{"annotation_id":"f480aad2-8003-4b4d-9aed-45a124a6b058","file_hash":"168ffd75e31db0884802a6b5465a6ecdf20263b9cf18a505ae3bf5647485608b","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"cd6c97c6-bb30-4fc6-add6-51e855043805","block_type":"box","text":"SEPTEMBER 28, 2026","page_number":1,"box":{"x":754,"y":47,"width":184,"height":11}},{"id":"d69ff44d-c1c6-494f-9d91-567366da254e","block_type":"box","text":"Summary Prospectus","page_number":1,"box":{"x":103,"y":175,"width":502,"height":33}},{"id":"1ed19ca0-a177-4e3f-8215-0f12b129ceb8","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":1,"box":{"x":63,"y":297,"width":250,"height":11}},{"id":"3d0675c0-de64-4d2a-85ab-125c36940e2a","block_type":"box","text":"|","page_number":1,"box":{"x":324,"y":296,"width":2,"height":11}},{"id":"cd0eecf7-6de8-4d10-afe7-559655e9d86e","block_type":"box","text":"Investor, Institutional and Class R Shares","page_number":1,"box":{"x":338,"y":297,"width":335,"height":11}},{"id":"7371e683-fc65-4feb-a39a-9b5e5e70801d","block_type":"box","text":"Investor A: MDCPX","page_number":1,"box":{"x":84,"y":314,"width":117,"height":8}},{"id":"ed294fe8-f273-47e1-a271-df839e964a19","block_type":"box","text":"•","page_number":1,"box":{"x":204,"y":317,"width":4,"height":2}},{"id":"1bff7528-f913-4729-81a2-bc5fcc29b57f","block_type":"box","text":"Investor C: MCCPX","page_number":1,"box":{"x":212,"y":314,"width":117,"height":8}},{"id":"c619f0d0-6863-42eb-a255-d7a9d67bd16d","block_type":"box","text":"•","page_number":1,"box":{"x":333,"y":317,"width":3,"height":2}},{"id":"e21b16f6-2dd7-4449-a1c3-0666734558a0","block_type":"box","text":"Institutional: MACPX","page_number":1,"box":{"x":341,"y":314,"width":130,"height":8}},{"id":"d34f0853-5d75-433d-a7ff-6429df7aa5f7","block_type":"box","text":"•","page_number":1,"box":{"x":474,"y":317,"width":4,"height":2}},{"id":"0bdb32b5-048d-4a04-838e-589c6843c60d","block_type":"box","text":"Class R: MRBPX","page_number":1,"box":{"x":482,"y":314,"width":100,"height":8}},{"id":"425393c5-db3a-4a52-a581-1578b9b86323","block_type":"box","text":"Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund","page_number":1,"box":{"x":64,"y":354,"width":808,"height":11}},{"id":"d0e15522-e6e6-4db2-b50c-97e104cb1eb1","block_type":"box","text":"and its risks. 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In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the","page_number":2,"box":{"x":81,"y":771,"width":832,"height":9}},{"id":"d7d6ed79-0a6f-468d-bbff-6d59a77d9bdc","block_type":"box","text":"Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028.","page_number":2,"box":{"x":81,"y":781,"width":847,"height":9}},{"id":"beaaaa04-2988-4f1d-b168-6ed9bf896b2f","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund or by a vote of a","page_number":2,"box":{"x":81,"y":791,"width":835,"height":10}},{"id":"0fd68837-902f-468b-8e54-97366102da97","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":802,"width":330,"height":9}},{"id":"2fe0ef1b-326a-4349-93a2-dead48ac3450","block_type":"box","text":"4","page_number":2,"box":{"x":60,"y":815,"width":4,"height":3}},{"id":"4d3b5080-aa63-42c2-a4c3-6288953166b7","block_type":"box","text":"The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent","page_number":2,"box":{"x":81,"y":814,"width":820,"height":10}},{"id":"f0318302-167b-4d09-a5d0-853d7381a1d2","block_type":"box","text":"Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses.","page_number":2,"box":{"x":81,"y":825,"width":662,"height":9}},{"id":"9e0bebcd-de7a-46fe-b056-da2557420a68","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"5388d084-d1bb-427b-94a3-27051e79b031","block_type":"box","text":"NM0926U-5977355-2/16","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"4185f807-4d01-4de1-9210-2df36a35d105","block_type":"box","text":"Example:","page_number":3,"box":{"x":61,"y":42,"width":74,"height":13}},{"id":"aaac332d-9ef3-4173-98c4-0f4729112ef3","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":59,"width":830,"height":11}},{"id":"904f6535-4f4c-4666-acf8-3c6085799182","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":73,"width":832,"height":12}},{"id":"1ab88f08-e866-4630-9def-60bdd8b91cb0","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":88,"width":832,"height":12}},{"id":"cc06d22b-a52f-457d-b077-3b477fc717bf","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":103,"width":859,"height":12}},{"id":"045f8239-8881-4c58-9355-d61fa370466a","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":118,"width":436,"height":11}},{"id":"e5ce6bca-b45e-4d6a-997f-1415345285eb","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":147,"width":292,"height":8}},{"id":"884bcf56-2a23-48d9-8977-b18e77f0550a","block_type":"box","text":"Investor A Shares $602 $769 $950 $1,473","page_number":3,"box":{"x":70,"y":164,"width":848,"height":10}},{"id":"9bfe5499-b073-4c8c-9eec-80c8e88132af","block_type":"box","text":"Investor C Shares $259 $495 $854 $1,662","page_number":3,"box":{"x":70,"y":182,"width":848,"height":10}},{"id":"0d409961-1de6-42d6-8977-6dc308dc2a6b","block_type":"box","text":"Institutional Shares $ 57 $182 $317 $ 713","page_number":3,"box":{"x":70,"y":200,"width":848,"height":10}},{"id":"45bbcc69-463c-4b28-81e0-5ce8413fcf3f","block_type":"box","text":"Class R Shares $120 $377 $653 $1,442","page_number":3,"box":{"x":69,"y":218,"width":849,"height":10}},{"id":"88b9794b-415c-4ebe-9420-e7aa799cb870","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":3,"box":{"x":60,"y":251,"width":532,"height":11}},{"id":"a76c258d-2e25-4560-8f1e-ffc24010f916","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":279,"width":292,"height":9}},{"id":"a2c19629-e090-447b-8b97-351478a18656","block_type":"box","text":"Investor C Shares $159 $495 $854 $1,662","page_number":3,"box":{"x":70,"y":297,"width":848,"height":10}},{"id":"d295a1d3-a234-4946-8b53-7a252ee7d88b","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":322,"width":151,"height":10}},{"id":"835ada3e-64cd-463f-afa7-4c034a8719df","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":339,"width":800,"height":11}},{"id":"5f346e63-64ed-44b4-9020-3a51678004bf","block_type":"box","text":"por tfolio). A higher por tfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":3,"box":{"x":62,"y":353,"width":850,"height":12}},{"id":"3cae8c0c-298e-4ae2-944b-4e46804a970b","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":368,"width":870,"height":11}},{"id":"067f13de-745c-411b-8291-2eceb49a6068","block_type":"box","text":"Example, affect the Fund’s per formance. During the most recent fiscal year, the Fund’s por tfolio turnover rate was","page_number":3,"box":{"x":62,"y":383,"width":839,"height":11}},{"id":"e92c493e-dfb2-4bf6-9a6b-e637c284c363","block_type":"box","text":"132% of the average value of its por tfolio.","page_number":3,"box":{"x":62,"y":398,"width":307,"height":11}},{"id":"b25694c4-5bab-4c06-81d3-7b34332dc3f6","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":436,"width":394,"height":14}},{"id":"06dff80e-69b6-42ba-be9c-361000efd3eb","block_type":"box","text":"The Fund invests in a combination of equity securities, fixed-income securities and derivatives. The propor tion the Fund","page_number":3,"box":{"x":60,"y":463,"width":876,"height":11}},{"id":"b18afc74-f348-4fb7-b990-3c95adc84c2f","block_type":"box","text":"invests in each category at any given time depends on Fund management’s view of how attractive that category","page_number":3,"box":{"x":62,"y":477,"width":819,"height":12}},{"id":"fd5b67bc-146c-40c9-a55e-f86038e3a674","block_type":"box","text":"appears relative to the others. The Fund intends to invest at least 25% of its assets in equity securities and at least","page_number":3,"box":{"x":61,"y":492,"width":853,"height":12}},{"id":"f1845284-ed13-4182-929f-20f6c2117964","block_type":"box","text":"25% of its assets in senior fixed income securities, such as U.S. government debt securities, corporate debt","page_number":3,"box":{"x":61,"y":507,"width":798,"height":12}},{"id":"ce1b19da-a73f-4197-9c32-04da3278034c","block_type":"box","text":"securities, and mor tgage-backed and asset-backed securities.","page_number":3,"box":{"x":61,"y":522,"width":454,"height":12}},{"id":"80414710-ccf1-4f91-aa2f-f0453d97450c","block_type":"box","text":"With respect to the Fund’s equity investments, the Fund primarily intends to invest in equity securities or other","page_number":3,"box":{"x":60,"y":545,"width":813,"height":11}},{"id":"a0af0cb9-ee9d-4fa9-b894-ef606415fc2a","block_type":"box","text":"financial instruments that are components of, or have characteristics similar to, the securities included in the MSCI All","page_number":3,"box":{"x":60,"y":559,"width":871,"height":12}},{"id":"cffb0fef-7c4b-4414-89c4-30a605f3dbfb","block_type":"box","text":"Country World Index (the “ACWI”). The ACWI is a capitalization-weighted index from a broad range of industries chosen","page_number":3,"box":{"x":61,"y":574,"width":868,"height":12}},{"id":"119dc9ab-128d-48cb-b364-1c50fef8f6ac","block_type":"box","text":"for market size, liquidity and industry group representation. In selecting equity investments, the Fund primarily uses","page_number":3,"box":{"x":60,"y":589,"width":849,"height":12}},{"id":"8ff21b50-07f6-4a59-a54b-21ed49db036e","block_type":"box","text":"proprietary return forecast models that incorporate quantitative analysis. Equity securities include common stock and","page_number":3,"box":{"x":62,"y":604,"width":860,"height":11}},{"id":"9cd963cc-0d75-4578-a493-21066612a146","block_type":"box","text":"preferred stock. The Fund primarily seeks to buy common stock and may also invest in preferred stock. From time to","page_number":3,"box":{"x":62,"y":619,"width":855,"height":11}},{"id":"9b044c6d-b8d0-47b2-b42c-4cb33881ae13","block_type":"box","text":"time, the Fund may invest in shares of companies through “new issues” or initial public offerings (“IPOs”). The Fund","page_number":3,"box":{"x":60,"y":633,"width":854,"height":12}},{"id":"1673a19b-3c5c-42e3-8e71-59fd0159f416","block_type":"box","text":"may also purchase conver tible securities. The Fund may invest in securities of both U.S. or non-U.S. issuers without","page_number":3,"box":{"x":61,"y":648,"width":853,"height":12}},{"id":"9af87f33-17bc-4cf6-a0ca-396dc43fcd50","block_type":"box","text":"limit, which can be U.S. dollar based or non-U.S. dollar based and may be currency hedged or unhedged. The Fund may","page_number":3,"box":{"x":62,"y":663,"width":874,"height":12}},{"id":"aaea2e2d-24bf-462d-8a61-4331aff522df","block_type":"box","text":"invest in securities of companies of any market capitalization.","page_number":3,"box":{"x":62,"y":678,"width":451,"height":11}},{"id":"253fd233-5bcc-44e6-97ba-0b129dc27440","block_type":"box","text":"With respect to the Fund’s fixed-income investments, the Fund will invest primarily using model-based asset allocation","page_number":3,"box":{"x":60,"y":701,"width":867,"height":11}},{"id":"d587e770-f54e-469f-97c6-59622ffc4a02","block_type":"box","text":"and security selection models. The Fund may invest in obligations issued or guaranteed by the U.S. Government, its","page_number":3,"box":{"x":61,"y":715,"width":850,"height":12}},{"id":"56b46e2d-26ba-4164-bb5a-a5a82afc9df7","block_type":"box","text":"agencies or instrumentalities; mor tgage-backed securities issued or guaranteed by the U.S. Government or its","page_number":3,"box":{"x":61,"y":730,"width":809,"height":12}},{"id":"95ec58e6-c0d0-43f4-aa3c-b2fb50d89148","block_type":"box","text":"agencies or instrumentalities, including U.S. agency mor tgage pass-through securities; commercial mor tgage-backed","page_number":3,"box":{"x":61,"y":745,"width":857,"height":12}},{"id":"4215238a-b192-45d7-984a-e45460a7cfc3","block_type":"box","text":"securities; mor tgage to-be-announced (“TBA”) securities; debt obligations of U.S. issuers, including corporate bonds;","page_number":3,"box":{"x":61,"y":760,"width":857,"height":11}},{"id":"52cbf2e0-0cd5-4235-8508-739cad859c80","block_type":"box","text":"municipal securities; asset-backed securities; and U.S.-registered dollar-denominated debt obligations of foreign","page_number":3,"box":{"x":61,"y":775,"width":823,"height":11}},{"id":"ee8309bd-4274-40b6-92d9-dba386ae2f6e","block_type":"box","text":"issuers. The Fund may invest in bonds issued by companies located in countries other than the United States,","page_number":3,"box":{"x":62,"y":790,"width":809,"height":11}},{"id":"76f25b57-d884-41dd-b7c9-4189b6146134","block_type":"box","text":"including companies in emerging markets. These securities may have all types of interest rate payment and reset","page_number":3,"box":{"x":62,"y":804,"width":833,"height":12}},{"id":"393ae980-8096-451c-9b73-ec20f8d612ed","block_type":"box","text":"terms, including fixed rate, adjustable rate, floating rate, zero coupon, contingent, deferred, payment in kind and","page_number":3,"box":{"x":60,"y":819,"width":825,"height":12}},{"id":"f6a5f981-de47-445d-aad3-4009bf9a9a9b","block_type":"box","text":"auction rate features. The Fund seeks to invest a substantial por tion of its assets in U.S.-registered, dollar","page_number":3,"box":{"x":61,"y":834,"width":789,"height":12}},{"id":"dac87f2e-2548-458b-bd6e-e5e09e1b3ab4","block_type":"box","text":"denominated bonds. The Fund may invest up to 10% of its assets in securities rated below investment grade (“high","page_number":3,"box":{"x":61,"y":849,"width":847,"height":11}},{"id":"e0000035-6163-4581-9c17-345eb16d3662","block_type":"box","text":"yield” or “junk” bonds). The Fund may invest in bonds of any maturity or duration.","page_number":3,"box":{"x":60,"y":864,"width":597,"height":11}},{"id":"b9c2c06e-11d3-43b4-be4e-8434639a7a63","block_type":"box","text":"The Fund may invest a significant por tion of its fixed income holdings in U.S. agency mor tgage pass-through securities,","page_number":3,"box":{"x":60,"y":886,"width":874,"height":12}},{"id":"da79c7a7-8ab9-4505-9ba0-34b99a6d6464","block_type":"box","text":"which are securities issued by entities such as the Government National Mor tgage Association (“GNMA”) and the","page_number":3,"box":{"x":60,"y":901,"width":833,"height":12}},{"id":"81e94085-33c0-4cd6-a5f6-56f3756c13ff","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"2e875f3d-e4f0-484b-9d81-bf02af8ae8b6","block_type":"box","text":"NM0926U-5977355-3/16","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"9af2ce2b-afe5-4c29-9a89-4ad2d4539d72","block_type":"box","text":"Federal National Mor tgage Association that are backed by pools of mor tgages. Most transactions in mor tgage pass","page_number":4,"box":{"x":62,"y":42,"width":853,"height":11}},{"id":"fb97c950-eeaf-4ddb-8e89-0db3ad8eacd2","block_type":"box","text":"through securities occur through standardized contracts for future delivery in which the exact mor tgage-backed","page_number":4,"box":{"x":60,"y":57,"width":812,"height":11}},{"id":"6edcbe3c-bd6f-4fbe-8026-699ef1e4fd8b","block_type":"box","text":"securities to be delivered are not specified until a few days prior to settlement. The Fund expects to enter into such","page_number":4,"box":{"x":61,"y":71,"width":848,"height":12}},{"id":"eda4af09-b113-46ce-8562-bc96ef3af040","block_type":"box","text":"contracts on a regular basis.","page_number":4,"box":{"x":61,"y":87,"width":209,"height":11}},{"id":"9ea7a2ec-1d80-4d10-a9ff-0ca18f50be75","block_type":"box","text":"The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps),","page_number":4,"box":{"x":60,"y":109,"width":834,"height":11}},{"id":"4fbec7af-4da5-4436-bb9f-068c6a4d4947","block_type":"box","text":"forward contracts and various other instruments, both to seek to increase the return of the Fund and to hedge (or","page_number":4,"box":{"x":60,"y":124,"width":837,"height":11}},{"id":"1a4d89fc-9a7b-4a56-baf3-e960f26305be","block_type":"box","text":"protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements","page_number":4,"box":{"x":62,"y":138,"width":869,"height":12}},{"id":"2dfeb063-5cc3-48d9-b713-a30e785ef113","block_type":"box","text":"in the securities markets. The Fund may also invest in indexed and inverse securities.","page_number":4,"box":{"x":62,"y":154,"width":628,"height":11}},{"id":"82c21144-0cc9-4b78-adc5-8b197e65f928","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":192,"width":354,"height":14}},{"id":"421e5554-5a16-404d-829a-bdf14382531f","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":218,"width":860,"height":12}},{"id":"ec338f8f-ccc2-4701-9a07-2278257ccd62","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose par t or all of your","page_number":4,"box":{"x":61,"y":233,"width":802,"height":12}},{"id":"d6c6329c-723c-43e6-87b6-6b79d8ff7389","block_type":"box","text":"investment in the Fund or your investment may not per form as well as other similar investments. The following is a","page_number":4,"box":{"x":62,"y":248,"width":842,"height":12}},{"id":"25636f22-8a00-410f-b2db-b1d513c30ca1","block_type":"box","text":"summary description of principal risks of investing in the Fund. The relative significance of each risk factor below may","page_number":4,"box":{"x":61,"y":263,"width":864,"height":11}},{"id":"cec103e8-24bc-4b15-8566-72d14751688e","block_type":"box","text":"change over time and you should review each risk factor carefully.","page_number":4,"box":{"x":61,"y":278,"width":481,"height":11}},{"id":"e2bb69fd-4f06-4913-8cc8-40bb24217756","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":298,"width":166,"height":11}},{"id":"a2608c1e-7ac6-4521-9154-8f35676027c9","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":298,"width":685,"height":11}},{"id":"331eb08d-c5d2-4f16-bbde-6d2cb55976e7","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":312,"width":550,"height":12}},{"id":"4bc913ed-633d-48e4-a626-28ddb2cebe7c","block_type":"box","text":"Debt Securities Risk","page_number":4,"box":{"x":81,"y":333,"width":155,"height":9}},{"id":"e4f15b51-57d1-4907-a662-ae0553820587","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":4,"box":{"x":240,"y":333,"width":633,"height":10}},{"id":"c5f66ee5-0617-412b-87d5-71710f822f29","block_type":"box","text":"extension risk, and prepayment risk, each of which are described in fur ther detail below:","page_number":4,"box":{"x":81,"y":347,"width":648,"height":12}},{"id":"b2be38b0-689f-4f90-9c09-3200990bc1ea","block_type":"box","text":"Credit Risk","page_number":4,"box":{"x":82,"y":367,"width":80,"height":10}},{"id":"3512d01c-737f-440a-a87d-98f2f11087dc","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":4,"box":{"x":166,"y":367,"width":737,"height":12}},{"id":"2d860210-f315-458d-a646-2e03d82906c6","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":4,"box":{"x":81,"y":382,"width":816,"height":12}},{"id":"edb20fb0-1667-4a95-a639-6b5002b8ea19","block_type":"box","text":"perception of an issuer’s creditwor thiness may also affect the value of the Fund’s investment in that issuer. The","page_number":4,"box":{"x":82,"y":397,"width":826,"height":11}},{"id":"b3c70122-c814-4de2-8c3f-16f9fe2d2f71","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":4,"box":{"x":81,"y":412,"width":777,"height":11}},{"id":"6f28d351-a3db-4276-af82-168658062080","block_type":"box","text":"Interest Rate Risk","page_number":4,"box":{"x":82,"y":432,"width":132,"height":9}},{"id":"909779fb-e74a-4b17-86fb-9694364b69a8","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":4,"box":{"x":218,"y":432,"width":704,"height":11}},{"id":"ee459295-9c2d-4c4c-b0e6-dc98d250c087","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":4,"box":{"x":82,"y":447,"width":835,"height":11}},{"id":"dafa9c3a-7e65-42d9-80ba-cd5bf4f74234","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":4,"box":{"x":80,"y":461,"width":513,"height":10}},{"id":"e4b21e0d-5260-47d8-8093-c29469106c82","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":4,"box":{"x":81,"y":481,"width":843,"height":12}},{"id":"44e3bb42-4607-43df-93d1-b277aecafc7b","block_type":"box","text":"if interest rates increase by 1%, assuming a current por tfolio duration of ten years, and all other factors being","page_number":4,"box":{"x":82,"y":496,"width":806,"height":12}},{"id":"26015bb2-b3b3-455c-bf31-b888d220b2c3","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":4,"box":{"x":81,"y":511,"width":831,"height":11}},{"id":"77a6c2c1-5669-44a4-a447-f4e027911086","block_type":"box","text":"price sensitivity of a debt security or por tfolio of debt securities to relative changes in interest rates.) The magnitude","page_number":4,"box":{"x":82,"y":526,"width":854,"height":11}},{"id":"f5da2b94-6dae-4add-985b-506b05a7bac7","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":4,"box":{"x":81,"y":541,"width":827,"height":11}},{"id":"69aa07eb-4976-42d6-a5bd-827be1076aea","block_type":"box","text":"securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest","page_number":4,"box":{"x":81,"y":555,"width":840,"height":12}},{"id":"cb6010dd-6e87-4cf2-a7ec-28a8dfdabfa5","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":4,"box":{"x":82,"y":570,"width":851,"height":12}},{"id":"d83a8708-b8b3-43cc-b739-ac087f0178eb","block_type":"box","text":"Fund may lose money if shor t-term or long-term interest rates rise sharply in a manner not anticipated by Fund","page_number":4,"box":{"x":82,"y":585,"width":808,"height":12}},{"id":"27c6edab-4691-4b8f-af9b-27f8d307df9c","block_type":"box","text":"management.","page_number":4,"box":{"x":82,"y":601,"width":98,"height":11}},{"id":"3fb41fe4-0a6a-44d3-bd05-61ec7384cd50","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 mor tgage","page_number":4,"box":{"x":81,"y":620,"width":852,"height":12}},{"id":"f8c29e94-ac6d-4f7c-a7d5-003f9878738b","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":4,"box":{"x":81,"y":635,"width":840,"height":11}},{"id":"ee5714db-09f6-41a9-a1b5-0421ac7cf893","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on cer tain floating rate debt securities typically reset","page_number":4,"box":{"x":80,"y":650,"width":834,"height":11}},{"id":"ba499fc1-4e30-46e6-ac86-bea3e1cd2d92","block_type":"box","text":"only periodically, changes in prevailing interest rates (and par ticularly sudden and significant changes) can be","page_number":4,"box":{"x":81,"y":664,"width":803,"height":12}},{"id":"8f6e3469-38fd-4e33-9694-f1c8ba4e81fe","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":4,"box":{"x":81,"y":679,"width":839,"height":12}},{"id":"ad9177dd-e5d3-4a7f-b39b-6d646503b7fc","block_type":"box","text":"debt securities.","page_number":4,"box":{"x":81,"y":694,"width":112,"height":9}},{"id":"b6dda8d5-ef64-47c7-9118-accbd8a1a823","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":4,"box":{"x":81,"y":714,"width":839,"height":11}},{"id":"572d6a78-0623-4480-bff3-b42c63abe658","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":4,"box":{"x":81,"y":729,"width":839,"height":11}},{"id":"27821632-91b8-458e-aca4-1a9b461f19c7","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":4,"box":{"x":82,"y":744,"width":831,"height":11}},{"id":"7e66338c-cd5a-402b-b649-59679c17a7f3","block_type":"box","text":"value when interest rates change.","page_number":4,"box":{"x":80,"y":759,"width":248,"height":11}},{"id":"94fe9172-0fd5-4985-a1ac-eed28174f2d9","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":4,"box":{"x":81,"y":778,"width":855,"height":12}},{"id":"8d82babe-ee10-4dd0-9d58-065629e7779a","block_type":"box","text":"scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy","page_number":4,"box":{"x":81,"y":793,"width":801,"height":12}},{"id":"5b12094e-820f-4eb0-8455-bec9d9a44861","block_type":"box","text":"redemptions could cause the Fund to sell assets at inoppor tune times or at a loss or depressed value and could","page_number":4,"box":{"x":82,"y":808,"width":827,"height":11}},{"id":"040cf174-1a1e-41af-b9d8-d3f796d77f50","block_type":"box","text":"hur t the Fund’s per formance.","page_number":4,"box":{"x":82,"y":823,"width":214,"height":11}},{"id":"138208c2-d939-426a-b44a-3ebb41c9fa9f","block_type":"box","text":"Extension Risk","page_number":4,"box":{"x":82,"y":843,"width":107,"height":9}},{"id":"86ea1f5c-1c8b-444b-8090-cc1762668fb1","block_type":"box","text":"— When interest rates rise, cer tain obligations will be paid off by the obligor more slowly than","page_number":4,"box":{"x":193,"y":843,"width":691,"height":12}},{"id":"9f60dca1-d6e6-4934-931e-8d581930765f","block_type":"box","text":"anticipated, causing the value of these obligations to fall.","page_number":4,"box":{"x":81,"y":858,"width":420,"height":11}},{"id":"d4ee56b5-9545-41cf-b3a7-8fc4da368ab2","block_type":"box","text":"Prepayment Risk","page_number":4,"box":{"x":81,"y":878,"width":124,"height":11}},{"id":"8c6059a1-5005-4ab9-ba8d-b33d8933ec6c","block_type":"box","text":"— When interest rates fall, cer tain obligations will be paid off by the obligor more quickly than","page_number":4,"box":{"x":209,"y":878,"width":691,"height":11}},{"id":"b37d2f05-1fd3-4564-975d-dc17f8745b24","block_type":"box","text":"originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.","page_number":4,"box":{"x":81,"y":893,"width":724,"height":11}},{"id":"846c0b67-0257-4f5c-a46e-3b4cf0bbdfc3","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"6f71048b-ab08-424c-8139-e3cf4d8ef977","block_type":"box","text":"NM0926U-5977355-4/16","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"399a70cf-5d7f-4829-92d0-092b46b239c0","block_type":"box","text":"Foreign Securities Risk","page_number":5,"box":{"x":81,"y":42,"width":176,"height":11}},{"id":"6aac2487-07c6-45f3-a836-2423a3342e93","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":5,"box":{"x":260,"y":42,"width":668,"height":11}},{"id":"d7691376-9041-4537-a41f-a0ad5d28c7c9","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":5,"box":{"x":82,"y":57,"width":531,"height":11}},{"id":"57a0ac4a-9a52-459c-b6fd-25f09d769227","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":5,"box":{"x":101,"y":77,"width":823,"height":11}},{"id":"23f3a9ba-252d-4765-b790-c8a9d7587797","block_type":"box","text":"be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory","page_number":5,"box":{"x":102,"y":91,"width":823,"height":12}},{"id":"676202e9-6619-42b3-a58a-4e97f2b6114b","block_type":"box","text":"oversight.","page_number":5,"box":{"x":101,"y":106,"width":70,"height":12}},{"id":"4104207c-e279-47f7-8503-728196f28dc7","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio.","page_number":5,"box":{"x":101,"y":126,"width":644,"height":12}},{"id":"9ee36658-0bdd-4f27-b7d1-cdb62cef61a5","block_type":"box","text":"The economies of cer tain foreign markets may not compare favorably with the economy of the United States with","page_number":5,"box":{"x":101,"y":146,"width":830,"height":12}},{"id":"386bc64f-abed-4a93-81eb-f43d88bb4b44","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":5,"box":{"x":102,"y":161,"width":808,"height":12}},{"id":"66255d80-beb3-418f-b8ef-e5b8942cc286","block_type":"box","text":"payments position.","page_number":5,"box":{"x":102,"y":176,"width":137,"height":11}},{"id":"5e2c3433-4c5e-45f1-b17b-ac1ea42932d4","block_type":"box","text":"The governments of cer tain countries, or the U.S. Government with respect to cer tain countries, may prohibit or","page_number":5,"box":{"x":101,"y":196,"width":821,"height":11}},{"id":"e761d5a0-bbb3-4560-b652-2a73abf42cd3","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":5,"box":{"x":102,"y":211,"width":809,"height":11}},{"id":"9031475f-cf10-4f9d-9c42-684702f0b1d4","block_type":"box","text":"markets or cer tain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":5,"box":{"x":102,"y":225,"width":784,"height":12}},{"id":"7aa4c585-2bcc-4eaa-adef-9664596c4005","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":5,"box":{"x":101,"y":241,"width":352,"height":11}},{"id":"29de834b-d6f0-4d4c-9cf8-cb5efbdb3dd4","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":260,"width":823,"height":12}},{"id":"24f8e5cc-4195-4a6f-a5f5-68f1f574f1ae","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":275,"width":811,"height":12}},{"id":"37d80fde-4bcf-46a1-8414-ecdfc24c3396","block_type":"box","text":"U.S. securities laws.","page_number":5,"box":{"x":102,"y":290,"width":148,"height":9}},{"id":"f8ca68ed-04f3-474e-8b2a-269d24957de5","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets may result in delays in payment for or delivery of","page_number":5,"box":{"x":101,"y":310,"width":834,"height":11}},{"id":"376f2685-2105-402d-a8e0-dcdeb119b6b5","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":5,"box":{"x":101,"y":325,"width":628,"height":11}},{"id":"020b0aaa-925d-4e37-8dcd-0570a5e21753","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":345,"width":830,"height":11}},{"id":"94f6f17c-9cf8-467d-93fb-e3670ceb6f38","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":360,"width":831,"height":11}},{"id":"60b714c6-0efc-4c73-80b0-b2aa18b85ae0","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down par tially or in full,","page_number":5,"box":{"x":101,"y":374,"width":813,"height":12}},{"id":"a4d18992-d7f9-4bd0-bba2-bc9591b56d9d","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":5,"box":{"x":101,"y":389,"width":395,"height":12}},{"id":"e647f30b-ae89-430a-ba60-b82b489a63ce","block_type":"box","text":"Convertible Securities Risk","page_number":5,"box":{"x":81,"y":409,"width":206,"height":9}},{"id":"7751b751-83fd-4bdb-b3a0-f990ea39243a","block_type":"box","text":"— The market value of a conver tible security per forms like that of a regular debt","page_number":5,"box":{"x":291,"y":409,"width":593,"height":12}},{"id":"94c6e3e3-2973-4e3f-b06c-39b175e5427d","block_type":"box","text":"security; that is, if market interest rates rise, the value of a conver tible security usually falls. In addition, conver tible","page_number":5,"box":{"x":81,"y":424,"width":853,"height":11}},{"id":"67159c5d-d2ab-4e7c-be09-b5b13e6b40c6","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":439,"width":855,"height":11}},{"id":"434a8dfd-4acc-4946-9d2d-d953e6214e00","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":454,"width":816,"height":11}},{"id":"20143d08-1b9c-4971-beae-d44397c8f192","block_type":"box","text":"issuer’s creditwor thiness. Since it derives a por tion of its value from the common stock into which it may be","page_number":5,"box":{"x":82,"y":468,"width":796,"height":12}},{"id":"a0250e7a-f1c1-4f8a-a1fb-4d75eb81e106","block_type":"box","text":"conver ted, a conver tible security is also subject to the same types of market and issuer risks that apply to the","page_number":5,"box":{"x":81,"y":483,"width":812,"height":12}},{"id":"73bd146e-6279-4c12-822e-e3da1b9b77e3","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the conver tible security.","page_number":5,"box":{"x":82,"y":498,"width":809,"height":12}},{"id":"76303d72-92e5-485a-a079-c7993d1252cf","block_type":"box","text":"Corporate Loans Risk","page_number":5,"box":{"x":81,"y":518,"width":162,"height":11}},{"id":"0d4723cb-c794-46bc-bc53-0c5145aaa27d","block_type":"box","text":"— Commercial banks and other financial institutions or institutional investors make corporate","page_number":5,"box":{"x":247,"y":518,"width":689,"height":11}},{"id":"0eb4fac5-a9de-43d6-b09c-ac0ad1f08a2b","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":533,"width":845,"height":12}},{"id":"8dc23449-50dc-4fc1-97d3-9c244fa68d4e","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":548,"width":827,"height":11}},{"id":"3a45eb7c-aeca-49f5-8223-c0b9df7112d8","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":563,"width":821,"height":11}},{"id":"116511a8-e64e-43bf-919e-47c3d1214fc8","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":577,"width":840,"height":12}},{"id":"f5a9009e-c262-4f26-9cf1-21efc0a72960","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":592,"width":826,"height":12}},{"id":"a0f41968-e1b4-47e9-916b-09c969d59fab","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":607,"width":846,"height":11}},{"id":"d5a37bd4-f846-44f7-ace3-af1a5a29dece","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":622,"width":847,"height":11}},{"id":"6d22074c-b3a6-4275-a1e1-45a2c6feb709","block_type":"box","text":"the extent the extended settlement process gives rise to shor t-term liquidity needs, the Fund may hold additional","page_number":5,"box":{"x":80,"y":637,"width":830,"height":11}},{"id":"c2830c7c-e62c-42fb-ac39-d406ed9e95d1","block_type":"box","text":"cash, sell investments or temporarily borrow from banks and other lenders.","page_number":5,"box":{"x":81,"y":652,"width":552,"height":11}},{"id":"0252ffdd-c664-481d-a21a-bb4bb5ed4efc","block_type":"box","text":"Derivatives Risk","page_number":5,"box":{"x":81,"y":672,"width":123,"height":9}},{"id":"c65d534f-4bd7-4a1e-a715-6c79295f1735","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":5,"box":{"x":207,"y":671,"width":664,"height":12}},{"id":"bddfeb14-bead-433a-8628-15af1acb6c6c","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":5,"box":{"x":82,"y":686,"width":469,"height":12}},{"id":"d17bc39d-b8b2-40bd-b85b-7dc88b488610","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":707,"width":102,"height":11}},{"id":"9f8b7e2d-eb1e-4dde-8d36-f69f5d1f30a9","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":5,"box":{"x":188,"y":706,"width":723,"height":12}},{"id":"fee13f9c-4f84-404d-b31a-4aceb34f12fb","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":5,"box":{"x":82,"y":721,"width":832,"height":12}},{"id":"d2f59094-a337-4b85-80cf-b47703031cae","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":736,"width":280,"height":12}},{"id":"8cce6fcd-ed92-40e5-bfa7-b7ebff02eaf6","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":756,"width":87,"height":9}},{"id":"58ce629d-e7c6-4d8c-a6e8-4addd33f1bd2","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":5,"box":{"x":173,"y":756,"width":728,"height":12}},{"id":"9d2c20f4-0952-4d4d-a6cb-4049b4ed78ae","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":5,"box":{"x":81,"y":771,"width":834,"height":11}},{"id":"fa6729e0-b046-43f4-88e6-fc21c59708ab","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":5,"box":{"x":82,"y":786,"width":832,"height":11}},{"id":"a27f3ca6-affc-4955-907a-4662845adaa1","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":5,"box":{"x":80,"y":800,"width":779,"height":12}},{"id":"c2c5c592-8216-4305-a082-e299dbb330a9","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":816,"width":253,"height":10}},{"id":"1fc31b73-030d-4cee-a980-ccee9463f6e1","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":835,"width":131,"height":12}},{"id":"57b83033-8d80-4ffa-99a2-33b2e4cdcc79","block_type":"box","text":"— Derivatives are also subject to counterpar ty risk, which is the risk that the other par ty in the","page_number":5,"box":{"x":217,"y":836,"width":697,"height":11}},{"id":"1217dd91-74c3-40dd-b07f-5f9829f8b89c","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":5,"box":{"x":80,"y":850,"width":855,"height":12}},{"id":"e4dede4e-981c-4218-9502-99fb9be0e770","block_type":"box","text":"exposure to such a counterpar ty.","page_number":5,"box":{"x":81,"y":865,"width":240,"height":11}},{"id":"623e281f-7fb7-4566-883b-c579d95fc270","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":82,"y":885,"width":100,"height":11}},{"id":"cf8fea32-aa30-49b2-b7a7-b14240a7ab07","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":5,"box":{"x":186,"y":885,"width":750,"height":11}},{"id":"d54d10f7-5c84-4b4e-8629-ac1829d5bf64","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":5,"box":{"x":80,"y":900,"width":839,"height":11}},{"id":"699d8dc2-ce31-47e8-b496-dae2a66b3e5e","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":5,"box":{"x":81,"y":915,"width":293,"height":11}},{"id":"1d0a1c75-bd87-410a-9c04-cfdba9dc8885","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"e7efba49-0ad1-4056-b93b-1278d31d0e88","block_type":"box","text":"NM0926U-5977355-5/16","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"c2f003be-cbc4-4fe9-a35b-7dcda97165be","block_type":"box","text":"Operational Risk","page_number":6,"box":{"x":82,"y":42,"width":120,"height":11}},{"id":"8b655966-6e01-415d-ac53-1cc3449c8d40","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":6,"box":{"x":206,"y":42,"width":727,"height":11}},{"id":"4de27b91-8acb-4419-8ef7-bffc6b699ef3","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":6,"box":{"x":82,"y":57,"width":607,"height":11}},{"id":"a54fae74-ff07-4d18-abd5-2f759647f7d9","block_type":"box","text":"Legal Risk","page_number":6,"box":{"x":82,"y":77,"width":75,"height":11}},{"id":"2d0a69e7-e343-4bcd-b2a6-d9e099f0bfb3","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality or","page_number":6,"box":{"x":161,"y":77,"width":761,"height":11}},{"id":"f365e53c-acf5-44cf-9d84-0d3206303bd9","block_type":"box","text":"enforceability of a contract.","page_number":6,"box":{"x":81,"y":91,"width":198,"height":12}},{"id":"41a980b4-03ae-44e6-b99f-4aef75504347","block_type":"box","text":"Volatility and Correlation Risk","page_number":6,"box":{"x":83,"y":112,"width":214,"height":11}},{"id":"ca4c2b4b-aea1-448e-91bc-07f0f91dea60","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":111,"width":590,"height":12}},{"id":"d8c2112e-aab1-4bef-b169-0dcf7417f6e5","block_type":"box","text":"fluctuate significantly in price within a shor t time period. A risk of the Fund’s use of derivatives is that the","page_number":6,"box":{"x":81,"y":126,"width":775,"height":12}},{"id":"1bab009d-bb9a-4c5f-b279-9ddca9691225","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":6,"box":{"x":81,"y":141,"width":589,"height":11}},{"id":"b61bdc48-9e9f-410f-a1c2-58d9dcab6eb0","block_type":"box","text":"Valuation Risk","page_number":6,"box":{"x":83,"y":161,"width":102,"height":9}},{"id":"af735dc0-c520-4907-a4ec-d7a3ba79c99e","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":161,"width":747,"height":11}},{"id":"cb1a70d3-e273-49be-9ff1-7ae0a7ff3b1b","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":176,"width":783,"height":11}},{"id":"2b1c20fb-6bda-4489-ba5a-1056d1f95543","block_type":"box","text":"instruments or quote prices for them.","page_number":6,"box":{"x":82,"y":191,"width":273,"height":11}},{"id":"e652f679-0bb9-4e4a-adb5-5cc50693ff56","block_type":"box","text":"Hedging Risk","page_number":6,"box":{"x":82,"y":211,"width":95,"height":11}},{"id":"d61bc454-3e29-49fd-8b4c-afd0ef422af3","block_type":"box","text":"— Hedges are sometimes subject to imper fect matching between the derivative and the underlying","page_number":6,"box":{"x":181,"y":211,"width":728,"height":11}},{"id":"6afce40d-2c17-4d56-93d7-4be198a1dd0d","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":225,"width":839,"height":12}},{"id":"62d4f9cc-4140-4ed0-9806-921c4c096314","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":6,"box":{"x":82,"y":241,"width":354,"height":11}},{"id":"1ed12aef-1166-460d-bea7-2f4df80cec3f","block_type":"box","text":"Tax Risk","page_number":6,"box":{"x":83,"y":261,"width":59,"height":9}},{"id":"d05474fe-1839-43ca-97a0-a85bae116c38","block_type":"box","text":"— Cer tain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":6,"box":{"x":145,"y":260,"width":719,"height":12}},{"id":"6e0237f7-3f34-48db-a8c3-0884dd3ce82c","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":275,"width":801,"height":12}},{"id":"bb68f8b3-ef79-4e0b-9e71-d27f9e0f0f00","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":290,"width":802,"height":12}},{"id":"3fdf3b7f-18a8-45ea-801d-2a054ff8ae4c","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":305,"width":830,"height":11}},{"id":"74685f51-fed5-4177-9145-531fac75c89b","block_type":"box","text":"realizes from its investments.","page_number":6,"box":{"x":82,"y":320,"width":215,"height":9}},{"id":"c767a192-79e4-4128-b10d-1cc772f60d60","block_type":"box","text":"Emerging Markets Risk","page_number":6,"box":{"x":81,"y":340,"width":178,"height":11}},{"id":"701e78b9-eac1-4fc2-a48a-b2eb98f4d18c","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":6,"box":{"x":263,"y":340,"width":617,"height":11}},{"id":"4441aaa6-05f5-4aa2-9509-0247b22ad305","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":6,"box":{"x":81,"y":354,"width":825,"height":12}},{"id":"71509be3-4504-4874-a1ce-24338c29053f","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":6,"box":{"x":82,"y":369,"width":822,"height":12}},{"id":"c92947f2-f6e0-482b-a4ef-69d8c8283eab","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":6,"box":{"x":82,"y":384,"width":816,"height":12}},{"id":"c518f4bc-460c-4e1c-9c58-4ee70de0cca4","block_type":"box","text":"liquidity than developed markets.","page_number":6,"box":{"x":82,"y":399,"width":240,"height":11}},{"id":"24b66088-5f3e-4406-a08a-8d3aac1906f4","block_type":"box","text":"High Portfolio Turnover Risk","page_number":6,"box":{"x":81,"y":419,"width":212,"height":11}},{"id":"18ace768-c89b-4931-affb-51240ad38874","block_type":"box","text":"— The Fund may engage in active and frequent trading of its por tfolio securities. High","page_number":6,"box":{"x":297,"y":419,"width":629,"height":11}},{"id":"d2b73801-29a1-4d02-b265-21af8552582b","block_type":"box","text":"por tfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":6,"box":{"x":82,"y":434,"width":812,"height":11}},{"id":"e591f016-01c5-4a75-a472-7d95684643a1","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":6,"box":{"x":81,"y":448,"width":817,"height":12}},{"id":"8b23f5bd-c606-4d23-9494-b353ad703e7f","block_type":"box","text":"other securities. The sale of Fund por tfolio securities may result in the realization and/or distribution to","page_number":6,"box":{"x":81,"y":463,"width":760,"height":12}},{"id":"2871f4c7-7598-4376-88aa-f054b2f493cf","block_type":"box","text":"shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects","page_number":6,"box":{"x":81,"y":478,"width":852,"height":12}},{"id":"0fc094fe-36de-4d0e-878a-540b7cc3aa10","block_type":"box","text":"of higher than normal por tfolio turnover may adversely affect Fund per formance.","page_number":6,"box":{"x":81,"y":493,"width":589,"height":12}},{"id":"2a99b660-729e-47a0-b01d-db2b40994f5b","block_type":"box","text":"High Yield Bonds Risk","page_number":6,"box":{"x":81,"y":513,"width":167,"height":11}},{"id":"dd2fd739-6763-4e7f-81bc-d227b7be04ec","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":6,"box":{"x":252,"y":513,"width":667,"height":12}},{"id":"6e4b1eb7-2397-4aba-b599-9545338a3fd5","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":6,"box":{"x":79,"y":528,"width":835,"height":11}},{"id":"791c534a-0af8-44c2-a464-fd28625fc292","block_type":"box","text":"for the Fund.","page_number":6,"box":{"x":81,"y":543,"width":91,"height":9}},{"id":"5d9c1a82-b5e7-4363-b058-819fd482fe6e","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":6,"box":{"x":81,"y":563,"width":271,"height":9}},{"id":"b2d709c9-bb42-4082-a1da-e1561c2ea616","block_type":"box","text":"—","page_number":6,"box":{"x":356,"y":568,"width":17,"height":1}},{"id":"1df3600b-18f1-4d0b-82d6-bd5141ab72f1","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":6,"box":{"x":379,"y":563,"width":499,"height":11}},{"id":"5da08e61-06a5-4666-8184-982c1edef3c3","block_type":"box","text":"par ticular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect","page_number":6,"box":{"x":82,"y":577,"width":839,"height":12}},{"id":"8cbee03e-880f-4b03-9229-7be7d0fc4769","block_type":"box","text":"to the value of the par ticular index. These securities are subject to leverage risk and correlation risk. Cer tain","page_number":6,"box":{"x":80,"y":592,"width":799,"height":12}},{"id":"9fcf5872-f9fb-4708-ac24-182710547deb","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":6,"box":{"x":82,"y":607,"width":796,"height":12}},{"id":"a8280ca5-5154-4c24-b469-25cba932ef72","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":6,"box":{"x":81,"y":622,"width":855,"height":11}},{"id":"603d3f3f-3189-4a19-b003-cc7018d6ef36","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":6,"box":{"x":82,"y":637,"width":441,"height":11}},{"id":"acc8c812-0318-4d7e-8b94-111785ee4877","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":81,"y":657,"width":107,"height":11}},{"id":"aba91681-6c92-4f8f-9338-61ecba96612f","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":6,"box":{"x":192,"y":657,"width":741,"height":11}},{"id":"dbf8aefc-8125-4573-b709-941cb7c3eca6","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":6,"box":{"x":81,"y":671,"width":853,"height":12}},{"id":"bd1a00ad-5949-4695-a204-77019b4f5269","block_type":"box","text":"cause the Fund to liquidate por tfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":6,"box":{"x":81,"y":686,"width":856,"height":12}},{"id":"dd8ce0dc-abff-41f9-9de6-8288cfe8f559","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended (the “Investment","page_number":6,"box":{"x":80,"y":701,"width":796,"height":12}},{"id":"a6cd4630-6c82-4589-aae5-c628bfd4ad4c","block_type":"box","text":"Company Act”), and the rules thereunder. Increases and decreases in the value of the Fund’s por tfolio will be","page_number":6,"box":{"x":81,"y":716,"width":805,"height":11}},{"id":"bc0fae03-0755-4ce4-9db0-1f4e1b12220f","block_type":"box","text":"magnified when the Fund uses leverage.","page_number":6,"box":{"x":82,"y":731,"width":293,"height":11}},{"id":"ef226954-5db4-44df-a261-613e85413da0","block_type":"box","text":"Market Risk and Selection Risk","page_number":6,"box":{"x":81,"y":751,"width":240,"height":9}},{"id":"67630eb3-1de4-4629-ac5b-00fc95e26fa3","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":6,"box":{"x":324,"y":751,"width":593,"height":9}},{"id":"cc446855-0993-4e67-84c0-69a227222a69","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":6,"box":{"x":81,"y":766,"width":851,"height":11}},{"id":"942a8ad7-1f07-44e7-89a0-a92cfbf1bed1","block_type":"box","text":"lose money over shor t periods due to fluctuation in the Fund’s net asset value in response to shor t-term market","page_number":6,"box":{"x":82,"y":780,"width":824,"height":12}},{"id":"3403c937-a309-499f-8c63-68b06bd26088","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":6,"box":{"x":82,"y":795,"width":851,"height":12}},{"id":"78c9fe0a-7c58-45a5-8ada-c9c9fb8d0c15","block_type":"box","text":"underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":6,"box":{"x":82,"y":810,"width":802,"height":12}},{"id":"21336dce-fd3b-4ca8-9242-e3091d794143","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of","page_number":6,"box":{"x":81,"y":825,"width":849,"height":11}},{"id":"93698d39-46a7-431c-864a-46e029832275","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":6,"box":{"x":81,"y":840,"width":843,"height":11}},{"id":"4172781a-7193-4d96-a975-f3b167e6a9bc","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a par ticular issuer or","page_number":6,"box":{"x":81,"y":855,"width":830,"height":11}},{"id":"e6370cf7-dfd2-4487-b9ef-9931cfb040a9","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":6,"box":{"x":82,"y":869,"width":840,"height":12}},{"id":"a0f6b878-da5b-4e20-9c91-cd637c9f1f7b","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":6,"box":{"x":81,"y":884,"width":789,"height":12}},{"id":"7ba14b61-fd24-4b7d-a5dc-b071ffd36297","block_type":"box","text":"economic uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":6,"box":{"x":81,"y":899,"width":823,"height":12}},{"id":"125bb83b-05b5-40f7-9c1d-e679e5bb1a36","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":6,"box":{"x":81,"y":914,"width":784,"height":11}},{"id":"53fcdc7d-0410-4552-aa69-5166ab109cb7","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"79882c09-3d30-4dda-b18a-ff22e077881f","block_type":"box","text":"NM0926U-5977355-6/16","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"3ff7eb24-bb0e-4d11-8f97-99ca471536fe","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":7,"box":{"x":81,"y":42,"width":844,"height":11}},{"id":"b4bb54d7-7204-4cf1-af3f-0ceda604074f","block_type":"box","text":"The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis","page_number":7,"box":{"x":81,"y":57,"width":855,"height":11}},{"id":"d517fa2f-0fc2-4723-9665-2af2bf238618","block_type":"box","text":"and is subject to “Model Risk” as described below.","page_number":7,"box":{"x":81,"y":72,"width":373,"height":11}},{"id":"ff6cbb30-01d4-4dbb-91b4-630ce1af7f2a","block_type":"box","text":"Recent policy initiatives under taken by the U.S. government have the potential to impact international relations,","page_number":7,"box":{"x":82,"y":92,"width":818,"height":11}},{"id":"90756c92-5658-43b4-af57-2eb05a01a737","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in","page_number":7,"box":{"x":80,"y":106,"width":819,"height":12}},{"id":"1a1feec1-5d2b-427c-b522-164f1e29f1bb","block_type":"box","text":"domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular,","page_number":7,"box":{"x":81,"y":121,"width":819,"height":12}},{"id":"aeee0b10-8794-4513-a500-b41dd8346edf","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":136,"width":846,"height":11}},{"id":"1dd4dce8-9b25-4290-a9dc-a353b537e2b8","block_type":"box","text":"costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":7,"box":{"x":81,"y":151,"width":848,"height":11}},{"id":"b32733ad-f8ad-4cb8-9e8d-773ca61057b5","block_type":"box","text":"the Fund invests.","page_number":7,"box":{"x":80,"y":166,"width":125,"height":9}},{"id":"580cde55-cfe4-499e-ae91-2ba01fcc3ada","block_type":"box","text":"Mid Cap Securities Risk","page_number":7,"box":{"x":81,"y":186,"width":182,"height":11}},{"id":"ea2feaf6-57b7-4312-899d-8cc0ac4601d8","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":7,"box":{"x":267,"y":185,"width":665,"height":12}},{"id":"0fb6e408-a6f9-4648-84b6-5c2129b5779d","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":7,"box":{"x":81,"y":200,"width":789,"height":12}},{"id":"d0101750-ee92-4083-85cd-6a07fe2dbc2b","block_type":"box","text":"Model Risk","page_number":7,"box":{"x":81,"y":220,"width":85,"height":10}},{"id":"60a685e3-0bbc-45d2-9eb6-86b3dcec4013","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":7,"box":{"x":170,"y":221,"width":722,"height":11}},{"id":"c6e93c4c-7202-4712-b52d-d26df18db04a","block_type":"box","text":"quantitative analysis. Investments selected using these models may per form differently than as forecasted due to","page_number":7,"box":{"x":81,"y":235,"width":840,"height":12}},{"id":"acce6935-4803-4041-99a3-c7ce451b83b6","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, changes from historical trends, and","page_number":7,"box":{"x":80,"y":250,"width":807,"height":12}},{"id":"a974d3ab-3f9a-4013-9948-6c28a02a1a38","block_type":"box","text":"issues in the construction and implementation of the models (including, but not limited to, software issues, issues","page_number":7,"box":{"x":82,"y":265,"width":842,"height":11}},{"id":"74359c90-5b1d-4558-bbc0-32af27ae363f","block_type":"box","text":"related to the use of ar tificial intelligence and machine learning (“AI”), and other technological issues). There is no","page_number":7,"box":{"x":82,"y":280,"width":841,"height":11}},{"id":"34682fbb-d775-4998-a97d-80a247a92dcb","block_type":"box","text":"guarantee that BlackRock’s use of these models will result in effective investment decisions for the Fund.","page_number":7,"box":{"x":81,"y":294,"width":777,"height":12}},{"id":"92a4717e-50b7-4947-9593-7bb03401b0f9","block_type":"box","text":"The information and data used in the models may be supplied by third par ties. Inaccurate or incomplete data may","page_number":7,"box":{"x":81,"y":314,"width":837,"height":12}},{"id":"af29a264-6c84-4159-b442-6d25c1d2f0f0","block_type":"box","text":"limit the effectiveness of the models. In addition, some of the data that BlackRock uses may be historical data,","page_number":7,"box":{"x":82,"y":329,"width":819,"height":12}},{"id":"fdeb1cfd-b94a-424a-8709-d2f3479e7441","block_type":"box","text":"which may not accurately predict future market movement. There is a risk that the models will not be successful in","page_number":7,"box":{"x":80,"y":344,"width":843,"height":12}},{"id":"29f1c65e-effe-4d2d-bb34-671dd7ae8d08","block_type":"box","text":"selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve","page_number":7,"box":{"x":81,"y":359,"width":834,"height":11}},{"id":"7d71151c-549f-4444-9a0c-91dfcba5348d","block_type":"box","text":"its investment objective.","page_number":7,"box":{"x":82,"y":374,"width":176,"height":11}},{"id":"5ca5f27d-947d-4aac-8eb8-d28d6c9f6f0b","block_type":"box","text":"Money Market Securities Risk","page_number":7,"box":{"x":81,"y":394,"width":229,"height":11}},{"id":"9a340961-f6e0-4442-b098-ed67a63e58b3","block_type":"box","text":"— If market conditions improve while the Fund has invested some or all of its","page_number":7,"box":{"x":314,"y":394,"width":570,"height":11}},{"id":"72efe5eb-faaa-4c21-b3e3-2a3c1716ba8d","block_type":"box","text":"assets in high quality money market securities, this strategy could result in reducing the potential gain from the","page_number":7,"box":{"x":81,"y":409,"width":819,"height":11}},{"id":"85294ab9-7f03-4079-bc3b-fd234177c7bf","block_type":"box","text":"market upswing, thus reducing the Fund’s oppor tunity to achieve its investment objective.","page_number":7,"box":{"x":82,"y":424,"width":657,"height":11}},{"id":"0b407152-5b8e-4eed-8e0f-90a9930ccfaa","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks","page_number":7,"box":{"x":81,"y":443,"width":346,"height":12}},{"id":"0bed4084-5630-402f-849d-f39eeb6ea883","block_type":"box","text":"— Mor tgage- and asset-backed securities represent interests in","page_number":7,"box":{"x":432,"y":444,"width":469,"height":11}},{"id":"697e6139-5a3f-449b-bd71-bcf9e75d513e","block_type":"box","text":"“pools” of mor tgages or other assets, including consumer loans or receivables held in trust. Mor tgage- and asset","page_number":7,"box":{"x":82,"y":458,"width":839,"height":12}},{"id":"fb696a71-7713-4bb9-8ced-e714d8bea27b","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":473,"width":822,"height":11}},{"id":"700beaaf-186b-4689-abf5-d221db1f7d03","block_type":"box","text":"subject to risk of default on the underlying mor tgage or asset, par ticularly during periods of economic downturn.","page_number":7,"box":{"x":81,"y":488,"width":821,"height":11}},{"id":"c0c1fbca-5647-4227-8596-9503ed95b081","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":503,"width":851,"height":11}},{"id":"54247a8c-f39e-46e1-acdb-ed28a098cb06","block_type":"box","text":"cer tain mor tgage-backed securities.","page_number":7,"box":{"x":81,"y":518,"width":263,"height":11}},{"id":"564d20e1-28cf-43bd-82aa-d2160ba55a9c","block_type":"box","text":"Municipal Securities Risks","page_number":7,"box":{"x":81,"y":538,"width":201,"height":11}},{"id":"c55c1460-6c74-475d-87cb-33581df1d68a","block_type":"box","text":"— Municipal securities risks include the ability of the issuer to repay the obligation, the","page_number":7,"box":{"x":286,"y":537,"width":643,"height":12}},{"id":"2d5b37ae-5d1c-47bb-87dc-adf119592abf","block_type":"box","text":"relative lack of information about cer tain issuers of municipal securities, and the possibility of future legislative","page_number":7,"box":{"x":82,"y":552,"width":817,"height":12}},{"id":"8b3b7234-3c85-4839-bca2-39d61a536084","block_type":"box","text":"changes which could affect the market for and value of municipal securities. Budgetary constraints of local, state,","page_number":7,"box":{"x":81,"y":567,"width":837,"height":12}},{"id":"60c62759-25a7-4fd2-8575-4ac3bb275bb5","block_type":"box","text":"and federal governments upon which the issuers may be relying for funding may also impact municipal securities.","page_number":7,"box":{"x":81,"y":582,"width":832,"height":11}},{"id":"728a0376-e2a8-4fa6-93a0-b0fb3345baee","block_type":"box","text":"These risks include:","page_number":7,"box":{"x":81,"y":597,"width":145,"height":9}},{"id":"d65ca5de-44ef-4a20-adba-a1e846d5115f","block_type":"box","text":"General Obligation Bonds Risks","page_number":7,"box":{"x":82,"y":617,"width":230,"height":11}},{"id":"176cb4c6-5657-4482-bd89-561ed2a0a798","block_type":"box","text":"— Timely payments depend on the issuer’s credit quality, ability to raise tax","page_number":7,"box":{"x":317,"y":617,"width":558,"height":11}},{"id":"438ec764-cc7e-4acd-a8fe-fb89e1d4f993","block_type":"box","text":"revenues and ability to maintain an adequate tax base.","page_number":7,"box":{"x":82,"y":632,"width":402,"height":11}},{"id":"474d0107-1f41-4fdc-94b3-7ad3cd74fb05","block_type":"box","text":"Revenue Bonds Risks","page_number":7,"box":{"x":82,"y":652,"width":158,"height":9}},{"id":"c793ebea-b0cf-41f0-b494-56b5ca4f10de","block_type":"box","text":"— These payments depend on the money earned by the par ticular facility or class of","page_number":7,"box":{"x":245,"y":652,"width":622,"height":11}},{"id":"e77872da-c499-4f89-87ea-c7b0acdbfa09","block_type":"box","text":"facilities, or the amount of revenues derived from another source.","page_number":7,"box":{"x":81,"y":666,"width":482,"height":11}},{"id":"b8e28750-dff4-41b6-ab63-794c42019ad2","block_type":"box","text":"Private Activity Bonds Risks","page_number":7,"box":{"x":81,"y":687,"width":202,"height":11}},{"id":"47292b66-33d4-4238-bde9-aa98c34408bd","block_type":"box","text":"— Municipalities and other public authorities issue private activity bonds to finance","page_number":7,"box":{"x":288,"y":686,"width":612,"height":12}},{"id":"55d27560-928a-43c7-a3dd-efee34d4b74b","block_type":"box","text":"development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and","page_number":7,"box":{"x":81,"y":701,"width":813,"height":12}},{"id":"8c0aa5a2-4dba-49d9-8c38-18960cbb9c23","block_type":"box","text":"interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment.","page_number":7,"box":{"x":82,"y":716,"width":766,"height":12}},{"id":"0f33caed-b5f3-480c-8e33-97be2c24bc24","block_type":"box","text":"Moral Obligation Bonds Risks","page_number":7,"box":{"x":82,"y":736,"width":215,"height":12}},{"id":"b1943259-7ca2-451c-b73d-f0c2a18d9965","block_type":"box","text":"— Moral obligation bonds are generally issued by special purpose public authorities","page_number":7,"box":{"x":302,"y":736,"width":616,"height":12}},{"id":"dbec2bee-6c81-4b76-b000-a08aa2c0ef38","block_type":"box","text":"of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral","page_number":7,"box":{"x":81,"y":751,"width":854,"height":11}},{"id":"15571dd6-5a2c-49eb-8b18-3d7986d71f45","block_type":"box","text":"commitment, but not a legal obligation, of the state or municipality.","page_number":7,"box":{"x":81,"y":766,"width":492,"height":11}},{"id":"a303741f-42c2-4a57-9d4a-fedb3ddd2bc6","block_type":"box","text":"Municipal Notes Risks","page_number":7,"box":{"x":82,"y":786,"width":162,"height":11}},{"id":"93bbc084-ad7b-4fe0-94e4-f73af4d2cdae","block_type":"box","text":"— Municipal notes are shor ter term municipal debt obligations. If there is a shor tfall in the","page_number":7,"box":{"x":249,"y":786,"width":670,"height":11}},{"id":"584adca1-9ccd-4a2f-a1f5-d20cb870f1d8","block_type":"box","text":"anticipated proceeds, the notes may not be fully repaid and the Fund may lose money.","page_number":7,"box":{"x":81,"y":800,"width":633,"height":12}},{"id":"7548fad2-0fa7-4a5b-b536-fe9bd3a25551","block_type":"box","text":"Municipal Lease Obligations Risks","page_number":7,"box":{"x":82,"y":821,"width":250,"height":11}},{"id":"e94f05e4-fd8b-45ea-a147-2d34049ae639","block_type":"box","text":"— In a municipal lease obligation, the issuer agrees to make payments when","page_number":7,"box":{"x":337,"y":821,"width":568,"height":11}},{"id":"eefb7850-6241-4101-bca9-2bdf13d509e0","block_type":"box","text":"due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease","page_number":7,"box":{"x":81,"y":835,"width":852,"height":12}},{"id":"09921074-006f-4b5f-87f2-2e366e7d79c1","block_type":"box","text":"obligation, the lease obligation is secured by the leased proper ty.","page_number":7,"box":{"x":81,"y":850,"width":479,"height":12}},{"id":"6ecc80f9-a387-41c8-b7e1-653aef9d1df4","block_type":"box","text":"Tax-Exempt Status Risk","page_number":7,"box":{"x":83,"y":870,"width":169,"height":11}},{"id":"fd6d76f3-9144-4eff-ba5f-512b0b81034b","block_type":"box","text":"— The Fund and its investment manager will rely on the opinion of issuers’ bond counsel","page_number":7,"box":{"x":256,"y":870,"width":654,"height":12}},{"id":"a7597c3c-1435-408c-bdd1-b57151d0d7d4","block_type":"box","text":"and, in the case of derivative securities, sponsors’ counsel, on the tax-exempt status of interest on municipal bonds","page_number":7,"box":{"x":81,"y":885,"width":855,"height":11}},{"id":"161e3aec-17a1-4a44-91ce-c0303fd92d86","block_type":"box","text":"and payments under derivative securities. Neither the Fund nor its investment manager will independently review the","page_number":7,"box":{"x":81,"y":900,"width":854,"height":11}},{"id":"5d69536e-8d21-4545-9816-671995502134","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":947,"width":8,"height":9}},{"id":"f2d84ef7-2d5a-4b55-98f5-04cd1310fcfd","block_type":"box","text":"NM0926U-5977355-7/16","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"91b67529-833b-4490-9ac2-b2fd1c501a24","block_type":"box","text":"bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its","page_number":8,"box":{"x":81,"y":42,"width":809,"height":11}},{"id":"cc75b12b-4c63-4839-b83c-f76484e2462c","block_type":"box","text":"shareholders to substantial tax liabilities.","page_number":8,"box":{"x":81,"y":57,"width":302,"height":9}},{"id":"42583605-e98a-4deb-ae8a-e718c05b6be2","block_type":"box","text":"“New Issues” Risk","page_number":8,"box":{"x":83,"y":77,"width":139,"height":9}},{"id":"2a985193-df00-4d64-b425-192daf10818b","block_type":"box","text":"—","page_number":8,"box":{"x":227,"y":82,"width":17,"height":1}},{"id":"fd3b1d0a-252c-43bd-9741-207a186ef603","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":8,"box":{"x":249,"y":77,"width":681,"height":11}},{"id":"c4b062d6-a1c0-4e0b-9904-970fd034a43b","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":8,"box":{"x":81,"y":91,"width":843,"height":12}},{"id":"ac502be1-90f1-429c-8a45-b38096152367","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shor tly after the IPO.","page_number":8,"box":{"x":81,"y":106,"width":517,"height":12}},{"id":"55a492b7-7a74-42ae-b3fa-ab9c750bee93","block_type":"box","text":"Operational and Technology Risks","page_number":8,"box":{"x":82,"y":126,"width":254,"height":12}},{"id":"b1d1c4f3-81a9-4b05-942d-43da4ed7e5ed","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":8,"box":{"x":340,"y":126,"width":578,"height":12}},{"id":"28d6d573-4a69-41c9-9c6b-a0dbf3f5cc5e","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":8,"box":{"x":82,"y":141,"width":779,"height":12}},{"id":"56826ed6-85bf-411a-bb0a-ab4ad0a082a9","block_type":"box","text":"cybersecurity incidents, and the use of AI, which may result in losses for the Fund and its shareholders or may","page_number":8,"box":{"x":81,"y":156,"width":811,"height":11}},{"id":"f0233246-e7b4-4b31-b526-afd109b54c89","block_type":"box","text":"impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":8,"box":{"x":82,"y":171,"width":806,"height":11}},{"id":"d0b083b0-b8d6-4e98-9065-de6f795f0058","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management","page_number":8,"box":{"x":82,"y":185,"width":853,"height":12}},{"id":"925db8cb-0674-4d4d-a362-eb2a3e97334b","block_type":"box","text":"may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could","page_number":8,"box":{"x":82,"y":200,"width":841,"height":12}},{"id":"f76a99e8-0fb9-494c-8aa1-5f37a750e1db","block_type":"box","text":"also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":8,"box":{"x":81,"y":215,"width":808,"height":12}},{"id":"4ef08499-53a7-47ba-a33e-19a09e47ea97","block_type":"box","text":"issuers to lose value.","page_number":8,"box":{"x":82,"y":230,"width":155,"height":9}},{"id":"95792155-a555-4f64-b58a-68e6fb817261","block_type":"box","text":"Preferred Securities Risk","page_number":8,"box":{"x":81,"y":250,"width":189,"height":9}},{"id":"3df6bde9-4b98-45ac-bd29-5b8d4a5c784b","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":8,"box":{"x":274,"y":250,"width":636,"height":11}},{"id":"588483e4-cd6e-4945-8f46-e1bb06510bbd","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":8,"box":{"x":81,"y":265,"width":824,"height":11}},{"id":"e0e2b57c-ab0c-4930-b392-1093f954c491","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":8,"box":{"x":82,"y":280,"width":806,"height":11}},{"id":"e8f2c3ab-2a24-4163-a2e4-b92a01a12803","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":8,"box":{"x":81,"y":294,"width":842,"height":12}},{"id":"7c72dad4-3c23-4916-9b68-ea1b36daafac","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":8,"box":{"x":81,"y":309,"width":781,"height":12}},{"id":"b45a08ba-c110-498b-b768-e8bfabb1bef8","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":8,"box":{"x":81,"y":324,"width":812,"height":12}},{"id":"e32a5baa-da20-4e1a-a2ea-4f15f44a7f76","block_type":"box","text":"larger companies.","page_number":8,"box":{"x":82,"y":339,"width":129,"height":11}},{"id":"9f54c78e-c446-44ae-88bc-e1075cc8cf60","block_type":"box","text":"Sovereign Debt Risk","page_number":8,"box":{"x":81,"y":359,"width":154,"height":11}},{"id":"a5cdb644-554a-4a94-a5b7-606cadef92af","block_type":"box","text":"—","page_number":8,"box":{"x":239,"y":364,"width":17,"height":1}},{"id":"2641fb75-9aaf-4c38-a0c8-ade6c23fdd19","block_type":"box","text":"Sovereign debt instruments are subject to the risk that a governmental entity may delay or","page_number":8,"box":{"x":261,"y":359,"width":664,"height":11}},{"id":"0629c2a0-c104-44b5-ad3c-93e954a820ae","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":8,"box":{"x":82,"y":374,"width":844,"height":11}},{"id":"bbe2a9d7-d846-4e19-a623-1928757bf2d5","block_type":"box","text":"foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in","page_number":8,"box":{"x":81,"y":389,"width":821,"height":11}},{"id":"dd2589f3-98ca-4e8a-9f46-fb501b73f858","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":8,"box":{"x":82,"y":403,"width":845,"height":12}},{"id":"187cfa52-fe72-4da3-bbf1-1490f3f915ee","block_type":"box","text":"or other multilateral agencies.","page_number":8,"box":{"x":81,"y":418,"width":218,"height":12}},{"id":"c5b88267-a9d5-4fad-8564-89d79e54352a","block_type":"box","text":"Structured Securities Risk","page_number":8,"box":{"x":81,"y":438,"width":200,"height":9}},{"id":"21e64033-2fed-4104-bf51-d4e8f7f477b7","block_type":"box","text":"— Because structured securities of the type in which the Fund may invest typically","page_number":8,"box":{"x":285,"y":438,"width":605,"height":12}},{"id":"defd0b20-5c9c-41aa-90b9-34f3ea2849d8","block_type":"box","text":"involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments,","page_number":8,"box":{"x":82,"y":453,"width":823,"height":12}},{"id":"5e696bbe-fa1c-4bc6-b12f-6dfe1322197a","block_type":"box","text":"index or reference obligation and will also be subject to counterpar ty risk. The Fund may have the right to receive","page_number":8,"box":{"x":82,"y":468,"width":827,"height":11}},{"id":"09f361b7-3ddc-436b-8fd6-104c71577f17","block_type":"box","text":"payments only from the structured security, and generally does not have direct rights against the issuer or the entity","page_number":8,"box":{"x":82,"y":483,"width":852,"height":11}},{"id":"d0349114-7ea6-4fde-a5b5-5fd5397a252c","block_type":"box","text":"that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed","page_number":8,"box":{"x":80,"y":498,"width":823,"height":11}},{"id":"7a4e6059-ad45-43bd-b41e-5828b20744c1","block_type":"box","text":"herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions","page_number":8,"box":{"x":82,"y":513,"width":818,"height":11}},{"id":"93363b37-8792-440f-b541-a70258f365a4","block_type":"box","text":"from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may","page_number":8,"box":{"x":81,"y":527,"width":842,"height":12}},{"id":"0faad3ef-1e1d-46d3-a8c6-462cbbabfe2c","block_type":"box","text":"decline in value or default; and the possibility that the structured securities are subordinate to other classes. The","page_number":8,"box":{"x":81,"y":542,"width":834,"height":11}},{"id":"15ef61d5-b182-46b1-b797-1b7a1f06d819","block_type":"box","text":"Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the","page_number":8,"box":{"x":82,"y":557,"width":834,"height":11}},{"id":"54c2342f-9ed1-45db-ba41-1e937a0cc6be","block_type":"box","text":"right of payment of another class. Subordinated structured securities typically have higher yields and present","page_number":8,"box":{"x":82,"y":572,"width":799,"height":11}},{"id":"7ee83ccb-5edf-4615-b860-e9494a37fdea","block_type":"box","text":"greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement","page_number":8,"box":{"x":81,"y":587,"width":851,"height":11}},{"id":"be1571cf-fb3f-41d0-a39e-54e63cd3db89","block_type":"box","text":"transactions, and there currently is no active trading market for structured securities. Structured securities are","page_number":8,"box":{"x":80,"y":601,"width":814,"height":12}},{"id":"eb5446ab-145e-4e10-ae01-12fb21f0d573","block_type":"box","text":"based upon the movement of one or more factors, including currency exchange rates, interest rates, reference","page_number":8,"box":{"x":81,"y":616,"width":812,"height":12}},{"id":"164eab9f-d008-4157-8f37-387d64e5a025","block_type":"box","text":"bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price","page_number":8,"box":{"x":81,"y":631,"width":816,"height":11}},{"id":"d69d8c9e-f16b-42e5-8c06-1fc93f9c97c2","block_type":"box","text":"fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the","page_number":8,"box":{"x":81,"y":646,"width":795,"height":11}},{"id":"1217aeca-2ebb-4aa2-b6f7-be656916f167","block_type":"box","text":"structured security to be reduced to zero. Cer tain issuers of such structured securities may be deemed to be","page_number":8,"box":{"x":81,"y":661,"width":802,"height":11}},{"id":"cc7b1319-b6c5-4fe2-bd7b-d8328a0658ad","block_type":"box","text":"“investment companies” as defined in the Investment Company Act. As a result, the Fund’s investment in such","page_number":8,"box":{"x":82,"y":675,"width":816,"height":12}},{"id":"dcd90279-8c8e-46da-a70b-c3aec85a7c24","block_type":"box","text":"securities may be limited by cer tain investment restrictions contained in the Investment Company Act.","page_number":8,"box":{"x":81,"y":690,"width":749,"height":12}},{"id":"43c33627-cdfb-4627-84a1-e0434c6481ee","block_type":"box","text":"U.S. Government Issuer Risk","page_number":8,"box":{"x":82,"y":710,"width":215,"height":9}},{"id":"9cc941e7-ab8c-4c30-aa32-3746711b68fe","block_type":"box","text":"—","page_number":8,"box":{"x":302,"y":716,"width":17,"height":0}},{"id":"320fb029-ec5a-4918-a815-1d6bfb5b0c70","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":8,"box":{"x":323,"y":710,"width":612,"height":12}},{"id":"a50ef82c-11de-4e96-b8ac-c03965cba5ac","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying","page_number":8,"box":{"x":81,"y":725,"width":797,"height":12}},{"id":"6687fe22-243d-48f2-a8de-8a4b925b3a95","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":740,"width":850,"height":11}},{"id":"19729cbf-4660-4ff6-9f47-623c533ed2fe","block_type":"box","text":"be given that the U.S. Government will provide financial suppor t to its agencies and authorities if it is not obligated","page_number":8,"box":{"x":81,"y":755,"width":843,"height":11}},{"id":"9c5a731c-e508-4fe0-8d80-f72a8c287354","block_type":"box","text":"by law to do so.","page_number":8,"box":{"x":81,"y":770,"width":114,"height":11}},{"id":"fef46d69-cc34-411a-9f64-cf1cb22ffd90","block_type":"box","text":"U.S. Government Mortgage-Related Securities Risk","page_number":8,"box":{"x":82,"y":790,"width":386,"height":11}},{"id":"3f6c0705-860a-4cb8-b030-7ba43047a8d3","block_type":"box","text":"— There are a number of impor tant differences among the","page_number":8,"box":{"x":472,"y":789,"width":433,"height":12}},{"id":"6b72bc4b-0ab7-459b-b8fb-812b2334f4c2","block_type":"box","text":"agencies and instrumentalities of the U.S. Government that issue mor tgage-related securities and among the","page_number":8,"box":{"x":81,"y":804,"width":804,"height":12}},{"id":"953797da-2f20-4aa2-b50a-2d1050577e12","block_type":"box","text":"securities that they issue. Mor tgage-related securities guaranteed by the Government National Mor tgage","page_number":8,"box":{"x":81,"y":819,"width":768,"height":12}},{"id":"9c3ce5a1-4e87-42c6-8d89-f2ff5108b832","block_type":"box","text":"Association (“GNMA” or “Ginnie Mae”) are guaranteed as to the timely payment of principal and interest by GNMA","page_number":8,"box":{"x":81,"y":834,"width":838,"height":12}},{"id":"045cca8a-21c6-428b-a586-c7ef8fcf1d57","block_type":"box","text":"and such guarantee is backed by the full faith and credit of the United States. GNMA securities also are suppor ted","page_number":8,"box":{"x":81,"y":849,"width":843,"height":11}},{"id":"2228a19b-9e63-4b51-9634-8bf3184581c0","block_type":"box","text":"by the right of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. Mor tgage","page_number":8,"box":{"x":81,"y":864,"width":816,"height":11}},{"id":"97757f24-62f9-4f74-a780-349b763139f5","block_type":"box","text":"related securities issued by Fannie Mae or Freddie Mac are solely the obligations of Fannie Mae or Freddie Mac, as","page_number":8,"box":{"x":82,"y":878,"width":846,"height":12}},{"id":"fe9b3a1b-443f-47f8-a8c1-63a6c2c23321","block_type":"box","text":"the case may be, and are not backed by or entitled to the full faith and credit of the United States but are","page_number":8,"box":{"x":80,"y":893,"width":776,"height":12}},{"id":"86a60a03-9ee7-4d26-8035-bd1450c433d7","block_type":"box","text":"suppor ted by the right of the issuer to borrow from the Treasury.","page_number":8,"box":{"x":81,"y":908,"width":472,"height":12}},{"id":"d1e27966-c3c8-4c0f-8be2-8faa62f21a71","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"95b0a7e4-efa1-4441-9907-153455128d11","block_type":"box","text":"NM0926U-5977355-8/16","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"4fdfde9d-ca16-4de7-8f2b-e45f7085095e","block_type":"box","text":"Performance Information","page_number":9,"box":{"x":61,"y":43,"width":224,"height":11}},{"id":"ad7778e3-9f20-417e-b454-9358f85fe537","block_type":"box","text":"The information shows you how the Fund’s per formance has varied year by year and provides some indication of the","page_number":9,"box":{"x":60,"y":69,"width":855,"height":11}},{"id":"32673faf-664a-4fad-8118-2e15bbbe9ab4","block_type":"box","text":"risks of investing in the Fund. Effective March 3, 2025, the Fund changed its name, investment process and","page_number":9,"box":{"x":61,"y":84,"width":796,"height":11}},{"id":"64d5fc36-ff2d-45b4-8bcb-48ca17e308bb","block_type":"box","text":"investment strategies. Per formance for the periods prior to March 3, 2025 shown below is based on the investment","page_number":9,"box":{"x":62,"y":98,"width":853,"height":12}},{"id":"21179c15-b78f-463b-b53b-0851125e22e2","block_type":"box","text":"process and investment strategies utilized by the Fund under the name “BlackRock Sustainable Balanced Fund, Inc.”","page_number":9,"box":{"x":62,"y":113,"width":858,"height":12}},{"id":"0cf2c589-366c-4946-a419-4866f0a2a36d","block_type":"box","text":"Effective April 8, 2022, the Fund changed its name, investment process and investment strategies. Per formance for","page_number":9,"box":{"x":62,"y":128,"width":854,"height":12}},{"id":"66f60a1b-56f2-4368-97b7-0c4e808c64d8","block_type":"box","text":"the periods prior to April 8, 2022 shown below is based on the investment process and investment strategies utilized","page_number":9,"box":{"x":60,"y":143,"width":864,"height":12}},{"id":"4c776063-57f4-400d-8a2a-5a762d0a192f","block_type":"box","text":"by the Fund under the name “BlackRock Balanced Capital Fund, Inc.” The table compares the Fund’s per formance to","page_number":9,"box":{"x":61,"y":158,"width":859,"height":11}},{"id":"844bb209-51e3-48d1-a545-b926ff8ceaf2","block_type":"box","text":"that of the MSCI All Country World Index (Net), the Bloomberg U.S. Aggregate Bond Index and a customized weighted","page_number":9,"box":{"x":60,"y":173,"width":858,"height":11}},{"id":"71dab705-689f-4755-a8c0-e176222e6bcd","block_type":"box","text":"index comprised of the returns of the MSCI All Country World Index (Net) (60%) and the Bloomberg U.S. Aggregate","page_number":9,"box":{"x":62,"y":187,"width":836,"height":12}},{"id":"2437b83c-0eb1-4781-b37f-47f7167c8d53","block_type":"box","text":"Bond Index (40%) (the “Custom Benchmark”). The Bloomberg U.S. Aggregate Bond Index and the Custom Benchmark","page_number":9,"box":{"x":62,"y":202,"width":861,"height":12}},{"id":"19c27de9-c571-4542-b7f2-816ac45f45a8","block_type":"box","text":"are relevant to the Fund because they have characteristics similar to the Fund’s investment strategies. To the extent","page_number":9,"box":{"x":61,"y":217,"width":856,"height":12}},{"id":"3351bac4-de5f-49b9-94f3-98855c7e178c","block_type":"box","text":"that dividends and distributions have been paid by the Fund, the per formance information for the Fund in the char t and","page_number":9,"box":{"x":60,"y":232,"width":875,"height":11}},{"id":"949f2c44-f0f6-4d32-bb8a-ec170ebf4444","block_type":"box","text":"table assumes reinvestment of the dividends and distributions. As with all such investments, past per formance","page_number":9,"box":{"x":60,"y":247,"width":821,"height":11}},{"id":"4e8b6acd-fec6-4331-b40b-e45d9c7a3efc","block_type":"box","text":"(before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar char t. If they","page_number":9,"box":{"x":61,"y":262,"width":856,"height":11}},{"id":"fff59d1b-a466-41c5-9dcb-49371745921d","block_type":"box","text":"were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If","page_number":9,"box":{"x":60,"y":276,"width":852,"height":12}},{"id":"3cd328cc-4714-4b82-9584-a3eae8f58c92","block_type":"box","text":"the Fund’s investment manager and its affiliates had not waived or reimbursed cer tain Fund expenses during these","page_number":9,"box":{"x":60,"y":291,"width":849,"height":12}},{"id":"28af9c98-a53d-4239-89c3-882fac6f254e","block_type":"box","text":"periods, the Fund’s returns would have been lower. Updated information on the Fund’s per formance, including its","page_number":9,"box":{"x":62,"y":306,"width":832,"height":12}},{"id":"43aa7fbc-a3ba-4f6c-8ef5-15d674818dcd","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":9,"box":{"x":61,"y":321,"width":757,"height":11}},{"id":"e91ee4e2-c482-450e-a17b-519bfa1297ec","block_type":"box","text":"(800) 882-0052.","page_number":9,"box":{"x":61,"y":336,"width":122,"height":11}},{"id":"e3d94299-ab1b-49d4-8186-9bdc705fbacc","block_type":"box","text":"Investor A Shares","page_number":9,"box":{"x":427,"y":359,"width":144,"height":10}},{"id":"1024ccd2-f992-462f-bdd6-eda66abd67e1","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":9,"box":{"x":392,"y":375,"width":212,"height":10}},{"id":"acdf4c79-0073-4610-a066-4e323c356c6c","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":9,"box":{"x":370,"y":391,"width":257,"height":12}},{"id":"8669e919-5b89-4a57-b175-160d31673061","block_type":"box","text":"As of 12/31","page_number":9,"box":{"x":447,"y":407,"width":103,"height":12}},{"id":"d3640651-a5d4-43fe-8ca5-304eef9bb1b3","block_type":"box","text":"8.20%","page_number":9,"box":{"x":295,"y":490,"width":37,"height":8}},{"id":"04e598a6-343c-489a-adcb-cf1873d0c6a2","block_type":"box","text":"14.24%","page_number":9,"box":{"x":340,"y":472,"width":44,"height":7}},{"id":"67f2791f-4bec-4f1f-9c9c-73a5deab07f6","block_type":"box","text":"-3.41%","page_number":9,"box":{"x":389,"y":542,"width":41,"height":7}},{"id":"ba7591a6-e4d1-4420-afe9-dd807a8f4c2b","block_type":"box","text":"21.57%","page_number":9,"box":{"x":436,"y":449,"width":45,"height":7}},{"id":"142e87cf-9dd4-4806-b93b-e47d5b69f5e4","block_type":"box","text":"15.12%","page_number":9,"box":{"x":484,"y":469,"width":45,"height":7}},{"id":"f95c8bac-39bc-405f-a0b1-f12d33916611","block_type":"box","text":"16.32%","page_number":9,"box":{"x":532,"y":465,"width":45,"height":7}},{"id":"18783107-a023-4cfd-8cbc-5f49c012f80a","block_type":"box","text":"-15.69%","page_number":9,"box":{"x":578,"y":580,"width":49,"height":7}},{"id":"f8acf941-c595-42bd-9c43-5818b8acfd4c","block_type":"box","text":"16.59%","page_number":9,"box":{"x":629,"y":464,"width":44,"height":8}},{"id":"620e47c6-2f00-4bd8-bc0b-01aecfde8a27","block_type":"box","text":"12.48%","page_number":9,"box":{"x":677,"y":477,"width":44,"height":7}},{"id":"22d32ab6-05ec-47aa-8115-210005e8cc03","block_type":"box","text":"15.31%","page_number":9,"box":{"x":725,"y":468,"width":45,"height":8}},{"id":"535f1543-c617-4097-b1b2-9bf9ebd921d3","block_type":"box","text":"-20%","page_number":9,"box":{"x":237,"y":586,"width":28,"height":7}},{"id":"4ce1e19d-cc2f-4011-ac1b-6130041af022","block_type":"box","text":"-10%","page_number":9,"box":{"x":237,"y":555,"width":28,"height":7}},{"id":"d17779ac-2746-4d30-a586-eb6028b6d067","block_type":"box","text":"0%","page_number":9,"box":{"x":248,"y":524,"width":17,"height":7}},{"id":"88d9bb26-d46e-4b45-a5a7-22872ae2db0c","block_type":"box","text":"10%","page_number":9,"box":{"x":241,"y":492,"width":24,"height":8}},{"id":"e74289f3-e900-4137-8a30-5e9691b84fb6","block_type":"box","text":"20%","page_number":9,"box":{"x":240,"y":461,"width":25,"height":8}},{"id":"42ae4f14-91c1-4b98-a69f-ff4beccd3831","block_type":"box","text":"30%","page_number":9,"box":{"x":240,"y":430,"width":25,"height":8}},{"id":"d530fd9a-2566-4432-977f-3e8e9175bca7","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":9,"box":{"x":298,"y":595,"width":465,"height":8}},{"id":"3671eb6f-87f8-413d-a67b-38acf7e819a8","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 15.44% (quar ter ended","page_number":9,"box":{"x":62,"y":616,"width":806,"height":12}},{"id":"8f4ed0f1-367b-4e83-abe2-8a8d59e78849","block_type":"box","text":"June 30, 2020) and the lowest return for a quar ter was -13.04% (quar ter ended March 31, 2020). The year-to-date","page_number":9,"box":{"x":61,"y":631,"width":845,"height":11}},{"id":"0fb96e4f-0f5c-4ef2-9d8a-89bca8d20ce9","block_type":"box","text":"return as of June 30, 2026 was 7.67%.","page_number":9,"box":{"x":61,"y":646,"width":289,"height":10}},{"id":"31d206f3-5f5f-45a3-bc62-0b0c0f6a94a9","block_type":"box","text":"For the periods ended 12/31/25","page_number":9,"box":{"x":70,"y":674,"width":223,"height":11}},{"id":"00b04ab8-ed72-4410-bc42-999a44ed1887","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":9,"box":{"x":69,"y":686,"width":854,"height":10}},{"id":"b5252238-a83e-4d61-8c3e-f3d234e4ecee","block_type":"box","text":"BlackRock Balanced Fund, Inc. — Investor A Shares","page_number":9,"box":{"x":70,"y":704,"width":342,"height":10}},{"id":"885e1817-b34a-4c4e-8b47-f504c9a01d39","block_type":"box","text":"Return Before Taxes 9.25% 7.04% 8.91%","page_number":9,"box":{"x":85,"y":717,"width":840,"height":8}},{"id":"0f47b892-402d-414c-9bdb-278594786cae","block_type":"box","text":"Return After Taxes on Distributions 6.38% 4.88% 6.66%","page_number":9,"box":{"x":85,"y":730,"width":840,"height":8}},{"id":"ad1f3a31-b770-40c8-b2b2-2c9f136ecfbd","block_type":"box","text":"Return After Taxes on Distributions","page_number":9,"box":{"x":85,"y":743,"width":228,"height":8}},{"id":"14b30cee-ef33-44cd-a5f1-5b2247e4265e","block_type":"box","text":"and Sale of Fund Shares 6.22% 4.81% 6.37%","page_number":9,"box":{"x":85,"y":754,"width":840,"height":9}},{"id":"f134a5e8-f310-4ccd-844c-b26ca7fdce13","block_type":"box","text":"BlackRock Balanced Fund, Inc. — Investor C Shares","page_number":9,"box":{"x":70,"y":772,"width":343,"height":10}},{"id":"048d0a6e-6534-4453-ae23-12c5395f5855","block_type":"box","text":"Return Before Taxes 13.39% 7.36% 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Actual after-tax returns depend on the investor’s tax situation and may","page_number":10,"box":{"x":61,"y":236,"width":835,"height":11}},{"id":"a931a5e7-ce94-44d2-9bcf-a42bfb098757","block_type":"box","text":"differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through","page_number":10,"box":{"x":61,"y":251,"width":851,"height":11}},{"id":"f4c504f6-eeed-432f-9272-7b11152bd46b","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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