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The contractual agreement may be","page_number":3,"box":{"x":81,"y":675,"width":799,"height":10}},{"id":"694f9b6b-e31f-486c-9824-0bacb090dfc0","block_type":"box","text":"terminated upon 90 days’ notice by a majority of the non-interested directors of the Corporation or by a vote of a majority of the outstanding","page_number":3,"box":{"x":80,"y":686,"width":823,"height":9}},{"id":"e8bb3755-7866-41d5-8963-ee3caabb7183","block_type":"box","text":"voting securities of the Fund.","page_number":3,"box":{"x":80,"y":696,"width":170,"height":9}},{"id":"b7f7b2c6-7645-4f11-8bf0-e0c8abfe9f5c","block_type":"box","text":"Example:","page_number":3,"box":{"x":61,"y":714,"width":74,"height":12}},{"id":"a714b4fe-adbc-4e64-b641-bef31623f659","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":3,"box":{"x":60,"y":730,"width":830,"height":12}},{"id":"d0fa7c71-e35c-44f4-9abb-826961534ed5","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":3,"box":{"x":61,"y":744,"width":832,"height":12}},{"id":"4b85957d-a66d-49e4-8328-e4b291697453","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":3,"box":{"x":61,"y":760,"width":832,"height":11}},{"id":"9e38065d-bfec-4300-8b65-9f4ee2ccc8f2","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":3,"box":{"x":61,"y":775,"width":859,"height":11}},{"id":"ee4ada43-dc79-4623-97f1-e75be6ec51de","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":790,"width":436,"height":11}},{"id":"0cde6345-03a0-4f15-8595-65a32ff45e94","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":818,"width":292,"height":8}},{"id":"c875e26b-80f5-4323-a0c4-c91e3ff6de68","block_type":"box","text":"Class K Shares $61 $203 $357 $806","page_number":3,"box":{"x":69,"y":836,"width":843,"height":9}},{"id":"305342ad-b32f-4eb2-8777-a2739f06b6a1","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":861,"width":151,"height":10}},{"id":"3db5d62a-24e7-4c46-b831-ee0e52bc80ca","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":3,"box":{"x":60,"y":877,"width":800,"height":12}},{"id":"39827356-629f-40a0-b34a-d4a9f698ec92","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":3,"box":{"x":62,"y":892,"width":850,"height":12}},{"id":"04a0b78b-b300-4724-8a80-c83a8465aeeb","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":3,"box":{"x":61,"y":907,"width":870,"height":11}},{"id":"2066fff7-99c3-4cc1-8d60-a6634d022ebc","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":935,"width":9,"height":9}},{"id":"f1e850d8-8aef-4fbe-9f3b-9adb264d6202","block_type":"box","text":"NM0926U-5975828-3/44","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"77f331f4-b2e6-4aec-988d-81cc01046cf7","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":46,"width":839,"height":11}},{"id":"6405c799-a901-431e-b8b0-07de2831a614","block_type":"box","text":"66% of the average value of its portfolio.","page_number":4,"box":{"x":61,"y":60,"width":298,"height":12}},{"id":"065e6776-3580-4603-b296-91b243f9d431","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":4,"box":{"x":61,"y":99,"width":394,"height":14}},{"id":"7c1c04d7-6131-43cd-a90e-25ac598b8e09","block_type":"box","text":"The Fund invests primarily in stocks of companies located outside the United States. The Fund may purchase common","page_number":4,"box":{"x":60,"y":126,"width":871,"height":11}},{"id":"9c7e8d91-7674-4b22-a1c7-8315f181761f","block_type":"box","text":"stock, preferred stock, convertible securities and other instruments.","page_number":4,"box":{"x":61,"y":140,"width":501,"height":12}},{"id":"47769c69-f871-437a-83ef-cc01c7c0b62e","block_type":"box","text":"The Fund will invest at least 75% of its total assets in global equity securities of any market capitalization, selected for","page_number":4,"box":{"x":60,"y":163,"width":873,"height":12}},{"id":"7043a753-99c2-4a7d-a1e8-c1b7af37f155","block_type":"box","text":"their above average return potential. The Fund may invest in securities issued by companies of all sizes but will focus","page_number":4,"box":{"x":60,"y":178,"width":863,"height":11}},{"id":"d8d6c62c-decf-4bc7-a02b-686e8bca8993","block_type":"box","text":"mainly on medium and large capitalization companies. Companies will be located in developed countries of Europe and","page_number":4,"box":{"x":61,"y":193,"width":874,"height":11}},{"id":"eb288007-a0a8-4352-b814-04d019a6fcf5","block_type":"box","text":"the Far East, and in countries with emerging capital markets anywhere in the world. The Fund may invest up to 25% of","page_number":4,"box":{"x":60,"y":207,"width":868,"height":12}},{"id":"e5e924bd-b621-49c4-8448-df0c61329357","block_type":"box","text":"its total assets in global fixed income securities, including corporate bonds, U.S. Government debt securities, non-U.S.","page_number":4,"box":{"x":62,"y":222,"width":870,"height":12}},{"id":"26b0e99b-e2f8-4b28-9fac-ce02d332eaf8","block_type":"box","text":"Government and supranational debt securities, asset-backed securities, mortgage-backed securities, emerging market","page_number":4,"box":{"x":61,"y":237,"width":871,"height":12}},{"id":"06d6d00e-1f25-4b45-aae2-2f8d1a79060e","block_type":"box","text":"debt securities and non-investment grade debt securities (high yield or junk bonds).","page_number":4,"box":{"x":61,"y":252,"width":610,"height":11}},{"id":"4eb83785-5e2d-4664-a7f6-9f8821ea06b1","block_type":"box","text":"The portfolio management team’s investment process seeks to identify and benefit from diverse sources of","page_number":4,"box":{"x":60,"y":274,"width":793,"height":12}},{"id":"2cf1352c-21a3-4d51-b8af-47073664336b","block_type":"box","text":"inefficiency by applying a combination of stock-specific analysis, and top-down economic research, across the equity","page_number":4,"box":{"x":62,"y":289,"width":854,"height":12}},{"id":"5275b985-ac59-4565-b034-f38caf014c19","block_type":"box","text":"universe and macro-economic environment. The Fund’s allocations to particular countries are based on Fund","page_number":4,"box":{"x":61,"y":304,"width":798,"height":11}},{"id":"095ed764-e37d-48c8-ab2c-cf6b64dd9b43","block_type":"box","text":"management’s evaluation of individual companies.","page_number":4,"box":{"x":61,"y":319,"width":371,"height":12}},{"id":"883ddab0-514a-4971-b8cc-b6b1a240c1b8","block_type":"box","text":"Under normal circumstances, the Fund will allocate a substantial amount (approximately 40% or more — unless","page_number":4,"box":{"x":62,"y":342,"width":821,"height":11}},{"id":"9db4351b-4d9a-43a1-b178-5eb5a1392cd6","block_type":"box","text":"market conditions are not deemed favorable by Fund management, in which case the Fund would invest at least 30%)","page_number":4,"box":{"x":61,"y":356,"width":863,"height":12}},{"id":"5699d8de-621d-4359-a783-bba701119575","block_type":"box","text":"of its total assets in securities (i) of foreign government issuers, (ii) of issuers organized or located outside the United","page_number":4,"box":{"x":61,"y":371,"width":867,"height":12}},{"id":"3457cda1-43e7-497a-b46f-39bd9afe977d","block_type":"box","text":"States, (iii) of issuers which primarily trade in a market located outside the United States, or (iv) of issuers doing a","page_number":4,"box":{"x":61,"y":386,"width":841,"height":12}},{"id":"56ef57f1-6e67-4fef-a2f8-4ad0a0889ef4","block_type":"box","text":"substantial amount of business outside the United States, which the Fund considers to be companies that derive at","page_number":4,"box":{"x":61,"y":401,"width":852,"height":11}},{"id":"f6dfbdc0-eeaa-4756-b9b7-a20b708f332b","block_type":"box","text":"least 50% of their revenue or profits from business outside the United States or have at least 50% of their sales or","page_number":4,"box":{"x":62,"y":416,"width":845,"height":11}},{"id":"d676fb50-df4f-4289-90e0-790eef77fce0","block_type":"box","text":"assets outside the United States. The Fund will allocate its assets among various regions and countries, including the","page_number":4,"box":{"x":61,"y":431,"width":868,"height":11}},{"id":"2d7af914-e8fc-49b3-b9b9-7c8543c742f8","block_type":"box","text":"United States (but in no less than three different countries). For temporary defensive purposes the Fund may deviate","page_number":4,"box":{"x":62,"y":445,"width":858,"height":12}},{"id":"ae0166bf-0cda-4e0f-9ff1-e51548d83bed","block_type":"box","text":"very substantially from the allocation described above.","page_number":4,"box":{"x":60,"y":460,"width":400,"height":12}},{"id":"c21d73e3-2541-45ba-ac51-b95ac022e54f","block_type":"box","text":"Fund management may, when consistent with the Fund’s investment objective, buy or sell options or futures on a","page_number":4,"box":{"x":62,"y":483,"width":829,"height":11}},{"id":"ef5ba46a-62c7-4cb9-bd36-c85385a314f8","block_type":"box","text":"security or an index of securities, or enter into interest rate or foreign currency transactions, including swaps","page_number":4,"box":{"x":61,"y":497,"width":797,"height":12}},{"id":"06622b1d-0c26-407d-a007-1095dd79a2ae","block_type":"box","text":"(collectively, commonly known as derivatives).","page_number":4,"box":{"x":61,"y":513,"width":333,"height":11}},{"id":"f07a3cce-1c61-4c2d-b15b-a06e5420d431","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":551,"width":354,"height":14}},{"id":"6a427611-4eb8-4dc1-a0ff-3c3030e3b09e","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":4,"box":{"x":62,"y":577,"width":860,"height":12}},{"id":"6f473d16-dab9-4661-82f6-59cea57187c8","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":4,"box":{"x":61,"y":592,"width":802,"height":12}},{"id":"ba569b24-dac1-44b3-baa8-3f4b5c42e527","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":4,"box":{"x":62,"y":607,"width":842,"height":12}},{"id":"2d0fab88-2b13-4c3d-968e-87142db8ad89","block_type":"box","text":"summary description of the principal risks of investing in the Fund. An investment in the Fund is not a deposit in any","page_number":4,"box":{"x":61,"y":622,"width":855,"height":11}},{"id":"11416a50-d8c9-4cc0-a9ce-dfa2e0a19eb8","block_type":"box","text":"bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or governmental","page_number":4,"box":{"x":61,"y":637,"width":851,"height":11}},{"id":"2b20780d-7821-401b-92b0-461eab98e08d","block_type":"box","text":"agency. The relative significance of each risk factor below may change over time and you should review each risk factor","page_number":4,"box":{"x":61,"y":652,"width":874,"height":11}},{"id":"d172a71e-0eed-46f5-bc51-7b7abd40f9b9","block_type":"box","text":"carefully.","page_number":4,"box":{"x":61,"y":666,"width":63,"height":12}},{"id":"f0f1858f-479c-42c7-ba13-7e45a3fffa13","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":686,"width":166,"height":12}},{"id":"7efb5c31-8555-49a7-b2be-1d2c3bd9e825","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":4,"box":{"x":251,"y":686,"width":685,"height":12}},{"id":"86ad11e0-baf7-4bbf-ae57-15d33453cf5e","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":701,"width":550,"height":12}},{"id":"1eb515c7-77e9-4e84-9d79-2777eb42ae30","block_type":"box","text":"Foreign Securities Risk","page_number":4,"box":{"x":81,"y":721,"width":176,"height":12}},{"id":"29c7029c-c63f-463a-86cd-bea2d3bb1c52","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":4,"box":{"x":260,"y":721,"width":668,"height":12}},{"id":"11ace301-304a-4ffa-a6dd-47b4c1563c54","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":4,"box":{"x":82,"y":736,"width":531,"height":11}},{"id":"f7b9349b-84a4-4130-b0de-76b29a4f014f","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":4,"box":{"x":101,"y":756,"width":823,"height":12}},{"id":"b168f5e0-4294-41b3-8af2-812ff15b1dca","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":4,"box":{"x":102,"y":771,"width":823,"height":11}},{"id":"173227fc-d068-4e5c-8bc7-927bcd958028","block_type":"box","text":"oversight.","page_number":4,"box":{"x":101,"y":786,"width":70,"height":11}},{"id":"59ee193c-1225-4f0b-a53d-d8d712f3be0d","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.","page_number":4,"box":{"x":101,"y":806,"width":644,"height":11}},{"id":"ea9fb7c3-b48a-4b2d-9573-4dc72c7aa62e","block_type":"box","text":"The economies of certain foreign markets may not compare favorably with the economy of the United States with","page_number":4,"box":{"x":101,"y":826,"width":830,"height":11}},{"id":"4c5404c1-a317-4105-8da3-e24ddc73cdb4","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":4,"box":{"x":102,"y":840,"width":808,"height":12}},{"id":"154e0199-cc08-4ff6-a414-41bed7694491","block_type":"box","text":"payments position.","page_number":4,"box":{"x":102,"y":855,"width":137,"height":12}},{"id":"e0e69cf9-271c-4660-9ec7-d4fed12c7552","block_type":"box","text":"The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or","page_number":4,"box":{"x":101,"y":875,"width":821,"height":12}},{"id":"42ac73a1-6a0c-49ed-8a94-07b638f8e8cb","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":4,"box":{"x":102,"y":890,"width":809,"height":12}},{"id":"fbc9faeb-e591-4a9a-923a-c8baaaf28da1","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"bc0ceeef-220b-4c73-b182-65b3c6d233d4","block_type":"box","text":"NM0926U-5975828-4/44","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"a8f14eb6-14bd-4e90-8933-819208dba8fd","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":46,"width":784,"height":11}},{"id":"5624dc83-f30e-48bb-bb69-1472209b2f03","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":5,"box":{"x":101,"y":61,"width":352,"height":11}},{"id":"790877af-4530-4b03-930f-43df739978bf","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":80,"width":823,"height":12}},{"id":"03d9c668-fe61-4568-aac4-feba0590c5e9","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":95,"width":811,"height":12}},{"id":"e5a666fe-509a-4152-a02a-3948b0b1e527","block_type":"box","text":"U.S. securities laws.","page_number":5,"box":{"x":102,"y":110,"width":148,"height":9}},{"id":"888b430a-0d7a-4829-9138-2a6a0a6ede92","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":130,"width":834,"height":12}},{"id":"6566add2-b9e0-4169-93e1-6e73c3033d19","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":5,"box":{"x":101,"y":145,"width":628,"height":11}},{"id":"e807f34e-f56a-45ee-a2a6-a2f1cc11f789","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":165,"width":830,"height":11}},{"id":"a5d08de6-07a7-4d3e-84c0-5ddf73b76aa4","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":180,"width":831,"height":11}},{"id":"d778e858-1445-4e91-8ee2-b87046d8d467","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":195,"width":813,"height":11}},{"id":"11c739e5-6190-49cd-829c-7aa95cb30b79","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":5,"box":{"x":101,"y":209,"width":395,"height":12}},{"id":"b71f3d05-454c-496f-8258-0811a1db424e","block_type":"box","text":"Emerging Markets Risk","page_number":5,"box":{"x":81,"y":229,"width":178,"height":12}},{"id":"fe543e3d-f3d0-4260-8cbc-a29f159cb0db","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":5,"box":{"x":263,"y":230,"width":617,"height":11}},{"id":"ff395e92-b67f-4418-8c2c-5aab5ac4472a","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":5,"box":{"x":81,"y":244,"width":825,"height":12}},{"id":"3c43c9f9-d7bd-483e-8f1f-5bf089b81f67","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":5,"box":{"x":82,"y":259,"width":822,"height":12}},{"id":"97b3c3d2-cef9-46b1-8adc-6513ed0afcf5","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":5,"box":{"x":82,"y":274,"width":816,"height":11}},{"id":"89266fc3-d421-49c0-96f8-0969857b6552","block_type":"box","text":"liquidity than developed markets.","page_number":5,"box":{"x":82,"y":289,"width":240,"height":11}},{"id":"1a97cb27-e599-4be7-bfcb-43630c909cda","block_type":"box","text":"Geographic Concentration Risk","page_number":5,"box":{"x":81,"y":309,"width":235,"height":11}},{"id":"afc897bd-c59e-46cc-a813-82d1db3433e5","block_type":"box","text":"— From time to time the Fund may invest a substantial amount of its assets in","page_number":5,"box":{"x":320,"y":309,"width":581,"height":11}},{"id":"9fc303bb-2408-48f6-bb5b-cdb72432df9c","block_type":"box","text":"issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this","page_number":5,"box":{"x":82,"y":323,"width":848,"height":12}},{"id":"cdca07ef-a824-4be4-bb84-3bb86e627efb","block_type":"box","text":"manner, it assumes the risk that economic, political and social conditions in those countries will have a significant","page_number":5,"box":{"x":82,"y":338,"width":841,"height":12}},{"id":"df6baf8a-485e-4b1a-8a7b-eda116181a1c","block_type":"box","text":"impact on its investment performance. The Fund’s investment performance may also be more volatile if it","page_number":5,"box":{"x":82,"y":353,"width":777,"height":12}},{"id":"948c51a1-b928-45b8-84cb-d44301fa6d54","block_type":"box","text":"concentrates its investments in certain countries, especially emerging market countries.","page_number":5,"box":{"x":81,"y":368,"width":648,"height":11}},{"id":"c9ded172-0b04-46b9-b27a-5b23bce9ba78","block_type":"box","text":"Convertible Securities Risk","page_number":5,"box":{"x":81,"y":388,"width":206,"height":9}},{"id":"4a352ab7-6f41-49aa-b56c-13100aec6236","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":388,"width":593,"height":11}},{"id":"e27e0bd2-ca64-4a7c-937a-73a2344f1a48","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":403,"width":853,"height":11}},{"id":"0e070a0a-6346-4658-82c9-cdbab4f9f7f2","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":418,"width":855,"height":11}},{"id":"78ad885b-82a1-4fe7-abb0-339940cc2713","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":432,"width":816,"height":12}},{"id":"1d9b5e40-dd02-4dc9-8c9a-0e3010985d97","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":447,"width":796,"height":12}},{"id":"ca9cd76b-f089-44bb-9a2d-ceba53334e18","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":462,"width":812,"height":11}},{"id":"0001bbb6-d3ef-42d7-8dad-ae2a8f81aad8","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":477,"width":809,"height":11}},{"id":"6db89687-038b-4b3f-9ed1-166e918262cd","block_type":"box","text":"Corporate Loans Risk","page_number":5,"box":{"x":81,"y":497,"width":162,"height":11}},{"id":"90997ead-daa4-469e-8aed-934a5efe490a","block_type":"box","text":"— Commercial banks and other financial institutions or institutional investors make corporate","page_number":5,"box":{"x":247,"y":497,"width":689,"height":11}},{"id":"c1168955-4244-4772-8377-a90c6ef41d1f","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":512,"width":845,"height":11}},{"id":"641f1ae8-a7ce-42ce-8fc2-9b5190ae960b","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":527,"width":827,"height":11}},{"id":"d0ccf7d5-9e29-4493-8c43-61a92c998824","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":5,"box":{"x":81,"y":541,"width":821,"height":12}},{"id":"2207092b-b693-4b8b-b960-21b0ff2bf025","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":5,"box":{"x":81,"y":556,"width":840,"height":12}},{"id":"d564039c-4e3b-40b1-9b40-0fccef9790b8","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":5,"box":{"x":81,"y":571,"width":826,"height":12}},{"id":"f251c276-3e79-4abb-9a5b-f3d548344cd4","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":5,"box":{"x":80,"y":586,"width":846,"height":11}},{"id":"5fa07e6d-fe11-4ffd-bd1d-2ad48b8c3e29","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":5,"box":{"x":82,"y":601,"width":847,"height":11}},{"id":"edf18dfd-de24-4741-964b-f0a4223a81b9","block_type":"box","text":"the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional","page_number":5,"box":{"x":80,"y":616,"width":830,"height":11}},{"id":"3c021631-740b-4eb3-994e-4eb075060ffe","block_type":"box","text":"cash, sell investments or temporarily borrow from banks and other lenders.","page_number":5,"box":{"x":81,"y":630,"width":552,"height":12}},{"id":"2d6937e0-fdaf-4a26-814d-093cd1742303","block_type":"box","text":"Debt Securities Risk","page_number":5,"box":{"x":81,"y":650,"width":155,"height":9}},{"id":"412d989d-3d25-4ad3-a210-c37c8fe771de","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":5,"box":{"x":240,"y":651,"width":633,"height":10}},{"id":"8a2ac5af-48cb-46c2-ad46-72d7a499815b","block_type":"box","text":"extension risk, and prepayment risk, each of which are described in further detail below:","page_number":5,"box":{"x":81,"y":665,"width":648,"height":11}},{"id":"9492536c-9ab8-4b38-9070-f9fc79d36fc4","block_type":"box","text":"Credit Risk","page_number":5,"box":{"x":82,"y":685,"width":80,"height":9}},{"id":"3cce5a76-cf69-420d-afce-a9ea536b20b0","block_type":"box","text":"— Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be","page_number":5,"box":{"x":166,"y":685,"width":737,"height":11}},{"id":"a45ab98e-1ef6-47ec-8bd7-38eb91124ed7","block_type":"box","text":"able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s","page_number":5,"box":{"x":81,"y":700,"width":816,"height":11}},{"id":"b9c88b52-7794-4d8e-9f03-4643fbeedd9b","block_type":"box","text":"perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The","page_number":5,"box":{"x":82,"y":715,"width":826,"height":11}},{"id":"14817748-9155-452e-bdd5-5997eca80842","block_type":"box","text":"degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.","page_number":5,"box":{"x":81,"y":730,"width":777,"height":11}},{"id":"c28811b4-7198-413b-8a0b-4ec574095f4d","block_type":"box","text":"Interest Rate Risk","page_number":5,"box":{"x":82,"y":750,"width":132,"height":9}},{"id":"1f3f0876-797d-46af-9faa-9afa8e8782b8","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":5,"box":{"x":218,"y":749,"width":704,"height":12}},{"id":"4f4e3c31-9282-4a2d-9dcb-521b3273e64c","block_type":"box","text":"rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities","page_number":5,"box":{"x":82,"y":764,"width":835,"height":12}},{"id":"51db5d62-013c-492b-b2b7-ede8b4e8fb70","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":5,"box":{"x":80,"y":779,"width":513,"height":9}},{"id":"7e0da608-d1d6-4805-acb7-ce37be6c227a","block_type":"box","text":"The Fund may be subject to a greater risk of rising interest rates during a period of low interest rates. For example,","page_number":5,"box":{"x":81,"y":799,"width":843,"height":12}},{"id":"89a33005-b755-4a49-a626-b2426247640a","block_type":"box","text":"if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being","page_number":5,"box":{"x":82,"y":814,"width":806,"height":12}},{"id":"32a2715d-5c49-4a6e-9377-11bb5cc3698e","block_type":"box","text":"equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the","page_number":5,"box":{"x":81,"y":829,"width":831,"height":11}},{"id":"6ff3ef4a-7a4c-4af6-926b-8640a13d2c9f","block_type":"box","text":"price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude","page_number":5,"box":{"x":82,"y":844,"width":854,"height":11}},{"id":"c5aef71b-51be-48e4-86e1-f130f88937bc","block_type":"box","text":"of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those","page_number":5,"box":{"x":81,"y":858,"width":827,"height":12}},{"id":"5abd3852-fa72-46e8-8fae-73141e30830b","block_type":"box","text":"securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest","page_number":5,"box":{"x":81,"y":873,"width":840,"height":12}},{"id":"386357aa-527b-4468-b60d-773c395148f4","block_type":"box","text":"income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The","page_number":5,"box":{"x":82,"y":888,"width":851,"height":12}},{"id":"1f745e91-c956-4dfb-8dfe-4a49b9d72a69","block_type":"box","text":"Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund","page_number":5,"box":{"x":82,"y":903,"width":808,"height":11}},{"id":"e4654944-8578-4c1a-8875-8637806a8dc0","block_type":"box","text":"management.","page_number":5,"box":{"x":82,"y":919,"width":98,"height":10}},{"id":"d7e3cc2d-5b0f-4400-8c1b-b1284ec296f0","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"319a585e-d627-4eb9-94a9-c0e21f1b3544","block_type":"box","text":"NM0926U-5975828-5/44","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"b7974dde-705b-48c2-9f2d-f7c1c1692af6","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":46,"width":852,"height":11}},{"id":"78dc37e3-05e8-4564-86b0-eaa25b9135b5","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":60,"width":840,"height":12}},{"id":"be14070b-b95d-4fa1-8f39-60eeef69fab3","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":75,"width":834,"height":12}},{"id":"a091aa76-352a-41d9-a5bd-40219f6a8e72","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":90,"width":803,"height":12}},{"id":"47e23134-83e9-4173-b3e5-37a6fe676d35","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":105,"width":839,"height":12}},{"id":"8bd5f439-a258-49ea-948d-faabd68ec96c","block_type":"box","text":"debt securities.","page_number":6,"box":{"x":81,"y":120,"width":112,"height":9}},{"id":"78be07e3-ceba-41b5-8059-906c78bd7d03","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":140,"width":839,"height":11}},{"id":"7be2e5e1-f4ec-403d-b333-be7af67cadad","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":155,"width":839,"height":11}},{"id":"bdad0acd-8023-4165-8a28-7bb88a92e8ad","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":169,"width":831,"height":12}},{"id":"d6c60da9-b97a-4f89-a67c-28895dc3e94b","block_type":"box","text":"value when interest rates change.","page_number":6,"box":{"x":80,"y":184,"width":248,"height":12}},{"id":"e1b3fab6-4e74-40bd-a64d-72ed9e62d5b1","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":204,"width":855,"height":12}},{"id":"2e74c3e8-f681-45ba-8ad7-a79f6707b66f","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":219,"width":801,"height":12}},{"id":"ca489989-fa1b-41c1-a92e-1aef1ea8ae27","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":234,"width":827,"height":11}},{"id":"79a08f70-a03b-4260-9d28-6b37245ba201","block_type":"box","text":"hurt the Fund’s performance.","page_number":6,"box":{"x":82,"y":249,"width":214,"height":11}},{"id":"e5cfc7d6-a5a5-44b3-bb0a-0e6825a95b18","block_type":"box","text":"Extension Risk","page_number":6,"box":{"x":82,"y":269,"width":107,"height":9}},{"id":"f12d786c-7f92-4f9b-acb5-7ffc7dd92ccf","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":269,"width":691,"height":11}},{"id":"5da6a52e-ee68-4a39-9fa6-ac89e2c02cc1","block_type":"box","text":"anticipated, causing the value of these obligations to fall.","page_number":6,"box":{"x":81,"y":283,"width":420,"height":12}},{"id":"6cb30cc7-5eb7-407a-a44d-3f0579387d1a","block_type":"box","text":"Prepayment Risk","page_number":6,"box":{"x":81,"y":304,"width":124,"height":11}},{"id":"b63df1ce-4b2d-4adc-81e0-2006abb4cfb1","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":303,"width":691,"height":12}},{"id":"6f1d0634-3d07-423e-afb7-65d7337be21e","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":319,"width":724,"height":11}},{"id":"a0d8bd58-0f1b-413b-96c2-74b1fcb2be0c","block_type":"box","text":"Derivatives Risk","page_number":6,"box":{"x":81,"y":338,"width":123,"height":9}},{"id":"e485f63c-a3ba-4a7a-9c03-63884ee99922","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":338,"width":664,"height":12}},{"id":"969787a7-aff2-493e-a987-70565f09588c","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":6,"box":{"x":82,"y":353,"width":469,"height":12}},{"id":"71509890-bf6a-45f6-aec5-0912934e8de2","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":82,"y":373,"width":102,"height":12}},{"id":"e0e14423-2598-40f3-b53b-dcc61b089dfa","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":373,"width":723,"height":12}},{"id":"38abd282-423f-4352-9e71-04092814bee0","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":388,"width":832,"height":11}},{"id":"d5d5ccf7-a2d1-433e-842a-df0880dbbacf","block_type":"box","text":"exceed the amount originally invested.","page_number":6,"box":{"x":81,"y":403,"width":280,"height":11}},{"id":"db6b321e-76ac-4a38-85bf-7a7850a25bd3","block_type":"box","text":"Market Risk","page_number":6,"box":{"x":82,"y":423,"width":87,"height":9}},{"id":"c4412bce-47bf-4b56-a75b-94aa019fcf4d","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":423,"width":728,"height":11}},{"id":"427ca460-632f-4dae-809f-15e0be5c1d9b","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":438,"width":834,"height":11}},{"id":"a466aa59-724f-4491-a7b5-450f7656d78d","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":453,"width":832,"height":11}},{"id":"23efe742-93bc-4619-abb4-d4398151eed3","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":467,"width":779,"height":11}},{"id":"9991b001-d448-4918-acfa-902917c13e06","block_type":"box","text":"derivatives positions to lose value.","page_number":6,"box":{"x":81,"y":482,"width":253,"height":11}},{"id":"4d0954f8-027b-4186-8c42-f263e400f82c","block_type":"box","text":"Counterpar ty Risk","page_number":6,"box":{"x":82,"y":502,"width":131,"height":11}},{"id":"929e924b-bd9e-4201-b5ec-bbd5bd300747","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":6,"box":{"x":217,"y":502,"width":697,"height":11}},{"id":"9a016b11-3220-4198-ad4a-4e31c52881f3","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":6,"box":{"x":80,"y":517,"width":855,"height":11}},{"id":"2b3ec178-106d-4460-be91-4d1cbe42c1a9","block_type":"box","text":"exposure to such a counterparty.","page_number":6,"box":{"x":81,"y":532,"width":240,"height":11}},{"id":"057f7053-5ddf-44eb-82c3-98142c197806","block_type":"box","text":"Illiquidity Risk","page_number":6,"box":{"x":82,"y":552,"width":100,"height":11}},{"id":"1f0544e6-6446-42d6-a1d8-9c2564b2191a","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":6,"box":{"x":186,"y":552,"width":750,"height":11}},{"id":"fc9fd8b2-b48c-4cd1-a0d3-c8b334691c90","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":6,"box":{"x":80,"y":567,"width":839,"height":11}},{"id":"d7f08bcd-ff61-447e-93a9-cbe2b4854d71","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":6,"box":{"x":81,"y":581,"width":293,"height":12}},{"id":"485faa0e-9bfc-469a-8695-a87c8b981633","block_type":"box","text":"Operational Risk","page_number":6,"box":{"x":82,"y":601,"width":120,"height":11}},{"id":"00c9c2e2-eba3-445c-b3a0-ac331034a156","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":6,"box":{"x":206,"y":601,"width":727,"height":12}},{"id":"639f73c3-cc4e-43a0-a9ea-9cf14a2856e5","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":6,"box":{"x":82,"y":616,"width":607,"height":12}},{"id":"5a759289-b747-4ede-81e4-2ea8f7e97022","block_type":"box","text":"Legal Risk","page_number":6,"box":{"x":82,"y":636,"width":75,"height":12}},{"id":"d0c51ba2-c2df-406c-921c-8645d3360dfd","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":6,"box":{"x":161,"y":636,"width":761,"height":12}},{"id":"45488f87-2493-429e-a6ba-b94bc170c9d8","block_type":"box","text":"enforceability of a contract.","page_number":6,"box":{"x":81,"y":651,"width":198,"height":11}},{"id":"f6224081-01dc-49b0-83b4-28a32b8db4cf","block_type":"box","text":"Volatility and Correlation Risk","page_number":6,"box":{"x":83,"y":671,"width":214,"height":11}},{"id":"9f62980b-5733-4eab-8086-7b9a993acb50","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":6,"box":{"x":300,"y":671,"width":590,"height":11}},{"id":"e533dc63-69e9-40d5-8a35-c4e90a2d0e74","block_type":"box","text":"fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the","page_number":6,"box":{"x":81,"y":686,"width":775,"height":11}},{"id":"ee41a803-cfba-4e54-ab5c-1170e4117889","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":6,"box":{"x":81,"y":701,"width":589,"height":11}},{"id":"3a1a4007-c40a-4f2e-920f-784bb785db24","block_type":"box","text":"Valuation Risk","page_number":6,"box":{"x":83,"y":721,"width":102,"height":9}},{"id":"efeaeee8-db8d-4ca6-a841-a061eef074fe","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":6,"box":{"x":189,"y":720,"width":747,"height":12}},{"id":"44d9eaec-3e1e-4183-9586-0ef67d1e3799","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":6,"box":{"x":82,"y":735,"width":783,"height":12}},{"id":"e0734779-e7e8-4501-9d5f-a634e538a27c","block_type":"box","text":"instruments or quote prices for them.","page_number":6,"box":{"x":82,"y":750,"width":273,"height":11}},{"id":"523c45a3-3e84-42af-89bf-6c92b85047c9","block_type":"box","text":"Hedging Risk","page_number":6,"box":{"x":82,"y":770,"width":95,"height":12}},{"id":"d944ccc9-1035-41e5-836e-519397511da5","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":6,"box":{"x":181,"y":770,"width":728,"height":12}},{"id":"2ba1630a-7064-4b5a-9729-be72b2843c65","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":6,"box":{"x":81,"y":785,"width":839,"height":12}},{"id":"c8c330f5-7b2b-4404-b75b-d850f7a52629","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":6,"box":{"x":82,"y":800,"width":354,"height":11}},{"id":"c00e0260-e67b-4863-9880-5777d0473821","block_type":"box","text":"Tax Risk","page_number":6,"box":{"x":83,"y":820,"width":59,"height":9}},{"id":"2790b0a3-03a5-41a4-b31c-06f4ea368edf","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":6,"box":{"x":145,"y":820,"width":719,"height":11}},{"id":"faa27d62-f668-4dd5-b8c9-c22c29dbe3cb","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":6,"box":{"x":81,"y":835,"width":801,"height":11}},{"id":"dcd3ea1d-7495-4824-b807-5d90cbfe8571","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":6,"box":{"x":82,"y":849,"width":802,"height":12}},{"id":"a79ec781-769e-4134-9327-475a937eaf06","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":6,"box":{"x":82,"y":864,"width":830,"height":12}},{"id":"60c2ad87-deb9-4a11-af7d-7b16273d4d2a","block_type":"box","text":"realizes from its investments.","page_number":6,"box":{"x":82,"y":879,"width":215,"height":9}},{"id":"a6a50e2a-17c9-46e0-8cbe-365b4ec1ab6c","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"50e495d0-67c0-41ca-8eba-4d3eb056fd1b","block_type":"box","text":"NM0926U-5975828-6/44","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"3db0b43c-f9a7-44e8-8f2b-153857bffd52","block_type":"box","text":"Focus Risk","page_number":7,"box":{"x":81,"y":46,"width":84,"height":9}},{"id":"2e5c8865-3a32-4061-be4a-c67e0b097e90","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":46,"width":760,"height":10}},{"id":"685202e2-e70e-4af6-9280-87f4221c819d","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":60,"width":845,"height":12}},{"id":"21ddb264-434f-4286-8965-53d3def1f305","block_type":"box","text":"the securities of a greater number of issuers.","page_number":7,"box":{"x":80,"y":75,"width":333,"height":12}},{"id":"112b21f5-616e-4e4a-bd98-0a5344881107","block_type":"box","text":"High Yield Bonds Risk","page_number":7,"box":{"x":81,"y":95,"width":167,"height":12}},{"id":"e663dfd8-bd5c-4227-9b5b-dc151c27a94b","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":7,"box":{"x":252,"y":95,"width":667,"height":12}},{"id":"f1b0e3bc-2d93-40b6-903b-9cd1e85c657e","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":110,"width":835,"height":12}},{"id":"91b0ac2b-e993-4a8c-b1b6-1f79357f8594","block_type":"box","text":"for the Fund.","page_number":7,"box":{"x":81,"y":125,"width":91,"height":9}},{"id":"cc5b22e8-6eb7-41c4-a126-060cfc1d6cb4","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":7,"box":{"x":81,"y":145,"width":276,"height":11}},{"id":"46163f72-c6c5-4c85-97ff-ba86977e445c","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":7,"box":{"x":361,"y":145,"width":573,"height":11}},{"id":"53cd9893-c385-47e9-b2ca-8a44b74b6920","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":160,"width":848,"height":11}},{"id":"f41eac92-0131-42a9-8e1c-8ddccaee3b03","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":175,"width":839,"height":11}},{"id":"11678f14-2846-4301-913b-96f78ab00cc7","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":189,"width":851,"height":12}},{"id":"5d6244e8-21fa-4bf2-85db-8b28f5e31c01","block_type":"box","text":"Leverage Risk","page_number":7,"box":{"x":81,"y":209,"width":107,"height":12}},{"id":"c28df12b-75a8-43de-98f0-8f0439023b5a","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":209,"width":741,"height":12}},{"id":"0d36080b-992a-40c5-bb46-7356de1d1cd2","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":224,"width":853,"height":12}},{"id":"b83b873e-4915-46dc-a9b8-477b2736bab0","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":239,"width":856,"height":12}},{"id":"adc790b1-c14c-468c-bfe0-933f6cfcd051","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":254,"width":775,"height":11}},{"id":"721eba7b-ed3c-4312-85d8-7409cc00e716","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":269,"width":814,"height":11}},{"id":"97629192-be2a-401a-a396-32d29f0b7391","block_type":"box","text":"leverage.","page_number":7,"box":{"x":82,"y":284,"width":63,"height":11}},{"id":"00788107-18ab-43aa-97cd-7ae153987ca4","block_type":"box","text":"Market Risk and Selection Risk","page_number":7,"box":{"x":81,"y":304,"width":240,"height":9}},{"id":"bc2be595-5203-438b-9180-553a4dfe3860","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":304,"width":593,"height":9}},{"id":"411e10b8-ecb4-4363-a8e3-7de75775debd","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":319,"width":851,"height":11}},{"id":"327fbbd7-7318-4118-a445-8a6f4c8457b5","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":333,"width":824,"height":12}},{"id":"8904295e-f7c1-48dc-a3ec-757a053dc4b3","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":348,"width":851,"height":12}},{"id":"d7d372fb-fa4a-4356-b581-acec9503db96","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":7,"box":{"x":82,"y":363,"width":802,"height":11}},{"id":"4a037402-9a4c-4b69-a3c1-68e7f4229e46","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":7,"box":{"x":81,"y":378,"width":849,"height":11}},{"id":"22d66bcb-5baf-4891-9d21-d99b1f94821b","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":7,"box":{"x":81,"y":393,"width":843,"height":11}},{"id":"f2e5b2cf-bb7c-453f-b118-24bcc51e27c4","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or","page_number":7,"box":{"x":81,"y":407,"width":830,"height":12}},{"id":"61e39c2b-1290-4c21-b6fc-481770b09ec1","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":7,"box":{"x":82,"y":422,"width":840,"height":12}},{"id":"aafe4a5b-8b9a-4ff9-8b39-edf4d01cc479","block_type":"box","text":"The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic","page_number":7,"box":{"x":81,"y":437,"width":851,"height":11}},{"id":"9edfdc9d-3c12-447c-bd91-02e7c71d9964","block_type":"box","text":"uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency","page_number":7,"box":{"x":82,"y":452,"width":815,"height":11}},{"id":"3af259ab-f40f-4ab3-b965-0527c001895d","block_type":"box","text":"exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental","page_number":7,"box":{"x":81,"y":467,"width":826,"height":11}},{"id":"734daada-67eb-465e-9846-245d8ece6b9c","block_type":"box","text":"disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":7,"box":{"x":81,"y":481,"width":735,"height":12}},{"id":"4d31bdf4-3da8-45da-9ab0-a43f7991fd27","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":7,"box":{"x":82,"y":501,"width":818,"height":12}},{"id":"c3015076-4eb6-427e-91b5-12c23ab5bf34","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":7,"box":{"x":80,"y":516,"width":819,"height":12}},{"id":"5770172b-03ce-4a4f-9749-53bd83f56413","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":7,"box":{"x":81,"y":531,"width":819,"height":12}},{"id":"396677d0-e921-4c41-9622-2a10aaf13c9a","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":7,"box":{"x":81,"y":546,"width":846,"height":11}},{"id":"68281530-8b8d-441e-8f23-6df5cd198ad9","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":7,"box":{"x":81,"y":561,"width":848,"height":11}},{"id":"670f54b2-7d9d-4c70-93cd-a54e451cacf7","block_type":"box","text":"the Fund invests.","page_number":7,"box":{"x":80,"y":576,"width":125,"height":9}},{"id":"7c02dcf5-38ad-49a7-97bd-11b72107ff9b","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks","page_number":7,"box":{"x":81,"y":596,"width":346,"height":11}},{"id":"2b132153-da02-41c4-9604-2e7895ac0a1e","block_type":"box","text":"— Mortgage- and asset-backed securities represent interests in","page_number":7,"box":{"x":432,"y":596,"width":469,"height":11}},{"id":"61f81f73-da5b-4e6d-9460-0b98ed591279","block_type":"box","text":"“pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset","page_number":7,"box":{"x":82,"y":610,"width":839,"height":12}},{"id":"7b122a50-2160-47f2-b95d-87c97c8e4c56","block_type":"box","text":"backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are","page_number":7,"box":{"x":81,"y":625,"width":822,"height":12}},{"id":"2f7750c0-d6e5-4ad7-b1ef-b3ecb67a5d47","block_type":"box","text":"subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.","page_number":7,"box":{"x":81,"y":640,"width":821,"height":12}},{"id":"daf6021a-de66-4cb7-9d91-bffc53a90dd4","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of","page_number":7,"box":{"x":81,"y":655,"width":851,"height":11}},{"id":"0470a667-f331-445c-ac66-b1016a734ba2","block_type":"box","text":"certain mortgage-backed securities.","page_number":7,"box":{"x":81,"y":670,"width":263,"height":11}},{"id":"953c789d-8eac-4827-b6d4-ff559c626981","block_type":"box","text":"Operational and Technology Risks","page_number":7,"box":{"x":82,"y":690,"width":254,"height":11}},{"id":"f6db990d-71b4-4830-8b89-aab43859b2df","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":7,"box":{"x":340,"y":690,"width":578,"height":11}},{"id":"9dbecbd8-0f28-497e-9e83-df466b98574e","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":7,"box":{"x":82,"y":704,"width":779,"height":12}},{"id":"9971e79c-feff-4e53-a869-77029f62e105","block_type":"box","text":"cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":7,"box":{"x":81,"y":719,"width":848,"height":12}},{"id":"de384ec5-976e-4cae-b8fa-b2b30b56e56e","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":7,"box":{"x":81,"y":734,"width":806,"height":11}},{"id":"290eff08-ed1b-4550-9f29-f5dcc0d196a8","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":7,"box":{"x":82,"y":749,"width":807,"height":11}},{"id":"e62f6659-34bb-4ec4-b6cb-bace2310059d","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":7,"box":{"x":82,"y":764,"width":846,"height":11}},{"id":"797c88bc-ad87-44fe-8edf-a3ace0d90420","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":7,"box":{"x":81,"y":778,"width":836,"height":12}},{"id":"004dea83-7bad-489d-a05f-9b8edd1d44d5","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":7,"box":{"x":82,"y":794,"width":474,"height":11}},{"id":"c4f0627d-dca1-489d-8e88-23da16b146d3","block_type":"box","text":"Preferred Securities Risk","page_number":7,"box":{"x":81,"y":813,"width":189,"height":10}},{"id":"dc097f55-52c8-4453-acde-9f743ef844f5","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":7,"box":{"x":274,"y":813,"width":636,"height":12}},{"id":"1106da24-5c38-4779-bbd6-8ceca225433c","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":7,"box":{"x":81,"y":828,"width":824,"height":12}},{"id":"8d66c044-42a2-4cf1-a1b3-dd3d16e85a65","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":7,"box":{"x":82,"y":843,"width":806,"height":12}},{"id":"61e0ac6f-978a-44a0-a58d-0171e3dabdda","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":7,"box":{"x":81,"y":858,"width":842,"height":11}},{"id":"1d670ade-bb6d-4e0d-ac12-c417ef0075a8","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":7,"box":{"x":81,"y":873,"width":781,"height":11}},{"id":"00caae33-7480-4997-bc77-fa1742ab2fe9","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":7,"box":{"x":81,"y":887,"width":812,"height":12}},{"id":"2a9270db-377d-4b6d-8b2a-1cc44ccf8917","block_type":"box","text":"larger companies.","page_number":7,"box":{"x":82,"y":903,"width":129,"height":11}},{"id":"7a3d6d53-77f6-4096-98b6-133740e67f29","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"1bbca22e-d5b3-45cc-951b-8929752d8ad8","block_type":"box","text":"NM0926U-5975828-7/44","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"fb80b441-fb13-498e-a96b-2650b7605389","block_type":"box","text":"Small and Mid-Capitalization Company Risk","page_number":8,"box":{"x":81,"y":46,"width":327,"height":11}},{"id":"3ebe9377-dd12-40e8-8039-fafc17e7d34b","block_type":"box","text":"— Companies with small or mid-size market capitalizations will","page_number":8,"box":{"x":412,"y":46,"width":461,"height":11}},{"id":"ce266464-1081-4792-a980-14c38e7fc41a","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":60,"width":808,"height":12}},{"id":"0de556af-820c-448c-a51a-7e1fb4345494","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":75,"width":833,"height":12}},{"id":"89f935dd-1701-4d39-8b51-50645a13acd2","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":90,"width":812,"height":12}},{"id":"bc5fcc2e-1faf-45c8-a51c-be35edf0dfb4","block_type":"box","text":"ownership by large investors and are followed by relatively few securities analysts.","page_number":8,"box":{"x":81,"y":105,"width":603,"height":12}},{"id":"c0585277-406c-4659-b057-d768d3545a19","block_type":"box","text":"Supranational Entities Risk","page_number":8,"box":{"x":81,"y":125,"width":205,"height":11}},{"id":"cd0ad2e0-e6b0-4d56-8801-2c3e38086006","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":125,"width":610,"height":11}},{"id":"ba18befb-f6db-4809-8a03-3d69698e9423","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":140,"width":834,"height":11}},{"id":"25e018ee-0376-4edf-a377-ce267eee4c51","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":155,"width":830,"height":11}},{"id":"7529f8bc-b06f-49e4-9324-743f4fc8433a","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":169,"width":795,"height":12}},{"id":"cfa3cb51-30b5-4f14-9730-c5a48dc90dae","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":184,"width":855,"height":12}},{"id":"a4e6d57c-2833-4f91-af96-3275b5a7fd4f","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":199,"width":612,"height":11}},{"id":"28bf957e-e911-419b-9acd-83324bfba1c5","block_type":"box","text":"U.S. Government Issuer Risk","page_number":8,"box":{"x":82,"y":219,"width":215,"height":9}},{"id":"721c2ab2-a621-4e42-a480-41053776037c","block_type":"box","text":"—","page_number":8,"box":{"x":302,"y":224,"width":17,"height":1}},{"id":"3d0b2e51-138a-4926-8925-f69d9a0ff01b","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":8,"box":{"x":323,"y":219,"width":612,"height":12}},{"id":"d24addfc-ffaa-4af5-a6ee-07c4446790b1","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":234,"width":797,"height":11}},{"id":"cad9d9f4-6bfc-440c-bcc4-e0b2be241eb2","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":8,"box":{"x":81,"y":249,"width":850,"height":11}},{"id":"55f5e4d6-6c1b-48dc-a650-b564f2bca665","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":8,"box":{"x":81,"y":263,"width":843,"height":12}},{"id":"e6eb01eb-1f79-40ca-9690-4d58a13169f1","block_type":"box","text":"by law to do so.","page_number":8,"box":{"x":81,"y":279,"width":114,"height":11}},{"id":"fe48676d-5163-4735-9106-ebf2ba2ef5de","block_type":"box","text":"Performance Information","page_number":8,"box":{"x":61,"y":317,"width":224,"height":11}},{"id":"68c97aee-61a3-48eb-9244-7f60e5c01188","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":8,"box":{"x":60,"y":343,"width":855,"height":12}},{"id":"fdcf81d8-3abf-4b61-949b-b09d26089d4c","block_type":"box","text":"risks of investing in the Fund. Class K Shares commenced operations on January 25, 2018. As a result, the returns","page_number":8,"box":{"x":61,"y":358,"width":852,"height":12}},{"id":"da23a580-8c29-4fd4-9b6c-49eca7f93f20","block_type":"box","text":"shown below for Class K Shares prior to January 25, 2018 are those of the Fund’s Institutional Shares, which are not","page_number":8,"box":{"x":61,"y":373,"width":866,"height":12}},{"id":"3adb206d-fdda-41c7-abc0-084cb49d5b4d","block_type":"box","text":"offered in this prospectus. The performance of Class K Shares would be substantially similar to Institutional Shares","page_number":8,"box":{"x":61,"y":388,"width":853,"height":11}},{"id":"e01a6b1c-b904-4a51-8318-07e241d38103","block_type":"box","text":"because Class K Shares and Institutional Shares are invested in the same portfolio of securities and performance","page_number":8,"box":{"x":61,"y":403,"width":842,"height":11}},{"id":"b45aab17-2888-4fb4-b12a-2722fd9e5fe7","block_type":"box","text":"would differ only to the extent that Institutional Shares and Class K Shares have different expenses. The actual","page_number":8,"box":{"x":60,"y":418,"width":820,"height":11}},{"id":"bbd3a161-f350-4c91-94c6-9c5fd0e68b15","block_type":"box","text":"returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have","page_number":8,"box":{"x":61,"y":432,"width":873,"height":12}},{"id":"bf34b084-c34f-43a5-ab62-efcbae9ca8be","block_type":"box","text":"lower expenses than the Institutional Shares. The table compares the Fund’s performance to that of the MSCI ACWI ex","page_number":8,"box":{"x":62,"y":447,"width":874,"height":11}},{"id":"13698c34-1dc3-4803-848e-b21048b227be","block_type":"box","text":"USA Index (Net). To the extent that dividends and distributions have been paid by the Fund, the performance","page_number":8,"box":{"x":62,"y":462,"width":795,"height":11}},{"id":"e585f82b-89ba-47c1-b22b-babd9a96c054","block_type":"box","text":"information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. As with all","page_number":8,"box":{"x":62,"y":477,"width":846,"height":9}},{"id":"abe2e4b8-0c62-4d4c-9ea7-f65af75dd1cb","block_type":"box","text":"such investments, past performance (before and after taxes) is not an indication of future results. The table includes","page_number":8,"box":{"x":61,"y":492,"width":861,"height":11}},{"id":"8d7ea46c-9a16-4fff-abc6-cd9388f91a37","block_type":"box","text":"all applicable fees. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these","page_number":8,"box":{"x":61,"y":506,"width":849,"height":12}},{"id":"511478a2-10e2-4a61-827f-f5a0dab6f40e","block_type":"box","text":"periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance, including its","page_number":8,"box":{"x":62,"y":521,"width":832,"height":12}},{"id":"ab436bc7-48aa-4ee0-8ee9-14ee8bd1eadc","block_type":"box","text":"current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at","page_number":8,"box":{"x":61,"y":536,"width":757,"height":12}},{"id":"0c5bb619-d392-457f-a341-5167e9c03a6a","block_type":"box","text":"(800) 882-0052.","page_number":8,"box":{"x":61,"y":551,"width":122,"height":11}},{"id":"f6ed3f12-8298-4bd9-b14d-6f1e6c792385","block_type":"box","text":"Class K Shares","page_number":8,"box":{"x":437,"y":574,"width":124,"height":10}},{"id":"27ae1929-b59e-4376-90e9-4c98f11d056b","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":8,"box":{"x":392,"y":590,"width":212,"height":10}},{"id":"04f35824-f73f-409d-a851-19b548ee1cff","block_type":"box","text":"BlackRock International Fund","page_number":8,"box":{"x":377,"y":606,"width":244,"height":10}},{"id":"1382e27b-bfdb-4dd6-9476-eacb142cb815","block_type":"box","text":"As of 12/31","page_number":8,"box":{"x":447,"y":622,"width":103,"height":13}},{"id":"99988d43-4a5c-4ba9-9938-f6d5e034fc08","block_type":"box","text":"0.66%","page_number":8,"box":{"x":295,"y":725,"width":37,"height":8}},{"id":"8b16f783-0486-4b08-9c6d-fc4e5ba11411","block_type":"box","text":"31.87%","page_number":8,"box":{"x":339,"y":656,"width":45,"height":7}},{"id":"577d7874-ddf9-4cdc-9652-29f16a7784db","block_type":"box","text":"-21.35%","page_number":8,"box":{"x":385,"y":789,"width":49,"height":8}},{"id":"6e77dc93-cfd6-44b3-8433-dc78f13122ea","block_type":"box","text":"31.82%","page_number":8,"box":{"x":436,"y":656,"width":45,"height":7}},{"id":"a02e4652-69c0-4610-807d-1aec315f6df1","block_type":"box","text":"21.88%","page_number":8,"box":{"x":484,"y":678,"width":45,"height":7}},{"id":"a4bfa94a-1e61-4b22-92dd-ef6836f0bf31","block_type":"box","text":"9.41%","page_number":8,"box":{"x":536,"y":706,"width":37,"height":7}},{"id":"5330d251-e356-48ac-9acb-3aac2123df18","block_type":"box","text":"-24.22%","page_number":8,"box":{"x":578,"y":796,"width":49,"height":7}},{"id":"9ec4a51e-6af7-405e-8be3-57e303d66750","block_type":"box","text":"19.80%","page_number":8,"box":{"x":629,"y":683,"width":44,"height":7}},{"id":"7f5aae90-9841-4502-9fdb-2fd033119fc4","block_type":"box","text":"0.47%","page_number":8,"box":{"x":681,"y":726,"width":36,"height":7}},{"id":"88b3a524-f555-44f6-9432-9b33167f9afb","block_type":"box","text":"15.66%","page_number":8,"box":{"x":725,"y":692,"width":45,"height":7}},{"id":"3d4d7fe9-42b7-47c8-9bb1-55e550e22597","block_type":"box","text":"-30%","page_number":8,"box":{"x":237,"y":801,"width":28,"height":7}},{"id":"fe8d0977-8cd9-4e85-a3df-5f7598dad9a2","block_type":"box","text":"-20%","page_number":8,"box":{"x":237,"y":779,"width":28,"height":7}},{"id":"0f561d8c-fea2-4164-8147-92ace76ab468","block_type":"box","text":"-10%","page_number":8,"box":{"x":237,"y":757,"width":28,"height":7}},{"id":"cd5748c2-3871-4e7a-802d-ef1df813af58","block_type":"box","text":"0%","page_number":8,"box":{"x":248,"y":734,"width":17,"height":8}},{"id":"1ab4bb40-9866-4155-b276-26368ffa3cdb","block_type":"box","text":"10%","page_number":8,"box":{"x":241,"y":712,"width":24,"height":7}},{"id":"9cb76373-7edb-4500-b635-dc3a1a8e3cf2","block_type":"box","text":"20%","page_number":8,"box":{"x":240,"y":690,"width":25,"height":7}},{"id":"43404444-6890-4bb4-8e15-235acce235ed","block_type":"box","text":"30%","page_number":8,"box":{"x":240,"y":668,"width":25,"height":7}},{"id":"9157b6a4-1f8f-4a21-8fa3-63e54692e6fb","block_type":"box","text":"40%","page_number":8,"box":{"x":240,"y":645,"width":25,"height":8}},{"id":"cfb1dddf-0038-40d6-89b4-ca99b9eb071c","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":8,"box":{"x":298,"y":811,"width":465,"height":7}},{"id":"89b2e7d4-1977-4526-8808-4de579338aca","block_type":"box","text":"During the ten-year period shown in the bar chart, the highest return for a quarter was 26.76% (quarter ended","page_number":8,"box":{"x":62,"y":831,"width":806,"height":12}},{"id":"7cdf0d19-02d5-4951-9e27-160ccfb3a8dd","block_type":"box","text":"June 30, 2020) and the lowest return for a quarter was -25.08% (quarter ended March 31, 2020). The year-to-date","page_number":8,"box":{"x":61,"y":846,"width":845,"height":12}},{"id":"d3f910f2-7a35-498b-bab4-f6e9a7c24447","block_type":"box","text":"return as of June 30, 2026 was 10.47%.","page_number":8,"box":{"x":61,"y":861,"width":299,"height":11}},{"id":"f3e0400d-9269-457a-91a0-729eda87d794","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"6feb3ec9-fec3-47ef-9024-eecfbe6df3c1","block_type":"box","text":"NM0926U-5975828-8/44","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"0b9dde47-534c-4d11-86ff-fa4d9c08c4ab","block_type":"box","text":"For the periods ended 12/31/25","page_number":9,"box":{"x":70,"y":51,"width":223,"height":10}},{"id":"0d33f23c-30f7-400a-b02d-12203c061b54","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":9,"box":{"x":69,"y":62,"width":854,"height":10}},{"id":"4f38ea51-f8e1-4928-9aae-8d023f041cb8","block_type":"box","text":"BlackRock International Fund — Class K Shares","page_number":9,"box":{"x":70,"y":80,"width":317,"height":8}},{"id":"b1541d0a-9920-4acb-add7-cd8981df8405","block_type":"box","text":"Return Before Taxes 15.66% 2.91% 6.83%","page_number":9,"box":{"x":85,"y":93,"width":835,"height":8}},{"id":"40871351-87f8-4c34-9a9b-866a2841ee0c","block_type":"box","text":"Return After Taxes on Distributions 15.18% 2.32% 6.46%","page_number":9,"box":{"x":85,"y":106,"width":835,"height":8}},{"id":"57317724-ce03-4a36-a380-a10141149060","block_type":"box","text":"Return After Taxes on Distributions","page_number":9,"box":{"x":85,"y":119,"width":228,"height":8}},{"id":"2df5fc22-e8e4-4bb0-80aa-9fa41e51381b","block_type":"box","text":"and Sale of Fund Shares 9.66% 2.20% 5.55%","page_number":9,"box":{"x":85,"y":130,"width":835,"height":9}},{"id":"b3ed2c09-a34f-4993-b072-524de269b04f","block_type":"box","text":"MSCI ACWI ex USA Index (Net)","page_number":9,"box":{"x":70,"y":149,"width":199,"height":10}},{"id":"966312ff-d92b-47ba-b238-8b4dc0c93cb4","block_type":"box","text":"1","page_number":9,"box":{"x":271,"y":148,"width":3,"height":4}},{"id":"4f5e4793-e8d2-4c8a-bec3-c51fddf55b45","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes, except for withholding","page_number":9,"box":{"x":69,"y":162,"width":486,"height":10}},{"id":"40c31d7c-3c0d-4c98-a3e8-048f105f9897","block_type":"box","text":"taxes on reinvested dividends) 32.39% 7.91% 8.41%","page_number":9,"box":{"x":69,"y":176,"width":851,"height":10}},{"id":"8bb99b17-8967-4a1a-b63c-2caa397c0677","block_type":"box","text":"1","page_number":9,"box":{"x":61,"y":195,"width":3,"height":4}},{"id":"4b46c13d-eda8-4b56-a0cd-5b994bff450e","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":195,"width":819,"height":9}},{"id":"bb020865-6c2c-45ca-a513-1d9ee1b8d912","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":205,"width":870,"height":10}},{"id":"1647b547-d362-40bf-a8f2-6eecc8ad43f5","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":216,"width":862,"height":9}},{"id":"ff0560fb-d78b-4cb1-b6e5-d2d8f21313b5","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.","page_number":9,"box":{"x":60,"y":226,"width":674,"height":9}},{"id":"d1ba1af8-186c-4d5b-9570-cf94b4ad494e","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":251,"width":840,"height":12}},{"id":"40c7afc3-5078-45eb-a44b-f47cd0e88d39","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":266,"width":835,"height":12}},{"id":"3a29532d-ae06-4e01-810a-619da248fd5b","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":281,"width":851,"height":11}},{"id":"18dde7d0-aff8-4227-900e-48cfed09e918","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":9,"box":{"x":60,"y":296,"width":611,"height":11}},{"id":"9634eb72-9111-423f-85dd-0901507e1839","block_type":"box","text":"Investment Manager","page_number":9,"box":{"x":62,"y":335,"width":187,"height":13}},{"id":"eb00e0bd-b202-42ff-9d11-713eafb758c1","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”). The Fund’s sub","page_number":9,"box":{"x":60,"y":361,"width":832,"height":11}},{"id":"d08d48da-0c8c-4f54-b059-144219e93f1c","block_type":"box","text":"adviser is BlackRock International Limited (the “Sub-Adviser”). Where applicable, the use of the term “BlackRock”","page_number":9,"box":{"x":61,"y":376,"width":835,"height":11}},{"id":"75a92f40-cfa6-4d97-b4d0-848a2fe875f5","block_type":"box","text":"refers also to the Sub-Adviser.","page_number":9,"box":{"x":61,"y":390,"width":219,"height":10}},{"id":"2f2efea4-a54d-4a5f-840b-c51ff2391478","block_type":"box","text":"Portfolio Managers","page_number":9,"box":{"x":61,"y":429,"width":173,"height":14}},{"id":"3dcae37e-552d-4105-b27b-d48bd03471aa","block_type":"box","text":"Portfolio Manager","page_number":9,"box":{"x":70,"y":473,"width":121,"height":11}},{"id":"26f8ea3d-0db3-42f1-a0e0-b286793590d2","block_type":"box","text":"Portfolio Manager","page_number":9,"box":{"x":362,"y":462,"width":121,"height":10}},{"id":"a128d14a-0789-4115-bd88-d60a0e0109b6","block_type":"box","text":"of the Fund Since Title","page_number":9,"box":{"x":364,"y":473,"width":426,"height":9}},{"id":"52308e58-ea22-4865-b88f-79408f17d80a","block_type":"box","text":"Zeshan Azam 2026 Managing Director of BlackRock, Inc.","page_number":9,"box":{"x":69,"y":491,"width":826,"height":11}},{"id":"604627e0-8113-4092-9540-915095bec020","block_type":"box","text":"Wendy Agnew, CFA 2026 Director of BlackRock, Inc.","page_number":9,"box":{"x":69,"y":509,"width":758,"height":11}},{"id":"25510d0b-c3f1-4348-ad82-6cbd720755b9","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":9,"box":{"x":61,"y":550,"width":309,"height":11}},{"id":"9076d08c-be03-40d1-a264-8a4eaaee6ddb","block_type":"box","text":"Class K Shares of the Fund are available only to (i) certain employee benefit plans, such as health savings accounts,","page_number":9,"box":{"x":61,"y":576,"width":859,"height":12}},{"id":"ee3e9ca9-5b55-4289-bdd9-2a789fc4ba59","block_type":"box","text":"and certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively,","page_number":9,"box":{"x":61,"y":591,"width":844,"height":12}},{"id":"ad703337-6044-432d-b9ef-a696e7c0a938","block_type":"box","text":"“Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies and other pooled","page_number":9,"box":{"x":62,"y":606,"width":791,"height":11}},{"id":"b6b7d771-d91b-450e-9085-00a8b64769d8","block_type":"box","text":"investment vehicles, each of which may purchase shares of the Fund through a Financial Intermediary (as defined","page_number":9,"box":{"x":62,"y":621,"width":834,"height":11}},{"id":"986f8330-17f6-4b9a-b3d7-13d82062b0b6","block_type":"box","text":"below) that has entered into an agreement with the Fund’s distributor to purchase such shares, (iii) “Institutional","page_number":9,"box":{"x":61,"y":636,"width":828,"height":11}},{"id":"ff4535b3-7d8f-4e9d-8072-4f47b4e26b07","block_type":"box","text":"Investors,” which include, but are not limited to, endowments, foundations, family offices, banks and bank trusts,","page_number":9,"box":{"x":62,"y":650,"width":835,"height":12}},{"id":"dfe4b3d4-97c7-47a1-82de-21692a68223e","block_type":"box","text":"local, city, and state governmental institutions, corporations and insurance company separate accounts, each of which","page_number":9,"box":{"x":62,"y":665,"width":869,"height":12}},{"id":"c4b848ec-c2ce-4378-a47e-c9c8f0376563","block_type":"box","text":"may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund’s","page_number":9,"box":{"x":61,"y":680,"width":871,"height":11}},{"id":"fe7ff246-ab62-4331-a517-149099776228","block_type":"box","text":"distributor to purchase such shares, (iv) clients of private banks that purchase shares of the Fund through a Financial","page_number":9,"box":{"x":61,"y":695,"width":863,"height":11}},{"id":"072668e2-4776-49ae-95d2-ba5df7dae036","block_type":"box","text":"Intermediary that has entered into an agreement with the Fund’s distributor to sell such shares, (v) fee-based advisory","page_number":9,"box":{"x":62,"y":710,"width":871,"height":11}},{"id":"9f92d6a7-8353-45b3-b432-eebd786d851c","block_type":"box","text":"platforms of a Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s","page_number":9,"box":{"x":62,"y":724,"width":839,"height":12}},{"id":"c7cf84eb-acbf-4f62-8f90-f5caa2bd5e89","block_type":"box","text":"distributor and/or its affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory clients","page_number":9,"box":{"x":61,"y":739,"width":853,"height":12}},{"id":"34f51f39-e73b-45d8-89f4-d250f55bcb15","block_type":"box","text":"through an omnibus account held at the Fund or (b) transacts in the Fund’s shares through another intermediary that","page_number":9,"box":{"x":60,"y":754,"width":861,"height":12}},{"id":"8c1f85e8-6046-474c-8106-22018efbff7c","block_type":"box","text":"has executed such an agreement and (vi) any other investors who met the eligibility criteria for BlackRock Shares or","page_number":9,"box":{"x":61,"y":769,"width":850,"height":11}},{"id":"60b0f2d7-e6f0-4cde-bcd6-f19ab93c4eaa","block_type":"box","text":"Class K Shares prior to August 15, 2016 and have continually held Class K Shares of the Fund in the same account","page_number":9,"box":{"x":61,"y":784,"width":854,"height":11}},{"id":"dbaf7256-c549-4736-88eb-6f5a520c1ca8","block_type":"box","text":"since August 15, 2016.","page_number":9,"box":{"x":61,"y":799,"width":172,"height":11}},{"id":"9776b4f1-d6e2-4e01-883c-27f20b2477ee","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. 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There is no minimum investment amount for additional purchases.","page_number":9,"box":{"x":61,"y":880,"width":586,"height":12}},{"id":"37598c2f-b81a-47d5-a234-e65ecaa256f2","block_type":"box","text":"9","page_number":9,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"7d0f0ca7-c0cc-4f14-a7e8-8ce2304f39cd","block_type":"box","text":"NM0926U-5975828-9/44","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"42af0330-ab31-4acf-b2c1-9d3c025c372d","block_type":"box","text":"Tax Information","page_number":10,"box":{"x":63,"y":46,"width":138,"height":11}},{"id":"b33b69df-4a00-4200-9f52-866c15b043af","block_type":"box","text":"Different income tax rules apply depending on whether you are invested through a qualified tax-exempt plan described","page_number":10,"box":{"x":62,"y":73,"width":865,"height":11}},{"id":"31d0d3ee-032b-4af6-ae60-2db649805e47","block_type":"box","text":"in section 401(a) of the Internal Revenue Code of 1986, as amended. If you are invested through such a plan (and","page_number":10,"box":{"x":62,"y":88,"width":842,"height":11}},{"id":"5832d916-b39f-4b74-8dd8-cf5d59df686f","block_type":"box","text":"Fund shares are not “debt-financed property” to the plan), then the dividends paid by the Fund and the gain realized","page_number":10,"box":{"x":62,"y":102,"width":850,"height":12}},{"id":"c90337da-e9f2-4ecc-8db8-b8a7b80cc3cc","block_type":"box","text":"from a redemption or exchange of Fund shares will generally not be subject to U.S. federal income taxes until you","page_number":10,"box":{"x":60,"y":117,"width":833,"height":12}},{"id":"aa28228a-0051-4e5e-9c0b-7cfc8e8783d5","block_type":"box","text":"withdraw or receive distributions from the plan. If you are not invested through such a plan, then the Fund’s dividends","page_number":10,"box":{"x":60,"y":132,"width":865,"height":12}},{"id":"be894f17-c97c-4cd1-84e0-83b773ef5938","block_type":"box","text":"and gain from a redemption or exchange may be subject to U.S. federal income taxes and may be taxed as ordinary","page_number":10,"box":{"x":61,"y":147,"width":851,"height":11}},{"id":"5c8be3b4-86ca-47d5-9498-b7c5ef625ee0","block_type":"box","text":"income or capital gains, unless you are a tax-exempt investor.","page_number":10,"box":{"x":62,"y":162,"width":451,"height":11}},{"id":"425d7f4a-6a00-4c53-a7bc-5920f48514c5","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries","page_number":10,"box":{"x":61,"y":201,"width":578,"height":13}},{"id":"9f08414b-c6f1-446c-93fc-6ecbe71f9680","block_type":"box","text":"If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the","page_number":10,"box":{"x":62,"y":227,"width":848,"height":11}},{"id":"03f33e76-2b39-4aeb-8f75-c795607faa9c","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":10,"box":{"x":62,"y":242,"width":868,"height":11}},{"id":"c3373f90-6df3-4e8b-a8c5-52ec342302e3","block_type":"box","text":"These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial","page_number":10,"box":{"x":60,"y":264,"width":867,"height":12}},{"id":"dadea6c9-7fe4-47a4-87c3-29282348e261","block_type":"box","text":"professional to recommend the Fund over another investment.","page_number":10,"box":{"x":62,"y":279,"width":455,"height":11}},{"id":"91e8bd08-cd00-4cc5-85bd-d2f3b9b1b7a8","block_type":"box","text":"Class K Shares are only available through a Financial Intermediary if the Financial Intermediary will not receive from","page_number":10,"box":{"x":61,"y":302,"width":849,"height":11}},{"id":"a4a540b6-e509-4015-8bd4-9482d2b584e2","block_type":"box","text":"Fund assets, or the Fund’s distributor’s or an affiliate’s resources, any commission payments, shareholder servicing","page_number":10,"box":{"x":62,"y":316,"width":857,"height":12}},{"id":"cadc30ad-6afc-441d-96a5-bea5beeb7261","block_type":"box","text":"fees (including sub-transfer agent and networking fees), or distribution fees (including Rule 12b-1 fees) with respect to","page_number":10,"box":{"x":60,"y":331,"width":869,"height":12}},{"id":"3b9718a3-1ebb-4524-9138-a59a4d7e4e6b","block_type":"box","text":"assets invested in Class K Shares.","page_number":10,"box":{"x":61,"y":346,"width":256,"height":9}},{"id":"0af80a8a-2848-40e7-a6bb-a64ce15b1a73","block_type":"box","text":"Ask your individual financial professional or visit your Financial Intermediary’s website for more information.","page_number":10,"box":{"x":60,"y":369,"width":790,"height":11}},{"id":"7744b454-1a49-4772-b014-a9899b289b6a","block_type":"box","text":"10","page_number":10,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"704da965-1cd1-448c-a768-69ca3ccc4ad8","block_type":"box","text":"NM0926U-5975828-10/44","page_number":10,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"49e2d969-60bc-4c91-955a-6ffb9627e4fe","block_type":"box","text":"Details About the Fund","page_number":11,"box":{"x":65,"y":82,"width":494,"height":27}},{"id":"35cada30-5c77-4c58-b875-ecad31d88936","block_type":"box","text":"Included in this prospectus are sections that tell you about buying and selling shares, management information,","page_number":11,"box":{"x":62,"y":146,"width":821,"height":12}},{"id":"e7595ea8-f924-4285-9a74-48bb77ef53bb","block_type":"box","text":"shareholder features of BlackRock International Fund (the “Fund”), a series of BlackRock Series, Inc. (the","page_number":11,"box":{"x":61,"y":161,"width":775,"height":11}},{"id":"95ce4903-7df7-4c2a-9124-b3612ec2ea8c","block_type":"box","text":"“Corporation”), and your rights as a shareholder.","page_number":11,"box":{"x":62,"y":176,"width":355,"height":11}},{"id":"ec7ca0b1-3ec8-4404-bfc7-5cd84607f41b","block_type":"box","text":"How the Fund Invests","page_number":11,"box":{"x":61,"y":215,"width":196,"height":11}},{"id":"26279e94-a9c1-49d2-9aa7-aff93d2a091d","block_type":"box","text":"Investment Objective","page_number":11,"box":{"x":61,"y":241,"width":175,"height":13}},{"id":"8cee1adc-78ba-402c-bb2d-f5b0270eb0d9","block_type":"box","text":"The investment objective of the Fund is to seek long-term capital growth through investments primarily in a diversified","page_number":11,"box":{"x":60,"y":258,"width":862,"height":11}},{"id":"5b515275-3724-4178-895a-5955e13bac00","block_type":"box","text":"portfolio of equity securities of companies located outside the United States. In other words, the Fund tries to choose","page_number":11,"box":{"x":62,"y":273,"width":864,"height":11}},{"id":"c9cb56ea-bd2a-4755-b5e7-a3fba2692c5d","block_type":"box","text":"investments located outside the United States that will increase in value.","page_number":11,"box":{"x":62,"y":287,"width":535,"height":10}},{"id":"b55ace9c-0386-449f-a5eb-e9e242e24144","block_type":"box","text":"This is a fundamental policy of the Fund. To change a fundamental policy requires the approval of a majority of the","page_number":11,"box":{"x":60,"y":310,"width":839,"height":11}},{"id":"562c0594-bc48-4e78-8dea-36d0bb0d58cc","block_type":"box","text":"Fund’s shareholders, as defined in the Investment Company Act of 1940, as amended (the “Investment Company","page_number":11,"box":{"x":62,"y":325,"width":835,"height":11}},{"id":"6f9c6db5-73d2-48b7-a2c9-595a6a091d26","block_type":"box","text":"Act”).","page_number":11,"box":{"x":60,"y":340,"width":39,"height":11}},{"id":"4ec9b650-bf02-42cc-8bb0-75bc8f3b5b76","block_type":"box","text":"Investment Process","page_number":11,"box":{"x":61,"y":363,"width":165,"height":10}},{"id":"0ac70617-073c-49c0-a310-0da5cd387ad0","block_type":"box","text":"The portfolio management team’s investment process seeks to identify and benefit from diverse sources of","page_number":11,"box":{"x":60,"y":379,"width":793,"height":11}},{"id":"623f95ac-0b4d-45fa-a251-f76291c052f6","block_type":"box","text":"inefficiency by applying a combination of stock-specific analysis, and top-down economic research, across the equity","page_number":11,"box":{"x":62,"y":394,"width":854,"height":11}},{"id":"8a2343c8-4415-45a8-b5fc-de12737374e2","block_type":"box","text":"universe and macro-economic environment. In addition to the portfolio managers, individual stock research is","page_number":11,"box":{"x":61,"y":409,"width":803,"height":11}},{"id":"ca135615-5b86-4f44-a5dd-235f88f413a0","block_type":"box","text":"conducted by global sector, and country, specialists seeking to identify companies with the following characteristics: 1)","page_number":11,"box":{"x":61,"y":423,"width":873,"height":12}},{"id":"2e6510d0-128e-4c73-be90-2d2e9e6d7fbf","block_type":"box","text":"sustainable business model, 2) strong financial position, and 3) strong capital allocation with a focus on dividends.","page_number":11,"box":{"x":61,"y":438,"width":846,"height":12}},{"id":"7ad922bf-5601-40da-aa97-72abbfe95b8d","block_type":"box","text":"Principal Investment Strategies","page_number":11,"box":{"x":61,"y":461,"width":262,"height":13}},{"id":"0e8640fe-bc0f-4b3b-a6c1-7278baf3cc4b","block_type":"box","text":"The Fund will invest at least 75% of its total assets in global equity securities of any market capitalization, selected for","page_number":11,"box":{"x":60,"y":477,"width":873,"height":12}},{"id":"2b997a37-a7fe-4550-9bc8-b3938232b4fc","block_type":"box","text":"their above-average return potential. The Fund primarily seeks to buy common stock but may also invest in preferred","page_number":11,"box":{"x":60,"y":492,"width":854,"height":12}},{"id":"90cf398b-0b99-43bf-bc4c-46a6f6f54fe4","block_type":"box","text":"stock, convertible securities and other instruments. The Fund will allocate its assets among various regions and","page_number":11,"box":{"x":61,"y":507,"width":824,"height":12}},{"id":"a74d1c41-3dd0-4716-819d-4b7b1797c8cd","block_type":"box","text":"countries, including the United States (but in no less than three different countries). Under normal circumstances, the","page_number":11,"box":{"x":61,"y":522,"width":867,"height":12}},{"id":"c0d06545-5b6f-4e97-9645-5f8f71c20bc0","block_type":"box","text":"Fund will allocate a substantial amount (approximately 40% or more — unless market conditions are not deemed","page_number":11,"box":{"x":62,"y":537,"width":829,"height":11}},{"id":"3f45311b-72b7-403d-9812-3467775c1ae9","block_type":"box","text":"favorable by BlackRock, in which case the Fund would invest at least 30%) of its total assets in securities (i) of foreign","page_number":11,"box":{"x":60,"y":552,"width":869,"height":11}},{"id":"3056c5e8-737d-41a3-b093-0d32c002e13d","block_type":"box","text":"government issuers, (ii) of issuers organized or located outside the United States, (iii) of issuers which primarily trade","page_number":11,"box":{"x":60,"y":566,"width":865,"height":12}},{"id":"d95de61d-5507-4fda-a34f-345780e5001d","block_type":"box","text":"in a market located outside the United States, or (iv) of issuers doing a substantial amount of business outside the","page_number":11,"box":{"x":62,"y":581,"width":847,"height":12}},{"id":"30690a68-17aa-4420-8935-55f72e364d68","block_type":"box","text":"United States, which the Fund considers to be companies that derive at least 50% of their revenue or profits from","page_number":11,"box":{"x":62,"y":596,"width":833,"height":11}},{"id":"24819ce5-d5da-4147-a615-68d7e710aeef","block_type":"box","text":"business outside the United States or have at least 50% of their sales or assets outside the United States. For","page_number":11,"box":{"x":61,"y":611,"width":818,"height":9}},{"id":"834fb9e9-ee6c-405e-b40f-c8904d97b49d","block_type":"box","text":"temporary defensive purposes the Fund may deviate very substantially from the allocation described above.","page_number":11,"box":{"x":60,"y":626,"width":791,"height":11}},{"id":"ca11f9a4-136d-432b-835e-692156c40d5e","block_type":"box","text":"Investment in fixed income securities will be made on an opportunistic basis. Securities will be identified based on","page_number":11,"box":{"x":62,"y":648,"width":842,"height":12}},{"id":"9d4cae82-805b-443c-a8a9-daf9e34119a1","block_type":"box","text":"factors such as relative value and earnings estimate revisions. The Fund may invest up to 25% of total assets in global","page_number":11,"box":{"x":60,"y":663,"width":875,"height":12}},{"id":"4578d251-9c03-48bf-b526-f282c10b7049","block_type":"box","text":"fixed income securities, including corporate bonds, U.S. Government debt securities, non-U.S. Government and","page_number":11,"box":{"x":60,"y":678,"width":816,"height":12}},{"id":"8916e785-f130-46d4-bec1-4cc98aa9320d","block_type":"box","text":"supranational debt securities, asset-backed securities, mortgage-backed securities, emerging market debt securities","page_number":11,"box":{"x":61,"y":693,"width":858,"height":11}},{"id":"1948366e-72e7-451f-973b-c637331fbb17","block_type":"box","text":"and debt securities of any credit quality, as determined by Fund management. Split rated bonds will be considered to","page_number":11,"box":{"x":61,"y":708,"width":859,"height":11}},{"id":"3d59a9a3-0fc5-49e4-9427-2c3cb3896835","block_type":"box","text":"have the higher credit rating as determined by Fund management.","page_number":11,"box":{"x":61,"y":723,"width":482,"height":11}},{"id":"4b3bfa76-b721-44c4-b1bf-638194b17b03","block_type":"box","text":"The Fund will invest in securities of non-U.S. issuers that can be U.S.-dollar based or non-U.S.-dollar based on a","page_number":11,"box":{"x":60,"y":745,"width":821,"height":9}},{"id":"d62b9998-b59c-469b-a433-251a8e728367","block_type":"box","text":"hedged or unhedged basis. The Fund may enter into currency transactions on a hedged or unhedged basis in order to","page_number":11,"box":{"x":61,"y":760,"width":862,"height":11}},{"id":"92367340-28df-445f-b866-abe4186a33f1","block_type":"box","text":"seek total return.","page_number":11,"box":{"x":61,"y":775,"width":125,"height":9}},{"id":"46bbf960-036c-4c1c-888f-b2d3663562fc","block_type":"box","text":"The Fund may, when consistent with the Fund’s investment objective, buy or sell options or futures on a security or an","page_number":11,"box":{"x":60,"y":797,"width":866,"height":12}},{"id":"e674238b-9db2-4b42-ba71-5752b2819968","block_type":"box","text":"index of securities and may buy options on a currency or a basket of currencies, or enter into interest rate or foreign","page_number":11,"box":{"x":62,"y":812,"width":852,"height":12}},{"id":"d51220e4-dbbc-4629-8066-0f82f9e374f8","block_type":"box","text":"currency transactions, including swaps (collectively, commonly known as derivatives). An option is the right to buy or","page_number":11,"box":{"x":61,"y":827,"width":852,"height":11}},{"id":"fc647e8d-ed5d-4809-b7df-ad14ef5470f9","block_type":"box","text":"sell a security or an index of securities at a specific price on or before a specific date. A future is an agreement to buy","page_number":11,"box":{"x":61,"y":842,"width":868,"height":11}},{"id":"bc77d1bd-0f7f-4f8e-ae24-cc082fc77c59","block_type":"box","text":"or sell a security or an index of securities at a specific price on a specific date. A swap is an agreement whereby one","page_number":11,"box":{"x":61,"y":856,"width":858,"height":12}},{"id":"45399378-13b0-446f-84cf-ed2326ec5a39","block_type":"box","text":"party exchanges its right to receive or its obligation to pay one type of currency for another party’s obligation to pay or","page_number":11,"box":{"x":62,"y":871,"width":866,"height":12}},{"id":"8e93086f-433b-44dd-87df-0af7080b3bf2","block_type":"box","text":"its right to receive another type of currency in the future or for a period of time. The Fund typically uses derivatives as a","page_number":11,"box":{"x":62,"y":886,"width":874,"height":12}},{"id":"5a5daedd-62ad-4714-bc41-0c613cdbcaca","block_type":"box","text":"substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to","page_number":11,"box":{"x":61,"y":901,"width":844,"height":12}},{"id":"2db45c5f-5c89-46a2-ad80-d087a74eb609","block_type":"box","text":"other risks, such as currency risk. The Fund may also use derivatives to enhance returns, in which case their use","page_number":11,"box":{"x":61,"y":916,"width":831,"height":11}},{"id":"fe4b6fd0-d72f-4cd3-87e9-f81b766bdf90","block_type":"box","text":"11","page_number":11,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"3ea6eebf-1922-450d-9900-7392855f7ac5","block_type":"box","text":"NM0926U-5975828-11/44","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"25de5c70-85bc-40b7-a039-740d7cccdb79","block_type":"box","text":"would involve leveraging risk. The Fund may seek to obtain market exposure to the securities in which it primarily","page_number":12,"box":{"x":60,"y":46,"width":829,"height":11}},{"id":"fbeec8ae-074c-47b5-a055-4a4108ac19c0","block_type":"box","text":"invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as","page_number":12,"box":{"x":62,"y":60,"width":833,"height":12}},{"id":"cbe4f68e-3abf-45ce-a61f-109d044fb909","block_type":"box","text":"reverse repurchase agreements or dollar rolls). The Fund may also use forward foreign currency exchange contracts","page_number":12,"box":{"x":61,"y":75,"width":850,"height":12}},{"id":"477f144a-492b-4939-826f-daf3fd87f79a","block_type":"box","text":"(obligations to buy or sell a currency at a set rate in the future).","page_number":12,"box":{"x":61,"y":90,"width":465,"height":12}},{"id":"767b0ae6-2936-4eeb-9aea-324357c55172","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":12,"box":{"x":61,"y":113,"width":327,"height":13}},{"id":"b1e1c1b8-f1da-4bec-94eb-3e39bc0b2a47","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":12,"box":{"x":62,"y":129,"width":870,"height":12}},{"id":"6d0ecc6f-e0e2-40ef-bfc1-6a013f241c06","block_type":"box","text":"investments/strategies:","page_number":12,"box":{"x":62,"y":145,"width":173,"height":11}},{"id":"d2398d15-101f-4cde-be17-fc7540464eee","block_type":"box","text":"Borrowing","page_number":12,"box":{"x":81,"y":164,"width":78,"height":12}},{"id":"b5353490-4ad2-4134-af97-1ac21dc78ba9","block_type":"box","text":"— The Fund may borrow for temporary or emergency purposes, including to meet redemptions, for the","page_number":12,"box":{"x":162,"y":164,"width":751,"height":12}},{"id":"c71533ce-4c36-4258-ba8e-be979abed6d3","block_type":"box","text":"payment of dividends, for share repurchases or for the clearance of transactions, subject to the limits set forth","page_number":12,"box":{"x":82,"y":179,"width":815,"height":11}},{"id":"f2cde398-7640-4488-9fa8-e4af0344d98e","block_type":"box","text":"under the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.","page_number":12,"box":{"x":82,"y":194,"width":801,"height":11}},{"id":"1ca196ab-897f-48a6-a781-9a38cbe043a8","block_type":"box","text":"Depositary Receipts","page_number":12,"box":{"x":81,"y":214,"width":152,"height":11}},{"id":"0e16426b-c085-4ee9-b8bb-34373512c6d9","block_type":"box","text":"— The Fund may invest in securities of foreign issuers in the form of depositary receipts or","page_number":12,"box":{"x":238,"y":214,"width":671,"height":11}},{"id":"8f0e2614-2008-410d-ae54-cb7eb3c071ca","block_type":"box","text":"other securities that are convertible into securities of foreign issuers. American Depositary Receipts are receipts","page_number":12,"box":{"x":81,"y":229,"width":829,"height":11}},{"id":"f8ea5950-d780-449a-a314-de1f8da77dcf","block_type":"box","text":"typically issued by an American bank or trust company that evidence underlying securities issued by a foreign","page_number":12,"box":{"x":80,"y":244,"width":802,"height":11}},{"id":"96b8d9ce-45db-4e3a-869b-6a4dc10074a0","block_type":"box","text":"corporation. European Depositary Receipts (issued in Europe) and Global Depositary Receipts (issued throughout","page_number":12,"box":{"x":81,"y":258,"width":833,"height":12}},{"id":"81318ab2-96a8-4515-bd14-980da39e438d","block_type":"box","text":"the world) each evidence a similar ownership arrangement. The Fund may invest in unsponsored depositary","page_number":12,"box":{"x":80,"y":273,"width":791,"height":12}},{"id":"4d8e1449-c44e-4d6e-93b6-8cc62548d2b0","block_type":"box","text":"receipts.","page_number":12,"box":{"x":82,"y":288,"width":61,"height":11}},{"id":"6095d271-b223-4942-a9f8-a1b1b2a6ddb1","block_type":"box","text":"Foreign Exchange Transactions","page_number":12,"box":{"x":81,"y":308,"width":236,"height":11}},{"id":"80d3eb42-c36d-43b7-863a-1b15f956db1d","block_type":"box","text":"— The Fund may engage in foreign exchange transactions to seek to hedge against","page_number":12,"box":{"x":322,"y":308,"width":613,"height":12}},{"id":"8e3edf39-de44-4df3-9d9f-60f9d8a98d9a","block_type":"box","text":"the risk of loss from changes in currency exchange rates, but Fund management cannot guarantee that it will be","page_number":12,"box":{"x":80,"y":323,"width":824,"height":11}},{"id":"1d9e1590-0ed2-4443-a34c-07918c97bfa5","block_type":"box","text":"able to enter into such transactions or that such transactions will be effective.","page_number":12,"box":{"x":81,"y":338,"width":575,"height":9}},{"id":"cbe50ff8-fc61-4175-8189-4a3beffef0ee","block_type":"box","text":"Illiquid Investments","page_number":12,"box":{"x":81,"y":358,"width":148,"height":11}},{"id":"b7d9e995-58e1-4435-9f47-318f969653bb","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":12,"box":{"x":233,"y":358,"width":677,"height":11}},{"id":"4353c69a-e543-48fe-906e-89420d39b087","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":12,"box":{"x":82,"y":372,"width":811,"height":12}},{"id":"28b6a799-1a4a-4827-9197-4acb50cd9309","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":12,"box":{"x":82,"y":387,"width":831,"height":12}},{"id":"b93238a5-d5dd-4912-ab77-49a846d7e4f5","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":12,"box":{"x":81,"y":402,"width":811,"height":12}},{"id":"47f899ca-d89c-42ef-ab86-7b13d0d17e0a","block_type":"box","text":"Indexed and Inverse Securities","page_number":12,"box":{"x":81,"y":422,"width":232,"height":9}},{"id":"828c9646-e37f-4166-a313-d84b99b44eea","block_type":"box","text":"— The Fund may invest in securities that provide a return based on fluctuations in a","page_number":12,"box":{"x":317,"y":422,"width":619,"height":11}},{"id":"2578d905-05cd-4a57-bd15-4fa901761f8f","block_type":"box","text":"stock or other financial index. For example, the Fund may invest in a security that increases in value with the price","page_number":12,"box":{"x":81,"y":437,"width":838,"height":11}},{"id":"f306f510-d86f-4d4e-9e3d-ca15aa7573e9","block_type":"box","text":"of a particular securities index. In some cases, the return of the security may be inversely related to the price of the","page_number":12,"box":{"x":81,"y":452,"width":852,"height":11}},{"id":"6669a65e-865d-482f-b9ee-6d53f00c3258","block_type":"box","text":"index. This means that the value of the security will rise as the price of the index falls and vice versa. Although","page_number":12,"box":{"x":82,"y":467,"width":811,"height":11}},{"id":"7ff37356-de61-49c0-b851-9d8dc51d3f0a","block_type":"box","text":"these types of securities can make it easier for the Fund to access certain markets or hedge risks of other assets","page_number":12,"box":{"x":80,"y":481,"width":840,"height":12}},{"id":"a0a91595-2e46-46d2-a127-c53cae9a2393","block_type":"box","text":"held by the Fund, these securities are subject to the risks related to the underlying index or other assets.","page_number":12,"box":{"x":82,"y":496,"width":771,"height":12}},{"id":"1ee48c21-fd49-4824-8e92-d5acfa1777b9","block_type":"box","text":"Investment Companies","page_number":12,"box":{"x":81,"y":516,"width":172,"height":11}},{"id":"1ea90583-5023-42b8-a080-a08b2426f564","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":12,"box":{"x":258,"y":516,"width":643,"height":12}},{"id":"08488a91-3cd0-4f9c-a173-9e6a24b20926","block_type":"box","text":"traded funds (“ETFs”), unit investment trusts, and open-end and closed-end funds, subject to the applicable limits","page_number":12,"box":{"x":80,"y":531,"width":837,"height":11}},{"id":"800a50c7-fb54-498a-8518-a69e8d2de666","block_type":"box","text":"under the Investment Company Act, and the rules thereunder. The Fund may invest in affiliated investment","page_number":12,"box":{"x":82,"y":546,"width":782,"height":11}},{"id":"96845073-aabe-4bcb-b1d9-6e8f606efd22","block_type":"box","text":"companies, including affiliated money market funds and affiliated exchange-traded funds. When determining what","page_number":12,"box":{"x":81,"y":561,"width":835,"height":11}},{"id":"e9400aa1-d4d3-4354-a3ca-d0032cdb028d","block_type":"box","text":"country an investment company is located in for purposes of the allocation test described in the Principal","page_number":12,"box":{"x":81,"y":575,"width":772,"height":12}},{"id":"ba447608-ef0b-4bb1-8c70-4fb26c94baac","block_type":"box","text":"Investment Strategies section of this Prospectus, the Fund may consider investment companies to be located in the","page_number":12,"box":{"x":82,"y":590,"width":852,"height":12}},{"id":"e7e9dd9d-0678-4f5f-a539-6ac6abce8f2a","block_type":"box","text":"country or countries in which they primarily make their portfolio investments.","page_number":12,"box":{"x":81,"y":605,"width":562,"height":12}},{"id":"09a5fa91-1079-4403-bfa6-132fc0f7a742","block_type":"box","text":"Money Market Securities","page_number":12,"box":{"x":81,"y":625,"width":190,"height":11}},{"id":"3c96e8ab-33be-4d15-b06b-d9374b9b6bb4","block_type":"box","text":"— The Fund may invest in high quality money market securities pending investments or","page_number":12,"box":{"x":276,"y":625,"width":641,"height":12}},{"id":"ba6afa43-6679-40df-814d-2450c6b17ba8","block_type":"box","text":"when it expects to need cash to pay redeeming shareholders. The Fund will not be deemed to deviate from its","page_number":12,"box":{"x":80,"y":640,"width":808,"height":12}},{"id":"5fd7a9a2-bf4e-4e41-bc32-0c3272dd54d5","block_type":"box","text":"normal strategies if it holds these securities pending investments.","page_number":12,"box":{"x":82,"y":655,"width":485,"height":11}},{"id":"58c7f5e0-b80a-448b-a68e-48b7caf9d548","block_type":"box","text":"“","page_number":12,"box":{"x":82,"y":675,"width":5,"height":4}},{"id":"147fb8b4-3cf9-420a-94b7-278a0b206675","block_type":"box","text":"New Issues”","page_number":12,"box":{"x":89,"y":675,"width":95,"height":9}},{"id":"acc0ca81-117a-40fe-9535-0ae2ff08030b","block_type":"box","text":"— From time to time, the Fund may invest in shares of companies through initial public offerings","page_number":12,"box":{"x":188,"y":675,"width":710,"height":11}},{"id":"3f33e1d1-cb82-42b8-9e6c-1f00c37a80f2","block_type":"box","text":"(“IPOs”).","page_number":12,"box":{"x":81,"y":690,"width":62,"height":11}},{"id":"30d1732b-3a5c-4ce2-8666-5ed0c6675e41","block_type":"box","text":"Real Estate-Related Securities","page_number":12,"box":{"x":81,"y":710,"width":231,"height":9}},{"id":"8f80b0d5-99cf-477a-b241-f1eeb19777a7","block_type":"box","text":"— The Fund may invest in securities of issuers that are engaged in or related to the","page_number":12,"box":{"x":316,"y":710,"width":616,"height":11}},{"id":"08af0ef3-b613-4f7d-aeef-fee977b395a2","block_type":"box","text":"real estate industry. Real estate industry companies may include real estate operating companies whose","page_number":12,"box":{"x":82,"y":725,"width":772,"height":11}},{"id":"55cd26e1-83a8-4f76-a0b6-40186aead106","block_type":"box","text":"businesses and services are related to the real estate industry.","page_number":12,"box":{"x":81,"y":739,"width":468,"height":12}},{"id":"0e836703-8c47-4c76-b473-ff2ff33fea11","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts","page_number":12,"box":{"x":81,"y":759,"width":442,"height":12}},{"id":"8e9be1c0-e2f6-435e-9447-266dd62e2377","block_type":"box","text":"— The Fund may enter into certain types of repurchase","page_number":12,"box":{"x":527,"y":759,"width":406,"height":12}},{"id":"2055adb3-4589-4384-ac1f-6a643a48932c","block_type":"box","text":"agreements or purchase and sale contracts. Under a repurchase agreement, the seller agrees to repurchase a","page_number":12,"box":{"x":81,"y":774,"width":813,"height":12}},{"id":"71785ec2-95c2-4e04-a091-7ea0fe780bf2","block_type":"box","text":"security at a mutually agreed-upon time and price. A purchase and sale contract is similar to a repurchase","page_number":12,"box":{"x":81,"y":789,"width":779,"height":11}},{"id":"fb88dc93-9bd9-4a8a-b97d-e0534be6bcd4","block_type":"box","text":"agreement, but purchase and sale contracts also provide that the purchaser receives any interest on the security","page_number":12,"box":{"x":81,"y":804,"width":832,"height":11}},{"id":"28584b04-ac66-454d-83fb-d254663eb62e","block_type":"box","text":"paid during the period.","page_number":12,"box":{"x":82,"y":819,"width":162,"height":11}},{"id":"c6f1c4bc-a36b-4716-8788-8eaa4daccd7f","block_type":"box","text":"Securities Lending","page_number":12,"box":{"x":81,"y":839,"width":140,"height":11}},{"id":"7b58b61f-351d-403b-bd1a-abc03129f742","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":12,"box":{"x":225,"y":839,"width":396,"height":11}},{"id":"e50978bf-a5ff-4233-b2ae-71afff4f475d","block_type":"box","text":"1⁄","page_number":12,"box":{"x":622,"y":839,"width":6,"height":5}},{"id":"6af7a7d3-3eb4-4a1e-926a-8a9e9a013034","block_type":"box","text":"1⁄3","page_number":12,"box":{"x":626,"y":839,"width":8,"height":9}},{"id":"2732bf7c-aacf-4558-b278-7c35556c2c3f","block_type":"box","text":"⁄3","page_number":12,"box":{"x":632,"y":842,"width":6,"height":6}},{"id":"6b3d09c9-e8a4-494b-9636-e773c486ee58","block_type":"box","text":"% of its total assets to financial","page_number":12,"box":{"x":639,"y":838,"width":231,"height":10}},{"id":"4441b957-9fc4-4feb-a24c-d0e2c20cf969","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":12,"box":{"x":82,"y":853,"width":748,"height":12}},{"id":"fff9106f-ac69-4622-9f00-c114c7901296","block_type":"box","text":"Standby Commitment Agreements","page_number":12,"box":{"x":81,"y":873,"width":259,"height":12}},{"id":"fc0152c1-b9bd-4584-b912-b6ce2c59fe67","block_type":"box","text":"— Standby commitment agreements commit the Fund, for a stated period of","page_number":12,"box":{"x":344,"y":873,"width":563,"height":12}},{"id":"0cdffb00-51d6-4ad3-9909-73700a6d1625","block_type":"box","text":"time, to purchase a stated amount of securities that may be issued and sold to the Fund at the option of the issuer.","page_number":12,"box":{"x":80,"y":888,"width":854,"height":12}},{"id":"680fc415-1e5f-460d-9324-c082244e65f4","block_type":"box","text":"12","page_number":12,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"0684eeb7-a480-4822-b237-c55afb4c5402","block_type":"box","text":"NM0926U-5975828-12/44","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"52cc1b31-f53d-4e57-85fb-f7fcca05792d","block_type":"box","text":"Temporary Defensive Strategies","page_number":13,"box":{"x":82,"y":46,"width":238,"height":11}},{"id":"2fa0e66b-552a-451d-9280-389fa194db7c","block_type":"box","text":"—","page_number":13,"box":{"x":325,"y":51,"width":17,"height":1}},{"id":"bdd68db7-57fc-4dee-b9d7-8431f858f3f5","block_type":"box","text":"For temporary defensive purposes, for example, to respond to adverse market,","page_number":13,"box":{"x":348,"y":46,"width":577,"height":11}},{"id":"843d5a51-6aae-4ab3-a309-2f215109aab4","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":60,"width":802,"height":12}},{"id":"4924b747-45c6-4a23-a364-fba186f569e9","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":76,"width":833,"height":11}},{"id":"902aff36-090c-46eb-aa8a-7ba2200a7b54","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":90,"width":796,"height":12}},{"id":"e432364d-34e4-437d-aec8-73a711f38560","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":13,"box":{"x":81,"y":105,"width":802,"height":12}},{"id":"e806bad7-e4d4-46c3-8554-b24f1e537226","block_type":"box","text":"unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed income","page_number":13,"box":{"x":82,"y":120,"width":778,"height":11}},{"id":"9ff27963-15f7-441e-b6ba-b5640fce7e94","block_type":"box","text":"securities. Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":13,"box":{"x":81,"y":135,"width":781,"height":11}},{"id":"f6aef0be-ad9c-40fa-b26a-25e59579bfee","block_type":"box","text":"Warrants","page_number":13,"box":{"x":83,"y":155,"width":66,"height":9}},{"id":"3c190696-6500-46a5-9eee-d4c9a15b0087","block_type":"box","text":"— A warrant gives the Fund the right to buy stock. The warrant specifies the amount of underlying stock,","page_number":13,"box":{"x":153,"y":155,"width":767,"height":11}},{"id":"f0b4eed0-1393-474a-8d45-e75dd6103501","block_type":"box","text":"the purchase (or “exercise”) price and the date the warrant expires. The Fund has no obligation to exercise the","page_number":13,"box":{"x":80,"y":170,"width":815,"height":11}},{"id":"e66c5a9d-28ce-4cb9-8dff-155d10ce24b7","block_type":"box","text":"warrant and buy the stock. A warrant has value only if the Fund is able to exercise it or sell it before it expires.","page_number":13,"box":{"x":80,"y":184,"width":810,"height":12}},{"id":"31e2a314-26d9-413f-aa96-8bdf82a352a7","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":13,"box":{"x":83,"y":204,"width":545,"height":12}},{"id":"41a63c0a-2238-497d-bbe6-309ba04b8a89","block_type":"box","text":"— The purchase or sale of securities on","page_number":13,"box":{"x":632,"y":204,"width":295,"height":11}},{"id":"78baeb8b-9d7e-4308-a957-e191a47e5e80","block_type":"box","text":"a when-issued basis, on a delayed delivery basis or through a forward commitment involves the purchase or sale of","page_number":13,"box":{"x":81,"y":219,"width":851,"height":12}},{"id":"40f0d381-4ae6-4ba0-9433-5eeaea7af64d","block_type":"box","text":"securities by the Fund at an established price with payment and delivery taking place in the future. The Fund enters","page_number":13,"box":{"x":81,"y":234,"width":847,"height":11}},{"id":"db2f86aa-827a-4a81-93b0-1ff34546ea36","block_type":"box","text":"into these transactions to obtain what is considered an advantageous price to the Fund at the time of entering into","page_number":13,"box":{"x":82,"y":249,"width":842,"height":11}},{"id":"b423227d-249d-47b1-a426-e907e713b948","block_type":"box","text":"the transaction.","page_number":13,"box":{"x":80,"y":264,"width":115,"height":9}},{"id":"b90f4bac-4182-4481-ab0b-f9666a5ffba8","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":13,"box":{"x":272,"y":320,"width":453,"height":9}},{"id":"7bdd4d09-0e91-4679-a164-364e4562f296","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":13,"box":{"x":70,"y":343,"width":836,"height":11}},{"id":"fdb98fd5-9c39-4918-b008-b378578f94db","block_type":"box","text":"managers and are jointly and primarily responsible for the day-to-day management of the Fund. Please see","page_number":13,"box":{"x":71,"y":358,"width":780,"height":11}},{"id":"f665ac03-f59b-4fef-831e-319af292ba1b","block_type":"box","text":"“Management of the Fund -- Portfolio Manager Information” for additional information about the portfolio","page_number":13,"box":{"x":72,"y":372,"width":766,"height":12}},{"id":"d18f92f0-a7c2-48dc-bc35-f879965f5145","block_type":"box","text":"management team.","page_number":13,"box":{"x":71,"y":388,"width":141,"height":11}},{"id":"f303e61a-c61a-4ae9-998c-fd96b36631b8","block_type":"box","text":"Investment Risks","page_number":13,"box":{"x":62,"y":439,"width":156,"height":11}},{"id":"1192f0e6-0a0b-43cf-ac28-1cf701d26cab","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objective and","page_number":13,"box":{"x":60,"y":465,"width":811,"height":12}},{"id":"13876e3e-d747-4c4a-990a-c195b1287b31","block_type":"box","text":"Policies” section in the Statement of Additional Information (the “SAI”) also includes more information about the Fund,","page_number":13,"box":{"x":61,"y":480,"width":871,"height":11}},{"id":"60fdfb55-eb8c-4819-962c-c0c1cda827a2","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":13,"box":{"x":62,"y":495,"width":799,"height":11}},{"id":"a5d9588b-30d2-42f1-b62f-467365877d1a","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":13,"box":{"x":62,"y":510,"width":860,"height":11}},{"id":"7f48c1a2-a928-4b50-90b9-d651c0c2b754","block_type":"box","text":"is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any","page_number":13,"box":{"x":62,"y":525,"width":856,"height":11}},{"id":"30d4ab9f-e386-4082-b77f-8a0c357e5e59","block_type":"box","text":"bank or governmental agency. The order of the below risk factors does not indicate the significance of any particular","page_number":13,"box":{"x":61,"y":539,"width":853,"height":12}},{"id":"5aaafcc9-71a2-4aa9-abb6-be7abaa064c1","block_type":"box","text":"risk factor.","page_number":13,"box":{"x":61,"y":554,"width":76,"height":9}},{"id":"f60c38dd-b5b4-4e15-a04a-96fccb00bb96","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":13,"box":{"x":61,"y":577,"width":322,"height":13}},{"id":"1430ad12-86ea-4334-95f8-6f7f0b7365a6","block_type":"box","text":"Convertible Securities Risk","page_number":13,"box":{"x":81,"y":599,"width":206,"height":9}},{"id":"6ac6bee5-1780-4459-bcc2-d6dd6d9f8331","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":13,"box":{"x":291,"y":599,"width":593,"height":11}},{"id":"df9a8bfb-fd52-4f2d-87ad-cdcd893a9c71","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":13,"box":{"x":81,"y":613,"width":853,"height":12}},{"id":"2ef385d5-daf2-4e4e-b7a4-18253697b026","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":13,"box":{"x":81,"y":629,"width":855,"height":11}},{"id":"6cc55d57-8e84-4389-89c6-972240639baa","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":13,"box":{"x":80,"y":643,"width":816,"height":12}},{"id":"e2090845-b12e-4e68-9133-5b48bdd82a4f","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":13,"box":{"x":82,"y":658,"width":796,"height":11}},{"id":"7862e7ec-24c7-4bf9-ad0d-0f5f28dbd911","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":13,"box":{"x":81,"y":673,"width":812,"height":11}},{"id":"0217865a-46bb-401f-8202-999ac6b7b810","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":13,"box":{"x":82,"y":688,"width":809,"height":11}},{"id":"3ec57e89-4964-4d2f-9fda-08931ad42a18","block_type":"box","text":"Corporate Loans Risk","page_number":13,"box":{"x":81,"y":708,"width":162,"height":11}},{"id":"0fa1590c-c961-465d-b730-7b2bacbda5a7","block_type":"box","text":"— Commercial banks and other financial institutions or institutional investors make corporate","page_number":13,"box":{"x":247,"y":708,"width":689,"height":11}},{"id":"272ff4a1-da19-4c9b-ab3c-6801e8253e58","block_type":"box","text":"loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at","page_number":13,"box":{"x":82,"y":723,"width":845,"height":11}},{"id":"2a11f1b6-064f-49b1-ae96-676bb80b480a","block_type":"box","text":"rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate","page_number":13,"box":{"x":82,"y":737,"width":827,"height":12}},{"id":"f435527a-f59e-4a9c-8f6c-b0bb9b2046bd","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":13,"box":{"x":81,"y":752,"width":821,"height":12}},{"id":"309fb2b9-8b0e-4975-9274-8aa28449e48f","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":13,"box":{"x":81,"y":767,"width":840,"height":11}},{"id":"37ed6726-bee3-416f-b144-0e6c923688bc","block_type":"box","text":"However, because the trading market for certain corporate loans may be less developed than the secondary market","page_number":13,"box":{"x":82,"y":782,"width":850,"height":11}},{"id":"9e800596-6641-49bd-be53-bb17ebed20f7","block_type":"box","text":"for bonds and notes, the Fund may experience difficulties in selling its corporate loans. Transactions in corporate","page_number":13,"box":{"x":81,"y":797,"width":831,"height":11}},{"id":"ead61d99-1382-46b1-9ccc-2a748b0c9b39","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":13,"box":{"x":82,"y":811,"width":841,"height":12}},{"id":"d7b256c2-e22d-442a-b012-c0981cf96403","block_type":"box","text":"available to make additional investments or to meet the Fund’s redemption obligations. To the extent the extended","page_number":13,"box":{"x":81,"y":826,"width":843,"height":12}},{"id":"093bddf3-818e-44ad-915b-4fe24665488d","block_type":"box","text":"settlement process gives rise to short-term liquidity needs, the Fund may hold additional cash, sell investments or","page_number":13,"box":{"x":81,"y":841,"width":841,"height":12}},{"id":"4668b6e1-0876-41b7-a70f-2d2ebeac3a5f","block_type":"box","text":"temporarily borrow from banks and other lenders. Leading financial institutions often act as agent for a broader","page_number":13,"box":{"x":80,"y":856,"width":819,"height":11}},{"id":"7ebd0a59-75d9-4cdb-9873-e1f0e4556f65","block_type":"box","text":"group of lenders, generally referred to as a syndicate. The syndicate’s agent arranges the corporate loans, holds","page_number":13,"box":{"x":81,"y":871,"width":827,"height":11}},{"id":"48992665-8f54-4367-b47a-5ce17482f06c","block_type":"box","text":"collateral and accepts payments of principal and interest. If the agent develops financial problems, the Fund may","page_number":13,"box":{"x":81,"y":885,"width":831,"height":12}},{"id":"0014c85d-22a6-4f51-8c13-9d38a155617c","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":13,"box":{"x":82,"y":901,"width":822,"height":11}},{"id":"a3422e65-ed75-448f-887e-c01e344c67de","block_type":"box","text":"member of the syndicate.","page_number":13,"box":{"x":82,"y":915,"width":184,"height":12}},{"id":"13ae1f66-b17d-4c8a-bd2f-b5d93afd6f58","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"89459d0f-ac9d-49a6-b12d-c9645b97791a","block_type":"box","text":"NM0926U-5975828-13/44","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5708cd28-22fd-41fe-8e43-f1cbfd291a0d","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":46,"width":739,"height":11}},{"id":"34e3dcf8-d1ee-4707-be91-ff121ae963aa","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":68,"width":806,"height":12}},{"id":"f4d877ab-8b1b-48f0-92b3-9e6406dbef74","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":83,"width":852,"height":12}},{"id":"9f2954aa-14e7-4088-841b-5477b22cab19","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":98,"width":827,"height":11}},{"id":"5cc18c7d-df5a-425a-b5c9-099a186e1cb5","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":113,"width":847,"height":11}},{"id":"ca4da68d-442c-4986-87f1-9e95a3e4156e","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":127,"width":852,"height":12}},{"id":"f0917742-25c0-4c56-a297-cefb2fd7e66f","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":142,"width":849,"height":12}},{"id":"606142a8-3d5c-4ae3-b4cc-578818e22fef","block_type":"box","text":"its investment and may not receive interest during the delay.","page_number":14,"box":{"x":82,"y":157,"width":441,"height":12}},{"id":"57bb90b6-b9fd-4fb2-ab94-913ce275d0ed","block_type":"box","text":"Debt Securities Risk","page_number":14,"box":{"x":81,"y":177,"width":155,"height":9}},{"id":"2e49592f-ebd9-4505-9c96-9d38fe1bea2a","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":177,"width":633,"height":11}},{"id":"7ad0eb15-cc11-4344-b9c3-3faabaad055f","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":192,"width":637,"height":11}},{"id":"3156230f-441a-4b5d-b2d3-fde91d545cad","block_type":"box","text":"Credit Risk","page_number":14,"box":{"x":82,"y":215,"width":80,"height":9}},{"id":"49cd7b32-f2e3-4697-95bc-a563ce8e079c","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":214,"width":737,"height":12}},{"id":"30e3016b-304a-4342-9853-c57127cd72a6","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":229,"width":816,"height":12}},{"id":"35d64464-09d2-425d-a5cf-51f7acfa671e","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":14,"box":{"x":82,"y":244,"width":826,"height":12}},{"id":"bf0e283c-81d7-4a07-8a7a-3dde0c20bc63","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":14,"box":{"x":81,"y":259,"width":777,"height":12}},{"id":"3ae61455-e293-4d19-b829-457fb36b5fc4","block_type":"box","text":"Interest Rate Risk","page_number":14,"box":{"x":82,"y":282,"width":132,"height":9}},{"id":"9efa5a65-8028-44b3-9a55-ee49c02f005a","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":14,"box":{"x":218,"y":282,"width":704,"height":11}},{"id":"92c06bc8-7617-4235-90f2-5ece8de89bfc","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":14,"box":{"x":82,"y":296,"width":835,"height":12}},{"id":"f076f9db-883a-49a0-b6d6-2f1ef5ec9ef1","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":14,"box":{"x":80,"y":311,"width":513,"height":9}},{"id":"421f950b-6a37-44c3-95e4-7973f9376ced","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":14,"box":{"x":81,"y":334,"width":843,"height":11}},{"id":"f089dc7c-6118-4976-a508-d5d70deb4dc0","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":14,"box":{"x":82,"y":349,"width":806,"height":11}},{"id":"64aeb70e-a56b-4dda-93a0-99dcb43617f1","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":14,"box":{"x":81,"y":363,"width":831,"height":12}},{"id":"759fc8af-a1a0-4ac9-a3ab-f10210a81751","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":14,"box":{"x":82,"y":378,"width":854,"height":12}},{"id":"f9ef1175-c844-4f2c-973e-ab157781d5a5","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":14,"box":{"x":81,"y":393,"width":827,"height":12}},{"id":"eaa34ac7-fcfe-4142-89f8-4cff461dc997","block_type":"box","text":"securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest","page_number":14,"box":{"x":81,"y":408,"width":840,"height":11}},{"id":"9cccc34f-a9cb-4d9e-a52c-08de9dca47ab","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":14,"box":{"x":82,"y":423,"width":851,"height":11}},{"id":"d8057152-2952-48a6-a457-33d33719e224","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":14,"box":{"x":82,"y":438,"width":808,"height":11}},{"id":"8405e7ee-0b17-4ba3-b4e5-69aca978c1fd","block_type":"box","text":"management.","page_number":14,"box":{"x":82,"y":453,"width":98,"height":11}},{"id":"5cf1fe58-7d68-47a0-8f43-8115aa47aa79","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":14,"box":{"x":81,"y":475,"width":852,"height":11}},{"id":"afeb78dd-b507-4fdf-9111-fd3ca63eb78a","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":14,"box":{"x":81,"y":490,"width":840,"height":11}},{"id":"b6a767ac-66aa-41ca-89b6-c3bcbe4544fd","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset","page_number":14,"box":{"x":80,"y":505,"width":834,"height":11}},{"id":"fd1284d6-6a27-4223-bb06-30cb62d35a57","block_type":"box","text":"only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be","page_number":14,"box":{"x":81,"y":519,"width":803,"height":12}},{"id":"9a7387fe-2f53-45bd-ab7a-142d56dca483","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":14,"box":{"x":81,"y":534,"width":839,"height":12}},{"id":"f590915f-67f4-49f1-be9d-7e6a6fd346db","block_type":"box","text":"debt securities.","page_number":14,"box":{"x":81,"y":549,"width":112,"height":9}},{"id":"d709b7df-0557-4564-bdcd-bd57d37723c0","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":14,"box":{"x":81,"y":572,"width":839,"height":11}},{"id":"a70b1a9c-fcd1-48d2-ae4a-344f9e115f01","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":14,"box":{"x":81,"y":586,"width":839,"height":12}},{"id":"fc310701-d0d5-4220-b937-4ec6572817db","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":14,"box":{"x":82,"y":601,"width":831,"height":12}},{"id":"69e45b56-7a8e-46d0-a9e7-086b280b9f21","block_type":"box","text":"value when interest rates change.","page_number":14,"box":{"x":80,"y":616,"width":248,"height":12}},{"id":"49e8d3c5-9f7d-4179-8c70-0231ac388662","block_type":"box","text":"Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and","page_number":14,"box":{"x":81,"y":639,"width":842,"height":11}},{"id":"338b5d22-b9f4-49fb-90d5-1c6b37445a94","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":14,"box":{"x":81,"y":653,"width":855,"height":12}},{"id":"435fe436-e46a-492e-bc31-42ba762d7175","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":14,"box":{"x":80,"y":668,"width":828,"height":12}},{"id":"4c69facf-d009-420b-a5bc-fe67d31ee54f","block_type":"box","text":"hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at","page_number":14,"box":{"x":82,"y":683,"width":770,"height":12}},{"id":"562bd002-a16a-4bb0-b8b3-663ddb560164","block_type":"box","text":"inopportune times or at a loss or depressed value and could hurt the Fund’s performance.","page_number":14,"box":{"x":82,"y":698,"width":665,"height":11}},{"id":"aa9d2859-31fb-41da-9350-d488458e4eca","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":14,"box":{"x":82,"y":720,"width":836,"height":12}},{"id":"5108f9c3-1b9b-4375-8b3d-b9c0a11cb98b","block_type":"box","text":"countries have recently experienced negative interest rates on certain fixed-income instruments. Very low or","page_number":14,"box":{"x":81,"y":735,"width":793,"height":12}},{"id":"b958aeb8-5e14-46d9-9b72-14a6667875fa","block_type":"box","text":"negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero,","page_number":14,"box":{"x":82,"y":750,"width":834,"height":12}},{"id":"16c4d634-d07b-49ce-8c22-0ee709da9314","block_type":"box","text":"may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund","page_number":14,"box":{"x":82,"y":765,"width":831,"height":12}},{"id":"c25bd1d4-cc12-42bf-ab66-44f8eb926185","block_type":"box","text":"performance to the extent the Fund is exposed to such interest rates.","page_number":14,"box":{"x":82,"y":780,"width":511,"height":11}},{"id":"49990d5f-cea7-4fa0-a486-577f683d1bb8","block_type":"box","text":"Extension Risk","page_number":14,"box":{"x":82,"y":803,"width":107,"height":9}},{"id":"e1d34f36-4f12-4288-873b-6079b475699d","block_type":"box","text":"— When interest rates rise, certain obligations will be paid off by the obligor more slowly than","page_number":14,"box":{"x":193,"y":802,"width":691,"height":12}},{"id":"3c22db45-0c52-4316-91ef-d03e4d351479","block_type":"box","text":"anticipated, causing the value of these obligations to fall. Rising interest rates tend to extend the duration of","page_number":14,"box":{"x":81,"y":817,"width":800,"height":12}},{"id":"90a4edd6-a485-46de-9959-14bda62c9c3d","block_type":"box","text":"securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally","page_number":14,"box":{"x":81,"y":832,"width":832,"height":12}},{"id":"e842ae5c-78bd-4d4d-8273-5eca11d72af4","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":14,"box":{"x":81,"y":847,"width":855,"height":11}},{"id":"7d8c7869-c9ae-4244-9153-cca388ef76a3","block_type":"box","text":"interest rates, securities may exhibit additional volatility and may lose value.","page_number":14,"box":{"x":82,"y":862,"width":559,"height":11}},{"id":"9871b71c-8eb9-4727-95ad-02d1faca1b34","block_type":"box","text":"Prepayment Risk","page_number":14,"box":{"x":81,"y":884,"width":124,"height":12}},{"id":"6e508966-fc2f-4d44-afa3-3454fcb32d7b","block_type":"box","text":"— When interest rates fall, certain obligations will be paid off by the obligor more quickly than","page_number":14,"box":{"x":209,"y":884,"width":691,"height":12}},{"id":"9ac7704a-302c-466d-b328-15c7133a0150","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":14,"box":{"x":81,"y":899,"width":823,"height":12}},{"id":"ecda23db-d4c7-4aaa-ac19-09e823d36a98","block_type":"box","text":"falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are","page_number":14,"box":{"x":81,"y":914,"width":793,"height":11}},{"id":"f3f1fd6a-e96d-4c6f-b11b-6e32a25295bc","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"e5557aba-8673-4756-aa8f-d794116857e7","block_type":"box","text":"NM0926U-5975828-14/44","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"fdc2d8e6-1c3b-47ad-b088-49406a0e144e","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":46,"width":830,"height":11}},{"id":"d334a52d-ee5c-4722-bc95-5b9d018c8b6e","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":60,"width":849,"height":12}},{"id":"059e0e45-03e7-46fe-9180-3e8dd37cdfd5","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":75,"width":627,"height":12}},{"id":"4ad430b6-82b0-4cd2-93eb-30cc480f4725","block_type":"box","text":"Derivatives Risk","page_number":15,"box":{"x":81,"y":95,"width":123,"height":9}},{"id":"afba547f-0bc1-4463-ab2c-74f91bf997a7","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":95,"width":664,"height":12}},{"id":"cdba011b-45ee-4608-a91b-e468bbf4e38a","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":15,"box":{"x":82,"y":110,"width":469,"height":12}},{"id":"79beeb3a-a7c4-4975-b51f-5349d0ad2f79","block_type":"box","text":"Leverage Risk","page_number":15,"box":{"x":82,"y":130,"width":102,"height":12}},{"id":"ce01a161-9610-4287-9383-cdd631a93401","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":130,"width":723,"height":12}},{"id":"83da3314-580c-47a6-a098-35be86028a7a","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":145,"width":832,"height":11}},{"id":"0ce09259-a469-4d4a-a313-34204f987823","block_type":"box","text":"exceed the amount originally invested.","page_number":15,"box":{"x":81,"y":160,"width":280,"height":11}},{"id":"5cc929f5-bd47-4777-be61-d1166ab74ec1","block_type":"box","text":"Market Risk","page_number":15,"box":{"x":82,"y":180,"width":87,"height":9}},{"id":"3dc49f25-49db-4fce-85ff-d8d3ea442529","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":180,"width":728,"height":11}},{"id":"8c4dbaec-f79e-4872-bd0b-bf2edbe02cf5","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":195,"width":834,"height":11}},{"id":"0b7077dd-1bea-4c06-a7f6-7ac368590abc","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":15,"box":{"x":82,"y":210,"width":832,"height":11}},{"id":"abfdf5c9-3ef9-4e79-9719-de82eb2f8f09","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":15,"box":{"x":80,"y":224,"width":779,"height":11}},{"id":"0b126780-f417-4739-88d4-a37908b49650","block_type":"box","text":"derivatives positions to lose value.","page_number":15,"box":{"x":81,"y":239,"width":253,"height":11}},{"id":"ca6762c8-4c4c-46ef-acc2-84fb05442e11","block_type":"box","text":"Counterpar ty Risk","page_number":15,"box":{"x":82,"y":259,"width":131,"height":11}},{"id":"ec56f352-bbed-4b7b-93ef-5180ecb0885a","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":15,"box":{"x":217,"y":259,"width":697,"height":11}},{"id":"57a510f9-1830-4a68-b2bf-2c8d274d58bd","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":15,"box":{"x":80,"y":274,"width":855,"height":11}},{"id":"05ac52a0-3b2b-43b3-8d92-6bc2a8cffdd1","block_type":"box","text":"exposure to such a counterparty.","page_number":15,"box":{"x":81,"y":289,"width":240,"height":11}},{"id":"f7964ea2-b601-4868-a2b7-63eb0ca7a953","block_type":"box","text":"Illiquidity Risk","page_number":15,"box":{"x":82,"y":309,"width":100,"height":11}},{"id":"bf193356-2afc-4bbd-9d98-2f45b1d832e3","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":15,"box":{"x":186,"y":309,"width":750,"height":11}},{"id":"b7ba8c11-8255-4775-9f47-3344c6a40990","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":15,"box":{"x":80,"y":324,"width":839,"height":11}},{"id":"0aaea166-5623-4b29-b093-318e8b1d97c5","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":15,"box":{"x":81,"y":338,"width":293,"height":12}},{"id":"f227cbc9-5cb5-4c53-ab2a-57c82493d463","block_type":"box","text":"Operational Risk","page_number":15,"box":{"x":82,"y":358,"width":120,"height":11}},{"id":"4b12a9ec-055f-4b00-ab25-5c80f0c069c0","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":15,"box":{"x":206,"y":358,"width":727,"height":12}},{"id":"72d65a8d-8224-4813-9797-5313b01a5873","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":15,"box":{"x":82,"y":373,"width":607,"height":12}},{"id":"84b96699-f574-40c4-9ef1-8c5ec31ff3ea","block_type":"box","text":"Legal Risk","page_number":15,"box":{"x":82,"y":393,"width":75,"height":12}},{"id":"bd03e10e-0f80-4ef0-98bd-7ce153f243e5","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":15,"box":{"x":161,"y":393,"width":761,"height":12}},{"id":"4b05d663-6f78-4ade-a17b-1e5b5f673947","block_type":"box","text":"enforceability of a contract.","page_number":15,"box":{"x":81,"y":408,"width":198,"height":11}},{"id":"35919e02-f2c8-40bf-9297-af923cf55dc1","block_type":"box","text":"Volatility and Correlation Risk","page_number":15,"box":{"x":83,"y":428,"width":214,"height":11}},{"id":"59ad7e5c-1c2d-49e8-9a9a-25d9d7d3f921","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":15,"box":{"x":300,"y":428,"width":590,"height":11}},{"id":"cf14e386-2b84-45e3-9339-9ff3bbf6e2d9","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":15,"box":{"x":80,"y":443,"width":855,"height":11}},{"id":"a8dfadd7-ae47-485e-96ab-5918cd8aaa76","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":15,"box":{"x":80,"y":458,"width":820,"height":11}},{"id":"79bb29b2-b625-4365-92da-cb0923cca96c","block_type":"box","text":"correlate with the overall securities markets.","page_number":15,"box":{"x":81,"y":473,"width":326,"height":9}},{"id":"875ef96e-4007-4464-8812-82ea4a0819ee","block_type":"box","text":"Valuation Risk","page_number":15,"box":{"x":83,"y":493,"width":102,"height":9}},{"id":"09cbd82f-d8a8-4e27-bca8-57f86ab31d91","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":15,"box":{"x":189,"y":492,"width":747,"height":12}},{"id":"97c2bd42-3d33-462d-9118-3a80edf0b4a5","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":15,"box":{"x":82,"y":507,"width":783,"height":12}},{"id":"74357624-0b1d-4ed1-9763-8cd6fbd793bd","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":15,"box":{"x":82,"y":522,"width":837,"height":12}},{"id":"caec1530-fe16-418e-8448-71111e2a15a9","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":15,"box":{"x":81,"y":537,"width":826,"height":11}},{"id":"ee7e5869-2607-4f66-b275-5ac9b413dc25","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":15,"box":{"x":80,"y":552,"width":405,"height":11}},{"id":"798d9413-dba4-4941-972c-b79508f28283","block_type":"box","text":"Hedging Risk","page_number":15,"box":{"x":82,"y":572,"width":95,"height":11}},{"id":"99440536-678d-4a63-9497-f336ce11ca08","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":15,"box":{"x":181,"y":572,"width":752,"height":11}},{"id":"6bc3f208-fffd-4a8c-baff-0d22dd839c36","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":15,"box":{"x":80,"y":586,"width":820,"height":12}},{"id":"4577c16d-23f7-43af-b1f3-e63890b0b55e","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":15,"box":{"x":82,"y":602,"width":823,"height":11}},{"id":"2f2b647a-6860-4453-816c-dc012b26dfe2","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":15,"box":{"x":82,"y":616,"width":813,"height":12}},{"id":"10361496-6d7e-4a21-8256-df4967eb5eb5","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":15,"box":{"x":82,"y":631,"width":832,"height":11}},{"id":"9503ef3f-d81e-4730-8851-fad9ff30a1ff","block_type":"box","text":"noted below.","page_number":15,"box":{"x":82,"y":646,"width":90,"height":9}},{"id":"7a2a61a8-0b60-43b3-a57a-ed662a9140a6","block_type":"box","text":"Tax Risk","page_number":15,"box":{"x":83,"y":666,"width":59,"height":9}},{"id":"3b78f595-908e-4fdd-aaae-cefaf9303495","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":15,"box":{"x":145,"y":666,"width":766,"height":11}},{"id":"80181096-f006-4318-8211-e4670fc64879","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":15,"box":{"x":82,"y":681,"width":826,"height":11}},{"id":"75088de0-8923-4419-801a-2fc50947ab65","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":15,"box":{"x":82,"y":695,"width":846,"height":12}},{"id":"214d6b5d-27ac-4eba-bb73-5da4e7ec0129","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":15,"box":{"x":81,"y":710,"width":817,"height":12}},{"id":"7b8c03fd-128a-47dd-894f-3d00c4e9026d","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could","page_number":15,"box":{"x":82,"y":725,"width":835,"height":11}},{"id":"bd9fb129-46fc-4998-88c1-596ebfec2f89","block_type":"box","text":"be an increase (or decrease) in the amount of taxable dividends paid by the Fund. In addition, the tax treatment of","page_number":15,"box":{"x":81,"y":740,"width":840,"height":11}},{"id":"75d0308e-98a0-47e8-8556-9de24c15c47b","block_type":"box","text":"certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or","page_number":15,"box":{"x":81,"y":755,"width":750,"height":11}},{"id":"02788cc7-2991-4e90-8d3c-9422e6d8776a","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":15,"box":{"x":81,"y":770,"width":611,"height":11}},{"id":"f0568881-a2af-4242-ab23-f6e0ea582fb2","block_type":"box","text":"Regulatory Risk","page_number":15,"box":{"x":82,"y":790,"width":115,"height":11}},{"id":"13ced73c-6c61-44f4-afbc-a386e53b2beb","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":15,"box":{"x":201,"y":789,"width":688,"height":12}},{"id":"2d287ca6-5a31-4a99-bb42-fcea0c41c942","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":15,"box":{"x":81,"y":804,"width":851,"height":12}},{"id":"e664ca5a-ea6b-4ae6-a4cc-4ea0a50b5bb5","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":15,"box":{"x":81,"y":819,"width":811,"height":12}},{"id":"08a73dba-fd53-4581-b063-a55d925acf88","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":15,"box":{"x":82,"y":834,"width":850,"height":12}},{"id":"0458878b-c4f5-49b8-82ac-1eec5acd9fcd","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":15,"box":{"x":81,"y":849,"width":850,"height":11}},{"id":"6fee6071-0297-456a-87d5-6f67698b2ee7","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":15,"box":{"x":81,"y":864,"width":838,"height":11}},{"id":"91295c1c-cae7-4810-b429-5a3ae2a9590e","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":15,"box":{"x":81,"y":879,"width":807,"height":11}},{"id":"3c9192e5-d808-4418-a60b-f0888ea893e1","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":15,"box":{"x":81,"y":893,"width":787,"height":12}},{"id":"847d3122-c787-47c1-9200-05a8014db6d7","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":15,"box":{"x":82,"y":908,"width":837,"height":12}},{"id":"12fd85dd-f248-4f42-8327-4992fe17cf21","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"3fc2bd3c-603c-4e52-b488-64315f0f8cd6","block_type":"box","text":"NM0926U-5975828-15/44","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9d80ea2f-a688-4fd7-b665-4e97d3e91e68","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":46,"width":804,"height":11}},{"id":"08d8d04b-03fb-450a-be21-f78e0b77e0b2","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":60,"width":781,"height":12}},{"id":"95fc9d35-8425-4cda-8ce7-4649df7031f7","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":75,"width":773,"height":12}},{"id":"83925419-913c-45cf-b74c-01244e86a762","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":90,"width":836,"height":12}},{"id":"0fcc152d-a204-47f0-9734-3ef9f572cbe1","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":105,"width":814,"height":12}},{"id":"ba97ed8d-96bf-4195-b5b9-56b2b677b720","block_type":"box","text":"investors in the Fund.","page_number":16,"box":{"x":82,"y":120,"width":156,"height":9}},{"id":"2b0976be-8392-4d22-a8bc-4a3a82a7a07f","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":140,"width":823,"height":11}},{"id":"708d55bc-8c82-4555-a37d-d302ae420046","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":155,"width":827,"height":11}},{"id":"30043372-4375-40d9-81d1-97cb30c0d870","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":169,"width":849,"height":12}},{"id":"d0ae9020-a1d2-409d-a4ac-c773457808c5","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":16,"box":{"x":81,"y":184,"width":846,"height":12}},{"id":"de8a84b4-6970-4e91-af3a-ac9af61990f7","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":16,"box":{"x":81,"y":199,"width":509,"height":11}},{"id":"1957feeb-3bc7-4caa-a5c5-f17052b825a3","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":16,"box":{"x":82,"y":219,"width":399,"height":11}},{"id":"dc0c7da0-f314-4fe3-a54c-ca60da1015bc","block_type":"box","text":"Swaps","page_number":16,"box":{"x":102,"y":239,"width":47,"height":11}},{"id":"b0f68567-1363-4eb7-9baa-34732450adac","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":16,"box":{"x":154,"y":239,"width":775,"height":12}},{"id":"6284da17-dbf0-47e9-a0f3-79c84fa33bf0","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":16,"box":{"x":101,"y":254,"width":829,"height":11}},{"id":"cb7b1fbb-e10d-4377-922a-15e1dd45a643","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":16,"box":{"x":101,"y":269,"width":807,"height":11}},{"id":"13ce7aa2-ba60-44e7-b778-cf2fc463486d","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":16,"box":{"x":102,"y":283,"width":811,"height":12}},{"id":"34733965-f0c0-49e4-8844-26f2c36475ec","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":16,"box":{"x":101,"y":298,"width":820,"height":12}},{"id":"7c7b57fe-716d-47e7-94e8-2ab4524ed316","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":16,"box":{"x":102,"y":313,"width":791,"height":12}},{"id":"251f3250-6fe2-4f34-ab2f-8554ea0b283a","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":16,"box":{"x":101,"y":328,"width":789,"height":12}},{"id":"94200068-9604-4c32-9fb3-cf5eade31559","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":16,"box":{"x":101,"y":343,"width":796,"height":11}},{"id":"99cb84a3-e98c-480c-beeb-2ce14ef93964","block_type":"box","text":"Credit Default Swaps","page_number":16,"box":{"x":102,"y":363,"width":153,"height":11}},{"id":"8e077468-0195-4b75-93c5-a35eb7e2b683","block_type":"box","text":"— Credit default swaps may have as reference obligations one or more securities that are","page_number":16,"box":{"x":260,"y":363,"width":663,"height":11}},{"id":"4fc3920e-d3f3-43e5-a0fa-b2863e19e1ed","block_type":"box","text":"not currently held by the Fund. The protection “buyer” may be obligated to pay the protection “seller” an up-front","page_number":16,"box":{"x":102,"y":378,"width":825,"height":11}},{"id":"d3d22b18-0f80-4cf5-8d59-68f016c5282a","block_type":"box","text":"payment or a periodic stream of payments over the term of the contract, provided generally that no credit event","page_number":16,"box":{"x":102,"y":392,"width":816,"height":12}},{"id":"ba29644a-d1d2-4b98-957e-ab3af0f80cf6","block_type":"box","text":"on a reference obligation has occurred. Credit default swaps involve special risks in addition to those mentioned","page_number":16,"box":{"x":101,"y":407,"width":827,"height":12}},{"id":"30ab9039-c7e3-4871-9dd1-7cec0f9147be","block_type":"box","text":"above because they are difficult to value, are highly susceptible to illiquid investments risk and credit risk, and","page_number":16,"box":{"x":101,"y":422,"width":812,"height":12}},{"id":"ffca5f12-64d4-4adc-9c2d-f0c955f7ed4e","block_type":"box","text":"generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer","page_number":16,"box":{"x":101,"y":437,"width":822,"height":11}},{"id":"35709d2f-ade4-421b-b6a2-cb4312b1cb1b","block_type":"box","text":"of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).","page_number":16,"box":{"x":101,"y":452,"width":758,"height":11}},{"id":"0c47c995-231c-4231-a8e4-84e9d215dfed","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":16,"box":{"x":102,"y":472,"width":335,"height":11}},{"id":"47debe60-368c-4f8f-ae86-f6f47667e5b4","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":16,"box":{"x":442,"y":472,"width":437,"height":11}},{"id":"9ed77f9b-82a3-43e0-bd55-8bd56da695f1","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":16,"box":{"x":101,"y":487,"width":820,"height":11}},{"id":"c16f8d39-a32a-418f-9833-cdd10ae10044","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":16,"box":{"x":101,"y":501,"width":801,"height":12}},{"id":"e3d24a12-79cf-4fdd-98cc-6845fc705912","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":16,"box":{"x":101,"y":516,"width":824,"height":12}},{"id":"89ea6c0f-f1b7-4072-a4fb-7b737ed471ee","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":16,"box":{"x":101,"y":531,"width":831,"height":12}},{"id":"cc579c7d-bf79-4c48-836b-ce0da68bb644","block_type":"box","text":"Futures","page_number":16,"box":{"x":102,"y":551,"width":54,"height":9}},{"id":"08428185-213a-4eca-9cc2-e2fa8de72c32","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":16,"box":{"x":161,"y":551,"width":765,"height":12}},{"id":"a1b55b37-03cc-405c-b3a5-57e4d7fb99d8","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":16,"box":{"x":101,"y":566,"width":786,"height":11}},{"id":"0910e36e-55f3-4f30-be5f-e9fb30c0141a","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":16,"box":{"x":102,"y":581,"width":769,"height":11}},{"id":"7ecedb8f-3527-403c-828a-53ff13fa8823","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":16,"box":{"x":102,"y":595,"width":822,"height":12}},{"id":"7f01acdd-336e-483d-85d9-9f60dd32b88d","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":16,"box":{"x":101,"y":610,"width":832,"height":12}},{"id":"f7e3fae2-fead-4866-af2c-c6f611fe43aa","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":16,"box":{"x":101,"y":625,"width":806,"height":12}},{"id":"0f6a82bd-dd1e-4f6b-87be-ca73577219dd","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":16,"box":{"x":102,"y":640,"width":793,"height":11}},{"id":"abb17c88-e9c3-4a72-80a0-c22a310ad1ea","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":16,"box":{"x":102,"y":655,"width":787,"height":11}},{"id":"9067255f-6d4a-4764-9adf-74d46751e3c2","block_type":"box","text":"default in the performance of its obligations.","page_number":16,"box":{"x":101,"y":670,"width":327,"height":11}},{"id":"b78b506b-3747-4d36-89f3-f157b3dee476","block_type":"box","text":"Options","page_number":16,"box":{"x":102,"y":690,"width":55,"height":11}},{"id":"4c741676-6cc3-437c-90d1-d6b337c3316c","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":16,"box":{"x":162,"y":690,"width":772,"height":11}},{"id":"9b9cc5fd-0cdd-4720-ad7c-468e17cc58ce","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":16,"box":{"x":101,"y":704,"width":812,"height":12}},{"id":"33722dae-e9f7-4ef2-ad07-43cb895b99f5","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":16,"box":{"x":101,"y":719,"width":827,"height":12}},{"id":"0f4e1746-e795-4d8f-b224-874cba81d7a1","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":16,"box":{"x":101,"y":734,"width":781,"height":11}},{"id":"15175371-a856-42fe-9a67-4f0925018252","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":16,"box":{"x":102,"y":749,"width":785,"height":11}},{"id":"b331ec0e-6987-4113-b729-2a057917810c","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":16,"box":{"x":101,"y":764,"width":831,"height":11}},{"id":"a6f9fe6e-736b-41ee-a44b-1e9fe6140e25","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":16,"box":{"x":101,"y":778,"width":814,"height":12}},{"id":"023f6735-0b7b-4c6c-89fd-521eea37fa2a","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":16,"box":{"x":101,"y":793,"width":826,"height":12}},{"id":"3bef3247-3e65-4249-b126-f7b9fde89fb5","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":16,"box":{"x":101,"y":808,"width":822,"height":11}},{"id":"2311a98d-b7bb-4c46-8b9a-bf2fc4eeaf2a","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":16,"box":{"x":101,"y":823,"width":816,"height":12}},{"id":"4b5d3f3c-fa47-4c6b-a23b-18517534d4ad","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":16,"box":{"x":101,"y":838,"width":442,"height":11}},{"id":"3a7cc139-7524-4eb2-abff-ea3bcbd31f0d","block_type":"box","text":"Emerging Markets Risk","page_number":16,"box":{"x":81,"y":858,"width":178,"height":11}},{"id":"bfc123ce-d03e-434f-8cd8-6809b8b72d56","block_type":"box","text":"—","page_number":16,"box":{"x":263,"y":863,"width":17,"height":1}},{"id":"3db80136-9ab8-426e-a7db-5d28c20d53d8","block_type":"box","text":"The risks of foreign investments are usually much greater for emerging markets.","page_number":16,"box":{"x":285,"y":858,"width":588,"height":11}},{"id":"4cbb8908-7ca4-4233-b65f-ca09941d2ecd","block_type":"box","text":"Investments in emerging markets may be considered speculative. Emerging markets may include those in countries","page_number":16,"box":{"x":82,"y":873,"width":848,"height":11}},{"id":"8fa74555-67ff-42bf-b693-11c7afc5e4cc","block_type":"box","text":"considered emerging or developing by the World Bank, the International Finance Corporation or the United Nations.","page_number":16,"box":{"x":81,"y":888,"width":842,"height":11}},{"id":"20e461d3-d833-4eef-a1e8-f14a9a705f9f","block_type":"box","text":"Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never","page_number":16,"box":{"x":82,"y":903,"width":838,"height":11}},{"id":"d44dfd09-98d0-41a5-ac0c-44c63a403ed1","block_type":"box","text":"fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":16,"box":{"x":81,"y":917,"width":825,"height":12}},{"id":"4fa73d21-8cb6-41d1-9185-ee5e514182b2","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"586794a8-b467-4088-a546-443de16b6b0c","block_type":"box","text":"NM0926U-5975828-16/44","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"da146b69-b9fc-44a8-8fbf-c7901cb18957","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":46,"width":847,"height":11}},{"id":"7f6af26a-8955-4250-af7d-3285cfec03c2","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":60,"width":853,"height":12}},{"id":"81b88966-0335-49ef-98ad-d36b8a899b30","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":75,"width":823,"height":12}},{"id":"2b95d65c-dbb5-4b91-99c5-98a013b88639","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":90,"width":825,"height":12}},{"id":"05127770-9834-48b9-9a5c-0d9e65cd2460","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":105,"width":855,"height":12}},{"id":"ada6a151-5806-401c-a029-80be27df2a2d","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":120,"width":827,"height":11}},{"id":"f2d191c5-1ee3-4cdb-8bfb-19b3a94d5b46","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":135,"width":843,"height":11}},{"id":"58ab83c0-f754-4a91-acfa-23939adc827c","block_type":"box","text":"to those to which U.S. companies are subject.","page_number":17,"box":{"x":80,"y":150,"width":339,"height":11}},{"id":"e3db9337-b94a-4158-b293-d12439c94503","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":169,"width":802,"height":12}},{"id":"ddfcc1f4-cfc6-44a4-b661-8aecb9f8b222","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":184,"width":774,"height":12}},{"id":"d8ec3bf6-19ef-44b3-ab8c-4a726aada9d4","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":199,"width":830,"height":12}},{"id":"ebe24b6b-1f86-4171-8b04-1f0cafcc1b11","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":214,"width":769,"height":11}},{"id":"f5acc14f-a1fd-475e-be16-1f4fa5249917","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":229,"width":849,"height":11}},{"id":"a4bf6da2-f75a-49bf-8f1b-c6bd692f6b82","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":244,"width":820,"height":11}},{"id":"1a0ccd0e-d9c8-4ce1-9fb8-ad4a603e8ce9","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":258,"width":779,"height":12}},{"id":"694ce9c9-5377-4916-8f07-5cca014b6151","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":273,"width":798,"height":12}},{"id":"5f500b84-127b-4bc3-bf15-26e069a36689","block_type":"box","text":"internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition,","page_number":17,"box":{"x":82,"y":288,"width":755,"height":12}},{"id":"6159d177-d119-40e8-aca8-32cf2754bc96","block_type":"box","text":"governments in many emerging market countries participate to a significant degree in their economies and","page_number":17,"box":{"x":81,"y":303,"width":783,"height":11}},{"id":"ce4123a8-a72b-45aa-a92e-64d7c121c480","block_type":"box","text":"securities markets, which may impair investment and economic growth. National policies that may limit the Fund’s","page_number":17,"box":{"x":81,"y":318,"width":839,"height":11}},{"id":"91e9fc50-b184-405e-82cf-3c30fc75ba05","block_type":"box","text":"investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national","page_number":17,"box":{"x":82,"y":333,"width":827,"height":11}},{"id":"e033eae6-d271-484d-b8a8-cd8bcdbabb11","block_type":"box","text":"interests.","page_number":17,"box":{"x":82,"y":348,"width":67,"height":9}},{"id":"9787f344-61d4-49a8-827a-02d0981f4122","block_type":"box","text":"Emerging markets may also have differing legal systems and the existence or possible imposition of exchange","page_number":17,"box":{"x":82,"y":367,"width":809,"height":12}},{"id":"180eebb4-0b36-427d-ba1e-c987b53ef07f","block_type":"box","text":"controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such","page_number":17,"box":{"x":81,"y":382,"width":783,"height":12}},{"id":"669f096c-cb44-496e-a560-d0aae00458c9","block_type":"box","text":"investments may adversely affect the Fund’s performance. Sometimes, they may lack or be in the relatively early","page_number":17,"box":{"x":82,"y":397,"width":829,"height":11}},{"id":"245653c1-0efd-4c27-a1d8-22cc7bae41ae","block_type":"box","text":"development of legal structures governing private and foreign investments and private property. Many emerging","page_number":17,"box":{"x":81,"y":412,"width":818,"height":11}},{"id":"52bc4d81-e598-4770-a790-99eb3a8796da","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":17,"box":{"x":82,"y":427,"width":833,"height":11}},{"id":"9319bd6d-0cc1-4d92-b120-8b669463fab4","block_type":"box","text":"subject to higher withholding taxes in such countries. In addition, some countries with emerging markets may","page_number":17,"box":{"x":81,"y":442,"width":803,"height":11}},{"id":"fdb4ac40-058d-4897-add2-53291fb131a8","block_type":"box","text":"impose differential capital gains taxes on foreign investors. Foreign companies with securities listed on U.S.","page_number":17,"box":{"x":82,"y":456,"width":793,"height":12}},{"id":"c419e75e-3328-4ad4-a76b-094294639151","block_type":"box","text":"exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which","page_number":17,"box":{"x":81,"y":471,"width":855,"height":12}},{"id":"03acdb3d-8c52-4976-a519-fc8eb725a2c6","block_type":"box","text":"may significantly decrease the liquidity and value of the securities.","page_number":17,"box":{"x":82,"y":486,"width":485,"height":11}},{"id":"7a475223-f22f-451c-aaee-ac1be2dd856b","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in","page_number":17,"box":{"x":81,"y":506,"width":843,"height":11}},{"id":"e46d9065-0c6e-4ac5-a35f-ce511b4b3aa1","block_type":"box","text":"developed markets, in part because the Fund will need to use brokers and counterparties that are less well","page_number":17,"box":{"x":81,"y":521,"width":790,"height":11}},{"id":"e8a1c5a4-8bbc-4110-9e6f-25f618fd5bdb","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":17,"box":{"x":81,"y":535,"width":823,"height":12}},{"id":"bdb30cc4-11e4-4379-9fee-dfffd25190b3","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":17,"box":{"x":82,"y":550,"width":843,"height":12}},{"id":"6f72c407-0344-4c5d-8f90-f8f40dd0262e","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would","page_number":17,"box":{"x":82,"y":565,"width":845,"height":12}},{"id":"4aea0f76-91b9-42a6-bd5b-d45fedd502d7","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation. In","page_number":17,"box":{"x":81,"y":580,"width":837,"height":12}},{"id":"b376d5c3-5bfb-4c21-bc19-1cb9daf454e1","block_type":"box","text":"addition, communications between the United States and emerging market countries may be unreliable, increasing","page_number":17,"box":{"x":81,"y":595,"width":844,"height":11}},{"id":"c9d6ae1a-b9d9-4931-bc28-f549b18bed7c","block_type":"box","text":"the risk of delayed settlements or losses of security certificates.","page_number":17,"box":{"x":80,"y":610,"width":474,"height":11}},{"id":"69bcd1d2-15fd-49d2-9071-9de4c244f4d7","block_type":"box","text":"Equity Securities Risk","page_number":17,"box":{"x":81,"y":630,"width":166,"height":11}},{"id":"d560a176-946f-4443-850e-0fa428e1b1c5","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":17,"box":{"x":251,"y":630,"width":666,"height":11}},{"id":"bd0be455-8a86-4fd2-82d0-5913f0492455","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":17,"box":{"x":81,"y":644,"width":850,"height":12}},{"id":"1604e5f6-d7c1-44fd-a34c-f6a666e80f5d","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":17,"box":{"x":82,"y":659,"width":802,"height":12}},{"id":"6cb8527b-63d1-4abe-83ef-b2183f1d9e4a","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":17,"box":{"x":81,"y":674,"width":854,"height":12}},{"id":"09ea96b2-3733-4ea3-8a43-000c9d181ea2","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":17,"box":{"x":81,"y":689,"width":848,"height":11}},{"id":"4ecb278b-70c9-4710-b3bc-2d19ccb99e75","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":17,"box":{"x":81,"y":704,"width":824,"height":11}},{"id":"3a2a0554-30f0-48e6-af80-88d07ff6f847","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":17,"box":{"x":81,"y":719,"width":782,"height":11}},{"id":"2be79edb-1aa0-4e9d-a55c-a943ed9b58d7","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":17,"box":{"x":82,"y":733,"width":849,"height":12}},{"id":"244c342e-3d56-40d3-8c3f-eb7fe9b71caa","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":17,"box":{"x":82,"y":748,"width":482,"height":12}},{"id":"28e216da-e0ed-41c6-a2dc-16cdb1a9100c","block_type":"box","text":"Focus Risk","page_number":17,"box":{"x":81,"y":768,"width":84,"height":9}},{"id":"815b73ab-203b-4320-9ea6-fa270a1f38b9","block_type":"box","text":"— Under normal circumstances, the Fund focuses its investments in the securities of a limited number","page_number":17,"box":{"x":168,"y":768,"width":760,"height":11}},{"id":"a434ba67-2772-4a83-978b-6b095ac12c0b","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":17,"box":{"x":81,"y":783,"width":845,"height":12}},{"id":"9ace8fc4-2b81-45c9-8cdd-a9d81aa85bfc","block_type":"box","text":"the securities of a greater number of issuers.","page_number":17,"box":{"x":80,"y":798,"width":333,"height":11}},{"id":"63bcf6f7-927f-4c16-acc1-8c8d13f4e941","block_type":"box","text":"Foreign Securities Risk","page_number":17,"box":{"x":81,"y":818,"width":176,"height":11}},{"id":"a1d98c31-6081-495c-abce-ef9e215a3f4b","block_type":"box","text":"— Securities traded in foreign markets have often (though not always) performed differently","page_number":17,"box":{"x":260,"y":818,"width":677,"height":11}},{"id":"cb090456-6995-4549-aa8b-c1c91269a0ba","block_type":"box","text":"from securities traded in the United States. However, such investments often involve special risks not present in","page_number":17,"box":{"x":81,"y":833,"width":827,"height":11}},{"id":"a64594f9-b9f7-4f41-a846-519df98b909a","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":17,"box":{"x":82,"y":848,"width":837,"height":11}},{"id":"c8a45721-390d-4432-9732-e7eeb4d58e2d","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":17,"box":{"x":80,"y":862,"width":849,"height":12}},{"id":"07dfbee8-255d-495b-9109-de7245c7e203","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":17,"box":{"x":81,"y":877,"width":841,"height":12}},{"id":"483b8b97-5eef-4bd8-b5be-6d8f9feaa213","block_type":"box","text":"foreign securities may go up and down more than prices of securities traded in the United States.","page_number":17,"box":{"x":81,"y":892,"width":716,"height":12}},{"id":"936ed658-5cf8-4d05-98d3-b29045f52612","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"44247fe4-8fc8-495b-ba56-884ef8e1dd62","block_type":"box","text":"NM0926U-5975828-17/44","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1894f8be-292d-4a47-bde0-eaa0bac8c8c7","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States","page_number":18,"box":{"x":82,"y":46,"width":468,"height":11}},{"id":"8c64ec90-6e40-4cb9-8c95-4f2179eba87e","block_type":"box","text":"— The Fund generally holds its foreign securities","page_number":18,"box":{"x":555,"y":46,"width":358,"height":11}},{"id":"c993375f-5b18-4ec8-ba39-cc4026f63eb7","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":60,"width":813,"height":12}},{"id":"7891efcb-17cc-42c2-9904-84c3d584150a","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":75,"width":791,"height":12}},{"id":"684b9814-42fe-4bf4-8449-f732431b8b48","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":90,"width":818,"height":12}},{"id":"2b427eac-ca56-4ad4-a935-fdbbce48f2ca","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":105,"width":833,"height":12}},{"id":"c2661091-9db5-4b69-a0c7-b63521bf83f2","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":120,"width":816,"height":11}},{"id":"cb880ec4-3398-4a71-9b9a-9118cd8ec44c","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":135,"width":827,"height":11}},{"id":"d8a1af27-42c7-4d6a-820b-cb44fc4a3615","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":149,"width":848,"height":12}},{"id":"3a31759f-1937-4142-87cd-b60d3bb6f15c","block_type":"box","text":"United States.","page_number":18,"box":{"x":82,"y":164,"width":102,"height":9}},{"id":"5417653a-ec8e-4495-8f47-d2263d45d023","block_type":"box","text":"Currency Risk","page_number":18,"box":{"x":82,"y":184,"width":100,"height":12}},{"id":"b3251347-6ce3-44ba-872c-235825a2d145","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":184,"width":706,"height":12}},{"id":"09f8c74e-a162-4672-99b4-f0b1ed90a09e","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":199,"width":823,"height":12}},{"id":"efa77822-ff2c-48e1-8115-3b6172e7f3ae","block_type":"box","text":"value of the Fund’s portfolio.","page_number":18,"box":{"x":80,"y":214,"width":211,"height":11}},{"id":"33705728-3917-4b79-bdeb-3d849076da6d","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":234,"width":823,"height":11}},{"id":"084451a3-2734-4ce7-a122-628344e3aab8","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":249,"width":834,"height":11}},{"id":"ec945894-c2c0-42f6-b840-a02bc68c05e9","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":263,"width":846,"height":12}},{"id":"158aac76-42dd-46e5-b13c-8ec9579fc260","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":278,"width":826,"height":12}},{"id":"90a29518-e97c-4010-b88f-061ae8fcac88","block_type":"box","text":"U.S. investors while a weak U.S. dollar will increase those returns.","page_number":18,"box":{"x":82,"y":293,"width":486,"height":9}},{"id":"2e580ffc-3318-4509-96d0-29d86f639d8d","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":18,"box":{"x":81,"y":313,"width":817,"height":12}},{"id":"b882d0bb-2dac-4cb3-a2d4-8a0a091cd27c","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":18,"box":{"x":81,"y":328,"width":851,"height":12}},{"id":"452e48a2-30eb-462b-af94-ba1f34e5558c","block_type":"box","text":"issuer’s ability to repay its obligation under the U.S. dollar-denominated security may be negatively impacted.","page_number":18,"box":{"x":82,"y":343,"width":799,"height":11}},{"id":"f6180d33-f9c1-4a3e-a770-227cef80d117","block_type":"box","text":"Foreign Economy Risk","page_number":18,"box":{"x":82,"y":363,"width":160,"height":11}},{"id":"2926597e-6845-403e-8960-23b670e31383","block_type":"box","text":"— The economies of certain foreign markets may not compare favorably with the economy of","page_number":18,"box":{"x":246,"y":363,"width":685,"height":11}},{"id":"a90c2691-9964-47ac-bf51-b8c6474b1e00","block_type":"box","text":"the United States with respect to such issues as growth of gross national product, reinvestment of capital,","page_number":18,"box":{"x":80,"y":378,"width":785,"height":11}},{"id":"a574b23d-bbb3-4526-97a1-f5782b5dbba7","block_type":"box","text":"resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or","page_number":18,"box":{"x":82,"y":392,"width":845,"height":12}},{"id":"09ede5bc-49e7-44dc-87e1-597e27154f23","block_type":"box","text":"foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a","page_number":18,"box":{"x":81,"y":407,"width":853,"height":12}},{"id":"737e8e37-bb62-47a8-a5d9-e1308d2fa5b5","block_type":"box","text":"particular country or countries, changes in international trading patterns, trade barriers and other protectionist or","page_number":18,"box":{"x":82,"y":422,"width":831,"height":12}},{"id":"dc98372b-9264-4cb8-a889-498341e89ebe","block_type":"box","text":"retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such","page_number":18,"box":{"x":82,"y":437,"width":846,"height":11}},{"id":"e361cb8f-c56a-4f59-a05e-635a64742ea3","block_type":"box","text":"as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the","page_number":18,"box":{"x":81,"y":452,"width":808,"height":11}},{"id":"9018b5d8-909b-4cf3-be7d-f9a9f451259c","block_type":"box","text":"imposition of punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest","page_number":18,"box":{"x":82,"y":467,"width":851,"height":11}},{"id":"fb7a9e1c-27a2-476b-b807-7d63957c323a","block_type":"box","text":"rates, political events, military action and other conditions may, without prior warning, lead to the governments of","page_number":18,"box":{"x":82,"y":481,"width":832,"height":12}},{"id":"0c3a4c1d-2f2c-4186-9435-7972dace9fc6","block_type":"box","text":"certain countries, or the U.S. Government with respect to certain countries, prohibiting or imposing substantial","page_number":18,"box":{"x":81,"y":496,"width":814,"height":12}},{"id":"9e2a3cc7-b759-4d9c-a9d2-a99f0e5744ef","block_type":"box","text":"restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain","page_number":18,"box":{"x":82,"y":511,"width":805,"height":12}},{"id":"63ae5c21-fd81-4900-b5cd-191538443673","block_type":"box","text":"industries in those countries. Capital controls and/or sanctions may include the prohibition of, or restrictions on,","page_number":18,"box":{"x":82,"y":526,"width":827,"height":11}},{"id":"feb89891-25ff-4133-a066-8352f1e60e3e","block_type":"box","text":"the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory","page_number":18,"box":{"x":80,"y":541,"width":801,"height":11}},{"id":"10d25a71-9f28-4cbe-9d5e-13e85b5e713d","block_type":"box","text":"actions of one government against another government, such as seizure of assets. Any of these actions could","page_number":18,"box":{"x":81,"y":555,"width":809,"height":12}},{"id":"24d8fb04-ca59-498e-a839-3c2845836ab9","block_type":"box","text":"severely impair the Fund’s ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign","page_number":18,"box":{"x":81,"y":570,"width":849,"height":12}},{"id":"99c2cbbf-c91c-4005-84b4-91ca2653e525","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":18,"box":{"x":81,"y":585,"width":848,"height":12}},{"id":"65444a7c-bfbf-49de-af4d-b425065651bf","block_type":"box","text":"could negatively impact the value and/or liquidity of such assets or otherwise adversely affect the Fund’s","page_number":18,"box":{"x":81,"y":600,"width":774,"height":12}},{"id":"7796174c-1009-485b-bb56-ff0548aa9a26","block_type":"box","text":"operations, causing the Fund to decline in value.","page_number":18,"box":{"x":81,"y":615,"width":355,"height":11}},{"id":"935502a1-cb2d-45ed-9e1e-9d9f2a01ead7","block_type":"box","text":"Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on","page_number":18,"box":{"x":81,"y":635,"width":838,"height":11}},{"id":"238162b6-b505-46ad-8359-09cab6fcbfb7","block_type":"box","text":"foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social","page_number":18,"box":{"x":81,"y":650,"width":815,"height":11}},{"id":"61595c92-247b-4def-84e4-f5b8043be74a","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":18,"box":{"x":82,"y":665,"width":827,"height":11}},{"id":"951eb8dd-2421-4239-9469-5c61faeb5b7b","block_type":"box","text":"regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets,","page_number":18,"box":{"x":82,"y":679,"width":832,"height":12}},{"id":"2f4339f2-d856-463c-b045-49c97c0a1497","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":18,"box":{"x":81,"y":694,"width":781,"height":12}},{"id":"46c326f8-4949-4652-b261-f1c1575c3907","block_type":"box","text":"impossible, to predict and take into account with respect to the Fund’s investments.","page_number":18,"box":{"x":82,"y":709,"width":617,"height":11}},{"id":"e4e680ea-4d6a-41ea-a38e-36cb89055ffa","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":18,"box":{"x":82,"y":729,"width":476,"height":11}},{"id":"f2a24b1e-58c5-4bda-8b0a-0d57b30b18d6","block_type":"box","text":"— Many foreign governments do not supervise","page_number":18,"box":{"x":563,"y":729,"width":344,"height":11}},{"id":"4fb32c1b-dbff-45cc-82a9-af24bca9857b","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":18,"box":{"x":81,"y":744,"width":827,"height":11}},{"id":"c0107695-6fea-479b-90f2-8bc94e729f01","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":18,"box":{"x":80,"y":759,"width":855,"height":11}},{"id":"a4ce2640-bd43-479a-a8c5-99cda1e7d0d9","block_type":"box","text":"example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a","page_number":18,"box":{"x":81,"y":773,"width":831,"height":12}},{"id":"49f4f95b-35d5-4e77-818f-4af4e0ca01fe","block_type":"box","text":"person buys or sells a company’s securities based on material non-public information about that company. In","page_number":18,"box":{"x":82,"y":788,"width":800,"height":12}},{"id":"c880b824-9239-49c5-b348-036157cf6fd7","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":18,"box":{"x":81,"y":803,"width":829,"height":12}},{"id":"0bdf6491-4317-4d10-99ce-e960788111e3","block_type":"box","text":"shareholder rights, and pursue legal remedies with respect to its foreign investments. Accounting standards in other","page_number":18,"box":{"x":81,"y":818,"width":856,"height":11}},{"id":"23280748-c0bd-4284-be1f-43a875305d50","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":18,"box":{"x":81,"y":833,"width":834,"height":11}},{"id":"de3db3a1-d51b-4c79-ba87-a75e2d6864d9","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":18,"box":{"x":82,"y":847,"width":844,"height":12}},{"id":"c2874a20-031a-4b40-b5c8-e34d14fa7bff","block_type":"box","text":"accurately determine a company’s financial condition.","page_number":18,"box":{"x":81,"y":862,"width":393,"height":12}},{"id":"cf262921-eae2-4a41-ab30-2737870fa2e2","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"9c329f33-8dd6-41b1-af31-3e92f24a1a59","block_type":"box","text":"NM0926U-5975828-18/44","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ec093004-25b7-44c7-a9ff-b658a7d0dc9d","block_type":"box","text":"Settlement Risk","page_number":19,"box":{"x":82,"y":46,"width":117,"height":9}},{"id":"a0b6b1f4-270f-4028-b3a5-8d3ae761203d","block_type":"box","text":"— Settlement and clearance procedures in certain foreign markets differ significantly from those in","page_number":19,"box":{"x":203,"y":46,"width":730,"height":11}},{"id":"2b5b82cd-0c4e-4771-99c3-26e020cb9bec","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":61,"width":856,"height":11}},{"id":"48f4b088-d817-4c8f-adff-703ef102ca4b","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":75,"width":784,"height":12}},{"id":"63d3b3d6-11f6-41e8-a896-08cfd73a2388","block_type":"box","text":"investments.","page_number":19,"box":{"x":82,"y":90,"width":92,"height":9}},{"id":"909f6115-9240-4522-9dbf-4c6912e3ebc7","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":110,"width":825,"height":12}},{"id":"df9dd2cd-b6c0-4e55-9af4-e708b3c27489","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":125,"width":839,"height":11}},{"id":"0b59f1c4-7404-475e-aac5-b8beb4dc46a2","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":140,"width":854,"height":11}},{"id":"654b61d0-b7e7-4e3f-96ca-8cbb28dfb637","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":155,"width":839,"height":11}},{"id":"2d510311-74e3-45fb-add5-0eacce55412a","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":169,"width":841,"height":12}},{"id":"3e461542-db97-4e28-a883-cafa2d927e3d","block_type":"box","text":"to another party, the Fund could be liable for any losses incurred.","page_number":19,"box":{"x":80,"y":184,"width":480,"height":12}},{"id":"49f3f236-752a-40b8-bd41-cbd6aafbcce4","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":19,"box":{"x":83,"y":204,"width":221,"height":12}},{"id":"d9417deb-1340-4abc-a182-6178a9b1b5dc","block_type":"box","text":"— The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":19,"box":{"x":308,"y":204,"width":589,"height":12}},{"id":"e28deffd-0212-48d0-b0fb-d8c281da44ff","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":219,"width":838,"height":12}},{"id":"280dfeb2-35fb-4196-a751-ac2602185f97","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":234,"width":834,"height":11}},{"id":"322e2aae-0920-40ea-8af3-aac305cf8736","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":249,"width":836,"height":11}},{"id":"33a2a689-f808-45b4-9226-307f9e949b8c","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":263,"width":854,"height":12}},{"id":"360268a2-d461-4fe1-b4dd-90e4b3aea7d9","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":278,"width":831,"height":12}},{"id":"5a4e4c29-a54f-450b-ba4b-8605e3d528ef","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":293,"width":852,"height":12}},{"id":"ed57b2d6-c866-435b-9132-970b61181f4d","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":308,"width":848,"height":11}},{"id":"aaa89121-eca0-43a2-ac2e-d922340920d5","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":323,"width":831,"height":11}},{"id":"ab426c8a-50c7-4b96-a23b-4bc022f57706","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":338,"width":830,"height":11}},{"id":"8b155dfe-2750-4d23-b1d6-48c7e2c77fe3","block_type":"box","text":"previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting","page_number":19,"box":{"x":82,"y":352,"width":832,"height":12}},{"id":"315a1c93-68ae-486f-8e3a-0341246b11fe","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":19,"box":{"x":82,"y":367,"width":836,"height":12}},{"id":"8498455b-45fb-49c6-b880-7193251aad63","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":19,"box":{"x":81,"y":382,"width":325,"height":9}},{"id":"caa226f7-0c99-4e5b-811f-757a520be444","block_type":"box","text":"Geographic Concentration Risk","page_number":19,"box":{"x":81,"y":402,"width":235,"height":11}},{"id":"ac61c0cd-a13c-4863-b976-ebfe2ccf24ec","block_type":"box","text":"— From time to time the Fund may invest a substantial amount of its assets in","page_number":19,"box":{"x":320,"y":402,"width":581,"height":12}},{"id":"16d5a8ba-b71f-42c2-9735-964d7488302c","block_type":"box","text":"issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this","page_number":19,"box":{"x":82,"y":417,"width":848,"height":11}},{"id":"aa5d5d61-6d13-4464-9a19-ce254724b94e","block_type":"box","text":"manner, it assumes the risk that economic, political and social conditions in those countries will have a significant","page_number":19,"box":{"x":82,"y":432,"width":841,"height":11}},{"id":"b74883a3-ad77-4088-a976-9c03773c19d7","block_type":"box","text":"impact on its investment performance. The Fund’s investment performance may also be more volatile if it","page_number":19,"box":{"x":82,"y":447,"width":777,"height":11}},{"id":"d9f39852-d80d-4f31-9891-4882f1b4ccaf","block_type":"box","text":"concentrates its investments in certain countries, especially emerging market countries.","page_number":19,"box":{"x":81,"y":462,"width":648,"height":11}},{"id":"ce3e53fe-2988-4c65-a862-87eccfca5144","block_type":"box","text":"High Yield Bonds Risk","page_number":19,"box":{"x":81,"y":482,"width":167,"height":11}},{"id":"4e277003-86c3-4df1-bd60-45343ec18309","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":19,"box":{"x":252,"y":481,"width":667,"height":12}},{"id":"ca02dc0f-95aa-47df-aa9a-87dda80414eb","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":19,"box":{"x":79,"y":496,"width":835,"height":12}},{"id":"b3f92624-ae61-4129-8b5d-29d10d618ea2","block_type":"box","text":"for the Fund. The major risks of junk bond investments include:","page_number":19,"box":{"x":81,"y":511,"width":462,"height":11}},{"id":"4e607069-b896-4c15-9632-65ba92372f59","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":19,"box":{"x":101,"y":531,"width":789,"height":12}},{"id":"c88d9ed6-1229-4f17-ac48-47fe9b4c4147","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":19,"box":{"x":101,"y":546,"width":795,"height":11}},{"id":"c04e0008-1000-4bdc-9850-ec5e0cf95e92","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":19,"box":{"x":102,"y":561,"width":802,"height":11}},{"id":"c309406a-1441-4422-9a84-40666aa5c835","block_type":"box","text":"assets available to repay junk bond holders.","page_number":19,"box":{"x":101,"y":576,"width":323,"height":11}},{"id":"8ded982a-95dd-490b-a70c-f34ed0cd116c","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and","page_number":19,"box":{"x":102,"y":595,"width":786,"height":12}},{"id":"04367de4-8526-4b7e-b9d2-d5b32e1f7324","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":19,"box":{"x":101,"y":610,"width":811,"height":12}},{"id":"f4709617-fad1-4512-8f60-793de0e64c51","block_type":"box","text":"fixed-income securities.","page_number":19,"box":{"x":101,"y":625,"width":171,"height":9}},{"id":"88ad84ab-bca8-4c62-9983-4dd52b2da685","block_type":"box","text":"Issuers of junk bonds may be unable to meet their interest or principal payment obligations because of an","page_number":19,"box":{"x":102,"y":645,"width":778,"height":12}},{"id":"f0f422c9-b80f-4816-b9d8-4e6235a881db","block_type":"box","text":"economic downturn, specific issuer developments, or the unavailability of additional financing.","page_number":19,"box":{"x":101,"y":660,"width":689,"height":11}},{"id":"a9deb6cd-bd34-4509-9c08-819d635d8858","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from the Fund","page_number":19,"box":{"x":101,"y":680,"width":817,"height":11}},{"id":"06b63392-2d9f-4c59-91ef-cdd1498446ed","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":19,"box":{"x":102,"y":695,"width":798,"height":11}},{"id":"8bf97907-e6e1-4d70-ba04-e8d1bfe82ec6","block_type":"box","text":"lower yields and may lose income.","page_number":19,"box":{"x":102,"y":710,"width":249,"height":11}},{"id":"48b28318-4456-4dd6-950a-faef7c162cfd","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities, even under normal economic conditions.","page_number":19,"box":{"x":101,"y":730,"width":831,"height":11}},{"id":"a32bb636-71bc-4653-a46b-6eff80d8ad7a","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":19,"box":{"x":101,"y":744,"width":836,"height":12}},{"id":"3f230dfd-5816-4bdd-9c10-4805035f28df","block_type":"box","text":"junk bonds by the dealers. Because they are less liquid than higher rated fixed-income securities, judgment may","page_number":19,"box":{"x":99,"y":759,"width":825,"height":12}},{"id":"be8c2596-abe5-4fe4-88f2-40287fbae755","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":19,"box":{"x":102,"y":774,"width":761,"height":12}},{"id":"d64529f4-02c4-4703-8471-5eeb7d07568a","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":19,"box":{"x":101,"y":794,"width":815,"height":12}},{"id":"380339b7-4d40-490c-83d2-0a5060c8b4d2","block_type":"box","text":"with a defaulting issuer.","page_number":19,"box":{"x":101,"y":809,"width":173,"height":11}},{"id":"66df5576-836d-4422-a470-5157de8c246c","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":19,"box":{"x":81,"y":831,"width":817,"height":12}},{"id":"891f3d8b-095a-4fe1-8533-832bb7a7dadb","block_type":"box","text":"value may change from time to time, positively or negatively, to reflect new developments regarding the issuer.","page_number":19,"box":{"x":80,"y":846,"width":811,"height":12}},{"id":"fe8f8ccc-27ed-4199-94e5-ea5be61993e1","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":19,"box":{"x":81,"y":866,"width":276,"height":12}},{"id":"c7ec1867-0514-4849-ab48-7de75bbbdcbc","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":19,"box":{"x":361,"y":866,"width":573,"height":12}},{"id":"0fb46e84-aee7-4017-aff8-3d89f755f530","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":19,"box":{"x":81,"y":881,"width":848,"height":12}},{"id":"1a47a16b-b0c0-4dfe-af5e-96b39db3982f","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":19,"box":{"x":81,"y":896,"width":839,"height":11}},{"id":"eca8ee89-5105-4d0d-bf5f-60bfbf27f26b","block_type":"box","text":"performance of large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":19,"box":{"x":82,"y":911,"width":851,"height":11}},{"id":"9142e6c6-a2f5-44b2-80cd-dc7f955ab9be","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"bcdd4b0a-af85-4047-8bca-c19695de45d7","block_type":"box","text":"NM0926U-5975828-19/44","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"32ecc95f-cd1b-4195-8537-beb0a693c30b","block_type":"box","text":"Leverage Risk","page_number":20,"box":{"x":81,"y":46,"width":107,"height":11}},{"id":"298acbe2-de70-4425-80c3-f0db4b095a29","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":46,"width":741,"height":11}},{"id":"6b8c06d3-f86b-4165-a623-e1f9513d91eb","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":61,"width":787,"height":11}},{"id":"bd9b24f6-be21-4fa9-a5f8-d969b393a62e","block_type":"box","text":"investment company registered with the SEC the Fund is subject to the federal securities laws, including the","page_number":20,"box":{"x":82,"y":75,"width":793,"height":12}},{"id":"f584a764-1fe2-42bf-a4ac-7b3f94f7bc7e","block_type":"box","text":"Investment Company Act and the rules thereunder. Under Rule 18f-4 under the Investment Company Act, among","page_number":20,"box":{"x":82,"y":90,"width":824,"height":12}},{"id":"fce8f4b5-c313-402b-9b8c-ac8c0c839336","block_type":"box","text":"other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on fund leverage","page_number":20,"box":{"x":81,"y":105,"width":852,"height":12}},{"id":"e7ffb6ae-5587-4868-b026-277ccfc8b641","block_type":"box","text":"risk based on value-at-risk. The use of leverage may cause the Fund to liquidate portfolio positions when it may not","page_number":20,"box":{"x":82,"y":120,"width":845,"height":11}},{"id":"0e1888b7-05de-4993-93d9-4da3bddf1725","block_type":"box","text":"be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the Investment","page_number":20,"box":{"x":81,"y":135,"width":797,"height":11}},{"id":"5fbf9584-ce12-4031-8c29-aed154968609","block_type":"box","text":"Company Act and the rules thereunder. Increases and decreases in the value of the Fund’s portfolio will be","page_number":20,"box":{"x":81,"y":149,"width":787,"height":12}},{"id":"16bab0be-7410-42e4-802c-fb20611a86d2","block_type":"box","text":"magnified when the Fund uses leverage.","page_number":20,"box":{"x":82,"y":164,"width":293,"height":12}},{"id":"9f976234-361e-4a6e-a653-e9b4f00f7999","block_type":"box","text":"Market Risk and Selection Risk","page_number":20,"box":{"x":81,"y":184,"width":240,"height":9}},{"id":"245de85f-9867-4da7-9238-a17000a4c636","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":184,"width":593,"height":9}},{"id":"88f7f3c4-1381-4e00-9028-d71317b0426b","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":199,"width":851,"height":12}},{"id":"2047fe2f-d229-46e5-9aa4-e57f4a58e956","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":214,"width":824,"height":11}},{"id":"ee9bd3bd-a60c-4984-b5d3-64f989ac39ff","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":229,"width":851,"height":11}},{"id":"a1dc42af-e07c-4cb3-984f-a6cab560433b","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":244,"width":802,"height":11}},{"id":"11ea7888-60f0-4d70-989e-e10a6ae2b782","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":258,"width":849,"height":12}},{"id":"c0a4c6f6-295f-4e7c-90e1-7eb16bce6e26","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":273,"width":843,"height":12}},{"id":"608397bd-759f-40e4-97f6-dd0f2058d373","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":20,"box":{"x":81,"y":288,"width":830,"height":11}},{"id":"24a7beea-7bba-440f-8cd6-02d455f87e5b","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":20,"box":{"x":82,"y":303,"width":840,"height":11}},{"id":"e147654a-8f11-4eee-9364-5c0c04dae113","block_type":"box","text":"The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic","page_number":20,"box":{"x":81,"y":318,"width":851,"height":11}},{"id":"99d4fcaf-e5d0-49a4-9888-f26a076cab1a","block_type":"box","text":"uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency","page_number":20,"box":{"x":82,"y":332,"width":815,"height":12}},{"id":"631f8c91-a65c-4ec1-a273-e172de69cc94","block_type":"box","text":"exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental","page_number":20,"box":{"x":81,"y":347,"width":826,"height":12}},{"id":"595c6c87-f92f-4816-aada-bf71e163ea54","block_type":"box","text":"disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":20,"box":{"x":81,"y":362,"width":735,"height":11}},{"id":"5950a317-827e-4782-9195-9f744d0e7817","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":20,"box":{"x":82,"y":382,"width":818,"height":12}},{"id":"7ae7ba3f-1114-4718-b178-3473796b358e","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":20,"box":{"x":80,"y":397,"width":819,"height":12}},{"id":"da7b3a81-d093-4008-bbf7-e5a707045b0e","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":20,"box":{"x":81,"y":412,"width":819,"height":11}},{"id":"c37af490-f48d-4f18-8ed6-cc410604b0a1","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":20,"box":{"x":81,"y":427,"width":846,"height":11}},{"id":"45cc5d65-7c15-44dd-aac7-8724157f74c4","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":20,"box":{"x":81,"y":441,"width":848,"height":12}},{"id":"14fb1a82-3ea3-4513-b19d-0dc6f0269330","block_type":"box","text":"the Fund invests.","page_number":20,"box":{"x":80,"y":456,"width":125,"height":9}},{"id":"a566b9b5-b85b-45db-9808-f33c73c4ca7a","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks","page_number":20,"box":{"x":81,"y":476,"width":346,"height":12}},{"id":"93402e3e-9a7a-4a4c-ae86-6a429157b948","block_type":"box","text":"— Mortgage-backed securities (residential and commercial) and","page_number":20,"box":{"x":432,"y":476,"width":470,"height":12}},{"id":"cd616eff-20c3-419d-b8cd-2bd516b8d76c","block_type":"box","text":"asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or","page_number":20,"box":{"x":81,"y":491,"width":835,"height":12}},{"id":"7cb15340-c915-4f29-b31e-960aa40ef583","block_type":"box","text":"receivables held in trust. Although asset-backed and commercial mortgage-backed securities (“CMBS”) generally","page_number":20,"box":{"x":82,"y":506,"width":828,"height":11}},{"id":"a83eb2d9-5984-49a8-8349-e280ae0db38e","block_type":"box","text":"experience less prepayment than residential mortgage-backed securities, mortgage-backed and asset-backed","page_number":20,"box":{"x":81,"y":521,"width":804,"height":11}},{"id":"af6ad163-040c-43a6-a1a4-a9262f2a796d","block_type":"box","text":"securities, like traditional fixed-income securities, are subject to credit, interest rate, prepayment and extension","page_number":20,"box":{"x":81,"y":535,"width":820,"height":12}},{"id":"de3c36b3-56c6-4a3e-b4d0-1f255b0e6590","block_type":"box","text":"risks.","page_number":20,"box":{"x":82,"y":551,"width":37,"height":9}},{"id":"311cebc4-8445-440d-aea8-a3c8c0c04323","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of","page_number":20,"box":{"x":81,"y":570,"width":851,"height":12}},{"id":"43db762c-9389-43cc-a650-36e87e58c912","block_type":"box","text":"certain mortgage-backed securities. The Fund’s investments in asset-backed securities are subject to risks similar","page_number":20,"box":{"x":81,"y":585,"width":842,"height":12}},{"id":"5a7403f5-d103-4ee9-a852-8d057ab6dc58","block_type":"box","text":"to those associated with mortgage-related securities, as well as additional risks associated with the nature of the","page_number":20,"box":{"x":80,"y":600,"width":837,"height":12}},{"id":"c240699e-453d-49f3-98ea-b5e1307b3830","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":20,"box":{"x":81,"y":615,"width":840,"height":11}},{"id":"675aa39f-6fc1-4939-8ead-f268c4456ab2","block_type":"box","text":"mortgages or assets, particularly during periods of economic downturn. Certain CMBS are issued in several classes","page_number":20,"box":{"x":82,"y":630,"width":852,"height":11}},{"id":"dadffacc-6a77-4eff-b31d-3dfb5a58d481","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":20,"box":{"x":80,"y":644,"width":842,"height":12}},{"id":"2c6e82b0-ae98-43cf-b4ea-fd29f80a48e8","block_type":"box","text":"the lower classes that have greater risks than the higher classes, including greater interest rate, credit and","page_number":20,"box":{"x":80,"y":660,"width":787,"height":11}},{"id":"8f761c8a-efd4-4411-b313-404f9e5dea9e","block_type":"box","text":"prepayment risks.","page_number":20,"box":{"x":82,"y":674,"width":128,"height":12}},{"id":"ca775d04-b97a-4bcb-b09f-c30a6f61497b","block_type":"box","text":"Mortgage-backed securities may be either pass-through securities or collateralized mortgage obligations (“CMOs”).","page_number":20,"box":{"x":82,"y":694,"width":842,"height":12}},{"id":"52dd8a82-37d2-40ba-a494-82138b1d761c","block_type":"box","text":"Pass-through securities represent a right to receive principal and interest payments collected on a pool of","page_number":20,"box":{"x":81,"y":709,"width":776,"height":11}},{"id":"31c3b5a2-abca-46cd-b93e-aaa140eb9b87","block_type":"box","text":"mortgages, which are passed through to security holders. CMOs are created by dividing the principal and interest","page_number":20,"box":{"x":82,"y":724,"width":831,"height":11}},{"id":"54a56a26-7dd6-41e5-b1c8-1256501745ba","block_type":"box","text":"payments collected on a pool of mortgages into several revenue streams (“tranches”) with different priority rights to","page_number":20,"box":{"x":82,"y":739,"width":852,"height":11}},{"id":"6c59860c-210b-4ad9-835a-368fd8508087","block_type":"box","text":"portions of the underlying mortgage payments. Certain CMO tranches may represent a right to receive interest only","page_number":20,"box":{"x":82,"y":753,"width":846,"height":12}},{"id":"eb1fdba7-9d52-4020-a8b6-453d6f41ffaf","block_type":"box","text":"(“IOs”), principal only (“POs”) or an amount that remains after floating-rate tranches are paid (an “inverse floater”).","page_number":20,"box":{"x":81,"y":768,"width":843,"height":12}},{"id":"b846c6f5-3aa9-41cb-844a-a61ff21eac46","block_type":"box","text":"These securities are frequently referred to as “mortgage derivatives” and may be extremely sensitive to changes in","page_number":20,"box":{"x":81,"y":783,"width":846,"height":12}},{"id":"7ab745e2-aebe-4140-8400-ba6424a491c0","block_type":"box","text":"interest rates. Interest rates on inverse floaters, for example, vary inversely with a short-term floating rate (which","page_number":20,"box":{"x":82,"y":798,"width":828,"height":11}},{"id":"95d211ad-32b5-4ce5-8536-ccdce5ae3e83","block_type":"box","text":"may be reset periodically). Interest rates on inverse floaters will decrease when short-term rates increase, and will","page_number":20,"box":{"x":82,"y":813,"width":838,"height":11}},{"id":"db5ce283-5054-4c14-ac52-e5c9fa0374fc","block_type":"box","text":"increase when short-term rates decrease. These securities have the effect of providing a degree of investment","page_number":20,"box":{"x":82,"y":827,"width":813,"height":12}},{"id":"bdb0a19c-fec3-485c-a92c-d22705464aff","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":20,"box":{"x":82,"y":842,"width":850,"height":12}},{"id":"1176a1b9-41b3-47a7-b655-6f78d4c588fb","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":20,"box":{"x":82,"y":857,"width":834,"height":12}},{"id":"4e7f642e-f7d3-4c60-b076-68b74cab44fc","block_type":"box","text":"Fund invests in CMO tranches (including CMO tranches issued by government agencies) and interest rates move in","page_number":20,"box":{"x":82,"y":872,"width":842,"height":12}},{"id":"3ad407a8-65e3-4f2b-8096-67a4732b6b18","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":20,"box":{"x":81,"y":887,"width":836,"height":11}},{"id":"b71b3472-3075-4781-b61c-bd84f1db0375","block_type":"box","text":"investment. Certain mortgage-backed securities in which the Fund may invest may also provide a degree of","page_number":20,"box":{"x":82,"y":902,"width":787,"height":11}},{"id":"4d39cd77-e203-44c4-8a49-484c6483f9c8","block_type":"box","text":"investment leverage, which could cause the Fund to lose all or substantially all of its investment.","page_number":20,"box":{"x":82,"y":916,"width":708,"height":12}},{"id":"70837dba-355c-43f9-a03c-4347fbe911fe","block_type":"box","text":"20","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"8a8c5dc6-5dcc-4cc2-b090-3c3e90736d6e","block_type":"box","text":"NM0926U-5975828-20/44","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"00ce9ef8-3895-4446-8250-dea01dd50ddb","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":46,"width":834,"height":11}},{"id":"fecf0fc4-647f-4f18-99cf-82af35b33ac1","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":60,"width":825,"height":12}},{"id":"249e4c75-9dad-4a39-b4e1-dfa3b88848da","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":75,"width":825,"height":12}},{"id":"9886ec5e-8be4-4421-a13b-9d20e2b2f50a","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":90,"width":850,"height":12}},{"id":"dd1b974b-2c91-4ce9-a922-5c1431a4f797","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":105,"width":818,"height":12}},{"id":"a0d0a3ca-8b9d-464a-9c50-d59219418d52","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":120,"width":796,"height":11}},{"id":"936de3f0-9a2c-4d1a-bd4a-102ab776544c","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":135,"width":825,"height":11}},{"id":"d41ac583-4788-4c16-9e9f-bcac5b4e1cd6","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":149,"width":807,"height":12}},{"id":"0a5d7208-529e-4921-8356-9ff91d105a25","block_type":"box","text":"limited liquidity in such secondary markets could continue or worsen.","page_number":21,"box":{"x":82,"y":165,"width":505,"height":11}},{"id":"3e53aaa2-ca09-4db9-b299-dbbb68ec0413","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":184,"width":839,"height":12}},{"id":"75a82b43-0111-429c-a94e-c52e4a3935fc","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":199,"width":849,"height":12}},{"id":"ca7006f0-2bae-4755-883a-3f7c977d366f","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":214,"width":832,"height":11}},{"id":"bcf7a38e-e471-421d-af51-5093af492985","block_type":"box","text":"collateral to seize if the underlying borrower defaults.","page_number":21,"box":{"x":81,"y":229,"width":388,"height":11}},{"id":"1e7a601f-6e26-4bdf-9926-2d451e22cbd2","block_type":"box","text":"Operational and Technology Risks","page_number":21,"box":{"x":82,"y":249,"width":254,"height":11}},{"id":"ea985492-6bfe-4aa2-93ce-8ec9a60a01d0","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":21,"box":{"x":340,"y":249,"width":549,"height":11}},{"id":"2bc6e668-79fa-4733-9213-aae338358f03","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":21,"box":{"x":81,"y":264,"width":790,"height":11}},{"id":"f21c0f65-0659-44a0-aff3-a90e723ba112","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":21,"box":{"x":81,"y":278,"width":837,"height":12}},{"id":"5e5ebf25-e093-4dc6-9a86-5389887408dc","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":21,"box":{"x":82,"y":293,"width":845,"height":12}},{"id":"4e5567d4-7fb7-4a48-b3de-f465c47635ef","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":21,"box":{"x":81,"y":308,"width":832,"height":12}},{"id":"1f94deba-a586-4f09-8ec7-fde284f27448","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":21,"box":{"x":82,"y":323,"width":763,"height":11}},{"id":"2f50a466-b56f-4610-b485-f0ab0b3752c3","block_type":"box","text":"counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and","page_number":21,"box":{"x":81,"y":338,"width":825,"height":11}},{"id":"cf1f0726-40a6-4deb-98ff-72e9cb9e0c57","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":21,"box":{"x":81,"y":352,"width":842,"height":12}},{"id":"8c4b38a8-f0fd-401c-8c72-77b8be769ed5","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":21,"box":{"x":81,"y":367,"width":852,"height":12}},{"id":"66f058b7-afc5-402e-9ce8-366cd79f940e","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":21,"box":{"x":82,"y":382,"width":827,"height":12}},{"id":"c508f4a7-d347-4c8b-a218-6e79ab905a9e","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":21,"box":{"x":81,"y":402,"width":821,"height":12}},{"id":"4ac77b30-c6a2-4200-8d56-2f6f109a56e9","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":21,"box":{"x":82,"y":417,"width":814,"height":11}},{"id":"07b1387f-7f86-4a7d-a6b7-031ce4f2a96e","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":21,"box":{"x":81,"y":432,"width":824,"height":11}},{"id":"a78ebb5f-ea9c-4cad-b681-3b4a344a4c54","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":21,"box":{"x":81,"y":447,"width":791,"height":11}},{"id":"bb00555a-530d-4c9c-9797-d921570ea836","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":21,"box":{"x":82,"y":461,"width":852,"height":12}},{"id":"74f35f0a-5bcc-45ee-8ed8-f032100d43de","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":21,"box":{"x":81,"y":476,"width":784,"height":12}},{"id":"c4e17080-6790-4667-af4f-d223a4afb4e0","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":21,"box":{"x":81,"y":491,"width":787,"height":12}},{"id":"041a6a2b-cc13-4720-ade9-dd27973a305f","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations","page_number":21,"box":{"x":81,"y":506,"width":840,"height":11}},{"id":"f53d217e-14ea-4313-a513-6e019f9016a8","block_type":"box","text":"of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":21,"box":{"x":81,"y":521,"width":809,"height":11}},{"id":"37228c00-632f-452f-9ba8-f3f74a1529ed","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":21,"box":{"x":81,"y":536,"width":829,"height":11}},{"id":"dec262fc-129d-4294-9caf-c3b93c613ea6","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":21,"box":{"x":82,"y":550,"width":798,"height":12}},{"id":"3639b403-e6ca-4a05-968a-df41d837df67","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":21,"box":{"x":81,"y":565,"width":829,"height":12}},{"id":"ba68bbe6-88f7-40fd-ac04-80d98f758489","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":21,"box":{"x":82,"y":580,"width":846,"height":12}},{"id":"61359bd9-b873-45cb-9384-fe1bd8ba21f4","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":21,"box":{"x":82,"y":595,"width":846,"height":11}},{"id":"35bb28fc-8843-4829-9bea-97051f4ed2c7","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":21,"box":{"x":81,"y":610,"width":838,"height":11}},{"id":"58cb4462-1164-4732-ae14-0408b606ceed","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":21,"box":{"x":80,"y":625,"width":770,"height":11}},{"id":"8303c904-3a04-45e5-8193-15632b16cf05","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":21,"box":{"x":80,"y":639,"width":792,"height":12}},{"id":"a4ff17c9-267a-41ae-9c8f-ddb3af152202","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":21,"box":{"x":82,"y":654,"width":845,"height":11}},{"id":"12813cdb-a755-4814-b226-cb1225e5ce23","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":21,"box":{"x":80,"y":669,"width":840,"height":12}},{"id":"4ca4ee2e-7b1a-405d-aa9c-517c43e9e1f6","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":21,"box":{"x":81,"y":684,"width":841,"height":11}},{"id":"0b2ed318-41cc-4253-9300-660869fb7d73","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":21,"box":{"x":80,"y":699,"width":847,"height":11}},{"id":"23997d27-8338-43e2-acdd-9db475434afd","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":21,"box":{"x":82,"y":713,"width":838,"height":12}},{"id":"1a305a0a-1ed8-47df-887a-753a3306c5b4","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":21,"box":{"x":81,"y":728,"width":847,"height":12}},{"id":"b41b96bc-5f17-4fc5-80fa-d516b2d84bc5","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":21,"box":{"x":81,"y":743,"width":845,"height":11}},{"id":"4755d7d8-5e8b-43ea-8b05-636c81a659aa","block_type":"box","text":"and the associated risks to the Fund.","page_number":21,"box":{"x":81,"y":758,"width":273,"height":9}},{"id":"9d11d7a1-4bec-45bb-9d21-c4037102a2b4","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":21,"box":{"x":81,"y":778,"width":769,"height":11}},{"id":"5771dfad-44ec-448a-9d62-5cbe51174a10","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":21,"box":{"x":81,"y":793,"width":855,"height":11}},{"id":"4a10edfe-5f92-48e8-ad96-5eb903305b88","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":21,"box":{"x":80,"y":808,"width":848,"height":11}},{"id":"1e4031a8-da14-4b93-9bde-b95b3273c3b3","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":21,"box":{"x":81,"y":823,"width":777,"height":11}},{"id":"a0c7d157-9643-475e-bfb3-682bc63f63dc","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":21,"box":{"x":81,"y":837,"width":824,"height":12}},{"id":"94a8606f-2055-4f58-b8da-0c37df1cccb5","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":21,"box":{"x":81,"y":852,"width":785,"height":12}},{"id":"0f0dad37-6f89-4f14-9b7d-d644e2bc659e","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":21,"box":{"x":82,"y":867,"width":853,"height":11}},{"id":"b51e2847-7614-4f42-b946-b03dc5ebf349","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":21,"box":{"x":82,"y":882,"width":855,"height":11}},{"id":"fa075b7c-1cca-4d49-9e68-e640924d58b9","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":21,"box":{"x":82,"y":896,"width":813,"height":12}},{"id":"45c77828-8089-407c-8d78-bbd37d309f9f","block_type":"box","text":"21","page_number":21,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"f7bc5329-ce20-4a65-a8dc-7db1699a0906","block_type":"box","text":"NM0926U-5975828-21/44","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1e98c592-32fa-4bb8-954b-01102f6a4606","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":46,"width":806,"height":11}},{"id":"4a65a0ed-514c-4de9-9b46-cfc743835bd7","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":22,"box":{"x":82,"y":60,"width":602,"height":12}},{"id":"9b5741a1-0313-486c-9229-9be5a03a82ac","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":81,"width":794,"height":11}},{"id":"f17f3a69-ac1a-48b7-91f7-74a37058edfa","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":96,"width":840,"height":11}},{"id":"4fceb09a-b186-4095-8875-0481c820beb6","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":22,"box":{"x":81,"y":110,"width":801,"height":12}},{"id":"7f2a9222-d49b-47d8-a63d-70de51de4ca7","block_type":"box","text":"resources to monitor and implement required changes.","page_number":22,"box":{"x":82,"y":125,"width":402,"height":11}},{"id":"3d06df68-7f61-4a25-ac45-0e08c6e6f186","block_type":"box","text":"Preferred Securities Risk","page_number":22,"box":{"x":81,"y":145,"width":189,"height":9}},{"id":"ad1bb9d2-1ad2-45d6-9551-a37525ed73b2","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":22,"box":{"x":274,"y":145,"width":636,"height":11}},{"id":"5cb62a5d-f0b3-4c4d-b320-dd203036475b","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":22,"box":{"x":81,"y":160,"width":824,"height":11}},{"id":"f2cc4490-9b38-42d3-ab5c-78c598a199ae","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":22,"box":{"x":82,"y":175,"width":806,"height":11}},{"id":"710a4c35-1836-45fe-afe3-1d279bcfe0f7","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":22,"box":{"x":81,"y":189,"width":842,"height":12}},{"id":"e9f45905-2d4a-48b2-9fce-09dfb3e4f95e","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":22,"box":{"x":81,"y":204,"width":781,"height":12}},{"id":"2845ecd2-a3bb-4865-a7bd-4dce70a7c66f","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":22,"box":{"x":81,"y":219,"width":812,"height":11}},{"id":"45547788-a81b-41b6-9f47-0ca3b200f0d9","block_type":"box","text":"larger companies.","page_number":22,"box":{"x":82,"y":234,"width":129,"height":11}},{"id":"f810ea0a-3df9-41ad-936b-4e7e24979700","block_type":"box","text":"Small and Mid-Capitalization Company Risk","page_number":22,"box":{"x":81,"y":254,"width":327,"height":11}},{"id":"399394fd-6b18-4f79-9d41-f26a251f70c7","block_type":"box","text":"— Companies with small or mid-size market capitalizations will","page_number":22,"box":{"x":412,"y":254,"width":461,"height":11}},{"id":"ea18bbba-52d7-4b70-9293-428c3d6894ef","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more","page_number":22,"box":{"x":82,"y":269,"width":808,"height":11}},{"id":"ac62462f-8385-4357-9cdb-35b8b28b3efd","block_type":"box","text":"limited management group than larger capitalized companies. In addition, it is more difficult to get information on","page_number":22,"box":{"x":82,"y":283,"width":833,"height":12}},{"id":"8723d3fc-aa08-416e-afe2-bdd072043f53","block_type":"box","text":"smaller companies, which tend to be less well known, have shorter operating histories, do not have significant","page_number":22,"box":{"x":81,"y":298,"width":812,"height":12}},{"id":"4d5fc61a-8a1f-4add-b7bb-60a41233590a","block_type":"box","text":"ownership by large investors and are followed by relatively few securities analysts.","page_number":22,"box":{"x":81,"y":313,"width":603,"height":12}},{"id":"a3dd130d-8fb3-4b27-b90a-701ddf47af7e","block_type":"box","text":"Supranational Entities Risk","page_number":22,"box":{"x":81,"y":333,"width":205,"height":11}},{"id":"2f4e5848-a949-43e8-9636-fff87589c8aa","block_type":"box","text":"— The Fund may invest in obligations issued or guaranteed by the World Bank. The","page_number":22,"box":{"x":290,"y":333,"width":610,"height":12}},{"id":"eeb34bd1-561f-4ac0-847b-d51fc068e8b8","block_type":"box","text":"government members, or “stockholders,” usually make initial capital contributions to the World Bank and in many","page_number":22,"box":{"x":81,"y":348,"width":834,"height":12}},{"id":"003efcd6-3085-4b5b-b034-730f6d606bfa","block_type":"box","text":"cases are committed to make additional capital contributions if the World Bank is unable to repay its borrowings.","page_number":22,"box":{"x":81,"y":363,"width":830,"height":11}},{"id":"227bc716-5451-44df-8e24-d7dd1ba90243","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":22,"box":{"x":81,"y":378,"width":795,"height":11}},{"id":"1a746843-cb49-428a-adf7-3c8c205721f0","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":22,"box":{"x":81,"y":392,"width":855,"height":12}},{"id":"e42ad3a2-a614-4902-adfc-1b9b6ee156c8","block_type":"box","text":"principal on its debt securities, and the Fund may lose money on such investments.","page_number":22,"box":{"x":82,"y":408,"width":612,"height":11}},{"id":"9b8e3386-abd0-4859-9e0f-ce2c1de7d892","block_type":"box","text":"U.S. Government Issuer Risk","page_number":22,"box":{"x":82,"y":427,"width":215,"height":9}},{"id":"c444387b-0d2b-4b7d-8855-28c9eab9656e","block_type":"box","text":"—","page_number":22,"box":{"x":302,"y":433,"width":17,"height":0}},{"id":"626a5111-0ba5-4fd0-903b-3df911052490","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":22,"box":{"x":323,"y":427,"width":612,"height":12}},{"id":"2ae71e23-42a7-4d34-9ac8-595c6f0b5058","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying","page_number":22,"box":{"x":81,"y":442,"width":797,"height":12}},{"id":"155cea2a-7cf4-41d6-8614-7cbbb1d15ff6","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":22,"box":{"x":81,"y":457,"width":850,"height":11}},{"id":"710c6ad0-c455-436e-8850-4eaf9b15321f","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":22,"box":{"x":81,"y":472,"width":843,"height":11}},{"id":"1c5255c4-1f1f-4533-9a15-5feef37df632","block_type":"box","text":"by law to do so.","page_number":22,"box":{"x":81,"y":487,"width":114,"height":11}},{"id":"b2d2c8d4-08ed-4d53-9609-004c6ee2b321","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":22,"box":{"x":61,"y":510,"width":296,"height":12}},{"id":"60d8d485-0c3f-43dd-8e06-e8bae1d37906","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":22,"box":{"x":60,"y":526,"width":832,"height":11}},{"id":"e76fd37b-0d29-4049-9c5f-ae2354873b6a","block_type":"box","text":"strategies, including:","page_number":22,"box":{"x":61,"y":541,"width":151,"height":11}},{"id":"a26ccbc7-2325-4b7f-ad83-488299428537","block_type":"box","text":"Borrowing Risk","page_number":22,"box":{"x":81,"y":561,"width":115,"height":11}},{"id":"b0dbbb35-83d5-4ef9-9941-ab0dbc72a9b9","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":22,"box":{"x":200,"y":561,"width":711,"height":11}},{"id":"53875249-0d93-4d68-b26b-7cbd5451ffc9","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":22,"box":{"x":80,"y":575,"width":813,"height":12}},{"id":"9ffa33eb-3a96-4b88-b8c4-dd8c49781fd0","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":22,"box":{"x":82,"y":591,"width":846,"height":11}},{"id":"07c56b41-bd51-4903-8ff8-69da84694ef4","block_type":"box","text":"do so to satisfy its obligations.","page_number":22,"box":{"x":81,"y":605,"width":225,"height":12}},{"id":"680e7750-e39c-43f2-8dce-b7f85a87c6d0","block_type":"box","text":"Depositary Receipts Risk","page_number":22,"box":{"x":81,"y":625,"width":191,"height":11}},{"id":"4f5354c5-fbeb-47f1-8910-9f9a5af1326a","block_type":"box","text":"— Depositary receipts are generally subject to the same risks as the foreign securities","page_number":22,"box":{"x":276,"y":625,"width":639,"height":12}},{"id":"cb3a547f-f0ff-4010-9819-ad78e1e9844e","block_type":"box","text":"that they evidence or into which they may be converted. In addition to investment risks associated with the","page_number":22,"box":{"x":80,"y":640,"width":786,"height":11}},{"id":"074a2235-d049-4973-8fc1-99f320ca7344","block_type":"box","text":"underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms","page_number":22,"box":{"x":82,"y":655,"width":824,"height":11}},{"id":"b005c919-c2f6-427f-a1fd-eb852713c276","block_type":"box","text":"that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other","page_number":22,"box":{"x":80,"y":670,"width":827,"height":11}},{"id":"c14a99bd-003e-4a6f-a56d-814dac6138ed","block_type":"box","text":"parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for","page_number":22,"box":{"x":82,"y":684,"width":849,"height":12}},{"id":"ab8db7ba-59e9-45ec-a1a2-18efa7369c2c","block_type":"box","text":"depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that","page_number":22,"box":{"x":81,"y":699,"width":840,"height":12}},{"id":"a1caa4a0-e560-4cc6-a20c-d5a7c4ecd44f","block_type":"box","text":"is, in the United States, considered material. Therefore, there may be less information available regarding these","page_number":22,"box":{"x":82,"y":714,"width":824,"height":12}},{"id":"97080c95-38f7-430a-a57c-9067fb79609d","block_type":"box","text":"issuers and there may not be a correlation between such information and the market value of the depositary","page_number":22,"box":{"x":82,"y":729,"width":798,"height":11}},{"id":"35559251-8f4d-488f-883c-caf0914bd3af","block_type":"box","text":"receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their","page_number":22,"box":{"x":82,"y":744,"width":847,"height":11}},{"id":"b3374208-fd3d-47d9-927c-b50e8e6c02be","block_type":"box","text":"respective markets and currencies, they continue to be subject to many of the risks associated with investing","page_number":22,"box":{"x":82,"y":759,"width":804,"height":11}},{"id":"481ee5ba-b068-42ed-a18c-350a78a4d7ec","block_type":"box","text":"directly in foreign securities, including political, economic, and currency risk.","page_number":22,"box":{"x":81,"y":773,"width":558,"height":12}},{"id":"7c54953f-abe8-4d98-83e6-16dbd6ad41ce","block_type":"box","text":"Expense Risk","page_number":22,"box":{"x":81,"y":793,"width":102,"height":12}},{"id":"9cadd4ab-90d6-4bb9-94c6-44af95c9ffc6","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":22,"box":{"x":187,"y":793,"width":734,"height":12}},{"id":"f87ddbcb-4d02-416e-b810-fa010fd9b90e","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":22,"box":{"x":81,"y":808,"width":855,"height":12}},{"id":"5954e16d-f5e6-41c2-bafa-d57d24b5171e","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":22,"box":{"x":82,"y":823,"width":842,"height":12}},{"id":"586d3b40-a061-4d4d-bae7-80c61a199e31","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":22,"box":{"x":82,"y":838,"width":808,"height":11}},{"id":"c7dddca6-d02d-45b3-8fa7-f12a8fffc90a","block_type":"box","text":"significant.","page_number":22,"box":{"x":81,"y":853,"width":78,"height":11}},{"id":"e7761517-fb91-4f21-8fa1-e72622d1beb9","block_type":"box","text":"Illiquid Investments Risk","page_number":22,"box":{"x":81,"y":873,"width":186,"height":11}},{"id":"d149a8ec-dd6f-4a7f-8220-e18bed367785","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":22,"box":{"x":271,"y":873,"width":648,"height":11}},{"id":"ac72fd41-6575-4c7c-8e88-1fdff1fa72f9","block_type":"box","text":"the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":22,"box":{"x":80,"y":887,"width":841,"height":12}},{"id":"591a8910-c827-493d-add6-fb968d1ec3e8","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":22,"box":{"x":82,"y":902,"width":831,"height":12}},{"id":"ad7db92f-2478-4898-baf7-7221e0cfeab8","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":22,"box":{"x":81,"y":917,"width":811,"height":12}},{"id":"63f237fe-68a8-4937-adcc-65d8118845b8","block_type":"box","text":"22","page_number":22,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"5a2a9a5d-3f02-4aca-be0b-5010a709d4d4","block_type":"box","text":"NM0926U-5975828-22/44","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"859b25bc-778c-43e8-a0f0-86cb7af698f2","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":23,"box":{"x":82,"y":46,"width":825,"height":11}},{"id":"93876e52-5841-409c-ae8e-b2dea4b69ed9","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":23,"box":{"x":81,"y":61,"width":837,"height":11}},{"id":"42f84c55-4dc1-48da-a2b7-b29b5e2b6107","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":23,"box":{"x":80,"y":75,"width":851,"height":12}},{"id":"9846124f-8a30-40aa-8569-f59d9f528df0","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":23,"box":{"x":82,"y":90,"width":835,"height":12}},{"id":"7d182cbd-5ee6-4047-a167-0c555342fa09","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":23,"box":{"x":82,"y":105,"width":835,"height":12}},{"id":"ed774ac3-9731-45ad-8fad-34c0da2049be","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":23,"box":{"x":81,"y":120,"width":791,"height":11}},{"id":"2bfca074-2ac7-4b0f-956c-7626faf4ba4b","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":23,"box":{"x":81,"y":135,"width":846,"height":11}},{"id":"787a8cc0-8812-4844-8157-da4b866648c8","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":23,"box":{"x":81,"y":149,"width":835,"height":12}},{"id":"13003641-46da-41e6-9de3-92c725cf2e7a","block_type":"box","text":"Fund’s holdings. An investment may be illiquid due to, among other things, the lack of an active trading market. To","page_number":23,"box":{"x":82,"y":164,"width":839,"height":12}},{"id":"c5e97f41-9996-40ba-a580-a8930126c42b","block_type":"box","text":"the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":23,"box":{"x":80,"y":179,"width":834,"height":12}},{"id":"ab217db2-6071-49c6-b7e4-cd526aa233a4","block_type":"box","text":"and/or credit risk, the Fund will tend to have the greater exposure to the risks associated with illiquid investments.","page_number":23,"box":{"x":81,"y":194,"width":843,"height":11}},{"id":"d0b9a7b5-7276-482e-8418-1e60f5107579","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":23,"box":{"x":82,"y":209,"width":835,"height":11}},{"id":"0e4b45c1-da08-4250-a856-2bb3602048ff","block_type":"box","text":"investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. In addition, when","page_number":23,"box":{"x":82,"y":224,"width":827,"height":11}},{"id":"5a6647a9-18d9-4b37-bc70-442c0aee564d","block_type":"box","text":"there is illiquidity in the market for certain securities, the Fund, due to limitations on illiquid investments, may be","page_number":23,"box":{"x":80,"y":238,"width":831,"height":12}},{"id":"0ee428e9-baf8-4215-a356-89a356d23cce","block_type":"box","text":"subject to purchase and sale restrictions.","page_number":23,"box":{"x":81,"y":253,"width":304,"height":12}},{"id":"b3d89f7e-795d-4458-82b4-0abc6734b7ec","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":23,"box":{"x":81,"y":273,"width":271,"height":9}},{"id":"f7ef871c-c30a-4c3f-94df-9a70c92a1d14","block_type":"box","text":"—","page_number":23,"box":{"x":356,"y":279,"width":17,"height":0}},{"id":"504ed2a0-5f50-4d1e-8835-1db75227af06","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":23,"box":{"x":379,"y":273,"width":499,"height":11}},{"id":"848bc0f1-ba33-4372-a869-6ce3c2283637","block_type":"box","text":"particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect","page_number":23,"box":{"x":82,"y":288,"width":839,"height":11}},{"id":"076b89b7-1780-423d-bb3b-78a930e90876","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":23,"box":{"x":80,"y":303,"width":799,"height":11}},{"id":"89eece62-bc71-4293-b24e-9971befeab39","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":23,"box":{"x":82,"y":318,"width":796,"height":11}},{"id":"f4df6b9f-fa41-4dc1-9722-9c0779763cfa","block_type":"box","text":"securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index","page_number":23,"box":{"x":81,"y":332,"width":855,"height":12}},{"id":"8b825907-55dd-4b27-83a9-64d260b0f23e","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":23,"box":{"x":82,"y":348,"width":441,"height":11}},{"id":"712cb228-3ad1-436b-8717-a8955713d507","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":23,"box":{"x":81,"y":367,"width":366,"height":12}},{"id":"888fae07-d223-4a9b-ac4f-d425dcc378e4","block_type":"box","text":"— As with other investments, investments in other investment","page_number":23,"box":{"x":450,"y":368,"width":459,"height":10}},{"id":"b1ccceca-67d2-4abf-8789-38d27f3e8fd4","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":23,"box":{"x":81,"y":382,"width":815,"height":12}},{"id":"24266d3b-7032-44ca-9da9-27ae02899e04","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":23,"box":{"x":82,"y":397,"width":844,"height":11}},{"id":"c311c8d5-3d59-46e7-8e47-1ee9b42a2de3","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":23,"box":{"x":81,"y":412,"width":822,"height":11}},{"id":"74030cfe-0290-49ed-a15c-c0ed45a3bd04","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":23,"box":{"x":81,"y":427,"width":829,"height":11}},{"id":"ba5ffc92-6c95-4644-af3a-32f211dc6fb5","block_type":"box","text":"fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":23,"box":{"x":81,"y":441,"width":628,"height":12}},{"id":"718cc91f-662d-452a-9017-e48e8ccc357e","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":23,"box":{"x":81,"y":462,"width":396,"height":11}},{"id":"d38f35dd-24cd-4be1-8aa2-ef873cc03c56","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":23,"box":{"x":481,"y":462,"width":440,"height":11}},{"id":"2e5e15f4-aaac-44ab-89f7-7b6248534845","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":23,"box":{"x":82,"y":476,"width":801,"height":12}},{"id":"7d807023-d1ed-4ba2-82ba-bbc7c8a785b7","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":23,"box":{"x":81,"y":491,"width":825,"height":12}},{"id":"a5fa203b-185b-47f2-bc5b-f49b64b2fb42","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":23,"box":{"x":82,"y":506,"width":816,"height":11}},{"id":"b7658576-4642-4d20-8953-012651143996","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":23,"box":{"x":82,"y":521,"width":818,"height":11}},{"id":"b0d97bcf-ed30-4669-b88d-26dd4a051067","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":23,"box":{"x":80,"y":535,"width":835,"height":12}},{"id":"bf7381b2-ab1a-4095-90d3-271bcc522b75","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":23,"box":{"x":80,"y":550,"width":807,"height":12}},{"id":"f7f1dc43-61cf-4d83-ba77-f2d9797d309f","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":23,"box":{"x":82,"y":565,"width":841,"height":12}},{"id":"2029d53b-3a8f-4784-9848-8c13fd9fd100","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":23,"box":{"x":80,"y":580,"width":855,"height":12}},{"id":"b1fb4969-3115-4cc9-91a9-ef2f65d1a368","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":23,"box":{"x":81,"y":595,"width":751,"height":11}},{"id":"299b88be-3ade-493e-a439-96876607cd8f","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":23,"box":{"x":81,"y":610,"width":785,"height":11}},{"id":"94549950-08eb-4a40-9a87-8de4dffb721f","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":23,"box":{"x":81,"y":624,"width":841,"height":12}},{"id":"86ea39eb-b9e4-4d40-80b6-dc93b28846fd","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":23,"box":{"x":80,"y":640,"width":824,"height":11}},{"id":"bdd45b4f-430e-4dc0-b65a-03b0b7b72cf0","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":23,"box":{"x":81,"y":654,"width":822,"height":12}},{"id":"7b81e386-129a-46d5-baee-56bfd69b0a7a","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":23,"box":{"x":81,"y":669,"width":801,"height":12}},{"id":"5b73055a-ca1e-414e-948c-c1eda61c67bb","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":23,"box":{"x":80,"y":684,"width":765,"height":11}},{"id":"e821a8f0-04fc-438a-9c86-cd4c3ecf3ad3","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":23,"box":{"x":82,"y":699,"width":852,"height":11}},{"id":"e27124af-05a9-45b7-b57c-a5578542fa0f","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":23,"box":{"x":82,"y":714,"width":847,"height":11}},{"id":"69c54b2c-aff2-42ad-991c-80c589a6c14f","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":23,"box":{"x":80,"y":728,"width":847,"height":12}},{"id":"5931e07e-30a9-4d13-979f-10cd446192fe","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":23,"box":{"x":81,"y":743,"width":845,"height":12}},{"id":"738b6b55-3ded-4c8f-81d5-2cf95307f301","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":23,"box":{"x":82,"y":758,"width":835,"height":11}},{"id":"7e708ab4-7756-4b83-94cc-3cabbd266fc4","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":23,"box":{"x":82,"y":773,"width":839,"height":11}},{"id":"9761613f-67f4-43a7-b3d5-9318d02612e1","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":23,"box":{"x":82,"y":788,"width":461,"height":11}},{"id":"aa880d3a-7796-4fd6-8353-152de704618e","block_type":"box","text":"Money Market Securities Risk","page_number":23,"box":{"x":81,"y":808,"width":229,"height":11}},{"id":"bfa6e932-7b1d-4ecd-baa6-153837e5bbec","block_type":"box","text":"— If market conditions improve while a Fund has invested some or all of its assets","page_number":23,"box":{"x":314,"y":808,"width":610,"height":11}},{"id":"934ade59-45f7-4737-b918-aec3c485ee6f","block_type":"box","text":"in high quality money market securities, this strategy could result in reducing the potential gain from the market","page_number":23,"box":{"x":82,"y":822,"width":820,"height":12}},{"id":"bc86074b-ba48-4761-897c-74c2d9275901","block_type":"box","text":"upswing, thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":23,"box":{"x":82,"y":837,"width":601,"height":12}},{"id":"597b1045-5230-40cb-a6e5-562645de03d5","block_type":"box","text":"“New Issues” Risk","page_number":23,"box":{"x":83,"y":857,"width":139,"height":9}},{"id":"dbf5602f-767f-4870-b90b-d191fc6bb07d","block_type":"box","text":"— “New issues” are IPOs of equity securities. Investments in companies that have recently","page_number":23,"box":{"x":226,"y":857,"width":673,"height":12}},{"id":"ce75c010-bcd6-452e-b2d8-8a9e64681d9f","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":23,"box":{"x":81,"y":872,"width":833,"height":12}},{"id":"00b5594c-9158-438a-8636-8ff8f5b4b2cd","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":23,"box":{"x":82,"y":887,"width":853,"height":11}},{"id":"292c873a-1f56-414b-8fff-06d455a2b939","block_type":"box","text":"of future performance. The investment performance of the Fund during periods when it is unable to invest","page_number":23,"box":{"x":81,"y":902,"width":778,"height":11}},{"id":"dc50d8a7-4cd5-49e3-9246-ad3a81b92462","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":23,"box":{"x":81,"y":916,"width":827,"height":12}},{"id":"8a289963-930b-4d98-b7eb-061d408fba84","block_type":"box","text":"23","page_number":23,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"1ce68d18-91df-4eb1-a8ef-63a1e7b4319e","block_type":"box","text":"NM0926U-5975828-23/44","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3a106b28-497b-407e-95b9-9a8f4805316f","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":24,"box":{"x":82,"y":46,"width":838,"height":11}},{"id":"8ab0b891-01f8-4642-8ac8-a57da7c61738","block_type":"box","text":"IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":24,"box":{"x":82,"y":60,"width":776,"height":12}},{"id":"fa55aef1-5b7e-44f4-a49e-f6c51dbb014e","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":24,"box":{"x":81,"y":75,"width":830,"height":12}},{"id":"de3c29e0-3a54-4be9-b44f-65ec79e1ecd1","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":24,"box":{"x":82,"y":90,"width":834,"height":12}},{"id":"d0faa1f2-dc29-4a38-ac24-5306195db057","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":24,"box":{"x":80,"y":105,"width":844,"height":12}},{"id":"879ac45e-1ca4-4160-87be-0ee94abcf4b3","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":24,"box":{"x":81,"y":120,"width":840,"height":11}},{"id":"54462bec-2ade-4ccb-8561-66fe003d6100","block_type":"box","text":"price as it would like.","page_number":24,"box":{"x":82,"y":135,"width":153,"height":11}},{"id":"437c253a-e21c-4421-9eb0-39b8af215d53","block_type":"box","text":"Ownership Limitations Risk","page_number":24,"box":{"x":82,"y":155,"width":205,"height":11}},{"id":"1b458472-7035-48a9-92e5-2fdb2770fc5a","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":24,"box":{"x":291,"y":155,"width":610,"height":11}},{"id":"5e8bfb7a-babe-48b9-8ca2-c244fdae887a","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":169,"width":849,"height":12}},{"id":"e0dff19a-3832-4ba7-93bf-3d44b1220d8d","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":184,"width":798,"height":12}},{"id":"21dba6ed-07a7-429a-992c-97e8ebe39ad5","block_type":"box","text":"purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law,","page_number":24,"box":{"x":82,"y":199,"width":833,"height":12}},{"id":"3e5f18c0-4da6-4b4a-a84a-08171a01fbdb","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":24,"box":{"x":82,"y":214,"width":851,"height":11}},{"id":"76c61658-98bf-4b51-bb5a-2ea8c8692b83","block_type":"box","text":"be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and","page_number":24,"box":{"x":81,"y":229,"width":813,"height":11}},{"id":"5c3d2b59-4359-4704-938a-fcdfb56adf63","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":24,"box":{"x":82,"y":244,"width":331,"height":11}},{"id":"792d3aa6-ecd7-4850-8b82-0b059de76caf","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":24,"box":{"x":82,"y":264,"width":826,"height":11}},{"id":"6e062910-c21e-422a-987d-9062c613899d","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":24,"box":{"x":81,"y":278,"width":848,"height":12}},{"id":"11ade6c2-84fd-4e97-bbb8-87ce56ab66a2","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":24,"box":{"x":81,"y":293,"width":799,"height":12}},{"id":"d08a2134-0225-49d9-95c9-6f94f3713847","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":24,"box":{"x":81,"y":308,"width":828,"height":12}},{"id":"d20a818d-1f36-4a5d-93a7-1bb75168a843","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":24,"box":{"x":81,"y":323,"width":828,"height":11}},{"id":"26977b9e-6ad3-4f84-a28d-184d508833a9","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":24,"box":{"x":80,"y":338,"width":837,"height":11}},{"id":"705c3732-5a6c-49cc-9445-88cc1bf79ed7","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":24,"box":{"x":80,"y":352,"width":837,"height":12}},{"id":"ffa18cb6-04b1-45f9-bcfc-a61409ef6743","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":24,"box":{"x":82,"y":368,"width":800,"height":11}},{"id":"99b010fd-d004-4994-80be-a545fcc7fea1","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":24,"box":{"x":81,"y":382,"width":678,"height":12}},{"id":"7b09cdef-aea3-4a79-ae3c-637c2de55b34","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":24,"box":{"x":81,"y":402,"width":842,"height":12}},{"id":"5b7bca28-3949-4fc2-bd84-7bdd1a42aa66","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":24,"box":{"x":81,"y":417,"width":833,"height":11}},{"id":"e23a5685-8d18-487a-87d3-1c2d19df4cf5","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":24,"box":{"x":82,"y":432,"width":582,"height":11}},{"id":"e5f6cc0e-eb60-4ae8-b5fa-a56ea3439ae0","block_type":"box","text":"Real Estate-Related Securities Risk","page_number":24,"box":{"x":81,"y":452,"width":269,"height":9}},{"id":"dea8bb79-ab3e-48a3-a89c-9fe7619f7255","block_type":"box","text":"— The main risk of real estate-related securities is that the value of the","page_number":24,"box":{"x":354,"y":452,"width":527,"height":9}},{"id":"10edb31f-c8da-4fbe-9ef3-450db2b955ce","block_type":"box","text":"underlying real estate may go down. Many factors may affect real estate values. These factors include both the","page_number":24,"box":{"x":82,"y":467,"width":816,"height":11}},{"id":"b258bf10-42b9-4420-bfc5-6df324f31ab1","block_type":"box","text":"general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re-lease","page_number":24,"box":{"x":81,"y":482,"width":845,"height":11}},{"id":"35243af7-7575-45b9-a17a-5ad456768c88","block_type":"box","text":"space under expiring leases on attractive terms, the amount of new construction in a particular area, the laws and","page_number":24,"box":{"x":81,"y":496,"width":841,"height":12}},{"id":"e4d166e9-398c-45da-be1e-070997bfea3b","block_type":"box","text":"regulations (including zoning, environmental and tax laws) affecting real estate and the costs of owning, maintaining","page_number":24,"box":{"x":82,"y":511,"width":852,"height":12}},{"id":"281b7075-def4-43ed-91cb-0041a6351fe6","block_type":"box","text":"and improving real estate. The availability of mortgage financing and changes in interest rates may also affect real","page_number":24,"box":{"x":81,"y":526,"width":841,"height":11}},{"id":"e6716483-5c7d-4289-b89b-6f69e51bdd5f","block_type":"box","text":"estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in one","page_number":24,"box":{"x":81,"y":541,"width":807,"height":11}},{"id":"782a8521-30e0-4933-b1b4-014d2cc45d16","block_type":"box","text":"property type, the Fund will be particularly subject to the risks associated with that area or property type. Many","page_number":24,"box":{"x":82,"y":556,"width":815,"height":11}},{"id":"327b4ec9-07d7-4739-9d83-23ddd195f41b","block_type":"box","text":"issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities.","page_number":24,"box":{"x":82,"y":570,"width":845,"height":12}},{"id":"6418f695-2598-4901-a8ac-4b84a7b614a9","block_type":"box","text":"The value of the securities the Fund buys will not necessarily track the value of the underlying investments of the","page_number":24,"box":{"x":81,"y":585,"width":828,"height":12}},{"id":"7a6315a7-c1c2-47b2-a15e-3c73bc061efe","block_type":"box","text":"issuers of such securities. In addition, certain issuers of real estate-related securities may have developed or","page_number":24,"box":{"x":82,"y":600,"width":805,"height":11}},{"id":"cf0c809b-2046-4f48-8347-ca4795d0c7c3","block_type":"box","text":"commenced development on properties and may develop additional properties in the future. Real estate","page_number":24,"box":{"x":81,"y":615,"width":767,"height":11}},{"id":"b6795b5c-932a-4446-b851-badfee4ad819","block_type":"box","text":"development involves significant risks in addition to those involved in the ownership and operation of established","page_number":24,"box":{"x":81,"y":630,"width":831,"height":11}},{"id":"8c52b6b7-283b-4394-9f5f-9de9385f0452","block_type":"box","text":"properties. Real estate securities may have limited diversification and are, therefore, subject to risks inherent in","page_number":24,"box":{"x":82,"y":644,"width":824,"height":12}},{"id":"358b2eab-cfb7-4da7-b079-e08978558cf1","block_type":"box","text":"operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow","page_number":24,"box":{"x":81,"y":659,"width":817,"height":12}},{"id":"42cd973d-847b-4739-8a30-72b06b3e3cbc","block_type":"box","text":"dependency and defaults by borrowers or tenants.","page_number":24,"box":{"x":81,"y":674,"width":367,"height":12}},{"id":"857f1c48-1323-443d-8e70-494efd4e2dcc","block_type":"box","text":"Reliance on Advisor Risk","page_number":24,"box":{"x":81,"y":694,"width":188,"height":9}},{"id":"b001255d-e9b9-4b73-942e-5ac607a3d0c7","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":24,"box":{"x":273,"y":694,"width":614,"height":12}},{"id":"89080e5e-8f02-451d-adcd-326bb122b511","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":24,"box":{"x":80,"y":709,"width":830,"height":11}},{"id":"79f3e826-5c9c-402a-87b3-0218c3f88d5f","block_type":"box","text":"the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock","page_number":24,"box":{"x":80,"y":724,"width":856,"height":11}},{"id":"750b2c0f-b039-4fa4-864e-f335099a87a3","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":24,"box":{"x":80,"y":739,"width":841,"height":11}},{"id":"f2aa466b-fb7a-4d7b-b791-a85b73b24ed7","block_type":"box","text":"could have a negative effect on the performance or the continued operation of the Fund.","page_number":24,"box":{"x":81,"y":753,"width":649,"height":12}},{"id":"c55b7965-1e68-4752-9e51-19cd7e4cefc3","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts Risk","page_number":24,"box":{"x":81,"y":773,"width":481,"height":12}},{"id":"ac6b5266-2b66-439d-887c-df3fd895bd3a","block_type":"box","text":"— If the other party to a repurchase agreement or","page_number":24,"box":{"x":565,"y":773,"width":370,"height":12}},{"id":"e868c071-e99e-475b-ad0d-7e05e55f0013","block_type":"box","text":"purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur","page_number":24,"box":{"x":82,"y":788,"width":827,"height":12}},{"id":"6cb05a4d-2201-4ca8-8f7e-fd9ba8aeb0c1","block_type":"box","text":"costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in","page_number":24,"box":{"x":81,"y":803,"width":816,"height":12}},{"id":"13a945c6-b5d4-4fb5-9f23-692339644b9e","block_type":"box","text":"either situation and the market value of the security declines, the Fund may lose money.","page_number":24,"box":{"x":81,"y":818,"width":647,"height":11}},{"id":"90607f7a-d53e-4ab8-84b5-a951650c3511","block_type":"box","text":"Securities Lending Risk","page_number":24,"box":{"x":81,"y":838,"width":178,"height":11}},{"id":"f96eaa92-0163-408d-8a80-ea1c03d23665","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":24,"box":{"x":263,"y":838,"width":661,"height":11}},{"id":"bad154a2-03d8-41d5-acf1-546455b4e712","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":24,"box":{"x":82,"y":853,"width":852,"height":11}},{"id":"50bb766d-fbe2-42c5-9de1-20f596b07bc7","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":24,"box":{"x":81,"y":867,"width":811,"height":12}},{"id":"6c71760e-e21c-4a1d-88ec-d14ff9ddad5b","block_type":"box","text":"securities or a decline in the value of any investments made with cash collateral. These events could also trigger","page_number":24,"box":{"x":81,"y":882,"width":829,"height":12}},{"id":"aa1c076a-a9f8-4998-aa57-d5259b4cdd75","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":24,"box":{"x":81,"y":897,"width":292,"height":11}},{"id":"b8e81a40-503a-444a-9d50-a344ff1c17dd","block_type":"box","text":"24","page_number":24,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"5e7deadb-ccd0-4f9c-b78c-ab75abcb1413","block_type":"box","text":"NM0926U-5975828-24/44","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"abc0efaf-9efe-4139-93a1-be08680dde3d","block_type":"box","text":"Sovereign Debt Risk","page_number":25,"box":{"x":81,"y":46,"width":154,"height":11}},{"id":"098910c2-b0e8-4f6c-a9d2-10d16364df0f","block_type":"box","text":"— Sovereign debt instruments are subject to the risk that a governmental entity may delay or","page_number":25,"box":{"x":239,"y":46,"width":686,"height":11}},{"id":"0b6e2a5f-e490-4d11-b7ef-adcad1a8b513","block_type":"box","text":"refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient","page_number":25,"box":{"x":82,"y":60,"width":844,"height":12}},{"id":"b22cf6dd-485f-4346-91f4-29cec966a516","block_type":"box","text":"foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in","page_number":25,"box":{"x":81,"y":75,"width":821,"height":12}},{"id":"e5eb6020-2b6b-4452-b613-b19473ba2459","block_type":"box","text":"relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund","page_number":25,"box":{"x":82,"y":90,"width":845,"height":12}},{"id":"8b0c3884-0b4f-477b-947f-d330795b445c","block_type":"box","text":"or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for","page_number":25,"box":{"x":81,"y":105,"width":810,"height":12}},{"id":"fbd69a1d-d460-4550-a4af-60604f76176b","block_type":"box","text":"further loans. There is no legal process for collecting sovereign debt that a government does not pay nor are there","page_number":25,"box":{"x":81,"y":120,"width":840,"height":11}},{"id":"78919f80-343d-4e13-991c-60bd65a393c6","block_type":"box","text":"bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid","page_number":25,"box":{"x":81,"y":135,"width":826,"height":11}},{"id":"1b0071d4-9424-47a4-a766-121c9339ab73","block_type":"box","text":"may be collected.","page_number":25,"box":{"x":82,"y":150,"width":126,"height":11}},{"id":"e26cb325-8702-4986-8db4-be3903619932","block_type":"box","text":"Standby Commitment Agreements Risk","page_number":25,"box":{"x":81,"y":170,"width":298,"height":11}},{"id":"66345e28-1f79-4c9a-834e-72b2a4fc9848","block_type":"box","text":"—","page_number":25,"box":{"x":383,"y":175,"width":17,"height":1}},{"id":"6650900c-b278-42fd-bfe9-5e18c5ff6083","block_type":"box","text":"Standby commitment agreements involve the risk that the security the","page_number":25,"box":{"x":405,"y":170,"width":514,"height":11}},{"id":"a9641dbe-9d33-4e3f-873a-cfc31d7976f0","block_type":"box","text":"Fund buys will lose value prior to its delivery to the Fund and will no longer be worth what the Fund has agreed to","page_number":25,"box":{"x":82,"y":184,"width":829,"height":12}},{"id":"b3cbef1b-d77f-47a7-89fb-7c109d8405ad","block_type":"box","text":"pay for it. These agreements also involve the risk that if the security goes up in value, the counterparty will decide","page_number":25,"box":{"x":82,"y":199,"width":836,"height":12}},{"id":"6313a602-9e11-424c-bc7b-ea5ea3b6d717","block_type":"box","text":"not to issue the security. In this case, the Fund loses both the investment opportunity for the assets it set aside to","page_number":25,"box":{"x":82,"y":214,"width":844,"height":11}},{"id":"93e378ca-f89b-4247-bd4d-945938a70812","block_type":"box","text":"pay for the security and any gain in the security’s price.","page_number":25,"box":{"x":82,"y":229,"width":403,"height":11}},{"id":"9a7fb08e-3a73-46c0-b8e8-6a7c1338156b","block_type":"box","text":"Valuation Risk","page_number":25,"box":{"x":83,"y":249,"width":107,"height":9}},{"id":"dbbff9a5-afe8-4e20-ad00-34e69c9cd142","block_type":"box","text":"—","page_number":25,"box":{"x":194,"y":254,"width":17,"height":1}},{"id":"c0928c6b-4d82-4164-87c2-545cfda0de77","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":249,"width":700,"height":11}},{"id":"d84f0f21-145b-48ff-9678-b02ae55f198d","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":263,"width":835,"height":12}},{"id":"d4d66d3a-af1b-44c4-a932-1046dbbc4b2d","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":278,"width":848,"height":12}},{"id":"e2c14ae2-0010-4996-ba35-cd782afd36f6","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":293,"width":845,"height":12}},{"id":"99efdd15-bba2-426e-bd1b-b58ef0ae8d50","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":308,"width":840,"height":12}},{"id":"444d2faf-2c72-43df-9ded-ffe1e20b6d26","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":323,"width":783,"height":11}},{"id":"fb6ba161-dbe2-40b9-a714-f2b3df2c3f02","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":338,"width":810,"height":11}},{"id":"860e96ad-f7fe-4c51-b341-bcecb679798c","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":352,"width":847,"height":12}},{"id":"51dd6077-b8aa-4696-aaa2-86187ee2e9b2","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":367,"width":848,"height":12}},{"id":"7a65b6b0-e647-4afd-8f87-b2d947128a6f","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":382,"width":819,"height":12}},{"id":"acd5613d-bbb1-4615-aad3-b4243a0bbe70","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":397,"width":837,"height":11}},{"id":"077307db-35b4-402c-8e13-094f26f86b18","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":412,"width":672,"height":11}},{"id":"97c64250-7dce-4779-af43-84a2113aea33","block_type":"box","text":"Warrants Risk","page_number":25,"box":{"x":83,"y":432,"width":105,"height":9}},{"id":"e991e279-8f35-40b5-a94f-b00f9fc1bbeb","block_type":"box","text":"— If the price of the underlying stock does not rise above the exercise price before the warrant","page_number":25,"box":{"x":192,"y":432,"width":698,"height":11}},{"id":"bb5178c6-d758-4a5f-80ab-e5ce9393444b","block_type":"box","text":"expires, the warrant generally expires without any value and the Fund will lose any amount it paid for the warrant.","page_number":25,"box":{"x":81,"y":447,"width":830,"height":11}},{"id":"289c3585-1238-4bda-a809-d460b26ecfd3","block_type":"box","text":"Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants","page_number":25,"box":{"x":81,"y":462,"width":821,"height":11}},{"id":"7c74dd1c-11e7-46ef-97df-e9786e27990f","block_type":"box","text":"may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily","page_number":25,"box":{"x":82,"y":476,"width":822,"height":12}},{"id":"82a816de-52fe-4d6e-864e-b3f4b236d8b9","block_type":"box","text":"move with the price of the underlying stock.","page_number":25,"box":{"x":82,"y":491,"width":317,"height":12}},{"id":"7dc2b939-2cb0-43fa-8a14-0d1f6a5f9148","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":25,"box":{"x":83,"y":511,"width":584,"height":11}},{"id":"01bec7b0-235b-46d1-ba1a-b7324770bddd","block_type":"box","text":"— When-issued and delayed","page_number":25,"box":{"x":671,"y":511,"width":208,"height":11}},{"id":"345c2201-8030-4d9a-bc1f-de7eb3412352","block_type":"box","text":"delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to","page_number":25,"box":{"x":81,"y":526,"width":843,"height":11}},{"id":"716949dd-b91f-456b-ad08-35bc8dcdd13c","block_type":"box","text":"its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will","page_number":25,"box":{"x":82,"y":541,"width":830,"height":11}},{"id":"36ccb3eb-fe76-4941-be18-685098b55b62","block_type":"box","text":"not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside","page_number":25,"box":{"x":82,"y":555,"width":849,"height":12}},{"id":"e4c014f8-7c02-4be2-8307-03e0b7eb0ce9","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":25,"box":{"x":80,"y":570,"width":425,"height":12}},{"id":"6b6e3ee0-eb7a-431c-b478-2de227fbf737","block_type":"box","text":"25","page_number":25,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"1c550e35-a447-4be0-96e3-02366133d865","block_type":"box","text":"NM0926U-5975828-25/44","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0f761ac5-9da5-4624-9dc6-17bd2c0a5b45","block_type":"box","text":"Account Information","page_number":26,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"f385061b-9030-4217-a8d0-08b287b746a3","block_type":"box","text":"Details About the Share Class","page_number":26,"box":{"x":61,"y":156,"width":272,"height":11}},{"id":"7a36e296-0064-411d-ba9a-4fef4cc8888d","block_type":"box","text":"The Fund currently offers multiple share classes (Class K Shares in this prospectus), each with its own sales charge","page_number":26,"box":{"x":60,"y":182,"width":858,"height":12}},{"id":"00ad826a-2562-43d5-a63c-970db6ba1a34","block_type":"box","text":"and expense structure, allowing you to invest in the way that best suits your needs. Each share class represents an","page_number":26,"box":{"x":61,"y":197,"width":851,"height":12}},{"id":"e081f374-bd4b-46aa-8b55-b0b44dee09d3","block_type":"box","text":"ownership interest in the same investment portfolio of the Fund. When you choose your class of shares, you should","page_number":26,"box":{"x":61,"y":212,"width":850,"height":11}},{"id":"6c8cd850-b611-4211-bef6-8c7a7e706c48","block_type":"box","text":"consider the size of your investment and how long you plan to hold your shares. Only certain investors are eligible to","page_number":26,"box":{"x":61,"y":227,"width":854,"height":11}},{"id":"8622d624-7d6f-473f-8b0f-05e4b36acf49","block_type":"box","text":"buy Class K Shares. Either your financial professional or your selected securities dealer, broker, investment adviser,","page_number":26,"box":{"x":61,"y":242,"width":850,"height":11}},{"id":"9334ab80-b39c-491d-a2d8-6c94588aabde","block_type":"box","text":"service provider or industry professional (including BlackRock and its affiliates) (each, a “Financial Intermediary”) can","page_number":26,"box":{"x":61,"y":256,"width":864,"height":12}},{"id":"aa2a7109-8549-4f59-8cf4-4ef027a414fc","block_type":"box","text":"help you determine whether you are eligible to buy Class K Shares.","page_number":26,"box":{"x":61,"y":271,"width":491,"height":12}},{"id":"d0281685-6575-4cca-9cd3-a5b2a4866615","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":294,"width":811,"height":11}},{"id":"1901423f-ccdd-48d4-8de5-56be86ca8143","block_type":"box","text":"The table below summarizes key features of Class K Shares of the Fund.","page_number":26,"box":{"x":60,"y":316,"width":534,"height":12}},{"id":"723351be-da7d-48ee-ba44-2162b957930b","block_type":"box","text":"Class K Shares at a Glance","page_number":26,"box":{"x":386,"y":339,"width":225,"height":10}},{"id":"bad66237-5653-4260-91ce-98d35bad292a","block_type":"box","text":"Availability","page_number":26,"box":{"x":60,"y":378,"width":73,"height":10}},{"id":"10e59b06-3b1c-4abc-9577-9295c052c7dc","block_type":"box","text":"Available only to (i) certain employee benefit plans, such as health savings accounts,","page_number":26,"box":{"x":348,"y":378,"width":562,"height":10}},{"id":"7d31ac33-5af0-4f03-9f14-6d77fa22e858","block_type":"box","text":"and certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs","page_number":26,"box":{"x":348,"y":392,"width":577,"height":10}},{"id":"83a395bb-b205-436e-8e38-6e399122972c","block_type":"box","text":"and SARSEPs) (collectively, “Employer-Sponsored Retirement Plans”), (ii) collective trust","page_number":26,"box":{"x":348,"y":405,"width":581,"height":10}},{"id":"dcf5cf0f-e4d7-4585-a6b6-e007d023530f","block_type":"box","text":"funds, investment companies and other pooled investment vehicles, each of which may","page_number":26,"box":{"x":348,"y":418,"width":578,"height":11}},{"id":"b65af307-1a32-4313-8ba6-c1e438b7dfa2","block_type":"box","text":"purchase shares of the Fund through a Financial Intermediary that has entered into an","page_number":26,"box":{"x":349,"y":432,"width":570,"height":10}},{"id":"e11b4577-f523-4837-82ce-95a8975e95cd","block_type":"box","text":"agreement with the Distributor to purchase such shares, (iii) “Institutional Investors,”","page_number":26,"box":{"x":348,"y":446,"width":563,"height":10}},{"id":"b8a0bffc-3d16-4644-9253-bcba4be1173f","block_type":"box","text":"which include, but are not limited to, endowments, foundations, family offices, banks","page_number":26,"box":{"x":348,"y":459,"width":563,"height":10}},{"id":"71277050-7f24-4540-95cd-0f13b190ef01","block_type":"box","text":"and bank trusts, local, city, and state governmental institutions, corporations and","page_number":26,"box":{"x":348,"y":473,"width":537,"height":10}},{"id":"6342ae22-d09a-4f73-b0d8-3aa92291f504","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund","page_number":26,"box":{"x":349,"y":486,"width":578,"height":10}},{"id":"b1011fe2-6dac-4ce9-a052-2903ac276c57","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Distributor","page_number":26,"box":{"x":348,"y":500,"width":583,"height":10}},{"id":"d8fbe35c-cc5e-4b0c-94d3-a4e84bceb130","block_type":"box","text":"to purchase such shares, (iv) clients of private banks that purchase shares of the Fund","page_number":26,"box":{"x":348,"y":513,"width":575,"height":10}},{"id":"ef69c28f-1979-4dfd-8bbc-4f1272eb3f92","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Distributor","page_number":26,"box":{"x":348,"y":527,"width":583,"height":10}},{"id":"ccecf380-5547-4b5d-9594-1db1c930a49d","block_type":"box","text":"to sell such shares, (v) fee-based advisory platforms of a Financial Intermediary that","page_number":26,"box":{"x":348,"y":540,"width":558,"height":11}},{"id":"4214638a-f77e-48a5-b204-63f2e4214840","block_type":"box","text":"(a) has specifically acknowledged in a written agreement with the Distributor and/or its","page_number":26,"box":{"x":348,"y":554,"width":573,"height":10}},{"id":"448b5b52-9245-4893-a94f-2557e7084f70","block_type":"box","text":"affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory","page_number":26,"box":{"x":348,"y":567,"width":578,"height":11}},{"id":"fd1a70d0-8e83-4fac-8634-1ab9c16e25bf","block_type":"box","text":"clients through an omnibus account held at the Fund or (b) transacts in the Fund’s","page_number":26,"box":{"x":348,"y":581,"width":544,"height":10}},{"id":"6f5c26eb-2a64-4d85-ba6c-73e4bde51825","block_type":"box","text":"shares through another intermediary that has executed such an agreement and (vi) any","page_number":26,"box":{"x":348,"y":595,"width":578,"height":10}},{"id":"424e87e6-ad9b-4cb9-8806-5952d24f4f15","block_type":"box","text":"other investors who met the eligibility criteria for BlackRock Shares or Class K Shares","page_number":26,"box":{"x":348,"y":608,"width":566,"height":10}},{"id":"719eac0c-76aa-4684-82c7-ea13180f7a68","block_type":"box","text":"prior to August 15, 2016 and have continually held Class K Shares of the Fund in the","page_number":26,"box":{"x":349,"y":621,"width":563,"height":11}},{"id":"77449609-5334-41b4-9c3a-c417c45ffd9c","block_type":"box","text":"same account since August 15, 2016.","page_number":26,"box":{"x":348,"y":635,"width":253,"height":10}},{"id":"8bc6626a-59af-4b16-b876-1763767a94c2","block_type":"box","text":"Minimum Investment","page_number":26,"box":{"x":61,"y":667,"width":142,"height":8}},{"id":"d4be61a9-fd24-4118-a048-36025aaaada2","block_type":"box","text":"$5 million minimum initial investment for Institutional Investors.","page_number":26,"box":{"x":348,"y":669,"width":421,"height":9}},{"id":"5c2a5d11-bf93-41ae-b961-e78333b18876","block_type":"box","text":"There is no minimum initial investment requirement for any Employer-Sponsored","page_number":26,"box":{"x":348,"y":685,"width":528,"height":11}},{"id":"368ace63-da47-4b3c-bd05-338a8f3a7d50","block_type":"box","text":"Retirement Plans or any other eligible investors other than Institutional Investors.","page_number":26,"box":{"x":349,"y":699,"width":535,"height":10}},{"id":"7b5de2e3-ebec-4e73-8992-c8be283865b0","block_type":"box","text":"There is no minimum investment amount for additional purchases.","page_number":26,"box":{"x":348,"y":715,"width":439,"height":10}},{"id":"cb96487e-4eb7-49af-ada5-ecc86d1f94f5","block_type":"box","text":"Initial Sales Charge?","page_number":26,"box":{"x":61,"y":733,"width":140,"height":10}},{"id":"196bf6ce-b5f7-4bc0-98f1-a771aba92608","block_type":"box","text":"No. Entire purchase price is invested in shares of the Fund.","page_number":26,"box":{"x":349,"y":733,"width":391,"height":10}},{"id":"4bf15890-c32e-4d34-b81a-8ca551cfc9ff","block_type":"box","text":"Deferred Sales Charge?","page_number":26,"box":{"x":61,"y":751,"width":159,"height":10}},{"id":"8694fbcb-3ac0-4014-ba7c-803057e56f2a","block_type":"box","text":"No.","page_number":26,"box":{"x":349,"y":751,"width":20,"height":8}},{"id":"b028a517-4aa2-41eb-b9e4-a6e5d67c4a33","block_type":"box","text":"Distribution and Service (12b-1) Fees?","page_number":26,"box":{"x":61,"y":769,"width":261,"height":10}},{"id":"ab30b73f-763a-4776-9e2a-a202995056e5","block_type":"box","text":"No.","page_number":26,"box":{"x":349,"y":769,"width":20,"height":8}},{"id":"ede4c5ff-9447-499e-9856-9b8d03cd4790","block_type":"box","text":"Redemption Fees?","page_number":26,"box":{"x":61,"y":787,"width":125,"height":10}},{"id":"2552e10c-cd10-425a-af82-1b74848fa115","block_type":"box","text":"No.","page_number":26,"box":{"x":349,"y":787,"width":20,"height":8}},{"id":"3ba2fa98-7207-4f53-b472-b67e4e8fd0bb","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":26,"box":{"x":60,"y":819,"width":620,"height":12}},{"id":"a9a74e9e-91f0-4e05-a0cc-3273b616f7be","block_type":"box","text":"When Class K Shares are purchased through a customer’s account in an Employer-Sponsored Retirement Plan through","page_number":26,"box":{"x":60,"y":842,"width":874,"height":11}},{"id":"19568a09-50a9-432c-8ccb-861f3e0690ba","block_type":"box","text":"procedures established by the Employer-Sponsored Retirement Plan, confirmation of share purchases and","page_number":26,"box":{"x":62,"y":856,"width":778,"height":12}},{"id":"d3118d73-2f90-4487-b894-d82e65f71d8b","block_type":"box","text":"redemptions will be sent to the Employer-Sponsored Retirement Plan. A customer’s ownership of shares will be","page_number":26,"box":{"x":61,"y":871,"width":817,"height":12}},{"id":"8640eb63-a7a6-4e78-a64e-82b3efda09b5","block_type":"box","text":"recorded by the Employer-Sponsored Retirement Plan and reflected in the account statements provided by the","page_number":26,"box":{"x":61,"y":886,"width":807,"height":12}},{"id":"6ab96726-127e-4337-8610-1247348fd95c","block_type":"box","text":"Employer-Sponsored Retirement Plan to its participants.","page_number":26,"box":{"x":62,"y":901,"width":410,"height":11}},{"id":"c76b91ae-e2fc-4098-bd99-415fe6bb3f35","block_type":"box","text":"26","page_number":26,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"b16d455a-7f56-477d-b96b-d284093afaa1","block_type":"box","text":"NM0926U-5975828-26/44","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a6c76a24-e778-4857-868b-788f3fa5b632","block_type":"box","text":"If you purchased your shares through an Employer-Sponsored Retirement Plan and you transfer your investment from","page_number":27,"box":{"x":62,"y":46,"width":856,"height":11}},{"id":"f3c3d576-52ad-4a78-b295-7bf587d31bf4","block_type":"box","text":"an Employer-Sponsored Retirement Plan to a type of account, such as an individual retirement account, that is not an","page_number":27,"box":{"x":61,"y":60,"width":862,"height":12}},{"id":"8a109084-9dbf-4d9c-b3e5-0e77efc99d94","block_type":"box","text":"eligible Class K Share investor in the Fund, you must liquidate your investment in Class K Shares of the Fund and","page_number":27,"box":{"x":61,"y":75,"width":833,"height":12}},{"id":"2b5126c0-2b3b-4c4e-becd-b6fb41f15ef1","block_type":"box","text":"purchase a share class of the Fund or another fund advised by BlackRock or its affiliates that is available for purchase","page_number":27,"box":{"x":62,"y":90,"width":871,"height":12}},{"id":"65959fe0-5113-4e8f-91db-83a0759a9c23","block_type":"box","text":"by that type of account.","page_number":27,"box":{"x":61,"y":105,"width":170,"height":11}},{"id":"445871da-8cac-48cb-a57d-64df1b8b64cc","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored Retirement Plan, please see below for information","page_number":27,"box":{"x":62,"y":127,"width":873,"height":12}},{"id":"ba62241d-b0a2-4b0d-b0c8-0ee101103581","block_type":"box","text":"on how to buy, sell, exchange and transfer shares.","page_number":27,"box":{"x":61,"y":142,"width":369,"height":12}},{"id":"b6e89775-2769-405e-bff4-da85265a640c","block_type":"box","text":"Right of Accumulation","page_number":27,"box":{"x":61,"y":165,"width":183,"height":13}},{"id":"92ebec8f-a41b-453a-802a-bfddcc7ff2ea","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":27,"box":{"x":62,"y":182,"width":839,"height":11}},{"id":"8c0db3ad-152f-499e-8dc7-11f60d83bb3b","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":27,"box":{"x":61,"y":196,"width":856,"height":12}},{"id":"aca1a5a2-eaa9-49f6-8aee-db6906d5f83d","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":27,"box":{"x":82,"y":219,"width":821,"height":12}},{"id":"b2a97ff0-f2e5-4d4d-a089-8c006ff96df0","block_type":"box","text":"Premier Shares in most mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”),","page_number":27,"box":{"x":102,"y":234,"width":823,"height":11}},{"id":"b3a2b596-7990-4ae0-b64d-0abeacf0c89c","block_type":"box","text":"ii. The current value of an investor’s existing shares of certain unlisted closed-end management investment","page_number":27,"box":{"x":82,"y":256,"width":792,"height":12}},{"id":"77c17402-648a-4100-a90f-f59cb54c5361","block_type":"box","text":"companies sponsored and advised by BlackRock or its affiliates and","page_number":27,"box":{"x":101,"y":271,"width":501,"height":12}},{"id":"8a563a29-780b-4e1e-87fb-3d824ad095bc","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":27,"box":{"x":82,"y":294,"width":788,"height":11}},{"id":"03b447e1-d0a9-467b-8058-503c8481bee5","block_type":"box","text":"investor’s spouse and children.","page_number":27,"box":{"x":102,"y":309,"width":228,"height":11}},{"id":"8fe1b1d1-f2b8-49f6-a397-b50c271335e7","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":27,"box":{"x":62,"y":331,"width":866,"height":12}},{"id":"ef11c5ea-f4d5-47d3-855a-24b4355243c8","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":27,"box":{"x":61,"y":346,"width":866,"height":12}},{"id":"b2f71305-6222-4771-93d9-0413f9b89471","block_type":"box","text":"Intermediary will be treated similarly. 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Any existing account that is updated to reflect a non-U.S. address will also be","page_number":27,"box":{"x":62,"y":626,"width":857,"height":12}},{"id":"c6e66ac8-155d-4471-9eae-08d6e13fea45","block_type":"box","text":"restricted from making additional investments.","page_number":27,"box":{"x":61,"y":641,"width":341,"height":12}},{"id":"670d9bfa-63cf-4690-bf27-170b730a31ab","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":27,"box":{"x":60,"y":664,"width":861,"height":11}},{"id":"702b7b35-0f9b-4437-9d0d-f570e1dbe809","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":27,"box":{"x":60,"y":679,"width":856,"height":11}},{"id":"521c23bd-9814-4cd7-9f00-f56d92e33b78","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":27,"box":{"x":61,"y":693,"width":822,"height":12}},{"id":"f670364d-5ce8-420c-b0e2-8ba55472a198","block_type":"box","text":"described below.","page_number":27,"box":{"x":61,"y":709,"width":121,"height":8}},{"id":"f61416a7-85f8-45d1-ade9-bf7c1869baaa","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":27,"box":{"x":62,"y":731,"width":797,"height":11}},{"id":"322063dc-dc91-4ded-bb53-fb808aeca06c","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":27,"box":{"x":61,"y":746,"width":487,"height":11}},{"id":"04761135-8065-4a9c-8533-4678ec099258","block_type":"box","text":"How to Buy Shares","page_number":27,"box":{"x":61,"y":769,"width":156,"height":12}},{"id":"b64f1099-6300-402d-8738-2046c1d88fdf","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":27,"box":{"x":213,"y":791,"width":478,"height":9}},{"id":"06cdf808-382c-49f7-b09c-4fd99dc42596","block_type":"box","text":"Initial Purchase","page_number":27,"box":{"x":61,"y":808,"width":105,"height":8}},{"id":"b9063db9-a2e7-4599-84c2-a20f6d625207","block_type":"box","text":"Determine the amount of","page_number":27,"box":{"x":214,"y":808,"width":166,"height":8}},{"id":"673117fc-5444-4fa7-a7aa-691341b1f6db","block_type":"box","text":"your investment","page_number":27,"box":{"x":213,"y":822,"width":105,"height":10}},{"id":"458bcef7-80e7-46eb-9d3b-f42d90c8c860","block_type":"box","text":"There is no minimum initial investment for any Employer-Sponsored","page_number":27,"box":{"x":460,"y":808,"width":444,"height":10}},{"id":"9d34f643-c500-481a-9336-a79efe2d0e62","block_type":"box","text":"Retirement Plans or any other investors other than Institutional","page_number":27,"box":{"x":461,"y":822,"width":415,"height":10}},{"id":"05eab5f5-70cf-4b37-8668-de414ead4deb","block_type":"box","text":"Investors.","page_number":27,"box":{"x":461,"y":835,"width":63,"height":8}},{"id":"770fc702-ffd3-45e9-b29c-fb8b2db33720","block_type":"box","text":"For Institutional Investors, there is a $5 million minimum initial","page_number":27,"box":{"x":461,"y":850,"width":414,"height":11}},{"id":"d0ce9178-7456-45fd-b7e6-bcc4ff86f873","block_type":"box","text":"investment for all accounts.","page_number":27,"box":{"x":461,"y":864,"width":181,"height":9}},{"id":"5d7e26ab-4591-473c-b9f0-c20540ca4db3","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"36740342-8578-41f7-aa33-17e975ec3c3a","block_type":"box","text":"NM0926U-5975828-27/44","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"39508409-e641-4662-b960-8428436cbde1","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":28,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"d2f94b63-0fe8-49f4-b2f9-f8c0dceee026","block_type":"box","text":"Initial Purchase","page_number":28,"box":{"x":61,"y":67,"width":105,"height":8}},{"id":"d80c3e81-395d-4a4d-bbac-9d8898313e7a","block_type":"box","text":"(continued)","page_number":28,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"c4ac1b8c-7a31-4701-8572-4e004bc00f55","block_type":"box","text":"Have your Financial","page_number":28,"box":{"x":214,"y":67,"width":125,"height":10}},{"id":"59285f94-522e-4668-9781-e4d04056d413","block_type":"box","text":"Intermediary submit","page_number":28,"box":{"x":214,"y":81,"width":132,"height":10}},{"id":"1ceddb1d-a464-403a-bc12-947c81ac22b6","block_type":"box","text":"your purchase order","page_number":28,"box":{"x":213,"y":94,"width":132,"height":11}},{"id":"0e157988-ce49-4948-8661-63ae92f784ea","block_type":"box","text":"The price of your shares is based on the next calculation of the Fund’s","page_number":28,"box":{"x":460,"y":67,"width":466,"height":10}},{"id":"8d501c51-1a8e-4d39-ad58-f42ee695811f","block_type":"box","text":"net asset value after your order is placed. Any purchase orders placed","page_number":28,"box":{"x":461,"y":81,"width":463,"height":10}},{"id":"603b4914-3b41-49d4-b595-5aa158dd0d3e","block_type":"box","text":"prior to the close of business on the New York Stock Exchange (the","page_number":28,"box":{"x":461,"y":94,"width":443,"height":11}},{"id":"4082a875-a14e-4fe8-b552-e083a6cd0ee6","block_type":"box","text":"“NYSE”) (generally 4:00 p.m. Eastern time) will be priced at the net","page_number":28,"box":{"x":461,"y":108,"width":445,"height":10}},{"id":"cc7c3ef8-81b2-4c4c-9ca1-2c7da75a92e2","block_type":"box","text":"asset value determined that day. Certain Financial Intermediaries,","page_number":28,"box":{"x":461,"y":121,"width":435,"height":11}},{"id":"873cd5cc-acb8-4dcc-b5f4-4949121a0e53","block_type":"box","text":"however, may require submission of orders prior to that time. Purchase","page_number":28,"box":{"x":461,"y":135,"width":469,"height":10}},{"id":"3bae036b-519e-48ef-9fdb-d932ce4da524","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":28,"box":{"x":461,"y":148,"width":429,"height":11}},{"id":"9bcafeb9-0517-4659-bbf6-ab4e2a04ee53","block_type":"box","text":"determined on the next business day.","page_number":28,"box":{"x":461,"y":162,"width":247,"height":10}},{"id":"b4945ffe-8e0e-4ea3-945b-d7e618c2888b","block_type":"box","text":"A broker-dealer or financial institution maintaining the account in which","page_number":28,"box":{"x":460,"y":178,"width":468,"height":10}},{"id":"d17983c4-1745-4885-ab88-8097c28af58f","block_type":"box","text":"you hold shares may charge a separate account, service or transaction","page_number":28,"box":{"x":460,"y":192,"width":470,"height":10}},{"id":"bdd95aac-ac93-4c43-884e-b6a0d29237ed","block_type":"box","text":"fee on the purchase or sale of Fund shares that would be in addition to","page_number":28,"box":{"x":460,"y":205,"width":471,"height":10}},{"id":"d0853baa-1d7c-4435-af54-a550b30e63a0","block_type":"box","text":"the fees and expenses shown in the Fund’s “Fees and Expenses”","page_number":28,"box":{"x":460,"y":219,"width":434,"height":10}},{"id":"2d0c3e4c-9c8a-47bf-9ac0-74aa067138cb","block_type":"box","text":"table.","page_number":28,"box":{"x":460,"y":232,"width":36,"height":8}},{"id":"bf760aa2-1e8b-4cac-b25c-ceda20f80286","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":28,"box":{"x":460,"y":249,"width":473,"height":10}},{"id":"32c9a581-e37f-4201-9509-6f2d7ff3a850","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":28,"box":{"x":461,"y":262,"width":453,"height":10}},{"id":"d1115092-ab79-4d6d-b349-6fb1e508a9e9","block_type":"box","text":"processing fee to confirm a purchase.","page_number":28,"box":{"x":461,"y":275,"width":249,"height":11}},{"id":"04700814-4610-4fef-a7cb-d566965a9dcb","block_type":"box","text":"Or contact BlackRock","page_number":28,"box":{"x":214,"y":294,"width":140,"height":8}},{"id":"9bc1a218-7bb7-4a18-af66-6d2a70657b44","block_type":"box","text":"(for accounts held","page_number":28,"box":{"x":214,"y":307,"width":117,"height":10}},{"id":"cb67676c-7f33-4d69-a922-7cf980d1308c","block_type":"box","text":"directly with BlackRock)","page_number":28,"box":{"x":214,"y":321,"width":154,"height":10}},{"id":"cfb688a7-c2cd-4b19-853d-37a86f96757e","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored","page_number":28,"box":{"x":461,"y":294,"width":450,"height":10}},{"id":"3619df41-77c2-403f-a14b-d375f580dc2a","block_type":"box","text":"Retirement Plan, to purchase shares directly from BlackRock, call","page_number":28,"box":{"x":461,"y":307,"width":432,"height":10}},{"id":"84031811-4756-44da-9a0e-f794afae0019","block_type":"box","text":"(800) 537-4942 and request a new account application.","page_number":28,"box":{"x":461,"y":321,"width":370,"height":10}},{"id":"a3558eee-f067-407c-98f7-37743f479951","block_type":"box","text":"Add to Your","page_number":28,"box":{"x":60,"y":339,"width":78,"height":8}},{"id":"dd01581d-b61f-4382-ac5b-8b99d94244ac","block_type":"box","text":"Investment","page_number":28,"box":{"x":61,"y":350,"width":75,"height":8}},{"id":"b6d2109b-1468-42a4-b8c5-40748f30731c","block_type":"box","text":"Purchase additional shares There is no minimum investment amount for additional purchases.","page_number":28,"box":{"x":214,"y":339,"width":685,"height":10}},{"id":"92057575-be94-489c-a5ad-1c128599af27","block_type":"box","text":"Have your Financial","page_number":28,"box":{"x":214,"y":368,"width":125,"height":10}},{"id":"349ef523-98ee-4f37-8980-6fd622e31f76","block_type":"box","text":"Intermediary submit","page_number":28,"box":{"x":214,"y":382,"width":132,"height":10}},{"id":"62d6a71d-0f77-4101-b0bd-765a0b7d2365","block_type":"box","text":"your purchase order for","page_number":28,"box":{"x":213,"y":395,"width":154,"height":11}},{"id":"a915b3a5-9207-4d21-95c4-8fb14c2a0071","block_type":"box","text":"additional shares","page_number":28,"box":{"x":214,"y":409,"width":113,"height":8}},{"id":"903f8885-95fc-41ed-a576-a324378b7c9a","block_type":"box","text":"To purchase additional shares, you may contact your Financial","page_number":28,"box":{"x":460,"y":368,"width":409,"height":10}},{"id":"340a7c48-4cbf-4917-add8-de752313f979","block_type":"box","text":"Intermediary or Employer-Sponsored Retirement Plan.","page_number":28,"box":{"x":461,"y":382,"width":353,"height":10}},{"id":"03e90e0b-8fa2-45ae-a20a-4508a2d955b3","block_type":"box","text":"Or contact BlackRock","page_number":28,"box":{"x":214,"y":427,"width":140,"height":8}},{"id":"b91550d5-9668-4380-b689-0a6215a04432","block_type":"box","text":"(for accounts held","page_number":28,"box":{"x":214,"y":440,"width":117,"height":11}},{"id":"8e8cfe26-3a01-4e05-9623-dbd43be2c32a","block_type":"box","text":"directly with BlackRock)","page_number":28,"box":{"x":214,"y":454,"width":154,"height":10}},{"id":"19530614-6f96-4cd2-a566-afd2d0b41020","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored","page_number":28,"box":{"x":461,"y":427,"width":450,"height":10}},{"id":"0ea147e0-cf3a-4214-96e0-303f8c73ebd4","block_type":"box","text":"Retirement Plan:","page_number":28,"box":{"x":461,"y":441,"width":108,"height":8}},{"id":"c2c6a21a-fefb-496f-a9cd-f0ff1d42c571","block_type":"box","text":"Purchase by Telephone","page_number":28,"box":{"x":461,"y":457,"width":154,"height":10}},{"id":"0c778ccc-82d3-45e0-93f7-c35cabed017e","block_type":"box","text":":","page_number":28,"box":{"x":617,"y":459,"width":4,"height":6}},{"id":"ad416e75-d525-4d1c-8d21-cd24628e2f48","block_type":"box","text":"Call the Fund at (800) 537-4942 and speak","page_number":28,"box":{"x":625,"y":457,"width":290,"height":10}},{"id":"fc041b9a-4797-4f78-8c11-9a63dfab5c83","block_type":"box","text":"with one of our representatives. The Fund has the right to reject any","page_number":28,"box":{"x":460,"y":470,"width":449,"height":10}},{"id":"d8f65fec-14bf-4d87-8914-4c411cf35324","block_type":"box","text":"telephone request for any reason.","page_number":28,"box":{"x":460,"y":484,"width":223,"height":10}},{"id":"deda631a-559c-4a3a-9aaa-11aabc7f8087","block_type":"box","text":"Purchase by Internet","page_number":28,"box":{"x":461,"y":500,"width":140,"height":10}},{"id":"fdd637c1-3cea-4a9c-b89e-c78e3cdb1a2c","block_type":"box","text":":","page_number":28,"box":{"x":603,"y":502,"width":4,"height":6}},{"id":"52ccb2c1-e751-45e1-b748-51723f153c93","block_type":"box","text":"You may purchase your shares and view activity","page_number":28,"box":{"x":611,"y":500,"width":314,"height":10}},{"id":"c6db068d-1f70-40a9-b7e1-1a26ccb3dffb","block_type":"box","text":"in your account by logging onto the BlackRock website at","page_number":28,"box":{"x":461,"y":513,"width":374,"height":11}},{"id":"941a1a04-5643-484e-a57a-625289510ea2","block_type":"box","text":"www.blackrock.com. 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Contact your Financial Intermediary or BlackRock","page_number":28,"box":{"x":461,"y":597,"width":464,"height":10}},{"id":"ebbbe396-1bb0-4531-90af-7c42630d8dfd","block_type":"box","text":"for further information. Limits on amounts that may be purchased via","page_number":28,"box":{"x":460,"y":611,"width":458,"height":10}},{"id":"71d2acce-bbba-410b-bc52-fedf53cfda08","block_type":"box","text":"Internet may vary. For additional information call BlackRock at","page_number":28,"box":{"x":461,"y":624,"width":409,"height":10}},{"id":"6ef9eb58-c9ef-43a4-9284-9fff6a6d6ecf","block_type":"box","text":"(800) 537-4942.","page_number":28,"box":{"x":461,"y":638,"width":110,"height":10}},{"id":"341df785-66fc-4421-a5e5-234ebd01b511","block_type":"box","text":"Please read the On-Line Services Disclosure Statement and User","page_number":28,"box":{"x":461,"y":654,"width":430,"height":8}},{"id":"70006077-47fd-4946-9247-dc4daa13ce50","block_type":"box","text":"Agreement, the Terms and Conditions page and the Consent to","page_number":28,"box":{"x":460,"y":667,"width":417,"height":11}},{"id":"e602a50b-2917-46f2-a62f-7499b9778f3a","block_type":"box","text":"Electronic Delivery Agreement (if you consent to electronic delivery),","page_number":28,"box":{"x":461,"y":681,"width":448,"height":10}},{"id":"0121c14b-aae2-4bea-8407-3c2fcd02eac2","block_type":"box","text":"before attempting to transact online.","page_number":28,"box":{"x":461,"y":694,"width":240,"height":11}},{"id":"64e85d56-08b7-4556-be27-20be68290941","block_type":"box","text":"The Fund employs reasonable procedures to confirm that transactions","page_number":28,"box":{"x":460,"y":710,"width":464,"height":11}},{"id":"366a3b65-124b-43ec-a3ad-38246f7562da","block_type":"box","text":"entered over the Internet are genuine. By entering into the User","page_number":28,"box":{"x":461,"y":724,"width":419,"height":10}},{"id":"0eabe01a-f0b5-4ba9-baaa-c2289563a312","block_type":"box","text":"Agreement with the Fund in order to open an account through the","page_number":28,"box":{"x":460,"y":738,"width":431,"height":10}},{"id":"47c0657d-60be-4628-a963-514fc45c0e87","block_type":"box","text":"website, the shareholder waives any right to reclaim any losses from","page_number":28,"box":{"x":460,"y":751,"width":453,"height":11}},{"id":"30f086e6-bf64-45c1-8bc3-265c419464a7","block_type":"box","text":"the Fund or any of its affiliates incurred through fraudulent activity.","page_number":28,"box":{"x":460,"y":765,"width":440,"height":10}},{"id":"ee17f987-6e84-4c20-abac-0042793f03a4","block_type":"box","text":"Acquire additional shares by","page_number":28,"box":{"x":213,"y":783,"width":187,"height":10}},{"id":"f4d24233-8492-41ce-9694-1b3f94f5346a","block_type":"box","text":"reinvesting dividends and","page_number":28,"box":{"x":214,"y":796,"width":166,"height":11}},{"id":"d15c70d1-0db5-40e0-b1e5-f25dfa0d6800","block_type":"box","text":"capital gains","page_number":28,"box":{"x":214,"y":810,"width":82,"height":10}},{"id":"5d500ff5-426f-4d9d-b542-e1253b2048b7","block_type":"box","text":"All dividends and capital gains distributions are automatically","page_number":28,"box":{"x":460,"y":783,"width":405,"height":10}},{"id":"7d2c0e22-c54a-48b0-b0c5-0d26964faf75","block_type":"box","text":"reinvested in shares of the Fund at net asset value. To make any","page_number":28,"box":{"x":461,"y":796,"width":429,"height":10}},{"id":"077ace9d-9f75-4b7f-9aa4-47c934ec4ad0","block_type":"box","text":"changes to your dividend and/or capital gains distributions options,","page_number":28,"box":{"x":461,"y":810,"width":445,"height":10}},{"id":"ed71b1a1-9e59-4d3a-8376-09d890f5974c","block_type":"box","text":"please call BlackRock at (800) 537-4942 (for investors who are not","page_number":28,"box":{"x":461,"y":823,"width":447,"height":10}},{"id":"cda98547-24e8-4bb4-9007-eaaf6b5b92d0","block_type":"box","text":"purchasing shares through an Employer-Sponsored Retirement Plan) or","page_number":28,"box":{"x":461,"y":837,"width":468,"height":10}},{"id":"8a231f76-476c-4542-a8ac-942ea06d4152","block_type":"box","text":"contact your Financial Intermediary.","page_number":28,"box":{"x":461,"y":851,"width":233,"height":10}},{"id":"33dd39bc-0ec6-45da-8334-aa86ce557e40","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"a85fa00f-675b-4d6b-9888-33cdf8d37710","block_type":"box","text":"NM0926U-5975828-28/44","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9d8abb96-444e-47ca-a907-bd371c343639","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":29,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"6c7eacae-3314-47fe-9211-1f8d92524b7f","block_type":"box","text":"How to Pay for","page_number":29,"box":{"x":61,"y":67,"width":99,"height":10}},{"id":"5cbf9f7c-c71a-464b-ba83-27de3fdea51a","block_type":"box","text":"Shares","page_number":29,"box":{"x":60,"y":79,"width":46,"height":8}},{"id":"6dd90217-957d-4bdb-b253-400a13be75c8","block_type":"box","text":"Making payment for purchases If you are purchasing shares through an Employer-Sponsored","page_number":29,"box":{"x":214,"y":67,"width":648,"height":11}},{"id":"59c30e67-af28-45fc-97b1-055e1c443fb8","block_type":"box","text":"Retirement Plan, payment for an order must be made in Federal funds","page_number":29,"box":{"x":461,"y":81,"width":462,"height":10}},{"id":"33f33246-5bdf-4a06-95db-22fcffe13d99","block_type":"box","text":"or other immediately available funds by the time specified by your","page_number":29,"box":{"x":461,"y":94,"width":433,"height":11}},{"id":"44329b29-4a84-41af-839a-a0afb2dda41c","block_type":"box","text":"Financial Intermediary, but in no event later than 4:00 p.m. (Eastern","page_number":29,"box":{"x":461,"y":108,"width":449,"height":10}},{"id":"ac719cc0-c041-4c15-bf94-1a02ad115182","block_type":"box","text":"time) on the first business day following the receipt of the order. If","page_number":29,"box":{"x":460,"y":121,"width":439,"height":11}},{"id":"92cac025-d5b1-4488-814a-8b47b5a1972e","block_type":"box","text":"payment is not received by this time, the order will be canceled and","page_number":29,"box":{"x":461,"y":135,"width":445,"height":10}},{"id":"e6b93775-b16d-4515-9e10-2cd14c085aff","block_type":"box","text":"you and your Financial Intermediary will be responsible for any loss to","page_number":29,"box":{"x":460,"y":148,"width":460,"height":11}},{"id":"622689ec-216c-42bd-8d8c-c8edfa7874cb","block_type":"box","text":"the Fund.","page_number":29,"box":{"x":460,"y":162,"width":61,"height":8}},{"id":"68ba6218-26e0-4846-bc62-abca477e3bbc","block_type":"box","text":"If you are not purchasing shares through an Employer-Sponsored","page_number":29,"box":{"x":461,"y":178,"width":427,"height":10}},{"id":"d3c81c8a-ce46-49cf-a11e-9d8add0cb217","block_type":"box","text":"Retirement Plan, payment for shares must normally be made in Federal","page_number":29,"box":{"x":461,"y":192,"width":470,"height":10}},{"id":"f1fc78b4-806d-45b3-9e48-dd4b7bdf3cf6","block_type":"box","text":"funds or other immediately available funds by the time specified by your","page_number":29,"box":{"x":460,"y":205,"width":475,"height":10}},{"id":"24c1d665-73e7-4713-a9d7-3ee358a624bd","block_type":"box","text":"Financial Intermediary but in no event later than 4:00 p.m. (Eastern","page_number":29,"box":{"x":461,"y":219,"width":446,"height":10}},{"id":"dbc62756-c309-4a75-a0d4-d3f02352d157","block_type":"box","text":"time) on the first business day following the receipt of the order.","page_number":29,"box":{"x":460,"y":232,"width":424,"height":11}},{"id":"c6196c32-f414-4533-a4db-63a078078ab5","block_type":"box","text":"Payment may also, at the discretion of the Fund, be made in the form","page_number":29,"box":{"x":461,"y":246,"width":459,"height":10}},{"id":"06fe0baa-5a19-437a-ad11-6e8138d2d087","block_type":"box","text":"of securities that are permissible investments for the respective fund. If","page_number":29,"box":{"x":461,"y":259,"width":476,"height":10}},{"id":"8ba37688-262f-475e-ac04-e4b83ae9fe84","block_type":"box","text":"payment is not received by this time, the order will be canceled and you","page_number":29,"box":{"x":461,"y":273,"width":472,"height":10}},{"id":"413cd4c7-ded2-467e-bce4-2a3777f76a34","block_type":"box","text":"and your Financial Intermediary will be responsible for any loss to the","page_number":29,"box":{"x":461,"y":286,"width":458,"height":11}},{"id":"53af1f98-4df1-4df2-84e4-aa2715d97379","block_type":"box","text":"Fund.","page_number":29,"box":{"x":461,"y":300,"width":34,"height":8}},{"id":"5f817f06-123e-4f1c-bf98-25620964b22a","block_type":"box","text":"How to Sell Shares","page_number":29,"box":{"x":61,"y":325,"width":156,"height":10}},{"id":"80929856-ac8f-4877-8835-4a0e0e7144ec","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":29,"box":{"x":213,"y":347,"width":478,"height":9}},{"id":"da88b16f-3423-4d49-b181-a7f4974354f3","block_type":"box","text":"Full or Partial","page_number":29,"box":{"x":61,"y":364,"width":90,"height":8}},{"id":"333d2c60-4931-4cb3-b22b-4b45befabc66","block_type":"box","text":"Redemption of","page_number":29,"box":{"x":61,"y":375,"width":98,"height":10}},{"id":"a535ff35-683b-4b4b-b89a-1bca1698be0b","block_type":"box","text":"Shares","page_number":29,"box":{"x":60,"y":387,"width":46,"height":8}},{"id":"04b69471-3833-458c-9825-0af32003e86f","block_type":"box","text":"Have your Financial","page_number":29,"box":{"x":214,"y":364,"width":125,"height":10}},{"id":"c4d0eec4-1801-4292-bdda-9e132eade1a6","block_type":"box","text":"Intermediary submit","page_number":29,"box":{"x":214,"y":377,"width":132,"height":10}},{"id":"528ed45f-0308-4df6-ac1f-aea4ddd8bf70","block_type":"box","text":"your sales order","page_number":29,"box":{"x":213,"y":391,"width":107,"height":10}},{"id":"ffc8b11a-56b5-4d84-8d5b-70fb35a17b75","block_type":"box","text":"If you purchased shares through an Employer-Sponsored Retirement","page_number":29,"box":{"x":461,"y":364,"width":450,"height":10}},{"id":"7d400fbb-5086-4484-b639-8b39e4676de7","block_type":"box","text":"Plan, you can make redemption requests through your Financial","page_number":29,"box":{"x":461,"y":377,"width":418,"height":11}},{"id":"85366dcf-3476-4ced-8a30-c61e2bc76e67","block_type":"box","text":"Intermediary in accordance with the procedures applicable to your","page_number":29,"box":{"x":461,"y":391,"width":436,"height":10}},{"id":"4d3577dc-2f95-4ff6-8fa4-707335ef2bc0","block_type":"box","text":"accounts. These procedures may vary according to the type of account","page_number":29,"box":{"x":461,"y":404,"width":467,"height":11}},{"id":"8a57c734-4191-4d9d-b086-4f25b0dc67fb","block_type":"box","text":"and the Financial Intermediary involved, and customers should consult","page_number":29,"box":{"x":461,"y":418,"width":466,"height":10}},{"id":"73fd4e78-b7d2-4c3f-b57b-93cabc4badd5","block_type":"box","text":"their Financial Intermediary in this regard. Financial Intermediaries are","page_number":29,"box":{"x":460,"y":432,"width":465,"height":10}},{"id":"7af7ae78-5b34-4f01-b282-8336b9afb905","block_type":"box","text":"responsible for transmitting redemption orders and crediting their","page_number":29,"box":{"x":461,"y":445,"width":432,"height":10}},{"id":"78799bc9-b9ef-41fd-8fda-b0c15089b2f2","block_type":"box","text":"customers’ accounts with redemption proceeds on a timely basis.","page_number":29,"box":{"x":461,"y":459,"width":434,"height":10}},{"id":"ca378baf-d10e-4098-9f29-b8799715fd7c","block_type":"box","text":"Information relating to such redemption services and charges to","page_number":29,"box":{"x":461,"y":472,"width":424,"height":10}},{"id":"88f03bcc-dd27-4a99-9dad-bc6caeba406d","block_type":"box","text":"process a redemption of shares, if any, should be obtained by","page_number":29,"box":{"x":461,"y":485,"width":409,"height":11}},{"id":"070b2908-df79-4d58-9906-c62248b33d7b","block_type":"box","text":"customers from their Financial Intermediaries.","page_number":29,"box":{"x":461,"y":499,"width":303,"height":8}},{"id":"5bb121c2-c6ec-4812-a6f6-ce400dd30206","block_type":"box","text":"If you did not purchase your shares through an Employer-Sponsored","page_number":29,"box":{"x":461,"y":515,"width":446,"height":11}},{"id":"ebb69382-56e0-4a60-9719-107b2f184e1d","block_type":"box","text":"Retirement Plan, you can make redemption requests through your","page_number":29,"box":{"x":461,"y":529,"width":434,"height":10}},{"id":"7aa92b40-c356-4324-a418-ca055a23e251","block_type":"box","text":"Financial Intermediary.","page_number":29,"box":{"x":461,"y":542,"width":147,"height":11}},{"id":"94f567a1-5863-48eb-99d7-043e5b4b5579","block_type":"box","text":"The price of Class K Shares is based on the next calculation of the","page_number":29,"box":{"x":460,"y":558,"width":442,"height":10}},{"id":"7d885d45-b216-440f-83b4-e6832267f67f","block_type":"box","text":"Fund’s net asset value after your order is placed. For your redemption","page_number":29,"box":{"x":461,"y":572,"width":460,"height":10}},{"id":"e6077b9c-beda-440b-97b7-678622b88ff5","block_type":"box","text":"request to be priced at the net asset value on the day of your request,","page_number":29,"box":{"x":461,"y":585,"width":463,"height":11}},{"id":"8b2276f1-e9d2-4e41-a88f-6a1c2669052f","block_type":"box","text":"you must submit your request to your Financial Intermediary prior to","page_number":29,"box":{"x":460,"y":599,"width":448,"height":10}},{"id":"6df6590b-8ac3-42a5-ab67-a1c249d0268b","block_type":"box","text":"that day’s close of business on the NYSE (generally, 4:00 p.m. Eastern","page_number":29,"box":{"x":460,"y":612,"width":470,"height":11}},{"id":"4d170f3a-f16e-4a07-8246-fbd4ec58124b","block_type":"box","text":"time). Certain Financial Intermediaries, however, may require","page_number":29,"box":{"x":460,"y":626,"width":402,"height":10}},{"id":"dd0873c2-a515-4c4a-a095-9a7fd1a779dd","block_type":"box","text":"submission of orders prior to that time. Any redemption request placed","page_number":29,"box":{"x":461,"y":640,"width":468,"height":10}},{"id":"3267aab5-a282-4c59-89c3-04ddd7712526","block_type":"box","text":"after that time will be priced at the net asset value at the close of","page_number":29,"box":{"x":461,"y":653,"width":435,"height":10}},{"id":"51598b70-9027-473d-8256-3515c6441e6c","block_type":"box","text":"business on the next business day.","page_number":29,"box":{"x":461,"y":667,"width":232,"height":10}},{"id":"38183a59-0397-4dfb-9e64-3efdb9a164fc","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":29,"box":{"x":461,"y":683,"width":437,"height":10}},{"id":"f08258c9-23be-45d3-9368-146f01e7d33b","block_type":"box","text":"redemption proceeds (check or wire), your redemption proceeds","page_number":29,"box":{"x":461,"y":697,"width":421,"height":10}},{"id":"8ffebf9d-3b78-4285-a296-8f2b14b59574","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":29,"box":{"x":460,"y":710,"width":465,"height":10}},{"id":"74b07749-6840-4561-a4b6-4ae890028456","block_type":"box","text":"but in any event, within seven days.","page_number":29,"box":{"x":461,"y":724,"width":233,"height":10}},{"id":"940ffdaa-07c6-4df6-9653-a59c4bb31cc3","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":29,"box":{"x":461,"y":739,"width":415,"height":11}},{"id":"52552a96-6f6d-4302-b6c8-940417048d84","block_type":"box","text":"redemption of shares.","page_number":29,"box":{"x":461,"y":753,"width":144,"height":10}},{"id":"717ab486-764a-4ae1-a8c0-5eb261b76264","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":29,"box":{"x":460,"y":769,"width":380,"height":10}},{"id":"cb0806c8-9d79-45a4-82b4-2324a5bebe2c","block_type":"box","text":"circumstances.","page_number":29,"box":{"x":461,"y":783,"width":98,"height":8}},{"id":"e7aef709-a7e7-43bc-95e4-b2d834682f1a","block_type":"box","text":"Selling shares held","page_number":29,"box":{"x":214,"y":801,"width":125,"height":10}},{"id":"6ecb24f8-0884-4f86-b2aa-befb6a246ac1","block_type":"box","text":"directly with BlackRock","page_number":29,"box":{"x":214,"y":814,"width":150,"height":11}},{"id":"da1f191f-fbec-41eb-8684-e2a93dc86d25","block_type":"box","text":"Methods of Redeeming if You Did Not Purchase Your Shares Through","page_number":29,"box":{"x":461,"y":801,"width":462,"height":10}},{"id":"a4348623-5422-41cc-be68-3744f9609e8c","block_type":"box","text":"an Employer-Sponsored Retirement Plan","page_number":29,"box":{"x":460,"y":814,"width":271,"height":10}},{"id":"f961a92c-7626-44d1-b9da-a2bea88e24ac","block_type":"box","text":"Redeem by Telephone","page_number":29,"box":{"x":461,"y":831,"width":146,"height":10}},{"id":"a2aea30e-5ebe-4a2a-9574-47586910211e","block_type":"box","text":": You may sell shares held at BlackRock by","page_number":29,"box":{"x":609,"y":831,"width":282,"height":10}},{"id":"8016141c-767f-4265-a9dc-aa649923c055","block_type":"box","text":"telephone request. Call (800) 537-4942 for details.","page_number":29,"box":{"x":460,"y":844,"width":341,"height":10}},{"id":"d17fb0e8-a3c2-4342-a330-9147d05fc04c","block_type":"box","text":"The Fund, its administrator and the Distributor will employ reasonable","page_number":29,"box":{"x":460,"y":860,"width":460,"height":10}},{"id":"8e9a76f7-1f40-482c-82e9-245aaf10e57c","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":29,"box":{"x":461,"y":874,"width":474,"height":10}},{"id":"5d155b23-caa0-444c-a248-6e43c67f5720","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":29,"box":{"x":460,"y":887,"width":450,"height":10}},{"id":"00ed3ab9-3d17-492c-9de1-136f22de8cb6","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":29,"box":{"x":461,"y":901,"width":450,"height":10}},{"id":"67010cb1-330d-4e57-ac21-5a2f4cf239f9","block_type":"box","text":"29","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"44fe88f3-c7f0-4c39-a637-b7c324e9c58b","block_type":"box","text":"NM0926U-5975828-29/44","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"89a8af77-6286-4717-89c8-50f98c5be0ff","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":30,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"8636cce2-3457-43a6-a176-bfc8f9873426","block_type":"box","text":"Full or Partial","page_number":30,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"141525cc-af0d-4878-8bf9-678b776c3992","block_type":"box","text":"Redemption of","page_number":30,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"9a6faf35-b9b2-4e06-b771-99d1bd48a63f","block_type":"box","text":"Shares (continued)","page_number":30,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"1513c931-74eb-4583-a360-8795fb976bca","block_type":"box","text":"Selling shares held","page_number":30,"box":{"x":214,"y":67,"width":125,"height":11}},{"id":"e890b95c-e3da-4fb0-8e17-15c6c3b5ca67","block_type":"box","text":"directly with BlackRock","page_number":30,"box":{"x":214,"y":81,"width":150,"height":10}},{"id":"a01e4e7f-685f-4983-af22-141ebfe61a30","block_type":"box","text":"(continued)","page_number":30,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"08f1da8f-e61f-4390-831f-b1a6990d2a2d","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":30,"box":{"x":460,"y":67,"width":445,"height":11}},{"id":"4af7fcfe-87a2-4130-8a7e-f77c3d944a71","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":30,"box":{"x":461,"y":81,"width":463,"height":10}},{"id":"6318cab2-f5ec-439d-8ebc-f7a477f73df7","block_type":"box","text":"believes it is advisable to do so.","page_number":30,"box":{"x":461,"y":94,"width":212,"height":9}},{"id":"7831700e-dcb3-421b-b3df-7bcf6169ee9a","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":30,"box":{"x":461,"y":110,"width":452,"height":11}},{"id":"2d075d83-5fcc-47ad-a46a-3f49420e9fc4","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":30,"box":{"x":461,"y":124,"width":427,"height":10}},{"id":"8d8498bc-749b-4f38-8802-1e94c215febc","block_type":"box","text":"redemption methods below.","page_number":30,"box":{"x":461,"y":138,"width":181,"height":10}},{"id":"999acafb-3ab5-404d-b5df-11241740eba2","block_type":"box","text":"Redeem by Internet:","page_number":30,"box":{"x":461,"y":154,"width":136,"height":10}},{"id":"17fa4f17-fc8a-45ad-aa03-7c4294aa9775","block_type":"box","text":"You may redeem in your account by logging onto","page_number":30,"box":{"x":603,"y":154,"width":317,"height":10}},{"id":"5dbc9a91-073e-4c56-82f6-199f39fd9835","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":30,"box":{"x":460,"y":167,"width":461,"height":8}},{"id":"af6ffdd2-5b49-4fb4-8d75-487cab8e4763","block_type":"box","text":"redemptions will be sent via wire to the bank account of record.","page_number":30,"box":{"x":461,"y":181,"width":419,"height":10}},{"id":"98eb4c0f-23d9-4094-8b98-d38aef213ac1","block_type":"box","text":"Redeem in Writing:","page_number":30,"box":{"x":461,"y":197,"width":127,"height":10}},{"id":"54324feb-5cf0-43c4-bb43-51981c99ebc7","block_type":"box","text":"Redemption requests may be sent in proper form","page_number":30,"box":{"x":595,"y":197,"width":324,"height":10}},{"id":"4bc709eb-9b52-453a-91c5-cc408c471081","block_type":"box","text":"to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429","page_number":30,"box":{"x":460,"y":210,"width":468,"height":11}},{"id":"67850726-1ed4-46be-8861-0f1361b193e6","block_type":"box","text":"or for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":30,"box":{"x":461,"y":224,"width":463,"height":10}},{"id":"7e4d6f71-187d-40a8-be98-1556918fd146","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. Under certain circumstances, a","page_number":30,"box":{"x":461,"y":237,"width":463,"height":11}},{"id":"fe633f0f-0af4-4925-ad83-4851b30e5f7b","block_type":"box","text":"medallion signature guarantee will be required.","page_number":30,"box":{"x":461,"y":251,"width":308,"height":10}},{"id":"02db3591-6d1b-48bc-9132-8cb58ffd1ec8","block_type":"box","text":"Payment of Redemption Proceeds","page_number":30,"box":{"x":461,"y":267,"width":228,"height":10}},{"id":"539727de-5fd6-47cb-bbda-365ea54cdd07","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":30,"box":{"x":461,"y":283,"width":467,"height":10}},{"id":"8c47e7b8-3f45-4ae9-b927-f93d4665de2c","block_type":"box","text":"banking information on file, by wire transfer.","page_number":30,"box":{"x":461,"y":297,"width":289,"height":10}},{"id":"5220d64a-cc08-4238-9d52-1f501f8c52b7","block_type":"box","text":"Payment by Check:","page_number":30,"box":{"x":461,"y":313,"width":129,"height":10}},{"id":"0deeb203-42a2-4604-85a3-b8fc0cbe3d86","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":30,"box":{"x":597,"y":313,"width":329,"height":10}},{"id":"b344c79d-6e8a-4bff-87c6-7c0970b68992","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":30,"box":{"x":460,"y":326,"width":430,"height":11}},{"id":"0bfb35ec-0b9c-4473-b25d-fd1754a4b594","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":30,"box":{"x":461,"y":340,"width":460,"height":10}},{"id":"82a781b0-86a1-4501-9bdb-31df0f2705ac","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":30,"box":{"x":461,"y":354,"width":468,"height":10}},{"id":"72aa1547-025b-4400-9305-b6aa9bea85f2","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":30,"box":{"x":461,"y":366,"width":467,"height":11}},{"id":"5101967f-160f-4714-b3fc-ed6ae40c1fc6","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":30,"box":{"x":461,"y":380,"width":467,"height":11}},{"id":"b2d14c5c-9f1c-465f-8325-fa4edbaa3bab","block_type":"box","text":"charges imposed by your bank for this service.","page_number":30,"box":{"x":461,"y":394,"width":307,"height":10}},{"id":"e400f989-3ad0-4158-8217-385788fc901a","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":30,"box":{"x":460,"y":410,"width":438,"height":11}},{"id":"4b629252-c907-4687-a3c7-c86c8a897273","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":30,"box":{"x":461,"y":424,"width":429,"height":10}},{"id":"15d60318-d3e9-47dc-bc99-24fc30172e6a","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":30,"box":{"x":461,"y":437,"width":403,"height":10}},{"id":"7ea4f576-2671-4a98-9b87-c44c52657d27","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":30,"box":{"x":461,"y":451,"width":467,"height":8}},{"id":"baa9cdfd-b52d-460a-ad56-8884c6733917","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":30,"box":{"x":460,"y":464,"width":456,"height":11}},{"id":"febf1b43-cab4-4cd0-9f84-3779dd650257","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":30,"box":{"x":460,"y":478,"width":402,"height":10}},{"id":"6224bceb-1922-47ac-b5b2-b9ade4973a07","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":30,"box":{"x":461,"y":491,"width":430,"height":11}},{"id":"5421d2d3-2f42-44b7-b455-74ff28fc1db1","block_type":"box","text":"amounts are subject to the risk of loss like any fund investment. If you","page_number":30,"box":{"x":461,"y":505,"width":465,"height":10}},{"id":"715c12a7-4e56-41bf-8903-ebcbd344ac17","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":30,"box":{"x":461,"y":519,"width":473,"height":8}},{"id":"b9770646-ba10-4a09-840d-d3dcb9459295","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":30,"box":{"x":461,"y":532,"width":456,"height":10}},{"id":"32756eeb-f2b6-443e-8eee-32994bf725b5","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":30,"box":{"x":461,"y":545,"width":461,"height":11}},{"id":"5e5aa5e4-db58-4da0-ac50-679f74334f1f","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":30,"box":{"x":460,"y":559,"width":469,"height":10}},{"id":"f6026b4f-daa1-46ea-a3bb-8e650797615f","block_type":"box","text":"as of the date of payment of the distribution.","page_number":30,"box":{"x":461,"y":573,"width":295,"height":10}},{"id":"85575359-ee34-4388-a70f-2da851e5faf9","block_type":"box","text":"Payment by Wire Transfer:","page_number":30,"box":{"x":461,"y":589,"width":177,"height":10}},{"id":"b9730070-a0d8-4fbc-8f77-005d60b4f83c","block_type":"box","text":"Payment for redeemed shares for which a","page_number":30,"box":{"x":644,"y":589,"width":275,"height":10}},{"id":"e9bdabcd-7721-43bc-8eda-ca6ebf0ae8dd","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":30,"box":{"x":461,"y":602,"width":437,"height":10}},{"id":"61df3e45-2582-4069-8124-a4258d4c0bc8","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":30,"box":{"x":461,"y":616,"width":471,"height":10}},{"id":"0739af43-3c91-4aa2-9e9e-61f2925754ff","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":30,"box":{"x":461,"y":629,"width":417,"height":11}},{"id":"7403e7e1-0232-4760-a67f-384c943ca569","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":30,"box":{"x":461,"y":643,"width":449,"height":10}},{"id":"ab9d9af2-0a41-4dd6-80b0-7b941088fbab","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":30,"box":{"x":461,"y":656,"width":449,"height":11}},{"id":"5a08f666-2116-4051-9e64-affa91cc6b98","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":30,"box":{"x":461,"y":670,"width":433,"height":10}},{"id":"bad14639-7c90-4f86-bb82-f0cc53a8c08c","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":30,"box":{"x":461,"y":683,"width":449,"height":11}},{"id":"b27a7a45-c73d-46cc-9059-708375c8dd38","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":30,"box":{"x":461,"y":697,"width":437,"height":10}},{"id":"89534b69-db9c-48ee-82b5-6b4ab3395efa","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":30,"box":{"x":461,"y":710,"width":469,"height":11}},{"id":"e4ec8bf1-ce1c-4b9b-aac3-a64188904f85","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":30,"box":{"x":459,"y":724,"width":448,"height":10}},{"id":"9eaf3ca8-160e-4cbf-80cb-fdb1620730bd","block_type":"box","text":"Fund. Shares can be redeemed by Federal wire transfer to a single","page_number":30,"box":{"x":461,"y":738,"width":439,"height":10}},{"id":"344d17a8-2c42-4a89-b7b6-c4716d1dbd2f","block_type":"box","text":"previously designated bank account. No charge for wiring redemption","page_number":30,"box":{"x":461,"y":751,"width":455,"height":11}},{"id":"ec6adf27-4b16-4cb5-9442-7c6b0dd3bf37","block_type":"box","text":"payments with respect to Class K Shares is imposed by the Fund. You","page_number":30,"box":{"x":461,"y":765,"width":462,"height":10}},{"id":"ee52067f-259d-4767-942c-47db9c165e6a","block_type":"box","text":"are responsible for any additional charges imposed by your bank for","page_number":30,"box":{"x":461,"y":778,"width":448,"height":11}},{"id":"58783a2e-025d-4078-a326-64caaec7cb2a","block_type":"box","text":"wire transfers.","page_number":30,"box":{"x":460,"y":792,"width":94,"height":8}},{"id":"0467e485-588c-4d28-8237-77ba04f5553c","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":30,"box":{"x":460,"y":808,"width":425,"height":10}},{"id":"cf220c07-3711-40ff-9ad2-4dc1efdfa79a","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":30,"box":{"x":461,"y":821,"width":455,"height":11}},{"id":"f6a08c7f-5ab8-428d-9ec2-676a1409ab9e","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":30,"box":{"x":461,"y":835,"width":476,"height":10}},{"id":"4954452d-ac07-4690-904b-1521622d951f","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":30,"box":{"x":461,"y":849,"width":455,"height":10}},{"id":"cbb45792-87ba-4250-bd88-ce386fc91204","block_type":"box","text":"the back cover of this prospectus.","page_number":30,"box":{"x":460,"y":862,"width":224,"height":10}},{"id":"6521d332-d816-496b-95bb-e32295a562e0","block_type":"box","text":"***","page_number":30,"box":{"x":686,"y":878,"width":25,"height":5}},{"id":"1b55350f-ed18-446f-a19d-b34edc4cee30","block_type":"box","text":"30","page_number":30,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"887832a4-3d65-4de0-baa9-11edd057b1ef","block_type":"box","text":"NM0926U-5975828-30/44","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"dd27fa8e-a401-4233-b08d-578747f2acb7","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":31,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"072d57ae-f63a-4234-aa88-f7e153a19198","block_type":"box","text":"Full or Partial","page_number":31,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"ae154075-e9c0-45a0-bf80-8e506c4df730","block_type":"box","text":"Redemption of","page_number":31,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"c17ce15d-809e-4894-9f6d-f96d86d0cf58","block_type":"box","text":"Shares (continued)","page_number":31,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"4abaa5d1-8f2f-42ff-86e6-8cfc33b71349","block_type":"box","text":"Selling shares held","page_number":31,"box":{"x":214,"y":67,"width":125,"height":11}},{"id":"aae1e675-5b53-4acc-87f5-1c4d128f6503","block_type":"box","text":"directly with BlackRock","page_number":31,"box":{"x":214,"y":81,"width":150,"height":10}},{"id":"04496b33-3bba-42a3-bef8-48c24b016006","block_type":"box","text":"(continued)","page_number":31,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"24e8ff3d-91d6-4fbc-8504-d3560e2c3e45","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":31,"box":{"x":461,"y":70,"width":423,"height":10}},{"id":"60df32c4-fbc4-47fe-9a14-872a7b385da8","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":31,"box":{"x":461,"y":83,"width":456,"height":11}},{"id":"dae13776-506a-4f1f-8c81-1a6fec591a5b","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":31,"box":{"x":461,"y":97,"width":352,"height":10}},{"id":"3150a439-da5f-4d80-9b71-59ac8d7bdb97","block_type":"box","text":"Redemption","page_number":31,"box":{"x":61,"y":115,"width":80,"height":10}},{"id":"7b700242-c54d-4957-a242-29bb49495769","block_type":"box","text":"Proceeds","page_number":31,"box":{"x":61,"y":127,"width":62,"height":8}},{"id":"05d5aff0-07b7-4858-9f0d-5dad946c9f18","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":31,"box":{"x":461,"y":118,"width":445,"height":10}},{"id":"2be16a62-b7f0-49eb-a190-43357fb39901","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":31,"box":{"x":461,"y":131,"width":467,"height":10}},{"id":"a5d9a5af-ddb0-4bca-b567-e6d031357cd0","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":31,"box":{"x":461,"y":145,"width":455,"height":10}},{"id":"bcdc54f5-ff3b-4ec2-a7c9-498fb3d035a5","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":31,"box":{"x":461,"y":158,"width":450,"height":10}},{"id":"7d8510ba-7bc2-40b4-a6f1-d79e54f5b51c","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":31,"box":{"x":461,"y":172,"width":452,"height":10}},{"id":"5700d38e-3356-4df1-a7c0-02c081092e6b","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":31,"box":{"x":461,"y":185,"width":471,"height":10}},{"id":"e87c51b8-2da6-4442-956b-608096f5ddf2","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":31,"box":{"x":461,"y":199,"width":471,"height":10}},{"id":"1c833779-0b13-4298-8cfd-0f0b00c318df","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in kind to you. The","page_number":31,"box":{"x":461,"y":212,"width":454,"height":11}},{"id":"8f3595c5-febf-43f8-96ef-d01fc5170d99","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":31,"box":{"x":461,"y":226,"width":405,"height":8}},{"id":"6f597eba-4ca8-46a3-98ca-d12c088ba483","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":31,"box":{"x":461,"y":242,"width":408,"height":10}},{"id":"ce4eaaa7-8b9d-4041-9070-de44e012f9b5","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":31,"box":{"x":461,"y":255,"width":457,"height":11}},{"id":"479e85d6-7bc6-473d-b0df-fd86f7d9bee0","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":31,"box":{"x":460,"y":269,"width":440,"height":10}},{"id":"4c8fc7f7-9d83-4ffb-95d1-5de6ce4ff8f6","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":31,"box":{"x":460,"y":282,"width":340,"height":11}},{"id":"41f0c3d6-a69e-471a-a856-dcddc918025c","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":31,"box":{"x":61,"y":321,"width":415,"height":12}},{"id":"0b7d881c-7dad-4d78-aabf-b3454f746b8e","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":31,"box":{"x":213,"y":343,"width":478,"height":9}},{"id":"fa091ed6-7d88-40b9-9d81-382cbd230188","block_type":"box","text":"Exchange Privilege","page_number":31,"box":{"x":61,"y":360,"width":128,"height":10}},{"id":"b65fa0dc-f32f-40eb-9cab-90c9d95602e7","block_type":"box","text":"Selling shares of one BlackRock","page_number":31,"box":{"x":214,"y":360,"width":212,"height":10}},{"id":"367f36b2-4617-40f2-b516-05c801f0c2e2","block_type":"box","text":"Fund to purchase shares of","page_number":31,"box":{"x":214,"y":373,"width":181,"height":10}},{"id":"bb8998e1-8c27-4e5e-a699-0e5129dd7d73","block_type":"box","text":"another BlackRock Fund","page_number":31,"box":{"x":214,"y":387,"width":158,"height":8}},{"id":"55426413-3f14-4d11-a80d-aabd6f4548f7","block_type":"box","text":"(“exchanging”)","page_number":31,"box":{"x":214,"y":401,"width":95,"height":10}},{"id":"88f39c01-9a6a-46b0-a873-0c8d876b2dfb","block_type":"box","text":"Class K Shares of the Fund are generally exchangeable for shares of","page_number":31,"box":{"x":461,"y":360,"width":454,"height":10}},{"id":"fa8b5b9f-2f66-474a-82ce-46ede759be5e","block_type":"box","text":"the same class of another BlackRock Fund, to the extent such shares","page_number":31,"box":{"x":460,"y":373,"width":461,"height":10}},{"id":"fce11b33-97e4-4655-a0fa-a9b44eb6127e","block_type":"box","text":"are offered by your Financial Intermediary. Investors who currently own","page_number":31,"box":{"x":461,"y":387,"width":465,"height":10}},{"id":"b6f8cbe1-80dc-4063-8f35-c88b61a40b4c","block_type":"box","text":"Class K Shares of the Fund may make exchanges into Class K Shares","page_number":31,"box":{"x":461,"y":400,"width":463,"height":11}},{"id":"1ff58d28-6d9d-437c-9d37-23f2a4c351b8","block_type":"box","text":"of other BlackRock Funds except for investors holding shares through","page_number":31,"box":{"x":461,"y":414,"width":457,"height":10}},{"id":"7a3af56f-1702-444b-9352-8c47ad9dc16b","block_type":"box","text":"certain client accounts at Financial Intermediaries that are omnibus","page_number":31,"box":{"x":461,"y":428,"width":447,"height":8}},{"id":"fa9eb356-d389-4c0b-8347-c1b55e14c936","block_type":"box","text":"with the Fund and do not meet applicable minimums. There is no","page_number":31,"box":{"x":460,"y":441,"width":429,"height":10}},{"id":"7bf9bb6a-1b63-426a-affd-5b04f2522116","block_type":"box","text":"required minimum amount with respect to exchanges of Class K","page_number":31,"box":{"x":461,"y":455,"width":423,"height":10}},{"id":"e14abe76-c378-488e-9bd7-6c3e2fc7c879","block_type":"box","text":"Shares. You may only exchange into Class K Shares of a BlackRock","page_number":31,"box":{"x":461,"y":468,"width":446,"height":11}},{"id":"6e32b1ff-4dcd-49aa-93f3-b65e15881bca","block_type":"box","text":"Fund that is open to new investors or in which you have a current","page_number":31,"box":{"x":461,"y":482,"width":430,"height":10}},{"id":"fe773c0a-8d2e-478f-a486-ef4b9e2029e8","block_type":"box","text":"account, if the BlackRock Fund is closed to new investors.","page_number":31,"box":{"x":461,"y":495,"width":383,"height":10}},{"id":"43d1af60-24d0-449b-b92b-f59765304122","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":31,"box":{"x":460,"y":512,"width":435,"height":10}},{"id":"ecaf57e9-ca04-46cc-9a91-66970d1bcb80","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":31,"box":{"x":461,"y":525,"width":406,"height":10}},{"id":"a4df49d4-feb7-4b5e-bf8c-a3f4ad824060","block_type":"box","text":"BlackRock, you may: (i) call (800) 537-4942 and speak with one of our","page_number":31,"box":{"x":461,"y":538,"width":468,"height":11}},{"id":"21a685e4-d8d8-445e-9801-b51f42aa32a3","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":31,"box":{"x":461,"y":552,"width":455,"height":10}},{"id":"d86928f6-5f3b-47ad-82af-a334ed0886b7","block_type":"box","text":"your account online at www.blackrock.com or (iii) send a written request","page_number":31,"box":{"x":460,"y":566,"width":475,"height":10}},{"id":"abbd19b6-2806-4459-b48a-01061530e620","block_type":"box","text":"to the Fund at the address on the back cover of this prospectus. Please","page_number":31,"box":{"x":460,"y":579,"width":475,"height":10}},{"id":"33d1db1a-21f0-4b77-b9d3-8beb53423bbc","block_type":"box","text":"note, if you indicated on your new account application that you did not","page_number":31,"box":{"x":461,"y":592,"width":462,"height":11}},{"id":"1afcd718-85a5-4b70-912e-d2b5c726643c","block_type":"box","text":"want the Telephone Exchange Privilege, you will not be able to place","page_number":31,"box":{"x":460,"y":606,"width":448,"height":10}},{"id":"43f63814-e968-45c2-82d3-8f7ff87ce5cb","block_type":"box","text":"exchanges via the telephone until you update this option either in","page_number":31,"box":{"x":461,"y":620,"width":431,"height":10}},{"id":"a903dc36-18a0-4cb9-9a15-3696e649e362","block_type":"box","text":"writing or by calling (800) 537-4942. The Fund has the right to reject","page_number":31,"box":{"x":460,"y":633,"width":454,"height":11}},{"id":"efeec704-f9b9-46bb-9777-c0740b36dcf6","block_type":"box","text":"any telephone request for any reason.","page_number":31,"box":{"x":461,"y":647,"width":249,"height":10}},{"id":"8521c837-67f4-4c54-8599-92ed8a08dea4","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":31,"box":{"x":460,"y":663,"width":450,"height":10}},{"id":"c6517953-a980-482b-bd15-703f1d5c7c98","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":31,"box":{"x":460,"y":676,"width":473,"height":11}},{"id":"0d3d43e7-d6fb-4d3b-b3b5-ba4e2a611363","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":31,"box":{"x":461,"y":690,"width":420,"height":10}},{"id":"c717c413-6b03-4fcc-b7f1-87b2be2a0bb6","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":31,"box":{"x":461,"y":703,"width":439,"height":11}},{"id":"92a0818e-d231-42a6-be24-af7ddc09304a","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":31,"box":{"x":461,"y":717,"width":460,"height":10}},{"id":"08b261ef-dd88-40d8-916a-6b37ba4bd3c1","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":31,"box":{"x":461,"y":730,"width":430,"height":11}},{"id":"4edc1e61-9cf0-41c1-a3d6-bb702fae5c3e","block_type":"box","text":"income tax purposes a share exchange is a taxable event and a capital","page_number":31,"box":{"x":461,"y":744,"width":469,"height":10}},{"id":"837b21a4-e245-4ba8-88b5-0204afdab3d1","block_type":"box","text":"gain or loss may be realized.","page_number":31,"box":{"x":460,"y":758,"width":188,"height":10}},{"id":"fe88e817-03b3-40c3-a384-27a72a3fe80c","block_type":"box","text":"Please consult your tax adviser or other Financial Intermediary before","page_number":31,"box":{"x":461,"y":774,"width":457,"height":10}},{"id":"046f43bd-bb15-4e3a-bdb8-0e34a8a31de1","block_type":"box","text":"making an exchange request.","page_number":31,"box":{"x":461,"y":787,"width":192,"height":11}},{"id":"fb87f841-c0e7-44fa-836f-0646ddd55508","block_type":"box","text":"Transfer Shares to","page_number":31,"box":{"x":60,"y":805,"width":124,"height":9}},{"id":"172e4c7d-6fd8-4279-91ba-597514c839c9","block_type":"box","text":"Another Financial","page_number":31,"box":{"x":60,"y":817,"width":118,"height":8}},{"id":"278e9670-029b-4daf-9910-8f1e30f0aba8","block_type":"box","text":"Intermediary","page_number":31,"box":{"x":61,"y":829,"width":85,"height":10}},{"id":"cded8538-2328-48c1-9041-25c2c741f6f1","block_type":"box","text":"Transfer to a participating","page_number":31,"box":{"x":213,"y":805,"width":171,"height":11}},{"id":"768b92f8-0f9e-4b24-9391-564c2a34a420","block_type":"box","text":"Financial Intermediary","page_number":31,"box":{"x":214,"y":819,"width":145,"height":10}},{"id":"11e75550-d28d-49f2-bc11-d44778b74c03","block_type":"box","text":"You may transfer your Class K Shares of the Fund only to another","page_number":31,"box":{"x":460,"y":805,"width":432,"height":11}},{"id":"3bfb2333-90de-4ba3-bfb0-2c4c816508d9","block_type":"box","text":"Financial Intermediary that has entered into an agreement with the","page_number":31,"box":{"x":461,"y":819,"width":441,"height":10}},{"id":"d253bacd-c383-4d2b-89ec-603312010ee6","block_type":"box","text":"Distributor. Certain shareholder services may not be available for the","page_number":31,"box":{"x":461,"y":832,"width":456,"height":11}},{"id":"5ce3181a-9d0b-4ada-8a2f-746b08904e61","block_type":"box","text":"transferred shares. All future trading of these assets must be","page_number":31,"box":{"x":460,"y":846,"width":407,"height":10}},{"id":"3df4dd5e-b42c-4cb8-95c9-d7dca71f3de9","block_type":"box","text":"coordinated by the receiving firm. Please contact your Financial","page_number":31,"box":{"x":461,"y":859,"width":415,"height":11}},{"id":"31d6ae6f-9547-4132-9c3e-0a44b5295c11","block_type":"box","text":"Intermediary to accomplish the transfer of your Class K Shares.","page_number":31,"box":{"x":461,"y":873,"width":420,"height":10}},{"id":"6cadc59f-ed9c-4082-b8f3-45c87d0f170a","block_type":"box","text":"Transfer to a non-participating","page_number":31,"box":{"x":213,"y":891,"width":199,"height":10}},{"id":"32730268-22e4-414b-bf94-724cc5593ff3","block_type":"box","text":"Financial Intermediary","page_number":31,"box":{"x":214,"y":905,"width":145,"height":10}},{"id":"e72d6e5c-c5c6-45c7-81a4-a455006224ed","block_type":"box","text":"You must either:","page_number":31,"box":{"x":460,"y":891,"width":107,"height":8}},{"id":"d36cf6fe-70bd-4e2d-aedb-2b6ab5b61b05","block_type":"box","text":"•","page_number":31,"box":{"x":464,"y":907,"width":3,"height":3}},{"id":"d098fde4-234d-4dad-a70d-05af16349328","block_type":"box","text":"Transfer your Class K Shares to an account with the Fund; or","page_number":31,"box":{"x":470,"y":904,"width":402,"height":11}},{"id":"348ef07d-1e97-4950-a8f4-7ff899a0ddf0","block_type":"box","text":"31","page_number":31,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"2ad21029-dd0a-4eed-8baf-fdf2435778bd","block_type":"box","text":"NM0926U-5975828-31/44","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4c6f6509-3cad-4ff3-a844-6016220156ee","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":32,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"ca9f65d3-5030-4f8c-942a-b9783e40763f","block_type":"box","text":"Transfer Shares to","page_number":32,"box":{"x":60,"y":67,"width":124,"height":8}},{"id":"afe2c72d-037e-4df3-9c92-f758f48e4ca9","block_type":"box","text":"Another Financial","page_number":32,"box":{"x":60,"y":81,"width":118,"height":8}},{"id":"f8582224-b1fe-4eb3-b467-a9091f147518","block_type":"box","text":"Intermediary","page_number":32,"box":{"x":61,"y":94,"width":85,"height":10}},{"id":"ca95e274-c8e1-4547-bc15-710ad2fce8db","block_type":"box","text":"(continued)","page_number":32,"box":{"x":61,"y":108,"width":76,"height":10}},{"id":"c01a9fe9-5c4b-4700-8f03-c74e8aa3ef8c","block_type":"box","text":"Transfer to a non-participating","page_number":32,"box":{"x":213,"y":67,"width":199,"height":11}},{"id":"2f4998e4-ee5a-453e-885a-b2bb0d128ad7","block_type":"box","text":"Financial Intermediary","page_number":32,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"68a775a7-f15a-479b-9ba5-35a4de347f24","block_type":"box","text":"(continued)","page_number":32,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"3277d62c-222a-4013-a6c2-dd13368856ed","block_type":"box","text":"•","page_number":32,"box":{"x":464,"y":70,"width":3,"height":3}},{"id":"405361dc-d815-4fd2-be29-34b595233a87","block_type":"box","text":"Sell your Class K Shares.","page_number":32,"box":{"x":471,"y":67,"width":166,"height":10}},{"id":"52a0782d-3fad-4743-80f0-a9de84266b8b","block_type":"box","text":"Please contact your Financial Intermediary to accomplish the transfer of","page_number":32,"box":{"x":461,"y":83,"width":475,"height":11}},{"id":"22ad45a7-f309-485b-8ac3-03c300829705","block_type":"box","text":"your Class K Shares.","page_number":32,"box":{"x":460,"y":97,"width":137,"height":10}},{"id":"5997607c-41a6-4132-8429-1a0c39bb8749","block_type":"box","text":"Additional Purchase and Redemption Information Applicable to the Fund if You Are Not Purchasing","page_number":32,"box":{"x":60,"y":132,"width":815,"height":13}},{"id":"bdfbf239-6b68-485f-b1a5-11244e24f146","block_type":"box","text":"Shares Through an Employer-Sponsored Retirement Plan","page_number":32,"box":{"x":60,"y":149,"width":467,"height":13}},{"id":"fd44443a-4462-402f-91bf-28cb0633b635","block_type":"box","text":"If you are not purchasing shares through an Employer-Sponsored Retirement Plan, the Fund may authorize one or more","page_number":32,"box":{"x":62,"y":171,"width":872,"height":11}},{"id":"17767628-42b6-4f52-94a3-8fd0d2809f91","block_type":"box","text":"banks, savings and loan associations and other financial institutions (each a “Service Organization”) to accept","page_number":32,"box":{"x":61,"y":185,"width":814,"height":12}},{"id":"a81d10f1-b92a-4c99-a134-f33a3eb5c343","block_type":"box","text":"purchase and redemption orders on its behalf. Such Service Organizations may be authorized to designate other","page_number":32,"box":{"x":62,"y":200,"width":826,"height":12}},{"id":"91c4455e-62af-4aac-be06-96002b3b3c34","block_type":"box","text":"intermediaries to accept purchase and redemption orders on the Fund’s behalf. If you purchase or redeem shares","page_number":32,"box":{"x":62,"y":215,"width":836,"height":12}},{"id":"8aed5581-4169-4ccf-9944-b7b523abd4d3","block_type":"box","text":"through a Service Organization or its designee, that entity may have its own deadlines for the receipt of the purchase","page_number":32,"box":{"x":60,"y":230,"width":861,"height":12}},{"id":"3e2a6011-b8fc-40b7-b5c1-f841c6529b66","block_type":"box","text":"or redemption order that may be earlier than those stated in the prospectus. The Fund will be deemed to have received","page_number":32,"box":{"x":61,"y":245,"width":875,"height":11}},{"id":"7bd4aa22-0a5c-4bda-bb2d-00d8bdc6bab7","block_type":"box","text":"a purchase or redemption order when a Service Organization or, if applicable, that Service Organization’s authorized","page_number":32,"box":{"x":61,"y":260,"width":853,"height":11}},{"id":"98aeb50f-a455-482c-a96f-302d2385b589","block_type":"box","text":"designee, accepts the order. These orders will be priced at the Fund’s net asset value per share next calculated after","page_number":32,"box":{"x":61,"y":274,"width":862,"height":12}},{"id":"c2411859-8b22-4e06-85f3-9ea19ae8e885","block_type":"box","text":"they are so accepted.","page_number":32,"box":{"x":60,"y":290,"width":158,"height":11}},{"id":"7015a66d-3fc7-4187-bdeb-44f19bbd7b83","block_type":"box","text":"Fund’s Rights","page_number":32,"box":{"x":61,"y":328,"width":124,"height":14}},{"id":"29b23845-6372-4cf4-b08f-8e3cefd4899a","block_type":"box","text":"The Fund may:","page_number":32,"box":{"x":60,"y":355,"width":106,"height":11}},{"id":"431f1774-ffb1-48e1-b173-9f302848892c","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":32,"box":{"x":81,"y":374,"width":840,"height":12}},{"id":"46fa5c06-4280-42fc-b279-2ba110f543cf","block_type":"box","text":"described in the Investment Company Act;","page_number":32,"box":{"x":81,"y":389,"width":308,"height":12}},{"id":"83f8a14d-d21b-4fec-87cd-4658e32f65f6","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":32,"box":{"x":81,"y":409,"width":789,"height":12}},{"id":"7c49b881-a1d2-41be-81e9-7d8bde7d3cf0","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":32,"box":{"x":81,"y":424,"width":850,"height":12}},{"id":"4e8ada29-763a-4d53-a709-393d5c41b591","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":32,"box":{"x":82,"y":439,"width":368,"height":11}},{"id":"a95794bc-5286-4456-9770-664e1f083449","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":32,"box":{"x":82,"y":459,"width":781,"height":11}},{"id":"8e2f3f73-494a-463e-aed3-8adbb9630d7d","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":32,"box":{"x":82,"y":479,"width":798,"height":11}},{"id":"9716a634-9025-4628-a5c4-3d3150001bcc","block_type":"box","text":"specified level.","page_number":32,"box":{"x":81,"y":494,"width":108,"height":11}},{"id":"a0c0b790-9aa7-4bcf-bde5-755744848263","block_type":"box","text":"Note on Low Balance Accounts.","page_number":32,"box":{"x":61,"y":516,"width":239,"height":9}},{"id":"d58cb151-8ff7-4cf3-a314-f2c2d7fd2be7","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":32,"box":{"x":307,"y":516,"width":600,"height":12}},{"id":"b88fd70c-02b0-4374-bc37-e217763289ed","block_type":"box","text":"has set a minimum balance of $500 in each Fund position you hold within your account (the “Fund Minimum”), and","page_number":32,"box":{"x":61,"y":530,"width":846,"height":12}},{"id":"da10fec9-94ae-4ec5-a7ea-3b167aa84c2d","block_type":"box","text":"may redeem the shares in your account if the net asset value of those shares in your account falls below $500 for any","page_number":32,"box":{"x":61,"y":545,"width":872,"height":12}},{"id":"318e28ee-521b-42d1-86a8-010efccd8164","block_type":"box","text":"reason, including market fluctuation.","page_number":32,"box":{"x":61,"y":561,"width":267,"height":11}},{"id":"89cd6fdb-c361-4c68-a3c9-19f74a190156","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":32,"box":{"x":60,"y":583,"width":799,"height":12}},{"id":"d792214f-f445-46ed-9de2-9847da1e6e4b","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":32,"box":{"x":62,"y":598,"width":796,"height":11}},{"id":"69dcaf37-7926-43a5-abb2-2fa90202e20d","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":32,"box":{"x":62,"y":612,"width":800,"height":12}},{"id":"0dfed2c4-29c0-4a33-b9bc-0c67de797dde","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":32,"box":{"x":61,"y":628,"width":859,"height":11}},{"id":"9fa928e7-1b26-4356-9678-361b0b29018c","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":32,"box":{"x":61,"y":642,"width":868,"height":12}},{"id":"b43d8f7e-637a-4545-9a63-6f10c7fead35","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":32,"box":{"x":61,"y":657,"width":420,"height":12}},{"id":"f643d75a-8043-41c1-98ef-3f67d4bbee69","block_type":"box","text":"Short-Term Trading Policy","page_number":32,"box":{"x":61,"y":696,"width":232,"height":14}},{"id":"80f12b5b-4325-4584-87f5-df49b5239d25","block_type":"box","text":"The Board of Directors (the “Board”) has determined that the interests of long-term shareholders and the Fund’s","page_number":32,"box":{"x":60,"y":722,"width":829,"height":12}},{"id":"447f0643-3db9-45b9-9dca-1fcb7ee15631","block_type":"box","text":"ability to manage its investments may be adversely affected when shares are repeatedly bought, sold or exchanged in","page_number":32,"box":{"x":61,"y":737,"width":866,"height":12}},{"id":"7bbbcf14-4a05-40a2-9c3d-b87c84679b1a","block_type":"box","text":"response to short-term market fluctuations — also known as “market timing.” The Fund is not designed for market","page_number":32,"box":{"x":61,"y":752,"width":845,"height":12}},{"id":"4e5daa13-86ea-43b6-9dc4-f7b734d92bf0","block_type":"box","text":"timing organizations or other entities using programmed or frequent purchases and sales or exchanges. The exchange","page_number":32,"box":{"x":60,"y":767,"width":869,"height":11}},{"id":"ee54e473-2b34-420d-9403-324b7286e90f","block_type":"box","text":"privilege is not intended as a vehicle for short-term trading. Excessive purchase and sale or exchange activity may","page_number":32,"box":{"x":62,"y":782,"width":836,"height":11}},{"id":"8a0ca7ae-3af4-4afc-8692-6374c03c9037","block_type":"box","text":"interfere with portfolio management, increase expenses and taxes and may have an adverse effect on the","page_number":32,"box":{"x":62,"y":797,"width":780,"height":11}},{"id":"81188795-30cf-4cb4-a421-51e5950c2793","block_type":"box","text":"performance of the Fund and its returns to shareholders. For example, large flows of cash into and out of the Fund","page_number":32,"box":{"x":62,"y":811,"width":842,"height":12}},{"id":"2324a488-e62f-465b-a7b4-39c7ec8375f3","block_type":"box","text":"may require the management team to allocate a significant amount of assets to cash or other short-term investments","page_number":32,"box":{"x":61,"y":826,"width":866,"height":12}},{"id":"0b9f1cb8-4a4a-4f4c-887a-ff6b7ad1f1eb","block_type":"box","text":"or sell securities, rather than maintaining such assets in securities selected to achieve the Fund’s investment","page_number":32,"box":{"x":61,"y":841,"width":808,"height":12}},{"id":"8fae7650-39d3-4db5-aa94-a1e4ac784132","block_type":"box","text":"objective. Frequent trading may cause the Fund to sell securities at less favorable prices, and transaction costs, such","page_number":32,"box":{"x":61,"y":856,"width":864,"height":11}},{"id":"1d3e4664-12e2-4ef0-92a7-50344e1090a1","block_type":"box","text":"as brokerage commissions, can reduce the Fund’s performance.","page_number":32,"box":{"x":61,"y":871,"width":474,"height":11}},{"id":"d2646060-2ce7-4779-8d0e-110e3c508ce0","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":32,"box":{"x":60,"y":893,"width":873,"height":12}},{"id":"935b9b36-52df-4957-a0de-a099c0dd347b","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":32,"box":{"x":61,"y":908,"width":872,"height":12}},{"id":"005baea2-5260-48f1-b123-01ee5c275b5c","block_type":"box","text":"32","page_number":32,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"cbe33c46-3f29-4f9f-aaa6-0a1a1c234b65","block_type":"box","text":"NM0926U-5975828-32/44","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7ec29dbc-2063-45bc-95b9-f629deb01ab9","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":33,"box":{"x":61,"y":46,"width":865,"height":11}},{"id":"854cba46-5ebb-430e-b19d-01b0390f3963","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":33,"box":{"x":61,"y":60,"width":817,"height":12}},{"id":"5816b67d-e307-4351-9d53-782c11ee8f6f","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":33,"box":{"x":61,"y":75,"width":818,"height":12}},{"id":"b9dc64c3-add2-4003-87b4-ddc74b927a29","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":33,"box":{"x":60,"y":90,"width":865,"height":12}},{"id":"6b8009a9-d447-4b63-bc52-28cee7dd2e8a","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":33,"box":{"x":61,"y":105,"width":829,"height":12}},{"id":"03bb5302-0237-45f6-ba8b-6ad77c677258","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":33,"box":{"x":62,"y":120,"width":671,"height":11}},{"id":"5a72d624-cc1a-4394-bddd-7facb8c5a91e","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":33,"box":{"x":60,"y":142,"width":869,"height":12}},{"id":"9346dbf4-c3f6-4d2a-ab12-24f8931c7159","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":33,"box":{"x":60,"y":157,"width":839,"height":12}},{"id":"438845c9-4569-4285-9624-157d3a7d5c01","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":33,"box":{"x":61,"y":172,"width":869,"height":12}},{"id":"a7980793-040c-45d9-8eb7-94f3594c7134","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":33,"box":{"x":61,"y":187,"width":870,"height":11}},{"id":"7a26f9d6-0d74-42fe-ac7a-5cb252b92334","block_type":"box","text":"Fund or its shareholders.","page_number":33,"box":{"x":62,"y":202,"width":181,"height":9}},{"id":"4ebcab44-accc-49d2-8d17-8d8b48829de2","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":33,"box":{"x":62,"y":224,"width":795,"height":12}},{"id":"c3b75b44-7cbd-491a-a143-7415a178e059","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":33,"box":{"x":61,"y":239,"width":860,"height":12}},{"id":"d655e07d-deb7-40b3-b273-08f51d6d2f90","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":33,"box":{"x":62,"y":254,"width":871,"height":11}},{"id":"549b11ab-1f56-46a1-bbd2-ea6563ca8b89","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":33,"box":{"x":62,"y":269,"width":858,"height":11}},{"id":"c08eb946-0fe0-4dde-9f3a-93d39c48325c","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":33,"box":{"x":61,"y":283,"width":866,"height":12}},{"id":"14f6a062-8ff9-4e4d-b489-942cacdf5b44","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions","page_number":33,"box":{"x":61,"y":298,"width":829,"height":12}},{"id":"63df366d-c546-40f5-9a2b-5f709790b96f","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":33,"box":{"x":62,"y":313,"width":862,"height":12}},{"id":"4080d20c-b8b3-4058-aa50-1fab474f4df4","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":33,"box":{"x":61,"y":328,"width":849,"height":11}},{"id":"c6e42ceb-dc75-447a-a638-9315c93cd551","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":33,"box":{"x":61,"y":343,"width":866,"height":11}},{"id":"20e8c561-1c5b-48e9-a571-105c4969eaad","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":33,"box":{"x":60,"y":358,"width":806,"height":11}},{"id":"98893506-6757-4384-a9a0-538ddb5b244d","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":33,"box":{"x":61,"y":372,"width":804,"height":12}},{"id":"e350041b-cfc5-4e14-80bf-a573f8bff4ee","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":33,"box":{"x":61,"y":387,"width":849,"height":12}},{"id":"cc72255e-22f9-40b6-b617-2d74d67e0d64","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":33,"box":{"x":61,"y":402,"width":875,"height":12}},{"id":"4a640ce8-198d-47b1-bcf3-767a0aae1c89","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":33,"box":{"x":62,"y":417,"width":869,"height":11}},{"id":"a08864ba-7fbe-4491-a6e2-3e37aec41e21","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":33,"box":{"x":61,"y":432,"width":845,"height":11}},{"id":"96b9a74e-e176-4c5a-91bc-33d63852c63e","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":33,"box":{"x":62,"y":447,"width":868,"height":11}},{"id":"069c00fb-cf3c-440f-85bc-ef7fdf28d986","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":33,"box":{"x":61,"y":462,"width":861,"height":11}},{"id":"92a8ebba-af22-453b-a656-b5ba8ea8c8fd","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":33,"box":{"x":61,"y":476,"width":868,"height":12}},{"id":"a8314c7f-84db-4018-b07b-beb9c84eb21d","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":33,"box":{"x":60,"y":491,"width":847,"height":12}},{"id":"d2d39c33-a18e-402f-aeba-9d9305c26d6c","block_type":"box","text":"trading activity, the Distributor may terminate such Financial Intermediary’s agreement with the Fund’s Distributor,","page_number":33,"box":{"x":60,"y":506,"width":837,"height":11}},{"id":"23ed72c5-7533-4e77-b550-393ce007536e","block_type":"box","text":"suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":33,"box":{"x":61,"y":521,"width":663,"height":11}},{"id":"61667b42-d940-4685-9bc1-94863c2ce8e9","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":33,"box":{"x":60,"y":544,"width":824,"height":11}},{"id":"78b183db-c069-44a6-95b8-03f9dfaf791a","block_type":"box","text":"deemed abusive.","page_number":33,"box":{"x":61,"y":558,"width":123,"height":9}},{"id":"190f3b2f-a2b6-4458-8cf2-274523f35b26","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":33,"box":{"x":60,"y":581,"width":841,"height":11}},{"id":"e8e98ecc-57f6-440b-a0c0-3c8f86d217a1","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":33,"box":{"x":60,"y":596,"width":572,"height":11}},{"id":"7711a4fc-ac0e-4d66-a829-bf511190f55c","block_type":"box","text":"33","page_number":33,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"f7867e06-e365-428b-9bc3-5b85bae519af","block_type":"box","text":"NM0926U-5975828-33/44","page_number":33,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4b58900a-137b-4424-81c9-fd54a2fc3dc0","block_type":"box","text":"Management of the Fund","page_number":34,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"16f5dd7b-244a-423d-9c16-c88993e985d4","block_type":"box","text":"BlackRock","page_number":34,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"1ae03ea9-8ac9-4440-97de-b3b4a10ebeea","block_type":"box","text":"BlackRock, the Fund’s investment adviser, manages the investments and business operations of the Fund subject to","page_number":34,"box":{"x":62,"y":182,"width":857,"height":12}},{"id":"6a343ae2-12e1-4809-8d77-721639b7c3f2","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":34,"box":{"x":60,"y":197,"width":841,"height":12}},{"id":"06910c89-5ac2-4327-83e3-d7b9017ec5ce","block_type":"box","text":"draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":34,"box":{"x":61,"y":212,"width":796,"height":12}},{"id":"f7ffd4d8-2d1c-41f4-aeb9-32be5bd5cd15","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":34,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"251325f6-d9a4-47b9-bc6a-9a4c94b200e5","block_type":"box","text":"BlackRock, Inc.","page_number":34,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"f46a9eb3-a5fe-495d-b269-140cb965dfaa","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":34,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"4ca6aa5d-c6ea-440d-8328-9350d4b6ea27","block_type":"box","text":"companies. BlackRock International Limited (“BIL”), a registered investment adviser organized in 1995 and an affiliate","page_number":34,"box":{"x":61,"y":279,"width":872,"height":12}},{"id":"296863cf-cd26-4f46-a030-90575b93d951","block_type":"box","text":"of BlackRock, acts as sub-adviser for the Fund. BlackRock and its affiliates had approximately $15.3 trillion in","page_number":34,"box":{"x":61,"y":293,"width":808,"height":12}},{"id":"a5ada7c9-0c52-4a79-b588-1d7109db7b30","block_type":"box","text":"investment company and other portfolio assets under management as of June 30, 2026.","page_number":34,"box":{"x":62,"y":309,"width":654,"height":11}},{"id":"8b6aae53-1cd5-4d8a-9a53-ae3b0cd60fbe","block_type":"box","text":"The Fund has entered into a management agreement (the “Management Agreement”) with BlackRock. Under the","page_number":34,"box":{"x":60,"y":331,"width":827,"height":12}},{"id":"4adea5b6-ee8b-418f-a827-84b1a9a5725f","block_type":"box","text":"Management Agreement, BlackRock receives for its services to the Fund a fee at an annual rate of the Fund’s average","page_number":34,"box":{"x":62,"y":346,"width":870,"height":12}},{"id":"adaee608-3858-4dde-aac9-7b89e17a8158","block_type":"box","text":"daily net assets.","page_number":34,"box":{"x":61,"y":361,"width":119,"height":11}},{"id":"be186046-59ae-412a-a51a-4eae5bb1cc3a","block_type":"box","text":"The annual management fee payable to BlackRock (as a percentage of average daily net assets) is calculated as","page_number":34,"box":{"x":60,"y":383,"width":829,"height":12}},{"id":"674403b1-e292-4f18-85e0-75471bfa7867","block_type":"box","text":"follows:","page_number":34,"box":{"x":60,"y":398,"width":55,"height":9}},{"id":"0b1c88ac-0c3e-4be1-afd5-ab5fdc946daf","block_type":"box","text":"Average Daily Net Assets","page_number":34,"box":{"x":69,"y":437,"width":151,"height":9}},{"id":"6287765e-ca2a-499f-8e75-f71da4d2eebf","block_type":"box","text":"Rate of","page_number":34,"box":{"x":844,"y":427,"width":43,"height":7}},{"id":"9ec3c760-c7cc-44ac-9672-0caef7ea0a6a","block_type":"box","text":"Management Fee","page_number":34,"box":{"x":813,"y":437,"width":104,"height":9}},{"id":"2e9be068-6399-4acc-88e7-25d86a1b3436","block_type":"box","text":"Not exceeding $1 billion","page_number":34,"box":{"x":70,"y":453,"width":157,"height":11}},{"id":"c14bb953-0153-4d2a-a6b4-e1c6d6ba2cfa","block_type":"box","text":"0.60%","page_number":34,"box":{"x":849,"y":454,"width":42,"height":8}},{"id":"46b45021-ef34-4711-9374-a94dab02933d","block_type":"box","text":"In excess of $1 billion but not more than $3 billion 0.56%","page_number":34,"box":{"x":70,"y":471,"width":821,"height":10}},{"id":"153d0cc4-9e8a-4dea-a590-d4e5ccac46bd","block_type":"box","text":"In excess of $3 billion but not more than $5 billion 0.54%","page_number":34,"box":{"x":70,"y":489,"width":821,"height":10}},{"id":"03dfce49-f942-41fb-bc0d-d37b35ffe28e","block_type":"box","text":"In excess of $5 billion but not more than $10 billion 0.52%","page_number":34,"box":{"x":70,"y":507,"width":821,"height":10}},{"id":"e5c53dd2-6e7e-4dd8-a45a-196a2e130a81","block_type":"box","text":"In excess of $10 billion","page_number":34,"box":{"x":70,"y":526,"width":153,"height":9}},{"id":"d7c6bada-8c9d-49ac-86ae-81da8bc0fc2e","block_type":"box","text":"0.51%","page_number":34,"box":{"x":849,"y":526,"width":42,"height":8}},{"id":"0c50b8c8-60f5-4ad5-9f7e-c353537da8cd","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":34,"box":{"x":62,"y":558,"width":840,"height":12}},{"id":"dfaf4b8b-3d4a-4a11-b1a5-fcb62c87f12f","block_type":"box","text":"estimated to be attributable to investments in other equity and fixed-income mutual funds and ETFs managed by","page_number":34,"box":{"x":61,"y":573,"width":824,"height":11}},{"id":"631a86ea-71e1-436c-af13-3d8b23264714","block_type":"box","text":"BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. 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The terms of a fund’s index licensing agreement with BlackRock or its","page_number":36,"box":{"x":62,"y":693,"width":870,"height":12}},{"id":"84c9acdb-2d12-4929-95d1-b825ee545a46","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":36,"box":{"x":60,"y":708,"width":545,"height":12}},{"id":"c11b5f70-e9c8-4f76-b776-3f2fa5ddded2","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":36,"box":{"x":60,"y":731,"width":837,"height":11}},{"id":"fe04f534-d75a-448c-895d-86ff0e7384a6","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":36,"box":{"x":61,"y":746,"width":865,"height":11}},{"id":"11da5a6e-c80d-4e0e-b235-07cc297d60ae","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":36,"box":{"x":62,"y":760,"width":819,"height":12}},{"id":"cfc821ba-fe28-490a-bef9-4e7e53a72f00","block_type":"box","text":"Valuation of Fund Investments","page_number":36,"box":{"x":63,"y":799,"width":271,"height":11}},{"id":"acb55af7-72d3-466a-b06a-640bd7c89bb3","block_type":"box","text":"When you buy shares, you pay the net asset value. This is the offering price. Shares are also redeemed at their net","page_number":36,"box":{"x":60,"y":826,"width":849,"height":11}},{"id":"c1bd5497-c4b0-4349-a4f3-6709bf8137af","block_type":"box","text":"asset value, minus any applicable redemption fee. 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The net asset value of each class of shares","page_number":36,"box":{"x":61,"y":855,"width":821,"height":12}},{"id":"a16581de-4678-4a8b-a9d8-662279dda12b","block_type":"box","text":"normally is determined once daily Monday through Friday, generally as of the close of regular trading hours of the New","page_number":36,"box":{"x":61,"y":870,"width":866,"height":12}},{"id":"bec06a85-83b7-496f-ae03-82b9e845be60","block_type":"box","text":"York Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern time), on each day that the NYSE is open for trading,","page_number":36,"box":{"x":60,"y":885,"width":831,"height":11}},{"id":"6db19af9-5f36-4c0b-9b87-877b9913a446","block_type":"box","text":"based on prices at the time of closing, provided that any Fund assets or liabilities denominated in currencies other","page_number":36,"box":{"x":61,"y":900,"width":843,"height":11}},{"id":"cdb9c5f2-7fa6-46cf-b8ed-89e606b2bb77","block_type":"box","text":"than the U.S. dollar are translated into U.S. dollars at the prevailing market rates on the date of valuation as quoted by","page_number":36,"box":{"x":60,"y":915,"width":876,"height":11}},{"id":"a0d84e8f-e08a-4796-887f-32c946fce4f1","block_type":"box","text":"36","page_number":36,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"7f10c2fd-a817-452c-85af-27345dfc0087","block_type":"box","text":"NM0926U-5975828-36/44","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"707877c7-3ff4-40a7-b9af-b3efd3df8672","block_type":"box","text":"one or more data service providers. The net asset value of shares is calculated by dividing the value of the net assets","page_number":37,"box":{"x":61,"y":46,"width":868,"height":11}},{"id":"ef561dff-2085-48e6-8de0-27cbb6abdd38","block_type":"box","text":"of each class of shares (i.e., the value of its total assets less total liabilities) by the total number of outstanding","page_number":37,"box":{"x":61,"y":60,"width":825,"height":12}},{"id":"fc0c3c5d-0a39-4286-9adb-261a87fe0bb3","block_type":"box","text":"shares of the class, generally rounded to the nearest cent.","page_number":37,"box":{"x":61,"y":75,"width":430,"height":12}},{"id":"22d895ce-79c8-4f11-87e2-7e6ff33c95b2","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":37,"box":{"x":60,"y":98,"width":844,"height":11}},{"id":"b28af63d-d637-4689-a87b-8d065e8f578f","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":37,"box":{"x":60,"y":113,"width":837,"height":11}},{"id":"b5eeafdd-ec9d-4e9f-8af8-894661de916f","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":37,"box":{"x":62,"y":128,"width":464,"height":11}},{"id":"5e0727bc-6c07-434c-97fc-e311929fbc69","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":37,"box":{"x":62,"y":150,"width":863,"height":11}},{"id":"8addf310-8fde-4db1-8452-f9f6fd201835","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":37,"box":{"x":60,"y":165,"width":858,"height":11}},{"id":"8ba884a1-90a0-4db9-8a22-ac1abab539c7","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":37,"box":{"x":62,"y":180,"width":863,"height":11}},{"id":"5d9a3b1e-0063-4a0a-a3f6-dbf4c0ec7161","block_type":"box","text":"or market on which the security or instrument is primarily traded at the time of valuation. 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Pricing services may use valuation models that utilize","page_number":37,"box":{"x":61,"y":277,"width":868,"height":11}},{"id":"ba242f63-78f1-4f01-a4d2-a2f0cf0e0e91","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":37,"box":{"x":61,"y":291,"width":842,"height":12}},{"id":"1b139b48-3539-448b-814a-b63c5e7f93de","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":37,"box":{"x":61,"y":306,"width":853,"height":11}},{"id":"c8b8f1ec-0899-4da5-9053-00e159cde8d8","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":37,"box":{"x":61,"y":321,"width":844,"height":11}},{"id":"729533fd-f1dd-4cde-9573-03ac750515f9","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":37,"box":{"x":61,"y":336,"width":822,"height":11}},{"id":"c951cd46-d928-49dd-8a31-7ba94f62ae3b","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":37,"box":{"x":61,"y":351,"width":845,"height":11}},{"id":"2467a9dc-a0e7-4e74-ac19-6535b7ca696c","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":37,"box":{"x":61,"y":365,"width":733,"height":12}},{"id":"3bd2e47a-18b1-40bd-96d5-1439d5ddcef7","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":37,"box":{"x":61,"y":388,"width":829,"height":11}},{"id":"e8d425cc-adc8-41c3-be76-a1dcb6289601","block_type":"box","text":"regular trading hours of the NYSE. 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The fair value of an asset or","page_number":37,"box":{"x":62,"y":678,"width":825,"height":12}},{"id":"1c346cc1-9471-4ee0-bb28-3db60df5d26b","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":37,"box":{"x":62,"y":693,"width":871,"height":11}},{"id":"f0138135-e414-4424-9393-42b2cde4040f","block_type":"box","text":"or the cost to extinguish that liability in an arm’s-length transaction. 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The Fund will be","page_number":37,"box":{"x":60,"y":760,"width":830,"height":11}},{"id":"29464fef-4a2c-4be1-97a8-491140e5dfd2","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":37,"box":{"x":61,"y":775,"width":848,"height":11}},{"id":"e56cac48-b519-4d8a-94a3-7b90d5ec0e03","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":37,"box":{"x":61,"y":789,"width":868,"height":12}},{"id":"34638022-55d5-47e5-8573-8706d297b557","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":37,"box":{"x":61,"y":804,"width":856,"height":12}},{"id":"c9495c76-1b8b-41ba-a5b1-50b06ec3a503","block_type":"box","text":"37","page_number":37,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"b120ebbc-b460-42ad-aaa0-7413c5a22a74","block_type":"box","text":"NM0926U-5975828-37/44","page_number":37,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d5383099-3064-494a-8c71-12086eb1fdc8","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":38,"box":{"x":61,"y":47,"width":311,"height":13}},{"id":"5f926951-79b7-4036-b56c-606c00bc5df4","block_type":"box","text":"BUYING A DIVIDEND","page_number":38,"box":{"x":423,"y":88,"width":152,"height":9}},{"id":"f1d35901-daec-4225-be7f-9162f8a91c3f","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":38,"box":{"x":72,"y":110,"width":831,"height":12}},{"id":"9be06245-f163-4e66-ba13-e2ae91c0b15f","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":38,"box":{"x":72,"y":125,"width":845,"height":11}},{"id":"1d818f3e-f83a-430a-9499-42978b3091bf","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":38,"box":{"x":71,"y":140,"width":855,"height":11}},{"id":"01339d57-6e51-4f06-89eb-f316721a3090","block_type":"box","text":"taxable dividend. Before investing you may want to consult your tax adviser.","page_number":38,"box":{"x":70,"y":155,"width":554,"height":11}},{"id":"7250b124-3a3a-4f00-bdc2-c60595927ce8","block_type":"box","text":"The Fund will distribute net investment income, if any, and net realized capital gains, if any, at least annually. The Fund","page_number":38,"box":{"x":60,"y":195,"width":871,"height":12}},{"id":"dbe9f9e8-0725-4a41-acab-06bf51aa48a1","block_type":"box","text":"may also pay a special distribution at the end of the calendar year to comply with federal tax requirements. Dividends","page_number":38,"box":{"x":61,"y":210,"width":862,"height":11}},{"id":"06cef096-980d-45eb-b542-1a06556a116e","block_type":"box","text":"may be reinvested automatically in shares of the Fund at net asset value or may be taken in cash. If you would like to","page_number":38,"box":{"x":61,"y":225,"width":863,"height":11}},{"id":"dc4a347c-c7d7-49be-8bf8-8b7da1f27af1","block_type":"box","text":"receive dividends in cash, contact your Financial Intermediary or the Fund.","page_number":38,"box":{"x":61,"y":240,"width":543,"height":11}},{"id":"53b3bf92-19cc-4563-8c78-d0fa522ab8ae","block_type":"box","text":"Your tax consequences from an investment in the Fund will depend on whether you have invested through a qualified","page_number":38,"box":{"x":60,"y":262,"width":856,"height":12}},{"id":"75483a4e-d281-4924-b04d-2e7bd4b57ba4","block_type":"box","text":"tax-exempt plan described in section 401(a) of the Internal Revenue Code (a “Qualified Plan”).","page_number":38,"box":{"x":60,"y":277,"width":692,"height":11}},{"id":"4e8e1654-226c-41d3-a127-e19b9fd9037b","block_type":"box","text":"Investments Through a Qualified Plan","page_number":38,"box":{"x":62,"y":300,"width":272,"height":11}},{"id":"59a94459-352e-462e-ad2e-915e1930a5ae","block_type":"box","text":"Special tax rules apply to investments made through Qualified Plans. If you are invested through a Qualified Plan (and","page_number":38,"box":{"x":61,"y":322,"width":864,"height":12}},{"id":"56822f4a-1964-4f8f-888c-c5f4177a7781","block_type":"box","text":"Fund shares are not “debt-financed property” to the plan), then you will not be subject to U.S. federal income tax on","page_number":38,"box":{"x":62,"y":337,"width":851,"height":11}},{"id":"5d62b6aa-17eb-41bf-a924-3f5ad9069921","block_type":"box","text":"the dividends paid by the Fund or the gain realized from a redemption or exchange of Fund shares until you withdraw or","page_number":38,"box":{"x":60,"y":352,"width":875,"height":11}},{"id":"e5f6f176-219f-4f17-bbbf-0c9cf57436da","block_type":"box","text":"receive distributions from the plan. Distributions you receive from the Qualified Plan may be subject to U.S. federal","page_number":38,"box":{"x":61,"y":367,"width":841,"height":11}},{"id":"8d83c579-0304-4ecc-82b9-d37b3dfb0fa8","block_type":"box","text":"withholding tax depending on the kind of payment you receive.","page_number":38,"box":{"x":60,"y":381,"width":455,"height":12}},{"id":"8d862077-3721-4e61-ab1d-024f9629a960","block_type":"box","text":"Investments Not Made Through Qualified Plans","page_number":38,"box":{"x":62,"y":404,"width":344,"height":12}},{"id":"cff86bdc-3a37-42df-960e-239deafc3458","block_type":"box","text":"If you are not invested through a Qualified Plan, you will generally pay tax on dividends from the Fund whether you","page_number":38,"box":{"x":62,"y":427,"width":831,"height":11}},{"id":"3cc49187-0731-452e-931a-057b740231a1","block_type":"box","text":"receive them in cash or additional shares. If you redeem Fund shares or exchange them for shares of another fund,","page_number":38,"box":{"x":61,"y":441,"width":847,"height":12}},{"id":"4a7b0eaf-c7ef-4e34-b2b1-d0edbc5be93a","block_type":"box","text":"you generally will be treated as having sold your shares and any gain on the transaction may be subject to tax. Fund","page_number":38,"box":{"x":60,"y":456,"width":851,"height":12}},{"id":"35aa8a5e-4029-4089-903c-72f8cc750dfc","block_type":"box","text":"distributions derived from qualified dividend income, which consists of dividends received from U.S. corporations and","page_number":38,"box":{"x":61,"y":471,"width":859,"height":11}},{"id":"37929164-0310-4869-8999-71063970ecfd","block_type":"box","text":"qualifying foreign corporations, and long-term capital gains are eligible for taxation at a maximum rate of 15% or 20%","page_number":38,"box":{"x":61,"y":486,"width":858,"height":11}},{"id":"beb24eb6-148d-42db-bcdb-d4eeec27db26","block_type":"box","text":"for individuals, depending on whether their income exceeds certain threshold amounts, which are adjusted annually for","page_number":38,"box":{"x":60,"y":501,"width":875,"height":11}},{"id":"e74107a9-342f-4ee9-9032-b0e9672817b4","block_type":"box","text":"inflation.","page_number":38,"box":{"x":62,"y":516,"width":61,"height":9}},{"id":"70ab2ee9-a480-45e7-adc1-29e7f41190b4","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":38,"box":{"x":60,"y":538,"width":803,"height":11}},{"id":"92459560-d656-43b8-bfa3-59507a17a7b6","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":38,"box":{"x":61,"y":552,"width":873,"height":12}},{"id":"37af519d-7103-4335-8577-7c00ac887841","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":38,"box":{"x":60,"y":568,"width":282,"height":11}},{"id":"ba804270-0b20-46f2-961e-34d96a4dfaac","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":38,"box":{"x":60,"y":590,"width":861,"height":12}},{"id":"abc759fc-c401-4d06-9da3-5281ce64efc9","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":38,"box":{"x":62,"y":605,"width":679,"height":12}},{"id":"fe84dcca-84dd-48d9-b0e9-bab75ba66693","block_type":"box","text":"Special Considerations for Non-U.S. Persons","page_number":38,"box":{"x":62,"y":628,"width":326,"height":11}},{"id":"d0be0616-83a5-41f8-af92-053889bf6891","block_type":"box","text":"If you are not invested through a Qualified Plan and you are neither a tax resident nor a citizen of the United States or","page_number":38,"box":{"x":62,"y":650,"width":864,"height":12}},{"id":"5c18dcef-2b53-46d5-b810-b84859c0abd3","block_type":"box","text":"if you are a foreign entity (other than a pass-through entity to the extent owned by U.S. persons), the Fund’s ordinary","page_number":38,"box":{"x":62,"y":665,"width":856,"height":12}},{"id":"7ae532b5-722c-45b1-94d6-72c6c58bbcc6","block_type":"box","text":"income dividends will generally be subject to a 30% U.S. withholding tax, unless a lower treaty rate applies. However,","page_number":38,"box":{"x":62,"y":680,"width":857,"height":11}},{"id":"07fe22ba-c047-47b7-9dab-5ff384ed5596","block_type":"box","text":"certain distributions paid to a foreign shareholder and reported by the Fund as capital gain dividends, interest-related","page_number":38,"box":{"x":61,"y":695,"width":862,"height":11}},{"id":"dc3cae40-b8e0-4af0-b5d0-ef00ea7e61b1","block_type":"box","text":"dividends or short-term capital gain dividends may be eligible for an exemption from U.S. withholding tax.","page_number":38,"box":{"x":61,"y":710,"width":770,"height":11}},{"id":"ca042d42-5631-47d8-af3c-10b0fc7a82c9","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":38,"box":{"x":61,"y":732,"width":868,"height":12}},{"id":"bec7f223-dd41-4f3a-a147-8ce9db8d9d0d","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To avoid","page_number":38,"box":{"x":60,"y":747,"width":808,"height":12}},{"id":"fc2e74b3-743c-4a12-8ecb-af82a1cf07b8","block_type":"box","text":"withholding, foreign financial institutions and investment funds will generally either need to (a) collect and report to the","page_number":38,"box":{"x":60,"y":762,"width":874,"height":11}},{"id":"86713865-cd28-4a3c-9bb4-d3292f570f62","block_type":"box","text":"IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due diligence","page_number":38,"box":{"x":62,"y":777,"width":789,"height":11}},{"id":"02ce3fb7-badc-48e4-bde1-045ebc1d83a7","block_type":"box","text":"procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying foreign entities","page_number":38,"box":{"x":62,"y":791,"width":858,"height":12}},{"id":"8638d9fe-1dcb-46d6-9a03-0b58771a9eaf","block_type":"box","text":"and account holders or (b) if an intergovernmental agreement is entered into and implementing legislation is adopted,","page_number":38,"box":{"x":61,"y":806,"width":865,"height":12}},{"id":"f348c075-552f-41d4-aa73-8e2580d7bb04","block_type":"box","text":"comply with the agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":38,"box":{"x":61,"y":821,"width":802,"height":12}},{"id":"c445a057-9556-43ce-92e9-c138e32e1813","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":38,"box":{"x":62,"y":836,"width":639,"height":11}},{"id":"d8bebe17-ff56-44cd-8960-f28fa26204c5","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":38,"box":{"x":60,"y":858,"width":855,"height":12}},{"id":"1adcfbae-d585-4b0e-949c-c8dd7afbe785","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":38,"box":{"x":61,"y":873,"width":832,"height":12}},{"id":"36de6f03-6cde-4d3a-bc8c-4247ca99984b","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":38,"box":{"x":62,"y":888,"width":383,"height":11}},{"id":"f92d3505-e026-476e-a7f6-11502cbfdf80","block_type":"box","text":"38","page_number":38,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"c8d65dfc-db5e-4013-b1d6-a64ce7e35e2c","block_type":"box","text":"NM0926U-5975828-38/44","page_number":38,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7c863b04-c19b-4ffd-9783-e706844d1b4c","block_type":"box","text":"The financial highlights table is intended to help investors understand the Fund’s financial performance for the periods","page_number":39,"box":{"x":60,"y":75,"width":873,"height":12}},{"id":"8f5a0ef8-c909-464e-9361-64af2fa91718","block_type":"box","text":"shown. Certain information reflects financial results for a single share of the Fund. The total returns in the table","page_number":39,"box":{"x":61,"y":90,"width":823,"height":12}},{"id":"c141fed5-fd11-4cad-abc2-2a901c66a212","block_type":"box","text":"represent the rate of return that an investor would have earned (or lost) on an investment in the Fund, assuming","page_number":39,"box":{"x":61,"y":105,"width":826,"height":12}},{"id":"5c533e38-f53e-4d68-ab09-cb96eb5a18a1","block_type":"box","text":"reinvestment of all dividends and distributions. The information has been audited by Deloitte & Touche LLP, whose","page_number":39,"box":{"x":61,"y":120,"width":840,"height":11}},{"id":"ac1e8a8b-8494-41a5-89da-a3c8848b33ab","block_type":"box","text":"report, along with the Fund’s audited financial statements, is included in the Fund’s Annual Financial Statements and","page_number":39,"box":{"x":61,"y":135,"width":862,"height":11}},{"id":"81427c2e-504b-49b6-8461-3de298e58934","block_type":"box","text":"Additional Information for the fiscal year ended May 31, 2026, as filed with the SEC on Form N-CSR, which is available","page_number":39,"box":{"x":60,"y":149,"width":872,"height":12}},{"id":"8a2ab922-3403-4126-899f-f45da79c5f72","block_type":"box","text":"upon request and at www.blackrock.com.","page_number":39,"box":{"x":61,"y":165,"width":300,"height":10}},{"id":"243d71aa-911e-4440-8047-6d5d23221bc4","block_type":"box","text":"BlackRock International Fund","page_number":39,"box":{"x":608,"y":185,"width":178,"height":7}},{"id":"35cb18e2-e82b-42e1-b0d6-9cdc1563197a","block_type":"box","text":"Class K","page_number":39,"box":{"x":674,"y":201,"width":45,"height":7}},{"id":"ad3784d4-7b02-4d02-8c09-68bb7ae7c03e","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":39,"box":{"x":69,"y":227,"width":296,"height":9}},{"id":"c56ad4e9-e19b-4313-8141-507cd917f28b","block_type":"box","text":"Year Ended","page_number":39,"box":{"x":470,"y":217,"width":66,"height":7}},{"id":"a08180d4-af4f-4f08-8d00-8e450400224d","block_type":"box","text":"05/31/26","page_number":39,"box":{"x":471,"y":227,"width":64,"height":9}},{"id":"99a3c478-280f-42f4-ad47-f5d8185780e1","block_type":"box","text":"Year 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Ended","page_number":39,"box":{"x":857,"y":217,"width":66,"height":7}},{"id":"d652e252-e9c7-4938-9793-1fdc2ad8a5bc","block_type":"box","text":"05/31/22","page_number":39,"box":{"x":859,"y":227,"width":63,"height":9}},{"id":"e789b5b2-a0b1-4912-a418-117ae2da015e","block_type":"box","text":"Net asset value, beginning of year","page_number":39,"box":{"x":69,"y":244,"width":205,"height":9}},{"id":"59924e34-1f63-49ec-943f-fef680fdd931","block_type":"box","text":"$ 20.79 $ 20.29 $ 17.77 $ 18.09 $ 24.94","page_number":39,"box":{"x":474,"y":244,"width":446,"height":8}},{"id":"8ed9e3aa-80ed-4636-a351-a30d633d9cc8","block_type":"box","text":"Net investment income","page_number":39,"box":{"x":85,"y":261,"width":134,"height":7}},{"id":"33b371e7-e94d-4e21-a7f7-73dcf5c0e887","block_type":"box","text":"(a)","page_number":39,"box":{"x":220,"y":261,"width":7,"height":4}},{"id":"c0ad805c-1b72-4b79-8f52-1ac3a68cfb22","block_type":"box","text":"0.35 0.24 0.24 0.20 0.30","page_number":39,"box":{"x":506,"y":261,"width":414,"height":7}},{"id":"2738feed-4c02-4330-9ee9-9f2f17f7908c","block_type":"box","text":"Net realized and unrealized gain (loss) 3.85 0.45 2.50 (0.32) (5.52)","page_number":39,"box":{"x":85,"y":273,"width":839,"height":9}},{"id":"739b6891-9170-48e4-b467-4172d610baa9","block_type":"box","text":"Net increase (decrease) from investment operations 4.20 0.69 2.74 (0.12) (5.22)","page_number":39,"box":{"x":70,"y":284,"width":854,"height":9}},{"id":"df92ee36-8faa-4b25-a220-0a5aeff34120","block_type":"box","text":"Distributions","page_number":39,"box":{"x":69,"y":301,"width":76,"height":7}},{"id":"c4519f09-6f60-40c7-aca5-f630ac12cc01","block_type":"box","text":"(b)","page_number":39,"box":{"x":145,"y":301,"width":8,"height":4}},{"id":"68894a2e-0915-4345-8d9c-3de7a09f0bcb","block_type":"box","text":"From net investment income (0.41) (0.19) (0.22) (0.20) (0.18)","page_number":39,"box":{"x":85,"y":312,"width":839,"height":9}},{"id":"91f1b55e-e341-442f-b13e-6823017e3b99","block_type":"box","text":"From net realized gain — — — — (1.45)","page_number":39,"box":{"x":85,"y":324,"width":839,"height":9}},{"id":"0e9762d2-f71a-45d7-8727-73dd0f8751a3","block_type":"box","text":"Total distributions (0.41) (0.19) (0.22) (0.20) (1.63)","page_number":39,"box":{"x":69,"y":341,"width":855,"height":9}},{"id":"70ddeecc-0c25-478e-8fa1-7cf1775aca7f","block_type":"box","text":"Net asset value, end of year","page_number":39,"box":{"x":69,"y":358,"width":168,"height":9}},{"id":"96f07e1b-bd2d-41bc-861c-9092a3616d1c","block_type":"box","text":"$ 24.58 $ 20.79 $ 20.29 $ 17.77 $ 18.09","page_number":39,"box":{"x":474,"y":357,"width":446,"height":9}},{"id":"a0b65a38-b1ff-48aa-851c-e91806d592a6","block_type":"box","text":"Total Return","page_number":39,"box":{"x":69,"y":374,"width":73,"height":8}},{"id":"5d653c79-2d32-4a2f-9014-0b6aaf5b00d8","block_type":"box","text":"(c)","page_number":39,"box":{"x":143,"y":374,"width":8,"height":5}},{"id":"25e87117-183e-4cf9-950d-38ad4f65925f","block_type":"box","text":"Based on net asset value 20.51% 3.42% 15.52% (0.54)% (22.29)%","page_number":39,"box":{"x":70,"y":391,"width":864,"height":9}},{"id":"f93f7605-bd57-477f-b4a1-ea03dd897cae","block_type":"box","text":"Ratios to Average Net Assets","page_number":39,"box":{"x":70,"y":408,"width":176,"height":9}},{"id":"8fcd770a-5722-4fce-bbec-25c189d5fe54","block_type":"box","text":"(d)","page_number":39,"box":{"x":247,"y":408,"width":8,"height":4}},{"id":"715378c3-8fef-4f0e-9ec0-9f93d981ceeb","block_type":"box","text":"Total expenses 0.65% 0.64% 0.65% 0.66% 0.63%","page_number":39,"box":{"x":69,"y":425,"width":861,"height":9}},{"id":"cc46aa04-5517-4150-826c-1d312786c0ef","block_type":"box","text":"Total expenses after fees 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