id":"42bfb059-3bd7-44d2-aa1b-e1e8f7e0d920","block_type":"box","text":"and immediate family members of","page_number":27,"box":{"x":686,"y":121,"width":225,"height":11}},{"id":"9272ba52-50e6-4e9e-b099-b0d911c58b82","block_type":"box","text":"such persons.","page_number":27,"box":{"x":686,"y":135,"width":91,"height":10}},{"id":"20d641ff-b13e-4f7b-a03c-2b28f50042ee","block_type":"box","text":"•","page_number":27,"box":{"x":679,"y":151,"width":3,"height":3}},{"id":"5da7ccea-bb2b-4163-bc9d-a80b35ee25f8","block_type":"box","text":"Participants in certain programs","page_number":27,"box":{"x":686,"y":149,"width":212,"height":10}},{"id":"c23adbda-8033-4717-82bd-39a2d811f3ea","block_type":"box","text":"sponsored by BlackRock or its","page_number":27,"box":{"x":686,"y":162,"width":198,"height":10}},{"id":"f454aa06-a046-478a-9251-616f0fa03b78","block_type":"box","text":"affiliates or other Financial","page_number":27,"box":{"x":686,"y":175,"width":175,"height":9}},{"id":"ad5ae3e8-f0a4-4257-9a64-56826575e716","block_type":"box","text":"Intermediaries.","page_number":27,"box":{"x":686,"y":189,"width":98,"height":8}},{"id":"2650ff19-87ee-423b-860b-c92bf6694608","block_type":"box","text":"•","page_number":27,"box":{"x":679,"y":205,"width":3,"height":3}},{"id":"04b1a652-350d-4eff-b196-ba074aefdfe9","block_type":"box","text":"Tax-qualified accounts for insurance","page_number":27,"box":{"x":685,"y":203,"width":235,"height":10}},{"id":"9e5918e4-455b-4343-85b3-d58237e6db9a","block_type":"box","text":"agents that are registered","page_number":27,"box":{"x":686,"y":216,"width":170,"height":10}},{"id":"ad360ee8-c9ff-49b4-bfee-b53cd69e3e0f","block_type":"box","text":"representatives of an insurance","page_number":27,"box":{"x":686,"y":230,"width":208,"height":10}},{"id":"a7b3e830-3d3e-4fb4-b3d7-73d5a2868ecd","block_type":"box","text":"company’s broker-dealer that has","page_number":27,"box":{"x":686,"y":243,"width":220,"height":10}},{"id":"f104229b-5401-451b-82b4-c379028e3e8b","block_type":"box","text":"entered into an agreement with the","page_number":27,"box":{"x":686,"y":257,"width":231,"height":10}},{"id":"53490f00-3907-47cd-b1d5-11129f6e1472","block_type":"box","text":"Distributor to offer Institutional","page_number":27,"box":{"x":686,"y":270,"width":203,"height":9}},{"id":"64c623a9-f92d-49cd-8fad-7e66e8e3ea5a","block_type":"box","text":"Shares, and the family members of","page_number":27,"box":{"x":686,"y":284,"width":233,"height":10}},{"id":"ac98c767-4bd0-4981-88f2-951b7536520e","block_type":"box","text":"such persons.","page_number":27,"box":{"x":686,"y":298,"width":91,"height":9}},{"id":"8746c1da-dcb2-400a-b75f-393ef741a551","block_type":"box","text":"•","page_number":27,"box":{"x":679,"y":314,"width":3,"height":3}},{"id":"08fa2e2a-bd31-4cff-ad7a-b669ac326336","block_type":"box","text":"Clients investing through Financial","page_number":27,"box":{"x":686,"y":311,"width":224,"height":10}},{"id":"93931c07-ec4d-4538-9e93-dc5bf31fe02a","block_type":"box","text":"Intermediaries that have entered into","page_number":27,"box":{"x":686,"y":325,"width":245,"height":8}},{"id":"cfcc929c-7ee5-4ad3-bbea-a210b1350f12","block_type":"box","text":"an agreement with the Distributor to","page_number":27,"box":{"x":686,"y":338,"width":238,"height":10}},{"id":"5994f276-a672-4883-ad69-81a60c5412c6","block_type":"box","text":"offer such shares on a platform that","page_number":27,"box":{"x":686,"y":351,"width":240,"height":11}},{"id":"ef1d52b9-adbb-4996-86ce-a2336afb45d8","block_type":"box","text":"charges a transaction based sales","page_number":27,"box":{"x":686,"y":365,"width":228,"height":10}},{"id":"0f62a3d5-3755-4ee8-b1a6-9e9fbf43bd55","block_type":"box","text":"commission outside of the Fund.","page_number":27,"box":{"x":686,"y":378,"width":215,"height":9}},{"id":"9700f773-e0d9-4933-8340-4055bdcad3c0","block_type":"box","text":"•","page_number":27,"box":{"x":679,"y":395,"width":3,"height":3}},{"id":"80e6bfd4-dc36-431b-9788-2472a07a330b","block_type":"box","text":"Clients investing through a self","page_number":27,"box":{"x":686,"y":392,"width":207,"height":10}},{"id":"48f79d0d-c7b8-44a7-8937-c850235ba727","block_type":"box","text":"directed IRA brokerage account","page_number":27,"box":{"x":686,"y":406,"width":206,"height":10}},{"id":"6754c5a8-c3a0-4d30-92b8-6253dbf88d4a","block_type":"box","text":"program sponsored by a retirement","page_number":27,"box":{"x":686,"y":419,"width":232,"height":11}},{"id":"9125589f-1e30-4d98-a57e-ffba5635a872","block_type":"box","text":"plan record-keeper, provided that","page_number":27,"box":{"x":686,"y":433,"width":217,"height":10}},{"id":"57e890da-01ab-4722-88c1-11f3b1d8a625","block_type":"box","text":"such program offers only mutual fund","page_number":27,"box":{"x":686,"y":446,"width":246,"height":11}},{"id":"bda95e39-ce62-41bf-9eb2-0e89b9289b93","block_type":"box","text":"options and that the program","page_number":27,"box":{"x":686,"y":460,"width":191,"height":10}},{"id":"332c21f4-0288-44c1-9b36-5c8d972964a0","block_type":"box","text":"maintains an account with the Fund","page_number":27,"box":{"x":686,"y":474,"width":234,"height":8}},{"id":"2c3e09eb-7ce9-4350-953a-5108382c349c","block_type":"box","text":"on an omnibus basis.","page_number":27,"box":{"x":686,"y":487,"width":141,"height":8}},{"id":"db889e64-a1eb-47a7-b0cd-136363245a79","block_type":"box","text":"Minimum Investment","page_number":27,"box":{"x":61,"y":505,"width":142,"height":8}},{"id":"70307e2a-b5f3-4428-8e4a-fb5ac28586ab","block_type":"box","text":"$1,000 for all accounts","page_number":27,"box":{"x":232,"y":504,"width":155,"height":11}},{"id":"d671bc52-4551-4b7b-94f5-800a95484d09","block_type":"box","text":"except:","page_number":27,"box":{"x":232,"y":519,"width":46,"height":10}},{"id":"8b7d8d00-a0f0-437e-a1ad-ff9008bdcb35","block_type":"box","text":"•","page_number":27,"box":{"x":235,"y":535,"width":4,"height":3}},{"id":"93ee4103-238a-4118-b2e6-c9b71e47ec57","block_type":"box","text":"$50, if establishing an","page_number":27,"box":{"x":243,"y":531,"width":147,"height":11}},{"id":"69e35ded-569b-4fab-950c-3e7a7c1f77fa","block_type":"box","text":"Automatic Investment Plan","page_number":27,"box":{"x":242,"y":546,"width":175,"height":8}},{"id":"bccf9b19-1f68-47ad-ba24-e34950520847","block_type":"box","text":"(“AIP”).","page_number":27,"box":{"x":242,"y":559,"width":47,"height":10}},{"id":"6fad1c84-b4e9-4503-aaf4-e26d48ff1fe5","block_type":"box","text":"•","page_number":27,"box":{"x":235,"y":575,"width":4,"height":3}},{"id":"e2c11405-3a4d-469e-9a63-bdef0490535a","block_type":"box","text":"There is no investment","page_number":27,"box":{"x":242,"y":573,"width":151,"height":8}},{"id":"14f59360-eefb-46cb-976b-2bff646e49bf","block_type":"box","text":"minimum for employer","page_number":27,"box":{"x":243,"y":586,"width":149,"height":10}},{"id":"ee7ed176-38cf-4ddf-ad9e-109dce9c2652","block_type":"box","text":"sponsored retirement plans","page_number":27,"box":{"x":242,"y":600,"width":182,"height":10}},{"id":"8ac9eb7b-84fb-4802-b753-f8c4d6d274cc","block_type":"box","text":"(not including SEP IRAs,","page_number":27,"box":{"x":242,"y":613,"width":156,"height":11}},{"id":"dd6977d9-6e29-48a1-983a-58d218e2b561","block_type":"box","text":"SIMPLE IRAs or SARSEPs).","page_number":27,"box":{"x":242,"y":627,"width":175,"height":10}},{"id":"f77938f3-6861-4848-b22a-0e4eff8e6a69","block_type":"box","text":"•","page_number":27,"box":{"x":235,"y":643,"width":4,"height":3}},{"id":"9ebf734f-908d-4bb8-991a-64743592b856","block_type":"box","text":"There is no investment","page_number":27,"box":{"x":242,"y":640,"width":151,"height":9}},{"id":"db316301-ae57-4d7c-9ed5-c71a016b3ccf","block_type":"box","text":"minimum for certain fee","page_number":27,"box":{"x":243,"y":654,"width":161,"height":8}},{"id":"e4e427ca-352f-4315-8fd6-beb4cc6093b7","block_type":"box","text":"based programs.","page_number":27,"box":{"x":243,"y":668,"width":109,"height":10}},{"id":"c42e9a70-e2ce-4816-8dc1-ea5cc958f7a8","block_type":"box","text":"$1,000 for all accounts","page_number":27,"box":{"x":454,"y":504,"width":155,"height":11}},{"id":"97d151da-a285-4b32-a632-a6fe75bf8f68","block_type":"box","text":"except:","page_number":27,"box":{"x":454,"y":519,"width":46,"height":10}},{"id":"476ce9ac-cbc1-40fe-9548-e8e45aa24f75","block_type":"box","text":"•","page_number":27,"box":{"x":457,"y":535,"width":4,"height":3}},{"id":"ef950237-af92-4a3f-9920-4b1f305c0263","block_type":"box","text":"$50, if establishing an AIP.","page_number":27,"box":{"x":464,"y":531,"width":176,"height":11}},{"id":"84445c07-3888-4b4d-9f75-4a22fd34544f","block_type":"box","text":"•","page_number":27,"box":{"x":457,"y":548,"width":4,"height":3}},{"id":"eaa6af9c-1f14-4cc6-8c9e-7573088f93dc","block_type":"box","text":"There is no investment","page_number":27,"box":{"x":464,"y":546,"width":151,"height":8}},{"id":"4d05895b-c582-4b9c-8db9-9cf7d1109a15","block_type":"box","text":"minimum for employer","page_number":27,"box":{"x":464,"y":559,"width":150,"height":10}},{"id":"6355a8d6-5671-4c12-84e5-740a49185a87","block_type":"box","text":"sponsored retirement plans","page_number":27,"box":{"x":464,"y":573,"width":182,"height":10}},{"id":"249963b9-64d9-4151-998b-55b25e978852","block_type":"box","text":"(not including SEP IRAs,","page_number":27,"box":{"x":464,"y":586,"width":156,"height":10}},{"id":"ccedf6d8-1ba1-40b9-94c9-51a49db60e79","block_type":"box","text":"SIMPLE IRAs or SARSEPs).","page_number":27,"box":{"x":464,"y":600,"width":175,"height":10}},{"id":"7674a39b-6654-4a97-9712-70ebc6e7f866","block_type":"box","text":"•","page_number":27,"box":{"x":457,"y":616,"width":4,"height":3}},{"id":"5a09940e-e95e-4344-81cc-3aeceaf6e626","block_type":"box","text":"There is no investment","page_number":27,"box":{"x":464,"y":613,"width":151,"height":8}},{"id":"a4d53946-1a6e-45af-837d-97d129e5f174","block_type":"box","text":"minimum for certain fee","page_number":27,"box":{"x":464,"y":627,"width":162,"height":8}},{"id":"97bec631-ba64-41cc-991a-0ddf535d1e2f","block_type":"box","text":"based programs.","page_number":27,"box":{"x":464,"y":640,"width":110,"height":11}},{"id":"2f039aec-cd73-4dfd-aeb7-a2ce139ab7f8","block_type":"box","text":"There is no investment minimum for:","page_number":27,"box":{"x":675,"y":505,"width":242,"height":8}},{"id":"7806d0e1-f589-4c9e-a4f4-8143f61f5431","block_type":"box","text":"•","page_number":27,"box":{"x":679,"y":521,"width":3,"height":3}},{"id":"21a81144-d12a-461a-8f37-026a13db1384","block_type":"box","text":"Certain employee benefits plans,","page_number":27,"box":{"x":686,"y":518,"width":217,"height":11}},{"id":"4de3c5be-80fe-4aea-8b28-a269112a210e","block_type":"box","text":"such as health savings accounts, and","page_number":27,"box":{"x":686,"y":532,"width":248,"height":10}},{"id":"3b71d9e5-be96-4ac5-a53e-22e543c3195c","block_type":"box","text":"certain employer-sponsored","page_number":27,"box":{"x":686,"y":546,"width":182,"height":10}},{"id":"edccb965-82d5-41ca-a998-dcf86157dfb4","block_type":"box","text":"retirement plans (not including SEP","page_number":27,"box":{"x":686,"y":559,"width":232,"height":10}},{"id":"29d1dcd7-261d-44cc-9da3-6eab69770536","block_type":"box","text":"IRAs, SIMPLE IRAs or SARSEPs),","page_number":27,"box":{"x":686,"y":573,"width":213,"height":10}},{"id":"cedecebf-e667-45ec-bf77-23462eadd8f9","block_type":"box","text":"state sponsored 529 college savings","page_number":27,"box":{"x":686,"y":586,"width":244,"height":10}},{"id":"4fc363e0-8ff5-4e4c-a997-1fc8329795bc","block_type":"box","text":"plans, collective trust funds,","page_number":27,"box":{"x":686,"y":600,"width":186,"height":10}},{"id":"16792800-c96c-457a-96af-d5bd9e964cee","block_type":"box","text":"investment companies or other","page_number":27,"box":{"x":686,"y":613,"width":205,"height":10}},{"id":"93b8bd0f-b5d4-4af5-b1f1-b26811239574","block_type":"box","text":"pooled investment vehicles,","page_number":27,"box":{"x":686,"y":627,"width":182,"height":10}},{"id":"829b63d7-a07a-4312-ab9d-f36bf5cf8973","block_type":"box","text":"unaffiliated thrifts and unaffiliated","page_number":27,"box":{"x":686,"y":640,"width":225,"height":9}},{"id":"89a7eb99-85e5-4ed3-8a78-2392d1c5fcb5","block_type":"box","text":"banks and trust companies.","page_number":27,"box":{"x":686,"y":654,"width":183,"height":10}},{"id":"057005e0-65fa-46da-8583-4a1d3ef995b8","block_type":"box","text":"•","page_number":27,"box":{"x":679,"y":670,"width":3,"height":3}},{"id":"f227f86a-15ed-4a47-9ba7-8b10850989ec","block_type":"box","text":"Employees, officers and directors/","page_number":27,"box":{"x":686,"y":667,"width":229,"height":11}},{"id":"cfc7956e-21b8-4f28-9b0f-5b30181c04c2","block_type":"box","text":"trustees of BlackRock or its affiliates","page_number":27,"box":{"x":685,"y":681,"width":246,"height":8}},{"id":"56b63980-7eb4-442f-a6ca-5f05d778eeac","block_type":"box","text":"and immediate family members of","page_number":27,"box":{"x":686,"y":694,"width":225,"height":11}},{"id":"8ec4117a-b504-4e28-b6de-abd45a4b8ab6","block_type":"box","text":"such persons.","page_number":27,"box":{"x":686,"y":708,"width":91,"height":10}},{"id":"cafe60fa-b5b8-4a20-8707-a5fd364bad77","block_type":"box","text":"•","page_number":27,"box":{"x":679,"y":724,"width":3,"height":3}},{"id":"fb027ccb-18cd-40ae-ade2-1904ac095993","block_type":"box","text":"Clients of Financial Intermediaries","page_number":27,"box":{"x":686,"y":721,"width":224,"height":9}},{"id":"c54db03a-2fd4-4613-bdc2-995c09873bc7","block_type":"box","text":"that: (i) charge such clients a fee for","page_number":27,"box":{"x":685,"y":735,"width":241,"height":10}},{"id":"d9bca4d3-ec6e-4b0a-9c1d-46a790624698","block_type":"box","text":"advisory, investment consulting, or","page_number":27,"box":{"x":686,"y":749,"width":229,"height":10}},{"id":"ec677466-b14c-4f38-9344-8730fcfb60bb","block_type":"box","text":"similar services or (ii) have entered","page_number":27,"box":{"x":686,"y":762,"width":232,"height":10}},{"id":"c13e22c7-2179-4cb0-9d70-82c5302c1790","block_type":"box","text":"into an agreement with the Distributor","page_number":27,"box":{"x":686,"y":776,"width":250,"height":10}},{"id":"97cecd84-32a3-4349-9793-cf957b9cad2a","block_type":"box","text":"to offer Institutional Shares through a","page_number":27,"box":{"x":685,"y":789,"width":250,"height":11}},{"id":"9485651e-3939-48a4-aa72-7dd05d4efdf4","block_type":"box","text":"no-load program or investment","page_number":27,"box":{"x":686,"y":803,"width":201,"height":10}},{"id":"dda480a6-ac6a-49f7-85c6-e810078f55ea","block_type":"box","text":"platform.","page_number":27,"box":{"x":686,"y":816,"width":57,"height":10}},{"id":"56b9fb5e-9f9d-441b-8711-abf6ff9e925d","block_type":"box","text":"•","page_number":27,"box":{"x":679,"y":833,"width":3,"height":2}},{"id":"46aabc42-fce8-44c2-abed-7e6715eda9a9","block_type":"box","text":"Clients investing through a self","page_number":27,"box":{"x":686,"y":830,"width":207,"height":10}},{"id":"f1ee3d88-11ee-433d-a5c1-9108b7afb133","block_type":"box","text":"directed IRA brokerage account","page_number":27,"box":{"x":686,"y":844,"width":206,"height":10}},{"id":"fb1f3b12-30fd-45e1-b573-c3edf13ca4f7","block_type":"box","text":"program sponsored by a retirement","page_number":27,"box":{"x":686,"y":857,"width":232,"height":10}},{"id":"8edbde1c-7de6-4938-8019-1cd73f720fa4","block_type":"box","text":"plan record-keeper, provided that","page_number":27,"box":{"x":686,"y":871,"width":217,"height":9}},{"id":"d709bc01-2635-414f-9329-b300b1c2cf39","block_type":"box","text":"such program offers only mutual fund","page_number":27,"box":{"x":686,"y":884,"width":246,"height":10}},{"id":"e0fae605-57f5-430a-a24c-b5f05e2e01c0","block_type":"box","text":"options and that the program","page_number":27,"box":{"x":686,"y":898,"width":191,"height":10}},{"id":"f93921ae-0962-410f-82ee-ec816ac8a5ae","block_type":"box","text":"maintains an account with the Fund","page_number":27,"box":{"x":686,"y":911,"width":234,"height":8}},{"id":"5f45adb5-cc4d-490b-9133-53899df1c6be","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"b70fb803-c9dd-462d-a350-88ff31d92259","block_type":"box","text":"NM1026U-5988115-27/72","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"295b20b1-680c-420c-92b9-d33dd867876e","block_type":"box","text":"Investor A Investor C","page_number":28,"box":{"x":232,"y":50,"width":282,"height":7}},{"id":"e9577c27-ca76-4daa-bbc2-f31f424b1e8d","block_type":"box","text":"2,3","page_number":28,"box":{"x":515,"y":50,"width":10,"height":5}},{"id":"ad8b2384-e2d7-4a08-8dde-f8407d6b896c","block_type":"box","text":"Institutional","page_number":28,"box":{"x":676,"y":50,"width":71,"height":7}},{"id":"d8214981-0b9c-4e42-b80e-1881c9698bbf","block_type":"box","text":"Minimum Investment","page_number":28,"box":{"x":61,"y":67,"width":142,"height":8}},{"id":"c15152c8-0ebf-4683-87e9-9b5ca32ce7ea","block_type":"box","text":"(continued)","page_number":28,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"90e85b41-4a65-4280-8194-d2a3f06ba891","block_type":"box","text":"on an omnibus basis.","page_number":28,"box":{"x":686,"y":67,"width":141,"height":8}},{"id":"f2d4f56e-5df6-4613-b963-b4e5e8f79011","block_type":"box","text":"$2 million for individuals and","page_number":28,"box":{"x":676,"y":83,"width":189,"height":9}},{"id":"a981a741-d49c-4b07-8e3e-3249c5c8d584","block_type":"box","text":"Institutional Investors.","page_number":28,"box":{"x":676,"y":97,"width":145,"height":8}},{"id":"7b584b35-01d7-4dd7-be2b-0380a1147359","block_type":"box","text":"$1,000 investment minimum for:","page_number":28,"box":{"x":676,"y":112,"width":217,"height":11}},{"id":"b9b4e2d7-befd-4342-829a-1262f663bb9e","block_type":"box","text":"•","page_number":28,"box":{"x":679,"y":129,"width":3,"height":3}},{"id":"10f06e9c-98ee-4a0e-8669-789828612b50","block_type":"box","text":"Clients investing through Financial","page_number":28,"box":{"x":686,"y":127,"width":224,"height":10}},{"id":"b5190b5a-1fe7-4277-aa30-b47ba013bcff","block_type":"box","text":"Intermediaries that offer such shares","page_number":28,"box":{"x":686,"y":140,"width":246,"height":8}},{"id":"91f0aa36-b80a-42ba-a734-185862cd6fc1","block_type":"box","text":"on a platform that charges a","page_number":28,"box":{"x":686,"y":154,"width":188,"height":10}},{"id":"2dcf1b0c-41e5-4973-a9fa-a211eca69c36","block_type":"box","text":"transaction based sales commission","page_number":28,"box":{"x":685,"y":167,"width":242,"height":8}},{"id":"c3ae2029-c94e-4d65-ae45-274c8df0eeaa","block_type":"box","text":"outside of the Fund.","page_number":28,"box":{"x":686,"y":181,"width":130,"height":8}},{"id":"8e6d956a-62b0-43cc-ad97-bb74115e2700","block_type":"box","text":"•","page_number":28,"box":{"x":679,"y":197,"width":3,"height":3}},{"id":"185cf66e-64c4-4404-8e59-fe001c33bb8d","block_type":"box","text":"Tax-qualified accounts for insurance","page_number":28,"box":{"x":685,"y":194,"width":235,"height":10}},{"id":"5bc3b946-4238-412e-beb3-1ebca527537b","block_type":"box","text":"agents that are registered","page_number":28,"box":{"x":686,"y":208,"width":170,"height":10}},{"id":"207c347e-0fe6-407d-a0fd-c8bc6a41896a","block_type":"box","text":"representatives of an insurance","page_number":28,"box":{"x":686,"y":221,"width":208,"height":10}},{"id":"32dc16d9-16a0-42dd-bd9c-aaffab0a702a","block_type":"box","text":"company’s broker-dealer that has","page_number":28,"box":{"x":686,"y":235,"width":220,"height":10}},{"id":"250905f7-ba1a-47b5-a203-f725dfce4dce","block_type":"box","text":"entered into an agreement with the","page_number":28,"box":{"x":686,"y":249,"width":231,"height":10}},{"id":"9f7f1046-2f9d-47d3-8e49-71936d1aef72","block_type":"box","text":"Distributor to offer Institutional","page_number":28,"box":{"x":686,"y":262,"width":203,"height":8}},{"id":"ee0c2b33-f6b7-4df6-b3e8-67dbb1a2706e","block_type":"box","text":"Shares, and the family members of","page_number":28,"box":{"x":686,"y":275,"width":233,"height":11}},{"id":"5a260665-fbb9-426c-b9b5-94a761e9dd74","block_type":"box","text":"such persons.","page_number":28,"box":{"x":686,"y":289,"width":91,"height":10}},{"id":"2ed006dc-120f-4959-bb7c-fc7fb1ba8cdc","block_type":"box","text":"Initial Sales Charge?","page_number":28,"box":{"x":61,"y":307,"width":140,"height":10}},{"id":"ee487938-c329-4dfd-b959-212c7870fd8c","block_type":"box","text":"Yes. Payable at time of","page_number":28,"box":{"x":232,"y":307,"width":151,"height":10}},{"id":"2dc4dc8b-72b8-4d0e-bbb3-bd1eac0533cf","block_type":"box","text":"purchase. Lower sales","page_number":28,"box":{"x":233,"y":321,"width":147,"height":10}},{"id":"6e7e5189-267a-4afe-abc7-75434b93d1c4","block_type":"box","text":"charges are available for","page_number":28,"box":{"x":232,"y":334,"width":163,"height":10}},{"id":"3069f361-b197-46d6-81d1-1978bf998137","block_type":"box","text":"larger investments.","page_number":28,"box":{"x":233,"y":348,"width":125,"height":10}},{"id":"a367d579-c761-458a-9bcb-9753e63ae516","block_type":"box","text":"No. Entire purchase price is","page_number":28,"box":{"x":455,"y":307,"width":181,"height":10}},{"id":"33579177-2cb9-4a28-9cfb-7355d9ed71c0","block_type":"box","text":"invested in shares of the","page_number":28,"box":{"x":454,"y":320,"width":163,"height":9}},{"id":"7fb83c00-1cb3-4e23-92da-504ba2a409e2","block_type":"box","text":"Fund.","page_number":28,"box":{"x":455,"y":334,"width":33,"height":8}},{"id":"9637af61-5641-469f-8df5-f60bf40faca2","block_type":"box","text":"No. Entire purchase price is invested in","page_number":28,"box":{"x":676,"y":307,"width":258,"height":10}},{"id":"52d142db-28d4-4688-a8ad-a340ddaa539a","block_type":"box","text":"shares of the Fund.","page_number":28,"box":{"x":676,"y":320,"width":127,"height":9}},{"id":"c1adde60-8342-44d9-878d-f77556e31bfd","block_type":"box","text":"Deferred Sales","page_number":28,"box":{"x":61,"y":366,"width":98,"height":8}},{"id":"8686e95a-3c09-4955-8b8f-a52c67fa453b","block_type":"box","text":"Charge?","page_number":28,"box":{"x":61,"y":379,"width":55,"height":10}},{"id":"c4d82421-a2a4-490f-9364-b61b12740d86","block_type":"box","text":"No. (May be charged for","page_number":28,"box":{"x":233,"y":366,"width":158,"height":10}},{"id":"ae743a5b-bfab-476b-a6eb-502be4775020","block_type":"box","text":"purchases of $1 million or","page_number":28,"box":{"x":233,"y":379,"width":173,"height":10}},{"id":"ed445e4f-29b4-40c8-ab87-ebbf0685063b","block_type":"box","text":"more that are redeemed","page_number":28,"box":{"x":233,"y":393,"width":159,"height":8}},{"id":"5fbb51d6-0190-44a2-9f8f-62ff66b8b09a","block_type":"box","text":"within 18 months).","page_number":28,"box":{"x":232,"y":406,"width":122,"height":10}},{"id":"de6605e5-4d79-4a78-a0aa-cbc90abddd44","block_type":"box","text":"Yes. Payable if you redeem","page_number":28,"box":{"x":453,"y":366,"width":177,"height":10}},{"id":"31bce113-ef4d-46c1-a31b-7d63f1d1ffb1","block_type":"box","text":"within one year of purchase.","page_number":28,"box":{"x":453,"y":379,"width":186,"height":10}},{"id":"0f9e76b1-e173-4d68-8d28-4583d87bee9c","block_type":"box","text":"No.","page_number":28,"box":{"x":676,"y":366,"width":20,"height":8}},{"id":"78e2a234-c290-4142-88a8-774c51963c29","block_type":"box","text":"Distribution and","page_number":28,"box":{"x":61,"y":424,"width":106,"height":9}},{"id":"8752f917-8d2f-4aa7-bec7-e06e0170f95c","block_type":"box","text":"Service (12b-1) Fees?","page_number":28,"box":{"x":60,"y":438,"width":150,"height":10}},{"id":"d3e4e651-72f9-467a-8bf0-e76c6876d981","block_type":"box","text":"No Distribution Fee.","page_number":28,"box":{"x":233,"y":425,"width":128,"height":8}},{"id":"6d6f2871-3f65-4fa7-9ff8-2604c35f4ba7","block_type":"box","text":"0.25% Annual Service Fee.","page_number":28,"box":{"x":232,"y":438,"width":176,"height":8}},{"id":"8ffb5072-c43f-41ec-9c1a-2765319b3f93","block_type":"box","text":"0.75% Annual Distribution","page_number":28,"box":{"x":454,"y":424,"width":170,"height":9}},{"id":"f3bdd08e-23a4-4ab7-be70-076cad76e839","block_type":"box","text":"Fee.","page_number":28,"box":{"x":455,"y":438,"width":25,"height":8}},{"id":"25e1137e-b796-4c72-82af-b272df411a7c","block_type":"box","text":"0.25% Annual Service Fee.","page_number":28,"box":{"x":454,"y":451,"width":176,"height":9}},{"id":"582eaea2-e78c-4864-a5c4-8bac64b24791","block_type":"box","text":"No.","page_number":28,"box":{"x":676,"y":425,"width":20,"height":8}},{"id":"cf351f49-ee6c-4001-846b-d9411186390b","block_type":"box","text":"Redemption Fees?","page_number":28,"box":{"x":61,"y":470,"width":125,"height":10}},{"id":"55df717f-367d-4ac2-99bc-818ddd1c18bc","block_type":"box","text":"No. No. No.","page_number":28,"box":{"x":233,"y":470,"width":463,"height":8}},{"id":"877fb8da-24a2-4fe9-8df4-5cb1ea514cdd","block_type":"box","text":"Conversion to","page_number":28,"box":{"x":61,"y":488,"width":92,"height":8}},{"id":"3763a0ad-68c8-4d4d-810d-109345abfc95","block_type":"box","text":"Investor A Shares?","page_number":28,"box":{"x":61,"y":501,"width":127,"height":8}},{"id":"4afe857b-e18b-478c-af6b-eb2acf5be014","block_type":"box","text":"N/A Yes, automatically","page_number":28,"box":{"x":233,"y":488,"width":340,"height":10}},{"id":"82e845b5-184f-40b1-9aef-dfc7801a5772","block_type":"box","text":"approximately eight years","page_number":28,"box":{"x":454,"y":501,"width":167,"height":10}},{"id":"967cfc2e-b3df-4c86-aadf-e0b227aaff00","block_type":"box","text":"after the date of purchase. It","page_number":28,"box":{"x":454,"y":515,"width":190,"height":10}},{"id":"7312659c-f9af-44e0-a985-029a672c8e49","block_type":"box","text":"is the Financial Intermediary’s","page_number":28,"box":{"x":454,"y":528,"width":199,"height":10}},{"id":"6082addf-20f8-4b33-914c-77d8629308fb","block_type":"box","text":"responsibility to ensure that","page_number":28,"box":{"x":454,"y":542,"width":185,"height":10}},{"id":"155ca6ac-f61d-4053-ba5b-bb5f5707072e","block_type":"box","text":"the shareholder is credited","page_number":28,"box":{"x":453,"y":555,"width":177,"height":8}},{"id":"4d4ffe78-495c-4951-9007-ef766b0f0ebf","block_type":"box","text":"with the proper holding period.","page_number":28,"box":{"x":453,"y":569,"width":201,"height":10}},{"id":"4848dc28-2931-4073-9904-69efc53242bb","block_type":"box","text":"As of the Effective Date (as","page_number":28,"box":{"x":453,"y":582,"width":182,"height":10}},{"id":"46f8be3f-1ec8-41d6-8197-a74ed995c711","block_type":"box","text":"defined below), certain","page_number":28,"box":{"x":454,"y":596,"width":150,"height":10}},{"id":"568430c2-5357-42e0-ac38-bebab87106ac","block_type":"box","text":"Financial Intermediaries,","page_number":28,"box":{"x":455,"y":610,"width":160,"height":9}},{"id":"574fc1a0-6c4f-45e6-a218-df401bc63843","block_type":"box","text":"including group retirement","page_number":28,"box":{"x":454,"y":623,"width":172,"height":10}},{"id":"1ac320f0-3572-47ba-9724-5fbb7f263377","block_type":"box","text":"recordkeeping platforms, may","page_number":28,"box":{"x":454,"y":636,"width":196,"height":11}},{"id":"eca197d8-67eb-4d33-b99f-8812a4550615","block_type":"box","text":"not have been tracking such","page_number":28,"box":{"x":454,"y":650,"width":185,"height":10}},{"id":"2b18991b-235b-4949-a249-2153feeda787","block_type":"box","text":"holding periods and therefore","page_number":28,"box":{"x":454,"y":663,"width":193,"height":11}},{"id":"765a5de6-084f-4657-98b0-b277707d623e","block_type":"box","text":"may not be able to process","page_number":28,"box":{"x":454,"y":677,"width":179,"height":10}},{"id":"9eefcc81-f05c-41c0-9fb2-362332d8b01a","block_type":"box","text":"such conversions. In such","page_number":28,"box":{"x":454,"y":691,"width":170,"height":8}},{"id":"dabd2311-7b20-4c90-92fd-a4798dd24af6","block_type":"box","text":"instances, the automatic","page_number":28,"box":{"x":454,"y":704,"width":163,"height":10}},{"id":"1a649505-256c-419a-ac30-8c6cf586c192","block_type":"box","text":"conversion of Investor C","page_number":28,"box":{"x":454,"y":718,"width":158,"height":8}},{"id":"d75f54e0-f99b-40e3-a487-75d17a923006","block_type":"box","text":"Shares to Investor A Shares","page_number":28,"box":{"x":454,"y":731,"width":184,"height":8}},{"id":"f9f430fa-80a2-4390-b5d0-ced6b557271d","block_type":"box","text":"will occur approximately eight","page_number":28,"box":{"x":453,"y":745,"width":194,"height":10}},{"id":"30621b44-7333-46c0-b766-45a4fe975c00","block_type":"box","text":"years after the Effective Date.","page_number":28,"box":{"x":453,"y":758,"width":197,"height":10}},{"id":"8ce990fe-237b-4b11-ac95-bd6e453372a3","block_type":"box","text":"In addition, accounts that do","page_number":28,"box":{"x":455,"y":780,"width":188,"height":9}},{"id":"ac299df2-839f-4ff2-be1c-bbaacabfe6c5","block_type":"box","text":"not have a Financial","page_number":28,"box":{"x":454,"y":793,"width":130,"height":8}},{"id":"ef678459-5a25-4c93-b2d4-a41b3f82bca4","block_type":"box","text":"Intermediary associated with","page_number":28,"box":{"x":455,"y":807,"width":189,"height":10}},{"id":"680fe0c0-12c0-4a1e-bb7b-f62a6a603440","block_type":"box","text":"them are not eligible to hold","page_number":28,"box":{"x":453,"y":820,"width":186,"height":10}},{"id":"77f666b6-e5f7-448f-b7bd-6d7888bfbfe4","block_type":"box","text":"Investor C Shares, and any","page_number":28,"box":{"x":455,"y":834,"width":177,"height":10}},{"id":"12c3994e-c042-4621-b63f-f425602d1fe9","block_type":"box","text":"Investor C Shares held in","page_number":28,"box":{"x":455,"y":847,"width":164,"height":8}},{"id":"7da0e771-a180-4662-8dec-cc6d807b4e6e","block_type":"box","text":"such accounts will be","page_number":28,"box":{"x":454,"y":861,"width":141,"height":8}},{"id":"f3bc77ff-4b9b-4bb9-8cb2-58192d385202","block_type":"box","text":"automatically converted to","page_number":28,"box":{"x":454,"y":874,"width":174,"height":10}},{"id":"aa0f125d-1e9c-4fa6-8393-19ae281a3eec","block_type":"box","text":"Investor A Shares.","page_number":28,"box":{"x":455,"y":888,"width":118,"height":8}},{"id":"f95d8f24-e501-4ccc-8e15-0e5217bb1ac6","block_type":"box","text":"No.","page_number":28,"box":{"x":676,"y":488,"width":20,"height":8}},{"id":"356129ba-2e99-4787-8894-82512210e64a","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"295a41b3-9fbe-4979-aa90-80e935b8a665","block_type":"box","text":"NM1026U-5988115-28/72","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"effc6f0a-173c-4498-867c-31f05e496fa1","block_type":"box","text":"Investor A Investor C","page_number":29,"box":{"x":232,"y":50,"width":282,"height":7}},{"id":"43c2b1a9-4357-49ca-82fd-8773e7a1150a","block_type":"box","text":"2,3","page_number":29,"box":{"x":515,"y":50,"width":10,"height":5}},{"id":"0a45e076-9d33-4254-97b5-d35909161927","block_type":"box","text":"Institutional","page_number":29,"box":{"x":676,"y":50,"width":71,"height":7}},{"id":"58a85969-c924-4dee-9539-4f49e37c2eeb","block_type":"box","text":"Advantage","page_number":29,"box":{"x":60,"y":67,"width":72,"height":10}},{"id":"e87789b7-aae0-49a6-9606-0f8398d82d23","block_type":"box","text":"Makes sense for investors","page_number":29,"box":{"x":233,"y":67,"width":174,"height":8}},{"id":"e358f558-3738-4c28-b925-8adb9ab53544","block_type":"box","text":"who are eligible to have the","page_number":29,"box":{"x":232,"y":81,"width":181,"height":10}},{"id":"31de1ba9-9e3c-4c45-bf95-1585fb95bd8b","block_type":"box","text":"sales charge reduced or","page_number":29,"box":{"x":232,"y":94,"width":160,"height":11}},{"id":"b44c3c44-b4ba-4d41-8265-43966ac034a8","block_type":"box","text":"eliminated or who have a long","page_number":29,"box":{"x":232,"y":108,"width":201,"height":10}},{"id":"d841532e-1a0e-4c03-8627-8d49488c0043","block_type":"box","text":"term investment horizon","page_number":29,"box":{"x":232,"y":122,"width":159,"height":8}},{"id":"26e1068b-cdfa-4d88-8fd2-2949cbf5f29a","block_type":"box","text":"because there are no ongoing","page_number":29,"box":{"x":233,"y":135,"width":196,"height":10}},{"id":"662b6a29-d4b9-4f27-a970-c091dbb2b692","block_type":"box","text":"distribution fees.","page_number":29,"box":{"x":232,"y":148,"width":110,"height":9}},{"id":"c51a8634-5543-4175-b2e5-7395a6202277","block_type":"box","text":"No up-front sales charge so","page_number":29,"box":{"x":455,"y":67,"width":181,"height":11}},{"id":"05ff0cfe-b4b5-457b-8164-8fa15cb874e2","block_type":"box","text":"you start off owning more","page_number":29,"box":{"x":453,"y":81,"width":170,"height":10}},{"id":"c3d61430-2c04-4694-a22c-cf341f024707","block_type":"box","text":"shares. These shares may","page_number":29,"box":{"x":454,"y":94,"width":175,"height":11}},{"id":"a3f4294c-1782-4ac4-91c8-ba9449405ed3","block_type":"box","text":"make sense for investors who","page_number":29,"box":{"x":454,"y":108,"width":197,"height":8}},{"id":"7b7bb86c-be5c-458e-a26a-b0b3aab491b7","block_type":"box","text":"have a shorter investment","page_number":29,"box":{"x":454,"y":122,"width":173,"height":8}},{"id":"f9f6d403-10a5-42e8-9e2f-cf8d38ddd104","block_type":"box","text":"horizon relative to Investor A","page_number":29,"box":{"x":454,"y":135,"width":187,"height":8}},{"id":"44e6ddb5-037c-41d6-b693-6565d17ac00d","block_type":"box","text":"Shares.","page_number":29,"box":{"x":454,"y":149,"width":49,"height":8}},{"id":"346f12ee-205d-4653-8eea-b96317a214b0","block_type":"box","text":"No up-front sales charge so you start","page_number":29,"box":{"x":676,"y":67,"width":246,"height":11}},{"id":"fbfda2c9-2dbe-4c03-af59-55dc6ff84e37","block_type":"box","text":"off owning more shares. No","page_number":29,"box":{"x":676,"y":81,"width":182,"height":10}},{"id":"6ffe9168-19ed-46fc-9d0a-a80ed3185e65","block_type":"box","text":"distribution or service fees.","page_number":29,"box":{"x":676,"y":94,"width":180,"height":9}},{"id":"6b704f3a-b985-460e-b751-eee64dfd8658","block_type":"box","text":"Disadvantage","page_number":29,"box":{"x":61,"y":167,"width":91,"height":10}},{"id":"f57c2b4a-9dc8-4c4d-b34f-2b3938ae6bee","block_type":"box","text":"You pay a sales charge up","page_number":29,"box":{"x":232,"y":167,"width":176,"height":10}},{"id":"62c68d5e-5227-4a54-be93-9616329bac69","block_type":"box","text":"front, and therefore you start","page_number":29,"box":{"x":232,"y":180,"width":192,"height":10}},{"id":"5b38adf1-a0e6-4a2a-9c6b-7e33126c9cba","block_type":"box","text":"off owning fewer shares.","page_number":29,"box":{"x":232,"y":194,"width":161,"height":10}},{"id":"2943a919-d85d-425e-91e1-7a5543928065","block_type":"box","text":"You pay ongoing distribution","page_number":29,"box":{"x":453,"y":167,"width":184,"height":10}},{"id":"93dc8706-dd20-42b3-88a9-7d4cfcda161a","block_type":"box","text":"fees each year you own","page_number":29,"box":{"x":453,"y":180,"width":154,"height":10}},{"id":"051a9e80-173a-4dd0-9073-6e91810dd100","block_type":"box","text":"Investor C Shares, which","page_number":29,"box":{"x":455,"y":194,"width":161,"height":9}},{"id":"97e039f2-3d99-432d-8eaf-8b53f17d9e37","block_type":"box","text":"means that over the long term","page_number":29,"box":{"x":454,"y":207,"width":199,"height":10}},{"id":"2a66470b-c22e-4108-a4d5-f1c4b7717485","block_type":"box","text":"you can expect higher total","page_number":29,"box":{"x":453,"y":221,"width":177,"height":10}},{"id":"12b03fec-54cf-4764-8ec8-e883654f05df","block_type":"box","text":"fees per share than Investor A","page_number":29,"box":{"x":453,"y":234,"width":201,"height":10}},{"id":"7c23ff0e-a7c0-41a4-a696-1f7f6d21b87a","block_type":"box","text":"Shares and, as a result, lower","page_number":29,"box":{"x":454,"y":248,"width":199,"height":9}},{"id":"de706105-5523-4756-9f3e-d46ba7727ff8","block_type":"box","text":"total performance.","page_number":29,"box":{"x":453,"y":261,"width":122,"height":10}},{"id":"ef8a674f-6ceb-4ca6-98e8-ffafee1f899d","block_type":"box","text":"Limited availability.","page_number":29,"box":{"x":676,"y":167,"width":123,"height":10}},{"id":"896d27b1-8357-4fba-bb0b-3021a8e77759","block_type":"box","text":"1","page_number":29,"box":{"x":61,"y":281,"width":3,"height":4}},{"id":"4837f081-720c-479d-ba95-cebc6d66ca2c","block_type":"box","text":"Please see “Details About the Share Classes” for more information about each share class.","page_number":29,"box":{"x":81,"y":281,"width":541,"height":7}},{"id":"39082078-037b-4bb5-8b00-c16a3d06589c","block_type":"box","text":"2","page_number":29,"box":{"x":61,"y":294,"width":3,"height":3}},{"id":"9585ac58-fb62-443b-ba5f-9a9cc77b921a","block_type":"box","text":"If you establish a new account, or have an existing account, directly with the Fund and do not have a Financial Intermediary associated with your","page_number":29,"box":{"x":82,"y":294,"width":847,"height":9}},{"id":"c4b89f47-8b84-41be-b121-b49485741254","block_type":"box","text":"account, you may only invest in Investor A Shares. Applications without a Financial Intermediary that select Investor C Shares will not be","page_number":29,"box":{"x":81,"y":304,"width":800,"height":9}},{"id":"de5704e2-e03b-4e1c-bfb5-6892da19722c","block_type":"box","text":"accepted and accounts without an associated Financial Intermediary will not be eligible to hold Investor C Shares.","page_number":29,"box":{"x":81,"y":314,"width":669,"height":10}},{"id":"d92dd055-6d06-441d-a282-b554614eb8ff","block_type":"box","text":"3","page_number":29,"box":{"x":61,"y":327,"width":3,"height":4}},{"id":"24e8bed1-3f47-458a-b9bd-a7ffba3cd60a","block_type":"box","text":"The Fund will not accept a purchase order of $500,000 or more for Investor C Shares (may be lower on funds that have set a lower breakpoint","page_number":29,"box":{"x":81,"y":327,"width":838,"height":9}},{"id":"f5040d07-ea79-42ef-9496-201839b06655","block_type":"box","text":"for purchasing Investor A Shares without a front-end sales charge). Your Financial Intermediary may set a lower maximum for Investor C Shares.","page_number":29,"box":{"x":81,"y":338,"width":844,"height":9}},{"id":"e08589f8-68d3-4b27-acb9-cdd2c1e93468","block_type":"box","text":"The following pages will cover the additional details of each share class, including the Institutional Shares","page_number":29,"box":{"x":60,"y":363,"width":778,"height":11}},{"id":"5d92b891-c70e-4aec-a438-7e023e845c61","block_type":"box","text":"requirements, the sales charge table for Investor A Shares, reduced sales charge information, Investor C Share","page_number":29,"box":{"x":61,"y":378,"width":819,"height":11}},{"id":"264365a1-4ec4-4e08-9c9f-ea46747092eb","block_type":"box","text":"contingent deferred sales charge (“CDSC”) information, and sales charge waivers.","page_number":29,"box":{"x":61,"y":392,"width":604,"height":12}},{"id":"a532e626-eaca-4cdd-996d-6fc8c87b23d2","block_type":"box","text":"The availability of certain sales charge waivers and reductions will depend on whether you purchase your shares","page_number":29,"box":{"x":60,"y":415,"width":825,"height":12}},{"id":"bddcaa22-1f06-49c0-bdee-a88ddfaeb704","block_type":"box","text":"directly from the Fund or through a Financial Intermediary. Financial Intermediaries may have different policies and","page_number":29,"box":{"x":61,"y":430,"width":840,"height":11}},{"id":"b7bf50da-201d-4a36-93d2-e978af215416","block_type":"box","text":"procedures regarding the availability of front-end sales charge waivers or deferred sales charge waivers, which are","page_number":29,"box":{"x":62,"y":445,"width":838,"height":11}},{"id":"2ecf4f18-33c4-45ac-a8e1-1a461f8d68ac","block_type":"box","text":"discussed below. In all instances, it is your responsibility to notify the Fund or your Financial Intermediary at the time","page_number":29,"box":{"x":61,"y":459,"width":857,"height":12}},{"id":"526eee83-650b-4f71-99cf-03d5e5f6b8c2","block_type":"box","text":"of purchase of any relationship or other facts qualifying you for sales charge waivers or reductions.","page_number":29,"box":{"x":61,"y":474,"width":724,"height":12}},{"id":"7ced48ad-7e22-407e-8ecb-497ac5bbb4ac","block_type":"box","text":"For waivers and","page_number":29,"box":{"x":792,"y":474,"width":117,"height":10}},{"id":"b105e606-94ae-4ad3-80b8-9510a2932a82","block_type":"box","text":"discounts not available through a particular Financial Intermediary, shareholders will have to purchase Fund shares","page_number":29,"box":{"x":61,"y":489,"width":867,"height":12}},{"id":"8bf0c764-b981-4ea5-afda-3cb77ec2507b","block_type":"box","text":"directly from the Fund or through another Financial Intermediary to receive these waivers or reductions. Please see","page_number":29,"box":{"x":61,"y":504,"width":869,"height":11}},{"id":"9510fcf7-b572-4851-993f-d8a7edf7794e","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":29,"box":{"x":60,"y":519,"width":872,"height":11}},{"id":"365bd391-4272-4141-996c-7b44dec955a5","block_type":"box","text":"determine any sales charge waivers and reductions that may be available to you through your Financial","page_number":29,"box":{"x":61,"y":534,"width":776,"height":11}},{"id":"dadac13d-6c3c-44cf-b069-eb85b3bb21f3","block_type":"box","text":"Intermediary.","page_number":29,"box":{"x":61,"y":549,"width":97,"height":11}},{"id":"07f7751e-887c-4405-ab7c-a35a4d84e5cc","block_type":"box","text":"More information about existing sales charge reductions and waivers is available free of charge in a clear and","page_number":29,"box":{"x":62,"y":571,"width":805,"height":12}},{"id":"70ee34fa-c809-4766-b8f5-71ca33dce4f8","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":29,"box":{"x":62,"y":586,"width":857,"height":11}},{"id":"7437c155-f611-41a2-adcb-5a6922af7ca4","block_type":"box","text":"29","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"35ab4dfd-51bb-41b9-80bc-e5eb7d444790","block_type":"box","text":"NM1026U-5988115-29/72","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"732d926e-9583-4e9f-ad29-4a2b903f8d31","block_type":"box","text":"Details About the Share Classes","page_number":30,"box":{"x":61,"y":47,"width":293,"height":10}},{"id":"fa3d8c5d-b02c-482a-91a9-ddfcdf0cff9a","block_type":"box","text":"Investor A Shares — Initial Sales Charge Option","page_number":30,"box":{"x":61,"y":73,"width":396,"height":13}},{"id":"df76a379-3b9d-48bc-8eaf-0abebf993fb5","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":30,"box":{"x":60,"y":89,"width":873,"height":12}},{"id":"b7c57ce6-8dec-4b15-9c2f-0c767ce5680e","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":30,"box":{"x":60,"y":104,"width":851,"height":12}},{"id":"a5e32180-a192-4df8-a289-86311e8ad8fd","block_type":"box","text":"the offering price may be higher or lower than the charge described below due to rounding. Similarly, any contingent","page_number":30,"box":{"x":60,"y":119,"width":850,"height":12}},{"id":"70aba5c2-79c7-46e5-93c4-fe2de9e4c8da","block_type":"box","text":"deferred sales charge paid upon certain redemptions of Investor A Shares expressed as a percentage of the","page_number":30,"box":{"x":61,"y":134,"width":798,"height":12}},{"id":"731a4ea1-4efe-470b-8606-029752622162","block_type":"box","text":"applicable redemption amount may be higher or lower than the charge described below due to rounding. You may","page_number":30,"box":{"x":61,"y":149,"width":830,"height":11}},{"id":"4cb5606d-be32-445a-b564-2b5b280449fd","block_type":"box","text":"qualify for a reduced front-end sales charge. Purchases of Investor A Shares at certain fixed dollar levels, known as","page_number":30,"box":{"x":61,"y":164,"width":848,"height":11}},{"id":"a6e15cde-b27a-4969-827a-c403bf53fd8f","block_type":"box","text":"“breakpoints,” cause a reduction in the front-end sales charge. Once you achieve a breakpoint, you pay that sales","page_number":30,"box":{"x":62,"y":178,"width":837,"height":12}},{"id":"b2421fd6-1cd3-48a1-ba3d-7c521fa5f088","block_type":"box","text":"charge on your entire purchase amount (and not just the portion above the breakpoint). If you select Investor A","page_number":30,"box":{"x":61,"y":193,"width":814,"height":12}},{"id":"1e3c500d-a765-43fa-8f9f-e7ce0cbd1aa7","block_type":"box","text":"Shares, you will pay a sales charge at the time of purchase as shown in the following table.","page_number":30,"box":{"x":61,"y":208,"width":671,"height":12}},{"id":"d69a056a-6608-4b31-8059-1e8039f34948","block_type":"box","text":"Your Investment","page_number":30,"box":{"x":69,"y":267,"width":96,"height":8}},{"id":"77d853a3-2056-4850-a781-3919370860c0","block_type":"box","text":"Sales Charge","page_number":30,"box":{"x":548,"y":247,"width":79,"height":9}},{"id":"d6bab1a5-413e-4663-a85c-2a4ce9d3e42e","block_type":"box","text":"as a % of","page_number":30,"box":{"x":561,"y":257,"width":54,"height":7}},{"id":"a1986f9d-075a-4878-b39c-a886fbe228b4","block_type":"box","text":"Offering Price","page_number":30,"box":{"x":547,"y":267,"width":82,"height":9}},{"id":"06cf485a-72c4-457d-ae21-1687720ad277","block_type":"box","text":"Sales Charge","page_number":30,"box":{"x":690,"y":247,"width":80,"height":9}},{"id":"038441fc-85d9-434e-9a6f-f69775423567","block_type":"box","text":"as a % of","page_number":30,"box":{"x":703,"y":257,"width":54,"height":7}},{"id":"62ef4e42-67d7-4410-bbd8-bcf29a27413f","block_type":"box","text":"Your Investment","page_number":30,"box":{"x":679,"y":267,"width":97,"height":8}},{"id":"797d9568-a44f-4c0f-a6b3-945ca161f080","block_type":"box","text":"1","page_number":30,"box":{"x":777,"y":267,"width":4,"height":4}},{"id":"309ff2f5-418e-4540-ab8b-ac8c3bae0665","block_type":"box","text":"Dealer","page_number":30,"box":{"x":855,"y":237,"width":38,"height":7}},{"id":"279b13fa-8cc0-41a8-8207-ed2b18db48aa","block_type":"box","text":"Compensation","page_number":30,"box":{"x":831,"y":247,"width":85,"height":9}},{"id":"87dcb381-8e63-41cf-841e-0de9fc391119","block_type":"box","text":"as a % of","page_number":30,"box":{"x":847,"y":257,"width":54,"height":7}},{"id":"1937df0a-4bc3-45f4-a46e-6a6aa84b9192","block_type":"box","text":"Offering Price","page_number":30,"box":{"x":833,"y":267,"width":82,"height":9}},{"id":"727d5a2d-e069-4343-a98c-248eb69f8f6a","block_type":"box","text":"Less than $25,000 5.25% 5.54% 5.00%","page_number":30,"box":{"x":70,"y":284,"width":830,"height":10}},{"id":"36ebe91e-db35-4289-aea6-b6108a69d37b","block_type":"box","text":"$25,000 but less than $50,000 4.75% 4.99% 4.50%","page_number":30,"box":{"x":70,"y":302,"width":830,"height":10}},{"id":"2518bc59-8c1d-4f22-b83f-ff1aff10bc91","block_type":"box","text":"$50,000 but less than $100,000 4.00% 4.17% 3.75%","page_number":30,"box":{"x":70,"y":320,"width":830,"height":10}},{"id":"7ee4d164-b35e-4570-be72-5d4271547bd3","block_type":"box","text":"$100,000 but less than $250,000 3.00% 3.09% 2.75%","page_number":30,"box":{"x":70,"y":338,"width":830,"height":10}},{"id":"9614a750-a3bc-4e97-8ade-5fc24420ee3c","block_type":"box","text":"$250,000 but less than $500,000 2.50% 2.56% 2.25%","page_number":30,"box":{"x":70,"y":356,"width":830,"height":10}},{"id":"5b7abd21-6727-43a2-a8dd-fc7433905439","block_type":"box","text":"$500,000 but less than $750,000 2.00% 2.04% 1.75%","page_number":30,"box":{"x":70,"y":374,"width":830,"height":10}},{"id":"0f9756c6-4c9f-43e5-9a7e-9386fc8b8396","block_type":"box","text":"$750,000 but less than $1,000,000 1.50% 1.52% 1.25%","page_number":30,"box":{"x":70,"y":392,"width":830,"height":10}},{"id":"9712991f-226e-42f0-96d5-2501ffd96fbd","block_type":"box","text":"$1,000,000 and over","page_number":30,"box":{"x":70,"y":410,"width":142,"height":10}},{"id":"2390d7d7-7ace-4964-a550-545b9c72266b","block_type":"box","text":"2","page_number":30,"box":{"x":212,"y":411,"width":4,"height":4}},{"id":"27b90555-5a83-4b8c-b4b5-3d2fea271698","block_type":"box","text":"0.00% 0.00% —","page_number":30,"box":{"x":572,"y":411,"width":318,"height":8}},{"id":"88523d06-517f-487e-8ceb-c524bef22866","block_type":"box","text":"2","page_number":30,"box":{"x":890,"y":411,"width":4,"height":4}},{"id":"e24f31a7-4a4d-4526-94de-ddcb2712e767","block_type":"box","text":"1","page_number":30,"box":{"x":61,"y":431,"width":3,"height":3}},{"id":"ee435928-dcf6-4d6e-a5d0-b9c3353d62ce","block_type":"box","text":"Rounded to the nearest one-hundredth percent.","page_number":30,"box":{"x":81,"y":431,"width":278,"height":8}},{"id":"c7f65ac3-b368-4d2f-beb1-007cd6d4ded8","block_type":"box","text":"2","page_number":30,"box":{"x":61,"y":443,"width":3,"height":4}},{"id":"416da39e-3100-4f8d-889f-204d155e3767","block_type":"box","text":"If you invest $1,000,000 or more in Investor A Shares, you will not pay an initial sales charge. In that case, BlackRock compensates the","page_number":30,"box":{"x":82,"y":443,"width":802,"height":9}},{"id":"c62636a4-de2c-438c-a6fc-4cda92913af7","block_type":"box","text":"Financial Intermediary from its own resources. However, if you redeem your shares within 18 months after purchase, you may be charged a","page_number":30,"box":{"x":81,"y":454,"width":819,"height":9}},{"id":"5a78be64-834d-40fa-b6c5-1f30e796cdb0","block_type":"box","text":"deferred sales charge of 1.00% of the lesser of the original cost of the shares being redeemed or your redemption proceeds. Such deferred","page_number":30,"box":{"x":81,"y":464,"width":821,"height":9}},{"id":"54d1e5a3-3286-4dc2-89f8-1e740e9d7a3e","block_type":"box","text":"sales charge may be waived in connection with certain fee-based programs.","page_number":30,"box":{"x":81,"y":474,"width":444,"height":9}},{"id":"59502e95-1cf3-467e-8e09-70dcfe2b101e","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":30,"box":{"x":62,"y":499,"width":837,"height":12}},{"id":"0d886a53-1b10-4380-a05b-0e0cd0aeb6c8","block_type":"box","text":"gains.","page_number":30,"box":{"x":60,"y":515,"width":43,"height":11}},{"id":"c986e09c-30a0-41e1-ba51-908cf76c4983","block_type":"box","text":"Sales Charges Reduced or Eliminated for Investor A Shares","page_number":30,"box":{"x":60,"y":537,"width":490,"height":13}},{"id":"49420689-62cd-44bc-82c3-30aac0a35c19","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":30,"box":{"x":60,"y":554,"width":841,"height":11}},{"id":"905c1505-df7e-459d-a024-a81ca150bd35","block_type":"box","text":"certain fixed dollar levels, known as “breakpoints,” cause a reduction in the front-end sales charge (as described","page_number":30,"box":{"x":61,"y":568,"width":831,"height":12}},{"id":"f9c480b3-1c4b-4cf6-9bd9-6717210a9c07","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":30,"box":{"x":61,"y":583,"width":876,"height":12}},{"id":"508e7b6e-295e-45c2-8a27-1fc536d9b909","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":30,"box":{"x":61,"y":598,"width":856,"height":12}},{"id":"39cd709f-593c-46b1-aac9-603909747757","block_type":"box","text":"reinstatement privilege (described under “Account Services and Privileges”), or a waiver of the sales charge (described","page_number":30,"box":{"x":61,"y":613,"width":872,"height":11}},{"id":"8de60ce3-64c1-43fd-914e-73d93004e1c2","block_type":"box","text":"below).","page_number":30,"box":{"x":61,"y":628,"width":50,"height":11}},{"id":"9cbfc30a-4fcc-4ddb-a9bb-08f38ef9c488","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":30,"box":{"x":62,"y":650,"width":840,"height":12}},{"id":"3766f20c-d2f6-4b78-b08b-8ef199bd6b5e","block_type":"box","text":"holdings in shares of mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”) owned by","page_number":30,"box":{"x":61,"y":665,"width":875,"height":12}},{"id":"b5b9d5d5-a420-46d6-a09c-32b4487c50ac","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":30,"box":{"x":61,"y":680,"width":875,"height":11}},{"id":"97ca6156-5586-4e93-8c0c-033a8da347c3","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":30,"box":{"x":61,"y":695,"width":847,"height":11}},{"id":"9cb7bbda-431f-4467-8e29-fee36cb038e6","block_type":"box","text":"newly purchased shares (including any applicable sales charge) plus the current value (including any sales charges","page_number":30,"box":{"x":61,"y":710,"width":844,"height":11}},{"id":"461367fa-b835-45a8-9b04-c5309faa8ac2","block_type":"box","text":"paid) of all other shares the investor already holds taken together.","page_number":30,"box":{"x":62,"y":724,"width":484,"height":12}},{"id":"6e5d6e31-6ab1-436d-b426-be23150ea0df","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":30,"box":{"x":61,"y":747,"width":861,"height":12}},{"id":"a5ac3775-514e-4b91-b5b7-99c49a9e88ab","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":30,"box":{"x":60,"y":762,"width":817,"height":11}},{"id":"dc88ade8-5fd8-46db-bfd4-c1fe7cec681f","block_type":"box","text":"Qualifying Holdings","page_number":30,"box":{"x":61,"y":784,"width":142,"height":12}},{"id":"a397f62d-3851-4a5e-81e8-acc48f8e9ae2","block_type":"box","text":"— Investor A and A1, Investor C, Investor P, Institutional, Class K and Premier Shares (in most","page_number":30,"box":{"x":209,"y":784,"width":696,"height":12}},{"id":"fdc22357-4982-41a7-8523-fc496568d1f7","block_type":"box","text":"BlackRock Funds), investments in certain unlisted closed-end management investment companies sponsored and","page_number":30,"box":{"x":62,"y":799,"width":836,"height":12}},{"id":"6e5b3764-7863-41d3-94b3-ba30c9944359","block_type":"box","text":"advised by BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and investments in the","page_number":30,"box":{"x":61,"y":814,"width":808,"height":12}},{"id":"75eb1f3f-491b-4676-a74f-65721129eaf2","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program.","page_number":30,"box":{"x":62,"y":829,"width":314,"height":11}},{"id":"79d4fe5e-7273-4e31-8c29-74896e22126e","block_type":"box","text":"Qualifying Holdings may include shares held in accounts held at a Financial Intermediary, including personal accounts,","page_number":30,"box":{"x":61,"y":851,"width":867,"height":12}},{"id":"fdfddee4-70e3-4774-99f5-3aeaa4f8eddd","block_type":"box","text":"certain retirement accounts, UGMA/UTMA accounts, Joint Tenancy accounts, trust accounts and Transfer on Death","page_number":30,"box":{"x":61,"y":866,"width":844,"height":12}},{"id":"8a78a16c-fc83-4330-99e2-905ec4690118","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":30,"box":{"x":61,"y":881,"width":856,"height":11}},{"id":"1aed530f-a97f-44de-82cf-7f2ea3d9b812","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":30,"box":{"x":62,"y":896,"width":818,"height":11}},{"id":"df9b26aa-45a5-4a6b-953c-c21efcbec261","block_type":"box","text":"30","page_number":30,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"ef318327-ac1c-4104-8347-78d45860fe78","block_type":"box","text":"NM1026U-5988115-30/72","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7667a17d-0a79-45e6-aed2-09cdd61854d9","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":31,"box":{"x":62,"y":46,"width":811,"height":11}},{"id":"85a95973-b4b1-454c-9065-513d4608466c","block_type":"box","text":"nominee or custodian.","page_number":31,"box":{"x":61,"y":61,"width":162,"height":9}},{"id":"6cf9537c-aaff-4a48-91ef-e51d6a2ee52a","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":31,"box":{"x":62,"y":83,"width":861,"height":12}},{"id":"dea50564-b111-4b99-9dea-7ec9e43cb10c","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":31,"box":{"x":62,"y":98,"width":836,"height":11}},{"id":"d6cd6916-8c55-4e37-811e-86b220c99a49","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":31,"box":{"x":62,"y":113,"width":862,"height":11}},{"id":"5831d55b-afad-43fe-a774-5cc9f7404953","block_type":"box","text":"notify the Financial Intermediary or BlackRock Funds may result in the investor not receiving the sales charge reduction","page_number":31,"box":{"x":61,"y":127,"width":875,"height":12}},{"id":"0535d592-c695-404f-8ee8-e7a140194916","block_type":"box","text":"to which the investor is otherwise entitled.","page_number":31,"box":{"x":60,"y":143,"width":312,"height":9}},{"id":"3a1505e7-8fc4-43dc-abac-6187977e0daf","block_type":"box","text":"The Financial Intermediary or BlackRock Funds may request documentation — including account statements and","page_number":31,"box":{"x":60,"y":165,"width":828,"height":11}},{"id":"6c1beca9-b32d-49d1-b589-60fb33e73b76","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":31,"box":{"x":61,"y":180,"width":850,"height":11}},{"id":"b7eb7561-c4cb-418e-adec-a71c32d41a1c","block_type":"box","text":"the investor qualifies for a reduced sales charge. The investor should retain these records because — depending on","page_number":31,"box":{"x":60,"y":195,"width":856,"height":11}},{"id":"898e87e9-b6fd-4b52-b5d7-934d5a0623b2","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":31,"box":{"x":60,"y":209,"width":845,"height":12}},{"id":"2ee54e7e-5b43-441f-9eb2-0bcf5ae27e6f","block_type":"box","text":"Eligible Unlisted BlackRock Closed-End Funds may not be able to maintain this information.","page_number":31,"box":{"x":62,"y":224,"width":667,"height":12}},{"id":"4048a4e7-5fcd-48af-9c23-f21e9b68d463","block_type":"box","text":"For more information, see the SAI or contact your Financial Intermediary.","page_number":31,"box":{"x":62,"y":247,"width":531,"height":11}},{"id":"97c5dfef-dcf9-4aa0-ba4d-eec0d319d32b","block_type":"box","text":"Letter of Intent","page_number":31,"box":{"x":61,"y":270,"width":124,"height":10}},{"id":"a2ffd907-bade-41e6-b74a-0cef5f52aee9","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":31,"box":{"x":60,"y":286,"width":839,"height":12}},{"id":"d4cd099d-83a8-4006-ba19-1389567f6776","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":31,"box":{"x":62,"y":301,"width":875,"height":11}},{"id":"8a259215-9528-4325-8226-a24fb471a0dc","block_type":"box","text":"all at once, qualify the investor for a reduced sales charge:","page_number":31,"box":{"x":61,"y":316,"width":431,"height":11}},{"id":"3dc03d5d-d591-433d-a6d0-f262f8bbbbb8","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":31,"box":{"x":82,"y":338,"width":794,"height":12}},{"id":"05fc2760-252d-4b19-91bb-6fcd1d490d7d","block_type":"box","text":"ii. Make an investment in one or more Eligible Unlisted BlackRock Closed-End Funds and/or","page_number":31,"box":{"x":82,"y":361,"width":675,"height":11}},{"id":"d815ba2f-3ce3-481c-8523-8d8cedaa78f7","block_type":"box","text":"iii. Make an investment through the BlackRock CollegeAdvantage 529 Program in one or more BlackRock Funds.","page_number":31,"box":{"x":82,"y":384,"width":820,"height":11}},{"id":"0f3222f5-222c-4007-b6c9-65404373173a","block_type":"box","text":"The initial investment must meet the minimum initial purchase requirement. The 13-month Letter of Intent period","page_number":31,"box":{"x":60,"y":406,"width":830,"height":11}},{"id":"f8bacbb3-45f9-4a4d-a558-b15af552c5bd","block_type":"box","text":"commences on the day that the Letter of Intent is received by the Fund.","page_number":31,"box":{"x":61,"y":421,"width":524,"height":11}},{"id":"1ed7b54e-143e-442f-89a6-61efba52f9d2","block_type":"box","text":"The market value of current holdings in the BlackRock Funds (including Investor A, Investor C, Investor P, Institutional,","page_number":31,"box":{"x":60,"y":443,"width":865,"height":12}},{"id":"c3c54510-c933-4096-98f8-6a13d14be945","block_type":"box","text":"Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the BlackRock CollegeAdvantage 529","page_number":31,"box":{"x":61,"y":458,"width":862,"height":12}},{"id":"24ed72de-b5b1-480c-8976-6442b27a587d","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":31,"box":{"x":61,"y":473,"width":870,"height":12}},{"id":"2a063154-3c64-4895-a08a-66e2ce2f157c","block_type":"box","text":"may be counted towards the sales charge reduction.","page_number":31,"box":{"x":61,"y":488,"width":384,"height":11}},{"id":"262d59c6-1ec9-46fd-8f3c-d0b7f4beb9b1","block_type":"box","text":"The investor must notify the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock","page_number":31,"box":{"x":60,"y":510,"width":823,"height":12}},{"id":"a3778f26-ae35-497c-b495-b9c4bf15ab1c","block_type":"box","text":"Closed-End Funds and/or the BlackRock CollegeAdvantage 529 Program that should be counted towards the sales","page_number":31,"box":{"x":61,"y":525,"width":842,"height":12}},{"id":"1400dbfe-3f0a-4116-848b-7124905177f0","block_type":"box","text":"charge reduction and (ii) any subsequent purchases that should be counted towards the Letter of Intent.","page_number":31,"box":{"x":61,"y":540,"width":765,"height":12}},{"id":"d688f5e4-3aac-4296-94f0-fb5866f3e1c0","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":31,"box":{"x":62,"y":563,"width":833,"height":11}},{"id":"c85ba111-e495-4874-9bf0-ae99ac0ebe40","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":31,"box":{"x":61,"y":577,"width":852,"height":12}},{"id":"4b5e49bf-448a-463c-91d9-81374db25269","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":31,"box":{"x":61,"y":592,"width":872,"height":12}},{"id":"44cf7690-3119-4383-afe2-b590ad8f0f83","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":31,"box":{"x":60,"y":607,"width":860,"height":12}},{"id":"3abf27b8-933f-484d-a73a-b7c7d5a731be","block_type":"box","text":"difference.","page_number":31,"box":{"x":61,"y":622,"width":77,"height":9}},{"id":"5bdcb94b-1762-4ed3-aa70-bf545f0776e4","block_type":"box","text":"Right of Accumulation","page_number":31,"box":{"x":61,"y":645,"width":183,"height":12}},{"id":"36df8dc3-02f8-4f4e-b1c0-5fff3d4e0b14","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":31,"box":{"x":62,"y":661,"width":839,"height":12}},{"id":"fbfc7580-82f7-4b02-9e8b-f5aa67572b54","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":31,"box":{"x":61,"y":676,"width":856,"height":12}},{"id":"2b0c2716-acf4-4a14-b2cd-5e0ccb8c13fa","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":31,"box":{"x":82,"y":699,"width":821,"height":11}},{"id":"90b99950-f712-4fef-84a8-da6fd493f73d","block_type":"box","text":"Premier Shares in most BlackRock Funds,","page_number":31,"box":{"x":102,"y":714,"width":306,"height":10}},{"id":"1babec83-ca54-46ff-bdad-3af519dce030","block_type":"box","text":"ii. The current value of an investor’s existing shares of Eligible Unlisted BlackRock Closed-End Funds and","page_number":31,"box":{"x":82,"y":736,"width":771,"height":12}},{"id":"78b6efa9-ceea-481e-8259-2505acb9eb7b","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":31,"box":{"x":82,"y":759,"width":788,"height":11}},{"id":"fe0b017c-05a9-458a-ac68-cb0e567e4319","block_type":"box","text":"investor’s spouse and children.","page_number":31,"box":{"x":102,"y":774,"width":228,"height":11}},{"id":"c70c9025-09d6-4af3-aad9-fef6bef3e6f9","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":31,"box":{"x":62,"y":796,"width":866,"height":11}},{"id":"83b62fa3-7768-4ac7-ba08-d56cccb57417","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":31,"box":{"x":61,"y":811,"width":866,"height":11}},{"id":"9c617736-2201-4cc8-a2cc-faca94d0930c","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":31,"box":{"x":62,"y":826,"width":854,"height":11}},{"id":"40536e78-94ef-42ce-85df-4499bffb6a5b","block_type":"box","text":"any previously purchased shares.","page_number":31,"box":{"x":61,"y":841,"width":243,"height":11}},{"id":"ca1f14b4-6529-4500-90d7-8e6516ba1ac4","block_type":"box","text":"Other Front-End Sales Charge Waivers","page_number":31,"box":{"x":61,"y":863,"width":314,"height":13}},{"id":"d8566dce-7d7b-43b5-8c32-e297946a3a3e","block_type":"box","text":"The following persons may also buy Investor A Shares without paying a sales charge:","page_number":31,"box":{"x":60,"y":880,"width":623,"height":11}},{"id":"ab95b9e5-7cd7-4faa-a560-dd394d9a0311","block_type":"box","text":"Certain employer-sponsored retirement plans. For purposes of this waiver, employer-sponsored retirement plans do","page_number":31,"box":{"x":81,"y":900,"width":846,"height":11}},{"id":"e57534a9-0931-4367-8b06-9f95dd856e61","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs;","page_number":31,"box":{"x":82,"y":915,"width":352,"height":10}},{"id":"0e4e7470-34c2-44b0-afe6-43257dae0814","block_type":"box","text":"31","page_number":31,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"03bdaddb-70a1-4544-82d3-b59462c819d6","block_type":"box","text":"NM1026U-5988115-31/72","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6f28f221-53a2-4ecc-b4c6-f7c86181d494","block_type":"box","text":"Rollovers of current investments through certain employer-sponsored retirement plans, provided the shares are","page_number":32,"box":{"x":82,"y":46,"width":817,"height":11}},{"id":"7f9127da-0187-4b14-987b-a80d5d69fed1","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":32,"box":{"x":80,"y":60,"width":854,"height":12}},{"id":"425f3ab0-891b-4f87-9a64-75128f7aaf48","block_type":"box","text":"distribution, the rolled-over proceeds are contributed to a BlackRock IRA through an account directly with the Fund;","page_number":32,"box":{"x":81,"y":76,"width":840,"height":11}},{"id":"d93f9146-d683-4a49-b821-266cc1318c51","block_type":"box","text":"or purchases by IRA programs that are sponsored by Financial Intermediary firms provided the Financial","page_number":32,"box":{"x":81,"y":90,"width":760,"height":12}},{"id":"f0c9cdcb-4a4e-4b21-a6c2-e67f8d7c9c21","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":32,"box":{"x":82,"y":105,"width":812,"height":12}},{"id":"4acd51a5-42e2-4b4d-a0a1-81560ec34907","block_type":"box","text":"Distributor;","page_number":32,"box":{"x":82,"y":120,"width":79,"height":11}},{"id":"4252d61d-526b-45ca-be6c-cb7d7b88ac88","block_type":"box","text":"Insurance company separate accounts;","page_number":32,"box":{"x":82,"y":140,"width":286,"height":11}},{"id":"fb5431c7-44a1-4814-99d3-c3ebccd5e42c","block_type":"box","text":"Registered investment advisers, trust companies and bank trust departments exercising discretionary investment","page_number":32,"box":{"x":82,"y":160,"width":836,"height":11}},{"id":"edf14884-7e15-4e5c-9968-e91556b9ab3e","block_type":"box","text":"authority with respect to amounts to be invested in the Fund;","page_number":32,"box":{"x":81,"y":175,"width":446,"height":11}},{"id":"57780320-defd-4cd0-9418-43dbd80dda59","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":32,"box":{"x":81,"y":195,"width":815,"height":11}},{"id":"31fc10fa-9754-4729-9aca-e5988e326047","block_type":"box","text":"broker-dealer or other financial institution;","page_number":32,"box":{"x":81,"y":209,"width":306,"height":11}},{"id":"cc0b0d61-ee00-4cd4-ac5b-ab0c15a1f326","block_type":"box","text":"Financial Intermediaries who have entered into an agreement with the Distributor and have been approved by the","page_number":32,"box":{"x":82,"y":230,"width":828,"height":11}},{"id":"7080edba-8adc-4712-bf61-1a33efbd4250","block_type":"box","text":"Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not charge a","page_number":32,"box":{"x":82,"y":244,"width":800,"height":12}},{"id":"5e57aa7c-669d-43ef-bdbb-8b114bc8ea79","block_type":"box","text":"transaction fee;","page_number":32,"box":{"x":80,"y":259,"width":114,"height":11}},{"id":"ea1764dc-3f89-4494-9721-9ec5b42a6f6e","block_type":"box","text":"Persons associated with the Fund, the Fund’s manager, the Fund’s sub-adviser, transfer agent, Distributor, fund","page_number":32,"box":{"x":81,"y":279,"width":819,"height":12}},{"id":"d43a8b50-18b2-41fd-a6f5-c4122a7dd4ec","block_type":"box","text":"accounting agents, Barclays PLC (“Barclays”) and their respective affiliates (to the extent permitted by these firms)","page_number":32,"box":{"x":81,"y":294,"width":846,"height":11}},{"id":"6f501610-6922-4bff-a22f-f29d160f90fc","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees of firms who have entered","page_number":32,"box":{"x":82,"y":309,"width":843,"height":11}},{"id":"d6201b6c-71be-441e-8cbe-01c46625245a","block_type":"box","text":"into selling agreements to distribute shares of BlackRock Funds; (d) immediate family members of such persons;","page_number":32,"box":{"x":82,"y":323,"width":829,"height":12}},{"id":"a579594a-0c92-41c5-b57f-f46112eaf961","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":32,"box":{"x":81,"y":338,"width":815,"height":12}},{"id":"0c767453-5e36-47df-b163-853d9bbf8676","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":32,"box":{"x":81,"y":358,"width":841,"height":12}},{"id":"ea8886d7-1b1a-4309-857c-d30fc6f1ad6b","block_type":"box","text":"Internal Revenue Code; and","page_number":32,"box":{"x":82,"y":373,"width":201,"height":11}},{"id":"8503bff2-1a96-4497-9643-9394587bcc61","block_type":"box","text":"Accounts opened directly with the Fund that do not have a Financial Intermediary associated with the account.","page_number":32,"box":{"x":81,"y":393,"width":808,"height":11}},{"id":"15e20b18-128a-40e6-8b07-310e93c3cc15","block_type":"box","text":"In addition, a sales charge waiver may be available for investors exchanging Investor P Shares of another BlackRock","page_number":32,"box":{"x":62,"y":416,"width":852,"height":11}},{"id":"ab59866e-0273-4cae-8535-16e377096800","block_type":"box","text":"Fund for Investor A Shares of the Fund through an intermediary-processed exchange, provided that the investor had","page_number":32,"box":{"x":62,"y":430,"width":846,"height":12}},{"id":"dad22784-77f3-43b8-b6e6-b223eb781ffc","block_type":"box","text":"previously paid a sales charge with respect to such shares.","page_number":32,"box":{"x":62,"y":446,"width":434,"height":11}},{"id":"922419e4-6e57-43e1-ad7c-16da09555144","block_type":"box","text":"In addition, Financial Intermediaries may, in connection with a change in account type or otherwise in accordance with","page_number":32,"box":{"x":62,"y":468,"width":864,"height":11}},{"id":"06b3db44-3455-46fe-8aec-2ce4fa35eab5","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":32,"box":{"x":61,"y":483,"width":852,"height":11}},{"id":"b74cf6ca-5625-4ea9-83a1-1ac5d0c0cb3a","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":32,"box":{"x":62,"y":497,"width":837,"height":12}},{"id":"3fb85e58-fba5-4fed-8e2a-e5a259a45893","block_type":"box","text":"Investor A Shares sales charge waivers may depend on the policies, procedures and trading platforms of your Financial","page_number":32,"box":{"x":62,"y":512,"width":873,"height":12}},{"id":"6cda6863-f2d9-4316-a4ff-134ba231315b","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":32,"box":{"x":62,"y":527,"width":317,"height":12}},{"id":"a8bcf5cd-7add-4ba3-9eac-fcf264d48369","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":32,"box":{"x":61,"y":550,"width":861,"height":11}},{"id":"30e4fd54-4e79-4b3f-8c8d-b5ff18d42663","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":32,"box":{"x":60,"y":564,"width":817,"height":12}},{"id":"05e38f3e-0ac4-4a34-8b3e-4af18a847b15","block_type":"box","text":"Investor A Shares at Net Asset Value","page_number":32,"box":{"x":61,"y":588,"width":306,"height":10}},{"id":"905cd83e-f962-4456-b50b-956a418b2974","block_type":"box","text":"If you invest $1,000,000 or more in Investor A Shares, you will not pay any initial sales charge. However, if you","page_number":32,"box":{"x":62,"y":603,"width":814,"height":12}},{"id":"1fcaec80-3dec-49b6-a419-d58902fe7047","block_type":"box","text":"redeem your Investor A Shares within 18 months after purchase, you may be charged a deferred sales charge of","page_number":32,"box":{"x":61,"y":619,"width":828,"height":11}},{"id":"7081a929-e4e0-49b3-bbb2-c9a34fccb3b9","block_type":"box","text":"1.00% of the lesser of the original cost of the shares being redeemed or your redemption proceeds. For a discussion","page_number":32,"box":{"x":62,"y":633,"width":857,"height":12}},{"id":"420e6995-fb22-4657-ac4e-57c417cde8af","block_type":"box","text":"on waivers, see “Contingent Deferred Sales Charge Waivers.”","page_number":32,"box":{"x":61,"y":648,"width":451,"height":12}},{"id":"796b9c4e-ccf6-46a1-abc1-80d46a1f477f","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":32,"box":{"x":62,"y":671,"width":860,"height":11}},{"id":"ccddfc1b-d8fd-42ac-a38f-1db43fe9797b","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":32,"box":{"x":61,"y":686,"width":847,"height":11}},{"id":"11f48f26-480a-4c20-a661-3aa9bfbc253f","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":32,"box":{"x":60,"y":701,"width":863,"height":11}},{"id":"0f2b8074-a4eb-4a98-a568-bc4b058c02c6","block_type":"box","text":"monthly basis.","page_number":32,"box":{"x":61,"y":716,"width":105,"height":11}},{"id":"fc0a6d14-1a39-4215-b0a5-cfd54931c2eb","block_type":"box","text":"Investor C Shares — Deferred Sales Charge Option","page_number":32,"box":{"x":61,"y":738,"width":420,"height":13}},{"id":"a5c970db-bdc5-48c3-8a9e-b91561aa68db","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":32,"box":{"x":62,"y":755,"width":865,"height":11}},{"id":"e4b159b4-7b45-443b-90f4-ffcc982ff94a","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":32,"box":{"x":60,"y":769,"width":858,"height":12}},{"id":"d25c58a2-4e0b-4867-815c-0c13a8268473","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":32,"box":{"x":60,"y":784,"width":795,"height":12}},{"id":"e7751162-ed58-40b4-a502-5d7e09da92ff","block_type":"box","text":"redemption. When you redeem Investor C Shares, the redemption order is processed so that the lowest deferred sales","page_number":32,"box":{"x":61,"y":799,"width":874,"height":12}},{"id":"609dbf29-96bf-47e7-bab9-aefc383809f1","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":32,"box":{"x":61,"y":814,"width":867,"height":12}},{"id":"cf0d62e0-7e86-493d-a87b-9471f0c4bdb9","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":32,"box":{"x":60,"y":829,"width":843,"height":11}},{"id":"0c3a5a57-5862-4900-8105-532b7cedd67c","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":32,"box":{"x":62,"y":844,"width":873,"height":11}},{"id":"96169f4e-f129-421f-9edd-ee6dea26b442","block_type":"box","text":"the applicable redemption amount may be higher or lower than the charge described due to rounding.","page_number":32,"box":{"x":60,"y":859,"width":745,"height":11}},{"id":"d221379a-0ee1-4b76-9780-37d51e026a73","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), Investor C Shares will automatically convert to Investor A Shares","page_number":32,"box":{"x":62,"y":881,"width":864,"height":11}},{"id":"c80cee70-f8ea-4006-8507-c18cc70a3cc4","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":32,"box":{"x":61,"y":896,"width":870,"height":11}},{"id":"d13fc2ba-5a8d-4cff-8f87-a2a8d16bfa67","block_type":"box","text":"shareholder is credited with the proper holding period. As of the Effective Date, certain Financial Intermediaries,","page_number":32,"box":{"x":61,"y":911,"width":823,"height":11}},{"id":"836745df-dbbc-4c33-ac83-6c95d821c75d","block_type":"box","text":"32","page_number":32,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"f1d18ec6-676d-4bdb-b39d-8c0ae18804ce","block_type":"box","text":"NM1026U-5988115-32/72","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7e7c1c3b-76e3-493e-a20d-e453f961457f","block_type":"box","text":"including group retirement recordkeeping platforms, may not have been tracking such holding periods and therefore","page_number":33,"box":{"x":62,"y":46,"width":847,"height":11}},{"id":"5248f982-90f8-4090-afaa-c252ad02f464","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":33,"box":{"x":61,"y":60,"width":842,"height":12}},{"id":"1aac6838-8309-4e09-8544-f1b64ed4ba90","block_type":"box","text":"Investor A Shares will occur approximately eight years after the Effective Date. The automatic conversion of Investor C","page_number":33,"box":{"x":62,"y":75,"width":865,"height":12}},{"id":"f52de68b-9fc6-4297-9738-34fa534638de","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":33,"box":{"x":61,"y":90,"width":832,"height":12}},{"id":"0736597b-199e-46ec-9f43-0b2d068be872","block_type":"box","text":"Intermediary for additional information.","page_number":33,"box":{"x":62,"y":105,"width":285,"height":11}},{"id":"6e707dfd-7dca-4cd0-b85f-33856d52dab6","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":33,"box":{"x":62,"y":128,"width":869,"height":11}},{"id":"2c119cb5-8203-423d-b169-24487762a9a6","block_type":"box","text":"Shares, and any Investor C Shares held in such accounts will be automatically converted to Investor A Shares.","page_number":33,"box":{"x":61,"y":142,"width":810,"height":12}},{"id":"ea348b9b-5bcd-464f-b351-dda247532ea9","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":165,"width":861,"height":11}},{"id":"1eef7022-d2f3-4561-9e36-228c5919da39","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":180,"width":817,"height":11}},{"id":"1f4e9960-8abc-485b-9c3d-515451e11557","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":33,"box":{"x":60,"y":202,"width":870,"height":12}},{"id":"fd762cae-e0ef-4bb1-ba3d-45ff65a57eb4","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":33,"box":{"x":60,"y":217,"width":870,"height":12}},{"id":"fad5c462-963f-4124-90e0-e9aaff0044ab","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":33,"box":{"x":61,"y":232,"width":867,"height":11}},{"id":"a4edc70c-d1f8-4ba2-be3d-d5ad9c8aa668","block_type":"box","text":"the deferred sales charges and the distribution fees to cover the costs of marketing, advertising and compensating","page_number":33,"box":{"x":60,"y":247,"width":849,"height":11}},{"id":"03eaebc4-346a-45df-931f-e5128ea643b5","block_type":"box","text":"the Financial Intermediary who assists you in purchasing Fund shares.","page_number":33,"box":{"x":60,"y":262,"width":517,"height":11}},{"id":"2a59b946-51bf-4a82-bde1-6fe94e9abd7f","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":33,"box":{"x":60,"y":284,"width":870,"height":12}},{"id":"33ce0648-fb0d-4ef1-bb32-767c340e399d","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":33,"box":{"x":61,"y":299,"width":853,"height":11}},{"id":"0ea34eea-3244-4e28-b43e-b576e453dba9","block_type":"box","text":"Investor C Shares service fee as an ongoing concession and as a shareholder servicing fee, respectively, to dealers","page_number":33,"box":{"x":62,"y":314,"width":851,"height":11}},{"id":"8dd9ebb5-0e54-4ea2-8d96-37a76eae6454","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":33,"box":{"x":60,"y":329,"width":856,"height":11}},{"id":"9d74db63-9d67-4de0-bf2a-08779dc8e082","block_type":"box","text":"during the first year after purchase. For certain employer-sponsored retirement plans, the Distributor will pay the full","page_number":33,"box":{"x":61,"y":343,"width":850,"height":12}},{"id":"48d764c0-c0d1-48a7-92e6-51e7b2518018","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":33,"box":{"x":62,"y":358,"width":866,"height":12}},{"id":"0e9633c7-1a91-4c38-ae21-6cc76145b4d8","block_type":"box","text":"the sales concession. This may depend on the policies, procedures and trading platforms of your Financial","page_number":33,"box":{"x":60,"y":373,"width":782,"height":12}},{"id":"3d49048b-0fec-457e-adcc-55c6386b9bb0","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":33,"box":{"x":62,"y":388,"width":317,"height":11}},{"id":"c137c4fb-ac84-49ed-8dfd-c9ca97c9ee9e","block_type":"box","text":"Contingent Deferred Sales Charge Waivers","page_number":33,"box":{"x":61,"y":411,"width":352,"height":12}},{"id":"1908142f-dd03-4d43-9a9e-1442ba0f25eb","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":33,"box":{"x":60,"y":427,"width":788,"height":12}},{"id":"04f74a27-0ea5-47f6-8ada-6ae3990deefc","block_type":"box","text":"circumstances, such as:","page_number":33,"box":{"x":61,"y":442,"width":177,"height":11}},{"id":"cb948ecb-487c-4bd5-a3f9-54399ead0b19","block_type":"box","text":"Redemptions of shares purchased through certain employer-sponsored retirement plans and rollovers of current","page_number":33,"box":{"x":82,"y":462,"width":824,"height":12}},{"id":"449d970d-c06a-4e1b-ada7-edee5c343b7a","block_type":"box","text":"investments in the Fund through such plans;","page_number":33,"box":{"x":82,"y":477,"width":324,"height":11}},{"id":"bae5745b-a2c7-45a4-b0cd-6bef0e112fda","block_type":"box","text":"Exchanges pursuant to the exchange privilege, as described in “How to Buy, Sell, Exchange and Transfer Shares —","page_number":33,"box":{"x":82,"y":497,"width":844,"height":11}},{"id":"b23a7317-2b62-4efe-9039-fcea059e3ea6","block_type":"box","text":"How to Exchange Shares or Transfer Your Account”;","page_number":33,"box":{"x":82,"y":512,"width":375,"height":11}},{"id":"468a16af-8433-4a61-8bc8-20d62940ebf9","block_type":"box","text":"Redemptions made in connection with minimum required distributions from IRA or 403(b)(7) accounts due to the","page_number":33,"box":{"x":82,"y":532,"width":826,"height":11}},{"id":"ad06b070-da9e-4468-9287-476526602c49","block_type":"box","text":"shareholder reaching the age of 72;","page_number":33,"box":{"x":81,"y":546,"width":262,"height":12}},{"id":"56a653dd-f9dd-47ff-b065-cceabde2d0b1","block_type":"box","text":"Redemptions made with respect to certain retirement plans sponsored by the Fund, BlackRock or an affiliate;","page_number":33,"box":{"x":82,"y":566,"width":804,"height":12}},{"id":"d341821c-467e-419b-a50f-b20525055e8d","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":33,"box":{"x":82,"y":586,"width":847,"height":12}},{"id":"482449ee-dff2-4da2-9e59-d88d8e004fa3","block_type":"box","text":"later, reasonably promptly following completion of probate (including in connection with the distribution of account","page_number":33,"box":{"x":82,"y":601,"width":834,"height":12}},{"id":"643693a6-c3fc-4914-a2bd-5817323740f2","block_type":"box","text":"assets to a beneficiary of the decedent);","page_number":33,"box":{"x":81,"y":616,"width":297,"height":12}},{"id":"2047a672-8772-4b1f-b3e2-603c9aa33a40","block_type":"box","text":"Withdrawals resulting from shareholder disability (as defined in the Internal Revenue Code) as long as the disability","page_number":33,"box":{"x":81,"y":636,"width":847,"height":12}},{"id":"afd74cee-c36a-4bca-a356-33c3c8fa82a2","block_type":"box","text":"arose subsequent to the purchase of the shares;","page_number":33,"box":{"x":81,"y":651,"width":360,"height":11}},{"id":"3ff22e00-ccb6-4e46-be1a-baab2f5f403f","block_type":"box","text":"Involuntary redemptions made of shares in accounts with low balances;","page_number":33,"box":{"x":82,"y":671,"width":525,"height":11}},{"id":"28a1e231-83ae-4e6c-ba0d-38a53e3d27b5","block_type":"box","text":"Certain redemptions made through the Systematic Withdrawal Plan (“SWP”) offered by the Fund, BlackRock or an","page_number":33,"box":{"x":81,"y":691,"width":833,"height":11}},{"id":"698fb92f-e7fb-42c7-ac26-dda4e07cf44f","block_type":"box","text":"affiliate;","page_number":33,"box":{"x":81,"y":706,"width":59,"height":10}},{"id":"57d95346-76f3-4dc1-9a2e-a65353521bd6","block_type":"box","text":"Redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":33,"box":{"x":82,"y":726,"width":823,"height":11}},{"id":"d1b6f426-38c3-4bc2-98f4-bb0889d78808","block_type":"box","text":"Redemptions when a shareholder can demonstrate hardship, in the absolute discretion of the Fund.","page_number":33,"box":{"x":82,"y":746,"width":732,"height":11}},{"id":"75658bd6-4cf9-4001-a8e6-0cd74f26aa06","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":768,"width":861,"height":12}},{"id":"074a184b-355e-4e27-bea7-069c900c0ed4","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries. More","page_number":33,"box":{"x":60,"y":783,"width":860,"height":12}},{"id":"334eec88-6405-454a-b8da-d7e7e7d0e56a","block_type":"box","text":"information about existing sales charge reductions and waivers is available free of charge in a clear and prominent","page_number":33,"box":{"x":62,"y":798,"width":843,"height":11}},{"id":"47c0ab66-c288-4e89-989c-60cdef643e63","block_type":"box","text":"format via hyperlink at www.blackrock.com and in the SAI, which is available on the website or on request.","page_number":33,"box":{"x":60,"y":813,"width":779,"height":11}},{"id":"63ff00fe-8177-4f74-a42e-f65fa201ad38","block_type":"box","text":"Institutional Shares","page_number":33,"box":{"x":61,"y":836,"width":161,"height":10}},{"id":"069348d7-f88d-43dc-9848-cf6bf1900bbd","block_type":"box","text":"Institutional Shares are not subject to any sales charge. Only certain investors are eligible to buy Institutional Shares.","page_number":33,"box":{"x":62,"y":852,"width":864,"height":12}},{"id":"25f650b3-411e-42b0-8b57-5baf0b600e95","block_type":"box","text":"Your Financial Intermediary can help you determine whether you are eligible to buy Institutional Shares. The Fund may","page_number":33,"box":{"x":60,"y":867,"width":865,"height":11}},{"id":"e4d4f75a-31ad-42c6-9447-9f388fb634cc","block_type":"box","text":"permit a lower initial investment for certain investors if their purchase, combined with purchases by other investors","page_number":33,"box":{"x":62,"y":882,"width":845,"height":11}},{"id":"d4e4b21c-fe5d-45f1-bc4e-9ea6978e9bf7","block_type":"box","text":"received together by the Fund, meets the minimum investment requirement.","page_number":33,"box":{"x":61,"y":897,"width":557,"height":11}},{"id":"5e160e50-7112-4f5f-82a8-0154a9db368d","block_type":"box","text":"33","page_number":33,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"86bfe767-9737-498a-a258-21da262d5fea","block_type":"box","text":"NM1026U-5988115-33/72","page_number":33,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"20ab5c4b-ff26-4e41-a7fb-9642a62b607b","block_type":"box","text":"Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional","page_number":34,"box":{"x":62,"y":46,"width":826,"height":11}},{"id":"a9684916-8edc-479a-a7f6-22af3cc6adf5","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":34,"box":{"x":61,"y":60,"width":838,"height":12}},{"id":"a24f1650-7e92-4ea6-b1a4-e6b92bd039ff","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":34,"box":{"x":61,"y":75,"width":816,"height":12}},{"id":"ea55483a-3ad3-4a43-9990-cd576ec6b1ae","block_type":"box","text":"classes that have different fees and expenses.","page_number":34,"box":{"x":61,"y":90,"width":345,"height":11}},{"id":"47eb11fc-20dc-40fa-b890-27fdb3ad74b4","block_type":"box","text":"Eligible Institutional Share investors include the following:","page_number":34,"box":{"x":62,"y":113,"width":421,"height":11}},{"id":"4b564cf4-cce1-4f45-8eab-ea00defbffeb","block_type":"box","text":"Individuals and “Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of","page_number":34,"box":{"x":82,"y":132,"width":854,"height":12}},{"id":"71d6c97e-f961-4bc1-8121-75539015b923","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":34,"box":{"x":80,"y":148,"width":849,"height":11}},{"id":"9f0410a5-a51b-4133-803d-2786ddaddf60","block_type":"box","text":"shares;","page_number":34,"box":{"x":81,"y":163,"width":53,"height":10}},{"id":"1fef955f-b6a2-4a30-8b27-0a0d9e61a59c","block_type":"box","text":"Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar","page_number":34,"box":{"x":81,"y":182,"width":838,"height":12}},{"id":"4ff52a06-9542-468b-9f85-3aceee1b8497","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":34,"box":{"x":81,"y":197,"width":829,"height":12}},{"id":"608b2c48-3cb6-450b-bf8f-5cedd215be43","block_type":"box","text":"program or investment platform, in each case, with no minimum initial investment;","page_number":34,"box":{"x":82,"y":212,"width":604,"height":12}},{"id":"4214b22c-5c12-4b84-86fb-5d9ac298dfea","block_type":"box","text":"Clients investing through Financial Intermediaries that have entered into an agreement with the Distributor to offer","page_number":34,"box":{"x":81,"y":232,"width":840,"height":11}},{"id":"895b2de5-1b98-4798-ae0a-f489fa1094e2","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":34,"box":{"x":81,"y":247,"width":853,"height":11}},{"id":"5240dc13-e120-4ae4-86d1-8738b40e1588","block_type":"box","text":"initial investment of $1,000;","page_number":34,"box":{"x":82,"y":261,"width":207,"height":11}},{"id":"ef5eefd3-d564-4dd8-8d0b-e326481d340f","block_type":"box","text":"Certain employee benefits plans, such as health savings accounts, and certain employer-sponsored retirement","page_number":34,"box":{"x":81,"y":282,"width":816,"height":11}},{"id":"c1e82787-0e2c-4b36-a1a3-72a30d47d9d8","block_type":"box","text":"plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective","page_number":34,"box":{"x":82,"y":297,"width":821,"height":11}},{"id":"5246c9d7-62f6-4889-af10-8d6a73a7b890","block_type":"box","text":"trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks","page_number":34,"box":{"x":80,"y":311,"width":835,"height":11}},{"id":"de643f2f-9eb8-484f-947a-d39f1b48bab1","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":34,"box":{"x":81,"y":326,"width":835,"height":11}},{"id":"49e71a2c-cc92-47b2-9551-f31a7c5c133e","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":34,"box":{"x":80,"y":341,"width":849,"height":11}},{"id":"17aedf49-eb6d-4db4-8ebc-e3b992688313","block_type":"box","text":"shares;","page_number":34,"box":{"x":81,"y":356,"width":53,"height":10}},{"id":"eae5cd17-909b-45b6-8b80-9e7599b3df0d","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":34,"box":{"x":81,"y":376,"width":810,"height":11}},{"id":"c0670b1d-aa00-4b93-92f3-d7c704c8715e","block_type":"box","text":"(excluding participant directed employee benefit plans); (ii) otherwise have investment discretion; or (iii) act as","page_number":34,"box":{"x":81,"y":390,"width":812,"height":12}},{"id":"f86adef4-0a0a-4cb7-b269-91a4ab8041f3","block_type":"box","text":"custodian for at least $2 million in assets, who are not subject to any minimum initial investment;","page_number":34,"box":{"x":81,"y":405,"width":719,"height":12}},{"id":"a0701f98-a226-427d-8360-9a82976e1cd9","block_type":"box","text":"Holders of certain Bank of America Corporation (“BofA Corp.”) sponsored unit investment trusts (“UITs”) who","page_number":34,"box":{"x":82,"y":425,"width":799,"height":12}},{"id":"c6bcf56f-f17a-41bb-b594-843f80097784","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":34,"box":{"x":82,"y":440,"width":794,"height":12}},{"id":"9d94ce6a-68da-4c59-84ce-c5116b1c10a4","block_type":"box","text":"investment;","page_number":34,"box":{"x":82,"y":455,"width":83,"height":11}},{"id":"5fe35f15-e290-4e7d-9f52-c07d56ed439a","block_type":"box","text":"Employees, officers and directors/trustees of BlackRock, Inc., BlackRock Funds, BofA Corp., Barclays or their","page_number":34,"box":{"x":82,"y":475,"width":805,"height":11}},{"id":"387df183-9cfd-4dcc-9017-b76fe4579605","block_type":"box","text":"respective affiliates and immediate family members of such persons, if they open an account directly with","page_number":34,"box":{"x":82,"y":490,"width":776,"height":11}},{"id":"5c8d4dbf-7450-499d-9218-4d9c491a73de","block_type":"box","text":"BlackRock, who are not subject to any minimum initial investment;","page_number":34,"box":{"x":82,"y":505,"width":486,"height":11}},{"id":"3f1db0b1-366c-47bf-b4cc-e6cfc5ee8fe5","block_type":"box","text":"Tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s broker","page_number":34,"box":{"x":81,"y":525,"width":836,"height":11}},{"id":"a0c049cd-546b-4cdf-95f6-82ed07f12547","block_type":"box","text":"dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family members","page_number":34,"box":{"x":81,"y":539,"width":851,"height":12}},{"id":"d60ec48c-d3ba-4b5d-9fb9-9f51f5a36108","block_type":"box","text":"of such persons; and","page_number":34,"box":{"x":81,"y":554,"width":154,"height":11}},{"id":"75de7148-7651-43db-a581-0a945e4f7d23","block_type":"box","text":"Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record","page_number":34,"box":{"x":81,"y":574,"width":816,"height":12}},{"id":"5779fe6c-7562-4f1a-bc81-c650f15c33f1","block_type":"box","text":"keeper, provided that such program offers only mutual fund options and that the program maintains an account with","page_number":34,"box":{"x":82,"y":589,"width":851,"height":12}},{"id":"28c26b1d-53b3-479e-8fc5-b4cc53bfca08","block_type":"box","text":"the Fund on an omnibus basis.","page_number":34,"box":{"x":80,"y":604,"width":227,"height":9}},{"id":"7094671e-8bb9-409e-841a-c06e0693a7be","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":34,"box":{"x":60,"y":626,"width":620,"height":12}},{"id":"6d89c589-84a3-43e6-ad99-27e55a132885","block_type":"box","text":"Distribution and Shareholder Servicing Payments","page_number":34,"box":{"x":61,"y":665,"width":442,"height":14}},{"id":"50a97e42-8e78-4383-bcd7-77015e99ed97","block_type":"box","text":"Plan Payments","page_number":34,"box":{"x":61,"y":692,"width":122,"height":12}},{"id":"fce5b6c6-9e5f-4102-a2c0-9d0bb7f9c8b3","block_type":"box","text":"The Trust, on behalf of the Fund, has adopted a plan (the “Plan”) pursuant to Rule 12b-1 under the Investment","page_number":34,"box":{"x":60,"y":708,"width":815,"height":12}},{"id":"fda84770-0cfc-47e9-93a2-7e58a49d71ab","block_type":"box","text":"Company Act with respect to the Investor Shares that allows the Fund to pay distribution fees for the sale of its shares","page_number":34,"box":{"x":61,"y":723,"width":872,"height":12}},{"id":"51887ef7-1a77-4f28-aa16-9e8687c7b25a","block_type":"box","text":"and/or shareholder servicing fees for certain services provided to its shareholders.","page_number":34,"box":{"x":61,"y":738,"width":612,"height":11}},{"id":"dd7c5616-f70b-4d11-a2a8-d6f2515fe5bf","block_type":"box","text":"Under the Plan, Investor C Shares pay a distribution fee to the Distributor and/or its affiliates, for distribution and","page_number":34,"box":{"x":62,"y":760,"width":834,"height":12}},{"id":"96a1d31c-20af-4e19-b4d0-6740d28b3798","block_type":"box","text":"sales support services. The distribution fees may be used to pay the Distributor for distribution and sales support","page_number":34,"box":{"x":61,"y":775,"width":839,"height":12}},{"id":"4c77ad1f-ed34-4304-8435-687751b483f6","block_type":"box","text":"services and to pay the Distributor and BlackRock and its affiliates for sales support services provided and related","page_number":34,"box":{"x":61,"y":790,"width":845,"height":12}},{"id":"a00ac327-ea5f-4518-8a3c-0f58afb6902c","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":34,"box":{"x":61,"y":805,"width":838,"height":11}},{"id":"03188358-a7b6-4c91-aa38-271fa20639da","block_type":"box","text":"Financial Intermediaries for sales support services and related expenses. All Investor C Shares pay a maximum","page_number":34,"box":{"x":62,"y":820,"width":819,"height":11}},{"id":"d2f93e7a-8bd0-4ab6-b67c-505f45cb7ea7","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":34,"box":{"x":61,"y":835,"width":869,"height":11}},{"id":"e1f5492c-2f3d-4705-b37e-46ad7d2590a9","block_type":"box","text":"Institutional and Investor A Shares do not pay distribution fees.","page_number":34,"box":{"x":62,"y":849,"width":462,"height":12}},{"id":"f5ca9b57-f7e6-4028-a8b6-cf520b6a0f7e","block_type":"box","text":"Under the Plan, the Fund also pays shareholder servicing fees (also referred to as general shareholder liaison services","page_number":34,"box":{"x":62,"y":872,"width":873,"height":12}},{"id":"f79f0b24-1ffd-4ac2-a526-d8847c1c65f6","block_type":"box","text":"fees) to Financial Intermediaries for providing support services to their customers who own Investor Shares of the","page_number":34,"box":{"x":60,"y":887,"width":838,"height":11}},{"id":"600d0dc4-5488-4fa1-9f90-1ebf1083f673","block_type":"box","text":"Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily net asset value of","page_number":34,"box":{"x":62,"y":902,"width":837,"height":11}},{"id":"6303ebeb-848c-4a12-b33f-0f7864aeba2c","block_type":"box","text":"34","page_number":34,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"eff7e100-ef3f-4120-a179-7d04267c99b1","block_type":"box","text":"NM1026U-5988115-34/72","page_number":34,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9520c05d-00b4-427b-9084-529d12cd7983","block_type":"box","text":"Investor Shares of the Fund. All Investor Shares pay this shareholder servicing fee. Institutional Shares do not pay a","page_number":35,"box":{"x":62,"y":46,"width":853,"height":11}},{"id":"a6aef163-bdb6-4ff5-9877-4a0cbf3ba3b0","block_type":"box","text":"shareholder servicing fee.","page_number":35,"box":{"x":61,"y":60,"width":189,"height":12}},{"id":"b661adec-4605-4769-9f5a-fcafbf4f9990","block_type":"box","text":"In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of","page_number":35,"box":{"x":62,"y":83,"width":859,"height":12}},{"id":"3ce3133b-058a-470e-8ef9-c34195174eb4","block_type":"box","text":"the following services to their customers who own Investor Shares:","page_number":35,"box":{"x":60,"y":98,"width":492,"height":11}},{"id":"14a44f91-7674-4b6a-af00-e19a5f6ab90a","block_type":"box","text":"Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and","page_number":35,"box":{"x":81,"y":118,"width":848,"height":11}},{"id":"ebdccdb6-839f-45df-8bbb-602a780a04af","block_type":"box","text":"redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers’","page_number":35,"box":{"x":82,"y":133,"width":811,"height":11}},{"id":"1c2b82e9-9e37-44f5-9864-c31687762f21","block_type":"box","text":"investments;","page_number":35,"box":{"x":82,"y":148,"width":92,"height":10}},{"id":"ce72b3b5-cc8e-4f8f-98f0-5fd9b0154189","block_type":"box","text":"Assisting customers in designating and changing dividend options, account designations and addresses; and","page_number":35,"box":{"x":81,"y":168,"width":801,"height":11}},{"id":"80e8ffb1-bba8-434a-b80e-565623992d82","block_type":"box","text":"Providing other similar shareholder liaison services.","page_number":35,"box":{"x":81,"y":188,"width":379,"height":11}},{"id":"0224d638-f30b-43e5-b7a8-54a01ea8912b","block_type":"box","text":"The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the","page_number":35,"box":{"x":60,"y":210,"width":856,"height":12}},{"id":"216e8936-a63a-430b-99e5-514ae45aa805","block_type":"box","text":"administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the","page_number":35,"box":{"x":61,"y":225,"width":848,"height":11}},{"id":"abb6cb75-9bb7-4daa-8bcf-6bcf1fb371cd","block_type":"box","text":"sale of the Fund’s shares.","page_number":35,"box":{"x":61,"y":240,"width":191,"height":9}},{"id":"4d17786f-0002-470f-be62-441330e2e5c4","block_type":"box","text":"Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these","page_number":35,"box":{"x":62,"y":262,"width":850,"height":12}},{"id":"680dca2b-b389-4ca9-a8e4-78f2f7d410fb","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":35,"box":{"x":60,"y":277,"width":836,"height":12}},{"id":"1a7c377a-da45-4296-98e0-a4d1f5af1420","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":35,"box":{"x":61,"y":292,"width":848,"height":11}},{"id":"b50b52ed-727e-4a68-a88b-7007654f9a5e","block_type":"box","text":"charge on Investor A Shares. For more information on the Plan, including a complete list of services provided","page_number":35,"box":{"x":61,"y":307,"width":800,"height":11}},{"id":"635c10ef-5d9e-4d80-a683-19a1624db970","block_type":"box","text":"thereunder, see the SAI.","page_number":35,"box":{"x":60,"y":322,"width":178,"height":10}},{"id":"95be887e-330b-482f-96dc-5bea82a0f1a9","block_type":"box","text":"Other Payments by the Fund","page_number":35,"box":{"x":61,"y":345,"width":233,"height":12}},{"id":"c3d02e88-4778-4939-8795-1c32df39daa1","block_type":"box","text":"In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its","page_number":35,"box":{"x":62,"y":361,"width":874,"height":11}},{"id":"25f855b4-be25-4660-a5d3-53d117defdde","block_type":"box","text":"transfer agent, BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”), BlackRock, on behalf of the Fund,","page_number":35,"box":{"x":60,"y":376,"width":846,"height":11}},{"id":"a6ff0352-140b-4332-bf48-f140f7eefe68","block_type":"box","text":"may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund","page_number":35,"box":{"x":61,"y":390,"width":874,"height":12}},{"id":"8b8e7132-8b44-4e0e-8a7f-ab7e272107e9","block_type":"box","text":"will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting","page_number":35,"box":{"x":60,"y":405,"width":843,"height":12}},{"id":"09fed828-c7d7-4ce0-a814-7bcd3438b6a0","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":35,"box":{"x":61,"y":420,"width":862,"height":12}},{"id":"33f75ee9-b3d2-4d8d-9c3b-414295a304b8","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":35,"box":{"x":61,"y":435,"width":815,"height":11}},{"id":"e6908698-52f6-42b4-b6f1-943ef70dbc9d","block_type":"box","text":"account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial.","page_number":35,"box":{"x":61,"y":450,"width":791,"height":11}},{"id":"b67ae072-21da-467e-b7bb-530014a383f2","block_type":"box","text":"Other Payments by BlackRock","page_number":35,"box":{"x":61,"y":473,"width":252,"height":12}},{"id":"5145f8fd-90af-401d-b954-ce4c478929e5","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":35,"box":{"x":62,"y":489,"width":851,"height":12}},{"id":"aa826a2f-db1d-46dc-b7a2-2a3f947ba01d","block_type":"box","text":"networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or","page_number":35,"box":{"x":61,"y":504,"width":843,"height":11}},{"id":"aaa7ecae-905c-4526-b5cd-486bf2e63505","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":35,"box":{"x":60,"y":519,"width":853,"height":11}},{"id":"62c030cb-aac4-44fb-bed1-fb4b7ce8ac55","block_type":"box","text":"affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments","page_number":35,"box":{"x":61,"y":534,"width":866,"height":11}},{"id":"47e78fbd-573f-4c2c-97b8-3673bbecdf90","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":35,"box":{"x":60,"y":548,"width":839,"height":12}},{"id":"cbb6278a-dceb-4074-a48e-93478a95aa0e","block_type":"box","text":"based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage","page_number":35,"box":{"x":61,"y":563,"width":860,"height":12}},{"id":"2dda2969-dbff-4623-a3b8-8a49a3e3fa6e","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":35,"box":{"x":61,"y":578,"width":841,"height":11}},{"id":"ee2ac0ed-da99-44b5-8fe4-fda25952a970","block_type":"box","text":"basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial","page_number":35,"box":{"x":61,"y":593,"width":856,"height":11}},{"id":"6aa28b83-16d4-4ec9-b9ae-69fa2a2fa678","block_type":"box","text":"and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated","page_number":35,"box":{"x":61,"y":608,"width":813,"height":11}},{"id":"74dee705-56aa-4218-bdc6-50beebfa8d3d","block_type":"box","text":"persons to recommend or sell shares of the Fund to you.","page_number":35,"box":{"x":62,"y":623,"width":415,"height":11}},{"id":"f5fd768c-e85c-4e34-bb32-87dcc53face1","block_type":"box","text":"Please contact your Financial Intermediary for details about payments it may receive from the Fund or from BlackRock,","page_number":35,"box":{"x":61,"y":645,"width":869,"height":12}},{"id":"09dd3910-12b1-4d22-8b9b-78853d1f6905","block_type":"box","text":"the Distributor or their affiliates. For more information, see the SAI.","page_number":35,"box":{"x":60,"y":660,"width":495,"height":11}},{"id":"55e690ff-aa82-4c27-bedc-4a991d5a8531","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":35,"box":{"x":61,"y":699,"width":434,"height":13}},{"id":"98db03d9-feb3-4981-a753-2fd180c9dd02","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":35,"box":{"x":60,"y":725,"width":846,"height":12}},{"id":"469d24ef-2194-4764-bb7b-b6914a2cbf80","block_type":"box","text":"Intermediary. You may also buy, sell, exchange and transfer shares through BlackRock if your account is held directly","page_number":35,"box":{"x":62,"y":740,"width":857,"height":11}},{"id":"1da571b9-e986-418b-a1f1-3b0333bc686d","block_type":"box","text":"with BlackRock. To learn more about buying, selling, exchanging or transferring shares through BlackRock, call","page_number":35,"box":{"x":60,"y":755,"width":809,"height":11}},{"id":"f06ff657-d2e4-429a-9957-13e639741c25","block_type":"box","text":"(800) 441-7762. Because the selection of a mutual fund involves many considerations, your Financial Intermediary","page_number":35,"box":{"x":61,"y":769,"width":847,"height":12}},{"id":"5285d204-b0b2-4975-b2e3-7b084f35e83a","block_type":"box","text":"may help you with this decision.","page_number":35,"box":{"x":61,"y":785,"width":232,"height":11}},{"id":"8541d7a4-abf4-4012-af94-49b163b2f719","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":35,"box":{"x":60,"y":807,"width":867,"height":11}},{"id":"d8d70bb9-f5b6-4f7c-9ec6-f679e89c1600","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":35,"box":{"x":61,"y":822,"width":858,"height":11}},{"id":"3fd3a3cc-ba72-455c-846e-24e6ddf03319","block_type":"box","text":"investments (including by way of exchange from another BlackRock Fund) into existing accounts, the Fund generally","page_number":35,"box":{"x":62,"y":837,"width":845,"height":11}},{"id":"245980f5-80fa-4df2-9d1b-eab7104c1671","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":35,"box":{"x":61,"y":851,"width":860,"height":12}},{"id":"caf88ae3-96f6-4704-8a88-cc9eac90f029","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":35,"box":{"x":60,"y":866,"width":868,"height":12}},{"id":"17d07435-a918-4ff1-83f1-0fada6f677da","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":35,"box":{"x":61,"y":881,"width":863,"height":11}},{"id":"0dc37a4e-6d1b-448a-bea6-9f2c5e9dd1f1","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":35,"box":{"x":61,"y":896,"width":787,"height":11}},{"id":"63e588e4-43fb-4b01-aafa-748c43a7d5f6","block_type":"box","text":"35","page_number":35,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"7f6cdb5b-a7d8-4598-8e46-2d8f8232b40d","block_type":"box","text":"NM1026U-5988115-35/72","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"29c43bfe-1df2-4a93-9383-c4f63351498b","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":36,"box":{"x":62,"y":46,"width":857,"height":11}},{"id":"30ecf5e6-30ee-45a5-9991-9dca9111d833","block_type":"box","text":"restricted from making additional investments.","page_number":36,"box":{"x":61,"y":60,"width":341,"height":12}},{"id":"1243a965-51ac-4337-b2c1-e9ba52b98cad","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":36,"box":{"x":60,"y":83,"width":861,"height":11}},{"id":"db2d6041-8254-4cab-bbcd-782e3b104689","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":36,"box":{"x":60,"y":98,"width":856,"height":11}},{"id":"e7ed1cf4-d9b1-4a47-b940-c562545834fd","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":36,"box":{"x":61,"y":113,"width":822,"height":11}},{"id":"0922f828-685f-416d-817f-a158f0516b40","block_type":"box","text":"described below.","page_number":36,"box":{"x":61,"y":128,"width":121,"height":9}},{"id":"a4995bd7-1acc-4c3c-ab5e-39dcb2eb2285","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":36,"box":{"x":62,"y":150,"width":797,"height":11}},{"id":"8bbfaa3c-9316-457f-ac7b-8695d521ebb8","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":36,"box":{"x":61,"y":165,"width":487,"height":11}},{"id":"9b47b746-87cc-4807-b9c8-872bb970a000","block_type":"box","text":"How to Buy Shares","page_number":36,"box":{"x":61,"y":188,"width":156,"height":12}},{"id":"e4fbd6b5-2ce3-4d37-8d7d-6077f7b057e0","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":36,"box":{"x":213,"y":210,"width":478,"height":9}},{"id":"2ef49abe-77d2-4651-9a84-2a31ee72de3a","block_type":"box","text":"Initial Purchase","page_number":36,"box":{"x":61,"y":227,"width":105,"height":8}},{"id":"107a639a-3329-443e-9cbb-da66dfd45a50","block_type":"box","text":"First, select the share class","page_number":36,"box":{"x":214,"y":227,"width":183,"height":10}},{"id":"77ad8fd3-b7a5-440b-8f49-e749e8548255","block_type":"box","text":"appropriate for you","page_number":36,"box":{"x":214,"y":241,"width":123,"height":10}},{"id":"a1210d05-8b08-446a-8103-a44d66a0385f","block_type":"box","text":"Refer to the “Share Classes at a Glance” table in this prospectus (be","page_number":36,"box":{"x":461,"y":227,"width":458,"height":10}},{"id":"7b148494-f031-4f29-9957-06639c4c9b3b","block_type":"box","text":"sure to read this prospectus carefully). When you place your initial","page_number":36,"box":{"x":461,"y":241,"width":435,"height":10}},{"id":"c76974b9-67fb-4fe1-9367-d07105c17349","block_type":"box","text":"order, you must indicate which share class you select (if you do not","page_number":36,"box":{"x":461,"y":254,"width":444,"height":10}},{"id":"356476a6-38c1-4d5d-bcec-32b9c78e975c","block_type":"box","text":"specify a share class and do not qualify to purchase Institutional","page_number":36,"box":{"x":461,"y":268,"width":426,"height":10}},{"id":"1605c57c-5493-4884-a48b-04d22bbe6c90","block_type":"box","text":"Shares, you will receive Investor A Shares).","page_number":36,"box":{"x":461,"y":281,"width":284,"height":10}},{"id":"6de0ce54-e8bf-4924-8160-d24af9ed493b","block_type":"box","text":"Certain factors, such as the amount of your investment, your time","page_number":36,"box":{"x":461,"y":297,"width":435,"height":11}},{"id":"d1a446f3-149a-4700-bb78-7ee21d196828","block_type":"box","text":"frame for investing, and your financial goals, may affect which share","page_number":36,"box":{"x":460,"y":311,"width":451,"height":10}},{"id":"ca84ba04-4199-4c40-aa20-b455236716de","block_type":"box","text":"class you choose. Your Financial Intermediary can help you determine","page_number":36,"box":{"x":461,"y":325,"width":460,"height":10}},{"id":"123d4506-8c99-4752-930f-bf8a59ac4d96","block_type":"box","text":"which share class is appropriate for you.","page_number":36,"box":{"x":460,"y":338,"width":267,"height":10}},{"id":"93527b83-1b7d-4561-ab76-9ac73b56e454","block_type":"box","text":"Next, determine the amount of","page_number":36,"box":{"x":214,"y":356,"width":203,"height":10}},{"id":"c324c687-3f72-4f00-b01b-1f47a337813e","block_type":"box","text":"your investment","page_number":36,"box":{"x":213,"y":370,"width":105,"height":10}},{"id":"2da4df10-e85e-45e9-ab9b-e3a30ba36a11","block_type":"box","text":"Refer to the minimum initial investment in the “Share Classes at a","page_number":36,"box":{"x":461,"y":356,"width":440,"height":8}},{"id":"75c77d30-5985-47b6-b1fb-c39a67225710","block_type":"box","text":"Glance” table of this prospectus. Be sure to note the maximum","page_number":36,"box":{"x":461,"y":369,"width":418,"height":11}},{"id":"e8cdcc63-0fa4-4550-91cd-5fb84c741b18","block_type":"box","text":"investment amounts in Investor C Shares.","page_number":36,"box":{"x":461,"y":383,"width":276,"height":8}},{"id":"ed4ad513-70ab-4f9b-a2f3-eab8b9ad1503","block_type":"box","text":"See “Account Information — Details About the Share Classes” for","page_number":36,"box":{"x":461,"y":397,"width":437,"height":8}},{"id":"79c2c935-dd15-461a-b10e-92afead2375e","block_type":"box","text":"information on a lower initial investment requirement for certain Fund","page_number":36,"box":{"x":461,"y":410,"width":457,"height":10}},{"id":"69139a99-929c-4e75-ade9-4d69bbce9f7f","block_type":"box","text":"investors if their purchase, combined with purchases by other","page_number":36,"box":{"x":461,"y":424,"width":407,"height":10}},{"id":"9c7d2955-77f4-4eb1-b28b-b706057334d5","block_type":"box","text":"investors received together by the Fund, meets the minimum","page_number":36,"box":{"x":461,"y":437,"width":400,"height":11}},{"id":"8df1d81a-0ba9-4ccc-9669-7ee51ce51192","block_type":"box","text":"investment requirement.","page_number":36,"box":{"x":461,"y":451,"width":160,"height":10}},{"id":"1c918a5f-21ec-461c-b7ac-629291c9e4fb","block_type":"box","text":"Have your Financial Intermediary","page_number":36,"box":{"x":214,"y":469,"width":215,"height":10}},{"id":"7369728c-9f60-4989-bfd7-1b26d633b58b","block_type":"box","text":"submit your purchase order","page_number":36,"box":{"x":214,"y":483,"width":181,"height":10}},{"id":"feca76fd-b61d-4736-9d7e-45976d493e5f","block_type":"box","text":"The price of your shares is based on the next calculation of the Fund’s","page_number":36,"box":{"x":460,"y":469,"width":466,"height":10}},{"id":"3031a439-f3a1-43d2-a7fb-7d08396b88a8","block_type":"box","text":"net asset value after your order is placed. Any purchase orders placed","page_number":36,"box":{"x":461,"y":482,"width":463,"height":11}},{"id":"b4fa888f-4ebc-4b30-95a2-b30684081102","block_type":"box","text":"prior to the close of business on the New York Stock Exchange (the","page_number":36,"box":{"x":461,"y":496,"width":443,"height":10}},{"id":"8bba0af4-87d3-427c-b97e-3470c3ba3944","block_type":"box","text":"“NYSE”) (generally 4:00 p.m. Eastern time) will be priced at the net","page_number":36,"box":{"x":461,"y":509,"width":445,"height":11}},{"id":"93bfea9b-b332-4c65-b367-16324118ba39","block_type":"box","text":"asset value determined that day. Certain Financial Intermediaries,","page_number":36,"box":{"x":461,"y":523,"width":435,"height":10}},{"id":"84694ada-6cf4-4b38-956b-3c3b18db9867","block_type":"box","text":"however, may require submission of orders prior to that time. Purchase","page_number":36,"box":{"x":461,"y":536,"width":469,"height":11}},{"id":"48d9400b-98da-49f3-917d-58edeec17ad1","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":36,"box":{"x":461,"y":550,"width":429,"height":10}},{"id":"c6354768-f1de-4989-b26f-7f0172613785","block_type":"box","text":"determined on the next business day.","page_number":36,"box":{"x":461,"y":564,"width":247,"height":10}},{"id":"767b4e80-f583-4959-bf5a-0ae266f866da","block_type":"box","text":"A broker-dealer or financial institution maintaining the account in which","page_number":36,"box":{"x":460,"y":580,"width":468,"height":10}},{"id":"ab2ee7a0-2d52-4c46-b27a-a2e768d5b53c","block_type":"box","text":"you hold shares may charge a separate account, service or transaction","page_number":36,"box":{"x":460,"y":593,"width":470,"height":11}},{"id":"6ee87650-a51e-44c8-af1e-4acfca7c86bf","block_type":"box","text":"fee on the purchase or sale of Fund shares that would be in addition to","page_number":36,"box":{"x":460,"y":607,"width":471,"height":10}},{"id":"edc74f3a-fe3a-4963-a935-889d9f02afb7","block_type":"box","text":"the fees and expenses shown in the Fund’s “Fees and Expenses”","page_number":36,"box":{"x":460,"y":620,"width":434,"height":10}},{"id":"3b7ec2b4-0f9e-41e9-be93-47a911e2b852","block_type":"box","text":"table.","page_number":36,"box":{"x":460,"y":634,"width":36,"height":8}},{"id":"61efd41e-7528-4c18-81a7-18ecabd4fd6f","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":36,"box":{"x":460,"y":650,"width":473,"height":10}},{"id":"0f7deca9-ccde-41d9-a608-0402d503bf8e","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":36,"box":{"x":461,"y":663,"width":453,"height":11}},{"id":"eff7b59b-dd64-4c66-b138-5a1e9d18eddb","block_type":"box","text":"processing fee to confirm a purchase.","page_number":36,"box":{"x":461,"y":677,"width":249,"height":10}},{"id":"e6e22b01-b0e1-421f-b9fc-317b315d69d2","block_type":"box","text":"Or contact BlackRock (for","page_number":36,"box":{"x":214,"y":695,"width":167,"height":10}},{"id":"b9875598-caba-45e1-991b-44b2f9c7da72","block_type":"box","text":"accounts held directly with","page_number":36,"box":{"x":214,"y":709,"width":173,"height":10}},{"id":"d12d8b97-fc0c-456b-9c5a-6b755a261612","block_type":"box","text":"BlackRock)","page_number":36,"box":{"x":214,"y":722,"width":71,"height":10}},{"id":"305292ea-02b0-4159-b43c-420b85b80d83","block_type":"box","text":"To purchase shares directly from BlackRock, call (800) 441-7762 and","page_number":36,"box":{"x":460,"y":695,"width":461,"height":10}},{"id":"bafdb0e9-f654-4ae9-a90d-68314ecb58e7","block_type":"box","text":"request a new account application. Mail the completed application","page_number":36,"box":{"x":461,"y":709,"width":438,"height":10}},{"id":"c21197b5-0856-40f2-9f31-3be0e42f2cf0","block_type":"box","text":"along with a check payable to “BlackRock Funds” to the Transfer Agent","page_number":36,"box":{"x":461,"y":722,"width":468,"height":10}},{"id":"aa952b13-34fd-4339-a125-d0108615f11e","block_type":"box","text":"at the address on the application. The Fund limits purchases by","page_number":36,"box":{"x":461,"y":736,"width":421,"height":10}},{"id":"84615e27-abc4-411b-ae1a-8d41a366fdf2","block_type":"box","text":"personal check to $500,000 per trade.","page_number":36,"box":{"x":461,"y":749,"width":257,"height":10}},{"id":"b0ae83ae-428f-4929-94ae-30e159200939","block_type":"box","text":"Add to Your","page_number":36,"box":{"x":60,"y":767,"width":78,"height":8}},{"id":"95ca98e8-50c0-4cab-8bed-73f5bea2b50f","block_type":"box","text":"Investment","page_number":36,"box":{"x":61,"y":779,"width":75,"height":8}},{"id":"ccddf200-19d9-42dd-bf79-c69d4132bcd7","block_type":"box","text":"Purchase additional shares For Investor A and Investor C Shares, the minimum investment for","page_number":36,"box":{"x":214,"y":767,"width":683,"height":10}},{"id":"70a52070-6ae7-41bd-840c-2b3c1582f6cd","block_type":"box","text":"additional purchases is generally $50 for all accounts (with the","page_number":36,"box":{"x":461,"y":780,"width":415,"height":11}},{"id":"64d547ce-8840-44c6-b348-ace0145768c8","block_type":"box","text":"exception of certain employer-sponsored retirement plans which may","page_number":36,"box":{"x":461,"y":794,"width":455,"height":11}},{"id":"30dcd4da-fedb-4fec-ab6c-5c00fbf5bd58","block_type":"box","text":"have a lower minimum for additional purchases). The minimums for","page_number":36,"box":{"x":461,"y":808,"width":445,"height":10}},{"id":"3acd25c5-9a55-4835-bd66-1f018267be42","block_type":"box","text":"additional purchases may be waived under certain circumstances.","page_number":36,"box":{"x":461,"y":822,"width":436,"height":10}},{"id":"46a47d71-da4b-4452-b746-fb318f393d14","block_type":"box","text":"Institutional Shares have no minimum for additional purchases.","page_number":36,"box":{"x":461,"y":835,"width":418,"height":10}},{"id":"7d792dd6-9cea-4b76-b801-9b4fccf3c256","block_type":"box","text":"Have your Financial Intermediary","page_number":36,"box":{"x":214,"y":853,"width":215,"height":10}},{"id":"576c48ca-168b-4082-9924-23cccdc4f5d4","block_type":"box","text":"submit your purchase order for","page_number":36,"box":{"x":214,"y":866,"width":203,"height":11}},{"id":"3c6a12e0-ef1d-4b78-a330-f726f5780781","block_type":"box","text":"additional shares","page_number":36,"box":{"x":214,"y":880,"width":113,"height":8}},{"id":"8eb818fc-6f84-4543-8b93-28a2cb31c35e","block_type":"box","text":"To purchase additional shares you may contact your Financial","page_number":36,"box":{"x":460,"y":853,"width":405,"height":10}},{"id":"f2f5ac81-2eff-4fb2-af22-e801dc343707","block_type":"box","text":"Intermediary. For more details on purchasing by Internet see below.","page_number":36,"box":{"x":461,"y":867,"width":444,"height":10}},{"id":"540d00cc-8c6d-4345-8a43-66288eb336a6","block_type":"box","text":"36","page_number":36,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"c730c83f-1352-4bac-a41c-9468a9d93b15","block_type":"box","text":"NM1026U-5988115-36/72","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8237f43a-9dd1-4f56-8ffc-8e92e8849edd","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":37,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"c3a53cf2-4616-4062-96cb-e829ed56d17e","block_type":"box","text":"Add to Your","page_number":37,"box":{"x":60,"y":67,"width":78,"height":8}},{"id":"3e2e83a2-1aa9-46c0-9e6e-e06e3165d2e5","block_type":"box","text":"Investment","page_number":37,"box":{"x":61,"y":81,"width":75,"height":8}},{"id":"102ab8b0-cb05-4cfd-8261-edbe4bed3a7b","block_type":"box","text":"(continued)","page_number":37,"box":{"x":61,"y":94,"width":76,"height":10}},{"id":"bed26c1e-8254-452b-a361-f556d7e526ce","block_type":"box","text":"Or contact BlackRock (for","page_number":37,"box":{"x":214,"y":67,"width":167,"height":10}},{"id":"deaeae51-6d66-4082-a7ac-0e56a6a8a8f9","block_type":"box","text":"accounts held directly with","page_number":37,"box":{"x":214,"y":81,"width":173,"height":10}},{"id":"68a24eca-71fc-4f84-b93b-80b4aada92d7","block_type":"box","text":"BlackRock)","page_number":37,"box":{"x":214,"y":94,"width":71,"height":10}},{"id":"8ddb1bb2-0a27-4ccd-818f-d8d9f936f8c8","block_type":"box","text":"Purchase by Telephone:","page_number":37,"box":{"x":461,"y":67,"width":158,"height":10}},{"id":"8756d79c-c321-4450-8336-f551fd413dba","block_type":"box","text":"Call (800) 441-7762 and speak with one of","page_number":37,"box":{"x":625,"y":67,"width":288,"height":10}},{"id":"de5f7c47-1d4f-42ff-9123-479186055524","block_type":"box","text":"our representatives. The Fund has the right to reject any telephone","page_number":37,"box":{"x":461,"y":81,"width":440,"height":10}},{"id":"6da8bcde-50dc-4515-993f-c4b8b82a6fad","block_type":"box","text":"request for any reason.","page_number":37,"box":{"x":461,"y":94,"width":152,"height":11}},{"id":"ecdfceb1-53b7-41f2-be01-de7483ca6d3d","block_type":"box","text":"Purchase in Writing:","page_number":37,"box":{"x":461,"y":110,"width":135,"height":11}},{"id":"2b060a3c-3dcd-4b92-8636-77778a95ad2c","block_type":"box","text":"You may send a written request to BlackRock at","page_number":37,"box":{"x":602,"y":111,"width":316,"height":10}},{"id":"976150a3-4a05-4b6e-88e3-ab26daaf1c48","block_type":"box","text":"the address on the back cover of this prospectus.","page_number":37,"box":{"x":460,"y":124,"width":329,"height":10}},{"id":"ed2f2c3a-fb7d-4a4b-b2c8-7ad8d9734ab1","block_type":"box","text":"Purchase by VRU:","page_number":37,"box":{"x":461,"y":140,"width":119,"height":10}},{"id":"ed6511a4-97a0-43c0-99ca-26681f2c2863","block_type":"box","text":"Investor Shares may also be purchased by use of","page_number":37,"box":{"x":587,"y":140,"width":326,"height":10}},{"id":"df8d8644-d5d9-44d9-9fe2-ea8ab00c7f6a","block_type":"box","text":"the Fund’s automated voice response unit (“VRU”) service at","page_number":37,"box":{"x":460,"y":154,"width":404,"height":10}},{"id":"f528efa1-59c7-4ac1-a28e-305b5047c68f","block_type":"box","text":"(800) 441-7762.","page_number":37,"box":{"x":461,"y":167,"width":110,"height":10}},{"id":"6a5e937d-acf1-4e17-a610-81d23d2cb89f","block_type":"box","text":"Purchase by Internet:","page_number":37,"box":{"x":461,"y":183,"width":144,"height":10}},{"id":"9fb149c3-bb93-4302-816b-334d78de219e","block_type":"box","text":"You may purchase your shares and view activity","page_number":37,"box":{"x":611,"y":183,"width":314,"height":10}},{"id":"d4585135-657d-4084-ade5-e9118020551d","block_type":"box","text":"in your account by logging onto the BlackRock website at","page_number":37,"box":{"x":461,"y":197,"width":374,"height":10}},{"id":"c82e19ff-a8c1-41ac-aeba-b39d99ef639f","block_type":"box","text":"www.blackrock.com. Purchases made on the Internet using the","page_number":37,"box":{"x":460,"y":211,"width":416,"height":10}},{"id":"82056468-d181-4ef2-9d0d-ee35de83c766","block_type":"box","text":"Automated Clearing House (“ACH”) will have a trade date that is the","page_number":37,"box":{"x":460,"y":224,"width":450,"height":10}},{"id":"3cb01765-d149-4be9-879b-52f4a059ae5e","block_type":"box","text":"day after the purchase is made.","page_number":37,"box":{"x":461,"y":237,"width":209,"height":11}},{"id":"00f217c1-5bd0-4e59-bb9d-d2db0226cb35","block_type":"box","text":"Certain institutional clients’ purchase orders of Institutional Shares","page_number":37,"box":{"x":461,"y":253,"width":445,"height":11}},{"id":"c1304cbe-d11a-4e52-9508-caf98ede94ad","block_type":"box","text":"placed by wire prior to the close of business on the NYSE will be priced","page_number":37,"box":{"x":461,"y":267,"width":469,"height":10}},{"id":"e295a47b-4fc5-449b-ad2a-e9b5db4991b1","block_type":"box","text":"at the net asset value determined that day. Contact your Financial","page_number":37,"box":{"x":461,"y":281,"width":434,"height":10}},{"id":"0e73625c-190c-4b68-9a4c-a61ff9d2e19c","block_type":"box","text":"Intermediary or BlackRock for further information. The Fund limits","page_number":37,"box":{"x":461,"y":294,"width":433,"height":10}},{"id":"cffe5e80-00a1-464f-a239-24b49dc027fd","block_type":"box","text":"Internet purchases in shares of the Fund to $100,000 per account per","page_number":37,"box":{"x":461,"y":307,"width":467,"height":11}},{"id":"c43d4afd-6285-4f7e-a378-bdb7dcc25b79","block_type":"box","text":"day. Different maximums may apply to certain institutional investors.","page_number":37,"box":{"x":461,"y":321,"width":453,"height":10}},{"id":"395f041d-7190-4556-8fd4-08ebb3fd7ca0","block_type":"box","text":"Please read the On-Line Services Disclosure Statement and User","page_number":37,"box":{"x":461,"y":337,"width":430,"height":9}},{"id":"3b9aaab6-e01b-4a32-8ed2-8df24612dec6","block_type":"box","text":"Agreement, the Terms and Conditions page and the Consent to","page_number":37,"box":{"x":460,"y":351,"width":417,"height":10}},{"id":"6b8acc94-2550-4d88-9c22-61850989fb25","block_type":"box","text":"Electronic Delivery Agreement (if you consent to electronic delivery),","page_number":37,"box":{"x":461,"y":364,"width":448,"height":11}},{"id":"6063edc4-0f7c-4d37-b364-09823af2dc74","block_type":"box","text":"before attempting to transact online.","page_number":37,"box":{"x":461,"y":378,"width":240,"height":10}},{"id":"af7411ed-ba04-4ae0-b0da-e3887cf33099","block_type":"box","text":"The Fund employs reasonable procedures to confirm that transactions","page_number":37,"box":{"x":460,"y":394,"width":464,"height":10}},{"id":"fe5a28ba-d876-4297-9a45-332b70efa983","block_type":"box","text":"entered over the Internet are genuine. By entering into the User","page_number":37,"box":{"x":461,"y":408,"width":419,"height":10}},{"id":"e261a945-56da-43a0-ad8d-3a432e75eb90","block_type":"box","text":"Agreement with the Fund in order to open an account through the","page_number":37,"box":{"x":460,"y":421,"width":431,"height":10}},{"id":"cc7ae18b-af3b-48e5-aaf1-677a2ebf4dae","block_type":"box","text":"website, the shareholder waives any right to reclaim any losses from","page_number":37,"box":{"x":460,"y":435,"width":453,"height":10}},{"id":"1d87b679-c136-4483-923f-0eb904ade79c","block_type":"box","text":"the Fund or any of its affiliates, incurred through fraudulent activity.","page_number":37,"box":{"x":460,"y":448,"width":444,"height":11}},{"id":"fd203d49-0a1c-4382-8a88-22c9d88f3129","block_type":"box","text":"Acquire additional shares by","page_number":37,"box":{"x":213,"y":466,"width":187,"height":10}},{"id":"537b8de0-0895-41ef-a322-f90fc1ed49cf","block_type":"box","text":"reinvesting dividends and capital","page_number":37,"box":{"x":214,"y":480,"width":214,"height":10}},{"id":"c6e6110c-b932-4668-a366-aedec50fe0cc","block_type":"box","text":"gains","page_number":37,"box":{"x":213,"y":493,"width":35,"height":11}},{"id":"c20d31f5-d57a-4457-a731-aab8e409c922","block_type":"box","text":"All dividends and capital gains distributions are automatically","page_number":37,"box":{"x":460,"y":466,"width":405,"height":11}},{"id":"2ba9fc46-d71b-4f95-afcb-7398329ca53f","block_type":"box","text":"reinvested without a sales charge. To make any changes to your","page_number":37,"box":{"x":461,"y":480,"width":423,"height":10}},{"id":"984df22f-b6c1-42a7-bc1c-0b610c63f63c","block_type":"box","text":"dividend and/or capital gains distributions options, please call","page_number":37,"box":{"x":461,"y":493,"width":411,"height":11}},{"id":"b9720fd5-9e63-444b-a3c0-fa91cdf2969b","block_type":"box","text":"(800) 441-7762, or contact your Financial Intermediary (if your account","page_number":37,"box":{"x":461,"y":507,"width":470,"height":10}},{"id":"32a0ac3e-11ca-4d64-84f4-3adeabafb1c8","block_type":"box","text":"is not held directly with BlackRock).","page_number":37,"box":{"x":461,"y":521,"width":232,"height":10}},{"id":"aafb7cf7-9457-4e9c-bd23-071c727cbc78","block_type":"box","text":"Participate in the AIP BlackRock’s AIP allows you to invest a specific amount on a periodic","page_number":37,"box":{"x":214,"y":538,"width":698,"height":11}},{"id":"b51191d5-fee7-4bbd-9fe2-1024b32243fa","block_type":"box","text":"basis from your checking or savings account into your investment","page_number":37,"box":{"x":461,"y":552,"width":431,"height":10}},{"id":"6d9ac346-e012-43e6-94b1-5c9d61602d33","block_type":"box","text":"account.","page_number":37,"box":{"x":461,"y":566,"width":54,"height":8}},{"id":"526a90fb-1dff-4bf4-97b1-9aac9775350d","block_type":"box","text":"Refer to the “Account Services and Privileges” section of this","page_number":37,"box":{"x":461,"y":582,"width":404,"height":10}},{"id":"3b359525-a993-4956-bca1-db813a1b34c0","block_type":"box","text":"prospectus for additional information.","page_number":37,"box":{"x":461,"y":595,"width":247,"height":10}},{"id":"bdbd71f9-3fbb-4e1a-ba6c-56c953ac1508","block_type":"box","text":"How to Pay for","page_number":37,"box":{"x":61,"y":613,"width":99,"height":10}},{"id":"ccf95ece-7db4-4a52-942d-1099c883fcbd","block_type":"box","text":"Shares","page_number":37,"box":{"x":60,"y":625,"width":46,"height":8}},{"id":"c1b49be9-2f9d-4146-8564-b6ef9124e352","block_type":"box","text":"Making payment for purchases Payment for an order must be made in Federal funds or other","page_number":37,"box":{"x":214,"y":613,"width":651,"height":11}},{"id":"3eeec07a-cbab-44f4-8374-232a77b9972b","block_type":"box","text":"immediately available funds by the time specified by your Financial","page_number":37,"box":{"x":461,"y":627,"width":438,"height":10}},{"id":"5cccd370-661d-4a72-a137-81e304d4fca8","block_type":"box","text":"Intermediary, but in no event later than 4:00 p.m. (Eastern time) on","page_number":37,"box":{"x":461,"y":640,"width":446,"height":11}},{"id":"80135e12-abc9-4269-80de-e67c3a42f752","block_type":"box","text":"the first business day following BlackRock’s receipt of the order. If","page_number":37,"box":{"x":460,"y":654,"width":439,"height":10}},{"id":"2fedaad7-0c90-4bf1-86d9-2e4ae7c060d8","block_type":"box","text":"payment is not received by this time, the order will be canceled and","page_number":37,"box":{"x":461,"y":668,"width":445,"height":10}},{"id":"ac60ac45-87cb-4c7e-8f21-eb7708385b72","block_type":"box","text":"you and your Financial Intermediary will be responsible for any loss to","page_number":37,"box":{"x":460,"y":681,"width":460,"height":10}},{"id":"6904001e-c227-4fc5-9a61-c285b937248d","block_type":"box","text":"the Fund.","page_number":37,"box":{"x":460,"y":695,"width":61,"height":8}},{"id":"afa892c8-71d0-4af7-a930-e91da02cd6a1","block_type":"box","text":"For shares purchased directly from the Fund, a check payable to","page_number":37,"box":{"x":461,"y":710,"width":423,"height":11}},{"id":"2ee4b81e-3224-4f66-a5cd-a6170d41faee","block_type":"box","text":"BlackRock Funds which bears the name of the Fund must accompany a","page_number":37,"box":{"x":461,"y":724,"width":470,"height":10}},{"id":"1d15d6f9-eb75-4a9f-944c-793a408547eb","block_type":"box","text":"completed purchase application. The Fund limits purchases by personal","page_number":37,"box":{"x":461,"y":738,"width":473,"height":10}},{"id":"5d6cf361-d71b-4a68-ad92-aff65a8c7537","block_type":"box","text":"check to $500,000 per trade. There is a $20 fee for each purchase","page_number":37,"box":{"x":461,"y":751,"width":447,"height":10}},{"id":"b7e58abd-ee54-4fc5-806c-8bf68594d06e","block_type":"box","text":"check that is returned due to insufficient funds. The Fund does not","page_number":37,"box":{"x":461,"y":765,"width":442,"height":8}},{"id":"72353976-96de-497d-a69c-455ac1cb1272","block_type":"box","text":"accept third-party checks. You may also wire Federal funds to the Fund","page_number":37,"box":{"x":461,"y":778,"width":465,"height":10}},{"id":"0d83cb50-9c19-42e1-add2-4c3be1500843","block_type":"box","text":"to purchase shares, but you must call (800) 441-7762 before doing so","page_number":37,"box":{"x":460,"y":792,"width":470,"height":10}},{"id":"979a06f8-8ddc-47e6-acea-1012a9c42817","block_type":"box","text":"to confirm the wiring instructions.","page_number":37,"box":{"x":460,"y":805,"width":221,"height":11}},{"id":"0d7907c5-ca58-4411-9173-ebe9369e52f1","block_type":"box","text":"37","page_number":37,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"1b9c08ec-2232-42f5-aeed-2915c3e79f1d","block_type":"box","text":"NM1026U-5988115-37/72","page_number":37,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4177bd13-2440-4896-850b-775a880983e6","block_type":"box","text":"How to Sell Shares","page_number":38,"box":{"x":61,"y":46,"width":156,"height":10}},{"id":"9e4f164f-47f1-4079-bea0-94947bcfdc6c","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":38,"box":{"x":213,"y":68,"width":478,"height":9}},{"id":"ac999b85-8bf4-458d-984d-c35248d6e351","block_type":"box","text":"Full or Partial","page_number":38,"box":{"x":61,"y":85,"width":90,"height":9}},{"id":"d020ab7a-94c2-4c5a-8f8e-33c307f4d5d5","block_type":"box","text":"Redemption of","page_number":38,"box":{"x":61,"y":97,"width":98,"height":10}},{"id":"e6b4b6b9-c76f-4b87-ae5a-d7276090754d","block_type":"box","text":"Shares","page_number":38,"box":{"x":60,"y":109,"width":46,"height":8}},{"id":"8f8c3347-4dcd-4263-99a5-55dd45acc50c","block_type":"box","text":"Have your Financial Intermediary","page_number":38,"box":{"x":214,"y":85,"width":215,"height":11}},{"id":"562e78ab-4d32-4c90-9a4d-2372cf8e0426","block_type":"box","text":"submit your sales order","page_number":38,"box":{"x":214,"y":99,"width":155,"height":10}},{"id":"23029f92-03d0-402f-b654-64ae743d11f2","block_type":"box","text":"You can make redemption requests through your Financial","page_number":38,"box":{"x":460,"y":85,"width":382,"height":11}},{"id":"eb1321dd-1c42-402c-bcc5-52e5b2d5f64a","block_type":"box","text":"Intermediary. Shareholders should indicate whether they are","page_number":38,"box":{"x":461,"y":99,"width":398,"height":10}},{"id":"977bd04b-4afb-4344-bde8-385f3cc00e6b","block_type":"box","text":"redeeming Investor A, Investor C or Institutional Shares. The price of","page_number":38,"box":{"x":461,"y":112,"width":453,"height":11}},{"id":"4f63ba6a-a554-447c-9a10-b7bc4269ecb6","block_type":"box","text":"your shares is based on the next calculation of the Fund’s net asset","page_number":38,"box":{"x":460,"y":126,"width":451,"height":10}},{"id":"831409f3-f9a5-4d1a-a884-665f994dd88d","block_type":"box","text":"value after your order is placed. For your redemption request to be","page_number":38,"box":{"x":460,"y":139,"width":438,"height":11}},{"id":"15ed35c6-d2cd-41cc-a405-66619af7bc06","block_type":"box","text":"priced at the net asset value on the day of your request, you must","page_number":38,"box":{"x":461,"y":153,"width":436,"height":10}},{"id":"a2159f8b-12af-499d-91ed-b22139e9ec1c","block_type":"box","text":"submit your request to your Financial Intermediary prior to that day’s","page_number":38,"box":{"x":461,"y":167,"width":452,"height":10}},{"id":"01f3911f-a14c-407a-94f8-7f6bcb2b1849","block_type":"box","text":"close of business on the NYSE (generally 4:00 p.m. Eastern time).","page_number":38,"box":{"x":461,"y":180,"width":438,"height":10}},{"id":"cb3cb133-b547-4a65-84f9-984b37f1e165","block_type":"box","text":"Certain Financial Intermediaries, however, may require submission of","page_number":38,"box":{"x":461,"y":193,"width":457,"height":11}},{"id":"81b1b11c-d1ab-4ac0-8d0a-3e01a424d219","block_type":"box","text":"orders prior to that time. Any redemption request placed after that time","page_number":38,"box":{"x":461,"y":207,"width":470,"height":10}},{"id":"f670a65d-cb18-4dfe-b7b1-773891fc4611","block_type":"box","text":"will be priced at the net asset value at the close of business on the","page_number":38,"box":{"x":460,"y":221,"width":447,"height":10}},{"id":"94e72940-603f-4699-8793-372dd50d86ca","block_type":"box","text":"next business day.","page_number":38,"box":{"x":461,"y":234,"width":121,"height":10}},{"id":"f2646eec-cfdd-4118-af7f-0889567beb07","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":38,"box":{"x":461,"y":250,"width":437,"height":11}},{"id":"ae54ea79-3ae3-4c2d-80e2-617cbd97d64c","block_type":"box","text":"redemption proceeds (check, wire or ACH), your redemption proceeds","page_number":38,"box":{"x":461,"y":264,"width":458,"height":10}},{"id":"d23ac3ca-c531-4816-a6a4-5491a0f0a47d","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":38,"box":{"x":460,"y":277,"width":465,"height":11}},{"id":"11fce311-0fd9-46b6-92b8-304651bae1a5","block_type":"box","text":"but in any event, within seven days.","page_number":38,"box":{"x":461,"y":291,"width":233,"height":10}},{"id":"41f41a61-cb9a-4668-a2fd-e1751a804d6b","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":38,"box":{"x":461,"y":307,"width":415,"height":10}},{"id":"8c45ec71-3cc0-4923-b1a7-7a0bde7b6d32","block_type":"box","text":"redemption of shares.","page_number":38,"box":{"x":461,"y":320,"width":144,"height":11}},{"id":"ffccdb00-5483-43b5-9a5c-adcd6d3cc58d","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":38,"box":{"x":460,"y":337,"width":380,"height":10}},{"id":"f9dec5ad-26c5-4bf0-a168-1260b2b77520","block_type":"box","text":"circumstances.","page_number":38,"box":{"x":461,"y":350,"width":98,"height":8}},{"id":"fca0943f-b051-4477-af4b-39c2436a2853","block_type":"box","text":"Selling shares held directly with","page_number":38,"box":{"x":214,"y":368,"width":207,"height":11}},{"id":"42856e48-d114-4f1a-abd6-3cc5ceec872d","block_type":"box","text":"BlackRock","page_number":38,"box":{"x":214,"y":382,"width":67,"height":8}},{"id":"ea89326b-0f59-4e78-9ea5-ca21fad77819","block_type":"box","text":"Methods of Redeeming","page_number":38,"box":{"x":461,"y":368,"width":156,"height":10}},{"id":"2466f94a-5e2d-4bf4-8aae-c1f9fae8df9e","block_type":"box","text":"Redeem by Telephone:","page_number":38,"box":{"x":461,"y":385,"width":150,"height":10}},{"id":"69b81041-e9c2-4bc9-9d2e-1fcd4d6cfc0d","block_type":"box","text":"You may redeem Investor Shares held directly","page_number":38,"box":{"x":617,"y":384,"width":302,"height":11}},{"id":"6412b705-d046-4f0f-bb42-c8d3b5088a30","block_type":"box","text":"with BlackRock by telephone request if certain conditions are met and","page_number":38,"box":{"x":460,"y":398,"width":464,"height":10}},{"id":"e5128951-dce4-4377-af54-8929d1fcbd48","block_type":"box","text":"if the amount being sold is less than (i) $100,000 for payments by","page_number":38,"box":{"x":461,"y":411,"width":441,"height":11}},{"id":"cc00ff93-9a5e-4e8d-a5bc-1595c057eaf4","block_type":"box","text":"check or (ii) $250,000 for payments through ACH or wire transfer.","page_number":38,"box":{"x":461,"y":424,"width":433,"height":11}},{"id":"4f2224ae-0542-4846-af10-df61dbc87e93","block_type":"box","text":"Certain redemption requests, such as those in excess of these","page_number":38,"box":{"x":461,"y":438,"width":418,"height":11}},{"id":"97822caf-be10-4da3-ba5a-cfad615794d6","block_type":"box","text":"amounts, must be in writing with a medallion signature guarantee. For","page_number":38,"box":{"x":461,"y":452,"width":462,"height":10}},{"id":"11ccfa2d-848b-4f60-a80a-c9bad401439a","block_type":"box","text":"Institutional Shares, certain redemption requests may require written","page_number":38,"box":{"x":461,"y":466,"width":456,"height":10}},{"id":"7291d08f-1a22-4bb3-a607-ff98e2cd0351","block_type":"box","text":"instructions with a medallion signature guarantee. Call (800) 441-7762","page_number":38,"box":{"x":461,"y":479,"width":472,"height":10}},{"id":"24139c97-5714-46e5-ad22-a08a1581ceb6","block_type":"box","text":"for details.","page_number":38,"box":{"x":460,"y":493,"width":70,"height":8}},{"id":"1e8e25c6-efa1-443c-83fd-16d1177af2ed","block_type":"box","text":"You can obtain a medallion signature guarantee stamp from a bank,","page_number":38,"box":{"x":460,"y":509,"width":448,"height":10}},{"id":"58680a39-5857-4c07-b533-9e8b3e663c9a","block_type":"box","text":"securities dealer, securities broker, credit union, savings and loan","page_number":38,"box":{"x":461,"y":522,"width":434,"height":11}},{"id":"a15c44d8-5cb7-4394-849d-84ade0cc444d","block_type":"box","text":"association, national securities exchange or registered securities","page_number":38,"box":{"x":461,"y":536,"width":430,"height":10}},{"id":"79158532-eee0-4068-a4f9-480ff9759ff2","block_type":"box","text":"association. A notary public seal will not be acceptable.","page_number":38,"box":{"x":461,"y":550,"width":366,"height":10}},{"id":"d34e8b2d-f085-44ed-864c-1a19858d317b","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":38,"box":{"x":460,"y":566,"width":468,"height":10}},{"id":"41e3af3e-3c83-4b94-920f-4edccf978b97","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":38,"box":{"x":461,"y":579,"width":474,"height":10}},{"id":"abf7d3fe-61f6-40cd-bbd3-dd88f3a03d28","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":38,"box":{"x":460,"y":592,"width":450,"height":11}},{"id":"ad5a138d-0cf3-4dd2-8029-0d686fd2eebe","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":38,"box":{"x":461,"y":606,"width":450,"height":10}},{"id":"27e9c286-e3b1-4dca-b247-9bfffca2a013","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":38,"box":{"x":460,"y":620,"width":445,"height":10}},{"id":"b1b8f40a-58fe-47c1-bcff-bb65cec8c512","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":38,"box":{"x":461,"y":633,"width":463,"height":10}},{"id":"2a6cee09-b389-461c-93ce-dfacf22df9e8","block_type":"box","text":"believes it is advisable to do so. During periods of substantial","page_number":38,"box":{"x":461,"y":647,"width":407,"height":10}},{"id":"c573b36e-c5ee-40d2-806d-b28e1303f4cb","block_type":"box","text":"economic or market change, telephone redemptions may be difficult to","page_number":38,"box":{"x":461,"y":660,"width":467,"height":11}},{"id":"c8f13d66-caa4-4f16-9a20-a6f1c343888f","block_type":"box","text":"complete. Please find alternative redemption methods below.","page_number":38,"box":{"x":461,"y":674,"width":403,"height":10}},{"id":"df50467a-15de-4c15-82ea-e042a9c0fb61","block_type":"box","text":"Redeem by VRU:","page_number":38,"box":{"x":461,"y":690,"width":111,"height":10}},{"id":"1a31e2ed-e430-4875-aebe-d49bd7b6b949","block_type":"box","text":"Investor Shares may also be redeemed by use of the","page_number":38,"box":{"x":579,"y":690,"width":348,"height":10}},{"id":"5e65d976-51f4-48a1-993e-c8d5214c694d","block_type":"box","text":"Fund’s automated VRU service. Payment for Investor Shares redeemed","page_number":38,"box":{"x":461,"y":703,"width":469,"height":11}},{"id":"2e887287-d309-4849-90f9-e59b01413ebb","block_type":"box","text":"by the VRU service may be made for non-retirement accounts in","page_number":38,"box":{"x":461,"y":717,"width":420,"height":10}},{"id":"faf835c7-f773-430a-b442-3b5c4b0e0fa9","block_type":"box","text":"amounts up to $25,000, either through check, ACH or wire.","page_number":38,"box":{"x":461,"y":730,"width":392,"height":11}},{"id":"603c8265-b437-4864-8797-4888ad92822a","block_type":"box","text":"Redeem by Internet:","page_number":38,"box":{"x":461,"y":747,"width":136,"height":10}},{"id":"85ea70fb-e5d6-4428-b21d-4b08c67d62a5","block_type":"box","text":"You may redeem in your account by logging onto","page_number":38,"box":{"x":603,"y":747,"width":317,"height":10}},{"id":"648b1a27-63ef-48d6-9b3b-8d36a5a16d79","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":38,"box":{"x":460,"y":760,"width":461,"height":8}},{"id":"fc161ff1-ce7e-4805-804d-581846a8d992","block_type":"box","text":"redemptions may be sent via check, ACH or wire to the bank account of","page_number":38,"box":{"x":461,"y":774,"width":473,"height":10}},{"id":"b8e7f6f3-e008-43ef-9897-f8a07d6bcf37","block_type":"box","text":"record. Payment for shares redeemed by Internet may be made for non","page_number":38,"box":{"x":461,"y":787,"width":472,"height":10}},{"id":"0c510031-7077-46cc-96b6-93c2424866b0","block_type":"box","text":"retirement accounts in amounts up to $100,000 per account per day,","page_number":38,"box":{"x":461,"y":800,"width":459,"height":11}},{"id":"1c53b979-6a35-40d8-88b0-5b13ae6b8b4e","block_type":"box","text":"either through check, ACH or wire. Different maximums may apply to","page_number":38,"box":{"x":461,"y":814,"width":451,"height":11}},{"id":"b1bc3b6f-af5c-4d7c-b490-3c422b82ea05","block_type":"box","text":"certain institutional investors.","page_number":38,"box":{"x":461,"y":828,"width":196,"height":8}},{"id":"9afea8e7-f286-41fa-ad8d-e30b7c16aba8","block_type":"box","text":"Redeem in Writing:","page_number":38,"box":{"x":461,"y":844,"width":127,"height":10}},{"id":"6189d2e7-a13d-4b60-9824-44783b14dab8","block_type":"box","text":"You may sell shares held with BlackRock by writing","page_number":38,"box":{"x":594,"y":844,"width":335,"height":10}},{"id":"0dbf8e01-ca52-4dff-8a8e-befdb227121e","block_type":"box","text":"to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429","page_number":38,"box":{"x":460,"y":858,"width":468,"height":10}},{"id":"af383493-695d-4cfb-b0b4-62862ecd5bf6","block_type":"box","text":"or for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":38,"box":{"x":461,"y":871,"width":463,"height":10}},{"id":"36023623-7c3e-4a9a-92b2-e4481c276c3c","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. All shareholders on the account","page_number":38,"box":{"x":461,"y":885,"width":466,"height":10}},{"id":"5a472934-eb9f-4984-aa60-45f239f13e06","block_type":"box","text":"must sign the letter. A medallion signature guarantee will generally be","page_number":38,"box":{"x":461,"y":898,"width":460,"height":10}},{"id":"b0210e08-29e4-4ab7-9d86-14abd36158d0","block_type":"box","text":"required but may be waived in certain limited circumstances. You can","page_number":38,"box":{"x":461,"y":912,"width":457,"height":10}},{"id":"29fd4228-0a0a-4dca-abd0-4c87033d61d6","block_type":"box","text":"38","page_number":38,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"014f66c1-388c-4a6d-a6ad-e84076a4a810","block_type":"box","text":"NM1026U-5988115-38/72","page_number":38,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"96ff3779-6ab8-4ef3-810c-00ec33d95702","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":"48eb20ce-0d05-41d2-8a23-b09a80c7626e","block_type":"box","text":"Full or Partial","page_number":39,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"08e770ba-9463-4688-b072-be510569e9e0","block_type":"box","text":"Redemption of","page_number":39,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"0fa7bf7b-3646-4c01-a504-844bbc4194be","block_type":"box","text":"Shares (continued)","page_number":39,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"faf11fe6-e5ab-4335-b8c2-47cd3f33a26e","block_type":"box","text":"Selling shares held directly with","page_number":39,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"e7110541-956f-49ab-b45f-6ad4dd7046ed","block_type":"box","text":"BlackRock (continued)","page_number":39,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"721a4023-c081-40d4-b191-498d07e1b193","block_type":"box","text":"obtain a medallion signature guarantee stamp from a bank, securities","page_number":39,"box":{"x":461,"y":67,"width":461,"height":11}},{"id":"c4681651-f772-4ccd-9b1b-2dab8c6b4332","block_type":"box","text":"dealer, securities broker, credit union, savings and loan association,","page_number":39,"box":{"x":461,"y":81,"width":450,"height":10}},{"id":"c6def106-1e71-4275-8323-45f5dd955360","block_type":"box","text":"national securities exchange or registered securities association. A","page_number":39,"box":{"x":461,"y":94,"width":443,"height":11}},{"id":"7a4f1cc2-7378-4fdf-a6f4-f891b0e98999","block_type":"box","text":"notary public seal will not be acceptable. If you hold stock certificates,","page_number":39,"box":{"x":461,"y":108,"width":465,"height":10}},{"id":"1e44fd36-efa8-4491-8ff6-dd52dfa8e838","block_type":"box","text":"return the certificates with the letter. Proceeds from redemptions may","page_number":39,"box":{"x":461,"y":121,"width":462,"height":11}},{"id":"707ce84f-4d0c-4cd9-8b65-8d0489610dcf","block_type":"box","text":"be sent via check, ACH or wire to the bank account of record.","page_number":39,"box":{"x":461,"y":135,"width":404,"height":10}},{"id":"ebb7c415-2b07-470c-9c46-7001233d3612","block_type":"box","text":"Payment of Redemption Proceeds","page_number":39,"box":{"x":461,"y":151,"width":228,"height":10}},{"id":"8a1cf9ae-045e-42fa-b402-e0688a1533cf","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":39,"box":{"x":461,"y":164,"width":467,"height":11}},{"id":"f097ab43-8423-4c28-a1b0-f71512718288","block_type":"box","text":"banking information on file, through ACH or by wire transfer.","page_number":39,"box":{"x":461,"y":178,"width":393,"height":10}},{"id":"aa3937d8-5547-4585-ba97-8aaff07f3bf2","block_type":"box","text":"Payment by Check:","page_number":39,"box":{"x":461,"y":194,"width":129,"height":10}},{"id":"1b2f3d87-f409-4764-8934-2244f0cd9395","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":39,"box":{"x":597,"y":194,"width":329,"height":10}},{"id":"6430cfce-05c1-417b-97e8-94bab7219dc7","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":39,"box":{"x":460,"y":208,"width":430,"height":10}},{"id":"62fdc116-9592-4b47-aec1-f10bde4c9f54","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":39,"box":{"x":461,"y":221,"width":460,"height":11}},{"id":"89c7746f-5318-4868-90d4-421b64007626","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":39,"box":{"x":461,"y":235,"width":468,"height":10}},{"id":"776f8362-d3fb-4856-a90d-03ac0ff452db","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":39,"box":{"x":461,"y":248,"width":467,"height":11}},{"id":"1e73c223-4465-4a8d-9b47-ae3e25281a13","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":39,"box":{"x":461,"y":262,"width":467,"height":10}},{"id":"22081415-c9fa-4aff-9b1e-e93b71e6ee53","block_type":"box","text":"charges imposed by your bank for this service.","page_number":39,"box":{"x":461,"y":275,"width":307,"height":11}},{"id":"7b48503b-5d73-4ae4-bf8c-5ab815af7556","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":39,"box":{"x":460,"y":292,"width":438,"height":10}},{"id":"9a7a01ee-28fc-48a0-9b5f-39988c626e4a","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":39,"box":{"x":461,"y":305,"width":429,"height":10}},{"id":"6d76dd63-bac6-4a12-abda-83cd3e2339dd","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":39,"box":{"x":461,"y":319,"width":403,"height":10}},{"id":"f6968713-5716-4bc5-861a-c5d998d0f727","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":39,"box":{"x":461,"y":332,"width":467,"height":8}},{"id":"f83f3d24-eecc-49e7-b202-486bba551124","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":39,"box":{"x":460,"y":346,"width":456,"height":10}},{"id":"eb741a6a-1294-42f4-ac59-84005294704e","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":39,"box":{"x":460,"y":359,"width":402,"height":10}},{"id":"69eba2ef-e2f5-46d9-b845-786c6c5e8cc2","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":39,"box":{"x":461,"y":373,"width":430,"height":10}},{"id":"8770e16c-3a9e-4b69-909b-35c745000fac","block_type":"box","text":"amounts are subject to the risk of loss like any Fund investment. If you","page_number":39,"box":{"x":461,"y":386,"width":468,"height":11}},{"id":"ca786788-a53a-444c-a50f-50c4ac9bc038","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":39,"box":{"x":461,"y":400,"width":473,"height":8}},{"id":"3424ff22-1f50-42f9-bccb-bd502e82bec5","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":39,"box":{"x":461,"y":413,"width":456,"height":11}},{"id":"4465dbaa-ca8b-406a-a8e1-7168c93d25e4","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":39,"box":{"x":461,"y":427,"width":461,"height":10}},{"id":"fd467acc-e540-4d7c-8755-d19e4ce03153","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":39,"box":{"x":460,"y":441,"width":469,"height":10}},{"id":"52f9c2bf-c6c2-4893-ad1c-22240e2968b5","block_type":"box","text":"as of the date of payment of the distribution.","page_number":39,"box":{"x":461,"y":454,"width":295,"height":10}},{"id":"88d6937e-7eb3-4b78-b891-c107ee94a255","block_type":"box","text":"Payment by Wire Transfer:","page_number":39,"box":{"x":461,"y":470,"width":177,"height":10}},{"id":"55024c53-f5af-490d-b71a-a36fce842ecf","block_type":"box","text":"Payment for redeemed shares for which a","page_number":39,"box":{"x":644,"y":470,"width":275,"height":10}},{"id":"d8f698f5-2efa-4bfd-bca6-d0c55c8abf85","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":39,"box":{"x":461,"y":484,"width":437,"height":10}},{"id":"cfd5f747-a047-4d80-b2fe-ba45ee9cd483","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":39,"box":{"x":461,"y":497,"width":471,"height":11}},{"id":"42a6a85d-22e9-4daa-a488-925149012768","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":39,"box":{"x":461,"y":511,"width":417,"height":10}},{"id":"e49c7a85-ad3f-4f9c-a4fc-153544f4d17b","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":39,"box":{"x":461,"y":524,"width":449,"height":10}},{"id":"1047656f-a914-4340-a1e8-1147fc524d6e","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":39,"box":{"x":461,"y":538,"width":449,"height":10}},{"id":"5a40601b-d6f2-4314-b853-0afe2a0d803e","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":39,"box":{"x":461,"y":551,"width":433,"height":11}},{"id":"75f979df-8794-421f-b906-944595f30320","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":39,"box":{"x":461,"y":565,"width":449,"height":10}},{"id":"192e5d63-94bb-4268-8046-be4d491c8bab","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":39,"box":{"x":461,"y":578,"width":437,"height":11}},{"id":"030eb95d-f09d-4b45-b5b3-fc351ffb3618","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":39,"box":{"x":461,"y":592,"width":469,"height":10}},{"id":"1d6c7a2f-520a-445e-a99a-393c547efda2","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":39,"box":{"x":459,"y":605,"width":448,"height":11}},{"id":"a385288c-f4c1-4d45-979c-395619ee4e72","block_type":"box","text":"Fund.","page_number":39,"box":{"x":461,"y":619,"width":34,"height":8}},{"id":"4f4c42da-0157-41f1-9cd9-8f96416ae300","block_type":"box","text":"If a shareholder has given authorization for expedited redemption,","page_number":39,"box":{"x":461,"y":635,"width":434,"height":10}},{"id":"4cdfa4f5-49f3-4cdf-84d6-c2d7862c67d6","block_type":"box","text":"shares can be redeemed by Federal wire transfer to a single previously","page_number":39,"box":{"x":461,"y":649,"width":468,"height":10}},{"id":"8159d37f-6d2c-4558-923f-9dcc954f39d4","block_type":"box","text":"designated bank account. Shareholders will pay $7.50 for redemption","page_number":39,"box":{"x":461,"y":662,"width":460,"height":11}},{"id":"2e7d3de6-be70-4ca3-8756-3ceac415fc97","block_type":"box","text":"proceeds sent by Federal wire transfer. You are responsible for any","page_number":39,"box":{"x":461,"y":676,"width":441,"height":10}},{"id":"f405d999-c553-44a0-8039-26b6907afe74","block_type":"box","text":"additional charges imposed by your bank for this service. No charge for","page_number":39,"box":{"x":461,"y":689,"width":472,"height":11}},{"id":"c6f35b28-1316-4cf7-99af-722b12de8909","block_type":"box","text":"wiring redemption payments with respect to Institutional Shares is","page_number":39,"box":{"x":460,"y":703,"width":438,"height":10}},{"id":"657fe526-2a95-46e9-ab50-e3db40a985d9","block_type":"box","text":"imposed by the Fund.","page_number":39,"box":{"x":461,"y":717,"width":140,"height":10}},{"id":"b12c23b5-3c13-44b2-a8bc-2e5135a41d09","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":39,"box":{"x":460,"y":732,"width":425,"height":11}},{"id":"792ee1b5-246a-41f0-86ff-1da1d01d2e8c","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":39,"box":{"x":461,"y":746,"width":455,"height":10}},{"id":"e42fb977-0add-49ed-b74a-8de18ec8a0a3","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":39,"box":{"x":461,"y":760,"width":476,"height":10}},{"id":"e445be87-40b8-4790-a2a1-b93d6754e001","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":39,"box":{"x":461,"y":773,"width":455,"height":10}},{"id":"d8c905b4-9b05-4056-96cc-1255bf42bf5f","block_type":"box","text":"the back cover of this prospectus.","page_number":39,"box":{"x":460,"y":787,"width":224,"height":10}},{"id":"1fdbd57c-566a-416a-9453-9443b384ea41","block_type":"box","text":"Payment by ACH:","page_number":39,"box":{"x":461,"y":803,"width":116,"height":10}},{"id":"974be103-f17b-4794-9542-019e52db3326","block_type":"box","text":"Redemption proceeds may be sent to the","page_number":39,"box":{"x":584,"y":803,"width":272,"height":10}},{"id":"0564f4d7-681d-45a2-a874-99c947500fa9","block_type":"box","text":"shareholder’s bank account (checking or savings) via ACH. Payment for","page_number":39,"box":{"x":461,"y":816,"width":469,"height":11}},{"id":"b99f32c1-1438-43bb-903a-8bc144125d60","block_type":"box","text":"redeemed shares for which a redemption order is received before","page_number":39,"box":{"x":461,"y":830,"width":432,"height":10}},{"id":"b793383a-7a02-4362-8586-8d05bf6e7937","block_type":"box","text":"4:00 p.m. (Eastern time) on a business day is normally sent to the","page_number":39,"box":{"x":461,"y":843,"width":441,"height":11}},{"id":"f71c8f9e-71ab-4f7b-afb9-d7500b5fbce1","block_type":"box","text":"redeeming shareholder the next business day, with receipt at the","page_number":39,"box":{"x":461,"y":857,"width":428,"height":10}},{"id":"88d674c9-333f-4a12-859d-79eaceb5abc4","block_type":"box","text":"receiving bank within the next two business days (48-72 hours);","page_number":39,"box":{"x":461,"y":870,"width":420,"height":11}},{"id":"bc5f60cb-3ce4-40c5-b341-b6e1cc330a5b","block_type":"box","text":"provided that the Fund’s custodian is also open for business. Payment","page_number":39,"box":{"x":461,"y":884,"width":467,"height":10}},{"id":"32be1e8b-da2b-4d83-82cd-1819c3425218","block_type":"box","text":"for redemption orders received after 4:00 p.m. (Eastern time) or on a","page_number":39,"box":{"x":460,"y":897,"width":458,"height":11}},{"id":"a0ffaa5a-5627-4564-ba31-f4a2d6a4d7a9","block_type":"box","text":"day when the Fund’s custodian is closed is normally sent on the next","page_number":39,"box":{"x":461,"y":911,"width":457,"height":10}},{"id":"44ef4348-07e1-4ad6-b777-5f84573f541f","block_type":"box","text":"39","page_number":39,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"477e18c8-c340-4d47-abe2-bd60fdafe0d1","block_type":"box","text":"NM1026U-5988115-39/72","page_number":39,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c34707bb-196c-4bcc-999e-80df714eaf62","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":40,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"2e5a32d0-7ef4-4456-bf05-05bc5fe9d2f0","block_type":"box","text":"Full or Partial","page_number":40,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"968cbc2d-77a6-420b-aa0a-2f314a1cf884","block_type":"box","text":"Redemption of","page_number":40,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"0f254377-e454-49b6-b0e1-5f5c8b5e9421","block_type":"box","text":"Shares (continued)","page_number":40,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"4acaecb9-3315-43a9-8a3f-6f136accc2dd","block_type":"box","text":"Selling shares held directly with","page_number":40,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"7315efcf-858b-48da-a3d3-3775724b41dc","block_type":"box","text":"BlackRock (continued)","page_number":40,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"952da5b6-c7ed-45e8-a69a-3fdb704d8000","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":40,"box":{"x":461,"y":67,"width":449,"height":11}},{"id":"79e6f012-32a3-4610-b28b-52116ec71a3e","block_type":"box","text":"open for business.","page_number":40,"box":{"x":461,"y":81,"width":121,"height":10}},{"id":"44cc30e6-e560-4b19-a3c4-35b7e64b8bca","block_type":"box","text":"The Fund reserves the right to send redemption proceeds within seven","page_number":40,"box":{"x":460,"y":97,"width":467,"height":10}},{"id":"a2a463a1-0afd-4a9c-974b-614f23b269c6","block_type":"box","text":"days after receiving a redemption order if, in the judgment of the Fund,","page_number":40,"box":{"x":461,"y":110,"width":465,"height":11}},{"id":"a90939de-3c07-4353-becc-dc0ebf077bcf","block_type":"box","text":"an earlier payment could adversely affect the Fund. No charge for","page_number":40,"box":{"x":461,"y":124,"width":432,"height":10}},{"id":"4f4ca500-d138-4df8-a975-e64cafdd27bb","block_type":"box","text":"sending redemption payments via ACH is imposed by the Fund.","page_number":40,"box":{"x":461,"y":138,"width":415,"height":10}},{"id":"a1fdc515-0d64-4b34-aa55-980cf66e0a5d","block_type":"box","text":"***","page_number":40,"box":{"x":686,"y":154,"width":25,"height":5}},{"id":"efa746bd-c5dd-43fb-9468-beb4982ddb03","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":40,"box":{"x":461,"y":167,"width":423,"height":10}},{"id":"304ff718-b43a-4577-ac74-61c808a2cc31","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":40,"box":{"x":461,"y":181,"width":456,"height":10}},{"id":"1489e5cb-6ec7-40ad-8a5c-54737dba80c4","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":40,"box":{"x":461,"y":194,"width":352,"height":10}},{"id":"86428091-02ea-41ab-a488-0cf392c048d9","block_type":"box","text":"Redemption","page_number":40,"box":{"x":61,"y":212,"width":80,"height":10}},{"id":"8acf7f41-5ab5-4f03-9457-18ebf8abebf6","block_type":"box","text":"Proceeds","page_number":40,"box":{"x":61,"y":224,"width":62,"height":8}},{"id":"bfbfc720-9957-4c8e-bdba-f4605d6aac32","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":40,"box":{"x":461,"y":215,"width":445,"height":10}},{"id":"a04b67e9-79be-43e8-8e42-c18e8fc34678","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":40,"box":{"x":461,"y":228,"width":467,"height":11}},{"id":"2ef8dc50-c836-4771-b7c2-ac4e6d6a81ca","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":40,"box":{"x":461,"y":242,"width":455,"height":10}},{"id":"f30d0d65-294f-474d-92aa-ac2a1e6ac010","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":40,"box":{"x":461,"y":255,"width":450,"height":11}},{"id":"89cafb26-ef90-4200-a325-6a719872ea71","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":40,"box":{"x":461,"y":269,"width":452,"height":10}},{"id":"c4823168-afa6-48ce-a51a-2b1f4c581b1f","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":40,"box":{"x":461,"y":283,"width":471,"height":10}},{"id":"b7b7bc55-9df8-4f4d-a477-f2ed35ca2519","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":40,"box":{"x":461,"y":296,"width":471,"height":10}},{"id":"e71fd370-26fd-44c8-9542-deca99132479","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in-kind to you. The","page_number":40,"box":{"x":461,"y":310,"width":453,"height":10}},{"id":"1a454626-0e8c-4c2b-805d-d328a6d191f1","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":40,"box":{"x":461,"y":323,"width":405,"height":8}},{"id":"3aedfb2b-bb96-4594-85c7-53e4113cb439","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":40,"box":{"x":461,"y":339,"width":408,"height":11}},{"id":"ba53c0c5-7727-4b6c-a200-8bd81d16b79d","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":40,"box":{"x":461,"y":353,"width":457,"height":10}},{"id":"4b78681e-0038-4823-9a9c-741d9daaa723","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":40,"box":{"x":460,"y":366,"width":440,"height":11}},{"id":"37bf493e-4af0-4078-85b3-5d32dcf96c32","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":40,"box":{"x":460,"y":380,"width":340,"height":10}},{"id":"bb12653a-4efd-4190-a9b9-46ee414aa000","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":40,"box":{"x":61,"y":404,"width":415,"height":13}},{"id":"2233dd5d-e203-49ad-9923-32edeef587eb","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":40,"box":{"x":213,"y":427,"width":478,"height":9}},{"id":"96206173-8691-4a21-a6f1-236fd3bcf2b7","block_type":"box","text":"Exchange Privilege","page_number":40,"box":{"x":61,"y":444,"width":128,"height":10}},{"id":"84736b47-7fa7-4a78-9e4e-ff22d9693a4d","block_type":"box","text":"Selling shares of one BlackRock","page_number":40,"box":{"x":214,"y":444,"width":212,"height":10}},{"id":"9bc09599-5a93-4d10-8427-23b3b6a25a67","block_type":"box","text":"Fund to purchase shares of","page_number":40,"box":{"x":214,"y":457,"width":181,"height":10}},{"id":"88658fe9-5bcf-4f47-8e80-b3e3a5ef1c57","block_type":"box","text":"another BlackRock Fund","page_number":40,"box":{"x":214,"y":471,"width":158,"height":8}},{"id":"089722f9-51f9-4ee9-9578-2c944972075d","block_type":"box","text":"(“exchanging”)","page_number":40,"box":{"x":214,"y":484,"width":95,"height":11}},{"id":"db149c66-66f2-4690-bba0-9596d838dc55","block_type":"box","text":"Investor or Institutional Shares of the Fund are generally exchangeable","page_number":40,"box":{"x":461,"y":444,"width":466,"height":10}},{"id":"29f86701-be38-4efe-aea9-4e6b7ce840fe","block_type":"box","text":"for shares of the same class of another BlackRock Fund, to the extent","page_number":40,"box":{"x":460,"y":457,"width":465,"height":10}},{"id":"adc65da0-448a-46ca-9f21-d3bbf5ec41ad","block_type":"box","text":"such shares are offered by your Financial Intermediary.","page_number":40,"box":{"x":461,"y":471,"width":362,"height":10}},{"id":"1f726bc2-882e-4804-a8f9-c87ce90c8be7","block_type":"box","text":"You can exchange $1,000 or more of Investor A or Investor C Shares","page_number":40,"box":{"x":460,"y":486,"width":455,"height":11}},{"id":"052314d6-9cfa-43b7-aa26-577617bc21e2","block_type":"box","text":"from one fund into the same class of another fund which offers that","page_number":40,"box":{"x":460,"y":500,"width":450,"height":9}},{"id":"e4a74daf-4f04-49bc-b2b8-75dfeac5453c","block_type":"box","text":"class of shares (you can exchange less than $1,000 of Investor A or","page_number":40,"box":{"x":461,"y":513,"width":453,"height":11}},{"id":"0cecd6eb-345d-4a31-bc4e-66b72855c9da","block_type":"box","text":"Investor C Shares if you already have an account in the fund into which","page_number":40,"box":{"x":461,"y":527,"width":468,"height":11}},{"id":"433c50d0-a6d2-46a3-8a23-dc35d771e6d5","block_type":"box","text":"you are exchanging). Investors who currently own Institutional Shares of","page_number":40,"box":{"x":460,"y":541,"width":475,"height":10}},{"id":"22aaa187-ea9b-4e2c-9b02-9e66c5f8f06a","block_type":"box","text":"the Fund may make exchanges into Institutional Shares of other","page_number":40,"box":{"x":460,"y":554,"width":424,"height":11}},{"id":"c511d4d2-03e9-4d05-b1c6-0e7bb261e4e8","block_type":"box","text":"BlackRock Funds except for investors holding shares through certain","page_number":40,"box":{"x":461,"y":568,"width":452,"height":10}},{"id":"5cbdb592-f9ab-44ea-b585-0b364b8fa4da","block_type":"box","text":"client accounts at Financial Intermediaries that are omnibus with the","page_number":40,"box":{"x":461,"y":582,"width":453,"height":8}},{"id":"19dcafbb-e18a-4491-ad8a-6bd051a15b3c","block_type":"box","text":"Fund and do not meet applicable minimums. There is no required","page_number":40,"box":{"x":461,"y":595,"width":430,"height":10}},{"id":"025e73cb-0c2a-49b4-9d45-279926de91ac","block_type":"box","text":"minimum amount with respect to exchanges of Institutional Shares.","page_number":40,"box":{"x":461,"y":609,"width":446,"height":10}},{"id":"daba7878-44ef-405f-b79e-f8ee52501ea5","block_type":"box","text":"You may only exchange into a share class and fund that are open to","page_number":40,"box":{"x":460,"y":625,"width":449,"height":10}},{"id":"3042e3e0-f9aa-4d78-bb7d-3ce559cb408b","block_type":"box","text":"new investors or in which you have a current account if the fund is","page_number":40,"box":{"x":461,"y":638,"width":437,"height":11}},{"id":"aee7b998-4f71-457a-9bae-e301b11c52f9","block_type":"box","text":"closed to new investors.","page_number":40,"box":{"x":461,"y":652,"width":159,"height":8}},{"id":"291115c5-f7fe-43b6-97a8-85c066998db9","block_type":"box","text":"Some of the BlackRock Funds impose a different initial or deferred","page_number":40,"box":{"x":461,"y":668,"width":441,"height":10}},{"id":"55767d01-8c61-40e3-9561-228b8d897a00","block_type":"box","text":"sales charge schedule. The CDSC will continue to be measured from","page_number":40,"box":{"x":461,"y":681,"width":453,"height":11}},{"id":"6fe46ba8-fd52-4a8e-b390-420e60fb3403","block_type":"box","text":"the date of the original purchase. The CDSC schedule applicable to your","page_number":40,"box":{"x":460,"y":695,"width":477,"height":10}},{"id":"8e4fe4ab-59eb-4f5a-85aa-e985ab9cb0c2","block_type":"box","text":"original purchase will apply to the shares you receive in the exchange","page_number":40,"box":{"x":461,"y":709,"width":457,"height":10}},{"id":"c9ad4bdf-ad4a-4f7b-831e-273979a10f86","block_type":"box","text":"and any subsequent exchange.","page_number":40,"box":{"x":461,"y":722,"width":203,"height":10}},{"id":"7e5342eb-b4f6-44bc-a805-1523d330ab9d","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":40,"box":{"x":460,"y":738,"width":435,"height":11}},{"id":"4b7c8f29-4ba2-40f1-b5a9-362284759373","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":40,"box":{"x":461,"y":752,"width":406,"height":10}},{"id":"a1bf1fb1-0910-4194-989a-d38416cc502f","block_type":"box","text":"BlackRock, you may: (i) call (800) 441-7762 and speak with one of our","page_number":40,"box":{"x":461,"y":765,"width":468,"height":11}},{"id":"b808af64-5b1c-48ae-92a7-6b49805118c8","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":40,"box":{"x":461,"y":779,"width":455,"height":10}},{"id":"a3be388c-d15a-42a4-b249-6cb11cfb4d8f","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":40,"box":{"x":460,"y":793,"width":423,"height":10}},{"id":"4762df65-3f65-4874-a2d2-5fc871544bba","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":40,"box":{"x":461,"y":806,"width":398,"height":10}},{"id":"6d1db133-b847-403f-b38b-04c36adcc9e6","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":40,"box":{"x":461,"y":819,"width":409,"height":11}},{"id":"848d0278-e6b7-42aa-8fb6-e41b9e949a81","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":40,"box":{"x":461,"y":833,"width":469,"height":10}},{"id":"f5093be0-4789-4f9c-bf2c-1ec51433dd67","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":40,"box":{"x":460,"y":847,"width":461,"height":10}},{"id":"9f6f6e14-4136-48a8-9e94-3d59636f1431","block_type":"box","text":"this option either in writing or by calling (800) 441-7762. The Fund has","page_number":40,"box":{"x":460,"y":860,"width":469,"height":10}},{"id":"e2cd542f-de92-493e-a597-000901498d9e","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":40,"box":{"x":460,"y":874,"width":368,"height":10}},{"id":"8ecda683-411b-4cfc-ad80-3c6f088d86d7","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":40,"box":{"x":460,"y":890,"width":450,"height":10}},{"id":"0a172d32-9a38-435a-a198-bc25667cca19","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":40,"box":{"x":460,"y":903,"width":473,"height":11}},{"id":"7e938261-04f3-4ee8-89e3-2023baed958c","block_type":"box","text":"40","page_number":40,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"399961c8-56aa-4fab-b4c1-eab8f63e2324","block_type":"box","text":"NM1026U-5988115-40/72","page_number":40,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"412e2e37-5054-4b22-b7aa-2d9ddd3fc3f9","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":"4bd5c9cc-5473-4bdb-92fc-2ea7d1bb2840","block_type":"box","text":"Exchange Privilege","page_number":41,"box":{"x":61,"y":67,"width":128,"height":10}},{"id":"baefb6d7-9b5c-4f3e-bd67-9d449df2ef5a","block_type":"box","text":"(continued)","page_number":41,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"0ca518ec-9382-4c82-b505-9b942260e3f9","block_type":"box","text":"Selling shares of one BlackRock","page_number":41,"box":{"x":214,"y":67,"width":212,"height":11}},{"id":"2fa85012-8eac-44e9-a218-2823586f7736","block_type":"box","text":"Fund to purchase shares of","page_number":41,"box":{"x":214,"y":81,"width":181,"height":10}},{"id":"ccca410d-3ccc-49ec-a8a8-6e95a6d2562e","block_type":"box","text":"another BlackRock Fund","page_number":41,"box":{"x":214,"y":94,"width":158,"height":9}},{"id":"a6bbedef-3c80-4855-9e5d-93bb6b139f13","block_type":"box","text":"(“exchanging”) (continued)","page_number":41,"box":{"x":214,"y":108,"width":173,"height":10}},{"id":"5b0c6c46-e43c-4846-b7ef-fe8ad3752847","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":41,"box":{"x":461,"y":67,"width":420,"height":10}},{"id":"f9693f60-540f-4629-ae90-f997615ce342","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":41,"box":{"x":461,"y":81,"width":439,"height":10}},{"id":"718cb922-1802-425a-9703-e26c0a89fe05","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":41,"box":{"x":461,"y":94,"width":460,"height":11}},{"id":"3f1cbc54-cc0b-4c75-9658-7cad0157081b","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":41,"box":{"x":461,"y":108,"width":430,"height":10}},{"id":"317a1b71-5adc-43c3-92ba-5c69bc1206ac","block_type":"box","text":"income tax purposes a share exchange is a taxable event and a capital","page_number":41,"box":{"x":461,"y":122,"width":469,"height":10}},{"id":"a37f0891-3af9-4dbc-acc2-f8bea2c0bc92","block_type":"box","text":"gain or loss may be realized. Please consult your tax adviser or other","page_number":41,"box":{"x":460,"y":135,"width":456,"height":10}},{"id":"82d16924-52f0-4e9c-9ef6-9307dfd02675","block_type":"box","text":"Financial Intermediary before making an exchange request.","page_number":41,"box":{"x":461,"y":148,"width":390,"height":11}},{"id":"0de814d7-ac9d-47db-a2c8-96e524d140b2","block_type":"box","text":"Transfer Shares to","page_number":41,"box":{"x":60,"y":167,"width":124,"height":8}},{"id":"0192f273-ff0c-4fa8-b070-b285257c8f38","block_type":"box","text":"Another Financial","page_number":41,"box":{"x":60,"y":178,"width":118,"height":8}},{"id":"2fc270c7-fc6c-4e9a-be47-1bdc5edd05c1","block_type":"box","text":"Intermediary","page_number":41,"box":{"x":61,"y":190,"width":85,"height":10}},{"id":"49754170-68e7-4b57-872f-e183a78734f1","block_type":"box","text":"Transfer to a participating","page_number":41,"box":{"x":213,"y":166,"width":171,"height":11}},{"id":"9a9b9b65-9d23-4a3d-8781-a7ba0c5f9ada","block_type":"box","text":"Financial Intermediary","page_number":41,"box":{"x":214,"y":180,"width":145,"height":10}},{"id":"5ba39835-5485-4f81-8ecc-25a93f1ab15e","block_type":"box","text":"You may transfer your shares of the Fund only to another Financial","page_number":41,"box":{"x":460,"y":166,"width":436,"height":11}},{"id":"ed592ff9-5cb2-4d79-af05-1522b1c898b1","block_type":"box","text":"Intermediary that has entered into an agreement with the Distributor.","page_number":41,"box":{"x":461,"y":180,"width":455,"height":10}},{"id":"f8d02917-fb6c-4d07-a93f-00c940cd3ef6","block_type":"box","text":"Certain shareholder services may not be available for the transferred","page_number":41,"box":{"x":461,"y":193,"width":456,"height":11}},{"id":"c2e5ce35-d219-4320-8091-078443dcf9bd","block_type":"box","text":"shares. All future trading of these assets must be coordinated by the","page_number":41,"box":{"x":461,"y":207,"width":456,"height":10}},{"id":"a6e5dbfc-2304-410b-b267-904bd16c1f7c","block_type":"box","text":"receiving firm.","page_number":41,"box":{"x":461,"y":221,"width":91,"height":10}},{"id":"c43539ef-e10a-4973-b7e0-b674634c60a0","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":41,"box":{"x":461,"y":237,"width":390,"height":10}},{"id":"e6e3fdde-57d2-4a27-ad89-d8a04d915f16","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":41,"box":{"x":461,"y":250,"width":443,"height":11}},{"id":"4e3bc954-0917-4b38-ab22-a68ebdb04f1e","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":41,"box":{"x":461,"y":264,"width":394,"height":10}},{"id":"62ffa1bb-352a-4308-a244-e469b3317497","block_type":"box","text":"Transfer to a non-participating","page_number":41,"box":{"x":213,"y":282,"width":199,"height":10}},{"id":"71823f31-4186-4876-8ef0-53ec420b7445","block_type":"box","text":"Financial Intermediary","page_number":41,"box":{"x":214,"y":296,"width":145,"height":10}},{"id":"15e6be84-933a-4694-bde1-408865db19cd","block_type":"box","text":"You must either:","page_number":41,"box":{"x":460,"y":282,"width":107,"height":8}},{"id":"ad0ff270-cba6-4e06-b66e-a1fd983ca92b","block_type":"box","text":"•","page_number":41,"box":{"x":464,"y":298,"width":3,"height":3}},{"id":"312f0625-e13b-40fc-8f8f-e7dec00f156c","block_type":"box","text":"Transfer your shares to an account with the Fund; or","page_number":41,"box":{"x":470,"y":295,"width":346,"height":11}},{"id":"01f4c560-01a6-4be1-b732-b0761d2b6f9a","block_type":"box","text":"•","page_number":41,"box":{"x":464,"y":312,"width":3,"height":3}},{"id":"b4e2aede-8634-49a5-81fa-e5a729fde38d","block_type":"box","text":"Sell your shares, paying any applicable deferred sales charge.","page_number":41,"box":{"x":471,"y":309,"width":409,"height":10}},{"id":"7f0336f5-21a8-41c2-92e0-f0bd712e9ee3","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":41,"box":{"x":461,"y":325,"width":390,"height":10}},{"id":"6f80bbd5-3342-4e00-8123-73f3f1596b6e","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":41,"box":{"x":461,"y":339,"width":443,"height":10}},{"id":"0ec9ba44-b108-4b06-bf68-d002ae134da3","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":41,"box":{"x":461,"y":352,"width":394,"height":10}},{"id":"02099a08-72d1-41b3-9892-925dfa4fe51b","block_type":"box","text":"Account Services and Privileges","page_number":41,"box":{"x":60,"y":393,"width":292,"height":13}},{"id":"e62c8001-5a81-41f5-934b-0dac2351ce54","block_type":"box","text":"The following table provides examples of account services and privileges available in your BlackRock account. Certain","page_number":41,"box":{"x":60,"y":419,"width":865,"height":11}},{"id":"2e040fdc-72da-498b-9d7b-16d47d57fddf","block_type":"box","text":"of these account services and privileges are only available to shareholders of Investor Shares whose accounts are","page_number":41,"box":{"x":61,"y":434,"width":841,"height":11}},{"id":"70d39de2-1ed1-41e4-b5c7-521e79382270","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":41,"box":{"x":61,"y":448,"width":816,"height":12}},{"id":"4c4ac538-7b5f-412e-9431-58d205868d59","block_type":"box","text":"www.blackrock.com for additional information as well as forms and applications. Otherwise, please contact your","page_number":41,"box":{"x":60,"y":463,"width":824,"height":12}},{"id":"349d9005-ca63-43ad-a27c-820d5923ed11","block_type":"box","text":"Financial Intermediary for assistance in requesting one or more of the following services and privileges.","page_number":41,"box":{"x":62,"y":478,"width":759,"height":12}},{"id":"d7bfef4f-962a-4c10-9e76-524630355cda","block_type":"box","text":"Automatic","page_number":41,"box":{"x":60,"y":508,"width":70,"height":8}},{"id":"8e8634f6-11c5-4cb7-b62f-c41de92b5c1f","block_type":"box","text":"Investment Plan","page_number":41,"box":{"x":61,"y":519,"width":109,"height":8}},{"id":"8a09328f-5a56-46a6-b10d-28ce1eff9d81","block_type":"box","text":"Allows systematic investments","page_number":41,"box":{"x":213,"y":508,"width":202,"height":10}},{"id":"654913f7-9e55-42cb-bd2e-ced86f4bd817","block_type":"box","text":"on a periodic basis from your","page_number":41,"box":{"x":214,"y":521,"width":192,"height":10}},{"id":"72058c32-75b5-42a3-ade8-89c11f176947","block_type":"box","text":"checking or savings account.","page_number":41,"box":{"x":214,"y":535,"width":189,"height":10}},{"id":"69aad20e-95db-4622-9d25-e9f71434774f","block_type":"box","text":"BlackRock’s AIP allows you to invest a specific amount on a periodic","page_number":41,"box":{"x":461,"y":507,"width":451,"height":11}},{"id":"dec8df01-deb0-4c4e-8ae8-9290c09cb5bd","block_type":"box","text":"basis from your checking or savings account into your investment","page_number":41,"box":{"x":461,"y":521,"width":431,"height":10}},{"id":"e24aac2a-553f-4713-b827-9a73b3b02a49","block_type":"box","text":"account. You may apply for this option upon account opening or by","page_number":41,"box":{"x":461,"y":534,"width":437,"height":11}},{"id":"6e8e7115-fa35-42da-a0c6-d0a649ca00a4","block_type":"box","text":"completing the AIP application. The minimum investment amount for","page_number":41,"box":{"x":461,"y":548,"width":451,"height":10}},{"id":"c1adc198-a11f-4549-963f-eba9fd1c1ee8","block_type":"box","text":"an automatic investment is $50 per portfolio.","page_number":41,"box":{"x":461,"y":561,"width":300,"height":11}},{"id":"a2143c99-0b09-4704-bf8f-7230492da609","block_type":"box","text":"Dividend Allocation","page_number":41,"box":{"x":61,"y":580,"width":129,"height":8}},{"id":"0c9ab692-212d-4732-9f43-497f613a3c1c","block_type":"box","text":"Plan","page_number":41,"box":{"x":61,"y":591,"width":28,"height":9}},{"id":"a67730b4-370c-4db1-b85a-c3cfd1b0242c","block_type":"box","text":"Automatically invests your","page_number":41,"box":{"x":213,"y":580,"width":172,"height":10}},{"id":"47f16ab8-94b3-42a0-b966-32534f15f97c","block_type":"box","text":"distributions into another","page_number":41,"box":{"x":214,"y":593,"width":165,"height":8}},{"id":"eaa7f79f-04f3-4f41-a2fb-2fa3427efecc","block_type":"box","text":"BlackRock Fund of your choice","page_number":41,"box":{"x":214,"y":607,"width":200,"height":10}},{"id":"f682b766-c24c-4b2c-b6de-342c9a35ea13","block_type":"box","text":"pursuant to your instructions,","page_number":41,"box":{"x":214,"y":620,"width":193,"height":11}},{"id":"ddb832b8-8f34-4e67-869d-a4c54ab0f8f8","block_type":"box","text":"without any fees or sales","page_number":41,"box":{"x":213,"y":634,"width":165,"height":10}},{"id":"743c7beb-29ed-4985-8a2a-bdbb9b66cda8","block_type":"box","text":"charges.","page_number":41,"box":{"x":214,"y":648,"width":55,"height":10}},{"id":"fb678556-4553-47ad-b49a-d2fcb3ad2c72","block_type":"box","text":"Dividend and capital gains distributions may be reinvested in your","page_number":41,"box":{"x":461,"y":580,"width":433,"height":10}},{"id":"a778306e-7161-4f1c-8f8d-55b86dd7707d","block_type":"box","text":"account to purchase additional shares or paid in cash. Using the","page_number":41,"box":{"x":461,"y":593,"width":427,"height":11}},{"id":"186bc397-cf4c-40d4-a666-31b9e08b6c3e","block_type":"box","text":"Dividend Allocation Plan, you can direct your distributions to your bank","page_number":41,"box":{"x":461,"y":607,"width":463,"height":10}},{"id":"c883b046-b7e9-409e-b65b-536b1db190fb","block_type":"box","text":"account (checking or savings), to purchase shares of another fund at","page_number":41,"box":{"x":461,"y":620,"width":455,"height":11}},{"id":"df3671b7-2f42-49de-aaa3-4179548da0de","block_type":"box","text":"BlackRock without any fees or sales charges, or by check to a special","page_number":41,"box":{"x":461,"y":634,"width":459,"height":10}},{"id":"4e7e879b-a90a-440e-bcba-1bda6566d672","block_type":"box","text":"payee. Please call (800) 441-7762 for details. If investing in another","page_number":41,"box":{"x":461,"y":647,"width":454,"height":11}},{"id":"c58270fe-ff44-48c0-b15e-5ab62ffd45b4","block_type":"box","text":"fund at BlackRock, the receiving fund must be open to new purchases.","page_number":41,"box":{"x":460,"y":661,"width":467,"height":10}},{"id":"61416bbf-eeb7-4706-be12-29036b807f75","block_type":"box","text":"EZ Trader","page_number":41,"box":{"x":61,"y":679,"width":65,"height":8}},{"id":"c717c707-dcf0-4f83-ba73-27db358b66b3","block_type":"box","text":"Allows an investor to purchase or","page_number":41,"box":{"x":213,"y":679,"width":220,"height":10}},{"id":"2e8572d5-832e-42b1-a6aa-a0383f0de924","block_type":"box","text":"sell Investor Shares by telephone","page_number":41,"box":{"x":214,"y":693,"width":219,"height":10}},{"id":"1171d7fb-9d30-4701-80bd-c1af200a027d","block_type":"box","text":"or over the Internet through ACH.","page_number":41,"box":{"x":214,"y":706,"width":216,"height":10}},{"id":"2ab2e499-9e28-4dd7-b79e-e2cda890439f","block_type":"box","text":"(NOTE: This option is offered to shareholders whose accounts are held","page_number":41,"box":{"x":461,"y":679,"width":467,"height":10}},{"id":"b2232824-d6c0-4570-927a-6cc8af0c4036","block_type":"box","text":"directly with BlackRock. Please speak with your Financial Intermediary","page_number":41,"box":{"x":461,"y":693,"width":462,"height":10}},{"id":"65c18284-8b79-4bd7-b791-623b02fcec8a","block_type":"box","text":"if your account is held elsewhere.)","page_number":41,"box":{"x":461,"y":706,"width":225,"height":10}},{"id":"7a729ebf-fa26-4671-9089-e19566b98747","block_type":"box","text":"Prior to establishing an EZ Trader account, please contact your bank to","page_number":41,"box":{"x":461,"y":722,"width":467,"height":10}},{"id":"df0619ae-6b25-4643-b8f8-d84cd803c446","block_type":"box","text":"confirm that it is a member of the ACH system. Once confirmed,","page_number":41,"box":{"x":461,"y":736,"width":423,"height":10}},{"id":"fb4b644a-c5e8-4276-86e1-628b0c1ada62","block_type":"box","text":"complete an application, making sure to include the appropriate bank","page_number":41,"box":{"x":461,"y":749,"width":459,"height":11}},{"id":"e853dd2f-ddec-4332-a239-a707dfc59d04","block_type":"box","text":"information, and return the application to the address listed on the","page_number":41,"box":{"x":461,"y":763,"width":442,"height":10}},{"id":"6edfedc7-105e-44c4-99de-94a075cb29fc","block_type":"box","text":"form.","page_number":41,"box":{"x":460,"y":776,"width":34,"height":9}},{"id":"20f89f11-38c0-44aa-8a26-d2b8b559618d","block_type":"box","text":"Prior to placing a telephone or Internet purchase or sale order, please","page_number":41,"box":{"x":461,"y":793,"width":460,"height":10}},{"id":"29b15ad0-8b2f-4e13-9dcb-bda8daaf17a5","block_type":"box","text":"call (800) 441-7762 to confirm that your bank information has been","page_number":41,"box":{"x":461,"y":806,"width":449,"height":10}},{"id":"1566a3e9-5f7b-40c0-9c99-4c986b6e7178","block_type":"box","text":"updated on your account. Once this is established, you may place your","page_number":41,"box":{"x":461,"y":820,"width":466,"height":10}},{"id":"33210f0b-494d-42da-911e-3cb24d702cb1","block_type":"box","text":"request to sell shares with the Fund by telephone or Internet. Proceeds","page_number":41,"box":{"x":461,"y":833,"width":470,"height":10}},{"id":"79f2eb60-7446-498c-a9b5-97ab9948fd5a","block_type":"box","text":"will be sent to your pre-designated bank account.","page_number":41,"box":{"x":460,"y":847,"width":323,"height":10}},{"id":"07ed316e-73ae-4fe9-b2bd-472c2afe72ec","block_type":"box","text":"Systematic","page_number":41,"box":{"x":60,"y":865,"width":76,"height":10}},{"id":"919184e5-97d8-46f8-a9ef-130ff3652171","block_type":"box","text":"Exchange Plan","page_number":41,"box":{"x":61,"y":876,"width":99,"height":10}},{"id":"a453a8cd-a30c-454a-ad3f-6235af444e1b","block_type":"box","text":"This feature can be used by","page_number":41,"box":{"x":213,"y":865,"width":184,"height":10}},{"id":"a9d9a629-f4c4-40d2-9cfb-ed7c185a9c18","block_type":"box","text":"investors to systematically","page_number":41,"box":{"x":214,"y":878,"width":175,"height":10}},{"id":"642b791c-ee65-4226-9648-400a0c8ebb4d","block_type":"box","text":"exchange money from one fund","page_number":41,"box":{"x":214,"y":892,"width":205,"height":10}},{"id":"d8ddb52a-0e15-4a8a-954f-968df0c0b3a7","block_type":"box","text":"to up to four other funds.","page_number":41,"box":{"x":213,"y":905,"width":165,"height":10}},{"id":"f22ec318-58ea-438f-b157-e3d0983e025c","block_type":"box","text":"A minimum of $10,000 in the initial BlackRock Fund is required, and","page_number":41,"box":{"x":460,"y":864,"width":454,"height":11}},{"id":"bdd94d51-e545-4e2f-b2af-af3764097018","block_type":"box","text":"investments in any additional funds must meet minimum initial","page_number":41,"box":{"x":461,"y":878,"width":414,"height":10}},{"id":"d1fc3597-a823-4b82-970b-26d50382ba71","block_type":"box","text":"investment requirements.","page_number":41,"box":{"x":461,"y":892,"width":167,"height":10}},{"id":"4131d15f-b515-4a10-94e1-1d9b6c16e5c7","block_type":"box","text":"41","page_number":41,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"b87bdeb7-3907-43fa-b434-e2ee605d2550","block_type":"box","text":"NM1026U-5988115-41/72","page_number":41,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"deee66a6-f0cd-4b61-8faa-f762eb95ac5c","block_type":"box","text":"Systematic","page_number":42,"box":{"x":60,"y":51,"width":76,"height":10}},{"id":"f7a71664-2506-4d4b-9896-b71cc78d55b4","block_type":"box","text":"Withdrawal Plan","page_number":42,"box":{"x":60,"y":63,"width":110,"height":8}},{"id":"5fcc87d6-709e-4315-b85f-a25009f4f288","block_type":"box","text":"This feature can be used by","page_number":42,"box":{"x":213,"y":51,"width":184,"height":10}},{"id":"ee0f58b9-fa78-4bce-8394-d5ec5df6086c","block_type":"box","text":"investors who want to receive","page_number":42,"box":{"x":214,"y":65,"width":194,"height":8}},{"id":"c42a531e-f5c9-4ac2-bc63-0035bc3d8dac","block_type":"box","text":"regular distributions from their","page_number":42,"box":{"x":214,"y":78,"width":200,"height":11}},{"id":"f065dc0f-caef-4f47-b9c3-7362e6d4a1e5","block_type":"box","text":"accounts.","page_number":42,"box":{"x":214,"y":92,"width":62,"height":8}},{"id":"0fb03519-51b0-4220-9fd7-4fea165d0a33","block_type":"box","text":"To start an SWP, a shareholder must have a current investment of","page_number":42,"box":{"x":460,"y":51,"width":438,"height":10}},{"id":"da0aad0f-8479-430d-abfc-dfb5f7a9925d","block_type":"box","text":"$10,000 or more in a BlackRock Fund.","page_number":42,"box":{"x":461,"y":64,"width":255,"height":10}},{"id":"d0018da6-81dc-4cab-b293-9368d9dfe0fb","block_type":"box","text":"Shareholders can elect to receive cash payments of $50 or more at any","page_number":42,"box":{"x":461,"y":80,"width":475,"height":11}},{"id":"898fc284-78ec-4f01-994b-bd6db81de373","block_type":"box","text":"interval they choose. Shareholders may sign up by completing the SWP","page_number":42,"box":{"x":461,"y":94,"width":469,"height":11}},{"id":"d7f90157-d100-4a14-8d7d-a11adff58b55","block_type":"box","text":"Application Form, which may be obtained from BlackRock. Shareholders","page_number":42,"box":{"x":460,"y":108,"width":474,"height":10}},{"id":"1c2259bc-0e4a-42eb-9982-02d595ad43aa","block_type":"box","text":"should realize that if withdrawals exceed income the invested principal","page_number":42,"box":{"x":461,"y":121,"width":464,"height":10}},{"id":"a0653293-3e92-4cc8-bb7d-cf8e88edc1f9","block_type":"box","text":"in their account will be depleted.","page_number":42,"box":{"x":461,"y":135,"width":213,"height":10}},{"id":"66ef3071-bc14-4146-8131-9cfa49d45264","block_type":"box","text":"To participate in the SWP, shareholders must have their dividends","page_number":42,"box":{"x":460,"y":151,"width":435,"height":10}},{"id":"3f666645-07c5-4a5c-b7b6-c6d1406f34c2","block_type":"box","text":"reinvested. Shareholders may change or cancel the SWP at any time,","page_number":42,"box":{"x":461,"y":165,"width":455,"height":10}},{"id":"0ad112cc-75a2-494c-8f42-74ee7af66bfc","block_type":"box","text":"with a minimum of 24 hours’ notice. If a shareholder purchases","page_number":42,"box":{"x":460,"y":178,"width":422,"height":10}},{"id":"2e340c20-8ac7-466e-8169-73bb4dc76367","block_type":"box","text":"additional Investor A Shares of a fund at the same time he or she","page_number":42,"box":{"x":461,"y":192,"width":433,"height":8}},{"id":"5f8ba670-a2f0-4948-84ce-e311f630dcbb","block_type":"box","text":"redeems shares through the SWP, that investor may lose money","page_number":42,"box":{"x":461,"y":205,"width":424,"height":11}},{"id":"2f1b7dbb-3b2c-4698-8577-ecd14703a7c0","block_type":"box","text":"because of the sales charge involved. No CDSC will be assessed on","page_number":42,"box":{"x":461,"y":219,"width":450,"height":10}},{"id":"75714c45-c893-4114-a84f-c70cc1c9344f","block_type":"box","text":"redemptions of Investor A or Investor C Shares made through the SWP","page_number":42,"box":{"x":461,"y":232,"width":465,"height":11}},{"id":"e8d72a51-948e-4956-9d7f-bd9f47cb7ccb","block_type":"box","text":"that do not exceed 12% of the account’s net asset value on an","page_number":42,"box":{"x":460,"y":246,"width":416,"height":8}},{"id":"8b2dd71b-34f0-4046-be61-1e33c2b1a91c","block_type":"box","text":"annualized basis. For example, monthly, quarterly, and semi-annual","page_number":42,"box":{"x":461,"y":260,"width":442,"height":10}},{"id":"c97a2e92-9716-4d73-a68c-fcd01a159940","block_type":"box","text":"SWP redemptions of Investor A or Investor C Shares will not be subject","page_number":42,"box":{"x":461,"y":273,"width":468,"height":10}},{"id":"a1280c0c-fde3-45ff-b17d-3073edd7932e","block_type":"box","text":"to the CDSC if they do not exceed 1%, 3% and 6%, respectively, of an","page_number":42,"box":{"x":460,"y":286,"width":457,"height":11}},{"id":"4f1e7947-f839-4381-9a81-b82076a49af5","block_type":"box","text":"account’s net asset value on the redemption date. SWP redemptions of","page_number":42,"box":{"x":461,"y":300,"width":474,"height":10}},{"id":"54df8237-2455-4883-b7e6-b7d8385b04be","block_type":"box","text":"Investor A or Investor C Shares in excess of this limit will still pay any","page_number":42,"box":{"x":461,"y":313,"width":458,"height":11}},{"id":"929d8245-53f8-4cb3-8d73-7ff54ad6f1a1","block_type":"box","text":"applicable CDSC.","page_number":42,"box":{"x":461,"y":327,"width":112,"height":10}},{"id":"22dfa22f-3599-4ae7-8f47-2fb5e9163f0f","block_type":"box","text":"Ask your Financial Intermediary for details.","page_number":42,"box":{"x":460,"y":343,"width":281,"height":10}},{"id":"7d8c762b-4cac-4e0d-a6e6-3b5ae7692383","block_type":"box","text":"Reinstatement","page_number":42,"box":{"x":61,"y":361,"width":99,"height":8}},{"id":"db18b4ca-d7b1-4e25-9180-8042c84ecb3e","block_type":"box","text":"Privilege","page_number":42,"box":{"x":61,"y":373,"width":57,"height":10}},{"id":"5dac6e75-7529-4bae-a5cb-b51eba8ee02e","block_type":"box","text":"If you redeem Investor A or Institutional Shares and buy new Investor A","page_number":42,"box":{"x":461,"y":361,"width":468,"height":10}},{"id":"539e6c72-b3d4-4ce0-b6a1-ddeb634eabb3","block_type":"box","text":"Shares of the same or another BlackRock Fund (equal to all or a","page_number":42,"box":{"x":461,"y":375,"width":424,"height":10}},{"id":"349d1641-0a80-418f-a380-20bc75a0b237","block_type":"box","text":"portion of the redemption amount) within 90 days of such redemption,","page_number":42,"box":{"x":461,"y":388,"width":464,"height":10}},{"id":"9827e67b-2a9e-48e5-b017-8063be4674ec","block_type":"box","text":"you will not pay a sales charge on the new purchase amount. This right","page_number":42,"box":{"x":460,"y":402,"width":470,"height":10}},{"id":"0a885681-589b-46b4-b566-2d18f75c97aa","block_type":"box","text":"may be exercised within 90 days of the redemption, provided that the","page_number":42,"box":{"x":461,"y":415,"width":458,"height":11}},{"id":"07e8513c-c256-4114-a8f5-e6b24a784b5e","block_type":"box","text":"Investor A Share class of that fund is currently open to new investors","page_number":42,"box":{"x":461,"y":429,"width":456,"height":10}},{"id":"b6c2d744-f4ba-4405-815e-f2663e331549","block_type":"box","text":"or the shareholder has a current account in that closed fund. Shares","page_number":42,"box":{"x":461,"y":442,"width":454,"height":9}},{"id":"39a01ac8-d301-4b90-9b70-62617d4ebcf4","block_type":"box","text":"will be purchased at the net asset value calculated at the close of","page_number":42,"box":{"x":460,"y":456,"width":438,"height":10}},{"id":"f018e53a-112e-4588-a3ac-9159a1781ff8","block_type":"box","text":"trading on the day the request is received. To exercise this privilege,","page_number":42,"box":{"x":460,"y":470,"width":450,"height":10}},{"id":"d9cdfa37-97f0-4138-b68e-2e357625feb2","block_type":"box","text":"the Fund must receive written notification from the shareholder of","page_number":42,"box":{"x":460,"y":483,"width":435,"height":8}},{"id":"a593c39b-82c8-4e0f-842b-b877dbcb7757","block_type":"box","text":"record or the Financial Intermediary of record, at the time of purchase.","page_number":42,"box":{"x":461,"y":496,"width":466,"height":11}},{"id":"a9fbe707-966c-415e-9f9f-c38669f3823a","block_type":"box","text":"Investors should consult a tax adviser concerning the tax","page_number":42,"box":{"x":461,"y":510,"width":376,"height":10}},{"id":"e3b49018-8d04-45fe-8a0b-35626a02fa8a","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":42,"box":{"x":461,"y":524,"width":371,"height":10}},{"id":"8875c59b-4a5b-4587-9cfc-5a06367625a8","block_type":"box","text":"Fund’s Rights","page_number":42,"box":{"x":61,"y":564,"width":124,"height":14}},{"id":"124cf4a0-658a-48fe-8fb4-e758020dca93","block_type":"box","text":"The Fund may:","page_number":42,"box":{"x":60,"y":591,"width":106,"height":11}},{"id":"8b94cd5d-1df0-4c3f-821b-111044dc750e","block_type":"box","text":"Suspend the right of redemption if trading is halted or restricted on the NYSE or under other emergency conditions","page_number":42,"box":{"x":81,"y":610,"width":840,"height":12}},{"id":"9813fec0-a2ce-4231-b956-9984f8806112","block_type":"box","text":"described in the Investment Company Act;","page_number":42,"box":{"x":81,"y":625,"width":308,"height":12}},{"id":"0f633f18-be77-4fb1-969a-dc04a157feba","block_type":"box","text":"Postpone the date of payment upon redemption if trading is halted or restricted on the NYSE or under other","page_number":42,"box":{"x":81,"y":645,"width":789,"height":12}},{"id":"6e24c60a-2ce7-49e1-b88d-634694b3d83d","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":42,"box":{"x":81,"y":660,"width":850,"height":11}},{"id":"78228f11-5c5b-4986-a294-f0842a20d369","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":42,"box":{"x":82,"y":675,"width":368,"height":11}},{"id":"6ac41048-cf3b-4524-a8b2-a7ddb12cac98","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":42,"box":{"x":82,"y":695,"width":781,"height":11}},{"id":"5fa9e4b7-3592-4559-8174-0551ccab3f0a","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":42,"box":{"x":82,"y":715,"width":798,"height":11}},{"id":"80a299cf-cfe9-4a62-8d07-288b834a3a28","block_type":"box","text":"specified level.","page_number":42,"box":{"x":81,"y":730,"width":108,"height":11}},{"id":"57790e9e-cbfa-45a2-976f-a6b4c6c06241","block_type":"box","text":"Note on Low Balance Accounts.","page_number":42,"box":{"x":61,"y":752,"width":239,"height":9}},{"id":"79ccd780-b942-4223-b002-c65bfdce4b5e","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":42,"box":{"x":307,"y":752,"width":600,"height":12}},{"id":"24734ffd-ca85-4db4-978c-2d7e8905669d","block_type":"box","text":"has set a minimum balance of $500 in each Fund position you hold within your account (“Fund Minimum”), and may","page_number":42,"box":{"x":61,"y":766,"width":854,"height":12}},{"id":"91c68908-5dc5-41fd-a15b-e54daa5574be","block_type":"box","text":"redeem the shares in your account if the net asset value of those shares in your account falls below $500 for any","page_number":42,"box":{"x":61,"y":781,"width":837,"height":12}},{"id":"76e7cce8-7406-42c8-9512-5d823b83ef53","block_type":"box","text":"reason, including market fluctuation.","page_number":42,"box":{"x":61,"y":797,"width":267,"height":11}},{"id":"16902b65-9216-439e-8451-761b95e0d8f2","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":42,"box":{"x":60,"y":819,"width":799,"height":12}},{"id":"6eb3d7da-d11d-4f0e-8084-54c89537a551","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":42,"box":{"x":62,"y":834,"width":796,"height":11}},{"id":"3adcb12d-469f-4ae5-a58e-a6a7c9bfc943","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":42,"box":{"x":62,"y":848,"width":800,"height":12}},{"id":"bd9056af-d8a7-4d2b-82f5-ea4d4b04ed99","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":42,"box":{"x":61,"y":864,"width":859,"height":11}},{"id":"babd0b2f-ab3c-4fed-86ce-765928373264","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":42,"box":{"x":61,"y":878,"width":868,"height":12}},{"id":"3bee9552-7eb6-41b4-8b93-f5bd4bef2145","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":42,"box":{"x":61,"y":893,"width":420,"height":12}},{"id":"23dac013-f438-46ea-a06b-f2bb7f3fcd26","block_type":"box","text":"42","page_number":42,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"3b6abab0-755f-4cf1-a854-948f0f461c7f","block_type":"box","text":"NM1026U-5988115-42/72","page_number":42,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"71f0e341-3c8d-477c-ac03-e146f2aedc5f","block_type":"box","text":"Participation in Fee-Based Programs","page_number":43,"box":{"x":61,"y":47,"width":331,"height":13}},{"id":"97e4871b-b53a-48da-a644-2978a98f9ab8","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or by Financial","page_number":43,"box":{"x":62,"y":73,"width":826,"height":11}},{"id":"00545c7a-36af-4262-97ab-1945bf48eeee","block_type":"box","text":"Intermediaries that have agreements with the Distributor or in certain fee-based programs in which BlackRock","page_number":43,"box":{"x":62,"y":88,"width":806,"height":11}},{"id":"6fb51b79-2929-4aa9-91b3-11226de1c0e5","block_type":"box","text":"participates, you may be able to buy Institutional Shares, including by exchanges from other share classes. Sales","page_number":43,"box":{"x":62,"y":102,"width":833,"height":12}},{"id":"c8cbfb77-2f0b-48dd-9699-7e0117665b63","block_type":"box","text":"charges on the shares being exchanged may be reduced or waived under certain circumstances. You generally cannot","page_number":43,"box":{"x":61,"y":117,"width":865,"height":12}},{"id":"130dbce6-3589-4ca3-ad5b-dd028ee63cc6","block_type":"box","text":"transfer shares held through a fee-based program into another account. Instead, if you choose to leave the fee-based","page_number":43,"box":{"x":60,"y":132,"width":863,"height":12}},{"id":"ee7bb3d2-4119-4342-9577-5113939d9b74","block_type":"box","text":"program, you may have to redeem your shares held through the program and purchase shares of another class, which","page_number":43,"box":{"x":62,"y":147,"width":865,"height":11}},{"id":"9e8539a4-7c79-41e5-ab54-3cd8ad881b00","block_type":"box","text":"may be subject to distribution and service fees. This may be a taxable event and you may pay any applicable sales","page_number":43,"box":{"x":61,"y":162,"width":842,"height":11}},{"id":"38ddf711-45c9-49f9-a125-83fc44a76363","block_type":"box","text":"charges or redemption fee. Please speak to your Financial Intermediary for information about specific policies and","page_number":43,"box":{"x":61,"y":176,"width":838,"height":12}},{"id":"a242b7f2-fc73-48ab-bc7c-d09279d766c7","block_type":"box","text":"procedures applicable to your account.","page_number":43,"box":{"x":62,"y":192,"width":282,"height":11}},{"id":"374df991-fbde-44db-be63-c73d374c2ca7","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated, or the shares can be held in an","page_number":43,"box":{"x":61,"y":214,"width":840,"height":11}},{"id":"a0517ae4-3098-44b4-a04a-9ca5d4425f57","block_type":"box","text":"account. In certain instances, when a shareholder chooses to continue to hold the shares, whatever share class was","page_number":43,"box":{"x":61,"y":229,"width":861,"height":10}},{"id":"aed47595-2cb1-4aa0-9991-f56834aec61e","block_type":"box","text":"held in the program can be held after termination. Shares that have been held for less than specified periods within","page_number":43,"box":{"x":61,"y":244,"width":849,"height":11}},{"id":"a7a341f3-371d-4c2a-8935-c9089a994946","block_type":"box","text":"the program may be subject to a fee upon redemption. Shareholders that held Investor A or Institutional Shares in the","page_number":43,"box":{"x":60,"y":258,"width":867,"height":12}},{"id":"6bad2b64-5772-448d-a5d6-7aafed33919c","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":43,"box":{"x":62,"y":273,"width":873,"height":12}},{"id":"a19b8081-4e68-47b8-b6aa-bb2ad36d32ac","block_type":"box","text":"upfront sales charges with respect to Investor A Shares. Additional purchases of Institutional Shares are permitted","page_number":43,"box":{"x":61,"y":288,"width":844,"height":12}},{"id":"07450287-a6d0-47cd-9a43-53950153f1c9","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":43,"box":{"x":61,"y":303,"width":865,"height":11}},{"id":"9d3d7a8f-4972-47b3-9222-7902a13f3518","block_type":"box","text":"Please speak to your Financial Intermediary for more information.","page_number":43,"box":{"x":61,"y":318,"width":480,"height":11}},{"id":"70250257-6c34-4a6c-9be0-03a3ce5f3e6e","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":43,"box":{"x":61,"y":340,"width":854,"height":12}},{"id":"e3a5e196-9eb6-4f32-a75f-a7607d1d7f37","block_type":"box","text":"based program or upon termination of the fee-based program) or otherwise in accordance with the Financial","page_number":43,"box":{"x":61,"y":355,"width":790,"height":12}},{"id":"bf5fcc61-231f-484e-97aa-91785e4df292","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":43,"box":{"x":62,"y":370,"width":855,"height":11}},{"id":"9cb76811-c371-4d58-bbfc-75ddc196f81b","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":43,"box":{"x":61,"y":385,"width":831,"height":11}},{"id":"64334c97-e328-4083-b0f5-61715c2ee7db","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your Financial Intermediary for information about","page_number":43,"box":{"x":61,"y":399,"width":828,"height":12}},{"id":"157fbfb3-b5a0-492e-9622-c37248a2c77e","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":43,"box":{"x":61,"y":414,"width":437,"height":12}},{"id":"b3de1c41-dc03-40dc-bd7d-9ee38e4697cf","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":43,"box":{"x":62,"y":437,"width":859,"height":11}},{"id":"73a35692-8b21-4113-af71-df2883aba970","block_type":"box","text":"the client agreement for each fee-based program and are available from your Financial Intermediary. Please speak to","page_number":43,"box":{"x":60,"y":452,"width":858,"height":11}},{"id":"bf367f70-6cb3-4953-9d43-e55a62aff2bf","block_type":"box","text":"your Financial Intermediary for more information.","page_number":43,"box":{"x":60,"y":467,"width":357,"height":11}},{"id":"67dd7156-d0b0-4cd9-9060-735f1ed3fa68","block_type":"box","text":"Short-Term Trading Policy","page_number":43,"box":{"x":61,"y":505,"width":232,"height":14}},{"id":"996a23b8-c95e-449e-a6a7-20690a90304c","block_type":"box","text":"The Board of Trustees (the “Board”) has determined that the interests of long-term shareholders and the Fund’s ability","page_number":43,"box":{"x":60,"y":532,"width":875,"height":11}},{"id":"99572b70-53d8-45f2-a9fb-dc6b02e25be8","block_type":"box","text":"to manage its investments may be adversely affected when shares are repeatedly bought, sold or exchanged in","page_number":43,"box":{"x":60,"y":546,"width":819,"height":12}},{"id":"88436907-4244-497c-a403-50afc4a4cfbd","block_type":"box","text":"response to short-term market fluctuations — also known as “market timing.” The Fund is not designed for market","page_number":43,"box":{"x":61,"y":561,"width":845,"height":12}},{"id":"aef4d971-ad7a-460a-b685-02adb12ce36c","block_type":"box","text":"timing organizations or other entities using programmed or frequent purchases and sales or exchanges. The exchange","page_number":43,"box":{"x":60,"y":576,"width":869,"height":12}},{"id":"aa7c6765-bfb7-4509-84f4-fc264b7cd227","block_type":"box","text":"privilege for Investor Shares and Institutional Shares is not intended as a vehicle for short-term trading. Excessive","page_number":43,"box":{"x":62,"y":591,"width":836,"height":12}},{"id":"b5940c0b-a313-4a19-868a-38b9df552ac6","block_type":"box","text":"purchase and sale or exchange activity may interfere with portfolio management, increase expenses and taxes and","page_number":43,"box":{"x":62,"y":606,"width":845,"height":11}},{"id":"e875dca2-157e-4911-9c57-125c6d4f506d","block_type":"box","text":"may have an adverse effect on the performance of the Fund and its returns to shareholders. For example, large flows","page_number":43,"box":{"x":61,"y":621,"width":863,"height":11}},{"id":"a4e8b8a3-c19d-4b33-a34c-cd6d3e0639ec","block_type":"box","text":"of cash into and out of the Fund may require the management team to allocate a significant amount of assets to cash","page_number":43,"box":{"x":61,"y":635,"width":867,"height":12}},{"id":"c7ce3ac7-cc49-449f-adbd-ca54ac3f7e30","block_type":"box","text":"or other short-term investments or sell securities, rather than maintaining such assets in securities selected to","page_number":43,"box":{"x":61,"y":651,"width":817,"height":11}},{"id":"89769249-0756-4484-8410-5e718b8213c6","block_type":"box","text":"achieve the Fund’s investment objective. Frequent trading may cause the Fund to sell securities at less favorable","page_number":43,"box":{"x":61,"y":665,"width":830,"height":12}},{"id":"e41929c2-2e37-450b-a8c1-9cf4f49f5746","block_type":"box","text":"prices, and transaction costs, such as brokerage commissions, can reduce the Fund’s performance.","page_number":43,"box":{"x":62,"y":680,"width":737,"height":11}},{"id":"e658bd40-4481-4a57-91c7-b15dd347ee76","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":43,"box":{"x":60,"y":702,"width":873,"height":12}},{"id":"1e950726-5cc7-4404-bed4-0d58c8193e84","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":43,"box":{"x":61,"y":717,"width":872,"height":12}},{"id":"f6aaf3dc-c948-47cd-8cb2-d21bd2a5d613","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":43,"box":{"x":61,"y":732,"width":865,"height":12}},{"id":"1fe210a0-46e5-4280-826b-fa73a436b020","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":43,"box":{"x":61,"y":747,"width":817,"height":11}},{"id":"b01bcf5e-1ae1-4cdf-8e83-b7c4e793e7a6","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":43,"box":{"x":61,"y":762,"width":818,"height":11}},{"id":"7754bc3d-65a2-4df1-8fc6-61c2c7790362","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":43,"box":{"x":60,"y":777,"width":865,"height":11}},{"id":"c9cb7896-7271-49a4-88d9-cf3d01365952","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":43,"box":{"x":61,"y":791,"width":829,"height":12}},{"id":"e5173cf6-18a7-4026-af1e-ce56a93b3c75","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":43,"box":{"x":62,"y":806,"width":671,"height":12}},{"id":"ed2da2bf-18ef-476e-9499-3add23d9f9da","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":43,"box":{"x":60,"y":829,"width":869,"height":11}},{"id":"0b6d9e9d-beb5-4a37-936f-bd45875cef4a","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":43,"box":{"x":60,"y":844,"width":839,"height":11}},{"id":"7e0fce83-db39-4f22-b27d-5d10327ba8a2","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":43,"box":{"x":61,"y":858,"width":869,"height":12}},{"id":"00ea358d-c015-42ec-8c22-91c0dc1edd62","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":43,"box":{"x":61,"y":873,"width":870,"height":12}},{"id":"12ebf5ab-568f-46ec-a291-dd98f8f84ece","block_type":"box","text":"Fund or its shareholders.","page_number":43,"box":{"x":62,"y":888,"width":181,"height":9}},{"id":"e5348c02-3fae-4eb5-a4d4-c8cea9584b3a","block_type":"box","text":"43","page_number":43,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"a1cf48a0-6602-4351-8424-d119a20d9708","block_type":"box","text":"NM1026U-5988115-43/72","page_number":43,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"50ee91e3-4db4-4818-90be-c1fbf2514c1d","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":44,"box":{"x":62,"y":46,"width":795,"height":11}},{"id":"0198e833-4b4b-405b-9648-667cc18be74c","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":44,"box":{"x":61,"y":61,"width":860,"height":11}},{"id":"2c3eb4ee-2909-4796-a6c8-82819e96c888","block_type":"box","text":"in market timing activity, it reserves the right to reject any specific purchase or exchange order. If the Fund rejects your","page_number":44,"box":{"x":62,"y":75,"width":871,"height":12}},{"id":"56188006-da83-488e-8761-151ce4b347fb","block_type":"box","text":"purchase or exchange order, you will not be able to execute that transaction, and the Fund will not be responsible for","page_number":44,"box":{"x":62,"y":90,"width":858,"height":12}},{"id":"6fc7dd2d-f26f-4687-b48c-ddaa1b8e753b","block_type":"box","text":"any losses you therefore may suffer. For transactions placed directly with the Fund, the Fund may consider the trading","page_number":44,"box":{"x":61,"y":105,"width":866,"height":12}},{"id":"809a0a1a-951f-440e-a670-d8b47679f49d","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions","page_number":44,"box":{"x":61,"y":120,"width":829,"height":11}},{"id":"5e73da8c-ee33-43e2-9daa-372b99429798","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":44,"box":{"x":62,"y":135,"width":862,"height":11}},{"id":"b407d729-5ce2-4eae-ae66-63d688aa2331","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":44,"box":{"x":61,"y":149,"width":849,"height":12}},{"id":"283b2290-956f-4c18-a337-36fdbf91290f","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":44,"box":{"x":61,"y":165,"width":866,"height":11}},{"id":"17b97197-8835-4f61-a9b5-f79289fa9446","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":44,"box":{"x":60,"y":179,"width":806,"height":12}},{"id":"088de83c-55dd-43d1-ad27-db402fc6857f","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":44,"box":{"x":61,"y":194,"width":804,"height":11}},{"id":"e53bcb1f-2a94-4fe3-81ef-eef6952b7013","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":44,"box":{"x":61,"y":209,"width":849,"height":11}},{"id":"6178d9b6-f641-45ed-844f-19df9d0072e7","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":44,"box":{"x":61,"y":224,"width":875,"height":11}},{"id":"d77e55ff-9c8c-4296-b438-b69e8c226f17","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":44,"box":{"x":62,"y":238,"width":869,"height":12}},{"id":"e1c1f451-738b-4d0c-8819-73cd3f9cc978","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":44,"box":{"x":61,"y":253,"width":845,"height":12}},{"id":"73a4a8dc-3525-444f-8383-889654af79a7","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":44,"box":{"x":62,"y":268,"width":868,"height":12}},{"id":"dfe453e7-2fe1-4a73-84ac-3267b56945ca","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":44,"box":{"x":61,"y":283,"width":861,"height":11}},{"id":"7f3d987e-9eed-42cb-9142-58bdf8a8580b","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":44,"box":{"x":61,"y":298,"width":868,"height":11}},{"id":"541af03b-7a85-4584-a613-f196e7a5961e","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":44,"box":{"x":60,"y":313,"width":847,"height":11}},{"id":"249377db-12c3-4675-9ccf-b73b68666932","block_type":"box","text":"trading activity, the Distributor may terminate such Financial Intermediary’s agreement with the Distributor, suspend","page_number":44,"box":{"x":60,"y":328,"width":851,"height":11}},{"id":"faef3475-1fa1-42b3-9857-b62bb51e5704","block_type":"box","text":"such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":44,"box":{"x":61,"y":342,"width":595,"height":12}},{"id":"5cc2ceb9-d744-4ebc-96c3-e495bd468d87","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":44,"box":{"x":60,"y":365,"width":824,"height":11}},{"id":"fb373d9e-994c-4215-8775-aab6a4cdcb42","block_type":"box","text":"deemed abusive.","page_number":44,"box":{"x":61,"y":380,"width":123,"height":9}},{"id":"be74bafd-7ace-4f0b-9566-4481b1fdb1bb","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":44,"box":{"x":60,"y":402,"width":841,"height":12}},{"id":"c7c522fb-0c2b-40d3-af82-7f9ef9ee94c4","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":44,"box":{"x":60,"y":417,"width":572,"height":11}},{"id":"a321e2e2-c263-4b7b-848c-8c713a9e82e7","block_type":"box","text":"44","page_number":44,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"70f5de99-7c4a-4e34-9224-397376c5e813","block_type":"box","text":"NM1026U-5988115-44/72","page_number":44,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2baff83d-10ae-408e-8e88-9ac667450cf2","block_type":"box","text":"Management of the Fund","page_number":45,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"92adcd9b-5bed-4231-ac84-268951c0c66b","block_type":"box","text":"BlackRock","page_number":45,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"d0421925-e421-47d3-9f52-33713b7c687a","block_type":"box","text":"BlackRock, the Fund’s investment adviser, manages the Fund’s investments and its business operations subject to","page_number":45,"box":{"x":62,"y":183,"width":846,"height":11}},{"id":"295f66ee-f24c-458a-b7d7-e218a7db91cd","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":45,"box":{"x":60,"y":197,"width":841,"height":12}},{"id":"64cb6daf-696e-4115-87bc-715695e05e97","block_type":"box","text":"draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":45,"box":{"x":61,"y":212,"width":796,"height":12}},{"id":"896870b3-e633-47a2-a033-5142309268a4","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":45,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"4d32529f-bc53-4766-98d1-f5e6c2323ff5","block_type":"box","text":"BlackRock, Inc.","page_number":45,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"0bc88ca9-5d4a-477a-8907-e883aca20bed","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":45,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"4052fe83-ed38-4e6c-b3f9-0063004af7f1","block_type":"box","text":"companies. BlackRock International Limited, the Fund’s sub-adviser (the “Sub-Adviser”), is a registered investment","page_number":45,"box":{"x":61,"y":279,"width":844,"height":12}},{"id":"4e7eba5a-c551-4d69-bf32-0e5d5163535c","block_type":"box","text":"adviser organized in 1995. BlackRock and its affiliates had approximately $15.3 trillion in investment company and","page_number":45,"box":{"x":61,"y":293,"width":847,"height":12}},{"id":"8fb4c606-e0b7-4f70-9fd1-07ccce93bac5","block_type":"box","text":"other portfolio assets under management as of June 30, 2026.","page_number":45,"box":{"x":61,"y":309,"width":466,"height":11}},{"id":"fc3ec0e4-0ff0-4f50-8426-eecdbbf51502","block_type":"box","text":"The Fund has entered into a management agreement (the “Management Agreement”) with BlackRock. Under the","page_number":45,"box":{"x":60,"y":331,"width":827,"height":12}},{"id":"2b31e169-9098-409d-b20c-f54875214b80","block_type":"box","text":"Management Agreement, BlackRock receives for its services to the Fund a fee as a percentage of the Fund’s average","page_number":45,"box":{"x":62,"y":346,"width":863,"height":12}},{"id":"c506e2c6-69a3-4b5b-b168-ab3f1518e328","block_type":"box","text":"daily net assets that is attributable to the Fund’s direct investments in fixed-income and equity securities and","page_number":45,"box":{"x":61,"y":361,"width":803,"height":11}},{"id":"ec8d17d1-5c6a-473a-be04-0f26a59f0a29","block_type":"box","text":"instruments, including ETFs advised by BlackRock or other investment advisers, other investments and cash and cash","page_number":45,"box":{"x":62,"y":376,"width":866,"height":11}},{"id":"d74ac526-4885-47a7-8602-e6e114de52ce","block_type":"box","text":"equivalents (including money market funds, whether advised by BlackRock or other investment advisers) and excludes","page_number":45,"box":{"x":61,"y":390,"width":866,"height":12}},{"id":"6e3821ce-a82b-4f81-8b24-dd30a8177bc5","block_type":"box","text":"investments in other BlackRock mutual funds (the “underlying funds”).","page_number":45,"box":{"x":62,"y":405,"width":514,"height":12}},{"id":"7b30603e-5cb0-458a-bda7-05498c66f147","block_type":"box","text":"Total Annual Management Fees (Before Waivers)","page_number":45,"box":{"x":60,"y":444,"width":441,"height":14}},{"id":"f6876aae-8cab-4970-a6f2-4be5ccad61f8","block_type":"box","text":"The annual management fees payable to BlackRock (as a percentage of the Fund’s average daily net assets* are","page_number":45,"box":{"x":60,"y":469,"width":834,"height":12}},{"id":"a0927804-ac2c-48e5-9a88-af6cf112acb7","block_type":"box","text":"calculated as follows:","page_number":45,"box":{"x":61,"y":484,"width":157,"height":9}},{"id":"7e00be27-e347-4d5e-9daa-031c1bed573c","block_type":"box","text":"Average Daily Net Assets*","page_number":45,"box":{"x":69,"y":523,"width":159,"height":9}},{"id":"d98fdde2-cee6-4fb8-942a-90232001f937","block_type":"box","text":"Rate of","page_number":45,"box":{"x":844,"y":512,"width":43,"height":8}},{"id":"4fa16992-671e-49e9-9889-2708b136b1a6","block_type":"box","text":"Management Fee","page_number":45,"box":{"x":813,"y":523,"width":104,"height":9}},{"id":"9220669c-0000-4ed5-9237-eace5561d051","block_type":"box","text":"First $1 billion","page_number":45,"box":{"x":70,"y":539,"width":92,"height":10}},{"id":"571c5c46-0f3f-4792-b85d-832e84e1a91a","block_type":"box","text":"0.600%","page_number":45,"box":{"x":845,"y":540,"width":50,"height":8}},{"id":"1b274d42-eec2-4031-9811-589f91b32f9a","block_type":"box","text":"$1 billion – $2 billion","page_number":45,"box":{"x":70,"y":557,"width":138,"height":10}},{"id":"65397eee-caad-444b-a6b5-10bb02173444","block_type":"box","text":"0.550%","page_number":45,"box":{"x":845,"y":558,"width":50,"height":8}},{"id":"627cedf2-c61b-49eb-8297-a1248e8b7b46","block_type":"box","text":"$2 billion – $3 billion","page_number":45,"box":{"x":70,"y":575,"width":138,"height":10}},{"id":"5abb462f-e6cc-4142-946c-cd1a78ab2cce","block_type":"box","text":"0.525%","page_number":45,"box":{"x":845,"y":576,"width":50,"height":8}},{"id":"2e1418fc-40e4-4a58-b9d0-8662be9c9196","block_type":"box","text":"Over $3 billion","page_number":45,"box":{"x":69,"y":593,"width":94,"height":10}},{"id":"09028a01-9fbb-46fb-8d4a-941003270202","block_type":"box","text":"0.500%","page_number":45,"box":{"x":845,"y":594,"width":50,"height":8}},{"id":"4757cc98-26d2-44df-a0e4-7fa2eba25ab4","block_type":"box","text":"* Excluding net assets attributable to investments in shares of underlying funds","page_number":45,"box":{"x":62,"y":613,"width":468,"height":10}},{"id":"b431ca58-6167-4e9e-8feb-7d004d57495f","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":45,"box":{"x":62,"y":639,"width":840,"height":11}},{"id":"b2374df8-06b8-4cd4-a7f9-8e03afb8df64","block_type":"box","text":"estimated to be attributable to investments in other equity and fixed-income ETFs managed by BlackRock or its","page_number":45,"box":{"x":61,"y":653,"width":813,"height":12}},{"id":"1fcff727-3c14-4e56-ad0f-e37051c30174","block_type":"box","text":"affiliates that have a contractual management fee, through June 30, 2028. In addition, BlackRock has contractually","page_number":45,"box":{"x":61,"y":668,"width":851,"height":12}},{"id":"9a10ec21-d613-4e11-9a68-d2f3aabaa423","block_type":"box","text":"agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly","page_number":45,"box":{"x":61,"y":683,"width":873,"height":12}},{"id":"b25d8295-a291-4b64-8dea-28b928b7ce12","block_type":"box","text":"through its investment in money market funds managed by BlackRock or its affiliates (the “affiliated money market","page_number":45,"box":{"x":60,"y":698,"width":846,"height":12}},{"id":"20c5abc2-6536-434c-a8e9-ccad39865468","block_type":"box","text":"fund waiver”), through June 30, 2028. The contractual agreements may be terminated upon 90 days’ notice by a","page_number":45,"box":{"x":60,"y":713,"width":830,"height":11}},{"id":"c63e9bbd-d988-4655-8abf-db31919859db","block_type":"box","text":"majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the","page_number":45,"box":{"x":61,"y":728,"width":868,"height":11}},{"id":"143195aa-cb12-4a1a-92ad-e7d7a9bfcba4","block_type":"box","text":"Fund.","page_number":45,"box":{"x":62,"y":743,"width":37,"height":9}},{"id":"09563317-12d3-49e7-a7c4-5c611766ee50","block_type":"box","text":"BlackRock has entered into a sub-advisory agreement with the Sub-Adviser, an affiliate of BlackRock. Under the sub","page_number":45,"box":{"x":62,"y":765,"width":854,"height":12}},{"id":"2a7e2517-58f0-4016-8e10-4f4885c8f1b0","block_type":"box","text":"advisory agreement, BlackRock pays the Sub-Adviser for services it provides for that portion of the Fund for which the","page_number":45,"box":{"x":61,"y":780,"width":864,"height":11}},{"id":"7e1346b6-22c8-41ea-9081-923c0a003240","block_type":"box","text":"Sub-Adviser acts as sub-adviser a fee equal to a percentage of the management fee paid to BlackRock under the","page_number":45,"box":{"x":61,"y":795,"width":828,"height":11}},{"id":"7a0f8b78-872b-43e1-bc41-662942ce7645","block_type":"box","text":"Management Agreement.","page_number":45,"box":{"x":62,"y":810,"width":181,"height":11}},{"id":"6467fc2c-ddc7-45aa-91cb-5b1f16963aff","block_type":"box","text":"A discussion of the basis for the Board’s approval of the Management Agreement with BlackRock and the sub-advisory","page_number":45,"box":{"x":60,"y":832,"width":874,"height":12}},{"id":"a6d683ef-2ce3-406e-8364-3562239f6e50","block_type":"box","text":"agreement between BlackRock and the Sub-Adviser is available in the Fund’s reports filed on Form N-CSR for the fiscal","page_number":45,"box":{"x":61,"y":847,"width":872,"height":11}},{"id":"07fa4d95-be17-4cb3-8842-3a792c4c7362","block_type":"box","text":"year ended May 31, 2026.","page_number":45,"box":{"x":60,"y":862,"width":195,"height":11}},{"id":"88dce86a-09f8-4db1-a322-2ed3b800eae6","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":45,"box":{"x":62,"y":884,"width":851,"height":12}},{"id":"a7bfe712-c041-4d8d-9895-3cd0f92178f2","block_type":"box","text":"the annual rate of 0.60% of the Fund’s average daily net assets.","page_number":45,"box":{"x":60,"y":899,"width":473,"height":12}},{"id":"2e6953dc-a88b-44ee-9b03-7466f9087349","block_type":"box","text":"45","page_number":45,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"7fe985eb-1e25-4c52-9f49-004826cbedd4","block_type":"box","text":"NM1026U-5988115-45/72","page_number":45,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8bd5446f-b750-4395-8ac9-56e2431f0a1a","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":46,"box":{"x":62,"y":46,"width":864,"height":11}},{"id":"ad6cca3f-259b-4eb0-ae08-a05310bf16c9","block_type":"box","text":"particular asset class, company, security, industry, or market sector. The views expressed by any such person are the","page_number":46,"box":{"x":62,"y":61,"width":863,"height":11}},{"id":"3f64fe24-8518-474d-8a5d-60436b000d72","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":46,"box":{"x":60,"y":75,"width":861,"height":12}},{"id":"5fbdf7a4-1add-4b09-b6b8-555b2cbcd5ab","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":46,"box":{"x":61,"y":90,"width":864,"height":12}},{"id":"37439633-78c5-497f-81b9-3c7e9957f76a","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":46,"box":{"x":61,"y":105,"width":872,"height":11}},{"id":"40c25c23-665a-4f2d-b918-030c4c6c0385","block_type":"box","text":"as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be","page_number":46,"box":{"x":61,"y":120,"width":841,"height":11}},{"id":"b7ee5e5a-6771-4919-a8c3-2958ee7f3bf0","block_type":"box","text":"relied on as an indication of trading intent on behalf of the Fund.","page_number":46,"box":{"x":61,"y":135,"width":472,"height":11}},{"id":"39d8004f-cd79-43c7-b2e9-bea49fc9195f","block_type":"box","text":"Portfolio Manager Information","page_number":46,"box":{"x":61,"y":173,"width":272,"height":14}},{"id":"43b0f7d6-45c3-465f-b5a0-94f4ee574904","block_type":"box","text":"Information regarding the portfolio managers of the Fund is set forth below. Further information regarding the portfolio","page_number":46,"box":{"x":62,"y":200,"width":869,"height":11}},{"id":"b99279be-debc-4ccd-93b1-f9e7daa9e328","block_type":"box","text":"managers, including other accounts managed, compensation, ownership of Fund shares, and possible conflicts of","page_number":46,"box":{"x":61,"y":214,"width":837,"height":12}},{"id":"6ebb569d-adcb-416e-97ee-8605aeff373e","block_type":"box","text":"interest, is available in the Fund’s SAI.","page_number":46,"box":{"x":62,"y":229,"width":281,"height":11}},{"id":"2fa6b084-af29-414c-b2d9-47dd6a9bab94","block_type":"box","text":"Portfolio Manager Primary Role Since Title and Recent Biography","page_number":46,"box":{"x":61,"y":257,"width":797,"height":10}},{"id":"5a4c4315-ca91-4806-a388-e51c4dd3f681","block_type":"box","text":"Zeshan Azam Jointly and primarily responsible for","page_number":46,"box":{"x":60,"y":275,"width":425,"height":10}},{"id":"631e14cd-18fb-4a5b-9809-e3f96f5c287e","block_type":"box","text":"the day-to-day management of the","page_number":46,"box":{"x":252,"y":288,"width":223,"height":11}},{"id":"58944591-af89-4021-89e8-f270e766f267","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":46,"box":{"x":253,"y":302,"width":245,"height":10}},{"id":"7d90ecdc-5a04-40b5-9920-954bd7a61ab4","block_type":"box","text":"Fund’s overall investment strategy","page_number":46,"box":{"x":253,"y":316,"width":225,"height":10}},{"id":"69046991-140e-49e9-838f-f499a88f5b48","block_type":"box","text":"and overseeing the management of","page_number":46,"box":{"x":253,"y":329,"width":233,"height":10}},{"id":"9bbb48ba-782e-4ba6-a35c-14dc9accc2da","block_type":"box","text":"the Fund.","page_number":46,"box":{"x":252,"y":343,"width":60,"height":8}},{"id":"f23eb6e2-9ff5-43ea-bf53-0abf24344d15","block_type":"box","text":"2026 Managing Director of BlackRock, Inc. and Head","page_number":46,"box":{"x":545,"y":275,"width":380,"height":10}},{"id":"fc7818a0-2853-4bb0-9296-20e95c1f4ab7","block_type":"box","text":"of Global Equities for Citi Portfolio Solutions","page_number":46,"box":{"x":615,"y":288,"width":290,"height":10}},{"id":"10233297-387a-497b-83ec-a4c95a785144","block_type":"box","text":"Powered by BlackRock since 2025; Director of","page_number":46,"box":{"x":616,"y":302,"width":306,"height":10}},{"id":"359a7442-d367-4ffb-a30a-7fdc88bab8d2","block_type":"box","text":"Citi Investment Management from 2016 to","page_number":46,"box":{"x":615,"y":315,"width":282,"height":11}},{"id":"44a8cf09-a24b-41c9-89aa-088f5f41a85f","block_type":"box","text":"2025.","page_number":46,"box":{"x":615,"y":329,"width":39,"height":8}},{"id":"a303caa8-5961-495e-9631-1f6c692fad51","block_type":"box","text":"Wendy Agnew, CFA Jointly and primarily responsible for","page_number":46,"box":{"x":60,"y":360,"width":425,"height":11}},{"id":"52041959-208c-4f75-9737-6864ad66011d","block_type":"box","text":"the day-to-day management of the","page_number":46,"box":{"x":252,"y":374,"width":223,"height":10}},{"id":"c26dfec1-4669-49cd-8aae-1313041c6b3e","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":46,"box":{"x":253,"y":388,"width":245,"height":10}},{"id":"ffa5ed7d-2a69-4875-a255-999af22b6a38","block_type":"box","text":"Fund’s overall investment strategy","page_number":46,"box":{"x":253,"y":401,"width":225,"height":10}},{"id":"c28c1bf6-08ec-4631-9926-58f76e3dbe28","block_type":"box","text":"and overseeing the management of","page_number":46,"box":{"x":253,"y":415,"width":233,"height":10}},{"id":"ccc75d7c-aeb3-4797-9a7e-884c42b8aaf5","block_type":"box","text":"the Fund.","page_number":46,"box":{"x":252,"y":428,"width":60,"height":8}},{"id":"607c1636-da0d-4dab-bc79-7021385babb0","block_type":"box","text":"2026 Director of BlackRock, Inc. and Senior Portfolio","page_number":46,"box":{"x":545,"y":360,"width":380,"height":10}},{"id":"2afa6ea5-e3fe-42bf-8f40-deff42e01d2a","block_type":"box","text":"Manager within Citi Portfolio Solutions","page_number":46,"box":{"x":616,"y":374,"width":251,"height":10}},{"id":"cebdc381-cd92-4074-8a54-6009137f3386","block_type":"box","text":"Powered by BlackRock since 2025; Senior","page_number":46,"box":{"x":616,"y":388,"width":278,"height":10}},{"id":"0757fbd6-4abb-43e6-8ea2-8ab579f2f39d","block_type":"box","text":"Portfolio Manager of Citi Investment","page_number":46,"box":{"x":616,"y":401,"width":237,"height":10}},{"id":"6958b443-b049-4535-9529-b9da1a39eb36","block_type":"box","text":"Management from 2020 to 2025.","page_number":46,"box":{"x":616,"y":415,"width":222,"height":10}},{"id":"772ba14d-26d3-40a8-bcc4-8479373a4172","block_type":"box","text":"Conflicts of Interest","page_number":46,"box":{"x":61,"y":469,"width":181,"height":11}},{"id":"13f68bd6-4a4d-419c-bacd-0d4318c577b2","block_type":"box","text":"The investment activities of BlackRock and its affiliates (including BlackRock, Inc. and its subsidiaries (collectively, the","page_number":46,"box":{"x":60,"y":495,"width":871,"height":11}},{"id":"79f63d55-2124-43e2-b45e-0e63a0c61a50","block_type":"box","text":"“Affiliates”)), and their respective directors, officers or employees, in managing their own accounts and other","page_number":46,"box":{"x":62,"y":510,"width":801,"height":11}},{"id":"d208e0c4-b119-4963-ba1a-a33aa6a85d5a","block_type":"box","text":"accounts, may present conflicts of interest that could disadvantage the Fund and its shareholders.","page_number":46,"box":{"x":61,"y":525,"width":723,"height":11}},{"id":"c2f9629a-84fc-4ad6-8c74-351e853c2480","block_type":"box","text":"BlackRock and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management","page_number":46,"box":{"x":62,"y":547,"width":871,"height":12}},{"id":"0bfceef5-8c98-4cc1-88ac-64dbe8a740cd","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":46,"box":{"x":61,"y":562,"width":845,"height":12}},{"id":"95d7c37e-28be-4629-aa90-d7164b17095f","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":46,"box":{"x":61,"y":577,"width":865,"height":11}},{"id":"00ae5876-782d-4d97-811f-a264d44a21d4","block_type":"box","text":"provider, investment manager, commodity pool operator, commodity trading advisor, financier, underwriter, adviser,","page_number":46,"box":{"x":62,"y":592,"width":839,"height":11}},{"id":"226d1bfd-56f0-4f62-bf9c-935b88ca9428","block_type":"box","text":"trader, lender, index provider, agent and/or principal. BlackRock and its Affiliates may have other direct and indirect","page_number":46,"box":{"x":60,"y":606,"width":850,"height":12}},{"id":"cfebbd9d-3627-4b3b-98d4-b2b27be6c11b","block_type":"box","text":"interests in securities, currencies, commodities, derivatives and other assets in which the Fund may directly or","page_number":46,"box":{"x":62,"y":622,"width":813,"height":11}},{"id":"65677d26-dacd-4159-be76-ea02a0e4601c","block_type":"box","text":"indirectly invest.","page_number":46,"box":{"x":62,"y":636,"width":116,"height":11}},{"id":"2a4d8ff7-ff2f-4f37-84f1-34f67de2bb06","block_type":"box","text":"BlackRock and its Affiliates may engage in proprietary trading and advise accounts and other funds that have","page_number":46,"box":{"x":62,"y":659,"width":801,"height":11}},{"id":"49fabae6-9b44-465f-bba9-df46c4f4a0ea","block_type":"box","text":"investment objectives similar to those of the Fund and/or that engage in and compete for transactions in the same or","page_number":46,"box":{"x":62,"y":673,"width":865,"height":12}},{"id":"1446d967-601e-451d-afbb-fd41bc72a624","block_type":"box","text":"similar types of securities, currencies and other assets as are held by the Fund. This may include transactions in","page_number":46,"box":{"x":61,"y":688,"width":829,"height":12}},{"id":"7f589f24-bf5b-49d0-8d82-5e478876da39","block_type":"box","text":"securities issued by other open-end and closed-end investment companies, including investment companies that are","page_number":46,"box":{"x":61,"y":703,"width":856,"height":12}},{"id":"96143867-69b6-445c-b186-15db1ce8c159","block_type":"box","text":"affiliated with the Fund and BlackRock, to the extent permitted under the Investment Company Act. The trading","page_number":46,"box":{"x":61,"y":718,"width":814,"height":11}},{"id":"3349ab81-ce51-4918-a146-01f00abf46c2","block_type":"box","text":"activities of BlackRock and its Affiliates are carried out without reference to positions held directly or indirectly by the","page_number":46,"box":{"x":61,"y":733,"width":860,"height":11}},{"id":"9cbf1c3e-ca60-4a08-8768-43c46ee679f9","block_type":"box","text":"Fund. These activities may result in BlackRock or an Affiliate having positions in assets that are senior or junior to, or","page_number":46,"box":{"x":62,"y":748,"width":862,"height":11}},{"id":"ab7abf00-0860-458f-a755-75ff514bb337","block_type":"box","text":"that have interests different from or adverse to, the assets held by the Fund.","page_number":46,"box":{"x":60,"y":762,"width":565,"height":12}},{"id":"3a43a508-8b8f-44ef-9fda-ffb8a06b03c7","block_type":"box","text":"The Fund may invest in securities issued by, or engage in other transactions with, entities with which an Affiliate has","page_number":46,"box":{"x":60,"y":785,"width":855,"height":12}},{"id":"6b8e5fd3-53c1-4f64-adec-4ec2cc3a0b07","block_type":"box","text":"significant debt or equity investments or other interests. The Fund may also invest in issuances (such as debt","page_number":46,"box":{"x":61,"y":800,"width":807,"height":11}},{"id":"ae558808-e141-4db8-b8cf-7b1973415952","block_type":"box","text":"offerings or structured notes) for which an Affiliate is compensated for providing advisory, cash management or other","page_number":46,"box":{"x":61,"y":815,"width":862,"height":11}},{"id":"f9a6ee24-71ba-462b-8973-5bcc11e1c63b","block_type":"box","text":"services. The Fund also may invest in securities of, or engage in other transactions with, entities for which an Affiliate","page_number":46,"box":{"x":61,"y":829,"width":866,"height":12}},{"id":"6a5b4200-bd32-4565-ae8e-7d8fca59d5d2","block_type":"box","text":"provides or may provide research coverage or other analysis.","page_number":46,"box":{"x":62,"y":845,"width":444,"height":11}},{"id":"467bfaf5-ac67-47dc-85cc-c0d506faaaf9","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others","page_number":46,"box":{"x":60,"y":867,"width":862,"height":11}},{"id":"12d9914c-1d66-4904-8fbd-ba713b4e2b90","block_type":"box","text":"who recommend the Fund or who engage in transactions with or for the Fund.","page_number":46,"box":{"x":60,"y":882,"width":567,"height":11}},{"id":"18707674-abfd-47ec-9c84-f03cfdc45dbc","block_type":"box","text":"46","page_number":46,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"71afa7c8-1db4-4d81-ae7a-eda80d782203","block_type":"box","text":"NM1026U-5988115-46/72","page_number":46,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"37df1fee-0a19-45ae-bfc9-292f5122d345","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with","page_number":47,"box":{"x":62,"y":46,"width":851,"height":11}},{"id":"ab138d67-f74f-4958-b467-13cd7d903723","block_type":"box","text":"the Fund. As a result, an Affiliate may compete with the Fund for appropriate investment opportunities. The results of","page_number":47,"box":{"x":60,"y":60,"width":864,"height":12}},{"id":"95ca43fe-ad3e-4557-9a21-e234229f1292","block_type":"box","text":"the Fund’s investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by an","page_number":47,"box":{"x":60,"y":75,"width":865,"height":12}},{"id":"09168747-62d8-408d-87e7-366c64420b6c","block_type":"box","text":"Affiliate. It is possible that the Fund could sustain losses during periods in which one or more Affiliates and other","page_number":47,"box":{"x":60,"y":90,"width":834,"height":12}},{"id":"abf39648-ee35-4a9a-9fdb-5a00c0ac4c47","block_type":"box","text":"accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also possible.","page_number":47,"box":{"x":61,"y":105,"width":815,"height":12}},{"id":"89a3006f-1865-43fe-83e7-01a75d3ca192","block_type":"box","text":"In addition, the Fund may enter into transactions in which BlackRock or an Affiliate or their directors, officers,","page_number":47,"box":{"x":62,"y":127,"width":802,"height":12}},{"id":"68515de1-a415-4373-aed0-fb9464f6b118","block_type":"box","text":"employees or clients have an adverse interest. The Fund may be adversely impacted by the effects of transactions","page_number":47,"box":{"x":61,"y":142,"width":840,"height":12}},{"id":"39cd116e-eb16-43e8-baaa-e3b3ae0cd662","block_type":"box","text":"undertaken by BlackRock or an Affiliate or their directors, officers, employees or clients.","page_number":47,"box":{"x":61,"y":157,"width":648,"height":12}},{"id":"1cf2a255-4df8-4748-b935-2268c7f7d090","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance","page_number":47,"box":{"x":62,"y":180,"width":854,"height":11}},{"id":"b3d32b2f-fb76-4fd2-9b46-d03593c160d1","block_type":"box","text":"with applicable law, purchase and hold shares of the Fund. The price, availability, liquidity, and (in some cases)","page_number":47,"box":{"x":60,"y":195,"width":814,"height":11}},{"id":"d312b8a7-4b9d-4727-ae81-9c3cae32dd65","block_type":"box","text":"expense ratio of the Fund may be impacted by purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":47,"box":{"x":61,"y":209,"width":853,"height":12}},{"id":"83d38ed9-dc07-4ca8-9c4a-247795fe6341","block_type":"box","text":"The Fund’s activities may be limited because of regulatory restrictions applicable to BlackRock or an Affiliate or their","page_number":47,"box":{"x":60,"y":232,"width":858,"height":11}},{"id":"bcd67a7c-7caa-43b0-9d6f-fce83215e5e8","block_type":"box","text":"policies designed to comply with such restrictions.","page_number":47,"box":{"x":62,"y":247,"width":367,"height":11}},{"id":"bd9de672-d82d-4430-87de-a31ece6bc933","block_type":"box","text":"Under a securities lending program approved by the Board, the Fund has retained BlackRock Investment Management,","page_number":47,"box":{"x":62,"y":270,"width":869,"height":11}},{"id":"8ea425d8-afc8-407e-bd51-066efc64bbc3","block_type":"box","text":"LLC, an Affiliate of BlackRock, to serve as its securities lending agent to the extent that it participates in the securities","page_number":47,"box":{"x":62,"y":284,"width":875,"height":12}},{"id":"f1e5ee2a-adbf-4d16-8db0-1b5725011c54","block_type":"box","text":"lending program. For these services, the securities lending agent will receive a fee from the participating Fund based","page_number":47,"box":{"x":62,"y":299,"width":857,"height":12}},{"id":"4752e6b9-7512-4504-8997-d7b38fbdcbbc","block_type":"box","text":"on the returns earned on the Fund’s lending activities, including the investment of the cash received as collateral for","page_number":47,"box":{"x":61,"y":314,"width":857,"height":11}},{"id":"79d8147e-5bc4-487a-a1ee-f653fafc91ad","block_type":"box","text":"the loaned securities. In addition, one or more Affiliates may be among the entities to which the Fund may lend its","page_number":47,"box":{"x":60,"y":329,"width":841,"height":11}},{"id":"d02ca643-6ee0-4b73-bae2-61e919f4d33c","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":47,"box":{"x":62,"y":343,"width":415,"height":12}},{"id":"2741200f-9ab0-4998-863a-19a1133e9334","block_type":"box","text":"BlackRock and its Affiliates may benefit from a fund using a BlackRock index by creating increasing acceptance in the","page_number":47,"box":{"x":62,"y":366,"width":864,"height":12}},{"id":"8dee7b6e-c775-4a87-9dd4-4d7285149adc","block_type":"box","text":"marketplace for such indexes. BlackRock and its Affiliates are not obligated to license an index to a fund, and no fund","page_number":47,"box":{"x":61,"y":381,"width":868,"height":11}},{"id":"c6f50800-6fb4-4d86-9ee1-0fa0c9c181e6","block_type":"box","text":"is under an obligation to use a BlackRock index. The terms of a fund’s index licensing agreement with BlackRock or its","page_number":47,"box":{"x":62,"y":396,"width":870,"height":11}},{"id":"2a62bc87-796c-493b-a77a-8568bccff511","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":47,"box":{"x":60,"y":410,"width":545,"height":12}},{"id":"85615aaf-99d2-46f8-9e82-90bdae430892","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":47,"box":{"x":60,"y":433,"width":837,"height":12}},{"id":"4191d0b0-5b79-4a3b-b7cb-1c7373045673","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":47,"box":{"x":61,"y":448,"width":865,"height":11}},{"id":"0e9d43c8-72ce-4a01-8da9-879dba9e1d1f","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":47,"box":{"x":62,"y":463,"width":819,"height":11}},{"id":"14e19d51-938c-4bac-ac3d-78e3c83270eb","block_type":"box","text":"Valuation of Fund Investments","page_number":47,"box":{"x":63,"y":502,"width":271,"height":11}},{"id":"610af438-63d3-488a-96c3-8a205e1bf720","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":47,"box":{"x":60,"y":528,"width":869,"height":11}},{"id":"fa52cce7-4edb-4513-ae03-6a8a50237b38","block_type":"box","text":"are also redeemed at their net asset value, minus any applicable sales charge or redemption fee. The net asset value","page_number":47,"box":{"x":61,"y":543,"width":868,"height":11}},{"id":"ba8b8e75-c611-4574-ae52-3e8f7b574ca3","block_type":"box","text":"used in determining your share price is the next one calculated after your purchase or redemption order is received.","page_number":47,"box":{"x":61,"y":557,"width":849,"height":12}},{"id":"35d9ab50-dc7a-4309-8323-90453bb1a468","block_type":"box","text":"The net asset value of each class of shares normally is determined once daily Monday through Friday, generally as of","page_number":47,"box":{"x":60,"y":572,"width":862,"height":12}},{"id":"bfdf2c93-89b4-4173-a0c9-87e7ee2c9757","block_type":"box","text":"the close of regular trading hours of the NYSE (normally 4:00 p.m., Eastern time), on each day that the NYSE is open","page_number":47,"box":{"x":60,"y":587,"width":861,"height":12}},{"id":"97750a3c-ab7f-4904-b3fb-6c31b7c7232e","block_type":"box","text":"for trading, based on prices at the time of closing, provided that any Fund assets or liabilities denominated in","page_number":47,"box":{"x":60,"y":602,"width":803,"height":11}},{"id":"d710c284-e334-4f82-a084-6b6003fba680","block_type":"box","text":"currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing market rates on the date of","page_number":47,"box":{"x":61,"y":617,"width":829,"height":11}},{"id":"7c113602-c91c-4de6-a153-319fba416546","block_type":"box","text":"valuation as quoted by one or more data service providers. The net asset value of shares is calculated by dividing the","page_number":47,"box":{"x":60,"y":632,"width":865,"height":11}},{"id":"7f9328b5-b7b3-43c1-827b-196845d700e6","block_type":"box","text":"value of the net assets of each class of shares (i.e., the value of its total assets less total liabilities) by the total","page_number":47,"box":{"x":60,"y":646,"width":829,"height":12}},{"id":"137d238e-4e57-4cda-a5d6-8523ede44487","block_type":"box","text":"number of outstanding shares of the class, generally rounded to the nearest cent.","page_number":47,"box":{"x":61,"y":661,"width":601,"height":12}},{"id":"c3ff829e-a9e7-4f90-a294-f41c574e44ce","block_type":"box","text":"Generally, Institutional Shares will have the highest net asset value because that class has the lowest expenses.","page_number":47,"box":{"x":61,"y":684,"width":830,"height":11}},{"id":"67ac9d0c-1eb0-4ded-8276-e805447f1199","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":47,"box":{"x":62,"y":699,"width":841,"height":11}},{"id":"a3943ea7-966c-4904-8055-993838e7ad5c","block_type":"box","text":"Institutional Shares will generally be higher than dividends paid on Investor C Shares because Investor A and","page_number":47,"box":{"x":62,"y":714,"width":797,"height":11}},{"id":"bb167843-f7b3-4f8e-999e-181b37da978e","block_type":"box","text":"Institutional Shares have lower expenses.","page_number":47,"box":{"x":62,"y":728,"width":304,"height":11}},{"id":"5c809d87-f631-4f8c-8341-5b15b194022e","block_type":"box","text":"The value of the securities and other assets and liabilities held by the Fund is determined pursuant to BlackRock’s","page_number":47,"box":{"x":60,"y":751,"width":844,"height":11}},{"id":"c5cbe6ec-a95c-4a31-abf8-b05e4600a74f","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":47,"box":{"x":60,"y":766,"width":837,"height":11}},{"id":"a2447cc4-50b6-4a86-97d5-2f9ff1757926","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":47,"box":{"x":62,"y":781,"width":464,"height":11}},{"id":"d364ed28-5d63-4d2f-8fe6-d5a5e2221201","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":47,"box":{"x":62,"y":803,"width":863,"height":11}},{"id":"9ef5b11b-8eaf-431b-858d-b5f0afa19a54","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":47,"box":{"x":60,"y":818,"width":858,"height":11}},{"id":"0707f758-2dc4-4994-9be6-661bfce50136","block_type":"box","text":"last reported official closing price or, if a reported closing price is not available, the last traded price on the exchange","page_number":47,"box":{"x":62,"y":833,"width":863,"height":11}},{"id":"6d748595-f103-48bc-90a1-ca027506b7f6","block_type":"box","text":"or market on which the security or instrument is primarily traded at the time of valuation. Shares of underlying open","page_number":47,"box":{"x":61,"y":847,"width":852,"height":12}},{"id":"f9a854fd-a71d-4b96-9f72-cbb456998b88","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":47,"box":{"x":61,"y":862,"width":872,"height":12}},{"id":"71ec0d50-8757-4118-a379-56d3e6de3db4","block_type":"box","text":"underlying exchange-traded closed-end funds or other ETFs are valued at their most recent closing price.","page_number":47,"box":{"x":61,"y":877,"width":763,"height":12}},{"id":"f69bb78a-aa21-49eb-86b2-54556806c820","block_type":"box","text":"The Fund values fixed-income portfolio securities and certain derivative instruments using prices provided by dealers","page_number":47,"box":{"x":60,"y":900,"width":857,"height":11}},{"id":"56ff9557-dc6c-41f7-92bb-984d08c5e229","block_type":"box","text":"or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":47,"box":{"x":61,"y":915,"width":870,"height":11}},{"id":"77432709-2f6a-4d4b-bb2f-b48b419afd46","block_type":"box","text":"47","page_number":47,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"cbfab60c-d21c-4c56-8aeb-b8ed19e73be6","block_type":"box","text":"NM1026U-5988115-47/72","page_number":47,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"02ae8ced-c29f-453d-810c-e50b780a1e80","block_type":"box","text":"accordance with BlackRock’s valuation policies and procedures. Pricing services may use valuation models that utilize","page_number":48,"box":{"x":61,"y":46,"width":868,"height":11}},{"id":"0da9eba8-3991-4396-b36d-4c38c26f4b92","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":48,"box":{"x":61,"y":60,"width":842,"height":12}},{"id":"c2631fa3-d4c7-4e71-afce-00b951e0789c","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":48,"box":{"x":61,"y":75,"width":853,"height":12}},{"id":"708f9268-8492-40a2-9ff6-4fcb124ef564","block_type":"box","text":"odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots,","page_number":48,"box":{"x":61,"y":90,"width":844,"height":12}},{"id":"9be3217a-c643-4b5f-a57c-737198272d57","block_type":"box","text":"and the value ultimately realized when the securities are sold could differ from the prices used by the Fund. The","page_number":48,"box":{"x":61,"y":105,"width":822,"height":11}},{"id":"2b025739-6434-493d-bbf8-e80d701aa66a","block_type":"box","text":"amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to","page_number":48,"box":{"x":61,"y":120,"width":845,"height":11}},{"id":"1c411c2d-a470-49f9-906d-25356cba8764","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":48,"box":{"x":61,"y":135,"width":733,"height":11}},{"id":"5ec01726-0681-429f-b878-3ff8670ff690","block_type":"box","text":"Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of","page_number":48,"box":{"x":61,"y":157,"width":829,"height":12}},{"id":"1062afcd-d1d5-4764-b4d8-3bfaade0c2b9","block_type":"box","text":"regular trading hours of the NYSE. The values of such securities used in computing the net asset value of the Fund’s","page_number":48,"box":{"x":61,"y":172,"width":857,"height":12}},{"id":"210ec1ab-9088-4a49-bc4f-b44948420792","block_type":"box","text":"shares are determined as of such times. U.S. government securities, money market instruments and fixed income","page_number":48,"box":{"x":61,"y":187,"width":841,"height":11}},{"id":"ae50718f-684d-4a54-bd30-0b2b6b087867","block_type":"box","text":"securities are generally priced as of close of regular trading hours on the NYSE.","page_number":48,"box":{"x":61,"y":202,"width":583,"height":11}},{"id":"fffaa476-3bf4-4f3b-ac8b-e3e41396a772","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, BlackRock will fair","page_number":48,"box":{"x":60,"y":224,"width":839,"height":12}},{"id":"6dd460c4-c0d4-499c-b6bb-413a5fcce62b","block_type":"box","text":"value the Fund’s investments in accordance with its policies and procedures. BlackRock may conclude that a market","page_number":48,"box":{"x":60,"y":239,"width":858,"height":11}},{"id":"e32ca0e0-267d-4bf5-8d75-f89f2b347baf","block_type":"box","text":"quotation is not readily available or is unreliable if a security or other asset or liability does not have a price source","page_number":48,"box":{"x":61,"y":254,"width":844,"height":11}},{"id":"67105328-4847-4b41-b070-f4a477e256cf","block_type":"box","text":"due to its lack of trading or other reasons, if a market quotation differs significantly from recent price quotations or","page_number":48,"box":{"x":61,"y":269,"width":845,"height":11}},{"id":"c349bba9-8248-47f0-b87b-0afa11846fa2","block_type":"box","text":"otherwise no longer appears to reflect fair value, where the security or other asset or liability is thinly traded, when","page_number":48,"box":{"x":61,"y":283,"width":841,"height":12}},{"id":"5f4cef9e-6109-47d0-aad0-baee54a1c8dd","block_type":"box","text":"there is a significant event subsequent to the most recent market quotation, or if the trading market on which a","page_number":48,"box":{"x":60,"y":298,"width":820,"height":12}},{"id":"1afafffe-dc40-4140-ab9d-6aa29fdaeb19","block_type":"box","text":"security is listed is suspended or closed and no appropriate alternative trading market is available. A “significant","page_number":48,"box":{"x":61,"y":313,"width":828,"height":12}},{"id":"f24a107d-ee02-45eb-ad4b-f9888308eb5d","block_type":"box","text":"event” is deemed to occur if BlackRock determines, in its reasonable business judgment prior to or at the time of","page_number":48,"box":{"x":61,"y":328,"width":836,"height":12}},{"id":"320dd19c-7c24-4831-9fe8-d96717b3a8c3","block_type":"box","text":"pricing the Fund’s assets or liabilities, that the event is likely to cause a material change to the last exchange closing","page_number":48,"box":{"x":62,"y":343,"width":862,"height":11}},{"id":"5e348077-50d9-4770-90c2-79465617ab14","block_type":"box","text":"price or closing market price of one or more assets held by, or liabilities of, the Fund.","page_number":48,"box":{"x":62,"y":358,"width":623,"height":11}},{"id":"32075dca-75e0-4202-973f-8ac9b3da0e53","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the","page_number":48,"box":{"x":62,"y":380,"width":817,"height":12}},{"id":"d9394448-b838-4eec-940c-fe2ed8cd870f","block_type":"box","text":"movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value","page_number":48,"box":{"x":61,"y":395,"width":871,"height":12}},{"id":"be5a763e-c13f-41b9-a018-ea7d8ac0d2b3","block_type":"box","text":"pricing methodology is designed to correlate the prices of foreign assets in one or more non-U.S. markets following the","page_number":48,"box":{"x":62,"y":410,"width":872,"height":11}},{"id":"f8177315-9e64-4c04-8dd8-7ad337c07637","block_type":"box","text":"close of the local markets to the prices that might have prevailed as of the Fund’s pricing time.","page_number":48,"box":{"x":61,"y":425,"width":697,"height":11}},{"id":"b465e318-5d0b-4fa5-bc4d-778c8432915e","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. The fair value of an asset or","page_number":48,"box":{"x":62,"y":447,"width":825,"height":12}},{"id":"49ba2a75-4d66-4f43-ba24-1da105e8dff7","block_type":"box","text":"liability held by the Fund is the amount the Fund might reasonably expect to receive from the current sale of that asset","page_number":48,"box":{"x":62,"y":462,"width":871,"height":12}},{"id":"2c2a6739-f393-4d22-a8fc-ebeffb2eb818","block_type":"box","text":"or the cost to extinguish that liability in an arm’s-length transaction. Valuing the Fund’s investments using fair value","page_number":48,"box":{"x":61,"y":477,"width":847,"height":11}},{"id":"19f975f0-1f83-4715-87ee-9dc918db66e5","block_type":"box","text":"pricing will result in prices that may differ from current market valuations and that may not be the prices at which","page_number":48,"box":{"x":62,"y":492,"width":829,"height":11}},{"id":"c9b6afef-8f23-4c2a-bddc-99f402d3f62f","block_type":"box","text":"those investments could have been sold during the period in which the particular fair values were used.","page_number":48,"box":{"x":60,"y":506,"width":760,"height":12}},{"id":"8acbd843-5548-48b4-8154-c99659001d75","block_type":"box","text":"The Fund may accept orders from certain authorized Financial Intermediaries or their designees. The Fund will be","page_number":48,"box":{"x":60,"y":529,"width":830,"height":12}},{"id":"8a718d77-25c9-4658-9207-ba471dbdc53e","block_type":"box","text":"deemed to receive an order when accepted by the Financial Intermediary or designee, and the order will receive the","page_number":48,"box":{"x":61,"y":544,"width":848,"height":11}},{"id":"3321427b-7528-4da4-a907-b17114cbea7b","block_type":"box","text":"net asset value next computed by the Fund after such acceptance. If the payment for a purchase order is not made by","page_number":48,"box":{"x":61,"y":559,"width":868,"height":11}},{"id":"944d6899-f0b1-4619-9363-c15b36722b9d","block_type":"box","text":"a designated later time, the order will be canceled and the Financial Intermediary could be held liable for any losses.","page_number":48,"box":{"x":61,"y":574,"width":856,"height":11}},{"id":"6a79cec9-135d-4930-962f-bafb76e3b0fd","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":48,"box":{"x":61,"y":612,"width":311,"height":14}},{"id":"867d9267-47b6-4c6f-ba87-cb415e15e96a","block_type":"box","text":"BUYING A DIVIDEND","page_number":48,"box":{"x":423,"y":654,"width":152,"height":9}},{"id":"d1db1796-8259-43ef-9240-11b552678495","block_type":"box","text":"Unless your investment is in a tax-deferred account, you may want to avoid buying shares shortly before the Fund","page_number":48,"box":{"x":72,"y":676,"width":831,"height":12}},{"id":"c9bec3a6-4d6c-4726-837b-2881162d12da","block_type":"box","text":"pays a dividend. The reason? If you buy shares when the Fund has declared but not yet distributed ordinary income","page_number":48,"box":{"x":72,"y":691,"width":845,"height":11}},{"id":"c14404e0-2df1-4c78-b99e-9436724f7c23","block_type":"box","text":"or capital gains, you will pay the full price for the shares and then receive a portion of the price back in the form of a","page_number":48,"box":{"x":71,"y":706,"width":855,"height":11}},{"id":"c096c434-855a-4531-be5b-040f5ab0ee78","block_type":"box","text":"taxable dividend. Before investing you may want to consult your tax adviser.","page_number":48,"box":{"x":70,"y":720,"width":554,"height":12}},{"id":"ddf789a5-bc46-45dd-b296-71f40289610f","block_type":"box","text":"The Fund will distribute net investment income, if any, quarterly, and net realized capital gains, if any, at least annually.","page_number":48,"box":{"x":60,"y":761,"width":873,"height":12}},{"id":"ca6590fb-d78d-49a1-b174-84cf34c0156a","block_type":"box","text":"The Fund may also pay a special distribution at the end of the calendar year to comply with federal tax requirements.","page_number":48,"box":{"x":60,"y":776,"width":857,"height":11}},{"id":"95c89c34-7a99-44f0-b364-57cb473d7a8a","block_type":"box","text":"Dividends may be reinvested automatically in shares of the Fund at net asset value without a sales charge or may be","page_number":48,"box":{"x":62,"y":791,"width":859,"height":11}},{"id":"6e1b177e-6a5d-4645-90d8-b8ad45e6d180","block_type":"box","text":"taken in cash. If you would like to receive dividends in cash, contact your Financial Intermediary or the Fund. Although","page_number":48,"box":{"x":60,"y":806,"width":864,"height":11}},{"id":"f6b45375-94e0-4d1f-99b7-ffe7c1a85083","block_type":"box","text":"this cannot be predicted with any certainty, the Fund anticipates that a significant amount of its dividends, if any, will","page_number":48,"box":{"x":60,"y":820,"width":857,"height":12}},{"id":"e5652d3e-c80f-453b-b305-66dddcf1e403","block_type":"box","text":"consist of capital gains. Capital gains may be taxable to you at different rates depending on how long the Fund held","page_number":48,"box":{"x":61,"y":835,"width":849,"height":12}},{"id":"5889acb8-e95c-46fd-9337-6911cfa03675","block_type":"box","text":"the assets sold.","page_number":48,"box":{"x":60,"y":850,"width":118,"height":9}},{"id":"85f0e5ba-11ff-4a91-b18b-a75baa3463e6","block_type":"box","text":"You will pay tax on dividends from the Fund whether you receive them in cash or additional shares. If you redeem Fund","page_number":48,"box":{"x":60,"y":873,"width":869,"height":11}},{"id":"55f149dc-d041-4383-b799-8405c86bdc4d","block_type":"box","text":"shares or exchange them for shares of another fund, you generally will be treated as having sold your shares and any","page_number":48,"box":{"x":61,"y":887,"width":862,"height":12}},{"id":"92dc73c9-6f0d-40d2-aa1d-7cabfd146704","block_type":"box","text":"gain on the transaction may be subject to tax. Fund distributions derived from qualified dividend income, which","page_number":48,"box":{"x":60,"y":902,"width":812,"height":12}},{"id":"2b83b6ab-dbc6-4fbe-bae1-24c357cf641e","block_type":"box","text":"consists of dividends received from U.S. corporations and qualifying foreign corporations, and from long-term capital","page_number":48,"box":{"x":61,"y":917,"width":852,"height":12}},{"id":"51ef8984-689d-46b0-8222-5251e293af61","block_type":"box","text":"48","page_number":48,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"3e82787d-cc2d-4dad-9c5e-80138a237e51","block_type":"box","text":"NM1026U-5988115-48/72","page_number":48,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"cf2572f6-1aa3-4149-acc6-b52890bc5bf4","block_type":"box","text":"gains are eligible for taxation at a maximum rate of 15% or 20% for individuals, depending on whether their income","page_number":49,"box":{"x":60,"y":46,"width":844,"height":11}},{"id":"48d1f758-d9d1-4e89-badc-ea690dc6cab1","block_type":"box","text":"exceeds certain threshold amounts, which are adjusted annually for inflation.","page_number":49,"box":{"x":61,"y":60,"width":565,"height":12}},{"id":"f4fd8db8-b64b-4f41-9d60-80ffe3b58442","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes, but is not limited to, interest,","page_number":49,"box":{"x":60,"y":83,"width":803,"height":11}},{"id":"dc7223aa-16f3-4f8c-ba38-d08a561b98a8","block_type":"box","text":"dividends and net gain from investments) of U.S. individuals with income exceeding $200,000, or $250,000 if married","page_number":49,"box":{"x":61,"y":97,"width":873,"height":12}},{"id":"833bf2e0-5bf2-42b0-a62a-eb5e8d14b16b","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":49,"box":{"x":60,"y":113,"width":282,"height":11}},{"id":"2c45c05f-b6c4-4d48-bb9d-b5825b78a046","block_type":"box","text":"Your dividends and redemption proceeds will be subject to backup withholding tax if you have not provided a taxpayer","page_number":49,"box":{"x":60,"y":135,"width":861,"height":12}},{"id":"2341c9b7-03a0-4a86-8c3f-cec2252b5ccd","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":49,"box":{"x":62,"y":150,"width":679,"height":11}},{"id":"c6f638de-5c24-4b13-9e50-2e7a1d567b5a","block_type":"box","text":"If you are neither a tax resident nor a citizen of the United States or if you are a foreign entity (other than a pass","page_number":49,"box":{"x":62,"y":173,"width":827,"height":11}},{"id":"b59cff74-2985-4464-b226-c56c604a8a86","block_type":"box","text":"through entity to the extent owned by U.S. persons), the Fund’s ordinary income dividends will generally be subject to a","page_number":49,"box":{"x":60,"y":188,"width":876,"height":11}},{"id":"16fe75ef-5e2f-4e2a-9e70-ad7e5be6cd1e","block_type":"box","text":"30% U.S. withholding tax, unless a lower treaty rate applies. However, certain distributions reported by the Fund as","page_number":49,"box":{"x":61,"y":202,"width":846,"height":12}},{"id":"55889438-5c1d-44c0-9726-5528b43cd048","block_type":"box","text":"capital gain dividends, interest-related dividends or short-term capital gain dividends and paid to a foreign shareholder","page_number":49,"box":{"x":61,"y":217,"width":869,"height":12}},{"id":"704e5435-45cd-49a0-bec5-87a5e1a35a37","block_type":"box","text":"may be eligible for an exemption from U.S. withholding tax.","page_number":49,"box":{"x":61,"y":232,"width":430,"height":11}},{"id":"4d4ae25e-c507-4077-9982-01d1bd90b32b","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income items paid","page_number":49,"box":{"x":61,"y":255,"width":868,"height":11}},{"id":"2d90423f-d55d-40ea-9e51-1cb0ef04a0f9","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To avoid","page_number":49,"box":{"x":60,"y":269,"width":808,"height":12}},{"id":"cf0271e9-fbd6-440c-9745-9b8579e68b75","block_type":"box","text":"withholding, foreign financial institutions and investment funds will generally either need to (a) collect and report to the","page_number":49,"box":{"x":60,"y":284,"width":874,"height":12}},{"id":"09426d3f-415f-4295-94f5-5a77c6250bc6","block_type":"box","text":"IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due diligence","page_number":49,"box":{"x":62,"y":299,"width":789,"height":12}},{"id":"bc7a5b8c-ef91-4dfd-8a6e-1a1e63619b06","block_type":"box","text":"procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying foreign entities","page_number":49,"box":{"x":62,"y":314,"width":858,"height":11}},{"id":"4616abf0-fc57-45d1-92ec-13bef560e695","block_type":"box","text":"and account holders or (b) if an intergovernmental agreement is entered into and implementing legislation is adopted,","page_number":49,"box":{"x":61,"y":329,"width":865,"height":11}},{"id":"0662b53f-27f5-4a1c-b692-7337d8e3e006","block_type":"box","text":"comply with the agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":49,"box":{"x":61,"y":343,"width":802,"height":12}},{"id":"19b15d48-bbe1-45ec-aa65-04afaaaf739b","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":49,"box":{"x":62,"y":358,"width":639,"height":12}},{"id":"6ed84e9a-0776-4310-af92-2f16ddcc5418","block_type":"box","text":"This section summarizes some of the consequences under current federal tax law of an investment in the Fund. It is","page_number":49,"box":{"x":60,"y":381,"width":855,"height":11}},{"id":"16fa0f8c-cc40-4813-a257-263cc432d861","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":49,"box":{"x":61,"y":396,"width":832,"height":11}},{"id":"9b69c8d6-4275-408b-8247-eeaaa9fd7643","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":49,"box":{"x":62,"y":411,"width":383,"height":11}},{"id":"77c96ff4-1b46-49d9-aedc-faf1d74a4a90","block_type":"box","text":"49","page_number":49,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"e4341ae6-6014-4b25-bba8-9a898162cfdc","block_type":"box","text":"NM1026U-5988115-49/72","page_number":49,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"69a326ea-8295-430a-bc4c-1176859a9765","block_type":"box","text":"The financial highlights tables are intended to help investors understand the Fund’s financial performance for the","page_number":50,"box":{"x":60,"y":75,"width":833,"height":12}},{"id":"cc3b25a9-6de0-4a59-90f6-42c0c3d70c3a","block_type":"box","text":"periods shown. Certain information reflects financial results for a single share of the Fund. The total returns in the","page_number":50,"box":{"x":62,"y":90,"width":839,"height":12}},{"id":"443c197d-72dd-4391-9684-66667f8df8d7","block_type":"box","text":"tables represent the rate of return that an investor would have earned (or lost) on an investment in the Fund,","page_number":50,"box":{"x":60,"y":105,"width":800,"height":11}},{"id":"20c6cf4d-607c-4cd7-ba1b-2839310828b0","block_type":"box","text":"assuming reinvestment of all dividends and distributions. The information has been audited by Deloitte & Touche LLP","page_number":50,"box":{"x":61,"y":120,"width":860,"height":11}},{"id":"30883ec2-babc-4a50-90a0-46e0c6644464","block_type":"box","text":"whose report, along with the Fund’s audited financial statements, is included in the Fund’s Annual Financial","page_number":50,"box":{"x":60,"y":135,"width":792,"height":11}},{"id":"d363c64a-77b8-4346-89b3-36c81a373b55","block_type":"box","text":"Statements and Additional Information for the fiscal year ended May 31, 2026, as filed with the SEC on Form N-CSR,","page_number":50,"box":{"x":61,"y":149,"width":859,"height":12}},{"id":"a1e2c333-04cd-4d3a-81c0-e6a51c48a576","block_type":"box","text":"which are available upon request and at www.blackrock.com.","page_number":50,"box":{"x":60,"y":165,"width":446,"height":10}},{"id":"cbf47583-3068-4a0a-ad4c-64df6a32583a","block_type":"box","text":"BlackRock Global Dividend Portfolio","page_number":50,"box":{"x":589,"y":185,"width":216,"height":7}},{"id":"21d1f2c6-b897-4675-8b92-5dd432e7bd5f","block_type":"box","text":"Institutional","page_number":50,"box":{"x":661,"y":201,"width":71,"height":7}},{"id":"1f61021f-4818-4050-baf4-ea0b2b91bbff","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":50,"box":{"x":69,"y":227,"width":296,"height":9}},{"id":"3c715120-2730-47f8-98d0-28ae8ed21d5a","block_type":"box","text":"Year Ended","page_number":50,"box":{"x":470,"y":217,"width":66,"height":7}},{"id":"ae10df93-4dee-4c7f-aad3-b9491a0abd65","block_type":"box","text":"05/31/26","page_number":50,"box":{"x":471,"y":227,"width":64,"height":9}},{"id":"55ba246c-eb26-4cfd-8c83-8fb5f1ba338d","block_type":"box","text":"Year Ended","page_number":50,"box":{"x":567,"y":217,"width":66,"height":7}},{"id":"5f0c6b4f-7993-498f-b689-bd70fb83ee26","block_type":"box","text":"05/31/25","page_number":50,"box":{"x":568,"y":227,"width":64,"height":9}},{"id":"94d435b7-3df1-4b23-b83a-4bf34218bc4c","block_type":"box","text":"Year Ended","page_number":50,"box":{"x":664,"y":217,"width":65,"height":7}},{"id":"448fdcc6-8f2e-42eb-a6bd-eb0d8b57f398","block_type":"box","text":"05/31/24","page_number":50,"box":{"x":665,"y":227,"width":64,"height":9}},{"id":"635d4eca-b1bc-43cc-ae97-bd0fdd6312b3","block_type":"box","text":"Year Ended","page_number":50,"box":{"x":760,"y":217,"width":66,"height":7}},{"id":"c8949000-159b-4fb5-8f7e-12babd7e8313","block_type":"box","text":"05/31/23","page_number":50,"box":{"x":762,"y":227,"width":63,"height":9}},{"id":"1eefc0b8-ff15-46a0-ba58-c42a4dd22a8c","block_type":"box","text":"Year Ended","page_number":50,"box":{"x":857,"y":217,"width":66,"height":7}},{"id":"f9adea33-bea4-46ae-bbe6-1e4be4fb877c","block_type":"box","text":"05/31/22","page_number":50,"box":{"x":859,"y":227,"width":63,"height":9}},{"id":"3d912390-ec29-41b6-96f8-98b3bea875a3","block_type":"box","text":"Net asset value, beginning of year","page_number":50,"box":{"x":69,"y":244,"width":205,"height":9}},{"id":"52c9ab70-8c40-4790-95e8-3eb5b6f083ed","block_type":"box","text":"$ 12.57 $ 12.35 $ 10.80 $ 11.68 $ 14.37","page_number":50,"box":{"x":474,"y":244,"width":446,"height":8}},{"id":"f4d39bcf-bac9-4db9-8d1d-9a0bd97ae441","block_type":"box","text":"Net investment income","page_number":50,"box":{"x":85,"y":261,"width":134,"height":7}},{"id":"53ac193a-1f9d-4153-874a-a06e012b8860","block_type":"box","text":"(a)","page_number":50,"box":{"x":220,"y":261,"width":7,"height":4}},{"id":"86e428c6-cfca-4aed-800c-1a2f00e998c4","block_type":"box","text":"0.18","page_number":50,"box":{"x":506,"y":261,"width":27,"height":7}},{"id":"43838f53-802d-4679-b00e-7c19f099abc9","block_type":"box","text":"(b)","page_number":50,"box":{"x":534,"y":261,"width":7,"height":4}},{"id":"9d1b321c-3e0b-4bee-870b-c22a3bc94e2d","block_type":"box","text":"0.16 0.23 0.21 0.20","page_number":50,"box":{"x":602,"y":261,"width":318,"height":7}},{"id":"591791ae-73cc-4082-ba11-e552d23bfedf","block_type":"box","text":"Net realized and unrealized gain (loss) 2.58 1.01 1.56 (0.42) (0.62)","page_number":50,"box":{"x":85,"y":273,"width":839,"height":9}},{"id":"4ab692d5-133e-4606-a400-2d2e984263b9","block_type":"box","text":"Net increase (decrease) from investment operations 2.76 1.17 1.79 (0.21) (0.42)","page_number":50,"box":{"x":70,"y":284,"width":854,"height":9}},{"id":"d6938879-74bf-44c5-a767-031b77294839","block_type":"box","text":"Distributions","page_number":50,"box":{"x":69,"y":301,"width":76,"height":7}},{"id":"999bbbb0-7b8c-475c-bc80-b45b342da6bb","block_type":"box","text":"(c)","page_number":50,"box":{"x":145,"y":301,"width":8,"height":4}},{"id":"f89ed3e4-53ac-4e08-8338-b8c87274dbcb","block_type":"box","text":"From net investment income (0.20) (0.18) (0.24) (0.21) (0.20)","page_number":50,"box":{"x":85,"y":312,"width":839,"height":9}},{"id":"2e00c6ac-a468-4b06-933c-e2bd8a946703","block_type":"box","text":"From net realized gain (2.19) (0.77) — (0.46) (2.07)","page_number":50,"box":{"x":85,"y":324,"width":839,"height":9}},{"id":"7bb27343-21d8-41e2-996a-5ef91b5d2189","block_type":"box","text":"Total distributions (2.39) (0.95) (0.24) (0.67) (2.27)","page_number":50,"box":{"x":69,"y":341,"width":855,"height":9}},{"id":"f9f1449e-b87c-4304-9ecc-6728328f4333","block_type":"box","text":"Net asset value, end of year","page_number":50,"box":{"x":69,"y":358,"width":168,"height":9}},{"id":"da1393c6-0bdf-4323-84d9-5f10df3dec34","block_type":"box","text":"$ 12.94 $ 12.57 $ 12.35 $ 10.80 $ 11.68","page_number":50,"box":{"x":474,"y":357,"width":446,"height":9}},{"id":"219af174-5f82-483e-a05f-4109bcf7948d","block_type":"box","text":"Total Return","page_number":50,"box":{"x":69,"y":374,"width":73,"height":8}},{"id":"9312f4a2-db70-4d08-b986-1685abf2fcaf","block_type":"box","text":"(d)","page_number":50,"box":{"x":143,"y":374,"width":8,"height":5}},{"id":"53197d24-03cc-48db-a0bc-a0dbebf2e9b2","block_type":"box","text":"Based on net asset value 24.14% 9.61% 16.80% (1.34)% (3.55)%","page_number":50,"box":{"x":70,"y":391,"width":864,"height":9}},{"id":"8689a581-788e-4133-b1a7-ba37321d63c0","block_type":"box","text":"Ratios to Average Net Assets","page_number":50,"box":{"x":70,"y":408,"width":176,"height":9}},{"id":"949dd900-3563-4308-a3b3-1a41ea9b34ed","block_type":"box","text":"(e)","page_number":50,"box":{"x":247,"y":408,"width":8,"height":4}},{"id":"3a95fa63-c9a6-424f-a1bc-1b5e751c3f2a","block_type":"box","text":"Total expenses 0.81% 0.80% 0.81% 0.79% 0.75%","page_number":50,"box":{"x":69,"y":425,"width":861,"height":9}},{"id":"94a525ea-690a-4fa6-b3d1-0020f673f4d0","block_type":"box","text":"Total expenses after fees waived and/or reimbursed 0.81% 0.80% 0.81% 0.79% 0.75%","page_number":50,"box":{"x":69,"y":441,"width":861,"height":9}},{"id":"f73542e4-3f97-4b72-8029-d8aaf9e986f1","block_type":"box","text":"Total expenses after fees waived and/or reimbursed and excluding","page_number":50,"box":{"x":69,"y":458,"width":391,"height":9}},{"id":"90e20172-2f1c-4e09-8bd9-aa5839e13885","block_type":"box","text":"interest expense and professional fees for foreign withholding tax","page_number":50,"box":{"x":70,"y":470,"width":384,"height":10}},{"id":"c3d085e9-1e31-4025-9dc3-15bb80016885","block_type":"box","text":"claims 0.79% 0.78% 0.78% 0.79% 0.75%","page_number":50,"box":{"x":69,"y":483,"width":861,"height":7}},{"id":"8b36648a-64c8-4bd0-8ab1-8825432c1d4c","block_type":"box","text":"Net investment income 1.41% 1.28% 1.97% 1.98% 1.59%","page_number":50,"box":{"x":70,"y":499,"width":860,"height":8}},{"id":"b5f4874c-f9f1-46dc-8faf-93e4fd33e34e","block_type":"box","text":"Supplemental Data","page_number":50,"box":{"x":69,"y":516,"width":114,"height":9}},{"id":"489dac8a-4a53-4862-897f-3c90b0c99e84","block_type":"box","text":"Net assets, end of year (000) $429,179 $422,725 $676,032 $682,711 $857,966","page_number":50,"box":{"x":70,"y":532,"width":850,"height":10}},{"id":"346dd009-3b92-4fa3-8107-3c2cf4e0c76d","block_type":"box","text":"Portfolio turnover rate 61% 44% 50% 53% 42%","page_number":50,"box":{"x":69,"y":550,"width":861,"height":7}},{"id":"58bfabad-0528-4eb8-9472-e0c5bdf43e06","block_type":"box","text":"(a)","page_number":50,"box":{"x":61,"y":570,"width":7,"height":4}},{"id":"cf296104-5069-4f04-aa71-92d33a64424d","block_type":"box","text":"Based on average shares outstanding.","page_number":50,"box":{"x":81,"y":570,"width":225,"height":9}},{"id":"fceb579d-a8e0-4028-9430-c0b67173b774","block_type":"box","text":"(b)","page_number":50,"box":{"x":61,"y":583,"width":7,"height":4}},{"id":"e0196ec1-119e-4bb6-9b90-70d6ade9bafb","block_type":"box","text":"Includes a one-time special distribution from Progressive Corp. (The). Excluding such special distribution, the net investment income would","page_number":50,"box":{"x":82,"y":582,"width":813,"height":10}},{"id":"19391cb1-fa1d-4863-928a-c71e059373b1","block_type":"box","text":"have been $0.16 per share and 1.29% of average net assets.","page_number":50,"box":{"x":81,"y":592,"width":363,"height":10}},{"id":"a075280c-5c5b-4fe0-8288-e9bcd7842a91","block_type":"box","text":"(c)","page_number":50,"box":{"x":61,"y":606,"width":6,"height":4}},{"id":"efb65eb3-e4bd-46f5-8ac8-9f4d6f839b9f","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":50,"box":{"x":82,"y":606,"width":582,"height":9}},{"id":"e3927835-70d0-4d9e-9f56-bdbeefd8e6be","block_type":"box","text":"(d)","page_number":50,"box":{"x":61,"y":619,"width":7,"height":4}},{"id":"1b92650c-1bf3-4476-bfec-420056bf41ae","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":50,"box":{"x":81,"y":619,"width":361,"height":9}},{"id":"4df31032-a4da-4014-810d-6a3a6c0ca065","block_type":"box","text":"(e)","page_number":50,"box":{"x":61,"y":632,"width":7,"height":4}},{"id":"6b973ee0-a897-4016-9d8c-db2d53189b3f","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":50,"box":{"x":82,"y":631,"width":550,"height":10}},{"id":"d80f6e0b-e5a2-4bf7-9127-c002b7c50a47","block_type":"box","text":"Financial Highlights","page_number":50,"box":{"x":61,"y":47,"width":178,"height":13}},{"id":"59382b40-cc7a-4685-adad-ac6077d0170a","block_type":"box","text":"50","page_number":50,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"2fed3891-b50a-44f1-8f6f-2576a00ea094","block_type":"box","text":"NM1026U-5988115-50/72","page_number":50,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"71530a2f-6d06-4bd9-8f06-794b8a6c044f","block_type":"box","text":"BlackRock Global Dividend Portfolio","page_number":51,"box":{"x":589,"y":186,"width":216,"height":7}},{"id":"d03fa5ae-1271-48b0-98ee-793f01f47a13","block_type":"box","text":"Investor A","page_number":51,"box":{"x":667,"y":202,"width":60,"height":8}},{"id":"010f11a6-a2c2-47c7-a78d-f7940f01d860","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":51,"box":{"x":69,"y":229,"width":296,"height":9}},{"id":"9b2fb58d-a882-4f6c-bf43-4feb5ecf6132","block_type":"box","text":"Year Ended","page_number":51,"box":{"x":470,"y":218,"width":66,"height":8}},{"id":"73091cb9-3049-4496-b148-c24ca3d7cf72","block_type":"box","text":"05/31/26","page_number":51,"box":{"x":471,"y":229,"width":64,"height":9}},{"id":"502db4f9-dd2a-48b5-aa00-24ac65da72f2","block_type":"box","text":"Year Ended","page_number":51,"box":{"x":567,"y":218,"width":66,"height":8}},{"id":"a347b301-60a6-4231-bbe3-f881f7bb698d","block_type":"box","text":"05/31/25","page_number":51,"box":{"x":568,"y":229,"width":64,"height":9}},{"id":"154ae16a-c468-4e4c-acc4-1d897e492718","block_type":"box","text":"Year Ended","page_number":51,"box":{"x":664,"y":218,"width":65,"height":8}},{"id":"4ebbc232-493a-42f5-966e-fb0d16c5adcb","block_type":"box","text":"05/31/24","page_number":51,"box":{"x":665,"y":229,"width":64,"height":9}},{"id":"f2d4464c-bab5-41f7-9406-913816a5e194","block_type":"box","text":"Year Ended","page_number":51,"box":{"x":760,"y":218,"width":66,"height":8}},{"id":"18d9c69b-1390-4c64-82c7-78228584705c","block_type":"box","text":"05/31/23","page_number":51,"box":{"x":762,"y":229,"width":63,"height":9}},{"id":"da04eca3-cde7-43a3-b6bb-17c872ef578f","block_type":"box","text":"Year Ended","page_number":51,"box":{"x":857,"y":218,"width":66,"height":8}},{"id":"6362d416-832e-4951-a0b4-f54e4be9ca40","block_type":"box","text":"05/31/22","page_number":51,"box":{"x":859,"y":229,"width":63,"height":9}},{"id":"e17adb91-ea7e-4092-84c7-a276684db163","block_type":"box","text":"Net asset value, beginning of year","page_number":51,"box":{"x":69,"y":245,"width":205,"height":9}},{"id":"209d79d4-635d-404a-826f-dd48eb008c6f","block_type":"box","text":"$ 12.50 $ 12.29 $ 10.74 $ 11.62 $ 14.31","page_number":51,"box":{"x":474,"y":245,"width":446,"height":8}},{"id":"020ba31d-3243-45d0-bb4a-5759f579357f","block_type":"box","text":"Net investment income","page_number":51,"box":{"x":85,"y":262,"width":134,"height":7}},{"id":"8252e843-9be3-4ec1-b475-f22f31aafa87","block_type":"box","text":"(a)","page_number":51,"box":{"x":220,"y":262,"width":7,"height":5}},{"id":"3dc3aa6b-ea6d-4656-b0d5-17599e421300","block_type":"box","text":"0.15","page_number":51,"box":{"x":506,"y":262,"width":27,"height":7}},{"id":"cb0f9367-fe8f-453c-bdbf-c0485ac49aa0","block_type":"box","text":"(b)","page_number":51,"box":{"x":534,"y":262,"width":7,"height":5}},{"id":"155d3aa4-277e-482d-8054-b5baf11d29fc","block_type":"box","text":"0.14 0.20 0.18 0.17","page_number":51,"box":{"x":602,"y":262,"width":318,"height":7}},{"id":"7b2c99fe-d8af-486b-8258-8ec429505e4f","block_type":"box","text":"Net realized and unrealized gain (loss) 2.56 0.99 1.56 (0.41) (0.62)","page_number":51,"box":{"x":85,"y":274,"width":839,"height":9}},{"id":"68bea104-5d5e-42e5-92f2-7ed6ae1ed882","block_type":"box","text":"Net increase (decrease) from investment operations 2.71 1.13 1.76 (0.23) (0.45)","page_number":51,"box":{"x":70,"y":285,"width":854,"height":9}},{"id":"44e85116-5199-4fbf-b690-21f5d7b60fa2","block_type":"box","text":"Distributions","page_number":51,"box":{"x":69,"y":302,"width":76,"height":7}},{"id":"71a11f27-cb23-44f7-a846-89e99f71968e","block_type":"box","text":"(c)","page_number":51,"box":{"x":145,"y":302,"width":8,"height":5}},{"id":"0f549b2a-c78c-4b95-85ce-d8242602e605","block_type":"box","text":"From net investment income (0.16) (0.15) (0.21) (0.19) (0.17)","page_number":51,"box":{"x":85,"y":314,"width":839,"height":9}},{"id":"0ccb0c62-6b30-456a-8505-14de518297ac","block_type":"box","text":"From net realized gain (2.19) (0.77) — (0.46) (2.07)","page_number":51,"box":{"x":85,"y":325,"width":839,"height":10}},{"id":"0e0001e0-4931-4690-87c8-81db13faf07f","block_type":"box","text":"Total distributions (2.35) (0.92) (0.21) (0.65) (2.24)","page_number":51,"box":{"x":69,"y":342,"width":855,"height":9}},{"id":"a5521183-ce37-4a54-962f-a13f7fbb4842","block_type":"box","text":"Net asset value, end of year","page_number":51,"box":{"x":69,"y":359,"width":168,"height":9}},{"id":"7a863d13-954c-4aad-a2df-4903e75eb04e","block_type":"box","text":"$ 12.86 $ 12.50 $ 12.29 $ 10.74 $ 11.62","page_number":51,"box":{"x":474,"y":358,"width":446,"height":9}},{"id":"202e5fa8-ba73-49c0-8b29-918c48b8b837","block_type":"box","text":"Total Return","page_number":51,"box":{"x":69,"y":376,"width":73,"height":7}},{"id":"1f799d4c-d026-457f-8127-63a8b4fda17e","block_type":"box","text":"(d)","page_number":51,"box":{"x":143,"y":376,"width":8,"height":4}},{"id":"ba87766c-a57b-4be0-98df-f68cd015dbcf","block_type":"box","text":"Based on net asset value 23.88% 9.31% 16.60% (1.62)% (3.81)%","page_number":51,"box":{"x":70,"y":392,"width":864,"height":9}},{"id":"97b73dac-fd5d-48ac-88ea-77dbca7835a6","block_type":"box","text":"Ratios to Average Net Assets","page_number":51,"box":{"x":70,"y":409,"width":176,"height":9}},{"id":"5ff7c2a5-dc93-45e2-be62-212cfa243fc9","block_type":"box","text":"(e)","page_number":51,"box":{"x":247,"y":409,"width":8,"height":5}},{"id":"e968f102-110a-4544-97b2-c94d85b7b10c","block_type":"box","text":"Total expenses 1.06% 1.03% 1.06% 1.04% 1.00%","page_number":51,"box":{"x":69,"y":426,"width":861,"height":9}},{"id":"54294c4e-6543-4489-a9ce-a7303c8a8a20","block_type":"box","text":"Total expenses after fees waived and/or reimbursed 1.06% 1.03% 1.06% 1.04% 1.00%","page_number":51,"box":{"x":69,"y":443,"width":861,"height":9}},{"id":"a2191e39-b96b-48d1-aef5-a0aaf1a6c225","block_type":"box","text":"Total expenses after fees waived and/or reimbursed and excluding","page_number":51,"box":{"x":69,"y":459,"width":391,"height":10}},{"id":"06c863a5-24aa-49eb-b26a-db6bb9fecf57","block_type":"box","text":"interest expense and professional fees for foreign withholding tax","page_number":51,"box":{"x":70,"y":472,"width":384,"height":9}},{"id":"9f9468fd-7faf-4a6f-a1db-c9fbd2b1d554","block_type":"box","text":"claims 1.04% 1.02% 1.03% 1.04% 1.00%","page_number":51,"box":{"x":69,"y":484,"width":861,"height":7}},{"id":"2fc96070-ebc9-49ba-8704-8b8b1a5500e5","block_type":"box","text":"Net investment income 1.16% 1.09% 1.73% 1.72% 1.34%","page_number":51,"box":{"x":70,"y":501,"width":860,"height":7}},{"id":"646fa8ad-25b0-478c-b844-ca4b9acdde3c","block_type":"box","text":"Supplemental Data","page_number":51,"box":{"x":69,"y":517,"width":114,"height":9}},{"id":"0553a2a6-1488-4574-9624-93915085ffe6","block_type":"box","text":"Net assets, end of year (000) $378,811 $360,468 $377,545 $379,256 $474,705","page_number":51,"box":{"x":70,"y":534,"width":850,"height":9}},{"id":"197bf218-5014-428f-8f81-2767823f7079","block_type":"box","text":"Portfolio turnover rate 61% 44% 50% 53% 42%","page_number":51,"box":{"x":69,"y":551,"width":861,"height":7}},{"id":"7efea801-00f2-4665-a419-b943c3972cb7","block_type":"box","text":"(a)","page_number":51,"box":{"x":61,"y":571,"width":7,"height":4}},{"id":"e5c901e0-0236-43c7-990c-97b5a4412dcd","block_type":"box","text":"Based on average shares outstanding.","page_number":51,"box":{"x":81,"y":571,"width":225,"height":9}},{"id":"e1d7d66f-9daf-4d27-a299-d1c620bfe3ad","block_type":"box","text":"(b)","page_number":51,"box":{"x":61,"y":584,"width":7,"height":4}},{"id":"8085e006-c2fb-4a26-af78-e5f11c9ca647","block_type":"box","text":"Includes a one-time special distribution from Progressive Corp. (The). Excluding such special distribution, the net investment income would","page_number":51,"box":{"x":82,"y":584,"width":813,"height":9}},{"id":"81215821-cf35-4ba8-b892-c24aa2e74fbe","block_type":"box","text":"have been $0.13 per share and 1.05% of average net assets.","page_number":51,"box":{"x":81,"y":594,"width":363,"height":9}},{"id":"3079d56a-07b0-4c51-9175-89e15625ffbd","block_type":"box","text":"(c)","page_number":51,"box":{"x":61,"y":607,"width":6,"height":5}},{"id":"3c504c84-772a-49f5-a28f-f6354c67ba30","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":51,"box":{"x":82,"y":607,"width":582,"height":9}},{"id":"cf6587d0-acd4-45d6-8d46-0e18ceb33106","block_type":"box","text":"(d)","page_number":51,"box":{"x":61,"y":620,"width":7,"height":4}},{"id":"2e5df34f-fd45-49c1-9a9c-62f6b26f51aa","block_type":"box","text":"Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.","page_number":51,"box":{"x":81,"y":620,"width":636,"height":9}},{"id":"f6891a27-2e79-4001-bbb0-fa0aa9d8ae76","block_type":"box","text":"(e)","page_number":51,"box":{"x":61,"y":633,"width":7,"height":4}},{"id":"710a52f5-ebec-424e-be04-ded26348b29c","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":51,"box":{"x":82,"y":633,"width":550,"height":9}},{"id":"2f6d0cbf-32db-42ef-8f23-a67839469443","block_type":"box","text":"Financial Highlights","page_number":51,"box":{"x":61,"y":47,"width":178,"height":13}},{"id":"95874b3b-6488-40e6-a816-4e8322c2891d","block_type":"box","text":"(continued)","page_number":51,"box":{"x":244,"y":48,"width":81,"height":12}},{"id":"a0bafb28-dbcd-4920-a242-5cfc2814f9c5","block_type":"box","text":"51","page_number":51,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"5d1db5e3-c83f-4a17-9ba5-743b95fa40ea","block_type":"box","text":"NM1026U-5988115-51/72","page_number":51,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6e102d7e-290f-4028-a7cb-d974307fbbfd","block_type":"box","text":"BlackRock Global Dividend Portfolio","page_number":52,"box":{"x":589,"y":186,"width":216,"height":7}},{"id":"019f5eb0-9106-4dee-b3f3-1450ac297e68","block_type":"box","text":"Investor C","page_number":52,"box":{"x":667,"y":202,"width":60,"height":8}},{"id":"0af87804-fbaa-415f-b3c2-873eec643be7","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":52,"box":{"x":69,"y":229,"width":296,"height":9}},{"id":"680d85cd-383a-4a3b-9b33-7488de38c942","block_type":"box","text":"Year Ended","page_number":52,"box":{"x":470,"y":218,"width":66,"height":8}},{"id":"d19caa7f-d369-47a4-8bc5-5c25d6f01671","block_type":"box","text":"05/31/26","page_number":52,"box":{"x":471,"y":229,"width":64,"height":9}},{"id":"808a5624-1144-4cee-acce-3fc3dd60f445","block_type":"box","text":"Year Ended","page_number":52,"box":{"x":567,"y":218,"width":66,"height":8}},{"id":"fd53c9a8-7887-4fa6-bf38-25b781164e4c","block_type":"box","text":"05/31/25","page_number":52,"box":{"x":568,"y":229,"width":64,"height":9}},{"id":"254bad67-68a1-471d-ad67-aca280591c33","block_type":"box","text":"Year Ended","page_number":52,"box":{"x":664,"y":218,"width":65,"height":8}},{"id":"a14c26eb-6246-4e6e-b810-d994b2c99479","block_type":"box","text":"05/31/24","page_number":52,"box":{"x":665,"y":229,"width":64,"height":9}},{"id":"424a6f02-d138-42c2-9ae5-09100cbddd2a","block_type":"box","text":"Year Ended","page_number":52,"box":{"x":760,"y":218,"width":66,"height":8}},{"id":"7d0b422a-8439-4352-aba2-fb39c04cf0bd","block_type":"box","text":"05/31/23","page_number":52,"box":{"x":762,"y":229,"width":63,"height":9}},{"id":"9f0d3346-db59-483f-9cf4-5b3aaddacbaa","block_type":"box","text":"Year Ended","page_number":52,"box":{"x":857,"y":218,"width":66,"height":8}},{"id":"1c2ca5a2-075c-4674-9f34-727b85b7e4ce","block_type":"box","text":"05/31/22","page_number":52,"box":{"x":859,"y":229,"width":63,"height":9}},{"id":"1ce77c85-82ea-4bbb-bafc-7acb34d14df4","block_type":"box","text":"Net asset value, beginning of year","page_number":52,"box":{"x":69,"y":245,"width":205,"height":9}},{"id":"fe9ffc36-f569-47af-8fd5-fe4db63269de","block_type":"box","text":"$ 12.43 $ 12.22 $ 10.68 $ 11.55 $ 14.23","page_number":52,"box":{"x":478,"y":245,"width":438,"height":8}},{"id":"bdfd2e70-7572-4016-9034-c9f5582baaeb","block_type":"box","text":"Net investment income","page_number":52,"box":{"x":85,"y":262,"width":134,"height":7}},{"id":"5d2309d7-35ec-4a0f-8c5b-16936dacb733","block_type":"box","text":"(a)","page_number":52,"box":{"x":220,"y":262,"width":7,"height":5}},{"id":"a76b45e0-e6dc-400d-82f6-6be868433269","block_type":"box","text":"0.04","page_number":52,"box":{"x":502,"y":262,"width":27,"height":7}},{"id":"45f0c615-9202-49a4-bd7c-f6ced42a623b","block_type":"box","text":"(b)","page_number":52,"box":{"x":530,"y":262,"width":7,"height":5}},{"id":"497bb908-d894-48fa-971e-97133f49206f","block_type":"box","text":"0.03 0.10 0.09 0.06","page_number":52,"box":{"x":598,"y":262,"width":318,"height":7}},{"id":"5b5ec433-2dad-404d-8cff-51997d81aa88","block_type":"box","text":"Net realized and unrealized gain (loss) 2.55 1.00 1.56 (0.40) (0.61)","page_number":52,"box":{"x":85,"y":274,"width":835,"height":9}},{"id":"702577e5-9959-419d-bcc7-7e0282d545a9","block_type":"box","text":"Net increase (decrease) from investment operations 2.59 1.03 1.66 (0.31) (0.55)","page_number":52,"box":{"x":70,"y":285,"width":850,"height":9}},{"id":"4ef9589e-9900-47da-9495-ceaa151cb20f","block_type":"box","text":"Distributions","page_number":52,"box":{"x":69,"y":302,"width":76,"height":7}},{"id":"cb6ca7c4-1d95-4388-91f6-9158fa3cf323","block_type":"box","text":"(c)","page_number":52,"box":{"x":145,"y":302,"width":8,"height":5}},{"id":"c2ec2368-eca1-44ed-8003-b7ea8aa047e4","block_type":"box","text":"From net investment income (0.06) (0.05) (0.12) (0.10) (0.06)","page_number":52,"box":{"x":85,"y":314,"width":835,"height":9}},{"id":"cda3f3a5-8bda-413f-a8fb-72be5a505d2c","block_type":"box","text":"From net realized gain (2.19) (0.77) — (0.46) (2.07)","page_number":52,"box":{"x":85,"y":325,"width":835,"height":10}},{"id":"40860e77-9fce-4c3e-92b5-2fd0ada20b60","block_type":"box","text":"Total distributions (2.25) (0.82) (0.12) (0.56) (2.13)","page_number":52,"box":{"x":69,"y":342,"width":851,"height":9}},{"id":"f68d9ac7-e9a5-4bb3-8a00-d022ba912cd9","block_type":"box","text":"Net asset value, end of year","page_number":52,"box":{"x":69,"y":359,"width":168,"height":9}},{"id":"b408798e-e1e8-4431-8f3b-575fab439b2c","block_type":"box","text":"$ 12.77 $ 12.43 $ 12.22 $ 10.68 $ 11.55","page_number":52,"box":{"x":478,"y":358,"width":438,"height":9}},{"id":"7bf5b3c7-1c22-40d7-90cd-728fbee462d6","block_type":"box","text":"Total Return","page_number":52,"box":{"x":69,"y":376,"width":73,"height":7}},{"id":"5eb9927b-6724-4316-8f8a-2c0337f3d31e","block_type":"box","text":"(d)","page_number":52,"box":{"x":143,"y":376,"width":8,"height":4}},{"id":"52d0cde5-e8d3-4ca7-8980-4d1da18a7a3b","block_type":"box","text":"Based on net asset value 22.79% 8.46% 15.64% (2.40)% (4.60)%","page_number":52,"box":{"x":70,"y":392,"width":860,"height":9}},{"id":"a510cd0e-94fd-4da3-85a3-c2df7bc7a368","block_type":"box","text":"Ratios to Average Net Assets","page_number":52,"box":{"x":70,"y":409,"width":176,"height":9}},{"id":"eb496e44-974a-467c-8eca-031cfa3677f0","block_type":"box","text":"(e)","page_number":52,"box":{"x":247,"y":409,"width":8,"height":5}},{"id":"8c2e7074-acb4-40b1-b197-949c6a171ff0","block_type":"box","text":"Total expenses 1.88% 1.83% 1.87% 1.82% 1.79%","page_number":52,"box":{"x":69,"y":426,"width":857,"height":9}},{"id":"39e1f9df-e90d-4319-998e-147346ee0cad","block_type":"box","text":"Total expenses after fees waived and/or reimbursed 1.88% 1.83% 1.87% 1.82% 1.79%","page_number":52,"box":{"x":69,"y":443,"width":857,"height":9}},{"id":"97ce7c38-9413-4b04-9016-2bec55d40d31","block_type":"box","text":"Total expenses after fees waived and/or reimbursed and excluding","page_number":52,"box":{"x":69,"y":459,"width":391,"height":10}},{"id":"385d3ec3-f105-44e0-a7d8-d7eaf034fdf1","block_type":"box","text":"interest expense and professional fees for foreign withholding tax","page_number":52,"box":{"x":70,"y":472,"width":384,"height":9}},{"id":"d6030dfb-7ce6-498c-8c64-924d2b7f9fc0","block_type":"box","text":"claims 1.86% 1.82% 1.84% 1.82% 1.79%","page_number":52,"box":{"x":69,"y":484,"width":857,"height":7}},{"id":"b89aa38c-e0ab-4237-9352-3475621c87e9","block_type":"box","text":"Net investment income 0.31% 0.26% 0.92% 0.88% 0.48%","page_number":52,"box":{"x":70,"y":501,"width":856,"height":7}},{"id":"911d056d-2e2c-49ec-b237-570d39a5ef6b","block_type":"box","text":"Supplemental Data","page_number":52,"box":{"x":69,"y":517,"width":114,"height":9}},{"id":"0fb5ead1-cf6f-44b5-be24-bac124194def","block_type":"box","text":"Net assets, end of year (000) $11,587 $13,877 $18,659 $24,025 $40,587","page_number":52,"box":{"x":70,"y":534,"width":846,"height":9}},{"id":"1cf64739-0a6e-49cf-b82f-58a45e5e7424","block_type":"box","text":"Portfolio turnover rate 61% 44% 50% 53% 42%","page_number":52,"box":{"x":69,"y":551,"width":857,"height":7}},{"id":"695cafa6-3f76-40fb-aecd-0bc7118c834b","block_type":"box","text":"(a)","page_number":52,"box":{"x":61,"y":571,"width":7,"height":4}},{"id":"975cfa23-c841-4f43-9822-3e63dc0caee1","block_type":"box","text":"Based on average shares outstanding.","page_number":52,"box":{"x":81,"y":571,"width":225,"height":9}},{"id":"e56f0bc6-971b-41df-a8a1-158bd4008400","block_type":"box","text":"(b)","page_number":52,"box":{"x":61,"y":584,"width":7,"height":4}},{"id":"31ca9be8-6707-45bb-b5cf-fae085f3e959","block_type":"box","text":"Includes a one-time special distribution from Progressive Corp. (The). Excluding such special distribution, the net investment income would","page_number":52,"box":{"x":82,"y":584,"width":813,"height":9}},{"id":"05f746cf-18d3-491e-92d4-a7780e0431ae","block_type":"box","text":"have been $0.03 per share and 0.20% of average net assets.","page_number":52,"box":{"x":81,"y":594,"width":363,"height":9}},{"id":"b20638d1-e2fc-41b4-9a67-33e3e3b24421","block_type":"box","text":"(c)","page_number":52,"box":{"x":61,"y":607,"width":6,"height":5}},{"id":"3399bf5a-2c47-4437-a93e-df4779bd4d15","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":52,"box":{"x":82,"y":607,"width":582,"height":9}},{"id":"e727cb4f-21bc-4c69-8a81-e92278c269a5","block_type":"box","text":"(d)","page_number":52,"box":{"x":61,"y":620,"width":7,"height":4}},{"id":"1620bca7-975a-4dad-b37e-b7ac647164e3","block_type":"box","text":"Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.","page_number":52,"box":{"x":81,"y":620,"width":636,"height":9}},{"id":"c134fa4c-33b5-4d7c-a3e0-852752b0b669","block_type":"box","text":"(e)","page_number":52,"box":{"x":61,"y":633,"width":7,"height":4}},{"id":"6fbf90d5-5717-47af-9883-a5b52fbe73da","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":52,"box":{"x":82,"y":633,"width":550,"height":9}},{"id":"7d500c69-1815-49c1-a63f-b67df3f6a666","block_type":"box","text":"Financial Highlights","page_number":52,"box":{"x":61,"y":47,"width":178,"height":13}},{"id":"32a2ff3e-5c23-412e-b607-a47c6be16859","block_type":"box","text":"(concluded)","page_number":52,"box":{"x":244,"y":48,"width":83,"height":12}},{"id":"30a55de0-04a4-4f1e-b0d5-fef5a4f80491","block_type":"box","text":"52","page_number":52,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"d615add6-b0e7-4a87-8eef-08d841170a97","block_type":"box","text":"NM1026U-5988115-52/72","page_number":52,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"62920b77-0962-47ac-b2bf-ecf0df61dd49","block_type":"box","text":"General Information","page_number":53,"box":{"x":63,"y":82,"width":431,"height":27}},{"id":"7e63a3a0-1930-4363-82ff-1a186bc1a0b7","block_type":"box","text":"Shareholder Documents","page_number":53,"box":{"x":61,"y":156,"width":216,"height":11}},{"id":"e5d4b526-b6af-4fb6-bb97-0d3bc9372396","block_type":"box","text":"Electronic Access to Annual and Semi-Annual Reports, Annual and Semi-Annual Financial Statements and","page_number":53,"box":{"x":61,"y":183,"width":875,"height":12}},{"id":"1b10c344-c1e6-4e6d-9ddb-130b056681d7","block_type":"box","text":"Additional Information and Prospectuses","page_number":53,"box":{"x":60,"y":200,"width":336,"height":12}},{"id":"54c7b1b8-d795-4a10-a15d-2433ec9e7814","block_type":"box","text":"Electronic copies of most financial reports and prospectuses are available on BlackRock’s website. Shareholders can","page_number":53,"box":{"x":62,"y":216,"width":862,"height":11}},{"id":"3b676bc6-96bb-4a0f-b9a0-9a7f9581c3ae","block_type":"box","text":"sign up for e-mail notifications of annual and semi-annual reports, Annual and Semi-Annual Financial Statements and","page_number":53,"box":{"x":61,"y":231,"width":858,"height":11}},{"id":"7fc04d78-faef-4904-96d9-bf5a53cd906a","block_type":"box","text":"Additional Information and prospectuses by enrolling in the Fund’s electronic delivery program. To enroll:","page_number":53,"box":{"x":60,"y":245,"width":767,"height":12}},{"id":"d016416a-06a5-4b95-b46f-65bb9c1acaf5","block_type":"box","text":"Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:","page_number":53,"box":{"x":60,"y":268,"width":619,"height":11}},{"id":"0e11a7ef-4447-42f9-b0a7-fd7a464d5d57","block_type":"box","text":"Please contact your Financial","page_number":53,"box":{"x":686,"y":268,"width":211,"height":11}},{"id":"3d312cb6-32ad-4e71-802e-a9ff8ed94f64","block_type":"box","text":"Intermediary. Please note that not all investment advisers, banks or brokerages may offer this service.","page_number":53,"box":{"x":62,"y":283,"width":754,"height":11}},{"id":"27409e48-daef-4661-a3d9-adb163a3a8db","block_type":"box","text":"Shareholders Who Hold Accounts Directly With BlackRock:","page_number":53,"box":{"x":60,"y":306,"width":445,"height":11}},{"id":"ba0e890f-1db6-4307-80d0-3fafd7dcab2f","block_type":"box","text":"Access the BlackRock website at http://www.blackrock.com/edelivery; and","page_number":53,"box":{"x":81,"y":326,"width":552,"height":11}},{"id":"510c20bc-3a4b-4256-90c0-ec0aa9378bcc","block_type":"box","text":"Log into your account.","page_number":53,"box":{"x":82,"y":346,"width":159,"height":11}},{"id":"d0e5b0f3-4a2b-4a8f-8fc6-f99c18410200","block_type":"box","text":"Delivery of Shareholder Documents","page_number":53,"box":{"x":61,"y":368,"width":289,"height":13}},{"id":"f95708ba-441a-4989-8b30-4e75c0b3cdb6","block_type":"box","text":"The Fund delivers only one copy of shareholder documents, including prospectuses, shareholder reports and proxy","page_number":53,"box":{"x":60,"y":385,"width":843,"height":11}},{"id":"345198bf-b844-4a44-a531-d5b836a565bb","block_type":"box","text":"statements, to shareholders with multiple accounts at the same address. This practice is known as “householding”","page_number":53,"box":{"x":61,"y":400,"width":849,"height":11}},{"id":"6a9a2139-bb3a-46d3-b79e-240a8ab58fbb","block_type":"box","text":"and is intended to eliminate duplicate mailings and reduce expenses. Mailings of your shareholder documents may be","page_number":53,"box":{"x":61,"y":414,"width":868,"height":12}},{"id":"ad33a8ac-ed0b-49f9-b32b-a428868642d0","block_type":"box","text":"householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be","page_number":53,"box":{"x":61,"y":429,"width":844,"height":12}},{"id":"4c2d3b3d-d303-4eab-92c7-a27d931434fa","block_type":"box","text":"combined with those for other members of your household, please contact the Fund at (800) 441-7762.","page_number":53,"box":{"x":61,"y":444,"width":764,"height":11}},{"id":"0ca49b43-dc2f-47d2-b3fb-d3f1d2be905f","block_type":"box","text":"Certain Fund Policies","page_number":53,"box":{"x":61,"y":483,"width":194,"height":11}},{"id":"ee8b3291-9506-4ad7-8a7a-3380bc10b292","block_type":"box","text":"Anti-Money Laundering Requirements","page_number":53,"box":{"x":60,"y":510,"width":309,"height":12}},{"id":"5008479a-e886-487b-8cb5-fc6c14cee347","block_type":"box","text":"The Fund is subject to the USA PATRIOT Act (the “Patriot Act”). The Patriot Act is intended to prevent the use of the","page_number":53,"box":{"x":60,"y":526,"width":844,"height":11}},{"id":"a9a12e7e-4bdd-4379-be9d-195410181f16","block_type":"box","text":"U.S. financial system in furtherance of money laundering, terrorism or other illicit activities. Pursuant to requirements","page_number":53,"box":{"x":62,"y":541,"width":861,"height":11}},{"id":"aa22d358-dc1a-4769-854a-877953d11fe9","block_type":"box","text":"under the Patriot Act, the Fund is required to obtain sufficient information from shareholders to enable it to form a","page_number":53,"box":{"x":61,"y":555,"width":840,"height":12}},{"id":"2f6fa9f0-e4cb-40d6-8b1d-5d2cc63c872b","block_type":"box","text":"reasonable belief that it knows the true identity of its shareholders. This information will be used to verify the identity","page_number":53,"box":{"x":61,"y":570,"width":861,"height":12}},{"id":"3939530a-9fca-425c-910b-844d8e1d105c","block_type":"box","text":"of investors or, in some cases, the status of Financial Intermediaries. Such information may be verified using third","page_number":53,"box":{"x":61,"y":585,"width":844,"height":12}},{"id":"bc49f7be-2a5a-4cc0-8748-586216230486","block_type":"box","text":"party sources. This information will be used only for compliance with the Patriot Act or other applicable laws,","page_number":53,"box":{"x":62,"y":600,"width":795,"height":11}},{"id":"53e09968-58dd-4d5d-bdc5-f303cc0b4dd8","block_type":"box","text":"regulations and rules in connection with money laundering, terrorism or economic sanctions.","page_number":53,"box":{"x":61,"y":615,"width":679,"height":11}},{"id":"58e4d1d3-8b4c-43b7-af72-0685c829a5db","block_type":"box","text":"The Fund reserves the right to reject purchase orders from persons who have not submitted information sufficient to","page_number":53,"box":{"x":60,"y":637,"width":858,"height":12}},{"id":"e21eb048-ae83-4ffb-9598-aee0e00e178b","block_type":"box","text":"allow the Fund to verify their identity. The Fund also reserves the right to redeem any amounts in the Fund from","page_number":53,"box":{"x":61,"y":652,"width":815,"height":12}},{"id":"998eab99-8338-48fc-97ce-46516b66a1ee","block_type":"box","text":"persons whose identity it is unable to verify on a timely basis. It is the Fund’s policy to cooperate fully with appropriate","page_number":53,"box":{"x":62,"y":667,"width":869,"height":11}},{"id":"e0a66114-c30d-4289-b39d-2fc6409148a6","block_type":"box","text":"regulators in any investigations conducted with respect to potential money laundering, terrorism or other illicit","page_number":53,"box":{"x":61,"y":682,"width":805,"height":11}},{"id":"8c5c148c-282e-489c-b722-254f9b0d9c08","block_type":"box","text":"activities.","page_number":53,"box":{"x":61,"y":697,"width":68,"height":9}},{"id":"d5affc9d-73d2-4ad1-b2df-5666862a3828","block_type":"box","text":"BlackRock Privacy Principles","page_number":53,"box":{"x":61,"y":720,"width":241,"height":12}},{"id":"e8254f68-ca92-48da-9fbe-1a98d2eb1ee1","block_type":"box","text":"BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients","page_number":53,"box":{"x":62,"y":736,"width":821,"height":12}},{"id":"957b8129-9bf4-4a00-a80f-70fbd06971c3","block_type":"box","text":"(collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided","page_number":53,"box":{"x":61,"y":751,"width":868,"height":11}},{"id":"9d47bede-0464-49ec-a57e-dd562ea017f6","block_type":"box","text":"to help you understand what personal information BlackRock collects, how we protect that information and why in","page_number":53,"box":{"x":60,"y":766,"width":834,"height":11}},{"id":"f1364fe0-ae10-4360-986c-4cffcde18745","block_type":"box","text":"certain cases we share such information with select parties.","page_number":53,"box":{"x":61,"y":780,"width":445,"height":12}},{"id":"f3e9dd8b-4822-440f-bb21-028cc68762fa","block_type":"box","text":"If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with","page_number":53,"box":{"x":62,"y":803,"width":823,"height":12}},{"id":"e54900d2-78b4-4705-a835-7c9f9baf88d7","block_type":"box","text":"additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those","page_number":53,"box":{"x":61,"y":818,"width":832,"height":11}},{"id":"e44133c0-e2b1-4d0c-a0dc-3184c672cfb7","block_type":"box","text":"specific laws, rules or regulations.","page_number":53,"box":{"x":61,"y":833,"width":250,"height":11}},{"id":"fef3eff4-1772-4d23-9ecd-2b070c476f7f","block_type":"box","text":"BlackRock obtains or verifies personal non-public information from and about you from different sources, including the","page_number":53,"box":{"x":62,"y":855,"width":867,"height":12}},{"id":"a4b75f4b-2559-40ed-b981-4ff39b3a34fe","block_type":"box","text":"following: (i) information we receive from you or, if applicable, your Financial Intermediary, on applications, forms or","page_number":53,"box":{"x":60,"y":870,"width":847,"height":12}},{"id":"727cb6d9-0a49-44c1-998b-3b2b4a64d0d9","block_type":"box","text":"other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive","page_number":53,"box":{"x":61,"y":885,"width":858,"height":11}},{"id":"b201233f-da21-4569-b554-2a192e946c2c","block_type":"box","text":"from a consumer reporting agency; and (iv) from visits to our website.","page_number":53,"box":{"x":60,"y":900,"width":511,"height":11}},{"id":"0cc5399e-76a2-4d3b-a45b-d622d743db98","block_type":"box","text":"53","page_number":53,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"3c9943e4-1c32-4743-b57a-8baa1ea78520","block_type":"box","text":"NM1026U-5988115-53/72","page_number":53,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e20e712d-2796-41de-b993-d2c196da7795","block_type":"box","text":"BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients,","page_number":54,"box":{"x":62,"y":46,"width":872,"height":11}},{"id":"3c6e08ef-aaa3-41e0-afe1-7ca8b947449b","block_type":"box","text":"except as permitted by law, or as is necessary to respond to regulatory requests or to service Client accounts. These","page_number":54,"box":{"x":61,"y":61,"width":863,"height":11}},{"id":"3a1e7670-fab8-444c-beeb-e46db8897743","block_type":"box","text":"non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only","page_number":54,"box":{"x":61,"y":75,"width":863,"height":12}},{"id":"ca5965fd-4529-42a2-a77a-c67b3054c6fe","block_type":"box","text":"for its intended purpose.","page_number":54,"box":{"x":60,"y":90,"width":180,"height":11}},{"id":"8f8694a5-45f4-4fef-93ba-4f7052bbf72e","block_type":"box","text":"We may share information with our affiliates to service your account or to provide you with information about other","page_number":54,"box":{"x":60,"y":113,"width":842,"height":11}},{"id":"311d3c64-b53b-4ae1-9f70-adcfd76bd71a","block_type":"box","text":"BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public","page_number":54,"box":{"x":62,"y":127,"width":846,"height":12}},{"id":"f12e628b-7066-4dea-b60c-d2ace8232897","block_type":"box","text":"personal information about its Clients to those BlackRock employees with a legitimate business need for the","page_number":54,"box":{"x":62,"y":142,"width":798,"height":12}},{"id":"2706f37f-e4de-495f-8409-702a9609c0c3","block_type":"box","text":"information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non","page_number":54,"box":{"x":62,"y":157,"width":867,"height":12}},{"id":"70d396c7-729c-4f37-8987-bda57c1b7ee5","block_type":"box","text":"public personal information of its Clients, including procedures relating to the proper storage and disposal of such","page_number":54,"box":{"x":62,"y":172,"width":836,"height":12}},{"id":"15a7144f-0f3a-406e-93d5-b68ceae12ac0","block_type":"box","text":"information.","page_number":54,"box":{"x":62,"y":187,"width":85,"height":9}},{"id":"f732e8f0-aa0d-4ba8-897c-8d08e23886be","block_type":"box","text":"Statement of Additional Information","page_number":54,"box":{"x":61,"y":226,"width":324,"height":11}},{"id":"e15005d2-0282-4319-bc91-b7570b289d67","block_type":"box","text":"If you would like further information about the Fund, including how it invests, please see the SAI.","page_number":54,"box":{"x":62,"y":252,"width":708,"height":11}},{"id":"e50ef8fa-5372-4773-9ef9-ffd0388fa941","block_type":"box","text":"For a discussion of the Fund’s policies and procedures regarding the selective disclosure of its portfolio holdings,","page_number":54,"box":{"x":62,"y":274,"width":833,"height":12}},{"id":"a81f62d2-d9d5-4c69-90c3-d15d1c77d027","block_type":"box","text":"please see the SAI. The Fund makes its top ten holdings available on a monthly basis at www.blackrock.com generally","page_number":54,"box":{"x":62,"y":289,"width":867,"height":12}},{"id":"28b040c6-5347-476e-8a78-5975bbbbfe2c","block_type":"box","text":"within 5 business days after the end of the month to which the information applies.","page_number":54,"box":{"x":60,"y":304,"width":612,"height":12}},{"id":"17e44bcd-7231-484e-9c7e-c409db977eb4","block_type":"box","text":"54","page_number":54,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"42dc4674-48cd-41fa-8955-a4e216f4f1dd","block_type":"box","text":"NM1026U-5988115-54/72","page_number":54,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e5b4c423-4a2b-4536-9572-131191157c70","block_type":"box","text":"Glossary","page_number":55,"box":{"x":63,"y":82,"width":192,"height":34}},{"id":"0a47842c-2b2e-4568-8a5f-1b384b71b266","block_type":"box","text":"This glossary contains an explanation of some of the common terms used in this prospectus. For additional","page_number":55,"box":{"x":60,"y":146,"width":792,"height":12}},{"id":"eeb57c0e-a8e0-4206-9d0e-8823d3bc1e9c","block_type":"box","text":"information about the Fund, please see the SAI.","page_number":55,"box":{"x":62,"y":161,"width":350,"height":11}},{"id":"f181f099-8930-4c8f-a57d-f27b07de043e","block_type":"box","text":"Acquired Fund Fees and Expenses","page_number":55,"box":{"x":60,"y":184,"width":259,"height":11}},{"id":"c27e5c12-1737-4be8-88b1-7dda4d310d70","block_type":"box","text":"— the Fund’s pro rata share of the fees and expenses incurred indirectly by the","page_number":55,"box":{"x":323,"y":184,"width":585,"height":11}},{"id":"fb573046-a54f-4d1c-9566-2efc93c011e0","block_type":"box","text":"Fund as a result of investing in other investment companies.","page_number":55,"box":{"x":62,"y":198,"width":442,"height":12}},{"id":"3cab5c57-58a3-4d59-8bf4-2c031bb0e4c7","block_type":"box","text":"Annual Fund Operating Expenses","page_number":55,"box":{"x":60,"y":221,"width":249,"height":11}},{"id":"96fe224b-41a9-4fae-843d-a3e8e55786a7","block_type":"box","text":"— expenses that cover the costs of operating the Fund.","page_number":55,"box":{"x":313,"y":221,"width":409,"height":12}},{"id":"c2c33b31-1504-4011-baf5-99adc16533c5","block_type":"box","text":"Distribution Fees","page_number":55,"box":{"x":61,"y":244,"width":128,"height":9}},{"id":"cb0186f9-6ea8-4383-8f3f-7181d33382f7","block_type":"box","text":"— fees used to support the Fund’s marketing and distribution efforts, such as compensating","page_number":55,"box":{"x":193,"y":244,"width":688,"height":11}},{"id":"bc9a7182-2c1a-48a0-9af4-4e59a2f37c03","block_type":"box","text":"Financial Intermediaries, advertising and promotion.","page_number":55,"box":{"x":62,"y":259,"width":380,"height":11}},{"id":"3af1b671-ca98-470e-a60b-c9c58bc2782c","block_type":"box","text":"Management Fee","page_number":55,"box":{"x":61,"y":281,"width":131,"height":11}},{"id":"2e3cf7f5-f5a7-4f75-af8f-f3910534b9fc","block_type":"box","text":"— a fee paid to BlackRock for managing the Fund.","page_number":55,"box":{"x":196,"y":281,"width":369,"height":11}},{"id":"3f5aff09-6ef3-48d4-91fc-f2a44d92944b","block_type":"box","text":"MSCI All Country World Index","page_number":55,"box":{"x":61,"y":304,"width":224,"height":11}},{"id":"7afc240a-4890-4eda-a77d-aac153e57e52","block_type":"box","text":"— an index that captures large- and mid-cap representation across 23 developed","page_number":55,"box":{"x":289,"y":304,"width":597,"height":11}},{"id":"df2a70fc-82cb-4d62-862f-0649078fbe49","block_type":"box","text":"markets and 24 emerging market countries. With 2,460 constituents, the index covers approximately 85% of the","page_number":55,"box":{"x":61,"y":318,"width":828,"height":12}},{"id":"c0f23ebf-bfd9-4bc1-912d-be0f40eacaa8","block_type":"box","text":"global investable equity opportunity set.","page_number":55,"box":{"x":60,"y":333,"width":292,"height":12}},{"id":"b55299fe-3856-4d1a-9740-15155f5487fa","block_type":"box","text":"Other Expenses","page_number":55,"box":{"x":62,"y":356,"width":117,"height":11}},{"id":"85172926-4936-49e3-9c9f-ceb634bdb257","block_type":"box","text":"— include accounting, transfer agency, custody, professional fees and registration fees.","page_number":55,"box":{"x":184,"y":356,"width":644,"height":11}},{"id":"41da2c33-417f-4bf4-96d0-116254c9685d","block_type":"box","text":"Service Fees","page_number":55,"box":{"x":61,"y":378,"width":97,"height":9}},{"id":"fad89448-2eea-4343-9e1a-ab6cea1a386d","block_type":"box","text":"— fees used to compensate Financial Intermediaries for certain shareholder servicing activities.","page_number":55,"box":{"x":162,"y":378,"width":708,"height":12}},{"id":"9a48753d-5e27-4039-a385-cbe0a54fd4b5","block_type":"box","text":"Shareholder Fees","page_number":55,"box":{"x":61,"y":401,"width":130,"height":9}},{"id":"a4ec2548-5ce2-42f6-8464-66ba2d50fef4","block_type":"box","text":"— fees paid directly by a shareholder, including sales charges that you may pay when you buy or sell","page_number":55,"box":{"x":196,"y":401,"width":739,"height":11}},{"id":"2f34c7e0-cae5-4e81-a865-c4d2f583e6ac","block_type":"box","text":"shares of the Fund.","page_number":55,"box":{"x":61,"y":416,"width":141,"height":9}},{"id":"d029d801-f676-401b-980a-4f702383b887","block_type":"box","text":"55","page_number":55,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"951d5521-a7f5-4086-8ef2-96f49f6765a5","block_type":"box","text":"NM1026U-5988115-55/72","page_number":55,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"50718a00-0c0a-4546-a0f1-e91571c729dc","block_type":"box","text":"Intermediary-Defined Sales Charge","page_number":56,"box":{"x":65,"y":47,"width":762,"height":34}},{"id":"89eb90ec-1176-4666-91f2-f04b40f450b7","block_type":"box","text":"Waiver Policies","page_number":56,"box":{"x":61,"y":89,"width":325,"height":27}},{"id":"989258af-ca3f-471c-aaa1-79d25ddac2f2","block_type":"box","text":"Intermediary-Defined Sales Charge Waiver Policies","page_number":56,"box":{"x":62,"y":163,"width":456,"height":13}},{"id":"d4d58e3d-0b57-478a-9e77-c6ef6b43c3bc","block_type":"box","text":"Ameriprise Financial:","page_number":56,"box":{"x":60,"y":189,"width":173,"height":13}},{"id":"5ac17d5a-764a-4804-bf8b-3300f84d72e1","block_type":"box","text":"Front-end sales charge reductions on Investor A Shares purchased through Ameriprise Financial","page_number":56,"box":{"x":61,"y":214,"width":792,"height":12}},{"id":"9b288dd2-5b0e-41c1-8c6a-8b61d7b701c4","block_type":"box","text":"Shareholders purchasing Investor A Shares of the Fund through an Ameriprise Financial platform or account are eligible","page_number":56,"box":{"x":61,"y":230,"width":875,"height":12}},{"id":"b4fd045f-3c6e-47e2-a681-252cd9962059","block_type":"box","text":"only for the following sales charge reductions, which may differ from those disclosed elsewhere in this Fund’s","page_number":56,"box":{"x":61,"y":245,"width":806,"height":11}},{"id":"8d2c879c-461c-4622-b540-7ee2bf714f8e","block_type":"box","text":"prospectus or SAI. Such shareholders can reduce their initial sales charge on the purchase of Investor A Shares as","page_number":56,"box":{"x":62,"y":260,"width":846,"height":11}},{"id":"46de894f-6ca5-445d-b0d5-97e9947c872d","block_type":"box","text":"follows:","page_number":56,"box":{"x":60,"y":274,"width":55,"height":10}},{"id":"79c0d38e-98d4-489d-969a-9ee84efd8343","block_type":"box","text":"Transaction size breakpoints,","page_number":56,"box":{"x":83,"y":295,"width":212,"height":11}},{"id":"4f157d77-0b31-4d21-a923-09713fb2fba2","block_type":"box","text":"as described in this Fund’s prospectus or SAI.","page_number":56,"box":{"x":302,"y":295,"width":337,"height":11}},{"id":"989a392f-b01d-41a0-9e9a-f37780874236","block_type":"box","text":"Rights of accumulation (ROA),","page_number":56,"box":{"x":82,"y":314,"width":216,"height":12}},{"id":"45eebad3-0f41-41d1-8804-cb034a6ef65f","block_type":"box","text":"as described in this Fund’s prospectus or SAI.","page_number":56,"box":{"x":305,"y":315,"width":338,"height":11}},{"id":"049a470f-04e1-405b-8b65-768d605c28c6","block_type":"box","text":"Letter of intent,","page_number":56,"box":{"x":82,"y":334,"width":111,"height":11}},{"id":"c17a60be-5bc9-41a0-a3cf-79175105e25b","block_type":"box","text":"as described in this Fund’s prospectus or SAI.","page_number":56,"box":{"x":200,"y":335,"width":337,"height":11}},{"id":"a4a5a56b-d9c6-49c8-8555-6258747e399a","block_type":"box","text":"Front-end sales charge waivers on Investor A shares purchased through Ameriprise Financial","page_number":56,"box":{"x":61,"y":357,"width":766,"height":13}},{"id":"1456bd5b-6cff-4835-bae3-882c68e95127","block_type":"box","text":"Shareholders purchasing Fund shares through an Ameriprise Financial platform or account are eligible for the following","page_number":56,"box":{"x":61,"y":374,"width":870,"height":11}},{"id":"13cd6673-c234-4c03-9e62-d95f5f6394d4","block_type":"box","text":"front-end sales charge waivers, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.","page_number":56,"box":{"x":60,"y":389,"width":838,"height":11}},{"id":"9781b4ee-57e3-498c-a5eb-f745b04f3f42","block_type":"box","text":"Such shareholders may purchase Investor A shares at NAV without payment of a sales charge as follows:","page_number":56,"box":{"x":61,"y":403,"width":772,"height":12}},{"id":"bc2de41f-7f0c-4c65-b8de-edc2de3c4145","block_type":"box","text":"Shares purchased by employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored","page_number":56,"box":{"x":81,"y":423,"width":817,"height":12}},{"id":"94f026ed-fc61-43f0-b1e3-0c4b2115366f","block_type":"box","text":"403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this","page_number":56,"box":{"x":81,"y":438,"width":821,"height":12}},{"id":"40c1a25b-0a79-4ef0-887a-67e1f3ffe165","block_type":"box","text":"provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.","page_number":56,"box":{"x":82,"y":453,"width":728,"height":11}},{"id":"f9b724ba-5e9a-4cf5-9411-a08cf675adf7","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":56,"box":{"x":81,"y":473,"width":835,"height":12}},{"id":"b69b80b3-7720-4dbf-b9b5-481dabae4690","block_type":"box","text":"shares of the same Fund (but not any other fund within BlackRock Funds).","page_number":56,"box":{"x":81,"y":488,"width":542,"height":11}},{"id":"48fd1614-2625-4e1c-a86b-16ab1d3411fb","block_type":"box","text":"Shares exchanged from Investor C Shares of the same fund in the month of or following the 7-year anniversary of","page_number":56,"box":{"x":81,"y":508,"width":833,"height":11}},{"id":"729f5aaa-2a23-4b75-915b-c511b75074b1","block_type":"box","text":"the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of","page_number":56,"box":{"x":80,"y":523,"width":846,"height":11}},{"id":"2e48166c-efb6-438a-b74d-382b9008de5d","block_type":"box","text":"Investor C Shares or conversion of Investor C Shares following a shorter holding period, that waiver will apply to","page_number":56,"box":{"x":82,"y":537,"width":818,"height":12}},{"id":"2f44b282-3eb4-4b34-b7f6-597030dd1350","block_type":"box","text":"exchanges following such shorter period. To the extent that this Fund’s prospectus elsewhere provides for a waiver","page_number":56,"box":{"x":81,"y":552,"width":845,"height":12}},{"id":"4675714c-58f7-42bb-88f4-48535bc0f17c","block_type":"box","text":"with respect to exchanges of Investor C Shares for load waived shares, that waiver will also apply to such","page_number":56,"box":{"x":80,"y":567,"width":774,"height":12}},{"id":"36532164-4949-46ad-96ea-88876b7b2de1","block_type":"box","text":"exchanges.","page_number":56,"box":{"x":81,"y":582,"width":81,"height":11}},{"id":"f70d77b7-3f6d-448e-ac9f-6304700eac0a","block_type":"box","text":"Shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their","page_number":56,"box":{"x":81,"y":602,"width":824,"height":11}},{"id":"9f06b025-dc91-4a8e-aef0-57f318ac3e28","block_type":"box","text":"immediate family members.","page_number":56,"box":{"x":82,"y":617,"width":201,"height":11}},{"id":"324ac818-ee7f-4a6f-83d0-2ca091b6660a","block_type":"box","text":"Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s,","page_number":56,"box":{"x":81,"y":637,"width":847,"height":11}},{"id":"ed449c48-edcd-4105-9eaf-31ce3fb64a79","block_type":"box","text":"403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an","page_number":56,"box":{"x":81,"y":652,"width":844,"height":11}},{"id":"3341890a-c1d3-4fda-9178-68b802da081a","block_type":"box","text":"Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother,","page_number":56,"box":{"x":81,"y":666,"width":837,"height":12}},{"id":"c08dd96c-7407-4fa6-ab7e-6240c9f7b2e4","block_type":"box","text":"grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step","page_number":56,"box":{"x":81,"y":681,"width":810,"height":12}},{"id":"7fcc8dd8-c0a8-4ce9-bd05-d955608dc37c","block_type":"box","text":"daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family","page_number":56,"box":{"x":81,"y":696,"width":792,"height":12}},{"id":"537754e7-e16f-4d7e-b6a0-efe1b3d65c3c","block_type":"box","text":"member who is a lineal descendant.","page_number":56,"box":{"x":82,"y":711,"width":263,"height":9}},{"id":"8301f671-d082-4ee1-bfac-aed74ca0b771","block_type":"box","text":"Shares purchased from the proceeds of redemptions within BlackRock Funds, provided (1) the repurchase occurs","page_number":56,"box":{"x":81,"y":731,"width":834,"height":11}},{"id":"d278b257-86cb-4dda-9b9c-d365550f9126","block_type":"box","text":"within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and","page_number":56,"box":{"x":80,"y":746,"width":781,"height":11}},{"id":"764c53c4-44b4-4edc-b006-a9701de04679","block_type":"box","text":"(3) redeemed shares were subject to a front-end or deferred sales charge (i.e. Rights of Reinstatement).","page_number":56,"box":{"x":81,"y":760,"width":766,"height":12}},{"id":"f53a29e7-3275-4764-b0c2-5dc8282a2ef4","block_type":"box","text":"CDSC waivers on Investor A and C Shares purchased through Ameriprise Financial","page_number":56,"box":{"x":61,"y":784,"width":679,"height":12}},{"id":"b7b32545-9743-4822-847d-76282b3e0835","block_type":"box","text":"Fund shares purchased through an Ameriprise Financial retail brokerage account are eligible only for the following","page_number":56,"box":{"x":62,"y":800,"width":832,"height":11}},{"id":"499e94b3-689a-4be1-9f8b-5581c0eb1e0f","block_type":"box","text":"CDSC waivers, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI:","page_number":56,"box":{"x":61,"y":813,"width":715,"height":12}},{"id":"8dac74ba-932e-4b02-b8b9-8d1699ac0c40","block_type":"box","text":"Redemptions due to death or disability of the shareholder","page_number":56,"box":{"x":82,"y":830,"width":423,"height":11}},{"id":"c5a88c12-6790-4de5-b7a4-438404be7b53","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in this Fund’s prospectus or SAI","page_number":56,"box":{"x":81,"y":846,"width":720,"height":11}},{"id":"882af77e-b1e2-438d-9747-c45b7f74f61f","block_type":"box","text":"Redemptions made in connection with a return of excess contributions from an IRA account","page_number":56,"box":{"x":82,"y":862,"width":671,"height":11}},{"id":"34eebb0d-3fda-4aa4-bc0a-8681700d3052","block_type":"box","text":"Shares purchased through a Right of Reinstatement (as defined above)","page_number":56,"box":{"x":81,"y":878,"width":522,"height":12}},{"id":"dd8dd9ed-432e-485d-96a5-986da22b182e","block_type":"box","text":"Redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the","page_number":56,"box":{"x":82,"y":895,"width":814,"height":11}},{"id":"f6cfa983-31f3-4f83-aec5-d43110247e14","block_type":"box","text":"Internal Revenue Code","page_number":56,"box":{"x":82,"y":908,"width":164,"height":10}},{"id":"8808e34b-3e1a-48d1-bdd2-5841ce9df130","block_type":"box","text":"A-1","page_number":56,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"62c4d99e-10eb-4a1d-b9f1-ea3f8e2b68a9","block_type":"box","text":"NM1026U-5988115-56/72","page_number":56,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"323663f0-4fcd-458f-8f91-0ff6390e7bc1","block_type":"box","text":"D.A. Davidson & Co. (“D.A. Davidson”):","page_number":57,"box":{"x":61,"y":46,"width":324,"height":12}},{"id":"e19324a9-f532-44c6-aef9-928dac32ef58","block_type":"box","text":"Effective March 1, 2021, shareholders purchasing Fund shares including existing Fund shareholders, through a D.A.","page_number":57,"box":{"x":62,"y":62,"width":852,"height":12}},{"id":"b2c8e941-4994-40db-83c5-29c7af8157a0","block_type":"box","text":"Davidson platform or account, or through an introducing broker-dealer or independent registered investment adviser for","page_number":57,"box":{"x":62,"y":77,"width":873,"height":12}},{"id":"3665bb19-1fb3-40eb-aca1-744c50c32c1c","block_type":"box","text":"which D.A. Davidson provides trade execution, clearance, and/or custody services, will be eligible for the following","page_number":57,"box":{"x":60,"y":92,"width":840,"height":12}},{"id":"e087a813-5922-4261-823f-0e10f4a290f5","block_type":"box","text":"sales charge waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and","page_number":57,"box":{"x":61,"y":107,"width":864,"height":11}},{"id":"36a93b75-0bd5-4b0d-b4e3-f4ae9e21cc23","block_type":"box","text":"discounts, which may differ from those disclosed elsewhere in this Prospectus or the Fund’s SAI.","page_number":57,"box":{"x":61,"y":122,"width":713,"height":11}},{"id":"1ec34e0b-2405-4e36-b9c5-f198e7f3ef9f","block_type":"box","text":"Front-End Sales Charge Waivers on Investor A Shares Available at D.A. Davidson","page_number":57,"box":{"x":61,"y":145,"width":664,"height":12}},{"id":"4b8df5d0-323e-46bd-9045-493f389e9df7","block_type":"box","text":"Shares purchased of the same Fund or another BlackRock Fund through a systematic reinvestment of capital gains","page_number":57,"box":{"x":81,"y":166,"width":845,"height":12}},{"id":"edbf5600-13f8-4a4d-803f-e6b11752e707","block_type":"box","text":"and dividend distributions.","page_number":57,"box":{"x":81,"y":181,"width":192,"height":9}},{"id":"0502ed92-af99-45ca-8029-6ff1f2e77d7c","block_type":"box","text":"Shares purchased by employees and registered representatives of D.A. Davidson or its affiliates and their family","page_number":57,"box":{"x":81,"y":201,"width":827,"height":12}},{"id":"df517d10-634a-445a-b9d7-0d490869e06d","block_type":"box","text":"members as designated by D.A. Davidson.","page_number":57,"box":{"x":82,"y":216,"width":309,"height":11}},{"id":"3a0d2d3f-8005-412d-bb6a-a4a2cbf2724c","block_type":"box","text":"Shares purchased from the proceeds of redemptions of the same Fund or another BlackRock Fund, provided (1) the","page_number":57,"box":{"x":81,"y":236,"width":851,"height":11}},{"id":"a864d307-659d-4d03-9a74-f2ffb7b1d47a","block_type":"box","text":"repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same","page_number":57,"box":{"x":82,"y":251,"width":820,"height":11}},{"id":"af5807d5-3691-4a23-9015-15f9483c8772","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":57,"box":{"x":81,"y":265,"width":792,"height":12}},{"id":"ce92ee4e-6a2c-4b85-84ae-6a28a627dfd5","block_type":"box","text":"Reinstatement).","page_number":57,"box":{"x":82,"y":281,"width":114,"height":11}},{"id":"464930c4-2f07-4fe5-b49f-6b313e7c259f","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":57,"box":{"x":81,"y":300,"width":812,"height":9}},{"id":"3e9551d4-c48d-4641-964f-cb331a1306af","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":57,"box":{"x":81,"y":315,"width":776,"height":12}},{"id":"020499f1-8b16-47ee-b54c-dfe59d61b796","block_type":"box","text":"conversion is consistent with D.A. Davidson’s policies and procedures.","page_number":57,"box":{"x":81,"y":330,"width":519,"height":11}},{"id":"5674d290-f38a-4d4f-ac42-48ecbc50fb7d","block_type":"box","text":"CDSC Waivers on Investor A and C Shares Available at D.A. Davidson","page_number":57,"box":{"x":61,"y":353,"width":571,"height":10}},{"id":"bd807c77-3c69-4eaf-be7b-4f975b64d29b","block_type":"box","text":"Shares sold due to the death or disability of the shareholder.","page_number":57,"box":{"x":81,"y":374,"width":446,"height":12}},{"id":"d99f17e4-bd8d-486f-b9f4-eaf076880537","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus.","page_number":57,"box":{"x":81,"y":394,"width":672,"height":12}},{"id":"2bfd6879-880f-458c-b22c-9c8c497d73e2","block_type":"box","text":"Shares bought due to return of excess contributions from an IRA account.","page_number":57,"box":{"x":81,"y":414,"width":540,"height":12}},{"id":"6d276f6e-8f44-4cd0-9250-f101f3ddaf77","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA or other qualifying retirement accounts pursuant to","page_number":57,"box":{"x":81,"y":434,"width":836,"height":12}},{"id":"bdf4f94b-7ecc-4530-85a2-b3ef1f8f1779","block_type":"box","text":"the Internal Revenue Code.","page_number":57,"box":{"x":80,"y":449,"width":199,"height":9}},{"id":"28c5ef14-9103-4b29-a8ff-4ed3c88af632","block_type":"box","text":"Shares acquired through a Right of Reinstatement.","page_number":57,"box":{"x":81,"y":469,"width":372,"height":12}},{"id":"56846df2-34be-4ece-9f7e-8070e0969808","block_type":"box","text":"Front-End Sales Charge Discounts Available at D.A. Davidson: Breakpoints, Rights of Accumulation and/","page_number":57,"box":{"x":61,"y":492,"width":867,"height":13}},{"id":"d5d3b059-de57-4c89-9e88-0bc4bd2ffb78","block_type":"box","text":"or Letters of Intent","page_number":57,"box":{"x":61,"y":509,"width":155,"height":10}},{"id":"18d6da7b-4f47-4658-a864-2442cc00724b","block_type":"box","text":"Breakpoints as described in this Prospectus.","page_number":57,"box":{"x":82,"y":531,"width":327,"height":11}},{"id":"2b2743b5-7347-45a0-9e2f-9b372567442f","block_type":"box","text":"Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on","page_number":57,"box":{"x":82,"y":550,"width":849,"height":12}},{"id":"24f174c8-6650-4312-ad49-741784297393","block_type":"box","text":"the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at D.A.","page_number":57,"box":{"x":80,"y":565,"width":796,"height":12}},{"id":"67bbf203-40d4-4d3e-b1fc-6dd81235371d","block_type":"box","text":"Davidson. Eligible BlackRock Fund assets not held at D.A. Davidson may be included in the calculation of rights of","page_number":57,"box":{"x":82,"y":580,"width":837,"height":12}},{"id":"33789106-cd10-4cfe-b760-4d9e53cc8ecf","block_type":"box","text":"accumulation only if the shareholder notifies his or her financial advisor about such assets.","page_number":57,"box":{"x":81,"y":595,"width":670,"height":11}},{"id":"b4707926-d6e7-4158-a0c4-919566375c1e","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases of BlackRock Funds, over a","page_number":57,"box":{"x":82,"y":615,"width":833,"height":11}},{"id":"6c9a42ac-b1a6-47fd-a9b0-b91f11faeea3","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":57,"box":{"x":82,"y":630,"width":841,"height":11}},{"id":"3c4d547e-993f-4e60-8885-1133f74fb0f6","block_type":"box","text":"of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":57,"box":{"x":81,"y":644,"width":705,"height":12}},{"id":"55737641-2f91-425a-b619-72716a980d0d","block_type":"box","text":"A-2","page_number":57,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"c1104656-b892-4e04-8988-70474a4001b7","block_type":"box","text":"NM1026U-5988115-57/72","page_number":57,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e63e8d3b-91bd-4b64-ae40-dc0f930a220d","block_type":"box","text":"Edward D. Jones & Co., L.P. (“Edward Jones”):","page_number":58,"box":{"x":61,"y":46,"width":383,"height":12}},{"id":"704ab04c-2bc0-46ab-9415-a2b9cbbb487d","block_type":"box","text":"Policies Regarding Transactions Through Edward Jones","page_number":58,"box":{"x":61,"y":71,"width":456,"height":12}},{"id":"9b59e371-a40a-46a3-8c48-0c7b1e99ad03","block_type":"box","text":"The following information has been provided by Edward Jones:","page_number":58,"box":{"x":62,"y":102,"width":455,"height":11}},{"id":"b45f6f95-57c4-4877-bf55-b5d55c1388b3","block_type":"box","text":"Effective on or after June 10, 2026, the following information supersedes prior information with respect to","page_number":58,"box":{"x":62,"y":124,"width":780,"height":12}},{"id":"17d591cc-9a7b-47b2-9b3a-1f2f51dd0e16","block_type":"box","text":"transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also","page_number":58,"box":{"x":60,"y":139,"width":817,"height":12}},{"id":"6e571ff7-3ec2-4067-8f96-8a46b0ed9a39","block_type":"box","text":"referred to as “shareholders”) purchasing fund shares on the Edward Jones commission and fee-based platforms are","page_number":58,"box":{"x":61,"y":154,"width":863,"height":11}},{"id":"791000c2-7c2a-4cae-850c-fa67f6520b02","block_type":"box","text":"eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ","page_number":58,"box":{"x":61,"y":169,"width":860,"height":11}},{"id":"a1d10f28-fbdc-438d-8bfa-ea72598df80a","block_type":"box","text":"from discounts and waivers described elsewhere in this prospectus or statement of additional information (“SAI”) or","page_number":58,"box":{"x":60,"y":184,"width":854,"height":11}},{"id":"8673adfd-b1b8-49e0-8ffd-d11cf95adf56","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":58,"box":{"x":60,"y":198,"width":875,"height":12}},{"id":"a304604b-c4ee-4338-bc99-005eac9a654d","block_type":"box","text":"of purchase of any relationship, holdings of BlackRock Funds, or other facts qualifying the purchaser for discounts or","page_number":58,"box":{"x":61,"y":213,"width":857,"height":12}},{"id":"607531f8-3ba2-4b6b-bcc9-8d852475c6fe","block_type":"box","text":"waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if","page_number":58,"box":{"x":60,"y":228,"width":871,"height":9}},{"id":"64a00aec-e4a3-4d45-9d50-d4dd1d19db7e","block_type":"box","text":"they have questions regarding their eligibility for these discounts and waivers.","page_number":58,"box":{"x":60,"y":243,"width":570,"height":11}},{"id":"3247afcd-f991-4ceb-a3ac-c1d0f7ae0431","block_type":"box","text":"Breakpoints","page_number":58,"box":{"x":61,"y":266,"width":99,"height":12}},{"id":"5bf9c06d-2e9f-424f-8f16-a78a3afec1f8","block_type":"box","text":"Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.","page_number":58,"box":{"x":82,"y":288,"width":788,"height":11}},{"id":"b0b813fc-f5ae-4b42-a9ce-0dff3be3fd84","block_type":"box","text":"Rights of Accumulation (“ROA”)","page_number":58,"box":{"x":61,"y":310,"width":265,"height":13}},{"id":"605bb91f-98be-4f0a-a9bc-2c3578e05830","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":58,"box":{"x":81,"y":332,"width":810,"height":11}},{"id":"4827e731-b443-4036-be6f-de91dcf169fb","block_type":"box","text":"classes (except certain money market funds and any assets held in group retirement plans) of BlackRock Funds and","page_number":58,"box":{"x":81,"y":347,"width":855,"height":11}},{"id":"3393a3f4-191b-4c09-b5c3-280b02bc8c20","block_type":"box","text":"the BlackRock CollegeAdvantage 529 Program held by the shareholder or in an account grouped by Edward Jones","page_number":58,"box":{"x":80,"y":362,"width":834,"height":11}},{"id":"0e41b436-f777-4c18-98b2-84beb2e2d5f7","block_type":"box","text":"with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). If grouping assets","page_number":58,"box":{"x":80,"y":376,"width":849,"height":12}},{"id":"6ccae16c-f6ac-43e8-8e34-4f4360ff64d5","block_type":"box","text":"as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another","page_number":58,"box":{"x":81,"y":391,"width":793,"height":11}},{"id":"d7ac04a6-edc0-4145-a261-7f49f80fd6af","block_type":"box","text":"platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder","page_number":58,"box":{"x":82,"y":406,"width":794,"height":12}},{"id":"324dff05-dbe8-4a04-9656-8093bca2d43a","block_type":"box","text":"notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such","page_number":58,"box":{"x":82,"y":421,"width":811,"height":11}},{"id":"b14add0f-66f6-4800-a47d-be8a8fb8e2a9","block_type":"box","text":"shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a","page_number":58,"box":{"x":81,"y":436,"width":841,"height":11}},{"id":"2f1fd59a-6962-4f73-a8e3-bbfaec62d89d","block_type":"box","text":"sales charge.","page_number":58,"box":{"x":81,"y":451,"width":97,"height":11}},{"id":"5523d4ce-7722-470c-ad30-310d5ad023f0","block_type":"box","text":"The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA","page_number":58,"box":{"x":81,"y":470,"width":846,"height":12}},{"id":"3250786f-1d45-40e9-bc28-5d5c6d63ba87","block_type":"box","text":"accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a","page_number":58,"box":{"x":81,"y":486,"width":769,"height":11}},{"id":"628aef2b-335f-4c1b-8751-bd0eb71b6247","block_type":"box","text":"shareholder or pricing group level.","page_number":58,"box":{"x":81,"y":500,"width":248,"height":12}},{"id":"eae18976-59bc-4b59-8f0c-d1ccb27fce18","block_type":"box","text":"ROA is determined by calculating the higher of cost minus redemptions or market value (current shares multiplied","page_number":58,"box":{"x":82,"y":520,"width":833,"height":12}},{"id":"8ac4d30b-0a68-4847-991f-69e94b9caa24","block_type":"box","text":"by NAV).","page_number":58,"box":{"x":81,"y":535,"width":58,"height":11}},{"id":"ad6ea9ff-f6ec-4df1-87f0-cef500672579","block_type":"box","text":"Letter of Intent (“LOI”)","page_number":58,"box":{"x":61,"y":558,"width":188,"height":12}},{"id":"3363f2b4-4c9a-483a-8b9e-9cdcc8d6ff70","block_type":"box","text":"Through a LOI, a shareholder can receive the sales charge and breakpoint discounts for purchases such","page_number":58,"box":{"x":81,"y":579,"width":765,"height":12}},{"id":"c30bdf99-0011-46ca-bc73-e6c6bc8c1175","block_type":"box","text":"shareholder intends to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is","page_number":58,"box":{"x":81,"y":594,"width":804,"height":11}},{"id":"16a73485-4731-45d8-ad70-a4f25bbfc50b","block_type":"box","text":"determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination","page_number":58,"box":{"x":81,"y":609,"width":829,"height":12}},{"id":"ef855dc6-3cdb-4d93-a221-eed5068bc580","block_type":"box","text":"with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge","page_number":58,"box":{"x":80,"y":624,"width":830,"height":11}},{"id":"8e649e88-80f0-40af-9f76-c122e736e64e","block_type":"box","text":"and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the","page_number":58,"box":{"x":81,"y":639,"width":833,"height":11}},{"id":"f8a81771-d744-4d6b-a3d0-c4570d30ef0f","block_type":"box","text":"sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible BlackRock Funds","page_number":58,"box":{"x":81,"y":653,"width":827,"height":12}},{"id":"fa6c245f-f2ee-4d30-8b8c-0f27d1e68a23","block_type":"box","text":"assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of","page_number":58,"box":{"x":81,"y":668,"width":845,"height":12}},{"id":"ad662efb-dc6e-4699-b145-ce7c4d7b3930","block_type":"box","text":"calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not","page_number":58,"box":{"x":81,"y":683,"width":851,"height":12}},{"id":"098d1943-2fe1-435a-895c-027ffad4646b","block_type":"box","text":"reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.","page_number":58,"box":{"x":82,"y":698,"width":680,"height":12}},{"id":"8e961135-f7a0-44bf-b305-c8b21b93cc7e","block_type":"box","text":"If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the","page_number":58,"box":{"x":82,"y":718,"width":842,"height":11}},{"id":"907f55dc-500f-4c91-8519-e03a1f086c70","block_type":"box","text":"IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be","page_number":58,"box":{"x":82,"y":733,"width":829,"height":11}},{"id":"6972c442-42ea-4c71-9d18-b8c0655fa65b","block_type":"box","text":"established by the employer.","page_number":58,"box":{"x":81,"y":748,"width":209,"height":11}},{"id":"69a46e0a-ae1d-4955-9184-aa2e5e916d86","block_type":"box","text":"Sales Charge Waivers","page_number":58,"box":{"x":60,"y":771,"width":180,"height":12}},{"id":"8a7a976e-01b5-4c3a-b968-b6dabee1820f","block_type":"box","text":"Sales charges are waived for the following shareholders and in the following situations:","page_number":58,"box":{"x":61,"y":787,"width":639,"height":11}},{"id":"dbf43b66-4be0-48fe-a263-0bb2563fbe59","block_type":"box","text":"Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by","page_number":58,"box":{"x":81,"y":807,"width":806,"height":11}},{"id":"a7ea2947-47c0-4280-8d5c-d888474e33dd","block_type":"box","text":"Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the","page_number":58,"box":{"x":82,"y":822,"width":850,"height":11}},{"id":"3525461d-f587-4c7f-a7ff-169de681d045","block_type":"box","text":"associate’s life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant","page_number":58,"box":{"x":81,"y":837,"width":846,"height":11}},{"id":"0012c568-a035-42b1-834b-624041ad22a8","block_type":"box","text":"to Edward Jones’ policies and procedures.","page_number":58,"box":{"x":80,"y":852,"width":310,"height":11}},{"id":"42aaad37-ff54-4c45-ad9d-b0086ca88fd4","block_type":"box","text":"Shares purchased in an Edward Jones fee-based program.","page_number":58,"box":{"x":81,"y":871,"width":427,"height":12}},{"id":"7126ed6f-d59a-4afe-8b34-0228d9671225","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.","page_number":58,"box":{"x":81,"y":891,"width":710,"height":12}},{"id":"15a6bfe6-79aa-461e-85cc-59bff6e7cf93","block_type":"box","text":"A-3","page_number":58,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"d05a970b-e045-4fe3-8d5a-02e3aaa6e4f0","block_type":"box","text":"NM1026U-5988115-58/72","page_number":58,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e3919d0e-8e04-4ee9-bff1-ff6d9cf25524","block_type":"box","text":"Shares purchased from the proceeds of redeemed shares of BlackRock Funds so long as the following conditions","page_number":59,"box":{"x":81,"y":46,"width":834,"height":11}},{"id":"af7d0be2-4703-4c0e-9b61-950cfa9038cf","block_type":"box","text":"are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made","page_number":59,"box":{"x":81,"y":60,"width":850,"height":12}},{"id":"6733217d-afe1-4430-aee3-3bf8abf8d0f0","block_type":"box","text":"from a share class that charges a front load and one of the following (“Right of Reinstatement”):","page_number":59,"box":{"x":81,"y":75,"width":708,"height":12}},{"id":"c25b9f26-e100-4aa3-98cb-dc55d871fd00","block_type":"box","text":"The redemption and repurchase occur in the same account.","page_number":59,"box":{"x":101,"y":96,"width":438,"height":11}},{"id":"c7356710-89bc-4895-be4c-0d827b892c10","block_type":"box","text":"The redemption proceeds are used to process an: IRA contribution, return of excess contributions, conversion,","page_number":59,"box":{"x":101,"y":115,"width":811,"height":11}},{"id":"bb65bdf8-0abe-4481-a246-ba05331ef0d4","block_type":"box","text":"recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same","page_number":59,"box":{"x":102,"y":130,"width":784,"height":12}},{"id":"35621fe3-cfa8-4630-9da3-afb1741654aa","block_type":"box","text":"Edward Jones grouping for ROA.","page_number":59,"box":{"x":102,"y":145,"width":231,"height":11}},{"id":"8834cb4d-5081-4378-8c9f-8d05bee6b915","block_type":"box","text":"The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases","page_number":59,"box":{"x":76,"y":166,"width":839,"height":12}},{"id":"5d18fe6c-8053-40d6-a792-f12a901a44ae","block_type":"box","text":"made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund","page_number":59,"box":{"x":76,"y":179,"width":805,"height":12}},{"id":"013f2eb1-d70e-4978-9a08-4ea9aac9f444","block_type":"box","text":"products.","page_number":59,"box":{"x":77,"y":192,"width":66,"height":11}},{"id":"b740d73f-e6c8-4b38-9c86-bacf2c352d3f","block_type":"box","text":"Shares exchanged into Investor A Shares from another share class so long as the exchange is into the same fund","page_number":59,"box":{"x":81,"y":210,"width":837,"height":12}},{"id":"4a6bd288-3903-4066-88be-a63d51bb4b70","block_type":"box","text":"and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSCs due to","page_number":59,"box":{"x":81,"y":225,"width":834,"height":11}},{"id":"8d06e664-aa56-4d1e-83d3-fc4a318bf57f","block_type":"box","text":"BlackRock, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the","page_number":59,"box":{"x":82,"y":240,"width":796,"height":11}},{"id":"caede152-2506-422e-9e3f-f04f08df6a8f","block_type":"box","text":"prospectus.","page_number":59,"box":{"x":82,"y":255,"width":84,"height":11}},{"id":"0cf10ad1-b7bf-4d66-ab2b-b425941397a0","block_type":"box","text":"Exchanges from Investor C Shares to Investor A Shares of the same fund, generally, in the 84th month following the","page_number":59,"box":{"x":82,"y":274,"width":850,"height":12}},{"id":"b002da62-503b-40b3-9a2c-301c88738268","block_type":"box","text":"anniversary of the purchase date or earlier at the discretion of Edward Jones.","page_number":59,"box":{"x":81,"y":289,"width":567,"height":12}},{"id":"c49c6b9f-b4e5-4cf3-a7cf-a3f0719271f4","block_type":"box","text":"Contingent Deferred Sales Charge (“CDSC”) Waivers","page_number":59,"box":{"x":61,"y":312,"width":437,"height":13}},{"id":"cb26c6eb-ad6b-4875-a7d4-4c3ac8af8b31","block_type":"box","text":"If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is","page_number":59,"box":{"x":62,"y":329,"width":854,"height":11}},{"id":"6309319b-e13a-4e35-a715-371675cb8940","block_type":"box","text":"expired, the shareholder is responsible to pay the CDSC except in the following conditions:","page_number":59,"box":{"x":61,"y":343,"width":665,"height":12}},{"id":"6a6952c7-5d34-4552-920f-9e8f9f3c5a06","block_type":"box","text":"The death or disability of the shareholder.","page_number":59,"box":{"x":81,"y":363,"width":304,"height":12}},{"id":"298fe3c8-ce4a-4901-a9b3-5c2acbf392d9","block_type":"box","text":"Systematic withdrawals with up to 10% per year of the account value.","page_number":59,"box":{"x":81,"y":383,"width":508,"height":12}},{"id":"0ba79f80-c202-4594-9949-af4422fe8a43","block_type":"box","text":"Return of excess contributions from an IRA.","page_number":59,"box":{"x":82,"y":403,"width":317,"height":10}},{"id":"5c2c5038-b34d-4d1a-ad3c-d01f4d45eef7","block_type":"box","text":"Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is","page_number":59,"box":{"x":81,"y":423,"width":834,"height":12}},{"id":"be286282-913d-4860-a95e-b784d9445706","block_type":"box","text":"taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.","page_number":59,"box":{"x":80,"y":438,"width":739,"height":12}},{"id":"e2b05e6f-2418-4216-8eeb-3139b64339bc","block_type":"box","text":"Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward","page_number":59,"box":{"x":81,"y":458,"width":820,"height":12}},{"id":"ab61d8d2-022c-4e54-ae99-be97d6a695b9","block_type":"box","text":"Jones.","page_number":59,"box":{"x":81,"y":473,"width":46,"height":9}},{"id":"d8df2b12-c887-4e1b-b9b3-285c5d673918","block_type":"box","text":"Shares exchanged in an Edward Jones fee-based program.","page_number":59,"box":{"x":81,"y":493,"width":428,"height":12}},{"id":"32fdd9e7-5a75-4045-986b-cfa7871e4739","block_type":"box","text":"Shares acquired through a NAV Reinstatement.","page_number":59,"box":{"x":81,"y":513,"width":344,"height":12}},{"id":"02f4d6f1-2eb6-4ba0-bec1-c25f18165ceb","block_type":"box","text":"Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.","page_number":59,"box":{"x":81,"y":533,"width":705,"height":11}},{"id":"a45196bf-37e4-4687-93f8-3ca77a7dea5a","block_type":"box","text":"Other Important Information Regarding Transactions Through Edward Jones","page_number":59,"box":{"x":61,"y":556,"width":624,"height":12}},{"id":"77cd98b0-7288-4f6a-bcdf-a2f67f7c2496","block_type":"box","text":"Minimum Purchase Amounts for Investor A and Investor C Shares","page_number":59,"box":{"x":61,"y":580,"width":541,"height":11}},{"id":"86664d37-d585-4232-b453-d8b19ae5802d","block_type":"box","text":"Initial purchase minimum: $250","page_number":59,"box":{"x":82,"y":601,"width":234,"height":12}},{"id":"ad1024ea-cd65-4cb9-8693-8ba44724e085","block_type":"box","text":"Subsequent purchase minimum: none","page_number":59,"box":{"x":81,"y":622,"width":279,"height":11}},{"id":"a3e18564-5242-4c54-93f6-23c6bdcf55c7","block_type":"box","text":"Minimum Balances","page_number":59,"box":{"x":61,"y":645,"width":156,"height":10}},{"id":"3b4398e2-1c15-4e70-9d41-95daa4fd6476","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":59,"box":{"x":82,"y":666,"width":837,"height":12}},{"id":"1342f14f-2fb3-480b-84b8-8bf790319786","block_type":"box","text":"are examples of accounts that are not included in this policy:","page_number":59,"box":{"x":81,"y":681,"width":447,"height":12}},{"id":"5581694e-8aad-4d8a-9a9c-66d7f25f8c19","block_type":"box","text":"A fee-based account held on an Edward Jones platform","page_number":59,"box":{"x":101,"y":701,"width":403,"height":11}},{"id":"4e97f4c5-ed86-4d22-a122-215c874dfce1","block_type":"box","text":"A 529 account held on an Edward Jones platform","page_number":59,"box":{"x":101,"y":721,"width":361,"height":11}},{"id":"b25236ce-e94f-4c6d-8fec-427395b9dd89","block_type":"box","text":"An account with an active systematic investment plan or LOI","page_number":59,"box":{"x":101,"y":741,"width":440,"height":12}},{"id":"62d8ff92-6c0f-475b-b691-ec4a28a33888","block_type":"box","text":"Exchanging Share Classes","page_number":59,"box":{"x":61,"y":764,"width":218,"height":13}},{"id":"6ba0cfd0-56d6-4080-ba63-e4595604ec01","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":59,"box":{"x":81,"y":786,"width":836,"height":11}},{"id":"1e206a74-b040-419a-ad74-5cf6c9a6cb33","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":59,"box":{"x":81,"y":800,"width":855,"height":12}},{"id":"8af8e1cd-3993-45fc-8437-a40adaab45dc","block_type":"box","text":"CDSC due to BlackRock, if applicable, and that the shareholders meet the eligibility requirements of the new share","page_number":59,"box":{"x":81,"y":815,"width":844,"height":12}},{"id":"70e96365-cac4-4114-93e8-0ff4d6766c4a","block_type":"box","text":"class.","page_number":59,"box":{"x":81,"y":830,"width":42,"height":9}},{"id":"1337f288-52f2-4e33-84c9-62ab85dd951b","block_type":"box","text":"A-4","page_number":59,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"1a490fc2-759b-4d19-93d7-0e8f546b13ea","block_type":"box","text":"NM1026U-5988115-59/72","page_number":59,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"66d1850e-a61d-4ad5-85c5-9646c436edce","block_type":"box","text":"J.P. Morgan Securities LLC:","page_number":60,"box":{"x":61,"y":46,"width":225,"height":13}},{"id":"9d95953f-ea2c-4f96-b242-dffc6ed4d7d2","block_type":"box","text":"Effective September 29, 2023, if you purchase or hold Fund shares through an applicable J.P. Morgan Securities LLC","page_number":60,"box":{"x":62,"y":62,"width":860,"height":12}},{"id":"a758113e-3d8d-4bd6-b0cd-4758502fc2aa","block_type":"box","text":"brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and","page_number":60,"box":{"x":61,"y":77,"width":825,"height":12}},{"id":"975aad5c-feca-4952-9343-9fc7c7e92498","block_type":"box","text":"contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers), share class conversion policy and","page_number":60,"box":{"x":61,"y":92,"width":836,"height":12}},{"id":"0e7117c9-7f5f-430b-b0a3-b11b73d6203f","block_type":"box","text":"discounts, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.","page_number":60,"box":{"x":61,"y":107,"width":684,"height":11}},{"id":"958b6d67-8926-4248-b20f-650a35325bab","block_type":"box","text":"Front-end sales charge waivers on Investor A Shares available at J.P. Morgan Securities LLC","page_number":60,"box":{"x":61,"y":130,"width":762,"height":12}},{"id":"9bac0635-6fda-4f48-9ced-d25b53ac0b14","block_type":"box","text":"Shares exchanged from Investor C (i.e., level-load) Shares of the same Fund pursuant to J.P. Morgan Securities","page_number":60,"box":{"x":81,"y":151,"width":817,"height":12}},{"id":"b2ff23e1-70b4-4b22-b395-371febc36016","block_type":"box","text":"LLC’s policies relating to sales load discounts and waivers.","page_number":60,"box":{"x":82,"y":166,"width":432,"height":12}},{"id":"f32f247b-0581-4ad7-8cf0-be1dd2339cd9","block_type":"box","text":"Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred","page_number":60,"box":{"x":81,"y":186,"width":807,"height":12}},{"id":"457d15a7-0557-44be-a926-5588e3bffe4d","block_type":"box","text":"compensation plans, other employee benefit plans and trusts used to fund those plans. For purposes of this","page_number":60,"box":{"x":81,"y":201,"width":798,"height":11}},{"id":"98f8527e-7ae0-4b5c-8df9-1b26dae264f1","block_type":"box","text":"provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.","page_number":60,"box":{"x":82,"y":216,"width":690,"height":11}},{"id":"bf54d4c9-7de2-49c7-8769-4d3815c979f0","block_type":"box","text":"Shares of Funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.","page_number":60,"box":{"x":81,"y":236,"width":707,"height":11}},{"id":"a0f915ff-2968-4de9-8256-ae3ba6fcc3c8","block_type":"box","text":"Shares purchased through rights of reinstatement.","page_number":60,"box":{"x":81,"y":256,"width":370,"height":11}},{"id":"5ca5117b-e957-49bc-b3ef-03bce8e72c4c","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":60,"box":{"x":81,"y":276,"width":835,"height":11}},{"id":"5bf48e99-e45b-4074-8dbb-8083eeecf961","block_type":"box","text":"shares of the same Fund (but not any other fund within the fund family).","page_number":60,"box":{"x":81,"y":291,"width":526,"height":11}},{"id":"48b9f381-4aaf-478d-bd78-7fdeb49d53f3","block_type":"box","text":"Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and","page_number":60,"box":{"x":81,"y":311,"width":832,"height":11}},{"id":"db9146aa-2247-437f-ba37-fd10501e21eb","block_type":"box","text":"their spouse or financial dependent.","page_number":60,"box":{"x":80,"y":325,"width":265,"height":12}},{"id":"fe0bfc69-b157-4d47-b5bb-af3d1029fa94","block_type":"box","text":"Investor C to Investor A Share conversion","page_number":60,"box":{"x":61,"y":348,"width":343,"height":10}},{"id":"89a61e10-86ef-4efe-a04f-23d8abf5a0c8","block_type":"box","text":"A shareholder in the Fund’s Investor C Shares will have their shares converted by J.P. Morgan Securities LLC to","page_number":60,"box":{"x":81,"y":370,"width":817,"height":11}},{"id":"e496d0e3-e2d9-4da7-b326-f780cde1e6fe","block_type":"box","text":"Investor A Shares (or the appropriate share class) of the same Fund if the shares are no longer subject to a CDSC","page_number":60,"box":{"x":82,"y":385,"width":838,"height":11}},{"id":"d4a9391c-88c6-4e0e-9cb3-0b3f162003cd","block_type":"box","text":"and the conversion is consistent with J.P. Morgan Securities LLC’s policies and procedures.","page_number":60,"box":{"x":81,"y":400,"width":672,"height":11}},{"id":"bef15e9d-6841-442b-bee3-a56bb6ece78d","block_type":"box","text":"CDSC waivers on Investor A and C Shares available at J.P. Morgan Securities LLC","page_number":60,"box":{"x":61,"y":423,"width":674,"height":12}},{"id":"4ffe92a2-3d3a-41c4-8ec2-5d2f9e7992de","block_type":"box","text":"Shares sold upon the death or disability of the shareholder.","page_number":60,"box":{"x":81,"y":444,"width":436,"height":11}},{"id":"467f99a8-6255-465c-8c7c-2ca800ec4f19","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus.","page_number":60,"box":{"x":81,"y":464,"width":672,"height":11}},{"id":"8aff43ad-bb17-42bd-9f33-42468273cecc","block_type":"box","text":"Shares purchased in connection with a return of excess contributions from an IRA account.","page_number":60,"box":{"x":81,"y":484,"width":667,"height":11}},{"id":"736ef7da-934f-4f50-9325-6d697a33f6d8","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal","page_number":60,"box":{"x":81,"y":504,"width":820,"height":11}},{"id":"b3f5b9ef-3e2d-4984-989c-a65266464ee5","block_type":"box","text":"Revenue Code.","page_number":60,"box":{"x":82,"y":519,"width":108,"height":9}},{"id":"bba506e7-173a-4e65-b145-3f9997d45dc3","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":60,"box":{"x":81,"y":539,"width":362,"height":11}},{"id":"2c5c293f-8011-46f0-b0ba-2a6b818f6ccc","block_type":"box","text":"Front-end load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of accumulation &","page_number":60,"box":{"x":61,"y":562,"width":856,"height":12}},{"id":"6945cab1-e127-4633-9fd3-b5f9e004b4a0","block_type":"box","text":"letters of intent","page_number":60,"box":{"x":61,"y":579,"width":128,"height":10}},{"id":"7cb5d0fc-469d-4bf7-ad3e-5dee595d0fbf","block_type":"box","text":"Breakpoints as described in the prospectus.","page_number":60,"box":{"x":82,"y":600,"width":323,"height":11}},{"id":"42562627-9402-4506-b7cd-3238e81b47e1","block_type":"box","text":"Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts as described in the Fund’s","page_number":60,"box":{"x":82,"y":620,"width":789,"height":12}},{"id":"85309575-82f7-4739-ac8b-c60bb0d79ee1","block_type":"box","text":"prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts","page_number":60,"box":{"x":82,"y":635,"width":847,"height":11}},{"id":"8fe6a26b-3a4b-4735-af2f-1f890a6d6405","block_type":"box","text":"within the purchaser’s household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan","page_number":60,"box":{"x":80,"y":650,"width":840,"height":11}},{"id":"9345b0e5-872c-4fec-9312-be9ed47da9d1","block_type":"box","text":"Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the","page_number":60,"box":{"x":81,"y":664,"width":853,"height":12}},{"id":"7945878c-14c3-40d8-9808-1f1204cbb365","block_type":"box","text":"shareholder notifies his or her financial advisor about such assets.","page_number":60,"box":{"x":81,"y":679,"width":490,"height":9}},{"id":"4bd0c1d7-17ca-4e2c-98b5-a3bae5e9011d","block_type":"box","text":"Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family,","page_number":60,"box":{"x":82,"y":699,"width":818,"height":12}},{"id":"ecacaa16-016c-4b83-8979-b3c1e4c3e418","block_type":"box","text":"through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).","page_number":60,"box":{"x":80,"y":714,"width":601,"height":12}},{"id":"bc84fdf9-65b2-4281-8ddd-a61830561e09","block_type":"box","text":"A-5","page_number":60,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"b8c01a52-f523-4078-8e2b-6137f768c364","block_type":"box","text":"NM1026U-5988115-60/72","page_number":60,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3e53f281-3dbc-43a9-8c52-931910b66568","block_type":"box","text":"Janney Montgomery Scott LLC:","page_number":61,"box":{"x":61,"y":46,"width":256,"height":13}},{"id":"fd462b20-daf1-4639-8106-069f049795ff","block_type":"box","text":"Effective May 1, 2020, if you purchase fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage","page_number":61,"box":{"x":62,"y":70,"width":838,"height":12}},{"id":"ac8edaa1-fe2b-4dd1-8de1-e0cbc997a8cf","block_type":"box","text":"account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent","page_number":61,"box":{"x":61,"y":85,"width":830,"height":12}},{"id":"4cf8c640-f7c0-49dd-b5f5-1e728a98a93a","block_type":"box","text":"deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those","page_number":61,"box":{"x":61,"y":100,"width":821,"height":11}},{"id":"03be51d4-1d1a-4e91-adca-78bde7f19e10","block_type":"box","text":"disclosed elsewhere in this Fund’s prospectus or SAI.","page_number":61,"box":{"x":61,"y":115,"width":393,"height":11}},{"id":"e180f9cc-42f9-4635-a9ff-5d911ebe60cd","block_type":"box","text":"Front-end sales charge* waivers on Investor A shares available at Janney","page_number":61,"box":{"x":61,"y":138,"width":606,"height":12}},{"id":"4c785aad-7cc6-4f92-a7b3-dcbf4b1eff94","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":61,"box":{"x":81,"y":159,"width":835,"height":12}},{"id":"aeb4451a-0575-4b08-87d9-8479f419c1e9","block_type":"box","text":"shares of the same fund (but not any other BlackRock Fund).","page_number":61,"box":{"x":81,"y":174,"width":446,"height":11}},{"id":"b46f8178-7ee0-4317-aae4-69bc8381135a","block_type":"box","text":"Shares purchased by employees and registered representatives of Janney or its affiliates and their family members","page_number":61,"box":{"x":81,"y":194,"width":847,"height":11}},{"id":"cea3e245-6b26-4f17-9cea-76842364574b","block_type":"box","text":"as designated by Janney.","page_number":61,"box":{"x":81,"y":209,"width":182,"height":11}},{"id":"3ea59fbf-254a-4e76-839c-c7e07ecd1896","block_type":"box","text":"Shares purchased from the proceeds of redemptions from another BlackRock Fund, provided (1) the repurchase","page_number":61,"box":{"x":81,"y":229,"width":823,"height":11}},{"id":"1acd387a-23b2-47ee-bf4c-46f2ce03d580","block_type":"box","text":"occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same","page_number":61,"box":{"x":81,"y":244,"width":793,"height":11}},{"id":"78fc5b58-4aee-4b77-bd3c-47aac02c0d1a","block_type":"box","text":"account, and (3) redeemed shares were subject to a front-end or deferred sales charge (i.e., right of reinstatement).","page_number":61,"box":{"x":81,"y":258,"width":852,"height":12}},{"id":"42b71189-964d-4b7b-9fc3-c1673134c68e","block_type":"box","text":"Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit","page_number":61,"box":{"x":82,"y":278,"width":805,"height":12}},{"id":"5897a5c8-7a92-4c33-95c0-b0c9af4d2632","block_type":"box","text":"sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer","page_number":61,"box":{"x":81,"y":293,"width":826,"height":12}},{"id":"2772869e-2b65-41fa-9a90-6ad9551142b1","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.","page_number":61,"box":{"x":81,"y":308,"width":684,"height":12}},{"id":"cf409cac-d88f-45fd-9c78-576f1c518d8f","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":61,"box":{"x":81,"y":328,"width":362,"height":12}},{"id":"972dc5a9-b5ec-46cc-b931-0b193ac9b2e2","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":61,"box":{"x":82,"y":348,"width":840,"height":12}},{"id":"3d39ef1f-67e7-46e2-9858-363e2853d70f","block_type":"box","text":"shares of the same fund pursuant to Janney’s policies and procedures.","page_number":61,"box":{"x":81,"y":363,"width":523,"height":11}},{"id":"52ba424c-65b8-4900-9e61-b4e75f3e291e","block_type":"box","text":"CDSC waivers on Investor A and C shares available at Janney","page_number":61,"box":{"x":61,"y":386,"width":507,"height":12}},{"id":"8c888104-3a05-4548-be36-3f3b7dd62147","block_type":"box","text":"Shares sold upon the death or disability of the shareholder.","page_number":61,"box":{"x":81,"y":407,"width":436,"height":12}},{"id":"7053479e-fdf7-4d7a-8f06-40b70bd3a519","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus or SAI.","page_number":61,"box":{"x":81,"y":427,"width":721,"height":12}},{"id":"1c49eb53-3450-49a2-8e19-3936972067e2","block_type":"box","text":"Shares purchased in connection with a return of excess contributions from an IRA account.","page_number":61,"box":{"x":81,"y":447,"width":667,"height":11}},{"id":"6d3bc7c5-5a68-4da0-985a-c2b8d3a2addc","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal","page_number":61,"box":{"x":81,"y":467,"width":820,"height":11}},{"id":"a5597d02-25ce-472f-a2af-0825afae4f59","block_type":"box","text":"Revenue Code.","page_number":61,"box":{"x":82,"y":482,"width":108,"height":9}},{"id":"1b018119-1167-4bdf-9786-0cd6185bbe09","block_type":"box","text":"Shares sold to pay Janney fees but only if the transaction is initiated by Janney.","page_number":61,"box":{"x":81,"y":502,"width":583,"height":11}},{"id":"12a82103-8950-433a-8dd9-93afa029d5ea","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":61,"box":{"x":81,"y":522,"width":362,"height":12}},{"id":"f0e42a1a-45e7-46d1-a2e0-e6a535a35386","block_type":"box","text":"Shares exchanged into the same share class of a different fund.","page_number":61,"box":{"x":81,"y":542,"width":473,"height":12}},{"id":"28cb2158-36fa-4135-93f5-9381847c7522","block_type":"box","text":"Front-end sales charge* discounts available at Janney: breakpoints, rights of accumulation, and/or","page_number":61,"box":{"x":61,"y":565,"width":822,"height":12}},{"id":"c88e6c70-9dfd-4858-bc50-c51badf50169","block_type":"box","text":"letters of intent","page_number":61,"box":{"x":61,"y":582,"width":128,"height":10}},{"id":"406eb70a-7bc7-4934-a2c5-4dd32fd853bf","block_type":"box","text":"Breakpoints as described in the Fund’s prospectus or SAI.","page_number":61,"box":{"x":82,"y":603,"width":426,"height":11}},{"id":"0d6fe6b4-4712-4249-abb4-0c506ef10fb0","block_type":"box","text":"Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated","page_number":61,"box":{"x":82,"y":623,"width":847,"height":12}},{"id":"e3419bd8-08b4-4441-b8e9-a6e5ade0c344","block_type":"box","text":"based on the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at","page_number":61,"box":{"x":81,"y":638,"width":834,"height":12}},{"id":"0938ff4e-a7a3-451c-a9be-9543e4740647","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":61,"box":{"x":81,"y":653,"width":793,"height":11}},{"id":"79461e88-8d9a-44bf-a708-14397ef9b23d","block_type":"box","text":"shareholder notifies his or her financial advisor about such assets.","page_number":61,"box":{"x":81,"y":668,"width":490,"height":9}},{"id":"933860eb-95bb-4ee2-a8ee-456349377d0d","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases within a BlackRock Fund, over","page_number":61,"box":{"x":82,"y":688,"width":854,"height":11}},{"id":"30989a4d-1ec3-44ca-bc30-724a96cb98e9","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":61,"box":{"x":81,"y":703,"width":831,"height":11}},{"id":"95af6e82-5274-4d2c-a319-757bfe6ccad3","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":61,"box":{"x":80,"y":717,"width":818,"height":12}},{"id":"3cb9df70-3605-49fe-b535-c697003af31b","block_type":"box","text":"*Also referred to as an “initial sales charge.”","page_number":61,"box":{"x":62,"y":740,"width":332,"height":11}},{"id":"f50a9fdb-124e-4b97-b6fb-a3810995d1b4","block_type":"box","text":"A-6","page_number":61,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"d42f6f3e-7314-4a07-ae81-4ae4cedb9357","block_type":"box","text":"NM1026U-5988115-61/72","page_number":61,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"60c719d0-c50b-4335-878c-7fbcd254eb9d","block_type":"box","text":"Merrill Lynch:","page_number":62,"box":{"x":61,"y":46,"width":110,"height":13}},{"id":"89c194fe-652d-459c-8281-09fe75fe853a","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":62,"box":{"x":61,"y":62,"width":834,"height":12}},{"id":"bec2ab68-90ae-4f7c-81ba-70ea0ec273fa","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":62,"box":{"x":62,"y":77,"width":870,"height":12}},{"id":"e7d14a70-e432-4e56-ad81-13a1737eebf2","block_type":"box","text":"waivers) and discounts, which differ from those disclosed elsewhere in this Fund’s prospectus. Purchasers will have to","page_number":62,"box":{"x":60,"y":92,"width":874,"height":11}},{"id":"c5bc010c-8d9c-497e-aac5-8ebe192bc7b7","block_type":"box","text":"buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for","page_number":62,"box":{"x":61,"y":107,"width":823,"height":11}},{"id":"2128e263-e1b3-4887-9c55-4fdf433090d6","block_type":"box","text":"waivers or discounts not listed below.","page_number":62,"box":{"x":60,"y":122,"width":274,"height":9}},{"id":"c73ffeb7-ab15-4514-bbf9-472524542bb3","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":62,"box":{"x":62,"y":144,"width":841,"height":12}},{"id":"d7f28015-eba5-4cf7-b216-a6f45f26c274","block_type":"box","text":"qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such","page_number":62,"box":{"x":61,"y":159,"width":870,"height":12}},{"id":"08263587-1055-4ee8-af6a-d05063a01755","block_type":"box","text":"facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.","page_number":62,"box":{"x":60,"y":174,"width":823,"height":11}},{"id":"fcff3f98-4d3d-40d3-937b-d1c7d78281ac","block_type":"box","text":"Additional information on waivers, discounts, and share class exchanges is available in the Merrill Sales Load Waiver","page_number":62,"box":{"x":60,"y":196,"width":862,"height":12}},{"id":"34d70c7d-0ed7-4322-a960-e532bb05cf79","block_type":"box","text":"and Discounts Supplement (the “Merrill SLWD Supplement”) and in the Mutual Fund Investing at Merrill pamphlet at","page_number":62,"box":{"x":61,"y":211,"width":853,"height":12}},{"id":"92edbbc3-13f5-454d-890d-c643467c385d","block_type":"box","text":"ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine","page_number":62,"box":{"x":61,"y":226,"width":863,"height":12}},{"id":"01678054-82d7-4e34-ae6e-c174a19d41c7","block_type":"box","text":"whether a transaction is eligible for a waiver or discount.","page_number":62,"box":{"x":60,"y":241,"width":415,"height":12}},{"id":"8f566f3f-cb54-4fdd-aeb7-f627c6508b68","block_type":"box","text":"Front-end Load Waivers Available at Merrill","page_number":62,"box":{"x":61,"y":264,"width":352,"height":10}},{"id":"b34a4aa6-0bf8-4f0b-8686-1d0d7e256bf7","block_type":"box","text":"Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and","page_number":62,"box":{"x":81,"y":285,"width":811,"height":12}},{"id":"031115b0-1dc0-4246-a8f9-e11ffde8eb13","block_type":"box","text":"employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares","page_number":62,"box":{"x":81,"y":300,"width":853,"height":12}},{"id":"52355799-d796-4894-a76d-1e9f39dce311","block_type":"box","text":"are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes","page_number":62,"box":{"x":81,"y":315,"width":854,"height":12}},{"id":"80453f2a-74b3-4eee-99dd-840eab315156","block_type":"box","text":"of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh","page_number":62,"box":{"x":81,"y":330,"width":832,"height":11}},{"id":"0108eea2-bc56-4e9d-952e-c7d2a710bcad","block_type":"box","text":"plans","page_number":62,"box":{"x":82,"y":345,"width":38,"height":11}},{"id":"b775b098-c39f-4bdf-894b-d36dcfc1ad92","block_type":"box","text":"Shares purchased through a Merrill investment advisory program","page_number":62,"box":{"x":81,"y":365,"width":476,"height":11}},{"id":"461cf8a3-7f53-4e6e-98ff-6e248246fe3d","block_type":"box","text":"Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment","page_number":62,"box":{"x":82,"y":385,"width":853,"height":11}},{"id":"bca5a046-b7bd-47d8-9304-af6f5a396667","block_type":"box","text":"advisory program to a Merrill brokerage account","page_number":62,"box":{"x":81,"y":400,"width":352,"height":11}},{"id":"6035812a-6608-4f93-864d-3c713ee658c2","block_type":"box","text":"Shares purchased through the Merrill Edge Self-Directed platform","page_number":62,"box":{"x":81,"y":419,"width":479,"height":12}},{"id":"7c8cb7c9-7f52-41e4-9ef3-2cce9dd0ff8d","block_type":"box","text":"Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment","page_number":62,"box":{"x":81,"y":439,"width":820,"height":12}},{"id":"0ff1502d-5ece-414f-ad27-ec82b4aeeab1","block_type":"box","text":"when purchasing shares of the same mutual fund in the same account","page_number":62,"box":{"x":80,"y":454,"width":521,"height":12}},{"id":"b7d9f5f6-22e7-4938-88e6-981685066dba","block_type":"box","text":"Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the","page_number":62,"box":{"x":81,"y":474,"width":839,"height":12}},{"id":"117b0b38-a772-468f-8375-7cb6b2bca831","block_type":"box","text":"description in the Merrill SLWD Supplement","page_number":62,"box":{"x":81,"y":489,"width":319,"height":11}},{"id":"8771a7bc-9cab-455d-adaf-6f3882da0c6f","block_type":"box","text":"Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in","page_number":62,"box":{"x":81,"y":509,"width":850,"height":12}},{"id":"dcad7f36-96de-44c5-b700-1817d5a51e86","block_type":"box","text":"accounts within the employee’s Merrill Household (as defined in the Merrill SLWD Supplement)","page_number":62,"box":{"x":81,"y":524,"width":697,"height":11}},{"id":"a44b6b0d-42e2-402d-accd-491dbe4797e4","block_type":"box","text":"Shares purchased by eligible persons associated with the Fund as defined in this prospectus (e.g. the Fund’s","page_number":62,"box":{"x":81,"y":544,"width":803,"height":11}},{"id":"eb91152f-221e-4214-9ff8-613b10751572","block_type":"box","text":"officers or trustees)","page_number":62,"box":{"x":81,"y":559,"width":145,"height":11}},{"id":"d450d0a1-9ab0-41f4-b018-42b6b02222c6","block_type":"box","text":"Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the","page_number":62,"box":{"x":81,"y":579,"width":788,"height":11}},{"id":"e61e7573-17ae-4bff-ac8b-1251bc5524db","block_type":"box","text":"repurchase is in a mutual fund within the same fund family, (2) the repurchase occurs within 90 calendar days from","page_number":62,"box":{"x":82,"y":594,"width":847,"height":11}},{"id":"d066c291-7967-442d-804a-6f2bfb3dac40","block_type":"box","text":"the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of","page_number":62,"box":{"x":80,"y":608,"width":827,"height":12}},{"id":"e67f7a8d-93c2-4bff-8d56-b463a4537189","block_type":"box","text":"Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after","page_number":62,"box":{"x":82,"y":623,"width":823,"height":12}},{"id":"d489c598-5e97-4623-b7df-5ecc75afc59d","block_type":"box","text":"shares are automatically sold to pay Merrill’s account maintenance fees are not eligible for Rights of Reinstatement","page_number":62,"box":{"x":81,"y":638,"width":852,"height":12}},{"id":"69c2e241-70a4-403e-bfdf-53c130d3788e","block_type":"box","text":"Contingent Deferred Sales Charge (“CDSC”) Waivers on Front-end, Back-end, and Level Load Shares","page_number":62,"box":{"x":61,"y":661,"width":830,"height":12}},{"id":"ee12828b-c0f1-4709-b904-ec2c2bca6d21","block_type":"box","text":"Available at Merrill","page_number":62,"box":{"x":60,"y":678,"width":155,"height":10}},{"id":"bf05497f-0871-4868-9109-1b9f920f2784","block_type":"box","text":"Shares sold due to the client’s death or disability (as defined by Internal Revenue Code Section 22(e)(3))","page_number":62,"box":{"x":81,"y":699,"width":771,"height":12}},{"id":"a16e8989-75be-4c11-85e2-00c2b4014191","block_type":"box","text":"Shares sold pursuant to a systematic withdrawal program subject to Merrill’s maximum systematic withdrawal limits","page_number":62,"box":{"x":81,"y":719,"width":852,"height":12}},{"id":"b2799bdc-63e4-4f97-8dd9-09ab6bbb2cdf","block_type":"box","text":"as described in the Merrill SLWD Supplement","page_number":62,"box":{"x":81,"y":734,"width":333,"height":11}},{"id":"1f3f1267-f110-4a96-8f1c-96b002fc1493","block_type":"box","text":"Shares sold due to return of excess contributions from an IRA account","page_number":62,"box":{"x":81,"y":754,"width":517,"height":9}},{"id":"9d390249-faa1-4375-af40-7c98dbee6507","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching","page_number":62,"box":{"x":81,"y":774,"width":854,"height":12}},{"id":"ddadd91f-7e31-4f0a-bc6f-26f7db6d3018","block_type":"box","text":"the qualified age based on applicable IRS regulation","page_number":62,"box":{"x":80,"y":789,"width":383,"height":11}},{"id":"f635aab9-bdaa-46f0-b567-e35d852eb45d","block_type":"box","text":"Front-end or level-load shares held in commission-based, non-taxable retirement brokerage accounts (e.g.","page_number":62,"box":{"x":82,"y":809,"width":772,"height":11}},{"id":"502991e5-e1bb-4852-90cd-61b1a65f961a","block_type":"box","text":"traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based","page_number":62,"box":{"x":80,"y":824,"width":804,"height":11}},{"id":"e7c514c0-b1af-4673-9b57-68274cbcb90b","block_type":"box","text":"accounts or platforms and exchanged for a lower cost share class of the same mutual fund","page_number":62,"box":{"x":81,"y":838,"width":670,"height":12}},{"id":"decb6a29-bbc6-4aac-a3b6-cf1fea4b8309","block_type":"box","text":"Front-end Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent","page_number":62,"box":{"x":61,"y":861,"width":845,"height":13}},{"id":"c067af78-aad3-482e-808c-a742caee8355","block_type":"box","text":"Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load","page_number":62,"box":{"x":82,"y":883,"width":848,"height":11}},{"id":"7de4092e-51bc-4ea8-a861-7e27e07402d6","block_type":"box","text":"that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement","page_number":62,"box":{"x":80,"y":898,"width":817,"height":11}},{"id":"da7a324c-f239-4c44-808c-210304faa449","block_type":"box","text":"A-7","page_number":62,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"394f346c-f000-48ea-a4d0-f08ba348633b","block_type":"box","text":"NM1026U-5988115-62/72","page_number":62,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"cb37daa4-0b99-4316-874b-f208001258b3","block_type":"box","text":"Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint","page_number":63,"box":{"x":82,"y":46,"width":815,"height":11}},{"id":"9b73b6ee-a00e-4a4d-a41e-a762b26755a9","block_type":"box","text":"discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill","page_number":63,"box":{"x":81,"y":60,"width":772,"height":12}},{"id":"4d4391ef-a499-484b-982c-ead17d304600","block_type":"box","text":"Household","page_number":63,"box":{"x":82,"y":76,"width":76,"height":9}},{"id":"db8083d5-71f7-4d06-9738-f78d5db009bc","block_type":"box","text":"On or about May 1, 2026, assets not held at Merrill will no longer be included in the ROA calculation. For more detail","page_number":63,"box":{"x":76,"y":97,"width":859,"height":11}},{"id":"d95c6cf2-ff76-462f-b2c1-b4a61fc730ba","block_type":"box","text":"on the timing and calculation, please refer to the Merrill SLWD Supplement","page_number":63,"box":{"x":76,"y":109,"width":551,"height":12}},{"id":"55f32e6f-254d-4389-b82b-464f2b2b8192","block_type":"box","text":"Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future","page_number":63,"box":{"x":82,"y":127,"width":836,"height":12}},{"id":"47dd4aac-a1a9-46d6-9faa-d953a19c4426","block_type":"box","text":"eligible purchases within a fund family at Merrill, in accounts within your Merrill Household, as further described in","page_number":63,"box":{"x":81,"y":142,"width":840,"height":12}},{"id":"82acd78d-4301-4c57-92ca-8089c35bee1e","block_type":"box","text":"the Merrill SLWD Supplement","page_number":63,"box":{"x":80,"y":157,"width":216,"height":11}},{"id":"83e47e74-114e-4542-9dc9-b130814f4465","block_type":"box","text":"On or about May 1, 2026, Merrill will no longer accept new LOIs. For more detail on the timing, please refer to the","page_number":63,"box":{"x":76,"y":178,"width":838,"height":12}},{"id":"287a5976-e3af-4c1f-af02-9dff70b63552","block_type":"box","text":"Merrill SLWD Supplement.","page_number":63,"box":{"x":77,"y":191,"width":189,"height":12}},{"id":"6b2cfdd2-e02e-4419-ba50-668d73e046ee","block_type":"box","text":"A-8","page_number":63,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"916ad100-8504-4aad-907d-d7416435bfed","block_type":"box","text":"NM1026U-5988115-63/72","page_number":63,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"17458871-f7dc-4e2a-8ff5-bf81434a77fc","block_type":"box","text":"Morgan Stanley Wealth Management:","page_number":64,"box":{"x":61,"y":46,"width":312,"height":13}},{"id":"7741c280-ac88-45cd-ba7e-6fd58c62822f","block_type":"box","text":"Morgan Stanley Wealth Management Investor A Share Front-End Sales Charge Waiver","page_number":64,"box":{"x":61,"y":71,"width":711,"height":12}},{"id":"787a2c68-d6d1-4954-8bfc-528ec76db63e","block_type":"box","text":"Effective July 1, 2018, Morgan Stanley Wealth Management clients purchasing Investor A Shares of the Fund through","page_number":64,"box":{"x":62,"y":87,"width":861,"height":11}},{"id":"6067c7cc-5327-4114-bb7a-dda4c2575215","block_type":"box","text":"Morgan Stanley’s transactional brokerage accounts are entitled to a waiver of the front-end sales charge in the","page_number":64,"box":{"x":62,"y":102,"width":813,"height":11}},{"id":"8471acca-c266-4afe-84ea-e1422768ead5","block_type":"box","text":"following circumstances:","page_number":64,"box":{"x":60,"y":117,"width":179,"height":11}},{"id":"756c1016-3be3-4128-aa94-99f794cab2f5","block_type":"box","text":"Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit","page_number":64,"box":{"x":82,"y":137,"width":805,"height":11}},{"id":"7575c41a-f95b-4a32-b7c3-4d08d2573d04","block_type":"box","text":"sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer","page_number":64,"box":{"x":81,"y":151,"width":826,"height":12}},{"id":"bee89b84-de84-4fc8-aeb0-eaba1ea62e7d","block_type":"box","text":"sponsored retirement plans does not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans","page_number":64,"box":{"x":81,"y":166,"width":697,"height":12}},{"id":"ce850cc8-32ac-42c6-9526-d2b5493cb608","block_type":"box","text":"Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules","page_number":64,"box":{"x":82,"y":186,"width":807,"height":12}},{"id":"99eb2c74-eb3b-455e-9e0b-72fd372b5d4e","block_type":"box","text":"Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the","page_number":64,"box":{"x":81,"y":206,"width":846,"height":12}},{"id":"f687bdf7-c41f-4547-b897-8996a06d10f5","block_type":"box","text":"same fund","page_number":64,"box":{"x":81,"y":221,"width":76,"height":9}},{"id":"3ae8e75d-2c7d-416d-8838-1808721c4bb4","block_type":"box","text":"Shares purchased through a Morgan Stanley self-directed brokerage account","page_number":64,"box":{"x":81,"y":241,"width":564,"height":12}},{"id":"ab36480f-37da-4c05-804b-01ee7a4dc4b3","block_type":"box","text":"Investor C Shares that are no longer subject to a contingent deferred sales charge and are exchanged for Investor A","page_number":64,"box":{"x":82,"y":261,"width":852,"height":11}},{"id":"8c1f0259-0e45-4797-abd4-652bb2f7a9bf","block_type":"box","text":"Shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program","page_number":64,"box":{"x":81,"y":276,"width":799,"height":11}},{"id":"468c0789-1cf8-4c9b-83d6-60351e8aaf5a","block_type":"box","text":"Shares purchased from the proceeds of redemptions within BlackRock Funds under a Rights of Reinstatement","page_number":64,"box":{"x":81,"y":296,"width":811,"height":11}},{"id":"aa0ed56a-499e-43e6-ac01-cb254837f6bf","block_type":"box","text":"provision, provided the repurchase occurs within 90 days following the redemption, the redemption and purchase","page_number":64,"box":{"x":82,"y":311,"width":830,"height":11}},{"id":"3599678e-20a0-47fa-b235-89938cfb69ef","block_type":"box","text":"occur in the same account, and redeemed shares were subject to a front-end or deferred sales charge","page_number":64,"box":{"x":81,"y":325,"width":753,"height":12}},{"id":"37a7afa1-6cca-4a5f-a8a8-9d5a75c8cee2","block_type":"box","text":"Unless specifically described above, no other front-end sales charge waivers are available to mutual fund purchases by","page_number":64,"box":{"x":62,"y":348,"width":874,"height":12}},{"id":"1f41b458-b7de-4f64-a535-26c07e39f227","block_type":"box","text":"Morgan Stanley Wealth Management clients through Morgan Stanley’s transactional brokerage accounts.","page_number":64,"box":{"x":62,"y":363,"width":770,"height":11}},{"id":"f11450a4-0b15-4526-966b-c6fedb6b421c","block_type":"box","text":"A-9","page_number":64,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"16c9c6a7-d4dc-45c5-8e11-0a44047d4f70","block_type":"box","text":"NM1026U-5988115-64/72","page_number":64,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"53f11164-49e7-449f-b4d1-afaed8ad1241","block_type":"box","text":"Oppenheimer & Co. Inc.:","page_number":65,"box":{"x":61,"y":46,"width":200,"height":12}},{"id":"1af3f768-c053-4df9-a0b7-5f0947bb1afc","block_type":"box","text":"Effective May 1, 2020, shareholders purchasing Fund shares through an Oppenheimer & Co. Inc. (“OPCO”) platform or","page_number":65,"box":{"x":62,"y":62,"width":872,"height":12}},{"id":"6ae73fa7-e173-4ba6-94fa-5987f9944e92","block_type":"box","text":"account are eligible only for the following sales charge waivers (front-end sales charge waivers and contingent","page_number":65,"box":{"x":61,"y":77,"width":806,"height":12}},{"id":"b9d2d0f8-645f-4305-b069-1052da41b9cf","block_type":"box","text":"deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this","page_number":65,"box":{"x":61,"y":92,"width":854,"height":12}},{"id":"fc747f70-6738-4a9d-971e-23ddb48a10ef","block_type":"box","text":"Fund’s prospectus or SAI.","page_number":65,"box":{"x":62,"y":107,"width":186,"height":11}},{"id":"5a9e6878-0c14-4c7d-97f6-06633754e466","block_type":"box","text":"Front-End Sales Charge Waivers on Investor A Shares available at OPCO","page_number":65,"box":{"x":61,"y":130,"width":596,"height":12}},{"id":"b734bcf1-b8c1-4c9c-bc2c-2578942da51e","block_type":"box","text":"Shares purchased by employer-sponsored retirement, deferred compensation and employee benefit plans (including","page_number":65,"box":{"x":81,"y":151,"width":852,"height":12}},{"id":"5aa549ea-537b-45f3-acf0-df219c649dd1","block_type":"box","text":"health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a","page_number":65,"box":{"x":82,"y":166,"width":766,"height":12}},{"id":"177b8789-33da-43fb-a572-23291c40a8dc","block_type":"box","text":"commission-based brokerage account and shares are held for the benefit of the plan","page_number":65,"box":{"x":81,"y":181,"width":622,"height":12}},{"id":"b75c78a8-ac49-4255-a4f5-64180c9d4201","block_type":"box","text":"Shares purchased by or through a 529 Plan","page_number":65,"box":{"x":81,"y":201,"width":320,"height":12}},{"id":"b3abdeb4-cc99-414d-937f-4c3313743e88","block_type":"box","text":"Shares purchased through an OPCO affiliated investment advisory program","page_number":65,"box":{"x":81,"y":221,"width":551,"height":12}},{"id":"7d12dcf8-aa54-4fd8-b037-951be29505ec","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":65,"box":{"x":81,"y":241,"width":835,"height":12}},{"id":"c159b1a5-0052-4286-9bdd-9d3c0530a4b4","block_type":"box","text":"shares of the same fund (but not any other BlackRock Fund)","page_number":65,"box":{"x":81,"y":256,"width":441,"height":11}},{"id":"c7b25dac-7ae3-4974-911a-ef74672f9e87","block_type":"box","text":"Shares purchased from the proceeds of redemptions from another BlackRock Fund, provided (1) the repurchase","page_number":65,"box":{"x":81,"y":276,"width":823,"height":11}},{"id":"859a489c-c8a4-47d1-9210-e45a8e2d3a16","block_type":"box","text":"occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and","page_number":65,"box":{"x":81,"y":291,"width":834,"height":11}},{"id":"f675707f-1c1f-4ace-bb61-7e249f5a4e08","block_type":"box","text":"(3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement)","page_number":65,"box":{"x":81,"y":305,"width":808,"height":12}},{"id":"36d137c5-2711-42b2-832a-d2335eaffcba","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":65,"box":{"x":81,"y":326,"width":812,"height":9}},{"id":"b9396757-83ea-447a-8373-37f5a6da3796","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":65,"box":{"x":81,"y":340,"width":776,"height":12}},{"id":"2ec7ab3c-a0d9-45d4-84d5-0203ff4ec06b","block_type":"box","text":"conversion is in line with the policies and procedures of OPCO","page_number":65,"box":{"x":81,"y":355,"width":455,"height":11}},{"id":"0d35d1a8-ea1c-4138-81c0-f32f50da3a4e","block_type":"box","text":"Shares purchased by employees and registered representatives of OPCO or its affiliates and their family members","page_number":65,"box":{"x":81,"y":375,"width":839,"height":12}},{"id":"cc78a581-9877-4ac3-8650-a5a51be6ec97","block_type":"box","text":"Shares purchased by directors or trustees of the Fund, and employees of the Fund’s investment adviser or any of","page_number":65,"box":{"x":81,"y":395,"width":834,"height":11}},{"id":"fbb3be22-40c5-4280-902c-e77d3852ce0d","block_type":"box","text":"its affiliates, as described in this prospectus","page_number":65,"box":{"x":82,"y":410,"width":327,"height":11}},{"id":"ee123016-551a-4f36-ba32-7a784b1b8aab","block_type":"box","text":"CDSC Waivers on Investor A and C Shares available at OPCO","page_number":65,"box":{"x":61,"y":433,"width":503,"height":10}},{"id":"a3e30b4c-0d58-4f97-8968-02e86e76ec48","block_type":"box","text":"Shares sold due to death or disability of the shareholder","page_number":65,"box":{"x":81,"y":454,"width":415,"height":12}},{"id":"d2203f8c-578f-4c51-932e-b904c7ef9fd6","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus","page_number":65,"box":{"x":81,"y":474,"width":668,"height":12}},{"id":"84c91435-2053-44bd-8696-cfb441fa42e5","block_type":"box","text":"Shares bought due to return of excess contributions from an IRA account","page_number":65,"box":{"x":81,"y":494,"width":537,"height":12}},{"id":"1e9bbdc3-d185-4a60-8dbd-9fcfc2092a39","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder","page_number":65,"box":{"x":81,"y":514,"width":816,"height":11}},{"id":"12f07e09-2ede-4f52-9b2a-c13223a75890","block_type":"box","text":"reaching the qualified age based on applicable IRS regulations as described in the prospectus","page_number":65,"box":{"x":82,"y":529,"width":690,"height":12}},{"id":"37702b01-b63a-4407-9534-e729caa6d94e","block_type":"box","text":"Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO","page_number":65,"box":{"x":81,"y":549,"width":563,"height":11}},{"id":"d84c96fb-2d2b-467b-8e79-9d26670025ab","block_type":"box","text":"Shares acquired through a right of reinstatement","page_number":65,"box":{"x":81,"y":569,"width":358,"height":12}},{"id":"37307773-cd8d-4d08-8656-3aa379a235ea","block_type":"box","text":"Front-End Sales Charge Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of","page_number":65,"box":{"x":61,"y":592,"width":857,"height":13}},{"id":"c9e2e596-a0e5-4394-8bcc-154e4dd2b4fe","block_type":"box","text":"Intent","page_number":65,"box":{"x":61,"y":609,"width":48,"height":10}},{"id":"992ff607-cef0-4e7c-abb7-564e7890193a","block_type":"box","text":"Breakpoints as described in this prospectus","page_number":65,"box":{"x":82,"y":631,"width":322,"height":10}},{"id":"869a32f6-0995-4538-9a68-4562b7c12f24","block_type":"box","text":"Rights of Accumulation (“ROA”) and Letters of Intent (“LOI”) which entitle shareholders to breakpoint discounts will","page_number":65,"box":{"x":82,"y":650,"width":842,"height":12}},{"id":"f339d342-7c63-46e5-a200-991f8808f664","block_type":"box","text":"be automatically calculated based on the aggregated holding of BlackRock Fund assets held by accounts within the","page_number":65,"box":{"x":81,"y":665,"width":845,"height":12}},{"id":"ea793d8d-bc0f-4b5b-b2b0-aeb1a78d4ced","block_type":"box","text":"purchaser’s household at OPCO. Eligible BlackRock Fund assets not held at OPCO may be included in the ROA or","page_number":65,"box":{"x":82,"y":680,"width":830,"height":11}},{"id":"d6551b1a-9f95-4906-93bc-c7bf850ce44d","block_type":"box","text":"LOI calculation only if the shareholder notifies his or her financial advisor about such assets","page_number":65,"box":{"x":82,"y":695,"width":675,"height":11}},{"id":"5c588ca1-612e-4c4a-9764-14b5fa739d8b","block_type":"box","text":"A-10","page_number":65,"box":{"x":482,"y":935,"width":33,"height":9}},{"id":"59a62801-10c4-4139-b6cf-786ed298524e","block_type":"box","text":"NM1026U-5988115-65/72","page_number":65,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4db3404d-da4f-46d9-a867-7f8c2c33134b","block_type":"box","text":"Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and Each Entity’s Affiliates","page_number":66,"box":{"x":61,"y":46,"width":863,"height":13}},{"id":"cc8b7c91-ccdf-46c3-bebc-141a6515c113","block_type":"box","text":"(“Raymond James”):","page_number":66,"box":{"x":61,"y":63,"width":169,"height":12}},{"id":"7c32d341-1ea9-41b1-9dcb-21277202ce65","block_type":"box","text":"Effective March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account, or","page_number":66,"box":{"x":62,"y":87,"width":838,"height":11}},{"id":"f51b3c40-709f-43b3-97ad-9813663c8c92","block_type":"box","text":"through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides","page_number":66,"box":{"x":60,"y":102,"width":867,"height":11}},{"id":"760a1693-cfcc-43de-a733-e7fc445d1335","block_type":"box","text":"trade execution, clearance, and/or custody services, will be eligible only for the following sales charge waivers (front","page_number":66,"box":{"x":60,"y":117,"width":860,"height":11}},{"id":"19d07512-1bcd-41f2-9c85-8381245057b4","block_type":"box","text":"end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this","page_number":66,"box":{"x":61,"y":131,"width":858,"height":12}},{"id":"1563f136-d8d3-4334-bc28-bedf5b3e3acd","block_type":"box","text":"prospectus or the SAI.","page_number":66,"box":{"x":62,"y":146,"width":161,"height":11}},{"id":"559cd526-0a8f-477e-bf62-953f955f51c0","block_type":"box","text":"Front-End Sales Charge Waivers on Investor A Shares Available at Raymond James","page_number":66,"box":{"x":61,"y":169,"width":682,"height":13}},{"id":"c386d0c1-9076-4879-a01c-2802c3ef82fc","block_type":"box","text":"Shares purchased in a Raymond James investment advisory program.","page_number":66,"box":{"x":81,"y":191,"width":512,"height":11}},{"id":"46d03114-3588-4b99-9649-a2398e98d3a6","block_type":"box","text":"Shares purchased of the same Fund or another BlackRock Fund through a systematic reinvestment of capital gains","page_number":66,"box":{"x":81,"y":211,"width":845,"height":11}},{"id":"e2700e1d-b4e7-4952-ac3e-d01d39c503a3","block_type":"box","text":"distributions and dividend distributions.","page_number":66,"box":{"x":81,"y":226,"width":288,"height":9}},{"id":"790fbee9-fc53-4d71-b7a3-7f82d0edf9c8","block_type":"box","text":"Shares purchased by employees and registered representatives of Raymond James or its affiliates and their family","page_number":66,"box":{"x":81,"y":245,"width":844,"height":12}},{"id":"163bdffa-8890-4da1-8a27-3ff9983dccb0","block_type":"box","text":"members as designated by Raymond James.","page_number":66,"box":{"x":82,"y":261,"width":326,"height":11}},{"id":"dc546d40-40a1-4830-81a8-2cde4067a610","block_type":"box","text":"Shares purchased from the proceeds of redemptions from another BlackRock Fund, provided (1) the repurchase","page_number":66,"box":{"x":81,"y":280,"width":823,"height":12}},{"id":"33f7af08-372d-44c8-9361-281f1a3718e5","block_type":"box","text":"occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and","page_number":66,"box":{"x":81,"y":295,"width":834,"height":12}},{"id":"e9f59a92-591a-47f7-a8fe-56cb7806b97c","block_type":"box","text":"(3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement).","page_number":66,"box":{"x":81,"y":310,"width":812,"height":11}},{"id":"75d284bd-02c9-4028-b671-702dcaf20fed","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":66,"box":{"x":81,"y":330,"width":810,"height":9}},{"id":"026e880e-4130-4f1d-b057-2bde6c0799a4","block_type":"box","text":"shares of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and","page_number":66,"box":{"x":81,"y":345,"width":844,"height":11}},{"id":"414c0e55-8027-43c8-a138-4b33e4e3d535","block_type":"box","text":"procedures of Raymond James.","page_number":66,"box":{"x":82,"y":360,"width":228,"height":11}},{"id":"d55fe8a8-e0d0-4528-97b5-ab1c49b89ec5","block_type":"box","text":"CDSC Waivers on Investor A and C Shares Available at Raymond James","page_number":66,"box":{"x":61,"y":383,"width":589,"height":12}},{"id":"8fa2f96f-8338-4401-ab6c-f2532d9756d5","block_type":"box","text":"Shares sold due to death or disability of the shareholder.","page_number":66,"box":{"x":81,"y":404,"width":417,"height":11}},{"id":"8412de13-1c08-46b9-a448-8db7a752b2bf","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus.","page_number":66,"box":{"x":81,"y":424,"width":672,"height":11}},{"id":"2eb29872-d372-4e6a-ad8e-1b1cb11266f8","block_type":"box","text":"Shares bought due to return of excess contributions from an IRA Account.","page_number":66,"box":{"x":81,"y":444,"width":541,"height":12}},{"id":"0dca05b6-8f95-489d-8619-ae7dfaa5e071","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder","page_number":66,"box":{"x":81,"y":464,"width":816,"height":11}},{"id":"8e3d17f1-1a16-4ca1-8cfe-b580d8af0e7f","block_type":"box","text":"reaching the qualified age based on applicable IRS regulations as described in the Fund’s prospectus or SAI.","page_number":66,"box":{"x":82,"y":479,"width":797,"height":11}},{"id":"5eb4b594-b8de-472f-a0df-edf0a3f98026","block_type":"box","text":"Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.","page_number":66,"box":{"x":81,"y":499,"width":723,"height":11}},{"id":"d4bb2d56-7ef9-4b8c-80e4-dad4a65f0823","block_type":"box","text":"Shares acquired through a Right of Reinstatement.","page_number":66,"box":{"x":81,"y":519,"width":372,"height":11}},{"id":"6699fb81-29b4-43f8-9b37-b99dac9bfa2f","block_type":"box","text":"Front-End Sales Charge Discounts Available at Raymond James: Breakpoints, Rights of Accumulation","page_number":66,"box":{"x":61,"y":542,"width":837,"height":12}},{"id":"767c2743-f388-4cff-87a8-c41cdf6a6088","block_type":"box","text":"and/or Letters of Intent","page_number":66,"box":{"x":61,"y":559,"width":196,"height":12}},{"id":"510e7d58-1a24-41cf-914a-41479601834f","block_type":"box","text":"Breakpoints as described in this prospectus.","page_number":66,"box":{"x":82,"y":580,"width":327,"height":11}},{"id":"aeb8f3e1-5de8-4603-9c84-90dcc19732dc","block_type":"box","text":"Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on","page_number":66,"box":{"x":82,"y":600,"width":849,"height":12}},{"id":"f4985e13-a64c-417b-a3ac-b81e93133b90","block_type":"box","text":"the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at Raymond","page_number":66,"box":{"x":80,"y":615,"width":833,"height":11}},{"id":"4015f2a1-4983-418a-89fa-5a5a2cb8325b","block_type":"box","text":"James. Eligible BlackRock Fund assets not held at Raymond James may be included in the calculation of rights of","page_number":66,"box":{"x":81,"y":630,"width":834,"height":11}},{"id":"b1cbf74d-77c8-4dd6-9244-8521939da9a3","block_type":"box","text":"accumulation only if the shareholder notifies his or her financial advisor about such assets.","page_number":66,"box":{"x":81,"y":644,"width":670,"height":12}},{"id":"55e21ed6-abec-4dc2-8d22-146cc64731e1","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases of BlackRock Funds over a","page_number":66,"box":{"x":82,"y":664,"width":828,"height":12}},{"id":"38332cdd-0219-49ed-b41c-a3a4c4d345d3","block_type":"box","text":"13-month time period. Eligible BlackRock Fund assets not held at Raymond James may be included in the","page_number":66,"box":{"x":82,"y":679,"width":775,"height":12}},{"id":"0ff2aac8-fbee-49de-8faa-c13dbb941488","block_type":"box","text":"calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":66,"box":{"x":81,"y":694,"width":789,"height":12}},{"id":"e88fedaa-c138-43ed-a95b-ec0002d49289","block_type":"box","text":"A-11","page_number":66,"box":{"x":482,"y":935,"width":33,"height":9}},{"id":"8c7576f2-48b6-4772-b52a-0b49ba131435","block_type":"box","text":"NM1026U-5988115-66/72","page_number":66,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b8e03fee-4c7b-4eba-b378-34ce16261ed8","block_type":"box","text":"Robert W. Baird & Co. (“Baird”):","page_number":67,"box":{"x":61,"y":46,"width":268,"height":12}},{"id":"6e8f235d-24a8-40f8-ac5d-628eff3e18f2","block_type":"box","text":"Effective January 1, 2026, shareholders purchasing Fund shares through a Baird platform or account will only be","page_number":67,"box":{"x":62,"y":70,"width":828,"height":12}},{"id":"83c3cfec-4519-4a50-bf18-7514e3018e01","block_type":"box","text":"eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which","page_number":67,"box":{"x":61,"y":85,"width":870,"height":12}},{"id":"2aead589-82a7-44d1-bba5-8b77e89cd530","block_type":"box","text":"may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.","page_number":67,"box":{"x":61,"y":100,"width":556,"height":11}},{"id":"452e4268-7a18-493b-8c9b-cad59c2440b2","block_type":"box","text":"Front-End Sales Charge Waivers on Investor A Shares Available at Baird","page_number":67,"box":{"x":61,"y":123,"width":592,"height":12}},{"id":"97ad170b-fc77-4913-a3d6-4455956bc179","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":67,"box":{"x":81,"y":144,"width":835,"height":12}},{"id":"679c83de-d9c2-4519-b560-f994aefcc1d9","block_type":"box","text":"shares of the same fund","page_number":67,"box":{"x":81,"y":159,"width":179,"height":9}},{"id":"ffb55ca8-69a6-4c6f-9c15-74a0e36cd43f","block_type":"box","text":"Shares purchased by employees and registered representatives of Baird or its affiliates and their family members","page_number":67,"box":{"x":81,"y":179,"width":835,"height":12}},{"id":"3fe45294-c25a-463d-a6e3-39e58ae19886","block_type":"box","text":"as designated by Baird","page_number":67,"box":{"x":81,"y":194,"width":167,"height":11}},{"id":"ab9acbf4-f286-4b65-942e-5e83a554ba65","block_type":"box","text":"Shares purchased within 90 days following a redemption from a BlackRock Fund, provided (1) the redemption and","page_number":67,"box":{"x":81,"y":214,"width":836,"height":11}},{"id":"de9f04d5-7507-4f94-ba10-2c3f97f97ad6","block_type":"box","text":"purchase occur within the purchaser’s Baird household, and (2) redeemed shares were subject to a front-end or","page_number":67,"box":{"x":82,"y":229,"width":822,"height":11}},{"id":"993645a9-e362-4d1f-8baf-17cc46840792","block_type":"box","text":"deferred sales charge (known as Rights of Reinstatement)","page_number":67,"box":{"x":81,"y":244,"width":427,"height":11}},{"id":"ac0279e9-32fc-49fd-8cae-061cb868ba5e","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":67,"box":{"x":81,"y":264,"width":810,"height":9}},{"id":"b18b9706-407a-4111-becd-0da0806ad340","block_type":"box","text":"shares of the fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and","page_number":67,"box":{"x":81,"y":278,"width":827,"height":12}},{"id":"06d6f702-7223-4340-9622-4687fb750c23","block_type":"box","text":"procedures of Baird","page_number":67,"box":{"x":82,"y":293,"width":142,"height":11}},{"id":"8cbc94b3-a7d7-4be7-8b60-0494d2c9a958","block_type":"box","text":"Shares purchased by employer-sponsored retirement plans or charitable accounts in a transactional brokerage","page_number":67,"box":{"x":81,"y":313,"width":812,"height":12}},{"id":"0acbe4b4-527b-41cc-a6fc-8efa93fbc58e","block_type":"box","text":"account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money","page_number":67,"box":{"x":81,"y":328,"width":829,"height":12}},{"id":"2a5d2829-81d7-4807-8402-29b594f06983","block_type":"box","text":"purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement","page_number":67,"box":{"x":82,"y":343,"width":834,"height":11}},{"id":"028a06ec-baa5-4cf3-88a8-718da1d2747e","block_type":"box","text":"plans do not include SEP IRAs, Simple IRAs or SAR-SEPs","page_number":67,"box":{"x":82,"y":358,"width":414,"height":11}},{"id":"9232f307-b7fa-46d6-bebf-e4faf25c9c22","block_type":"box","text":"CDSC Waivers on Investor A and C Shares Available at Baird","page_number":67,"box":{"x":61,"y":381,"width":499,"height":10}},{"id":"00be4468-f614-4a18-abec-95f525b7f946","block_type":"box","text":"Shares sold due to death or disability of the shareholder","page_number":67,"box":{"x":81,"y":402,"width":415,"height":12}},{"id":"08050af6-c9ee-42fa-b969-9d88f0f2d6c8","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus","page_number":67,"box":{"x":81,"y":422,"width":668,"height":11}},{"id":"fb2ccffa-7697-41c5-a02a-339c2787814d","block_type":"box","text":"Shares bought due to returns of excess contributions from an IRA account","page_number":67,"box":{"x":81,"y":442,"width":545,"height":12}},{"id":"90043a39-343f-4daf-8785-c4775c276a16","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder","page_number":67,"box":{"x":81,"y":462,"width":816,"height":11}},{"id":"e7a48408-d860-4259-a2ad-38b1e00e8777","block_type":"box","text":"reaching the qualified age based on applicable Internal Revenue Service regulations as described in the Fund’s","page_number":67,"box":{"x":82,"y":477,"width":816,"height":11}},{"id":"86f97586-bce7-49bf-b343-862fa0d71c8d","block_type":"box","text":"prospectus","page_number":67,"box":{"x":82,"y":492,"width":80,"height":11}},{"id":"ec8e4625-49fd-4f5c-a963-18cf3d8f518b","block_type":"box","text":"Shares sold to pay Baird fees but only if the transaction is initiated by Baird","page_number":67,"box":{"x":81,"y":512,"width":555,"height":11}},{"id":"95f02332-f998-4bdc-bfe7-2cbe6fd14e5d","block_type":"box","text":"Shares acquired through a right of reinstatement","page_number":67,"box":{"x":81,"y":532,"width":358,"height":11}},{"id":"3201d732-3f0c-4ec7-9543-aed4d2d8e571","block_type":"box","text":"Front-End Sales Charge Discounts Available at Baird: Breakpoints, Rights of Accumulation, & Letters of","page_number":67,"box":{"x":61,"y":555,"width":859,"height":12}},{"id":"4e6ee5d2-b11e-494a-8db1-fd4704e6dcbf","block_type":"box","text":"Intent","page_number":67,"box":{"x":61,"y":572,"width":48,"height":9}},{"id":"a0c669f6-50f5-48e8-8b64-5d81bcd5a68d","block_type":"box","text":"Breakpoints as described in this prospectus","page_number":67,"box":{"x":82,"y":593,"width":322,"height":11}},{"id":"f847b9d0-1b7e-44f9-a639-21358c943ee5","block_type":"box","text":"Rights of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts will be automatically calculated","page_number":67,"box":{"x":82,"y":613,"width":838,"height":11}},{"id":"ba8815a8-09c8-4f16-b559-feecb5cc3b2e","block_type":"box","text":"based on the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at","page_number":67,"box":{"x":81,"y":628,"width":834,"height":11}},{"id":"e36a09de-20a4-48d3-b420-5e8b72309e6f","block_type":"box","text":"Baird. Eligible BlackRock Fund assets not held at Baird may be included in ROA calculation only if the shareholder","page_number":67,"box":{"x":82,"y":642,"width":834,"height":12}},{"id":"360f260c-3080-4fc2-921d-be50455f4a9b","block_type":"box","text":"notifies his or her financial advisor about such assets","page_number":67,"box":{"x":82,"y":657,"width":393,"height":10}},{"id":"1ed3e55f-5b90-4612-bda0-442bdd27940d","block_type":"box","text":"Letters of Intent (“LOI”) allow for breakpoint discounts based on anticipated purchases of BlackRock Funds through","page_number":67,"box":{"x":82,"y":677,"width":847,"height":12}},{"id":"481609a6-3bb4-46c3-bce5-61a130df3bf4","block_type":"box","text":"Baird, over a 13-month period of time","page_number":67,"box":{"x":82,"y":692,"width":273,"height":11}},{"id":"d843210e-8704-4d13-9ab9-20a2ee06a50c","block_type":"box","text":"A-12","page_number":67,"box":{"x":482,"y":935,"width":32,"height":9}},{"id":"c5532e96-c470-4666-9d2f-a7d570377093","block_type":"box","text":"NM1026U-5988115-67/72","page_number":67,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e7eff2cf-7594-438a-adf5-d6dff64e4dfe","block_type":"box","text":"Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (collectively, “Wells","page_number":68,"box":{"x":60,"y":46,"width":869,"height":13}},{"id":"ff02dd3e-2307-4bf9-8f87-8f41f6722a37","block_type":"box","text":"Fargo Advisors”)","page_number":68,"box":{"x":61,"y":63,"width":136,"height":12}},{"id":"7e7aeaf2-7213-4e14-9e39-f0eeee8b1188","block_type":"box","text":"Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended","page_number":68,"box":{"x":60,"y":87,"width":855,"height":13}},{"id":"a2414e3b-7822-4cd3-b96d-791b05559298","block_type":"box","text":"to include First Clearing firms.","page_number":68,"box":{"x":60,"y":104,"width":250,"height":13}},{"id":"7173dd9c-1e3a-449f-82ba-631b483b809b","block_type":"box","text":"Effective April 1, 2026, clients of Wells Fargo Advisors purchasing Fund shares through Wells Fargo Advisors are","page_number":68,"box":{"x":62,"y":120,"width":825,"height":12}},{"id":"cdaf5bbb-583e-43f8-86c9-9f501561d0f9","block_type":"box","text":"eligible for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from","page_number":68,"box":{"x":61,"y":135,"width":863,"height":12}},{"id":"3b472a90-eb36-4510-8e35-4fb964eb7ff6","block_type":"box","text":"discounts and waivers described elsewhere in the prospectus or SAI. In all instances, it is the investor’s responsibility","page_number":68,"box":{"x":61,"y":150,"width":868,"height":11}},{"id":"89ebaf6b-abbc-455e-8ee6-590236356017","block_type":"box","text":"to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the","page_number":68,"box":{"x":60,"y":165,"width":824,"height":11}},{"id":"93206649-64c5-4287-8d45-891f0f18a526","block_type":"box","text":"investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.","page_number":68,"box":{"x":62,"y":180,"width":809,"height":11}},{"id":"0a0ab837-9a6e-46b1-9473-d03ec1370086","block_type":"box","text":"Wells Fargo Advisors Investor A Share front-end sales charge waivers information.","page_number":68,"box":{"x":60,"y":203,"width":678,"height":12}},{"id":"dd170b1f-1c10-486e-8c45-557d8c95486a","block_type":"box","text":"Wells Fargo Advisors clients purchasing or converting to Investor A Shares of the Fund in a Wells Fargo Advisors","page_number":68,"box":{"x":60,"y":219,"width":822,"height":12}},{"id":"3615fd4f-672d-45de-a5fd-9339d9b82b14","block_type":"box","text":"brokerage account are entitled to a waiver of the front-end load in the following circumstances:","page_number":68,"box":{"x":61,"y":234,"width":694,"height":11}},{"id":"3ec02f7d-cd81-43c8-83d9-be2e5856a57b","block_type":"box","text":"Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor’s employee account","page_number":68,"box":{"x":81,"y":254,"width":855,"height":11}},{"id":"86ef6af2-9745-4204-8427-9479ccfb4064","block_type":"box","text":"linking rules. Legacy accounts and positions receiving affiliate discounts prior to April 1, 2026 will continue to","page_number":68,"box":{"x":82,"y":269,"width":805,"height":11}},{"id":"65fc6990-c184-4e8a-9ff9-ffdac21cfe32","block_type":"box","text":"receive discounts. Going forward employees of affiliate businesses will not be offered NAV.","page_number":68,"box":{"x":82,"y":283,"width":667,"height":12}},{"id":"5de272a1-469d-4419-b1a2-12d519533601","block_type":"box","text":"Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the","page_number":68,"box":{"x":81,"y":303,"width":846,"height":12}},{"id":"c88374e3-ad21-4722-8fd8-0c506f9fdf13","block_type":"box","text":"same fund.","page_number":68,"box":{"x":81,"y":318,"width":81,"height":10}},{"id":"94b5c444-83bc-43f5-abec-2639ff5922c3","block_type":"box","text":"WellsTrade, the firm’s online self-directed brokerage account, generally offers no-load share classes but there could be","page_number":68,"box":{"x":60,"y":341,"width":875,"height":11}},{"id":"7440bf12-786f-43c9-a4b2-9bba0e4fcb86","block_type":"box","text":"instances where an Investor A Share is offered without a front-end sales charge.","page_number":68,"box":{"x":62,"y":356,"width":589,"height":11}},{"id":"0a18b8b5-2970-4f83-8b57-f54275236507","block_type":"box","text":"Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through","page_number":68,"box":{"x":62,"y":378,"width":858,"height":12}},{"id":"956099b6-b95f-4561-b957-d73d6548f6b2","block_type":"box","text":"Wells Fargo Advisors.","page_number":68,"box":{"x":60,"y":393,"width":155,"height":12}},{"id":"707d94c5-1bfe-4535-94c8-9ae5a27a4204","block_type":"box","text":"Wells Fargo Advisors Contingent Deferred Sales Charge information.","page_number":68,"box":{"x":60,"y":416,"width":565,"height":13}},{"id":"f5dc88e5-edab-4d22-a70b-9982afe03781","block_type":"box","text":"CDSC imposed on Fund redemptions will not be rebated based on future purchases.","page_number":68,"box":{"x":61,"y":432,"width":618,"height":12}},{"id":"9dffbb69-4dc0-478f-8f35-101e271dcdcf","block_type":"box","text":"Wells Fargo Advisors Investor A Share front-end load discounts","page_number":68,"box":{"x":60,"y":455,"width":521,"height":13}},{"id":"e27b0ab0-3da1-4888-8a1f-f4ffc8f92c4a","block_type":"box","text":"Wells Fargo Advisors clients purchasing Investor A Shares of the Fund through Wells Fargo Advisors brokerage","page_number":68,"box":{"x":60,"y":472,"width":809,"height":11}},{"id":"bb13182c-b7ad-42b1-a53c-b577696b5cd5","block_type":"box","text":"accounts will follow the following aggregation rules for breakpoint discounts:","page_number":68,"box":{"x":61,"y":487,"width":558,"height":11}},{"id":"d1222b7e-4b4f-4125-b3fc-1f53c8f72ff2","block_type":"box","text":"Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the","page_number":68,"box":{"x":82,"y":506,"width":820,"height":12}},{"id":"dc69eab8-f5b5-4fbd-af2c-61f9bb44fe33","block_type":"box","text":"client’s personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still","page_number":68,"box":{"x":81,"y":521,"width":845,"height":12}},{"id":"cbd464e3-4084-4ccc-af4c-41f0732d35e9","block_type":"box","text":"be aggregated as a group plan.","page_number":68,"box":{"x":81,"y":536,"width":227,"height":12}},{"id":"1cbad182-3e40-4f48-89fc-6b4736bd0155","block_type":"box","text":"Effective April 1, 2026, employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored","page_number":68,"box":{"x":82,"y":556,"width":823,"height":12}},{"id":"b914c64a-0fc3-4bac-b7b4-a6a13684bc45","block_type":"box","text":"403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate","page_number":68,"box":{"x":81,"y":571,"width":841,"height":12}},{"id":"e07e1c5a-57ab-4d54-b219-6b79b615927f","block_type":"box","text":"with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts","page_number":68,"box":{"x":80,"y":586,"width":815,"height":11}},{"id":"8d11636c-89b7-43d2-8cb4-d27970e5aa01","block_type":"box","text":"under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans","page_number":68,"box":{"x":82,"y":601,"width":842,"height":11}},{"id":"8f4c0b5a-ff0a-49ef-8001-e4133f88bff4","block_type":"box","text":"do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.","page_number":68,"box":{"x":81,"y":616,"width":481,"height":11}},{"id":"94482563-bc37-4904-a874-c965ac0b63eb","block_type":"box","text":"Gifts of shares will not be considered when determining breakpoint discounts.","page_number":68,"box":{"x":81,"y":635,"width":572,"height":12}},{"id":"b8fdd50c-e8a1-4624-a534-8d7b99815379","block_type":"box","text":"A-13","page_number":68,"box":{"x":482,"y":935,"width":33,"height":9}},{"id":"219a0162-0757-49be-b8ec-70dbf6428cd7","block_type":"box","text":"NM1026U-5988115-68/72","page_number":68,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5ffa5684-93c4-46bb-9517-2b3fc6a0400a","block_type":"box","text":"[This page intentionally left blank]","page_number":69,"box":{"x":376,"y":479,"width":246,"height":11}},{"id":"50027f4b-d95e-41fc-9c73-dd6c3c82a260","block_type":"box","text":"NM1026U-5988115-69/72","page_number":69,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"00230f93-bfee-40e7-b584-2a9f4916f035","block_type":"box","text":"[This page intentionally left blank]","page_number":70,"box":{"x":376,"y":479,"width":246,"height":11}},{"id":"18533044-cb0f-4316-8f90-29778b5527d7","block_type":"box","text":"NM1026U-5988115-70/72","page_number":70,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7e2ca8a0-c1c7-4f14-ba95-894de685ecbd","block_type":"box","text":"For More Information","page_number":71,"box":{"x":64,"y":82,"width":455,"height":27}},{"id":"d1e3b119-cff8-4615-be75-2aca74377125","block_type":"box","text":"Fund and Service Providers","page_number":71,"box":{"x":61,"y":156,"width":246,"height":11}},{"id":"22f0e0d2-0c29-4cdd-99a8-82ded0f24c22","block_type":"box","text":"FUND","page_number":71,"box":{"x":102,"y":188,"width":39,"height":9}},{"id":"ed1e5d67-ee42-4a0b-b549-5a0b8b43eae9","block_type":"box","text":"BlackRock Funds II","page_number":71,"box":{"x":102,"y":212,"width":138,"height":9}},{"id":"f90d970c-4de8-4367-ac85-7bffc7645bf8","block_type":"box","text":"BlackRock Global Dividend Portfolio","page_number":71,"box":{"x":102,"y":227,"width":260,"height":9}},{"id":"cf264340-37af-4e07-96ee-933ca6b18ead","block_type":"box","text":"100 Bellevue Parkway","page_number":71,"box":{"x":102,"y":242,"width":161,"height":12}},{"id":"36b95b43-ed03-48be-9d1c-3801f07732b5","block_type":"box","text":"Wilmington, Delaware 19809","page_number":71,"box":{"x":101,"y":258,"width":213,"height":11}},{"id":"52388946-22cb-402d-bdce-a533aa1133b3","block_type":"box","text":"Written Correspondence:","page_number":71,"box":{"x":103,"y":277,"width":180,"height":11}},{"id":"b31d4a05-b838-4e76-a6b6-a56155eb8e73","block_type":"box","text":"P.O. Box 534429","page_number":71,"box":{"x":102,"y":293,"width":124,"height":9}},{"id":"daae924c-19c1-4515-89f4-e0f4ae00c979","block_type":"box","text":"Pittsburgh, Pennsylvania 15253-4429","page_number":71,"box":{"x":102,"y":308,"width":277,"height":12}},{"id":"581097f9-3e0b-4f74-8319-532056ec69d3","block_type":"box","text":"Overnight Mail:","page_number":71,"box":{"x":102,"y":327,"width":109,"height":12}},{"id":"2dae4924-9815-4853-a729-56a42ac637d5","block_type":"box","text":"Attention: 534429","page_number":71,"box":{"x":101,"y":343,"width":135,"height":9}},{"id":"a367aa16-80a7-410b-8ed9-36f721dd8d57","block_type":"box","text":"1350 Penn Avenue, Suite 102","page_number":71,"box":{"x":102,"y":358,"width":221,"height":11}},{"id":"957702c5-4f19-4603-a7f3-4dfc116c766f","block_type":"box","text":"Pittsburgh, Pennsylvania 15222","page_number":71,"box":{"x":102,"y":374,"width":233,"height":11}},{"id":"c4dac528-0163-4bf9-9b5e-eed307a65cf7","block_type":"box","text":"(800) 441-7762","page_number":71,"box":{"x":101,"y":393,"width":118,"height":11}},{"id":"a1ae3bab-e146-49cf-906d-f302afe42a88","block_type":"box","text":"MANAGER AND ADMINISTRATOR","page_number":71,"box":{"x":102,"y":416,"width":241,"height":9}},{"id":"26c85e40-95ce-4f81-ae95-826af258cbe0","block_type":"box","text":"BlackRock Advisors, LLC","page_number":71,"box":{"x":102,"y":432,"width":171,"height":10}},{"id":"63b2ac48-ae4e-4000-a1f8-f8a341b2f56e","block_type":"box","text":"100 Bellevue Parkway","page_number":71,"box":{"x":102,"y":447,"width":154,"height":12}},{"id":"5e3ceb0c-3b0b-4d21-afc4-b41b6253219a","block_type":"box","text":"Wilmington, Delaware 19809","page_number":71,"box":{"x":101,"y":463,"width":205,"height":11}},{"id":"3bc20f92-fd09-4cf6-82cb-33705c0aa673","block_type":"box","text":"SUB-ADVISER","page_number":71,"box":{"x":101,"y":486,"width":100,"height":9}},{"id":"260447c4-59bb-4125-bbde-20a39ea616a7","block_type":"box","text":"BlackRock International Limited","page_number":71,"box":{"x":102,"y":505,"width":220,"height":9}},{"id":"ca68d839-39bb-44f7-a7c5-d241b5065094","block_type":"box","text":"Dundas House","page_number":71,"box":{"x":102,"y":521,"width":102,"height":9}},{"id":"569595ce-dfb6-436d-af22-46b951dfcd54","block_type":"box","text":"20 Brandon Street","page_number":71,"box":{"x":102,"y":536,"width":129,"height":9}},{"id":"3796b963-ed6f-49a7-9199-f4b8a1c2c0cc","block_type":"box","text":"Edinburgh, EH3 5PP","page_number":71,"box":{"x":102,"y":552,"width":140,"height":11}},{"id":"f342d807-9420-4349-80c2-00842c87861b","block_type":"box","text":"United Kingdom","page_number":71,"box":{"x":102,"y":567,"width":109,"height":12}},{"id":"fd6d0173-7119-4733-a98a-3fc6173acb15","block_type":"box","text":"TRANSFER AGENT","page_number":71,"box":{"x":101,"y":590,"width":134,"height":10}},{"id":"c4fa7575-1955-46f7-8889-60cb4571a3b7","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc.","page_number":71,"box":{"x":102,"y":606,"width":295,"height":11}},{"id":"1d3cd7bf-0110-40e6-9aad-08986bc51afa","block_type":"box","text":"118 Flanders Road","page_number":71,"box":{"x":102,"y":621,"width":133,"height":9}},{"id":"e878e10a-ffb7-487a-95a8-99d01601be17","block_type":"box","text":"Westborough, Massachusetts 01581","page_number":71,"box":{"x":101,"y":637,"width":263,"height":11}},{"id":"4a4f30af-df4c-4533-b063-658f6e99dce2","block_type":"box","text":"INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM","page_number":71,"box":{"x":525,"y":188,"width":410,"height":9}},{"id":"ebee0004-83c0-4efe-abeb-1cd8631efc7e","block_type":"box","text":"Deloitte & Touche LLP","page_number":71,"box":{"x":525,"y":204,"width":153,"height":9}},{"id":"f0780898-9c8e-404e-8ccf-47bb2cf88eb3","block_type":"box","text":"115 Federal Street","page_number":71,"box":{"x":525,"y":219,"width":132,"height":9}},{"id":"5621478b-6946-44d6-86c2-c2f72da76589","block_type":"box","text":"Boston, Massachusetts 02110","page_number":71,"box":{"x":525,"y":235,"width":220,"height":10}},{"id":"69e2913f-5491-46ab-9960-ad18d507c663","block_type":"box","text":"ACCOUNTING SERVICES PROVIDER","page_number":71,"box":{"x":524,"y":258,"width":260,"height":9}},{"id":"f9792c66-5004-48c1-a536-31df7c65c35e","block_type":"box","text":"The Bank of New York Mellon","page_number":71,"box":{"x":524,"y":277,"width":204,"height":9}},{"id":"487127cf-ec86-49da-a353-96b45325c308","block_type":"box","text":"240 Greenwich Street","page_number":71,"box":{"x":525,"y":293,"width":154,"height":9}},{"id":"67be80f1-864e-45e5-a0c5-3c086d0a9f76","block_type":"box","text":"New York, New York 10286","page_number":71,"box":{"x":525,"y":308,"width":190,"height":11}},{"id":"7c553560-f706-4299-bede-6b073c5d74a7","block_type":"box","text":"DISTRIBUTOR","page_number":71,"box":{"x":525,"y":331,"width":100,"height":9}},{"id":"985d8103-1caf-42f6-a4d7-962972cc4637","block_type":"box","text":"BlackRock Investments, LLC","page_number":71,"box":{"x":525,"y":347,"width":198,"height":10}},{"id":"c0202427-4305-488b-80d6-396c756f6452","block_type":"box","text":"50 Hudson Yards","page_number":71,"box":{"x":525,"y":362,"width":120,"height":9}},{"id":"79cde815-41b4-491b-b062-16ae9fda2937","block_type":"box","text":"New York, New York 10001","page_number":71,"box":{"x":525,"y":378,"width":190,"height":10}},{"id":"7457dea8-907e-4240-845d-a740ce09e7b9","block_type":"box","text":"CUSTODIAN","page_number":71,"box":{"x":524,"y":401,"width":86,"height":9}},{"id":"b3e587f7-37be-458c-b196-2aa34762741c","block_type":"box","text":"The Bank of New York Mellon","page_number":71,"box":{"x":524,"y":420,"width":204,"height":9}},{"id":"4b654604-b66c-470e-b733-e383b14c95e6","block_type":"box","text":"240 Greenwich Street","page_number":71,"box":{"x":525,"y":436,"width":154,"height":9}},{"id":"edd20807-92f7-4d03-a3a1-90d11916ea35","block_type":"box","text":"New York, New York 10286","page_number":71,"box":{"x":525,"y":451,"width":190,"height":11}},{"id":"5b5a137f-2f34-40f9-8384-945cca31d44c","block_type":"box","text":"COUNSEL","page_number":71,"box":{"x":524,"y":474,"width":70,"height":10}},{"id":"ebe82dcd-7ca3-4cea-ac25-c8d43b6dcf6d","block_type":"box","text":"Ropes & Gray LLP","page_number":71,"box":{"x":525,"y":490,"width":125,"height":11}},{"id":"bacc7bd2-6fd6-4ae1-a5cb-224e40cafa90","block_type":"box","text":"1211 Avenue of the Americas","page_number":71,"box":{"x":525,"y":505,"width":208,"height":9}},{"id":"fa7b9f8b-a869-4951-a955-726c5f1e3a8b","block_type":"box","text":"New York, New York 10036","page_number":71,"box":{"x":525,"y":521,"width":190,"height":10}},{"id":"92eae10d-6ff9-4255-9a8b-f26f5846d341","block_type":"box","text":"NM1026U-5988115-71/72","page_number":71,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d20bbf5d-10a9-4d71-b754-736558ff421d","block_type":"box","text":"Additional Information","page_number":72,"box":{"x":90,"y":87,"width":197,"height":10}},{"id":"87961ddf-63a4-405b-be20-486d2c085cfe","block_type":"box","text":"For more information:","page_number":72,"box":{"x":92,"y":140,"width":155,"height":9}},{"id":"cd899ffd-4e5f-446c-abe0-8bcc61fd3a09","block_type":"box","text":"This prospectus contains important information you should","page_number":72,"box":{"x":91,"y":156,"width":390,"height":11}},{"id":"ad894f48-554c-4f90-a8cc-002d19958125","block_type":"box","text":"know before investing, including information about risks.","page_number":72,"box":{"x":91,"y":171,"width":372,"height":11}},{"id":"deab64d0-ae72-4750-9642-3b7b1e9a336b","block_type":"box","text":"Please read it before you invest and keep it for future","page_number":72,"box":{"x":92,"y":187,"width":350,"height":11}},{"id":"3769dfa9-cc58-4bdf-8e9a-74ee98ed01bc","block_type":"box","text":"reference. More information about the Fund is available at","page_number":72,"box":{"x":91,"y":202,"width":387,"height":9}},{"id":"21e7f43d-4327-4df6-9a52-09006d349225","block_type":"box","text":"no charge upon request. This information includes:","page_number":72,"box":{"x":91,"y":218,"width":338,"height":11}},{"id":"effd87ab-3149-4e6c-89bd-7c7af6a4a47c","block_type":"box","text":"Annual/Semi-Annual Reports and Form N-CSR","page_number":72,"box":{"x":90,"y":241,"width":335,"height":11}},{"id":"7da9e633-5002-4a45-b891-31589783f333","block_type":"box","text":"The Fund’s annual and semi-annual reports and Form N","page_number":72,"box":{"x":91,"y":257,"width":381,"height":10}},{"id":"e0889bb6-3289-4945-92e9-b78faa788717","block_type":"box","text":"CSR contain additional information about the Fund’s","page_number":72,"box":{"x":91,"y":272,"width":349,"height":8}},{"id":"fcf1ac8f-087a-4db3-843b-a5814382ec49","block_type":"box","text":"investments. The annual report describes the Fund’s","page_number":72,"box":{"x":91,"y":288,"width":350,"height":10}},{"id":"27421b49-332f-422c-a2eb-3d02729c2a57","block_type":"box","text":"performance, lists portfolio holdings, and discusses recent","page_number":72,"box":{"x":91,"y":303,"width":388,"height":11}},{"id":"d28740e6-bdb2-4603-88de-ef0de2f9439e","block_type":"box","text":"market conditions, economic trends and Fund investment","page_number":72,"box":{"x":91,"y":318,"width":381,"height":10}},{"id":"a1921136-b9b6-489c-af19-5b836e768d02","block_type":"box","text":"strategies that significantly affected the Fund’s","page_number":72,"box":{"x":91,"y":334,"width":309,"height":11}},{"id":"07e41497-de14-4bcd-b356-80521874aaad","block_type":"box","text":"performance for the last fiscal year. In Form N-CSR, you","page_number":72,"box":{"x":91,"y":349,"width":373,"height":11}},{"id":"9b78e604-257b-4bb4-b0a2-af5d457f05fe","block_type":"box","text":"will find the Fund’s financial statements.","page_number":72,"box":{"x":91,"y":365,"width":264,"height":8}},{"id":"92aa4262-0349-4d93-92b8-fddcaaef1245","block_type":"box","text":"Statement of Additional Information","page_number":72,"box":{"x":91,"y":388,"width":255,"height":8}},{"id":"62f371ad-80f6-489f-a24d-f01132f28696","block_type":"box","text":"A Statement of Additional Information (“SAI”), dated","page_number":72,"box":{"x":90,"y":403,"width":347,"height":11}},{"id":"7707b553-7072-4f43-8bf6-dd845dc6f4ed","block_type":"box","text":"September 28, 2026, has been filed with the Securities","page_number":72,"box":{"x":91,"y":419,"width":365,"height":11}},{"id":"280bcc71-9794-4281-b212-e58385a11d39","block_type":"box","text":"and Exchange Commission (the “SEC”). The SAI, which","page_number":72,"box":{"x":91,"y":434,"width":373,"height":11}},{"id":"f79d1e01-781c-4cea-a28e-8308419b9a8d","block_type":"box","text":"includes additional information about the Fund, may be","page_number":72,"box":{"x":91,"y":450,"width":367,"height":11}},{"id":"3ec503f2-c30a-4a50-9c12-ed712ee57489","block_type":"box","text":"obtained free of charge, along with the Fund’s annual and","page_number":72,"box":{"x":91,"y":465,"width":385,"height":11}},{"id":"716f8806-39d7-43cb-bb00-85ba2bdd7f93","block_type":"box","text":"semi-annual reports and other information such as Fund","page_number":72,"box":{"x":91,"y":481,"width":376,"height":10}},{"id":"9c7fee10-e2e8-423d-8876-51dfc9ff98c7","block_type":"box","text":"financial statements, by calling (800) 441-7762. The SAI,","page_number":72,"box":{"x":91,"y":496,"width":378,"height":11}},{"id":"33a90fd5-bef7-4b0a-b97e-1a0aa8deee39","block_type":"box","text":"as amended and/or supplemented from time to time, is","page_number":72,"box":{"x":91,"y":512,"width":364,"height":10}},{"id":"35d0e47a-ab2a-44ce-b670-4d9dc3815515","block_type":"box","text":"incorporated by reference into this prospectus.","page_number":72,"box":{"x":91,"y":527,"width":308,"height":11}},{"id":"20f6052f-d2b6-4b6e-8cc0-669028cff44e","block_type":"box","text":"BlackRock Investor Services","page_number":72,"box":{"x":92,"y":550,"width":205,"height":9}},{"id":"923c2977-5a32-4587-a865-34aac537aed4","block_type":"box","text":"Representatives are available to discuss account balance","page_number":72,"box":{"x":92,"y":566,"width":382,"height":11}},{"id":"7f0a6e01-3533-44b6-a2d0-5885f394e5b5","block_type":"box","text":"information, mutual fund prospectuses, literature,","page_number":72,"box":{"x":91,"y":581,"width":326,"height":11}},{"id":"001ca8a8-d50c-4e95-a323-66414b885ea8","block_type":"box","text":"programs and services available. Hours: 8:00 a.m. to","page_number":72,"box":{"x":91,"y":597,"width":353,"height":11}},{"id":"62d45993-316d-4b5d-afd3-2fbdc852597d","block_type":"box","text":"6:00 p.m. (Eastern time), on any business day. Call:","page_number":72,"box":{"x":91,"y":612,"width":342,"height":11}},{"id":"4f9e0134-bf46-4ce3-942a-987ba4999605","block_type":"box","text":"(800) 441-7762.","page_number":72,"box":{"x":91,"y":628,"width":106,"height":11}},{"id":"9d83cd74-111e-4f93-882b-c4bbdd22105c","block_type":"box","text":"Purchases and Redemptions","page_number":72,"box":{"x":92,"y":651,"width":205,"height":11}},{"id":"6e36d44d-9852-4b63-9bdc-5afefa0fd1fc","block_type":"box","text":"Call your Financial Intermediary or BlackRock","page_number":72,"box":{"x":91,"y":666,"width":306,"height":11}},{"id":"a8b6a89d-3b94-45db-a5c5-a047bc652d6b","block_type":"box","text":"Investor Services at (800) 441-7762.","page_number":72,"box":{"x":92,"y":682,"width":242,"height":11}},{"id":"97d018b2-1fff-46b4-a1a3-65fab730fa4f","block_type":"box","text":"World Wide Web","page_number":72,"box":{"x":91,"y":705,"width":118,"height":9}},{"id":"c556e8d7-0008-4dfa-918c-55b8bff38ed4","block_type":"box","text":"General Fund information and specific Fund performance,","page_number":72,"box":{"x":91,"y":721,"width":386,"height":10}},{"id":"740e2e07-230a-4a62-affa-3d7dec44b07e","block_type":"box","text":"including the SAI, annual/semi-annual reports and other","page_number":72,"box":{"x":91,"y":736,"width":374,"height":11}},{"id":"edec8dc5-f11b-4eae-b070-9729e36dd9d4","block_type":"box","text":"information such as Fund financial statements, can be","page_number":72,"box":{"x":91,"y":751,"width":361,"height":11}},{"id":"03d0b130-09c9-4d9f-aac2-819adbbdd0ae","block_type":"box","text":"accessed free of charge at www.blackrock.com/","page_number":72,"box":{"x":91,"y":767,"width":320,"height":11}},{"id":"5340dd42-92cd-4aed-b3d6-e0134da90aa5","block_type":"box","text":"prospectus. Mutual fund prospectuses and literature can","page_number":72,"box":{"x":91,"y":782,"width":375,"height":11}},{"id":"361f2647-e220-4f9d-befb-1dc69bc985e7","block_type":"box","text":"also be requested via this website.","page_number":72,"box":{"x":91,"y":798,"width":228,"height":11}},{"id":"efdb2881-5b21-4895-bc8e-ccd3a1a16947","block_type":"box","text":"Written Correspondence","page_number":72,"box":{"x":514,"y":140,"width":176,"height":11}},{"id":"c3f5e0b0-f6a8-4d63-85c3-36339ddd4b7d","block_type":"box","text":"BlackRock Funds II","page_number":72,"box":{"x":515,"y":156,"width":128,"height":8}},{"id":"7f49bafb-2376-420b-b1b3-ab0da9f06785","block_type":"box","text":"P.","page_number":72,"box":{"x":515,"y":171,"width":8,"height":9}},{"id":"585b6dca-4844-4a06-80c1-228c567eaf1d","block_type":"box","text":"P.O. Box 534429","page_number":72,"box":{"x":521,"y":171,"width":101,"height":9}},{"id":"1b1002f2-25f2-48d5-9f54-6e3231941406","block_type":"box","text":"Pittsburgh, Pennsylvania 15253-4429","page_number":72,"box":{"x":515,"y":187,"width":248,"height":11}},{"id":"c0b7ff81-9a58-4db1-aad2-8b0711da7ecb","block_type":"box","text":"Overnight Mail","page_number":72,"box":{"x":514,"y":210,"width":104,"height":11}},{"id":"94865431-4c30-482e-9766-0c52c912b334","block_type":"box","text":"BlackRock Funds II","page_number":72,"box":{"x":515,"y":226,"width":128,"height":8}},{"id":"e66e9f57-17c3-4b92-bf84-d8f6707d04fa","block_type":"box","text":"Attention: 534429","page_number":72,"box":{"x":514,"y":241,"width":118,"height":9}},{"id":"42f4117f-bd6c-4167-a168-8bbdb9514b7d","block_type":"box","text":"1350 Penn Avenue, Suite 102","page_number":72,"box":{"x":515,"y":256,"width":196,"height":10}},{"id":"1bf559e6-8fa0-4c7e-a2bc-a73770a4f304","block_type":"box","text":"Pittsburgh, Pennsylvania 15222","page_number":72,"box":{"x":515,"y":272,"width":210,"height":11}},{"id":"0124aa70-ea10-456f-b99f-08766df391b3","block_type":"box","text":"Internal Wholesalers/Broker Dealer Support","page_number":72,"box":{"x":515,"y":295,"width":312,"height":11}},{"id":"564b4c46-4c99-450e-b36a-5be0ff7b442c","block_type":"box","text":"Available on any business day to support investment","page_number":72,"box":{"x":514,"y":311,"width":350,"height":10}},{"id":"267978d3-5b34-4251-bcb8-44905a2a69a9","block_type":"box","text":"professionals. Call: (800) 882-0052.","page_number":72,"box":{"x":515,"y":326,"width":236,"height":11}},{"id":"ce1d0c77-c814-4ee5-8096-43b5226cae70","block_type":"box","text":"Portfolio Characteristics and Holdings","page_number":72,"box":{"x":515,"y":349,"width":274,"height":11}},{"id":"f13aec76-ca89-4431-8539-32a08b23899a","block_type":"box","text":"A description of the Fund’s policies and procedures","page_number":72,"box":{"x":514,"y":365,"width":343,"height":10}},{"id":"a113dee9-3b08-4865-b253-5e4beba165d2","block_type":"box","text":"related to disclosure of portfolio characteristics and","page_number":72,"box":{"x":515,"y":380,"width":341,"height":11}},{"id":"e179be5a-5bce-4918-bcc4-95aae65ee0b0","block_type":"box","text":"holdings is available in the SAI.","page_number":72,"box":{"x":515,"y":396,"width":207,"height":11}},{"id":"599e924c-1588-4894-9cc2-5e09e5e9cf4b","block_type":"box","text":"For information about portfolio holdings and","page_number":72,"box":{"x":515,"y":419,"width":290,"height":11}},{"id":"c8550dcd-1ce9-4167-9dc3-2dac34e847a3","block_type":"box","text":"characteristics, BlackRock fund shareholders and","page_number":72,"box":{"x":514,"y":434,"width":330,"height":10}},{"id":"429342f5-1f28-4670-b315-10e506690a6c","block_type":"box","text":"prospective investors may call (800) 882-0052.","page_number":72,"box":{"x":515,"y":450,"width":309,"height":11}},{"id":"4ddf99b2-0996-4806-8223-477ce5fc9d47","block_type":"box","text":"Securities and Exchange Commission","page_number":72,"box":{"x":514,"y":473,"width":273,"height":11}},{"id":"107c07bc-2083-4985-bc98-d775aafc57f8","block_type":"box","text":"You may also view and copy public information about the","page_number":72,"box":{"x":514,"y":488,"width":379,"height":11}},{"id":"1ba75a99-e36b-4853-a78b-9d033d0e82bc","block_type":"box","text":"Fund, including the SAI, by visiting the EDGAR database","page_number":72,"box":{"x":515,"y":504,"width":379,"height":11}},{"id":"ddd2b72d-1113-4c66-be0a-151cbcd40b6f","block_type":"box","text":"on the SEC’s website (http://www.sec.gov). Copies of this","page_number":72,"box":{"x":514,"y":519,"width":383,"height":11}},{"id":"0b0bcac9-9df2-4ed3-994e-b459547c5453","block_type":"box","text":"information can be obtained, for a duplicating fee, by","page_number":72,"box":{"x":515,"y":535,"width":350,"height":11}},{"id":"44f408f5-aa75-45fe-9449-593f2a84c134","block_type":"box","text":"electronic request at the following e-mail address:","page_number":72,"box":{"x":514,"y":550,"width":330,"height":11}},{"id":"d8cb49d3-dcfd-453c-ab55-52127a9ad27f","block_type":"box","text":"publicinfo@sec.gov.","page_number":72,"box":{"x":515,"y":566,"width":130,"height":11}},{"id":"600bcc36-6f2e-4181-8e6c-14d18ea79028","block_type":"box","text":"You should rely only on the information contained in","page_number":72,"box":{"x":514,"y":589,"width":378,"height":11}},{"id":"e37c8532-0fd8-453e-abfd-25bc3341a048","block_type":"box","text":"this prospectus. No one is authorized to provide you","page_number":72,"box":{"x":514,"y":605,"width":377,"height":10}},{"id":"ea4bf801-5d9d-44ae-9db2-c0069dce8cd6","block_type":"box","text":"with information that is different from information","page_number":72,"box":{"x":514,"y":620,"width":355,"height":9}},{"id":"273a10a0-47fb-49ee-9a71-5f1116bd4382","block_type":"box","text":"contained in this prospectus.","page_number":72,"box":{"x":514,"y":636,"width":209,"height":10}},{"id":"f7b97293-00c1-49b5-89e4-d8ef3da4ffc7","block_type":"box","text":"The SEC has not approved or disapproved these","page_number":72,"box":{"x":514,"y":659,"width":326,"height":10}},{"id":"be9ef540-b6ef-4793-ae61-abe7ddf9c8aa","block_type":"box","text":"securities or passed upon the adequacy of this","page_number":72,"box":{"x":514,"y":674,"width":313,"height":11}},{"id":"f11008a3-262f-44d0-a326-21693d5c8482","block_type":"box","text":"prospectus. Any representation to the contrary is a","page_number":72,"box":{"x":515,"y":690,"width":336,"height":10}},{"id":"d9fec0ef-3980-48a1-9281-85b5d33de9be","block_type":"box","text":"criminal offense.","page_number":72,"box":{"x":514,"y":705,"width":108,"height":9}},{"id":"3c1f8c9e-7e14-4b75-8f2d-0715d199cdfb","block_type":"box","text":"INVESTMENT COMPANY ACT FILE # 811-22061","page_number":72,"box":{"x":515,"y":728,"width":332,"height":9}},{"id":"0f9f4642-cfcf-4db8-8302-7a66d1cc4b5f","block_type":"box","text":"PRO-GDP-0926","page_number":72,"box":{"x":811,"y":919,"width":95,"height":7}},{"id":"0fe2b2b5-f67f-4d27-81ce-b376276b2514","block_type":"box","text":"NM1026U-5988115-72/72","page_number":72,"box":{"x":757,"y":969,"width":145,"height":7}}],"unit":"per_mille","page_width":594,"page_height":774,"attributes":{"chunk_type":"page_range","start_page":1,"end_page":72}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"2fda04c2-0cb1-45ee-b73b-de5a9b170aad"},"user_id":1000002,"date_created":"2026-10-06T12:57:12.880000Z","date_modified":"2026-10-06T12:57:12.880000Z","private":false}