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0.00%","page_number":3,"box":{"x":591,"y":677,"width":333,"height":8}},{"id":"a4c600dd-1509-49bf-9a96-d2f6eda41458","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or","page_number":3,"box":{"x":69,"y":695,"width":421,"height":10}},{"id":"afc91113-3429-43a3-8473-3c1d3942faac","block_type":"box","text":"Expense Reimbursements","page_number":3,"box":{"x":70,"y":709,"width":170,"height":10}},{"id":"aa82fd34-53b2-49a7-9166-6e98ae684b72","block_type":"box","text":"3","page_number":3,"box":{"x":241,"y":708,"width":4,"height":5}},{"id":"5124b9f8-a96c-4134-86a6-5f602a17b615","block_type":"box","text":"1.11% 1.90% 0.86% 1.47%","page_number":3,"box":{"x":591,"y":709,"width":333,"height":8}},{"id":"7d86d2c4-4e97-4446-8807-f9f1cd113901","block_type":"box","text":"1","page_number":3,"box":{"x":61,"y":728,"width":3,"height":4}},{"id":"9fc1fbe7-eb19-463c-8a5b-0ad59f894bf4","block_type":"box","text":"A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after","page_number":3,"box":{"x":81,"y":728,"width":835,"height":9}},{"id":"5817ab9e-2a01-4ec7-ab7c-d71e577e73e2","block_type":"box","text":"purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.","page_number":3,"box":{"x":81,"y":738,"width":718,"height":10}},{"id":"58fe21c2-a62e-437a-9158-bc7f2ab3dc28","block_type":"box","text":"2","page_number":3,"box":{"x":61,"y":751,"width":3,"height":4}},{"id":"a9920754-5e36-41bf-b125-220959c49cd2","block_type":"box","text":"There is no CDSC on Investor C Shares after one year.","page_number":3,"box":{"x":81,"y":751,"width":318,"height":9}},{"id":"00c33fad-e2ea-4848-963e-084983ef93ef","block_type":"box","text":"3","page_number":3,"box":{"x":61,"y":764,"width":3,"height":4}},{"id":"8e4049df-46f1-4673-aa98-227a8fa13441","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s 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Although your actual costs may be higher","page_number":4,"box":{"x":61,"y":107,"width":859,"height":11}},{"id":"132d9bdf-74a2-4c4c-af2e-6fa8f6a92331","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":4,"box":{"x":61,"y":122,"width":436,"height":11}},{"id":"d601a95c-cc9f-4dfe-b114-143966ae6a0f","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":150,"width":292,"height":9}},{"id":"b9fb605d-4059-465d-bcab-7272147f85ed","block_type":"box","text":"Investor A Shares $632 $859 $1,104 $1,806","page_number":4,"box":{"x":70,"y":168,"width":848,"height":10}},{"id":"b5e3bd64-4205-4b69-949a-4d92956ae28c","block_type":"box","text":"Investor C Shares $293 $597 $1,026 $2,016","page_number":4,"box":{"x":70,"y":186,"width":848,"height":10}},{"id":"42efb43f-9a69-4e07-b4db-e50404de8a70","block_type":"box","text":"Institutional Shares $ 88 $274 $ 477 $1,061","page_number":4,"box":{"x":70,"y":204,"width":848,"height":10}},{"id":"aa814dca-2dfd-4366-9d75-7800624713d2","block_type":"box","text":"Class R Shares $150 $465 $ 803 $1,757","page_number":4,"box":{"x":69,"y":222,"width":849,"height":10}},{"id":"34cb75db-e41c-4aca-aab1-b0908ff786e3","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":4,"box":{"x":60,"y":254,"width":532,"height":12}},{"id":"2a7df18f-3330-495f-a514-756ecb952a92","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":283,"width":292,"height":8}},{"id":"eedbca90-f215-461f-979d-7870e2463817","block_type":"box","text":"Investor C Shares $193 $597 $1,026 $2,016","page_number":4,"box":{"x":70,"y":301,"width":848,"height":10}},{"id":"6527a714-ba00-4b7c-a638-f280d2a66ba3","block_type":"box","text":"Portfolio Turnover:","page_number":4,"box":{"x":61,"y":326,"width":151,"height":10}},{"id":"10ac7f53-0684-4854-8ea4-dfb5616194b1","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":4,"box":{"x":60,"y":342,"width":800,"height":12}},{"id":"2e2af6c5-a385-4977-97ef-cba6b62cf9cd","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":4,"box":{"x":62,"y":357,"width":850,"height":12}},{"id":"a06caeb5-a2a0-4c7d-a264-947c4db12f87","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":4,"box":{"x":61,"y":372,"width":870,"height":11}},{"id":"d0669d36-0e08-4f04-a854-b66a1f8ad935","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was","page_number":4,"box":{"x":62,"y":387,"width":839,"height":11}},{"id":"ef132937-72bb-4748-9b62-618b35b866b3","block_type":"box","text":"49% of the average value of its portfolio.","page_number":4,"box":{"x":61,"y":401,"width":298,"height":12}},{"id":"05ab7e7c-09fa-4dc3-a6d4-4201097bfcff","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":4,"box":{"x":61,"y":440,"width":394,"height":14}},{"id":"f9333d7f-7993-4265-a77b-93f63e8d2f56","block_type":"box","text":"Under normal market conditions, the Fund invests at least 80% of its total assets in equity securities, primarily","page_number":4,"box":{"x":62,"y":467,"width":814,"height":11}},{"id":"d8722963-3398-4131-8f30-e8fbbcd589ff","block_type":"box","text":"common stock, of companies in health sciences and related industries. Investments in derivatives are counted toward","page_number":4,"box":{"x":61,"y":481,"width":869,"height":12}},{"id":"6e11f1d4-1e2b-4324-8124-4df901d4eb5f","block_type":"box","text":"the Fund’s 80% policy to the extent that they provide investment exposure to the securities included within that policy","page_number":4,"box":{"x":60,"y":496,"width":865,"height":12}},{"id":"fa3befcf-1471-4135-8baf-a08fad787bc6","block_type":"box","text":"or to one or more market risk factors associated with such securities. The health sciences sector can include","page_number":4,"box":{"x":61,"y":511,"width":803,"height":9}},{"id":"e6be3048-936d-4f10-bad4-e9842a78d468","block_type":"box","text":"companies in health care equipment and supplies, health care providers and services, biotechnology, and","page_number":4,"box":{"x":61,"y":526,"width":777,"height":11}},{"id":"70b82531-01fe-4b79-b892-0ecba1256427","block_type":"box","text":"pharmaceuticals. Health sciences and related industries can include, but are not limited to, businesses involved in the","page_number":4,"box":{"x":62,"y":541,"width":872,"height":11}},{"id":"58be5821-3361-4cfd-9021-70907098c9fe","block_type":"box","text":"development, production, and distribution or delivery of medical and pharmaceutical products and services,","page_number":4,"box":{"x":61,"y":555,"width":790,"height":12}},{"id":"4d8c3d09-0f1f-4330-b2a4-d979751f6710","block_type":"box","text":"companies engaged in biotechnology and medical research and development, companies that may design,","page_number":4,"box":{"x":61,"y":571,"width":781,"height":11}},{"id":"183e4e56-3c0a-4ade-bb3c-99e193934a22","block_type":"box","text":"manufacture or distribute medical, dental and optical equipment and supplies, including diagnostic equipment, and","page_number":4,"box":{"x":61,"y":585,"width":845,"height":12}},{"id":"e3808e83-4700-4b57-bfe7-23c8e31e1ea4","block_type":"box","text":"companies that may also provide diagnostic services or operate health facilities and hospitals, or provide related","page_number":4,"box":{"x":61,"y":600,"width":830,"height":12}},{"id":"a4b23e68-6faf-4443-b4bc-7f96374b5e0f","block_type":"box","text":"administrative, management and financial support. The Fund will concentrate its investments (","page_number":4,"box":{"x":61,"y":615,"width":694,"height":11}},{"id":"edf56484-5234-4e2b-9021-970500ba6b52","block_type":"box","text":"i.e.,","page_number":4,"box":{"x":757,"y":615,"width":26,"height":11}},{"id":"490a33ff-9087-403c-bbe0-5efc73726b8e","block_type":"box","text":"invest more than","page_number":4,"box":{"x":790,"y":615,"width":121,"height":9}},{"id":"33ef773a-5d7b-4566-b3e8-f90eaaaf0dc0","block_type":"box","text":"25% of its assets) in health sciences or related industries, and may invest in companies located in non-U.S. countries.","page_number":4,"box":{"x":61,"y":630,"width":870,"height":11}},{"id":"02783812-8957-4cfd-9c89-28fd7b5fa6f5","block_type":"box","text":"The Fund reserves the right to invest up to 20% of its total assets in other types of securities. These may include","page_number":4,"box":{"x":60,"y":652,"width":833,"height":12}},{"id":"f2555574-a28d-4a66-9016-87ef72644e66","block_type":"box","text":"stocks of companies not associated with health sciences.","page_number":4,"box":{"x":61,"y":667,"width":424,"height":11}},{"id":"b9e11538-2f3a-4491-8784-d982b6dd4bfb","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":706,"width":354,"height":13}},{"id":"5bde9fca-d8ce-45cf-b3bc-2b9d751ad000","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":732,"width":860,"height":12}},{"id":"f5a225b7-0202-497a-81e6-e82bdc01c6d1","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your","page_number":4,"box":{"x":61,"y":747,"width":802,"height":12}},{"id":"31ff4591-8bf1-41da-8fd7-e58fa85861f3","block_type":"box","text":"investment in the Fund or your investment may not perform as well as other similar investments. An investment in the","page_number":4,"box":{"x":62,"y":762,"width":866,"height":11}},{"id":"acf29435-fa99-49c6-8d7e-8a0054236c4e","block_type":"box","text":"Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other","page_number":4,"box":{"x":62,"y":777,"width":869,"height":11}},{"id":"285184b1-8a18-4268-ae1b-bd75fcd80cee","block_type":"box","text":"government agency. The following is a summary description of the principal risks of investing in the Fund. The relative","page_number":4,"box":{"x":60,"y":791,"width":864,"height":12}},{"id":"4b823110-9f76-4619-8c5b-b0e94ec214fa","block_type":"box","text":"significance of each risk factor below may change over time and you should review each risk factor carefully.","page_number":4,"box":{"x":61,"y":806,"width":793,"height":12}},{"id":"f02b410a-f4fe-49a8-9065-7db003128b82","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":826,"width":166,"height":12}},{"id":"3c022968-4a40-4026-8d09-87779b029628","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":826,"width":685,"height":12}},{"id":"07ce6953-befd-4ab9-a731-3ed22ce5e83b","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":841,"width":550,"height":11}},{"id":"74e6bfd2-6c2d-4a62-8eb6-7ca9d1b59ff3","block_type":"box","text":"Healthcare-Related Securities Risk","page_number":4,"box":{"x":81,"y":861,"width":264,"height":9}},{"id":"0c317b32-5c37-4cda-a71a-c532ce4d75b1","block_type":"box","text":"—","page_number":4,"box":{"x":350,"y":866,"width":17,"height":1}},{"id":"53b55043-7bbd-498a-a556-1cb42c63b240","block_type":"box","text":"Healthcare companies are strongly affected by worldwide scientific or","page_number":4,"box":{"x":372,"y":861,"width":509,"height":12}},{"id":"b651e6f9-72bf-42e5-8ff6-928016800287","block_type":"box","text":"technological developments. Their products may rapidly become obsolete. Many healthcare companies are also","page_number":4,"box":{"x":80,"y":876,"width":820,"height":11}},{"id":"da2ac83f-ccf8-4b95-8826-642525956a34","block_type":"box","text":"subject to significant government regulation and may be affected by changes in governmental policies.","page_number":4,"box":{"x":81,"y":891,"width":752,"height":11}},{"id":"0b870cdf-03ba-4392-a651-a742cc71718c","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"a870f2ee-c741-469b-afbd-c36a5f07d494","block_type":"box","text":"NM1026U-5978611-4/68","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"379c1de3-5438-4a5e-9c35-e1345528ab06","block_type":"box","text":"Concentration Risk","page_number":5,"box":{"x":81,"y":46,"width":145,"height":9}},{"id":"635d7a9c-6695-4fe0-9aca-cd4b6db806c3","block_type":"box","text":"—","page_number":5,"box":{"x":231,"y":51,"width":17,"height":1}},{"id":"00c00638-b5cf-488b-9049-7d2496bb131b","block_type":"box","text":"The Fund’s strategy of concentrating in health sciences and related companies means that","page_number":5,"box":{"x":252,"y":46,"width":668,"height":11}},{"id":"dc7774e9-bca5-4277-99a3-8dab8f405c14","block_type":"box","text":"its performance will be closely tied to the performance of a particular market segment. The Fund’s concentration in","page_number":5,"box":{"x":82,"y":60,"width":848,"height":12}},{"id":"cfbbd39f-1774-4719-ae8f-b2a6be7a1558","block_type":"box","text":"these companies may present more risks than if it were broadly diversified over numerous industries and sectors of","page_number":5,"box":{"x":80,"y":75,"width":853,"height":12}},{"id":"79dd5c6c-a148-4dab-8952-ef317324da51","block_type":"box","text":"the economy. A downturn in these companies would have a larger impact on the Fund than on a mutual fund that","page_number":5,"box":{"x":80,"y":90,"width":831,"height":12}},{"id":"816de4ce-306f-4b38-8270-da01f1f77ece","block_type":"box","text":"does not concentrate in such companies. At times, the performance of these companies will lag the performance of","page_number":5,"box":{"x":81,"y":105,"width":855,"height":12}},{"id":"2be00c93-6573-4170-b8ee-132f89792010","block_type":"box","text":"other industries or the broader market as a whole.","page_number":5,"box":{"x":81,"y":120,"width":368,"height":9}},{"id":"d7f090ba-292e-4413-ad30-8a897f7e2a9b","block_type":"box","text":"Foreign Securities Risk","page_number":5,"box":{"x":81,"y":140,"width":176,"height":11}},{"id":"6bcaa088-d4ba-4843-adf6-ada99bcf5e40","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":140,"width":668,"height":11}},{"id":"51e0cfae-f76a-4546-92b6-5543cc96adb8","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":5,"box":{"x":82,"y":155,"width":531,"height":11}},{"id":"afa21322-71a6-46f8-b6ff-edd40a8b7147","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":175,"width":823,"height":11}},{"id":"685cc6e3-7b6b-4a55-80f6-30755cf258de","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":189,"width":823,"height":12}},{"id":"67df3d76-e2e7-4d77-a942-d44847e5ee9e","block_type":"box","text":"oversight.","page_number":5,"box":{"x":101,"y":204,"width":70,"height":12}},{"id":"4861d987-64de-4c87-aefe-737852afd191","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.","page_number":5,"box":{"x":101,"y":224,"width":644,"height":12}},{"id":"daa2f500-ea49-4d2b-959a-262f6bba53cd","block_type":"box","text":"The economies of certain foreign markets may not compare favorably with the economy of the United States with","page_number":5,"box":{"x":101,"y":244,"width":830,"height":12}},{"id":"057c74a4-f332-435d-b328-7833532f10ac","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":259,"width":808,"height":12}},{"id":"0bd6d5a0-1e82-4973-b753-30291b4128e1","block_type":"box","text":"payments position.","page_number":5,"box":{"x":102,"y":274,"width":137,"height":11}},{"id":"21e4e67b-0929-4f3c-9114-54eef87e1a39","block_type":"box","text":"The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or","page_number":5,"box":{"x":101,"y":294,"width":821,"height":11}},{"id":"434c97e0-6a6d-4ba8-8d39-df98574f821a","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":309,"width":809,"height":11}},{"id":"47b24d68-c4f0-4c4c-b0cd-8a7f52609322","block_type":"box","text":"markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":5,"box":{"x":102,"y":323,"width":784,"height":12}},{"id":"bea82383-a031-44c9-b07a-900f66af1eb2","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":5,"box":{"x":101,"y":339,"width":352,"height":11}},{"id":"9d9519ea-e095-47a6-8804-6ac5fcd88944","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":358,"width":823,"height":12}},{"id":"e7c853f1-8e38-4500-b0e6-87585aa6f367","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":373,"width":811,"height":12}},{"id":"38200fd0-8712-47ca-937b-f33fca0daa3d","block_type":"box","text":"U.S. securities laws.","page_number":5,"box":{"x":102,"y":388,"width":148,"height":9}},{"id":"38c01aab-f67a-4ffd-b0c3-340eb1427dc3","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of","page_number":5,"box":{"x":101,"y":408,"width":834,"height":11}},{"id":"62344c32-3c44-4819-be73-6f0ce36d4407","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":5,"box":{"x":101,"y":423,"width":628,"height":11}},{"id":"cc8c2c3e-5870-4d2c-831d-0824617b6766","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":443,"width":830,"height":11}},{"id":"7783de4e-73e4-4ab9-82c3-2569beb7b859","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":457,"width":831,"height":12}},{"id":"e521ac4e-9756-4704-9954-20be06a3ea83","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full,","page_number":5,"box":{"x":101,"y":472,"width":813,"height":12}},{"id":"c2e5e249-3ecc-4af3-bd63-05b4f60bdbdb","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":5,"box":{"x":101,"y":487,"width":395,"height":12}},{"id":"6ddd3a75-1af9-41fc-9634-831b6ff50acb","block_type":"box","text":"Geographic Concentration Risk","page_number":5,"box":{"x":81,"y":507,"width":235,"height":12}},{"id":"700829f5-58eb-4768-aaa5-8468e62a2fac","block_type":"box","text":"— From time to time the Fund may invest a substantial amount of its assets in","page_number":5,"box":{"x":320,"y":507,"width":581,"height":12}},{"id":"10c87cbd-9bdb-4e7f-9c09-7c2339a0aa43","block_type":"box","text":"issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this","page_number":5,"box":{"x":82,"y":522,"width":848,"height":12}},{"id":"4e57fa6b-cba2-4dac-9602-ab895988d6cd","block_type":"box","text":"manner, it assumes the risk that economic, political and social conditions in those countries will have a significant","page_number":5,"box":{"x":82,"y":537,"width":841,"height":11}},{"id":"30ac0608-e885-450e-8d5b-83ff087fe0c8","block_type":"box","text":"impact on its investment performance. The Fund’s investment performance may also be more volatile if it","page_number":5,"box":{"x":82,"y":552,"width":777,"height":11}},{"id":"93c7b888-3302-44cb-aec4-5367cab60c19","block_type":"box","text":"concentrates its investments in certain countries, especially emerging market countries.","page_number":5,"box":{"x":81,"y":567,"width":648,"height":11}},{"id":"010878ed-9f20-4a45-bd2e-edbfb0c78417","block_type":"box","text":"Investment Style Risk","page_number":5,"box":{"x":81,"y":587,"width":166,"height":11}},{"id":"b585c753-d715-4323-b59d-ae2c58d47bf0","block_type":"box","text":"—","page_number":5,"box":{"x":252,"y":592,"width":17,"height":1}},{"id":"3a7de226-6b50-49a1-9ca5-562fbf98c027","block_type":"box","text":"Under certain market conditions, growth investments have performed better during the","page_number":5,"box":{"x":274,"y":586,"width":637,"height":12}},{"id":"b5c1586c-0e77-433e-82f8-25d09f800df2","block_type":"box","text":"later stages of economic expansion. Therefore, this investment style may over time go in and out of favor. At times","page_number":5,"box":{"x":82,"y":601,"width":842,"height":12}},{"id":"6fd2d1af-6193-435b-b557-5838bb5747f9","block_type":"box","text":"when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use","page_number":5,"box":{"x":80,"y":616,"width":847,"height":12}},{"id":"7a997fe0-0433-4ada-9a91-3f11560a62eb","block_type":"box","text":"different investment styles.","page_number":5,"box":{"x":81,"y":631,"width":200,"height":11}},{"id":"eb7b44e7-7db9-4a72-96f4-ecd61cde3304","block_type":"box","text":"Market Risk and Selection Risk","page_number":5,"box":{"x":81,"y":651,"width":240,"height":9}},{"id":"3515019a-3f01-489c-a4dd-c4f070d18349","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":5,"box":{"x":324,"y":651,"width":593,"height":9}},{"id":"18fa1a9c-e057-4eee-bbdf-8865a43cd352","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":5,"box":{"x":81,"y":666,"width":851,"height":11}},{"id":"31af8ea6-f552-413c-b2ce-fd484c9bd839","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":5,"box":{"x":82,"y":681,"width":824,"height":11}},{"id":"7d75024b-a7a1-449d-a178-ed3840aa8adb","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":5,"box":{"x":82,"y":696,"width":851,"height":11}},{"id":"0adef2ec-923c-4a8f-a994-ce7a4f1c1b47","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":5,"box":{"x":82,"y":710,"width":802,"height":12}},{"id":"1d6492cb-ad85-4f58-8e35-3845d5832904","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":5,"box":{"x":81,"y":725,"width":849,"height":12}},{"id":"e8162e6c-8ff4-44b6-8bf7-c686b85792a8","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":5,"box":{"x":81,"y":740,"width":843,"height":11}},{"id":"a664b9c7-281b-47b2-bbd1-a1b032a727e5","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or","page_number":5,"box":{"x":81,"y":755,"width":830,"height":11}},{"id":"8db3db64-6c5e-44e8-a7ea-538572de6ed2","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":5,"box":{"x":82,"y":769,"width":840,"height":12}},{"id":"225c731c-eebe-41c7-a883-ac2cc44e675e","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":5,"box":{"x":81,"y":784,"width":789,"height":12}},{"id":"8dabd735-8215-4cd6-b9e8-40f24311463c","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":5,"box":{"x":81,"y":799,"width":823,"height":12}},{"id":"2d92458e-6dd2-4aa0-9c6c-e1d33c17b0e7","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":5,"box":{"x":81,"y":814,"width":784,"height":12}},{"id":"df0d3049-163a-4cda-b634-17db8b21e6e6","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":5,"box":{"x":81,"y":829,"width":844,"height":11}},{"id":"a8a7a271-6bf1-4935-86e4-8e991dc80aa5","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":5,"box":{"x":82,"y":849,"width":818,"height":11}},{"id":"747d5646-1f07-4eea-be7a-a0678d7fece2","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":5,"box":{"x":80,"y":864,"width":819,"height":11}},{"id":"a5d6be48-af07-4f3e-9084-661e76cae969","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":5,"box":{"x":81,"y":878,"width":819,"height":12}},{"id":"c4cb8217-7049-4564-a4a5-36e0ce04dcf0","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"2ef83f76-53b5-4102-b75e-01de684cfef5","block_type":"box","text":"NM1026U-5978611-5/68","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"ccfac613-1d22-4dbc-bd9a-7aac47a5062c","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":6,"box":{"x":81,"y":46,"width":846,"height":11}},{"id":"845e8851-fb8c-4cfb-98ee-f884e6ccef4d","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":6,"box":{"x":81,"y":60,"width":848,"height":12}},{"id":"400474d7-a4dd-40cc-8a26-2c03cd25e2b5","block_type":"box","text":"the Fund invests.","page_number":6,"box":{"x":80,"y":76,"width":125,"height":9}},{"id":"3bcd1d5b-2bee-4c69-88c1-584d88aeb496","block_type":"box","text":"Mid Cap Securities Risk","page_number":6,"box":{"x":81,"y":95,"width":182,"height":12}},{"id":"5fc483ec-c7d9-4048-aee0-a1e878370692","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":6,"box":{"x":267,"y":95,"width":665,"height":12}},{"id":"f5d20ec5-f1fb-4fea-8944-a4f2f3df6103","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":6,"box":{"x":81,"y":110,"width":789,"height":12}},{"id":"c18708ca-7d06-4593-9e76-7ab9aa906b4c","block_type":"box","text":"Operational and Technology Risks","page_number":6,"box":{"x":82,"y":130,"width":254,"height":11}},{"id":"07928d24-5c4e-4676-a80e-71200b6220ab","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":6,"box":{"x":340,"y":130,"width":578,"height":12}},{"id":"a0081afc-ef34-428a-a8e3-09105002c3d2","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":6,"box":{"x":82,"y":145,"width":779,"height":11}},{"id":"e5ddc8cc-e0ec-441c-af52-0d951f6d38d0","block_type":"box","text":"cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":6,"box":{"x":81,"y":160,"width":848,"height":11}},{"id":"2f5db0f4-633d-4814-a3e2-54f02721b0cd","block_type":"box","text":"for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are","page_number":6,"box":{"x":81,"y":175,"width":806,"height":11}},{"id":"ac24064b-a889-497c-b8e0-3ee135171144","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":6,"box":{"x":82,"y":189,"width":807,"height":12}},{"id":"9adcc939-6351-44bc-a984-87064f59ccc5","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":6,"box":{"x":82,"y":204,"width":846,"height":12}},{"id":"6e849263-5367-4401-ad2f-99847a6eff9f","block_type":"box","text":"for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and","page_number":6,"box":{"x":81,"y":219,"width":836,"height":11}},{"id":"80bdd0f8-9523-4179-9e45-48f4be9aaa7c","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":6,"box":{"x":82,"y":234,"width":474,"height":11}},{"id":"bf387d48-ec04-415b-8b5b-dcd864175450","block_type":"box","text":"Risk of Investing in the United States","page_number":6,"box":{"x":81,"y":254,"width":283,"height":11}},{"id":"ca745bfa-ce5b-4ff2-abb8-c77c6b87467a","block_type":"box","text":"— Certain changes in the U.S. economy, such as when the U.S. economy","page_number":6,"box":{"x":368,"y":254,"width":541,"height":11}},{"id":"98241cac-a127-4719-b856-c56cb520d820","block_type":"box","text":"weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has","page_number":6,"box":{"x":80,"y":269,"width":847,"height":11}},{"id":"4337e97d-f7d4-4ea1-8dc7-ae36cdd37c2f","block_type":"box","text":"exposure.","page_number":6,"box":{"x":81,"y":286,"width":70,"height":9}},{"id":"5e029a5c-714e-44ec-aeb7-9e0b4b426bcd","block_type":"box","text":"Small Cap Securities Risk","page_number":6,"box":{"x":81,"y":304,"width":196,"height":11}},{"id":"26d1f739-bb57-4695-8943-ec65a4622b53","block_type":"box","text":"—","page_number":6,"box":{"x":281,"y":309,"width":17,"height":1}},{"id":"737f08b3-9167-44b4-8a74-4fc0b2a7c773","block_type":"box","text":"Small cap companies may have limited product lines or markets. They may be less","page_number":6,"box":{"x":303,"y":304,"width":607,"height":11}},{"id":"6497a9f6-25da-42ee-abbb-1799630ef8f3","block_type":"box","text":"financially secure than larger, more established companies. They may depend on a more limited management group","page_number":6,"box":{"x":81,"y":318,"width":852,"height":12}},{"id":"1bbb6a52-7a18-47ae-8cd8-f960494b02ac","block_type":"box","text":"than larger capitalized companies.","page_number":6,"box":{"x":80,"y":333,"width":251,"height":12}},{"id":"52f688ec-d8b1-48bf-a2f1-9ae8823de755","block_type":"box","text":"Performance Information","page_number":6,"box":{"x":61,"y":372,"width":224,"height":11}},{"id":"b43c3acd-a496-482d-a9d8-350750748fbc","block_type":"box","text":"The information shows you how the Fund’s performance has varied year by year and provides some indication of the","page_number":6,"box":{"x":60,"y":398,"width":855,"height":12}},{"id":"87ada681-4be1-4a1b-b663-d5a171b61efd","block_type":"box","text":"risks of investing in the Fund. 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better opportunity elsewhere.","page_number":10,"box":{"x":60,"y":494,"width":626,"height":11}},{"id":"b9fdc8b8-91c1-4749-9556-565d1f85a019","block_type":"box","text":"The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.","page_number":10,"box":{"x":60,"y":516,"width":874,"height":12}},{"id":"c8f04253-6be9-4903-95da-cd07bc4a451c","block_type":"box","text":"Principal Investment Strategies","page_number":10,"box":{"x":61,"y":539,"width":262,"height":13}},{"id":"3cd10de6-8b14-42ad-82ff-b249b5684923","block_type":"box","text":"Under normal market conditions, the Fund invests at least 80% of its total assets in equity securities, primarily","page_number":10,"box":{"x":62,"y":555,"width":814,"height":12}},{"id":"cd8df2d8-9684-494e-ad6d-d4a6c67d0a03","block_type":"box","text":"common stock, of companies in health sciences and related industries. This policy is a non-fundamental policy of the","page_number":10,"box":{"x":61,"y":570,"width":860,"height":12}},{"id":"64387090-d2ef-4b31-b51a-c30c3d38a3eb","block_type":"box","text":"Fund and may not be changed without 60 days’ notice to shareholders. Investments in derivatives are counted toward","page_number":10,"box":{"x":62,"y":585,"width":865,"height":12}},{"id":"65019d26-3172-4b81-a6b7-001e1ffc8d33","block_type":"box","text":"the Fund’s 80% policy to the extent that they provide investment exposure to the securities included within that policy","page_number":10,"box":{"x":60,"y":600,"width":865,"height":11}},{"id":"3132dc77-c887-482f-bee6-b39e6a6b6349","block_type":"box","text":"or to one or more market risk factors associated with such securities. The health sciences sector can include","page_number":10,"box":{"x":61,"y":615,"width":803,"height":9}},{"id":"733e8b2d-f788-48dc-a9c1-95fb0b18e213","block_type":"box","text":"companies in health care equipment and supplies, health care providers and services, biotechnology, and","page_number":10,"box":{"x":61,"y":630,"width":777,"height":11}},{"id":"5324ebce-e343-4ab6-9dba-243de41b04cb","block_type":"box","text":"pharmaceuticals. Health sciences and related industries can include, but are not limited to, businesses involved in the","page_number":10,"box":{"x":62,"y":645,"width":872,"height":11}},{"id":"7caea4a1-78fc-4c5c-bc52-e3c5aa407862","block_type":"box","text":"development, production, and distribution or delivery of medical and pharmaceutical products and services,","page_number":10,"box":{"x":61,"y":659,"width":790,"height":12}},{"id":"8252dac6-4dec-4d1a-9dce-8b9244e49124","block_type":"box","text":"companies engaged in biotechnology and medical research and development, companies that may design,","page_number":10,"box":{"x":61,"y":674,"width":781,"height":12}},{"id":"4b0d7787-b08e-484c-81c9-b894f0d6aefa","block_type":"box","text":"manufacture or distribute medical, dental and optical equipment and supplies, including diagnostic equipment, and","page_number":10,"box":{"x":61,"y":689,"width":845,"height":11}},{"id":"6a719bfd-e5d5-4bb4-adb5-e4503d692aaa","block_type":"box","text":"companies that may also provide diagnostic services or operate health facilities and hospitals, or provide related","page_number":10,"box":{"x":61,"y":704,"width":830,"height":11}},{"id":"32869f02-0906-4be0-aecd-d99865ab94b3","block_type":"box","text":"administrative, management and financial support. The Fund will concentrate its investments (","page_number":10,"box":{"x":61,"y":719,"width":694,"height":11}},{"id":"5666d6af-a21f-4391-9f62-5b24c3628970","block_type":"box","text":"i.e.","page_number":10,"box":{"x":757,"y":719,"width":20,"height":9}},{"id":"d2019ec4-45d9-4ae8-8736-7daf398d9fdd","block_type":"box","text":", invest more than","page_number":10,"box":{"x":780,"y":719,"width":131,"height":10}},{"id":"d24e3d60-5805-4a3a-b6b0-c15723a87185","block_type":"box","text":"25% of its assets) in health sciences or related industries, and may invest in companies located in non-U.S. countries.","page_number":10,"box":{"x":61,"y":733,"width":870,"height":12}},{"id":"df5ecb7a-27d3-4710-83c4-ab5f9ee9c871","block_type":"box","text":"The Fund does not limit its investments to companies of any particular size.","page_number":10,"box":{"x":60,"y":748,"width":557,"height":12}},{"id":"862001db-0c72-4ef1-a262-15077dd759df","block_type":"box","text":"The Fund reserves the right to invest up to 20% of its total assets in other types of securities. These may include","page_number":10,"box":{"x":60,"y":771,"width":833,"height":11}},{"id":"f6f27c38-1aa8-4385-89e1-7932a8738734","block_type":"box","text":"stocks of companies not associated with health sciences.","page_number":10,"box":{"x":61,"y":786,"width":424,"height":11}},{"id":"94cb5a85-8049-4875-b554-ae2b5a5e0797","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":10,"box":{"x":61,"y":809,"width":327,"height":12}},{"id":"dccb36a2-5225-496a-8bd7-d81e996d0cf9","block_type":"box","text":"In addition to the principal investment strategies discussed above, the Fund may also invest or engage in the following","page_number":10,"box":{"x":62,"y":825,"width":870,"height":11}},{"id":"298aa173-4107-4206-888f-f19c2e2aebb7","block_type":"box","text":"investments/strategies:","page_number":10,"box":{"x":62,"y":840,"width":173,"height":11}},{"id":"6971e841-3034-4f5d-91cc-8cb49f154b1f","block_type":"box","text":"Borrowing","page_number":10,"box":{"x":81,"y":860,"width":78,"height":11}},{"id":"879df55b-b02c-4d9d-852c-ade223b6e008","block_type":"box","text":"— The Fund may borrow for temporary or emergency purposes, including to meet redemptions, for the","page_number":10,"box":{"x":162,"y":860,"width":751,"height":11}},{"id":"79b2ba5e-eaa7-4043-a13f-14c04f90a70d","block_type":"box","text":"payment of dividends, for share repurchases or for the clearance of transactions, subject to the limits set forth","page_number":10,"box":{"x":82,"y":875,"width":815,"height":11}},{"id":"165f26cf-5a64-4364-b877-eb363faac090","block_type":"box","text":"under the Investment Company Act of 1940, as amended (the “Investment Company Act”), the rules and","page_number":10,"box":{"x":82,"y":889,"width":769,"height":12}},{"id":"05e75511-7907-4d91-b80c-67b2390ed985","block_type":"box","text":"regulations thereunder and any applicable exemptive relief.","page_number":10,"box":{"x":82,"y":904,"width":432,"height":12}},{"id":"2872e900-a23d-4590-9d29-f23d9b66c6c3","block_type":"box","text":"10","page_number":10,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"e4709d81-98da-4e8a-bf0a-189aedfabc61","block_type":"box","text":"NM1026U-5978611-10/68","page_number":10,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1251265c-e653-422b-b720-396f042684bc","block_type":"box","text":"Convertible Securities","page_number":11,"box":{"x":81,"y":46,"width":167,"height":9}},{"id":"635b3e26-e71a-4bc9-b1f2-592ae34cfa17","block_type":"box","text":"— The Fund may invest in convertible securities. Convertible securities generally are debt","page_number":11,"box":{"x":252,"y":46,"width":660,"height":11}},{"id":"bf9b893a-6def-4e1c-94e3-1f7e22373ed8","block_type":"box","text":"securities or preferred stock that may be converted into common stock. Convertible securities typically pay current","page_number":11,"box":{"x":81,"y":60,"width":843,"height":12}},{"id":"f5a010ee-8857-447d-a72e-c059ff762d30","block_type":"box","text":"income as either interest (debt security convertibles) or dividends (preferred stock). A convertible security’s value","page_number":11,"box":{"x":82,"y":75,"width":833,"height":12}},{"id":"0a523714-2b66-4c39-bf78-2acb5d3fce1d","block_type":"box","text":"usually reflects both the stream of current income payments and the market value of the underlying common stock.","page_number":11,"box":{"x":82,"y":90,"width":847,"height":12}},{"id":"7c2876a9-921d-4f00-88cb-849b63fcd227","block_type":"box","text":"Depositary Receipts","page_number":11,"box":{"x":81,"y":110,"width":152,"height":11}},{"id":"b0881d97-866c-401c-aaa8-8262d1d66f48","block_type":"box","text":"— The Fund may invest in securities of foreign issuers in the form of depositary receipts or","page_number":11,"box":{"x":238,"y":110,"width":671,"height":12}},{"id":"4f15b50b-b8e9-46ed-8a33-6676b448ddce","block_type":"box","text":"other securities that are convertible into securities of foreign issuers. American Depositary Receipts are receipts","page_number":11,"box":{"x":81,"y":125,"width":829,"height":11}},{"id":"a1849037-1246-4596-ac41-f351edfed45c","block_type":"box","text":"typically issued by an American bank or trust company that evidence underlying securities issued by a foreign","page_number":11,"box":{"x":80,"y":140,"width":802,"height":11}},{"id":"fbfae4b9-47f8-4554-9dc9-de8e284c0069","block_type":"box","text":"corporation. European Depositary Receipts (issued in Europe) and Global Depositary Receipts (issued throughout","page_number":11,"box":{"x":81,"y":155,"width":833,"height":11}},{"id":"c0590b60-24bf-48c5-869d-b827fe71b7b0","block_type":"box","text":"the world) each evidence a similar ownership arrangement. The Fund may invest in unsponsored depositary","page_number":11,"box":{"x":80,"y":170,"width":791,"height":11}},{"id":"e4e3861b-cabb-482e-8a55-c67966fba626","block_type":"box","text":"receipts.","page_number":11,"box":{"x":82,"y":184,"width":61,"height":11}},{"id":"2605976d-a4ec-4373-ba10-fa9a6e58bbc3","block_type":"box","text":"Derivative Transactions","page_number":11,"box":{"x":81,"y":204,"width":177,"height":9}},{"id":"ca2f5627-8518-47b4-9eba-fca29d0b11a7","block_type":"box","text":"— The Fund may use derivatives to hedge its investment portfolio against market, interest","page_number":11,"box":{"x":262,"y":204,"width":666,"height":12}},{"id":"e7daf722-d1c5-48a8-ad88-1e963ccfa07e","block_type":"box","text":"rate and currency risks or to seek to enhance its return. The derivatives that the Fund may use include options,","page_number":11,"box":{"x":82,"y":219,"width":816,"height":11}},{"id":"821f81a8-ca81-4d82-8bf0-7636d4e5fa5e","block_type":"box","text":"futures, swaps and forward foreign exchange transactions.","page_number":11,"box":{"x":81,"y":234,"width":431,"height":11}},{"id":"91ecc784-494e-4c79-a9d7-d8cc0fd3caf2","block_type":"box","text":"Emerging Markets Issuers","page_number":11,"box":{"x":81,"y":254,"width":198,"height":11}},{"id":"d7532b2a-304d-461a-b709-9ebcc8aac7c9","block_type":"box","text":"— The Fund may also invest a portion of its assets in securities of issuers located in","page_number":11,"box":{"x":283,"y":254,"width":626,"height":11}},{"id":"16dae1ce-18e5-472c-9000-5342d186fbc9","block_type":"box","text":"emerging markets.","page_number":11,"box":{"x":81,"y":269,"width":136,"height":11}},{"id":"6dd5a746-95ca-456c-9f62-9ea393dcc999","block_type":"box","text":"Illiquid Investments","page_number":11,"box":{"x":81,"y":289,"width":148,"height":11}},{"id":"8ba85978-468f-4695-b2f0-d50ab1bec123","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":11,"box":{"x":233,"y":289,"width":677,"height":11}},{"id":"df77c3b5-85df-480f-afda-2c1451578d43","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":11,"box":{"x":82,"y":303,"width":811,"height":12}},{"id":"757b166d-2154-4e55-bc53-75c9018c2462","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":11,"box":{"x":82,"y":318,"width":831,"height":12}},{"id":"4199904e-c1b7-42e1-b1c4-ee246019406a","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":11,"box":{"x":81,"y":333,"width":811,"height":12}},{"id":"a8fcb7bb-8408-4846-8839-0b52c77e8d2b","block_type":"box","text":"Indexed and Inverse Securities","page_number":11,"box":{"x":81,"y":353,"width":232,"height":9}},{"id":"6171e344-7f0e-4fe3-ac16-57047886d453","block_type":"box","text":"— The Fund may invest in securities the potential return of which is based on the","page_number":11,"box":{"x":317,"y":353,"width":598,"height":12}},{"id":"aa95a285-582a-4e10-90cb-3b29ec6660fd","block_type":"box","text":"change in a specified interest rate or equity index (an “indexed security”). For example, the Fund may invest in a","page_number":11,"box":{"x":81,"y":368,"width":823,"height":11}},{"id":"85a9afc2-c700-4955-a112-f6039685cc8f","block_type":"box","text":"security that pays a variable amount of interest or principal based on the current level of a particular stock market.","page_number":11,"box":{"x":81,"y":383,"width":843,"height":11}},{"id":"8dcef42c-d2f0-45de-bd85-a59ad45ae443","block_type":"box","text":"The Fund may also invest in securities whose return is inversely related to changes in an interest rate or index","page_number":11,"box":{"x":81,"y":398,"width":810,"height":11}},{"id":"ee189758-be21-4828-a50e-fd70e5844a92","block_type":"box","text":"(“inverse securities”). In general, the return on inverse securities will decrease when the underlying index or interest","page_number":11,"box":{"x":81,"y":413,"width":854,"height":11}},{"id":"f3056b2c-6bbb-4011-a3dd-9ae4cb2dd147","block_type":"box","text":"rate goes up and increase when that index or interest rate goes down.","page_number":11,"box":{"x":82,"y":427,"width":514,"height":12}},{"id":"64ce21c7-5445-4407-b899-5f8edc296eb3","block_type":"box","text":"Investment Companies","page_number":11,"box":{"x":81,"y":447,"width":172,"height":12}},{"id":"dc815b36-d97e-41a8-930c-71072cf3153e","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":11,"box":{"x":258,"y":447,"width":643,"height":12}},{"id":"282979c0-9883-4c61-9387-712a29622fae","block_type":"box","text":"traded funds (“ETFs”), unit investment trusts, and open-end and closed-end funds, subject to the applicable limits","page_number":11,"box":{"x":80,"y":462,"width":837,"height":11}},{"id":"2de66ad1-d4dc-48b2-b09a-4c454abb3821","block_type":"box","text":"under the Investment Company Act and the rules thereunder. The Fund may invest in affiliated investment","page_number":11,"box":{"x":82,"y":477,"width":777,"height":11}},{"id":"d9cbaf69-d177-4754-b5dc-fc0bc806afc3","block_type":"box","text":"companies, including affiliated money market funds and affiliated ETFs.","page_number":11,"box":{"x":81,"y":492,"width":525,"height":11}},{"id":"39fa6a73-b052-4a9a-9349-c26dda0eeb0d","block_type":"box","text":"Money Market Securities","page_number":11,"box":{"x":81,"y":512,"width":190,"height":11}},{"id":"08626f88-99f4-4e09-ab2b-3780d242a3f3","block_type":"box","text":"— The Fund may invest in high quality money market securities pending investments or","page_number":11,"box":{"x":276,"y":512,"width":641,"height":11}},{"id":"61da3dbe-b9bd-4198-849e-086b07a02dfc","block_type":"box","text":"when it expects to need cash to pay redeeming shareholders. The Fund will not be deemed to deviate from its","page_number":11,"box":{"x":80,"y":526,"width":808,"height":12}},{"id":"07b14fd2-2ad2-4eb9-b077-9d1abfbc1848","block_type":"box","text":"normal strategies if it holds these securities pending investments.","page_number":11,"box":{"x":82,"y":541,"width":485,"height":12}},{"id":"4575dbae-823d-4e52-bade-78278a5e6a74","block_type":"box","text":"“New Issues”","page_number":11,"box":{"x":83,"y":562,"width":101,"height":9}},{"id":"f0c5a00a-5604-4b11-892b-b44175e316b3","block_type":"box","text":"— The Fund may invest in shares of companies through initial public offerings (“IPOs”).","page_number":11,"box":{"x":188,"y":561,"width":641,"height":12}},{"id":"ec4f1768-143b-4c5a-ab76-d317621ea486","block_type":"box","text":"Restricted Securities","page_number":11,"box":{"x":81,"y":581,"width":159,"height":10}},{"id":"a3a9e48c-3c69-4b09-bbcc-8841df110bfd","block_type":"box","text":"—","page_number":11,"box":{"x":245,"y":587,"width":17,"height":0}},{"id":"8403beb9-a904-442a-a3be-51e6d44f07cb","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":11,"box":{"x":268,"y":581,"width":602,"height":12}},{"id":"c37b30df-5c4b-4da6-b1fa-1678428eec6e","block_type":"box","text":"registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their","page_number":11,"box":{"x":82,"y":596,"width":820,"height":12}},{"id":"8d0dcbd8-1af5-4365-b848-9485b12a926b","block_type":"box","text":"resale. They may include Rule 144A securities, which are privately placed securities that can be resold to qualified","page_number":11,"box":{"x":82,"y":611,"width":839,"height":11}},{"id":"5dc00031-53ba-48a3-9e62-9e6900499deb","block_type":"box","text":"institutional buyers but not to the general public, securities of U.S. and non-U.S. issuers that are offered pursuant","page_number":11,"box":{"x":82,"y":626,"width":837,"height":11}},{"id":"b5604a90-f5ac-464b-a016-f5ea99d9e4e9","block_type":"box","text":"to Regulation S under the Securities Act of 1933, as amended, and securities of private companies.","page_number":11,"box":{"x":80,"y":641,"width":736,"height":11}},{"id":"8b853405-5e76-4321-8789-07947ef5d713","block_type":"box","text":"Securities Lending","page_number":11,"box":{"x":81,"y":661,"width":140,"height":11}},{"id":"b6fff140-49f0-4632-b6aa-7e64a965fb5e","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":11,"box":{"x":225,"y":661,"width":396,"height":11}},{"id":"fab9809e-0195-45e8-93c9-0cc282697eab","block_type":"box","text":"1⁄","page_number":11,"box":{"x":622,"y":661,"width":6,"height":5}},{"id":"820fc1da-5e85-44c0-845f-0a40746c4bd0","block_type":"box","text":"1⁄3","page_number":11,"box":{"x":626,"y":661,"width":8,"height":9}},{"id":"6000ac62-e44c-4408-a754-b5e2e4daee0b","block_type":"box","text":"⁄3","page_number":11,"box":{"x":632,"y":664,"width":6,"height":6}},{"id":"1a90fe78-e09d-4b92-a624-259209d0869c","block_type":"box","text":"% of its total assets to financial","page_number":11,"box":{"x":639,"y":661,"width":231,"height":9}},{"id":"e88cca5d-9f65-4082-8260-e3a7abf7c43e","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":11,"box":{"x":82,"y":676,"width":748,"height":11}},{"id":"86a2e8b8-5d9b-494e-b204-0a769e1a180b","block_type":"box","text":"Temporary Defensive Strategies","page_number":11,"box":{"x":82,"y":695,"width":238,"height":12}},{"id":"c59d9780-cc54-4802-b135-cdcd58874ef2","block_type":"box","text":"— For temporary defensive purposes, for example, to respond to adverse market,","page_number":11,"box":{"x":325,"y":695,"width":600,"height":12}},{"id":"385d4e45-1506-4f58-9479-511ff8cc67ef","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":11,"box":{"x":81,"y":710,"width":802,"height":12}},{"id":"f284ba30-7421-465d-ab65-83ccaca1bca9","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":11,"box":{"x":82,"y":725,"width":833,"height":11}},{"id":"336041e4-28f6-4521-b6b6-7669ba3727a6","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":11,"box":{"x":81,"y":740,"width":796,"height":11}},{"id":"f768257c-354c-4572-b4a1-15c4097e94b0","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":11,"box":{"x":81,"y":755,"width":802,"height":11}},{"id":"86579b16-4eea-4a4e-b1c1-692b572c615d","block_type":"box","text":"unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed income","page_number":11,"box":{"x":82,"y":769,"width":778,"height":12}},{"id":"3c636e08-70ae-49ea-b6fb-61f17232ebf0","block_type":"box","text":"securities. Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":11,"box":{"x":81,"y":784,"width":781,"height":12}},{"id":"4ff56db9-dfc7-4c79-9883-4e85ebb54bd9","block_type":"box","text":"Warrants","page_number":11,"box":{"x":83,"y":805,"width":66,"height":9}},{"id":"baa937df-ff28-4b4e-be57-dcd6d7ebc933","block_type":"box","text":"— A warrant gives the Fund the right to buy stock. The warrant specifies the amount of underlying stock,","page_number":11,"box":{"x":153,"y":804,"width":767,"height":12}},{"id":"5f1edbe7-ac4a-4547-bbf8-aec922e963b2","block_type":"box","text":"the purchase (or “exercise”) price and the date the warrant expires. The Fund has no obligation to exercise the","page_number":11,"box":{"x":80,"y":819,"width":815,"height":12}},{"id":"2f255fc4-1557-4a62-8c93-6b172511ccbc","block_type":"box","text":"warrant and buy the stock. A warrant has value only if the Fund is able to exercise it or sell it before it expires.","page_number":11,"box":{"x":80,"y":834,"width":810,"height":11}},{"id":"5ae232f8-abfb-4fd6-a69c-5c9046f69caf","block_type":"box","text":"11","page_number":11,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"2f4c92da-5885-4835-a1f9-8d0663b7b5cc","block_type":"box","text":"NM1026U-5978611-11/68","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"771976d4-851e-4e3e-bf54-0ebe9a7c3b40","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":12,"box":{"x":272,"y":53,"width":453,"height":9}},{"id":"872aa4d6-6f3d-43a2-ab0b-b7d7b91c8cc4","block_type":"box","text":"The Fund is managed by a team of financial professionals. Erin Xie, PhD and Xiang Liu, PhD are the portfolio","page_number":12,"box":{"x":70,"y":75,"width":796,"height":12}},{"id":"1605764f-f57a-49f4-be06-a21ba4f8a94b","block_type":"box","text":"managers and are jointly and primarily responsible for the day-to-day management of the Fund. Please see","page_number":12,"box":{"x":71,"y":90,"width":780,"height":12}},{"id":"f3cd2d2f-0648-4907-a742-faa36e6de5fb","block_type":"box","text":"“Management of the Fund— Portfolio Manager Information” for additional information about the portfolio","page_number":12,"box":{"x":72,"y":105,"width":770,"height":12}},{"id":"2c213bb8-a69d-4c67-8579-4f4d08de7ebc","block_type":"box","text":"management team.","page_number":12,"box":{"x":71,"y":121,"width":141,"height":10}},{"id":"db7ed33a-7146-44a4-b08b-1304976a5a3f","block_type":"box","text":"Investment Risks","page_number":12,"box":{"x":62,"y":172,"width":156,"height":11}},{"id":"c7405914-bdaa-4fd1-a0fd-8eb177084f87","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objective and","page_number":12,"box":{"x":60,"y":198,"width":811,"height":11}},{"id":"319081b6-f6b6-4a88-a9f7-d0161f6a565f","block_type":"box","text":"Policies” section in the Statement of Additional Information (the “SAI”) also includes more information about the Fund,","page_number":12,"box":{"x":61,"y":213,"width":871,"height":11}},{"id":"3c87f5da-967b-4743-a7ba-9eae738d814d","block_type":"box","text":"its investments and the related risks. As with any fund, there can be no guarantee that the Fund will meet its","page_number":12,"box":{"x":62,"y":227,"width":799,"height":12}},{"id":"7c1044d3-8ee1-4d1f-989d-29025b68f30f","block_type":"box","text":"investment objective or that the Fund’s performance will be positive for any period of time. An investment in the Fund","page_number":12,"box":{"x":62,"y":242,"width":860,"height":12}},{"id":"5da501ca-5385-4065-8a4e-e10e3afb8c48","block_type":"box","text":"is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any","page_number":12,"box":{"x":62,"y":257,"width":856,"height":12}},{"id":"73b3e01a-cd5f-4288-ba7a-1e5901968afb","block_type":"box","text":"bank or governmental agency. The order of the below risk factors does not indicate the significance of any particular","page_number":12,"box":{"x":61,"y":272,"width":853,"height":11}},{"id":"d53e34cf-32bd-48a6-b6b0-1273f0ebbec2","block_type":"box","text":"risk factor.","page_number":12,"box":{"x":61,"y":287,"width":76,"height":9}},{"id":"824d3c83-69c7-436d-9163-6179299e72ba","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":12,"box":{"x":61,"y":310,"width":322,"height":12}},{"id":"daee975f-6252-4b5b-ba08-6929ecb59922","block_type":"box","text":"Concentration Risk","page_number":12,"box":{"x":81,"y":331,"width":145,"height":9}},{"id":"5b763db2-dbf9-48c5-9b84-f8302b334a29","block_type":"box","text":"—","page_number":12,"box":{"x":231,"y":337,"width":17,"height":0}},{"id":"d751e8e6-f500-48dd-a8f0-5588fdd3fc83","block_type":"box","text":"The Fund’s strategy of concentrating in health sciences and related companies means that","page_number":12,"box":{"x":252,"y":331,"width":668,"height":12}},{"id":"0dbaa225-823a-40fd-adfb-78e48e77bcfc","block_type":"box","text":"its performance will be closely tied to the performance of a particular market segment. The Fund’s concentration in","page_number":12,"box":{"x":82,"y":346,"width":848,"height":12}},{"id":"4d0e3942-9e39-4f9d-9224-85f64d23be86","block_type":"box","text":"these companies may present more risks than if it were broadly diversified over numerous industries and sectors of","page_number":12,"box":{"x":80,"y":361,"width":853,"height":11}},{"id":"7e940cfc-4b05-4610-b30b-6924133c7040","block_type":"box","text":"the economy. A downturn in these companies would have a larger impact on the Fund than on a mutual fund that","page_number":12,"box":{"x":80,"y":376,"width":831,"height":11}},{"id":"c0bf1ed1-75f3-4890-8329-cd43088e1fa8","block_type":"box","text":"does not concentrate in such companies. At times, the performance of these companies will lag the performance of","page_number":12,"box":{"x":81,"y":390,"width":855,"height":12}},{"id":"39b26d4e-07c8-40eb-90b4-2db813e75218","block_type":"box","text":"other industries or the broader market as a whole.","page_number":12,"box":{"x":81,"y":406,"width":368,"height":9}},{"id":"7f6ab407-192a-40fa-adf4-ab3477f205b5","block_type":"box","text":"Equity Securities Risk","page_number":12,"box":{"x":81,"y":425,"width":166,"height":12}},{"id":"c1e51999-2fc0-462c-bc14-a0430187badc","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":12,"box":{"x":251,"y":425,"width":666,"height":12}},{"id":"c235e3c1-1c65-435a-9587-822088eceac7","block_type":"box","text":"are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing","page_number":12,"box":{"x":81,"y":440,"width":850,"height":12}},{"id":"f76bb1ac-bba0-4ef1-8b62-4bac25838191","block_type":"box","text":"in equities. The value of equity securities purchased by the Fund could decline if the financial condition of the","page_number":12,"box":{"x":82,"y":455,"width":802,"height":11}},{"id":"7080b29a-f6db-40ae-9f14-abea3a8a08d2","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":12,"box":{"x":81,"y":470,"width":854,"height":11}},{"id":"bba80f51-2a21-4c3f-bb40-2df4536d9483","block_type":"box","text":"securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or","page_number":12,"box":{"x":81,"y":485,"width":848,"height":11}},{"id":"056ce5a7-0629-4fdf-8540-55f39f7fceb6","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":12,"box":{"x":81,"y":500,"width":824,"height":11}},{"id":"9a306599-04ac-4581-9a3f-018af151812e","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or","page_number":12,"box":{"x":81,"y":514,"width":782,"height":12}},{"id":"3b986dcd-13a6-4f22-ae0d-879c220427e9","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":12,"box":{"x":82,"y":529,"width":849,"height":12}},{"id":"360a1404-49f1-4242-a35f-063d1fb9123f","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":12,"box":{"x":82,"y":544,"width":482,"height":11}},{"id":"a6b4c88a-d395-4276-b9fb-609272be8ba0","block_type":"box","text":"Foreign Securities Risk","page_number":12,"box":{"x":81,"y":564,"width":176,"height":11}},{"id":"8e445f65-31f8-4380-8364-f4d14732d864","block_type":"box","text":"— Securities traded in foreign markets have often (though not always) performed differently","page_number":12,"box":{"x":260,"y":564,"width":677,"height":11}},{"id":"14b3cd98-e509-432f-a2de-6ec43adc393e","block_type":"box","text":"from securities traded in the United States. However, such investments often involve special risks not present in","page_number":12,"box":{"x":81,"y":579,"width":827,"height":11}},{"id":"79e15ae4-5f66-4bcd-b57e-b2eb280e60f3","block_type":"box","text":"U.S. investments that can increase the chances that the Fund will lose money. In particular, the Fund is subject to","page_number":12,"box":{"x":82,"y":594,"width":837,"height":11}},{"id":"48c2c929-7ef1-44a8-a825-37741190d2d3","block_type":"box","text":"the risk that because there may be fewer investors on foreign exchanges and a smaller number of securities traded","page_number":12,"box":{"x":80,"y":608,"width":849,"height":12}},{"id":"755308bb-8e71-41a5-9781-528b0ad09597","block_type":"box","text":"each day, it may be more difficult for the Fund to buy and sell securities on those exchanges. In addition, prices of","page_number":12,"box":{"x":81,"y":623,"width":841,"height":12}},{"id":"5fdab225-8248-4ff7-8eee-624997af9880","block_type":"box","text":"foreign securities may go up and down more than prices of securities traded in the United States.","page_number":12,"box":{"x":81,"y":638,"width":716,"height":12}},{"id":"b4736381-bb78-4774-9c97-aa35bdaa79b5","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States","page_number":12,"box":{"x":82,"y":658,"width":468,"height":12}},{"id":"1e7bbe81-6ee1-4480-ae00-2a5827ff301d","block_type":"box","text":"— The Fund generally holds its foreign securities","page_number":12,"box":{"x":555,"y":658,"width":358,"height":12}},{"id":"fccd06f4-606d-4b7b-89f6-ad05ac20b5c4","block_type":"box","text":"and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be","page_number":12,"box":{"x":81,"y":673,"width":813,"height":11}},{"id":"9358725e-a75c-4fdc-829e-ecd4f5c5c53f","block_type":"box","text":"recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory","page_number":12,"box":{"x":82,"y":688,"width":791,"height":11}},{"id":"3576900b-d5ad-4dd5-b3d4-f820c944daae","block_type":"box","text":"oversight of their operations. Also, the laws of certain countries limit the Fund’s ability to recover its assets if a","page_number":12,"box":{"x":81,"y":702,"width":818,"height":12}},{"id":"f3861312-52d6-4a26-a5c7-fda4413f8bfc","block_type":"box","text":"foreign bank, depository or issuer of a security, or any of their agents, goes bankrupt. In addition, it is often more","page_number":12,"box":{"x":81,"y":717,"width":833,"height":12}},{"id":"53d94ecd-d373-4223-9afb-cd226c7e1892","block_type":"box","text":"expensive for the Fund to buy, sell and hold securities in certain foreign markets than in the United States. The","page_number":12,"box":{"x":81,"y":732,"width":816,"height":12}},{"id":"357ff772-79da-48ad-8056-a6b7ddea2ee0","block_type":"box","text":"increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments and","page_number":12,"box":{"x":82,"y":747,"width":827,"height":12}},{"id":"bb9399bc-15ae-42eb-92b8-b69a40736abb","block_type":"box","text":"typically results in a higher operating expense ratio for the Fund than for investment companies invested only in the","page_number":12,"box":{"x":80,"y":762,"width":848,"height":11}},{"id":"94890d64-1c51-4f0c-a399-bb07fa6d75f4","block_type":"box","text":"United States.","page_number":12,"box":{"x":82,"y":777,"width":102,"height":9}},{"id":"7c05c39a-917b-4faf-9e0d-df5e41a40633","block_type":"box","text":"Currency Risk","page_number":12,"box":{"x":82,"y":797,"width":100,"height":11}},{"id":"78f6b240-84bf-4676-8fb5-8a569b9daa59","block_type":"box","text":"— Securities and other instruments in which the Fund invests may be denominated or quoted in","page_number":12,"box":{"x":186,"y":797,"width":706,"height":11}},{"id":"74ffe1d5-2d5e-4e78-b85e-305afb3531d9","block_type":"box","text":"currencies other than the U.S. dollar. For this reason, changes in foreign currency exchange rates can affect the","page_number":12,"box":{"x":81,"y":811,"width":823,"height":12}},{"id":"5be1d9d7-2fe7-46a2-baba-93c9c4c420d4","block_type":"box","text":"value of the Fund’s portfolio.","page_number":12,"box":{"x":80,"y":826,"width":211,"height":11}},{"id":"ec9d944f-8be1-4f84-b9dd-f2cc9283b4df","block_type":"box","text":"Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency","page_number":12,"box":{"x":81,"y":846,"width":823,"height":12}},{"id":"9c027d45-a1a0-42a7-b432-dca84a08ec4c","block_type":"box","text":"loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value","page_number":12,"box":{"x":82,"y":861,"width":834,"height":11}},{"id":"5fa39201-54ae-4a81-afd5-0a2346e31704","block_type":"box","text":"against a foreign currency, a security denominated in that currency gains value because the currency is worth more","page_number":12,"box":{"x":81,"y":876,"width":846,"height":11}},{"id":"07a6f30f-1351-4ff3-9d3b-f3638bcf6c47","block_type":"box","text":"U.S. dollars. This risk, generally known as “currency risk,” means that a strong U.S. dollar will reduce returns for","page_number":12,"box":{"x":82,"y":891,"width":826,"height":11}},{"id":"0e8cb874-7edb-4b9d-aedb-2eb89212fca4","block_type":"box","text":"U.S. investors while a weak U.S. dollar will increase those returns.","page_number":12,"box":{"x":82,"y":906,"width":486,"height":9}},{"id":"892a694b-c00e-49d8-8f38-fa5bb0d40ec6","block_type":"box","text":"12","page_number":12,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"a892aaf5-48b3-4076-90ac-64316f9d566d","block_type":"box","text":"NM1026U-5978611-12/68","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c94c98a7-d76c-47c0-8139-faccf2f855dd","block_type":"box","text":"Foreign Economy Risk","page_number":13,"box":{"x":82,"y":46,"width":160,"height":11}},{"id":"e425fcff-1ee8-498a-8777-8d7f74e8ddcd","block_type":"box","text":"— The economies of certain foreign markets may not compare favorably with the economy of","page_number":13,"box":{"x":246,"y":46,"width":685,"height":11}},{"id":"09abd6c8-7b28-4be4-b95a-251bd01cd222","block_type":"box","text":"the United States with respect to such issues as growth of gross national product, reinvestment of capital,","page_number":13,"box":{"x":80,"y":60,"width":785,"height":12}},{"id":"6cbcfd48-a78a-4de7-ba43-061dccc49f3e","block_type":"box","text":"resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or","page_number":13,"box":{"x":82,"y":75,"width":845,"height":12}},{"id":"5043d7b0-8b56-4f76-8715-b7f46d77e696","block_type":"box","text":"foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a","page_number":13,"box":{"x":81,"y":90,"width":853,"height":12}},{"id":"65f1f3c2-fade-4825-8d71-0dac586cb3a8","block_type":"box","text":"particular country or countries, changes in international trading patterns, trade barriers and other protectionist or","page_number":13,"box":{"x":82,"y":105,"width":831,"height":12}},{"id":"16bac065-e401-4d26-9dc0-42493326222e","block_type":"box","text":"retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such","page_number":13,"box":{"x":82,"y":120,"width":846,"height":11}},{"id":"3ac5b629-1ae6-401a-9e4e-7b0c072e5ce4","block_type":"box","text":"as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the","page_number":13,"box":{"x":81,"y":135,"width":808,"height":11}},{"id":"acb074b0-687b-4822-864a-998327cb4f61","block_type":"box","text":"imposition of punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest","page_number":13,"box":{"x":82,"y":149,"width":851,"height":12}},{"id":"ea3b8bf5-f2db-444d-b71c-fbdb56ad6856","block_type":"box","text":"rates, political events, military action and other conditions may, without prior warning, lead to the governments of","page_number":13,"box":{"x":82,"y":164,"width":832,"height":12}},{"id":"66019b28-dc67-4a46-a39f-df03cf585304","block_type":"box","text":"certain countries, or the U.S. Government with respect to certain countries, prohibiting or imposing substantial","page_number":13,"box":{"x":81,"y":179,"width":814,"height":12}},{"id":"cd81fb76-b315-44d7-b99a-bd1c2def25a5","block_type":"box","text":"restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain","page_number":13,"box":{"x":82,"y":194,"width":805,"height":11}},{"id":"cf954bfe-f97e-454e-9f5e-3075c07e272d","block_type":"box","text":"industries in those countries. Capital controls and/or sanctions may include the prohibition of, or restrictions on,","page_number":13,"box":{"x":82,"y":209,"width":827,"height":11}},{"id":"c4a18f2d-c636-4ccb-937e-f68535685c48","block_type":"box","text":"the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory","page_number":13,"box":{"x":80,"y":224,"width":801,"height":11}},{"id":"ad458ac3-743a-4d7c-ac74-7c4257864b42","block_type":"box","text":"actions of one government against another government, such as seizure of assets. Any of these actions could","page_number":13,"box":{"x":81,"y":238,"width":809,"height":12}},{"id":"a6bd5f76-2eaf-491d-ab4b-5f393a349517","block_type":"box","text":"severely impair the Fund’s ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign","page_number":13,"box":{"x":81,"y":253,"width":849,"height":12}},{"id":"be27c098-997a-4453-a8b7-625684d854fe","block_type":"box","text":"securities and assets, including the ability to transfer the Fund’s assets or income back into the United States, and","page_number":13,"box":{"x":81,"y":268,"width":848,"height":12}},{"id":"b26c53ad-2877-45a6-ba12-ecbdc605ee1d","block_type":"box","text":"could negatively impact the value and/or liquidity of such assets or otherwise adversely affect the Fund’s","page_number":13,"box":{"x":81,"y":283,"width":774,"height":11}},{"id":"37ce86e9-7b2a-464a-a5a1-5b8931186ccf","block_type":"box","text":"operations, causing the Fund to decline in value.","page_number":13,"box":{"x":81,"y":298,"width":355,"height":11}},{"id":"c8a4403c-d42f-4a8d-b2dd-d9c95c44eeb9","block_type":"box","text":"Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on","page_number":13,"box":{"x":81,"y":318,"width":838,"height":11}},{"id":"58e3bb29-c4ad-4f1e-ad1f-9dba28d2ac9f","block_type":"box","text":"foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social","page_number":13,"box":{"x":81,"y":332,"width":815,"height":12}},{"id":"d8014bef-2ac3-4bc7-b785-7be2207168ae","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":13,"box":{"x":82,"y":348,"width":827,"height":11}},{"id":"0026a679-8cfc-4af6-beae-d043e4010db1","block_type":"box","text":"regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets,","page_number":13,"box":{"x":82,"y":362,"width":832,"height":12}},{"id":"7fd2e800-4207-43ac-8522-bcefeaccb7b5","block_type":"box","text":"and the value of the Fund’s investments, in non-U.S. countries. These factors are extremely difficult, if not","page_number":13,"box":{"x":81,"y":377,"width":781,"height":11}},{"id":"34c1d843-0ddd-4dd3-bc80-ae8e9d728845","block_type":"box","text":"impossible, to predict and take into account with respect to the Fund’s investments.","page_number":13,"box":{"x":82,"y":392,"width":617,"height":11}},{"id":"30379fcc-94f6-4bc9-b6be-17681e4c5136","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":13,"box":{"x":82,"y":412,"width":476,"height":11}},{"id":"0ce14de2-2dc6-4fcf-9cd6-66aaaba795c1","block_type":"box","text":"— Many foreign governments do not supervise","page_number":13,"box":{"x":563,"y":412,"width":344,"height":11}},{"id":"65f03d0b-acd2-434d-8a44-273cd8cd6d29","block_type":"box","text":"and regulate stock exchanges, brokers and the sale of securities to the same extent as such regulations exist in","page_number":13,"box":{"x":81,"y":427,"width":827,"height":11}},{"id":"6f5a8c87-665b-4115-a415-bfe228074302","block_type":"box","text":"the United States. They also may not have laws to protect investors that are comparable to U.S. securities laws. For","page_number":13,"box":{"x":80,"y":442,"width":855,"height":11}},{"id":"31c21110-27e1-48d8-babb-0474e5397000","block_type":"box","text":"example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a","page_number":13,"box":{"x":81,"y":456,"width":831,"height":12}},{"id":"2061b9fa-f4b8-4735-83e2-6192760f21b4","block_type":"box","text":"person buys or sells a company’s securities based on material non-public information about that company. In","page_number":13,"box":{"x":82,"y":471,"width":800,"height":11}},{"id":"628f0f88-a4b3-4d7a-ad7a-de1d7f817210","block_type":"box","text":"addition, some countries may have legal systems that may make it difficult for the Fund to vote proxies, exercise","page_number":13,"box":{"x":81,"y":486,"width":829,"height":11}},{"id":"fbed2a9a-ca37-415d-9c07-5169630e7a9d","block_type":"box","text":"shareholder rights, and pursue legal remedies with respect to its foreign investments. Accounting standards in other","page_number":13,"box":{"x":81,"y":501,"width":856,"height":11}},{"id":"1a07bf11-8827-49ca-802e-ae3054b33665","block_type":"box","text":"countries are not necessarily the same as in the United States. If the accounting standards in another country do","page_number":13,"box":{"x":81,"y":516,"width":834,"height":11}},{"id":"e25d3ef5-07d0-46c6-894e-2ea8910e8f65","block_type":"box","text":"not require as much detail as U.S. accounting standards, it may be harder for Fund management to completely and","page_number":13,"box":{"x":82,"y":530,"width":844,"height":12}},{"id":"97bb22f1-a86a-41f3-b978-8b0f748fbfbe","block_type":"box","text":"accurately determine a company’s financial condition.","page_number":13,"box":{"x":81,"y":545,"width":393,"height":12}},{"id":"aa34d704-d26f-4acb-b81b-1a30a5929d28","block_type":"box","text":"Settlement Risk","page_number":13,"box":{"x":82,"y":565,"width":117,"height":9}},{"id":"492eadfe-b12f-43cd-bbdf-546e3d3b9fcd","block_type":"box","text":"— Settlement and clearance procedures in certain foreign markets differ significantly from those in","page_number":13,"box":{"x":203,"y":565,"width":730,"height":12}},{"id":"b0e4051c-36d5-4034-99c9-53bc9e97553b","block_type":"box","text":"the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks","page_number":13,"box":{"x":80,"y":580,"width":856,"height":12}},{"id":"60b741a7-7fd6-46f4-944e-57748e4c292a","block_type":"box","text":"(such as delays in payment for or delivery of securities) not typically associated with the settlement of U.S.","page_number":13,"box":{"x":81,"y":595,"width":784,"height":11}},{"id":"96fe30e1-1e75-4e88-8e3c-b753e050b809","block_type":"box","text":"investments.","page_number":13,"box":{"x":82,"y":610,"width":92,"height":9}},{"id":"ba5e4bf7-6f0f-4d44-a817-ae48adfdfc96","block_type":"box","text":"At times, settlements in certain foreign countries have not kept pace with the number of securities transactions.","page_number":13,"box":{"x":81,"y":630,"width":825,"height":11}},{"id":"5cb82f7c-cbe1-4a83-a0d8-44c891bdd8a8","block_type":"box","text":"These problems may make it difficult for the Fund to carry out transactions. If the Fund cannot settle or is delayed","page_number":13,"box":{"x":81,"y":644,"width":839,"height":12}},{"id":"71aa2ce5-fd48-4db5-8a16-51d3ed578690","block_type":"box","text":"in settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be","page_number":13,"box":{"x":82,"y":659,"width":854,"height":12}},{"id":"95d40a04-b1da-453d-b292-e384a7a46841","block_type":"box","text":"uninvested with no return earned thereon for some period. If the Fund cannot settle or is delayed in settling a sale","page_number":13,"box":{"x":82,"y":674,"width":839,"height":12}},{"id":"ad14bb93-27a5-4d29-9a7f-bcc0f0333102","block_type":"box","text":"of securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security","page_number":13,"box":{"x":81,"y":689,"width":841,"height":11}},{"id":"959046a2-2700-4de0-bca0-6fa55fe575f0","block_type":"box","text":"to another party, the Fund could be liable for any losses incurred.","page_number":13,"box":{"x":80,"y":704,"width":480,"height":11}},{"id":"afc59152-ae17-40df-8f31-143a1f100efe","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":13,"box":{"x":83,"y":724,"width":221,"height":11}},{"id":"0d9a9de6-32cf-4265-9803-af57679a7c92","block_type":"box","text":"— The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":13,"box":{"x":308,"y":724,"width":589,"height":11}},{"id":"0fd37e35-9b2d-41a1-853c-9a1cae62b2ca","block_type":"box","text":"interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or","page_number":13,"box":{"x":82,"y":739,"width":838,"height":11}},{"id":"fac21ac2-c037-47df-bbbf-2fc1dbcfa5c0","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding tax","page_number":13,"box":{"x":81,"y":754,"width":834,"height":11}},{"id":"4a50d4cf-cbe7-4a87-866e-fb9d899b2839","block_type":"box","text":"refund is within the control of the tax authorities in such countries. Where the Fund expects to recover withholding","page_number":13,"box":{"x":82,"y":768,"width":836,"height":12}},{"id":"2ce7f6dc-5e1d-4dbf-8c27-0fe09a4ac7ac","block_type":"box","text":"taxes, the net asset value of the Fund generally includes accruals for such tax refunds. The Fund regularly evaluates","page_number":13,"box":{"x":80,"y":783,"width":854,"height":12}},{"id":"0fcd06c0-1e59-48f2-becb-9802a34e2e7b","block_type":"box","text":"the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax","page_number":13,"box":{"x":80,"y":798,"width":831,"height":11}},{"id":"d1d102e4-9ab8-49e5-ba22-0934d14f63a5","block_type":"box","text":"regulation or approach in the foreign country, accruals in the Fund’s net asset value for such refunds may be written","page_number":13,"box":{"x":82,"y":813,"width":852,"height":11}},{"id":"f980d3e8-bbf4-4de9-85b0-81cb78dc3760","block_type":"box","text":"down partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in the Fund at the time","page_number":13,"box":{"x":81,"y":827,"width":848,"height":12}},{"id":"f5b51a82-e598-4140-9e5f-12645b5e8c66","block_type":"box","text":"an accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether","page_number":13,"box":{"x":81,"y":842,"width":831,"height":12}},{"id":"f14a1ab4-1d88-4e90-8ce4-85b0cf11ba40","block_type":"box","text":"they were shareholders during the accrual period. Conversely, if the Fund receives a tax refund that has not been","page_number":13,"box":{"x":80,"y":857,"width":830,"height":12}},{"id":"03b4fd4a-09b2-47c4-ad2a-7985988c7781","block_type":"box","text":"previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting","page_number":13,"box":{"x":82,"y":872,"width":832,"height":12}},{"id":"b7dd3ee8-1be6-42d4-b2f1-92f3bb6b485b","block_type":"box","text":"increase in the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit from","page_number":13,"box":{"x":82,"y":887,"width":836,"height":11}},{"id":"e01c2608-ff6e-427a-bfb2-fb7401af07e0","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":13,"box":{"x":81,"y":902,"width":325,"height":9}},{"id":"d3fbbbc9-ad01-4dc6-b89e-14ec031622af","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"2825cbcc-7b88-4ff0-acf3-72a8eff3b9b2","block_type":"box","text":"NM1026U-5978611-13/68","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"baf6b40a-9376-4366-a406-7ded0ba7b39a","block_type":"box","text":"Geographic Concentration Risk","page_number":14,"box":{"x":81,"y":46,"width":235,"height":11}},{"id":"47b5378a-4023-475c-9588-ac48e3132d83","block_type":"box","text":"— From time to time the Fund may invest a substantial amount of its assets in","page_number":14,"box":{"x":320,"y":46,"width":581,"height":11}},{"id":"c12e9d63-e760-454b-841a-619b043e984a","block_type":"box","text":"issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this","page_number":14,"box":{"x":82,"y":60,"width":848,"height":12}},{"id":"9519d1b7-ddf1-4d46-8655-1bd1ffd09863","block_type":"box","text":"manner, it assumes the risk that economic, political and social conditions in those countries will have a significant","page_number":14,"box":{"x":82,"y":75,"width":841,"height":12}},{"id":"a1c02de3-c376-448f-b846-1b333d0ab616","block_type":"box","text":"impact on its investment performance. The Fund’s investment performance may also be more volatile if it","page_number":14,"box":{"x":82,"y":90,"width":777,"height":12}},{"id":"8091be18-62e6-4993-a464-a0c14692c7fa","block_type":"box","text":"concentrates its investments in certain countries, especially emerging market countries.","page_number":14,"box":{"x":81,"y":105,"width":648,"height":12}},{"id":"6796ffd5-f62d-4c38-9709-b4881c87ff6c","block_type":"box","text":"Healthcare-Related Securities Risk","page_number":14,"box":{"x":81,"y":125,"width":264,"height":9}},{"id":"c17eb947-fb14-4ee7-b7ab-5163513b32f8","block_type":"box","text":"—","page_number":14,"box":{"x":350,"y":130,"width":17,"height":1}},{"id":"b389a2a5-a5f9-4e18-a3ce-7537a7acdf7c","block_type":"box","text":"Many healthcare-related companies are smaller and less seasoned than","page_number":14,"box":{"x":372,"y":125,"width":529,"height":11}},{"id":"71b786ac-8d53-4873-a2ac-120478d4ac9e","block_type":"box","text":"companies in other sectors. Healthcare-related companies may also be strongly affected by scientific or","page_number":14,"box":{"x":81,"y":140,"width":763,"height":11}},{"id":"ef17364d-9073-4055-a7f6-8c90fa8681bd","block_type":"box","text":"technological developments and their products may quickly become obsolete. Finally, many healthcare-related","page_number":14,"box":{"x":80,"y":155,"width":805,"height":11}},{"id":"79bdf38f-6c94-4ded-98d5-a18d94a5a2df","block_type":"box","text":"companies offer products and services that are subject to governmental regulation and may be adversely affected","page_number":14,"box":{"x":81,"y":169,"width":839,"height":12}},{"id":"102f0303-7150-41a0-a09a-3cd24adf6763","block_type":"box","text":"by changes in governmental policies or laws. A number of legislative proposals concerning healthcare have been","page_number":14,"box":{"x":81,"y":184,"width":825,"height":12}},{"id":"cb770c36-a3ff-4ec9-b7e9-bedb4b9f0026","block_type":"box","text":"introduced, considered or enacted by the U.S. Congress in recent years. These span a wide range of topics,","page_number":14,"box":{"x":82,"y":199,"width":790,"height":12}},{"id":"04cb6ac5-3785-494f-8572-230e5146067c","block_type":"box","text":"including cost control, national health insurance, incentives for compensation in the provision of health care","page_number":14,"box":{"x":82,"y":214,"width":792,"height":11}},{"id":"91b15374-4bcd-408e-9687-5ef7732a7944","block_type":"box","text":"services, tax incentives and penalties related to health care insurance premiums, and promotion of prepaid","page_number":14,"box":{"x":81,"y":229,"width":790,"height":11}},{"id":"f4825161-836c-46dc-8ecf-79cb415462a2","block_type":"box","text":"healthcare plans. The Fund cannot predict what proposals will be enacted or what effect they may have on","page_number":14,"box":{"x":82,"y":244,"width":780,"height":11}},{"id":"7a9c1f0e-64b4-40b0-b87e-798da7106893","block_type":"box","text":"healthcare-related companies.","page_number":14,"box":{"x":82,"y":259,"width":219,"height":11}},{"id":"c4770fda-c8a6-4660-b7ed-1ec6091a2de3","block_type":"box","text":"Investment Style Risk","page_number":14,"box":{"x":81,"y":278,"width":166,"height":12}},{"id":"41861882-d1e7-44d3-b84a-51aa855f2767","block_type":"box","text":"— Under certain market conditions, growth investments have performed better during the","page_number":14,"box":{"x":251,"y":278,"width":660,"height":12}},{"id":"3a0a5789-d332-4644-b81a-5bfb3b2a11ac","block_type":"box","text":"later stages of economic expansion. Therefore, this investment style may over time go in and out of favor. At times","page_number":14,"box":{"x":82,"y":293,"width":842,"height":12}},{"id":"281d491b-dd47-4271-a009-a9a1338c6ee3","block_type":"box","text":"when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use","page_number":14,"box":{"x":80,"y":308,"width":847,"height":11}},{"id":"8bc9e949-bd99-412c-b027-13f7d4fb0314","block_type":"box","text":"different investment styles.","page_number":14,"box":{"x":81,"y":323,"width":200,"height":11}},{"id":"5504c3ea-55af-4a7a-aef0-6da7ac973062","block_type":"box","text":"Market Risk and Selection Risk","page_number":14,"box":{"x":81,"y":343,"width":240,"height":9}},{"id":"ab244ad0-a6c7-4326-a8d1-88c6267923f5","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":14,"box":{"x":324,"y":343,"width":593,"height":9}},{"id":"8dc411b2-b27e-4ba2-a070-08da0890078b","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":14,"box":{"x":81,"y":358,"width":851,"height":11}},{"id":"611ddd39-3926-4948-b4fb-3f17987958a3","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":14,"box":{"x":82,"y":372,"width":824,"height":12}},{"id":"9fcca13e-ced0-455e-a26d-246a5bae63e7","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":14,"box":{"x":82,"y":387,"width":851,"height":12}},{"id":"70a0163c-c730-468b-96e2-aa1fcaa72989","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":14,"box":{"x":82,"y":402,"width":802,"height":12}},{"id":"dd82897c-a224-4e79-a097-3487ba173d7c","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":14,"box":{"x":81,"y":417,"width":849,"height":11}},{"id":"8eba50e3-9b4a-4c1e-bbaa-2be08d074726","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":14,"box":{"x":81,"y":432,"width":843,"height":11}},{"id":"ef51ba85-42eb-4d47-abfc-849d27ec4da8","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or","page_number":14,"box":{"x":81,"y":447,"width":830,"height":11}},{"id":"5e7f3276-8314-4f3e-993c-230fda8c0de4","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":14,"box":{"x":82,"y":461,"width":840,"height":12}},{"id":"8d4402b8-5584-4080-bdac-1abc54c8c1ba","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":14,"box":{"x":81,"y":476,"width":789,"height":12}},{"id":"dbfd92c9-23a5-49be-9b3e-74d1f06925f7","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":14,"box":{"x":81,"y":491,"width":823,"height":12}},{"id":"57f505e5-6bc0-4dc6-a48a-f2bc5762833c","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":14,"box":{"x":81,"y":506,"width":784,"height":11}},{"id":"5b5f15e9-0803-43dd-9529-c0f064ef1e8a","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":14,"box":{"x":81,"y":521,"width":844,"height":11}},{"id":"3dbd5ad5-ceb5-497a-8b0f-fb047aaa5918","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":14,"box":{"x":82,"y":541,"width":818,"height":11}},{"id":"2a743d85-37c3-4c91-af8e-6b1df161c262","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":14,"box":{"x":80,"y":556,"width":819,"height":11}},{"id":"c74fab0d-6618-4a26-996f-f4fdb7f3422b","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":14,"box":{"x":81,"y":570,"width":819,"height":12}},{"id":"c380d513-9edd-47ea-a062-998a92f098f4","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":14,"box":{"x":81,"y":585,"width":846,"height":12}},{"id":"eba4b27f-52d4-4e2e-984e-d7872127a72b","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":14,"box":{"x":81,"y":600,"width":848,"height":12}},{"id":"a0706430-b049-45f8-a06d-00184102f7e8","block_type":"box","text":"the Fund invests.","page_number":14,"box":{"x":80,"y":615,"width":125,"height":9}},{"id":"d9722e66-7547-4d64-89aa-f609dbaa9d88","block_type":"box","text":"Mid Cap Securities Risk","page_number":14,"box":{"x":81,"y":635,"width":182,"height":11}},{"id":"41b8f938-71d9-46a8-ad16-03f9a37145da","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":14,"box":{"x":267,"y":635,"width":665,"height":11}},{"id":"fc780205-3ff5-46c1-8dc5-84b53c48ee2e","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":14,"box":{"x":81,"y":650,"width":789,"height":11}},{"id":"15feefe1-4890-418e-afb1-7b61fd099799","block_type":"box","text":"Operational and Technology Risks","page_number":14,"box":{"x":82,"y":670,"width":254,"height":11}},{"id":"9eb0baa1-d8f1-4e7e-9f2d-32d7cfa1be48","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":14,"box":{"x":340,"y":670,"width":549,"height":11}},{"id":"9ad6db0b-5869-4b36-a8a4-38255e325c54","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":14,"box":{"x":81,"y":685,"width":790,"height":11}},{"id":"e438274b-f362-4613-bdff-379cebb78e96","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":14,"box":{"x":81,"y":699,"width":837,"height":12}},{"id":"e7d666a9-0b4b-49c4-92e4-da62c2e4851c","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":14,"box":{"x":82,"y":714,"width":845,"height":12}},{"id":"bfda241d-461c-433d-a11d-88f8cb6fe868","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":14,"box":{"x":81,"y":729,"width":832,"height":11}},{"id":"1990d432-5ec1-4d9e-9d9d-c92d3cfc7b9a","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":14,"box":{"x":82,"y":744,"width":763,"height":11}},{"id":"b64a4b11-767b-4c9d-b0ab-af4d953e200d","block_type":"box","text":"counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and","page_number":14,"box":{"x":81,"y":759,"width":825,"height":11}},{"id":"77972754-f816-444d-9638-124eb0de741e","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":14,"box":{"x":81,"y":773,"width":842,"height":12}},{"id":"379690ce-005d-4085-a7a9-5c5c2ea1d7be","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":14,"box":{"x":81,"y":788,"width":852,"height":12}},{"id":"eaa0a913-bd7b-45d4-be93-dfd875c4cda2","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":14,"box":{"x":82,"y":803,"width":827,"height":12}},{"id":"df60451e-b500-4926-a855-2c66c36fe146","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":14,"box":{"x":81,"y":823,"width":821,"height":12}},{"id":"2fae7a66-8f2d-422e-9b66-d7ac55b29634","block_type":"box","text":"Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized","page_number":14,"box":{"x":82,"y":838,"width":814,"height":11}},{"id":"4280e73c-dbb5-4b76-9e51-bc9190934f51","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":14,"box":{"x":81,"y":853,"width":824,"height":11}},{"id":"8962a060-e75a-4800-b1ac-39cab629fd6c","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":14,"box":{"x":81,"y":867,"width":791,"height":12}},{"id":"5676fe2c-136b-4fb9-b9ac-9c85595b92a2","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":14,"box":{"x":82,"y":882,"width":852,"height":12}},{"id":"995ef002-a049-4369-b3a1-94d6814b97b9","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":14,"box":{"x":81,"y":897,"width":784,"height":12}},{"id":"70e7fae7-0ba7-46bc-8fc9-bb4bea4fbbe6","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":14,"box":{"x":81,"y":912,"width":787,"height":12}},{"id":"a6e03bc8-ab74-4447-85e7-d70425ae9195","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"e24b0760-b19b-4db6-a112-8ac73f99c493","block_type":"box","text":"NM1026U-5978611-14/68","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"43429202-df32-48b4-b5af-8f1e4c2eeae3","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations","page_number":15,"box":{"x":81,"y":46,"width":840,"height":11}},{"id":"e92e2834-3488-43d3-8396-8825ea73cce1","block_type":"box","text":"of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":15,"box":{"x":81,"y":60,"width":809,"height":12}},{"id":"253354ec-3b92-484c-976a-8d7f4c6d3b4d","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":15,"box":{"x":81,"y":76,"width":829,"height":11}},{"id":"6a046903-1a59-481a-8eb4-c6974a8167f1","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":15,"box":{"x":82,"y":90,"width":798,"height":12}},{"id":"19840581-c5e4-4e68-b6f3-a845c2d0b264","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":15,"box":{"x":81,"y":105,"width":829,"height":12}},{"id":"a494d3e1-2c0e-4fb4-a470-446c88d99920","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":15,"box":{"x":82,"y":120,"width":846,"height":11}},{"id":"f876d4b0-818b-4e7f-9bd2-e2cfaa6aa185","block_type":"box","text":"relied upon by the Fund or its service providers, as well as market events that occur at a pace that overloads these","page_number":15,"box":{"x":82,"y":135,"width":846,"height":11}},{"id":"aca7db05-0b27-496f-8279-81d08505c6d7","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. In addition, the risks of increased use of AI","page_number":15,"box":{"x":81,"y":149,"width":838,"height":12}},{"id":"a4fde7ae-6a6b-4d57-b343-2375e291ac04","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":15,"box":{"x":80,"y":165,"width":770,"height":11}},{"id":"d64aaeb7-17b9-4662-85d3-ef82f0a1b2e6","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":15,"box":{"x":80,"y":179,"width":792,"height":12}},{"id":"b6edf8e3-fb0b-4d16-ba39-31e814d83ca6","block_type":"box","text":"incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all relevant data into such","page_number":15,"box":{"x":82,"y":194,"width":845,"height":11}},{"id":"be19ac9b-f1b3-412d-b574-55365bf5a118","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":15,"box":{"x":80,"y":209,"width":840,"height":11}},{"id":"1452d5a2-8d8e-4426-b945-f0a8273f852e","block_type":"box","text":"or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are generated. AI","page_number":15,"box":{"x":81,"y":224,"width":841,"height":11}},{"id":"389edd3c-5c77-4998-b54e-747a7069bd61","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":15,"box":{"x":80,"y":238,"width":847,"height":12}},{"id":"a7da8572-e12d-4a46-9f8e-af87545dfe9d","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":15,"box":{"x":82,"y":253,"width":838,"height":12}},{"id":"3d009ae1-637f-4b28-b14d-49c9e77b5712","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":15,"box":{"x":81,"y":268,"width":847,"height":12}},{"id":"7443e694-be6e-4a35-a222-dcc272c41fd9","block_type":"box","text":"operate, continue to quickly evolve, and it is impossible to anticipate the full scope of future AI capabilities or rules","page_number":15,"box":{"x":81,"y":283,"width":845,"height":11}},{"id":"29539d4d-cdf2-48b8-996b-80fe97a3b169","block_type":"box","text":"and the associated risks to the Fund.","page_number":15,"box":{"x":81,"y":298,"width":273,"height":9}},{"id":"74e836b2-a89d-4a2c-9428-3b82e9841919","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":15,"box":{"x":81,"y":318,"width":769,"height":11}},{"id":"6370a127-c183-4f80-91fc-5863c7b0913c","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":15,"box":{"x":81,"y":332,"width":855,"height":12}},{"id":"42280f9e-01f0-4b23-9e34-8cf8220829c0","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":15,"box":{"x":80,"y":347,"width":848,"height":12}},{"id":"cb5591e2-502e-485d-b465-0f5bda7fe18b","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":15,"box":{"x":81,"y":362,"width":777,"height":12}},{"id":"dc4ce69b-11a4-4ca7-ac23-5cab7df4d48e","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":15,"box":{"x":81,"y":377,"width":824,"height":12}},{"id":"5586b7db-1c24-4346-8252-e4cdbe8f265d","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":15,"box":{"x":81,"y":392,"width":785,"height":11}},{"id":"f9374fb7-e4c8-4aa6-b913-e597d42c17eb","block_type":"box","text":"identified or may emerge in the future; that such plans and systems may not completely eliminate the occurrence or","page_number":15,"box":{"x":82,"y":407,"width":853,"height":11}},{"id":"98434f3e-eff2-43e0-9958-473d72938684","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":15,"box":{"x":82,"y":421,"width":855,"height":12}},{"id":"4f66ffda-39eb-42ea-85c9-62df8e07b290","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":15,"box":{"x":82,"y":436,"width":813,"height":12}},{"id":"72c92409-52d0-4a35-9241-fdd117e3740d","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":15,"box":{"x":81,"y":451,"width":806,"height":12}},{"id":"50271aa4-d978-442d-8865-70d3b4b52486","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":15,"box":{"x":82,"y":466,"width":602,"height":11}},{"id":"23eef73f-51ed-4afc-bc29-9455221aeb39","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":15,"box":{"x":82,"y":486,"width":794,"height":11}},{"id":"70e3d6cd-5cf4-41fb-b078-8112c60c0dc6","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":15,"box":{"x":81,"y":501,"width":840,"height":11}},{"id":"a71fe640-d9b4-48b7-a293-5cf36d1f6e14","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":15,"box":{"x":81,"y":516,"width":801,"height":11}},{"id":"697d4174-6cab-4675-832d-461fab2b075b","block_type":"box","text":"resources to monitor and implement required changes.","page_number":15,"box":{"x":82,"y":531,"width":402,"height":11}},{"id":"9c486331-6939-4b48-9f7e-f3d4b8fa875e","block_type":"box","text":"Risk of Investing in the United States","page_number":15,"box":{"x":81,"y":550,"width":283,"height":12}},{"id":"c838695b-a2c1-4f0a-a119-4c16632d8ce5","block_type":"box","text":"—","page_number":15,"box":{"x":369,"y":556,"width":17,"height":1}},{"id":"1f9bc9e7-fb72-47a2-9f92-618a0a824f60","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations, tariffs,","page_number":15,"box":{"x":390,"y":550,"width":519,"height":12}},{"id":"5c0560b8-dcc0-4f56-92b5-691083d8a600","block_type":"box","text":"inflation and/or an economic recession in the United States may have a material adverse effect on the U.S.","page_number":15,"box":{"x":82,"y":565,"width":790,"height":12}},{"id":"218e66cb-d8e9-423f-aff3-0db8dfae6ff6","block_type":"box","text":"economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the","page_number":15,"box":{"x":81,"y":580,"width":835,"height":12}},{"id":"b8d5bc3e-b27f-4983-8306-f7db73765d39","block_type":"box","text":"United States are changing many aspects of financial, commercial, public health, environmental, and other","page_number":15,"box":{"x":82,"y":595,"width":784,"height":11}},{"id":"ca45cb25-fa21-477a-9fbd-10dff1037c89","block_type":"box","text":"regulation and may have a significant effect on U.S. markets generally, as well as on the value of certain securities.","page_number":15,"box":{"x":82,"y":610,"width":849,"height":11}},{"id":"2d44c0f2-01bc-4e30-9c10-b21ce593a968","block_type":"box","text":"Governmental agencies project that the United States will continue to maintain elevated public debt levels for the","page_number":15,"box":{"x":81,"y":624,"width":832,"height":12}},{"id":"bada864e-6596-468d-bad4-8e2f9aaaa784","block_type":"box","text":"foreseeable future. Although elevated debt levels do not necessarily indicate or cause economic problems, elevated","page_number":15,"box":{"x":81,"y":639,"width":851,"height":12}},{"id":"29afe72c-94f5-419b-aa1b-82745b695d7e","block_type":"box","text":"public debt service costs may constrain future economic growth.","page_number":15,"box":{"x":82,"y":654,"width":471,"height":12}},{"id":"7c76fb30-33b1-4316-8068-c67a590f9ce5","block_type":"box","text":"The United States has developed increasingly strained relations with a number of foreign countries. If relations with","page_number":15,"box":{"x":81,"y":674,"width":847,"height":12}},{"id":"1671edd9-5260-44a6-a5f5-deba8c500a32","block_type":"box","text":"certain countries deteriorate, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the","page_number":15,"box":{"x":81,"y":689,"width":810,"height":11}},{"id":"d2a3810a-e5b8-465d-af07-30d54663bb3c","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and political discord. If","page_number":15,"box":{"x":82,"y":704,"width":832,"height":11}},{"id":"61bab7ea-9fe8-4b1d-bbfa-49bfe608c150","block_type":"box","text":"these trends were to continue, it may have an adverse impact on the U.S. economy and the issuers in which the","page_number":15,"box":{"x":80,"y":719,"width":826,"height":11}},{"id":"4ce05b33-78e0-4615-a320-ce2c0b177077","block_type":"box","text":"Fund invests.","page_number":15,"box":{"x":82,"y":734,"width":95,"height":9}},{"id":"0ad15086-3fe6-4795-8bde-ac6df222a00d","block_type":"box","text":"Small Cap Securities Risk","page_number":15,"box":{"x":81,"y":754,"width":196,"height":11}},{"id":"936e76f4-4ba5-49be-a0ff-cec1eed9c49b","block_type":"box","text":"— Small cap companies may have limited product lines or markets. They may be less","page_number":15,"box":{"x":280,"y":754,"width":630,"height":11}},{"id":"67cf1a87-a6d0-401c-b85d-1673f78d94f8","block_type":"box","text":"financially secure than larger, more established companies. They may depend on a small number of key personnel.","page_number":15,"box":{"x":81,"y":768,"width":844,"height":12}},{"id":"804c4462-894a-4896-a599-32d24fcb5af1","block_type":"box","text":"If a product fails or there are other adverse developments, or if management changes, the Fund’s investment in a","page_number":15,"box":{"x":82,"y":783,"width":835,"height":12}},{"id":"1994bbce-42c1-4435-a885-98dde8f12b86","block_type":"box","text":"small cap company may lose substantial value. In addition, it is more difficult to get information on smaller","page_number":15,"box":{"x":81,"y":798,"width":787,"height":11}},{"id":"04e53de8-9015-4474-9374-5db26fc39a55","block_type":"box","text":"companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by","page_number":15,"box":{"x":81,"y":813,"width":854,"height":11}},{"id":"579f33e6-236f-49ad-9cfe-0e000df372b5","block_type":"box","text":"large investors and are followed by relatively few securities analysts.","page_number":15,"box":{"x":82,"y":827,"width":501,"height":12}},{"id":"16793baa-8ce7-42bf-829d-74aa831f14b5","block_type":"box","text":"The securities of small cap companies generally trade in lower volumes and are subject to greater and more","page_number":15,"box":{"x":81,"y":847,"width":794,"height":12}},{"id":"1048e5bc-557d-473c-975c-bfe87fcec973","block_type":"box","text":"unpredictable price changes than larger cap securities or the market as a whole. In addition, small cap securities","page_number":15,"box":{"x":82,"y":863,"width":830,"height":11}},{"id":"511a3a09-1f30-4b41-a956-8ff26f979995","block_type":"box","text":"may be particularly sensitive to changes in interest rates, borrowing costs and earnings. Investing in small cap","page_number":15,"box":{"x":82,"y":877,"width":812,"height":12}},{"id":"15f02a43-e0d8-4a32-9b8f-36de0d66779c","block_type":"box","text":"securities requires a longer term view.","page_number":15,"box":{"x":81,"y":892,"width":279,"height":12}},{"id":"8c876f70-0a08-4d5b-9f10-f09b722d33ab","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"161b4af8-c708-43d2-ac58-86aec502ddc3","block_type":"box","text":"NM1026U-5978611-15/68","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5c81fe37-aac5-4989-ad08-eac28e3501df","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":16,"box":{"x":61,"y":46,"width":296,"height":13}},{"id":"6250af0b-6d46-4be5-b5ca-b62ba36e42e1","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":16,"box":{"x":60,"y":63,"width":832,"height":11}},{"id":"edc97e60-cc5e-4d10-bf1f-5520b140cda3","block_type":"box","text":"strategies, including:","page_number":16,"box":{"x":61,"y":77,"width":151,"height":12}},{"id":"d0751412-0426-4f27-9ecf-5682356b1b3d","block_type":"box","text":"Borrowing Risk","page_number":16,"box":{"x":81,"y":97,"width":115,"height":12}},{"id":"d8c87797-4a8f-40fe-ac91-c5b10deeec41","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":16,"box":{"x":200,"y":97,"width":711,"height":12}},{"id":"40070a65-daf0-4664-a548-9852b35fd0ba","block_type":"box","text":"the Fund’s portfolio. Borrowing will cost the Fund interest expense and other fees. The costs of borrowing may","page_number":16,"box":{"x":80,"y":112,"width":813,"height":12}},{"id":"3a6d1033-b234-48b6-aa64-0247ede03085","block_type":"box","text":"reduce the Fund’s return. Borrowing may cause the Fund to liquidate positions when it may not be advantageous to","page_number":16,"box":{"x":82,"y":127,"width":846,"height":11}},{"id":"ae39d5a9-2f39-465b-b9fe-15531e937e7e","block_type":"box","text":"do so to satisfy its obligations.","page_number":16,"box":{"x":81,"y":142,"width":225,"height":11}},{"id":"1d5b2bdd-b5af-4944-b86c-49d5aa9cdf0d","block_type":"box","text":"Convertible Securities Risk","page_number":16,"box":{"x":81,"y":162,"width":206,"height":9}},{"id":"c635d2a2-fa95-41ee-a577-092233fb1269","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":16,"box":{"x":291,"y":162,"width":593,"height":11}},{"id":"13a41093-5e48-4c5f-85ad-93fb09da9776","block_type":"box","text":"security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible","page_number":16,"box":{"x":81,"y":176,"width":853,"height":12}},{"id":"92d82719-afb3-467d-9e42-b47bff023710","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":16,"box":{"x":81,"y":192,"width":855,"height":11}},{"id":"302e0a8c-aee0-4d70-aa0a-62a2aad4988c","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":16,"box":{"x":80,"y":206,"width":816,"height":12}},{"id":"17a71a9a-51bd-4332-9dad-13cb78696a08","block_type":"box","text":"issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be","page_number":16,"box":{"x":82,"y":221,"width":796,"height":11}},{"id":"7f2ff7c5-d05c-4df0-924a-35c862bbefbd","block_type":"box","text":"converted, a convertible security is also subject to the same types of market and issuer risks that apply to the","page_number":16,"box":{"x":81,"y":236,"width":812,"height":11}},{"id":"0cb22dea-0c4f-45a9-9584-d629acf45d29","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":16,"box":{"x":82,"y":251,"width":809,"height":11}},{"id":"43af2b1b-3753-43da-adb7-14c68a2f3cfb","block_type":"box","text":"Depositary Receipts Risk","page_number":16,"box":{"x":81,"y":271,"width":191,"height":11}},{"id":"7e689f06-becf-47a8-a007-a0db9e5d1271","block_type":"box","text":"— Depositary receipts are generally subject to the same risks as the foreign securities","page_number":16,"box":{"x":276,"y":271,"width":639,"height":11}},{"id":"c430e87e-5cd4-40a7-b3e1-145b3d76d1ab","block_type":"box","text":"that they evidence or into which they may be converted. In addition to investment risks associated with the","page_number":16,"box":{"x":80,"y":286,"width":786,"height":11}},{"id":"67692112-aee3-4b8b-8acb-9ebf0c967292","block_type":"box","text":"underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms","page_number":16,"box":{"x":82,"y":300,"width":824,"height":12}},{"id":"43ce155d-21f1-4c7a-b032-39de1716ac3a","block_type":"box","text":"that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other","page_number":16,"box":{"x":80,"y":315,"width":827,"height":12}},{"id":"7f8d078e-f1de-4260-87a0-ce83fcbb1924","block_type":"box","text":"parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for","page_number":16,"box":{"x":82,"y":330,"width":849,"height":11}},{"id":"10b0cca9-63cd-4c92-a5c1-3608e9ab7203","block_type":"box","text":"depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that","page_number":16,"box":{"x":81,"y":345,"width":840,"height":11}},{"id":"87209bf6-99e3-4c80-b52d-b6dbf809a865","block_type":"box","text":"is, in the United States, considered material. Therefore, there may be less information available regarding these","page_number":16,"box":{"x":82,"y":360,"width":824,"height":11}},{"id":"fcb029f7-2544-49ed-9834-96b0955e4d01","block_type":"box","text":"issuers and there may not be a correlation between such information and the market value of the depositary","page_number":16,"box":{"x":82,"y":374,"width":798,"height":12}},{"id":"d3310d2c-a16f-41a6-bdeb-936bc156c4b3","block_type":"box","text":"receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their","page_number":16,"box":{"x":82,"y":389,"width":847,"height":12}},{"id":"9f39a17c-ee89-4f16-9cac-d76dc55dbdd3","block_type":"box","text":"respective markets and currencies, they continue to be subject to many of the risks associated with investing","page_number":16,"box":{"x":82,"y":404,"width":804,"height":12}},{"id":"cb7e3722-9b3e-45db-953a-457fd50aa82f","block_type":"box","text":"directly in foreign securities, including political, economic, and currency risk.","page_number":16,"box":{"x":81,"y":419,"width":558,"height":11}},{"id":"94bfaed8-b0e9-47c7-9c1c-45cc88fc8843","block_type":"box","text":"Derivatives Risk","page_number":16,"box":{"x":81,"y":439,"width":123,"height":9}},{"id":"a9cd5007-46fe-4109-94ac-29c35460d1b7","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":16,"box":{"x":207,"y":439,"width":664,"height":11}},{"id":"8dd25880-30e5-420f-947d-bfb8ad658732","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":16,"box":{"x":82,"y":454,"width":469,"height":11}},{"id":"cc9cd493-1a1b-4bd3-a651-aed66bbcd6ee","block_type":"box","text":"Leverage Risk","page_number":16,"box":{"x":82,"y":476,"width":102,"height":12}},{"id":"aeacaff1-f846-4f55-b645-fab364d9ec8b","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":16,"box":{"x":188,"y":476,"width":723,"height":12}},{"id":"242fd9a4-c811-45e7-ba41-eaeda29c185d","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":16,"box":{"x":82,"y":491,"width":832,"height":12}},{"id":"9038e751-54f7-4e51-9e71-80ebd8d2d920","block_type":"box","text":"exceed the amount originally invested.","page_number":16,"box":{"x":81,"y":506,"width":280,"height":11}},{"id":"0944cd47-ee22-4916-88b9-737779b0ed9c","block_type":"box","text":"Market Risk","page_number":16,"box":{"x":82,"y":529,"width":87,"height":9}},{"id":"ca9f28bc-4f31-4fc4-856d-7ff3b9d786d4","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":16,"box":{"x":173,"y":528,"width":728,"height":12}},{"id":"d9f4048e-05f2-411b-9fef-42c5d207ae4e","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":16,"box":{"x":81,"y":543,"width":834,"height":11}},{"id":"64e3da38-87d3-4845-8ad6-0372d9535e89","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":16,"box":{"x":82,"y":558,"width":832,"height":12}},{"id":"97d30c4c-7107-4a22-8279-813daa8211b3","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":16,"box":{"x":80,"y":573,"width":779,"height":11}},{"id":"f816b332-8b7b-4077-9ed2-3284342d75c2","block_type":"box","text":"derivatives positions to lose value.","page_number":16,"box":{"x":81,"y":588,"width":253,"height":11}},{"id":"ec19a915-4475-47d8-ae6b-b9f60cc3a928","block_type":"box","text":"Counterpar ty Risk","page_number":16,"box":{"x":82,"y":610,"width":131,"height":12}},{"id":"86b58cbe-4294-4d73-aeb3-4fdeebdf5ca9","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":16,"box":{"x":217,"y":611,"width":697,"height":11}},{"id":"cb0a9129-9a43-4aca-8061-b489f5435c93","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":16,"box":{"x":80,"y":625,"width":855,"height":12}},{"id":"83ac806e-6a67-4fdf-9bcd-149e7d8bf011","block_type":"box","text":"exposure to such a counterparty.","page_number":16,"box":{"x":81,"y":640,"width":240,"height":11}},{"id":"e7b9a3e3-f8c2-495c-a320-f003cd4e60f6","block_type":"box","text":"Illiquidity Risk —","page_number":16,"box":{"x":82,"y":663,"width":122,"height":11}},{"id":"71e7f0f7-3d8c-46b2-befc-d40a34bd396d","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":16,"box":{"x":208,"y":662,"width":728,"height":12}},{"id":"60c3484b-2cd4-47cc-b850-5c4ffe440f43","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":16,"box":{"x":80,"y":678,"width":839,"height":11}},{"id":"28691225-9911-4977-ac4c-94b8e63179c0","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":16,"box":{"x":81,"y":692,"width":293,"height":12}},{"id":"9e23d920-7d89-43d2-ba72-f19e28832600","block_type":"box","text":"Operational Risk","page_number":16,"box":{"x":82,"y":715,"width":120,"height":11}},{"id":"569bae78-ad4c-4ae0-aafa-d668a3043720","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":16,"box":{"x":206,"y":715,"width":727,"height":11}},{"id":"a861e6e8-bd2a-450a-92e0-8d605a138da1","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":16,"box":{"x":82,"y":730,"width":607,"height":11}},{"id":"957ec879-26f9-4625-a5ef-8935b262f075","block_type":"box","text":"Legal Risk","page_number":16,"box":{"x":82,"y":752,"width":75,"height":12}},{"id":"cfc6401e-2f7f-4382-b79b-0c8cc06b403e","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":16,"box":{"x":161,"y":752,"width":761,"height":12}},{"id":"697a3841-39cd-4e37-be48-e73b5265e044","block_type":"box","text":"enforceability of a contract.","page_number":16,"box":{"x":81,"y":767,"width":198,"height":11}},{"id":"9f63b979-dc5f-427b-bf18-93087a525ea3","block_type":"box","text":"Volatility and Correlation Risk","page_number":16,"box":{"x":83,"y":790,"width":214,"height":11}},{"id":"44ad9a79-7ac9-42d1-a556-4d9755291b0d","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":16,"box":{"x":300,"y":789,"width":590,"height":12}},{"id":"496c9cc5-60ca-4495-b90f-e6ef6de8a66e","block_type":"box","text":"volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price","page_number":16,"box":{"x":80,"y":804,"width":855,"height":12}},{"id":"ab4e2241-78ec-496e-9361-7e725988c788","block_type":"box","text":"within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not","page_number":16,"box":{"x":80,"y":819,"width":820,"height":12}},{"id":"a308564f-9ab5-4373-9876-b582f7b1fafb","block_type":"box","text":"correlate with the overall securities markets.","page_number":16,"box":{"x":81,"y":834,"width":326,"height":9}},{"id":"a693cd12-0120-410e-aeff-6d4f64d91183","block_type":"box","text":"Valuation Risk","page_number":16,"box":{"x":83,"y":857,"width":102,"height":9}},{"id":"14685ec9-c151-462b-acbb-1fcff27eca1e","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":16,"box":{"x":189,"y":856,"width":747,"height":12}},{"id":"29d629e6-f231-4849-8474-e0da7a0d52c6","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":16,"box":{"x":82,"y":871,"width":783,"height":12}},{"id":"1d9a9791-b5c4-4d4e-9593-ec16767a1546","block_type":"box","text":"instruments or quote prices for them. Derivatives may also expose the Fund to greater risk and increase its costs.","page_number":16,"box":{"x":82,"y":886,"width":837,"height":12}},{"id":"6a9e0e05-1f7f-4807-8528-b6339b9919c6","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":16,"box":{"x":81,"y":901,"width":826,"height":12}},{"id":"755349ae-11bb-4d0f-aa91-8f49f3952175","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":16,"box":{"x":80,"y":916,"width":405,"height":11}},{"id":"2bd1cd67-7ded-4d57-8134-da944bc6046e","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"30eff90e-1b83-451b-8d49-1270e2d32c44","block_type":"box","text":"NM1026U-5978611-16/68","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c0e6cca7-6111-4373-93b8-5e2edc3c84c7","block_type":"box","text":"Hedging Risk","page_number":17,"box":{"x":82,"y":46,"width":95,"height":11}},{"id":"56776bc0-0e7d-448a-8a21-7a88c98bf188","block_type":"box","text":"— When a derivative is used as a hedge against a position that the Fund holds, any loss generated by","page_number":17,"box":{"x":181,"y":46,"width":752,"height":11}},{"id":"14f424d0-0331-4660-a787-7f56a60362dd","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":17,"box":{"x":80,"y":60,"width":820,"height":12}},{"id":"362380db-0f1b-4368-a166-081277b71ff5","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":17,"box":{"x":82,"y":76,"width":823,"height":11}},{"id":"1ce71ab2-f9ab-4bbc-b00c-c5255de209a3","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":17,"box":{"x":82,"y":90,"width":813,"height":12}},{"id":"02e3720a-f1ef-4ddc-ae4d-7a53639c54dc","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":17,"box":{"x":82,"y":105,"width":832,"height":12}},{"id":"ee66dd3b-89ac-491f-9349-275533e209d5","block_type":"box","text":"noted below.","page_number":17,"box":{"x":82,"y":120,"width":90,"height":9}},{"id":"4428a722-80b0-41dd-b3f5-481599893bd0","block_type":"box","text":"Tax Risk","page_number":17,"box":{"x":83,"y":143,"width":59,"height":9}},{"id":"2dee36f9-7e58-4a26-8c9e-d68b41a1573e","block_type":"box","text":"— The federal income tax treatment of a derivative may not be as favorable as a direct investment in an","page_number":17,"box":{"x":145,"y":142,"width":766,"height":12}},{"id":"8216feb9-0f87-4cdf-909b-968512b41819","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":17,"box":{"x":82,"y":157,"width":826,"height":12}},{"id":"ecbaf912-3a48-40b0-8f89-f7223ee1e11f","block_type":"box","text":"investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than","page_number":17,"box":{"x":82,"y":172,"width":846,"height":12}},{"id":"997f1e32-5ca5-406b-a748-52babd7bad67","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":17,"box":{"x":81,"y":187,"width":817,"height":11}},{"id":"3e8f9ad3-f655-4201-bbaa-7752272118cf","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could","page_number":17,"box":{"x":82,"y":202,"width":835,"height":11}},{"id":"a2676781-2d9b-4801-bcf5-a5dbea7382da","block_type":"box","text":"be an increase (or decrease) in the amount of taxable dividends paid by the Fund. In addition, the tax treatment of","page_number":17,"box":{"x":81,"y":216,"width":840,"height":12}},{"id":"53e92a95-1609-44b3-b9e0-86f045653057","block_type":"box","text":"certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or","page_number":17,"box":{"x":81,"y":231,"width":750,"height":12}},{"id":"ccec0071-a67e-4a76-9fb4-60dc0350f296","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":17,"box":{"x":81,"y":246,"width":611,"height":12}},{"id":"ae165cc7-7045-4220-8dfc-c7512bcd7e4f","block_type":"box","text":"Regulatory Risk","page_number":17,"box":{"x":82,"y":269,"width":115,"height":11}},{"id":"4e49cee5-0575-4e14-bb19-e0bbc6681007","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":17,"box":{"x":201,"y":269,"width":688,"height":11}},{"id":"e80be291-c2dd-4001-986e-7fc99aa0981f","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":17,"box":{"x":81,"y":284,"width":851,"height":11}},{"id":"e11cfaa4-d1ea-47ff-b12d-0f2ad74b8566","block_type":"box","text":"and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers are","page_number":17,"box":{"x":81,"y":298,"width":811,"height":12}},{"id":"8087bce9-cfcc-4027-9c30-92d81b177c5e","block_type":"box","text":"required to exchange variation margin with the Fund and may be required by applicable regulations to collect and/or","page_number":17,"box":{"x":82,"y":313,"width":850,"height":12}},{"id":"01171057-c88f-4e37-b4c5-99a008bdfda6","block_type":"box","text":"exchange initial margin with the Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":17,"box":{"x":81,"y":328,"width":850,"height":12}},{"id":"cebe3119-7711-4b7f-aae7-b045a26c62ac","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":17,"box":{"x":81,"y":343,"width":838,"height":11}},{"id":"6338306c-0a0e-456d-8b5f-1323c3fe419b","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":17,"box":{"x":81,"y":358,"width":807,"height":11}},{"id":"d2ce3f83-5e56-4b35-865a-f0d4748adaa2","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":17,"box":{"x":81,"y":372,"width":787,"height":12}},{"id":"a38aeae4-1278-4a91-b2da-d9eaa9dcf94d","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":17,"box":{"x":82,"y":387,"width":837,"height":12}},{"id":"48c94c66-1338-4129-b6c7-f84016823a28","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":17,"box":{"x":80,"y":402,"width":804,"height":12}},{"id":"2bd27081-bd50-425d-b8f8-f370d869984c","block_type":"box","text":"support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or","page_number":17,"box":{"x":81,"y":417,"width":781,"height":11}},{"id":"63457122-019e-419f-8f09-1a65240fbfb9","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":17,"box":{"x":82,"y":432,"width":773,"height":11}},{"id":"a7eea3f0-9b92-4d4a-8c72-1b6ab2bacbdb","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":17,"box":{"x":82,"y":447,"width":836,"height":11}},{"id":"40d64d42-046d-47f2-9971-86955245bac4","block_type":"box","text":"increase the costs and risks to the Fund of trading in these instruments and, as a result, may affect returns to","page_number":17,"box":{"x":82,"y":461,"width":814,"height":12}},{"id":"d926091c-ce3a-440e-8203-6b432506048c","block_type":"box","text":"investors in the Fund.","page_number":17,"box":{"x":82,"y":476,"width":156,"height":9}},{"id":"0e9eeb4a-e913-42d7-89ca-08bba82338e2","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":17,"box":{"x":82,"y":499,"width":823,"height":11}},{"id":"7113b82f-6ec1-401c-be4a-f7edced693a7","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":17,"box":{"x":82,"y":514,"width":827,"height":11}},{"id":"d807bb32-2219-470c-baef-f701c10edc2d","block_type":"box","text":"the effects of any new governmental regulation that may be implemented on the ability of the Fund to use swaps or","page_number":17,"box":{"x":80,"y":528,"width":849,"height":12}},{"id":"2890445d-21c5-4b2c-abe7-0a6593531c53","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":17,"box":{"x":81,"y":543,"width":846,"height":12}},{"id":"7b94ddd5-6594-4305-b7c3-1427c8dd6fbb","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":17,"box":{"x":81,"y":558,"width":509,"height":12}},{"id":"eaf28f90-5297-431e-b715-095df1965089","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":17,"box":{"x":82,"y":581,"width":399,"height":11}},{"id":"82b77c74-6c06-496a-b0c5-837e29001e1f","block_type":"box","text":"Swaps","page_number":17,"box":{"x":102,"y":601,"width":47,"height":11}},{"id":"18116a99-4c91-471b-94c7-e582ab8437c8","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":17,"box":{"x":154,"y":601,"width":775,"height":11}},{"id":"9d07ecdf-61f0-4145-ae59-6c3869a612d4","block_type":"box","text":"two-party contracts entered into for periods ranging from a few days to more than one year. In a standard “swap”","page_number":17,"box":{"x":101,"y":615,"width":829,"height":12}},{"id":"b51f5ed9-5726-45c0-9ac2-869af7662e19","block_type":"box","text":"transaction, two parties agree to exchange the value(s) or cash flow(s) of one asset for another over a certain","page_number":17,"box":{"x":101,"y":630,"width":807,"height":12}},{"id":"a5291d6b-9471-45fc-a174-9f01adbf7720","block_type":"box","text":"period of time. Swap agreements involve the risk that the party with whom the Fund has entered into the swap","page_number":17,"box":{"x":102,"y":645,"width":811,"height":12}},{"id":"de29af51-622b-4cea-ba26-e27f2f9c7914","block_type":"box","text":"will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to","page_number":17,"box":{"x":101,"y":660,"width":820,"height":11}},{"id":"d4c22982-54fe-49e9-a2d3-0c69e1c702ec","block_type":"box","text":"pay the other party to the agreement. Swap agreements may also involve the risk that there is an imperfect","page_number":17,"box":{"x":102,"y":675,"width":791,"height":11}},{"id":"9ea6a442-8b5a-4540-a138-6670c8205b4e","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":17,"box":{"x":101,"y":690,"width":789,"height":11}},{"id":"720cb3a5-31a0-4bba-bcc7-82160a4f8572","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":17,"box":{"x":101,"y":705,"width":796,"height":11}},{"id":"62e6e285-d34c-46b3-8c71-97174ffa40c6","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":17,"box":{"x":102,"y":725,"width":335,"height":11}},{"id":"6ff4957a-68f1-4e5d-9067-e8b982c2d20f","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":17,"box":{"x":442,"y":724,"width":437,"height":12}},{"id":"ac8da1bf-0b46-4d4c-8cc7-88bf0e8fbbab","block_type":"box","text":"contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a price","page_number":17,"box":{"x":101,"y":739,"width":820,"height":12}},{"id":"491b9c5e-cedd-454e-bed0-9e79f0a694a4","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":17,"box":{"x":101,"y":754,"width":801,"height":12}},{"id":"626445ff-3a12-4a38-a95f-5bf294bde1de","block_type":"box","text":"fluctuations in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for","page_number":17,"box":{"x":101,"y":769,"width":824,"height":11}},{"id":"3707f3e8-7f89-4643-8e4e-ee9787da11f9","block_type":"box","text":"a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain.","page_number":17,"box":{"x":101,"y":784,"width":831,"height":11}},{"id":"0e56f82d-f948-4a10-954b-cb0b5e3f0df7","block_type":"box","text":"Futures","page_number":17,"box":{"x":102,"y":804,"width":54,"height":9}},{"id":"b25e52a5-5f0a-4378-8029-61e53855001c","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":17,"box":{"x":161,"y":804,"width":765,"height":11}},{"id":"0af7ebb8-3e72-44be-affa-a2812f63a943","block_type":"box","text":"seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The","page_number":17,"box":{"x":101,"y":818,"width":786,"height":12}},{"id":"406ae520-4919-4897-9e1c-e319008d404b","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":17,"box":{"x":102,"y":833,"width":769,"height":12}},{"id":"3fa38379-7e87-4452-a548-c8bab14a7a5c","block_type":"box","text":"between the change in market value of the instruments held by the Fund and the price of the futures contract or","page_number":17,"box":{"x":102,"y":848,"width":822,"height":12}},{"id":"fba49743-478c-4aa7-80d5-dbdbf74ddf4c","block_type":"box","text":"option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close","page_number":17,"box":{"x":101,"y":863,"width":832,"height":12}},{"id":"5909f925-d267-479e-8f00-eeb814c12d4a","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":17,"box":{"x":101,"y":878,"width":806,"height":11}},{"id":"dd66979a-ac68-485e-ab0b-56d0c9e3369c","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":17,"box":{"x":102,"y":893,"width":793,"height":11}},{"id":"472d57b8-debc-46aa-90fb-befb07b622ad","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"736bfa8d-456f-41b2-befc-2e5d72af3b27","block_type":"box","text":"NM1026U-5978611-17/68","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"724be2b9-d268-4f77-8cde-f27d6bb6d7f9","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":18,"box":{"x":102,"y":46,"width":787,"height":11}},{"id":"77d179a0-b3ea-4da9-bfb0-477a6b7a1608","block_type":"box","text":"default in the performance of its obligations.","page_number":18,"box":{"x":101,"y":60,"width":327,"height":12}},{"id":"3c3f0f75-4b5c-4d8b-bea0-192480f28e14","block_type":"box","text":"Options","page_number":18,"box":{"x":102,"y":81,"width":55,"height":11}},{"id":"3063c1c5-71b8-4430-85d7-1c4d837b15ae","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":18,"box":{"x":162,"y":80,"width":772,"height":12}},{"id":"3f053158-4bba-4a72-95e4-c188fa409123","block_type":"box","text":"the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for","page_number":18,"box":{"x":101,"y":95,"width":812,"height":12}},{"id":"133a5c74-1057-4084-a126-710836dd76ab","block_type":"box","text":"cash in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during","page_number":18,"box":{"x":101,"y":110,"width":827,"height":12}},{"id":"90b94bf2-9947-48a4-b00d-82d8051df931","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":18,"box":{"x":101,"y":125,"width":781,"height":11}},{"id":"6e776723-6e21-4ed0-94ea-fa34772b5f4b","block_type":"box","text":"purchases an option, it may lose the total premium paid for it if the price of the underlying security or other","page_number":18,"box":{"x":102,"y":140,"width":785,"height":11}},{"id":"db19c463-d850-4b22-8e82-16c97311eb4b","block_type":"box","text":"assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case","page_number":18,"box":{"x":101,"y":155,"width":831,"height":11}},{"id":"65969f1e-4455-4200-b629-a4f64e5b3cec","block_type":"box","text":"of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price","page_number":18,"box":{"x":101,"y":169,"width":814,"height":12}},{"id":"7826779e-d63a-453a-a071-5ab5368ddcb1","block_type":"box","text":"(in the case of a put option). If a put or call option purchased by the Fund were permitted to expire without being","page_number":18,"box":{"x":101,"y":184,"width":826,"height":12}},{"id":"e8b03215-1f4e-4d1b-898b-2779ce7524de","block_type":"box","text":"sold or exercised, its premium would represent a loss to the Fund. To the extent that the Fund writes or sells an","page_number":18,"box":{"x":101,"y":199,"width":822,"height":11}},{"id":"12ae4fdb-a332-4149-8dc5-d86fd7d8a8e4","block_type":"box","text":"option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the","page_number":18,"box":{"x":101,"y":214,"width":816,"height":11}},{"id":"24857731-87bf-4914-9f8b-fe0139285b68","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":18,"box":{"x":101,"y":229,"width":442,"height":11}},{"id":"984f2ea1-0cae-4b78-8244-69fb92ee43f9","block_type":"box","text":"Emerging Markets Risk","page_number":18,"box":{"x":81,"y":249,"width":178,"height":11}},{"id":"1ff39daa-5cfa-48a2-bd91-bac3a1203fc6","block_type":"box","text":"— The risks of foreign investments are usually much greater for emerging markets.","page_number":18,"box":{"x":263,"y":249,"width":610,"height":11}},{"id":"f67ab68f-d4d8-4fc7-a728-acb56300b2d9","block_type":"box","text":"Investments in emerging markets may be considered speculative. Emerging markets may include those in countries","page_number":18,"box":{"x":82,"y":264,"width":848,"height":11}},{"id":"a79bfe0d-0945-4a45-ab67-7e0fceac91c8","block_type":"box","text":"considered emerging or developing by the World Bank, the International Finance Corporation or the United Nations.","page_number":18,"box":{"x":81,"y":278,"width":842,"height":12}},{"id":"cef2575f-abaa-4138-801a-b1bf11ace615","block_type":"box","text":"Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never","page_number":18,"box":{"x":82,"y":293,"width":838,"height":12}},{"id":"d0c6f34f-d7c9-48de-bccd-96b105d762d0","block_type":"box","text":"fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":18,"box":{"x":81,"y":308,"width":825,"height":11}},{"id":"81dec339-14a3-4639-975b-4fcb6633d346","block_type":"box","text":"returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than","page_number":18,"box":{"x":82,"y":323,"width":847,"height":11}},{"id":"05d0c53f-c114-4d92-8bad-d1332ef96647","block_type":"box","text":"developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price","page_number":18,"box":{"x":81,"y":338,"width":853,"height":11}},{"id":"6ebfa52c-18e7-495f-9b6b-87cb60903502","block_type":"box","text":"changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few","page_number":18,"box":{"x":81,"y":352,"width":823,"height":12}},{"id":"7e8e8463-25c9-4216-b7fa-0d9523fb3951","block_type":"box","text":"large investors. In addition, traditional measures of investment value used in the United States, such as price to","page_number":18,"box":{"x":82,"y":367,"width":825,"height":12}},{"id":"023ee9c4-18c4-4f6b-921a-8f904b7379a8","block_type":"box","text":"earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about","page_number":18,"box":{"x":81,"y":382,"width":855,"height":12}},{"id":"ab92b879-be97-48cc-9ae2-833961003a09","block_type":"box","text":"issuers in emerging markets than would be available about issuers in more developed capital markets, and such","page_number":18,"box":{"x":82,"y":397,"width":827,"height":12}},{"id":"6e6ed3f5-19d9-4951-9e50-b54c39d66d52","block_type":"box","text":"issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable","page_number":18,"box":{"x":82,"y":412,"width":843,"height":11}},{"id":"bdb9253b-aa64-4d7f-8180-34a6dbbaf9b8","block_type":"box","text":"to those to which U.S. companies are subject. Communications between the United States and emerging market","page_number":18,"box":{"x":80,"y":427,"width":830,"height":11}},{"id":"cdedf761-6bc4-42db-9189-243833aa2049","block_type":"box","text":"countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. In addition,","page_number":18,"box":{"x":81,"y":441,"width":854,"height":12}},{"id":"eeebae52-d1a3-4f9a-a004-0a53862254a1","block_type":"box","text":"foreign companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting","page_number":18,"box":{"x":81,"y":456,"width":820,"height":12}},{"id":"9282ec64-0c7d-476b-a105-5de58bd1ab62","block_type":"box","text":"standards and auditor oversight requirements, which may significantly decrease the liquidity and value of the","page_number":18,"box":{"x":81,"y":471,"width":798,"height":12}},{"id":"0c530e87-e139-4d0a-a943-506d021dc11c","block_type":"box","text":"securities.","page_number":18,"box":{"x":81,"y":486,"width":74,"height":9}},{"id":"36e4852f-4c48-41cc-8bc1-110be5fc05b0","block_type":"box","text":"Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their","page_number":18,"box":{"x":82,"y":506,"width":802,"height":11}},{"id":"bc6218c8-4c28-4c93-a6a3-337b06a3c317","block_type":"box","text":"governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign","page_number":18,"box":{"x":81,"y":521,"width":774,"height":11}},{"id":"17f52cee-eae3-4af9-aa96-7d4cf5c1b841","block_type":"box","text":"investment than those of more developed countries. Some countries have pervasive corruption and crime that may","page_number":18,"box":{"x":82,"y":535,"width":845,"height":12}},{"id":"b89c7f11-6493-49a6-822e-49b025e1a539","block_type":"box","text":"hinder investments. Certain emerging markets may also face other significant internal or external risks, including","page_number":18,"box":{"x":82,"y":550,"width":830,"height":12}},{"id":"cd6af4cf-de71-4b97-9d98-31ae89f688c7","block_type":"box","text":"the risk of war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market","page_number":18,"box":{"x":80,"y":565,"width":790,"height":12}},{"id":"995a8956-3e7b-48d3-bbe6-37850094f6f1","block_type":"box","text":"countries participate to a significant degree in their economies and securities markets, which may impair","page_number":18,"box":{"x":81,"y":580,"width":772,"height":12}},{"id":"2c5ef99a-7847-466b-82ac-7da0f79deb43","block_type":"box","text":"investment and economic growth.","page_number":18,"box":{"x":82,"y":595,"width":244,"height":11}},{"id":"60df11a6-5f8f-498e-8a6a-799453a9742d","block_type":"box","text":"Expense Risk","page_number":18,"box":{"x":81,"y":615,"width":102,"height":11}},{"id":"87e6537f-b207-4fac-bf83-242f584ea0ce","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":18,"box":{"x":187,"y":615,"width":734,"height":11}},{"id":"88d98f2a-ca59-4b5a-b82c-3eec1f95bc9a","block_type":"box","text":"Accordingly, actual expenses may be greater or less than those indicated. For example, to the extent that the Fund’s","page_number":18,"box":{"x":81,"y":630,"width":855,"height":11}},{"id":"bf170adc-ed76-48c8-9ad4-8ad4ec371dac","block_type":"box","text":"net assets decrease due to market declines or redemptions, the Fund’s expenses will increase as a percentage of","page_number":18,"box":{"x":82,"y":644,"width":842,"height":12}},{"id":"6e4b8212-cefc-4239-b87a-9d9775516803","block_type":"box","text":"Fund net assets. During periods of high market volatility, these increases in the Fund’s expense ratio could be","page_number":18,"box":{"x":82,"y":659,"width":808,"height":12}},{"id":"93e97776-9282-4f12-9725-4486d0ea1daf","block_type":"box","text":"significant.","page_number":18,"box":{"x":81,"y":674,"width":78,"height":12}},{"id":"1de44ca4-a32e-44e1-b636-f2fec5f4e49f","block_type":"box","text":"High Portfolio Turnover Risk","page_number":18,"box":{"x":81,"y":694,"width":212,"height":11}},{"id":"d5c4f179-f86f-42b8-ad31-d48d8e3ebe3b","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":18,"box":{"x":297,"y":694,"width":629,"height":12}},{"id":"f7b8e7e9-4e84-48df-b318-331c545d80de","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":18,"box":{"x":82,"y":709,"width":812,"height":11}},{"id":"3c784213-255e-4cc8-a210-ebaf7a866417","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":18,"box":{"x":81,"y":724,"width":817,"height":11}},{"id":"32d84105-2f07-4c86-bf55-f95f3dab15ba","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":18,"box":{"x":81,"y":739,"width":760,"height":11}},{"id":"b7bbb031-bafc-4f0c-b7b6-29b50fbb88b3","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":18,"box":{"x":81,"y":753,"width":852,"height":12}},{"id":"5a714490-57fa-46d1-88b0-1c18172aa7e6","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":18,"box":{"x":81,"y":768,"width":589,"height":12}},{"id":"6e54b4d3-538f-41ac-81ee-89314b726472","block_type":"box","text":"Illiquid Investments Risk","page_number":18,"box":{"x":81,"y":788,"width":186,"height":11}},{"id":"02ca1fef-5ae4-4d62-ba30-0bd040b2b4e4","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":18,"box":{"x":271,"y":788,"width":648,"height":12}},{"id":"40e83f37-8d71-442e-84cc-0ac6194182bc","block_type":"box","text":"the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":18,"box":{"x":80,"y":803,"width":841,"height":11}},{"id":"87fc81a3-a732-45f6-8363-053e2f15c5ec","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":18,"box":{"x":82,"y":818,"width":831,"height":11}},{"id":"3791ebd3-8e82-474a-9fc0-4292b9cc8590","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":18,"box":{"x":81,"y":833,"width":811,"height":11}},{"id":"b450d18c-af61-414a-bfb2-df0ea0dd2963","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":18,"box":{"x":82,"y":847,"width":825,"height":12}},{"id":"5cc7f5b8-d51e-46e5-a2c7-e0a0a4c26507","block_type":"box","text":"There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue","page_number":18,"box":{"x":81,"y":863,"width":837,"height":11}},{"id":"70dbfc02-3ddf-40d7-b61e-746374dde2ab","block_type":"box","text":"to be liquid for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an","page_number":18,"box":{"x":80,"y":877,"width":851,"height":12}},{"id":"05f5d801-75c0-423d-b110-b4a2ded20839","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":18,"box":{"x":82,"y":892,"width":835,"height":12}},{"id":"5ea08169-0c0f-4a65-bce5-f7a0fed0ce4a","block_type":"box","text":"reduce the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time","page_number":18,"box":{"x":82,"y":907,"width":835,"height":11}},{"id":"099b2634-4a2b-4a92-bacb-bc0398054f4f","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"1b335f30-6807-4ef4-86b9-2efac5b2bc79","block_type":"box","text":"NM1026U-5978611-18/68","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"11b536b2-7cd3-4413-bc8d-77512c99ea57","block_type":"box","text":"or price. In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when","page_number":19,"box":{"x":81,"y":46,"width":791,"height":11}},{"id":"3f09fed9-e4ff-4d04-af6b-1cad1ec16324","block_type":"box","text":"shareholders are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to","page_number":19,"box":{"x":81,"y":61,"width":846,"height":11}},{"id":"f39e6f6a-17d6-4bd3-90c5-65eef5d6c5f6","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":19,"box":{"x":81,"y":75,"width":835,"height":12}},{"id":"7ef5deb0-6441-4936-a7ce-6edb5ad41c7a","block_type":"box","text":"Fund’s holdings. An investment may be illiquid due to, among other things, the lack of an active trading market. To","page_number":19,"box":{"x":82,"y":90,"width":839,"height":12}},{"id":"40ed3b91-c5dc-49a5-b23f-b4fb6329f19a","block_type":"box","text":"the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":19,"box":{"x":80,"y":105,"width":834,"height":12}},{"id":"958f717c-77b4-44e1-b0cf-3fbfb4cd5471","block_type":"box","text":"and/or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments.","page_number":19,"box":{"x":81,"y":120,"width":815,"height":11}},{"id":"6953fb58-bf79-4641-8202-af41553af781","block_type":"box","text":"Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these","page_number":19,"box":{"x":82,"y":135,"width":835,"height":11}},{"id":"bf835a3d-c1dc-4f94-89cb-f4d376508c99","block_type":"box","text":"investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. In addition, when","page_number":19,"box":{"x":82,"y":149,"width":827,"height":12}},{"id":"2e155afc-90f6-4350-b4e0-3daea2fd5086","block_type":"box","text":"there is illiquidity in the market for certain securities, the Fund, due to limitations on illiquid investments, may be","page_number":19,"box":{"x":80,"y":164,"width":831,"height":12}},{"id":"2477ed93-e68d-47b0-afab-323fbd0a341d","block_type":"box","text":"subject to purchase and sale restrictions.","page_number":19,"box":{"x":81,"y":179,"width":304,"height":11}},{"id":"4bd59907-040b-4971-8bce-5cf789932231","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":19,"box":{"x":81,"y":199,"width":271,"height":9}},{"id":"5fa7950e-2a21-484b-869f-407afd384641","block_type":"box","text":"—","page_number":19,"box":{"x":356,"y":204,"width":17,"height":1}},{"id":"f43c01e6-8d50-4297-9b48-cf7b36395156","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":19,"box":{"x":379,"y":199,"width":499,"height":11}},{"id":"3271d250-483f-4203-af9d-06674dd6e456","block_type":"box","text":"particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect","page_number":19,"box":{"x":82,"y":214,"width":839,"height":11}},{"id":"b4650508-4755-411e-9b46-c67ff0ce75b8","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":19,"box":{"x":80,"y":229,"width":799,"height":11}},{"id":"4cb1c1c5-18c3-4d48-87ec-823ed9886235","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":19,"box":{"x":82,"y":244,"width":796,"height":11}},{"id":"8abb9372-058e-477a-8563-fe9f6693ee8e","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":19,"box":{"x":81,"y":258,"width":855,"height":12}},{"id":"fd919cb2-80b4-48bd-b5c6-6496a6cbe2c0","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":19,"box":{"x":82,"y":273,"width":441,"height":12}},{"id":"5ab809da-d29b-4ddd-ad3f-c23e9fcb8743","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":19,"box":{"x":81,"y":293,"width":366,"height":11}},{"id":"ca162217-5082-41e5-b3f2-6c37ca73c9e0","block_type":"box","text":"— As with other investments, investments in other investment","page_number":19,"box":{"x":450,"y":293,"width":459,"height":11}},{"id":"60f7341a-27cd-4b85-9426-fa9c525d3426","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":19,"box":{"x":81,"y":308,"width":815,"height":12}},{"id":"01ca3041-cb25-478a-b266-b1c0bb1ac092","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":19,"box":{"x":82,"y":323,"width":844,"height":11}},{"id":"1b6358eb-f03a-486f-b31d-e8259889dcf4","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":19,"box":{"x":81,"y":338,"width":822,"height":11}},{"id":"bf1e99af-a1a5-468a-a2ec-7f94ac889226","block_type":"box","text":"companies (to the extent not offset by BlackRock through waivers). To the extent the Fund is held by an affiliated","page_number":19,"box":{"x":81,"y":352,"width":829,"height":12}},{"id":"4256bf87-2932-4a11-8e0c-a4e8aa8eae42","block_type":"box","text":"fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":19,"box":{"x":81,"y":367,"width":628,"height":12}},{"id":"5a2d4340-a253-4384-81fa-ef5ab5c834e4","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":19,"box":{"x":81,"y":387,"width":396,"height":12}},{"id":"d6ce17ff-9069-49ca-b3c6-8672e58bab11","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":19,"box":{"x":481,"y":387,"width":440,"height":12}},{"id":"c44f055b-f706-4dc2-8a66-ea8bf85cc7fd","block_type":"box","text":"Fund’s adviser or an affiliate of the Fund’s adviser, or another entity, may from time to time own or manage a","page_number":19,"box":{"x":82,"y":402,"width":801,"height":12}},{"id":"837ee58b-609c-4e05-838c-8bd0e05ac2a6","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":19,"box":{"x":81,"y":417,"width":825,"height":11}},{"id":"9b2bbd27-f4b4-4be3-a7fc-54d15835570a","block_type":"box","text":"may invest in the Fund and hold its investment for a limited period of time. There can be no assurance that any","page_number":19,"box":{"x":82,"y":432,"width":816,"height":11}},{"id":"ac7d2389-3793-4277-a701-0b64607288f7","block_type":"box","text":"large shareholder or large group of shareholders would not redeem their investment or that the size of the Fund","page_number":19,"box":{"x":82,"y":447,"width":818,"height":11}},{"id":"412c037a-72e5-461e-8e9b-b1c97564d7f2","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":19,"box":{"x":80,"y":461,"width":835,"height":12}},{"id":"9b6c2ecb-edc6-4b46-b615-980d4fd9f941","block_type":"box","text":"the Fund’s liquidity and net assets. These redemptions may force the Fund to sell portfolio securities to meet","page_number":19,"box":{"x":80,"y":476,"width":807,"height":12}},{"id":"6e42ba4a-d988-48e6-b948-2c429b89bce1","block_type":"box","text":"redemption requests when it might not otherwise do so, which may negatively impact the Fund’s NAV and increase","page_number":19,"box":{"x":82,"y":491,"width":841,"height":12}},{"id":"8c04b342-c73d-48c5-a169-3150ea8f2360","block_type":"box","text":"the Fund’s brokerage costs and/or accelerate the realization of taxable income and cause the Fund to make taxable","page_number":19,"box":{"x":80,"y":506,"width":855,"height":11}},{"id":"6445f029-9a94-4f26-9152-530be80936ab","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":19,"box":{"x":81,"y":521,"width":751,"height":10}},{"id":"b0d0c1ca-b55c-4cbc-bbf5-2ef80ae872e5","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":19,"box":{"x":81,"y":536,"width":785,"height":11}},{"id":"12a0a5d5-742c-4eaa-8c4f-20c60f4567b5","block_type":"box","text":"distribution during or with respect to such tax year. The effects of taxable income and/or gains resulting from such","page_number":19,"box":{"x":81,"y":550,"width":841,"height":12}},{"id":"1a4abb9c-f7eb-4ea5-8516-17511b10d9ff","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":19,"box":{"x":80,"y":565,"width":824,"height":12}},{"id":"bd0ce657-f487-407c-9e86-da3b8c0b857d","block_type":"box","text":"401(k) plan or other tax-advantaged plan. To the extent that such transactions result in short-term capital gains,","page_number":19,"box":{"x":81,"y":580,"width":822,"height":12}},{"id":"17f2b77b-6ff8-4378-ba0a-41ed70537880","block_type":"box","text":"such gains will generally be taxed at the ordinary income tax rate for shareholders who hold Fund shares in a","page_number":19,"box":{"x":81,"y":595,"width":801,"height":11}},{"id":"70312c30-d4ff-4b8c-ab16-275cfe6f06ef","block_type":"box","text":"taxable account. The Fund also may be required to sell its more liquid Fund investments to meet a large","page_number":19,"box":{"x":80,"y":610,"width":765,"height":11}},{"id":"35100b96-ae7f-4a38-9284-0ee327481e94","block_type":"box","text":"redemption, in which case the Fund’s remaining assets may be less liquid, more volatile, and more difficult to price.","page_number":19,"box":{"x":82,"y":624,"width":852,"height":12}},{"id":"14f900d5-5934-478d-9acf-adb7276c8ce8","block_type":"box","text":"In addition, large redemptions can result in the Fund’s current expenses being allocated over a smaller asset base,","page_number":19,"box":{"x":82,"y":640,"width":847,"height":11}},{"id":"4bef4712-7b8f-470a-915e-32d9d7db8086","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":19,"box":{"x":80,"y":654,"width":847,"height":12}},{"id":"171025f4-ed01-43e8-ab71-9e0c7322417b","block_type":"box","text":"a portfolio manager’s ability to implement a fund’s investment strategy, the Fund also reserves the right to redeem","page_number":19,"box":{"x":81,"y":669,"width":845,"height":12}},{"id":"bd8449fd-fd26-4508-b1c3-a44516f15d72","block_type":"box","text":"in-kind, subject to certain conditions. In addition, large purchases of Fund shares may adversely affect the Fund’s","page_number":19,"box":{"x":82,"y":684,"width":835,"height":11}},{"id":"e726a707-c461-473e-aa49-be2218ce59b2","block_type":"box","text":"performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash","page_number":19,"box":{"x":82,"y":699,"width":839,"height":11}},{"id":"e2f60ecc-5980-46e0-93e4-fa17ef6935bd","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":19,"box":{"x":82,"y":714,"width":461,"height":11}},{"id":"c9b20b33-f1a6-4079-bd22-98088534a288","block_type":"box","text":"Leverage Risk","page_number":19,"box":{"x":81,"y":734,"width":107,"height":11}},{"id":"cbfabf29-d8da-4614-9067-7427349bce55","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":19,"box":{"x":192,"y":733,"width":741,"height":12}},{"id":"bbca3d4a-f191-4a7b-b7a7-de2d9e7730b3","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. As an open-end","page_number":19,"box":{"x":81,"y":748,"width":787,"height":12}},{"id":"94f92cd3-0a73-4af0-96c7-0d839796a522","block_type":"box","text":"investment company registered with the Securities and Exchange Commission, the Fund is subject to the federal","page_number":19,"box":{"x":82,"y":763,"width":825,"height":12}},{"id":"96208f2c-92b9-4c6a-99ea-b36ccaad74fd","block_type":"box","text":"securities laws, including the Investment Company Act and the rules thereunder. Under Rule 18f-4 under the","page_number":19,"box":{"x":81,"y":778,"width":796,"height":11}},{"id":"9229a2b4-1d87-4c77-97ba-40e871c5ae0e","block_type":"box","text":"Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or comply","page_number":19,"box":{"x":82,"y":793,"width":834,"height":11}},{"id":"ba4fa38d-f20e-42b6-a1e6-3826950a2b7d","block_type":"box","text":"with an outer limit on fund leverage risk based on value-at-risk. The use of leverage may cause the Fund to liquidate","page_number":19,"box":{"x":80,"y":808,"width":850,"height":11}},{"id":"2155f778-6b78-45f1-8a71-3720584d813b","block_type":"box","text":"portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the applicable","page_number":19,"box":{"x":82,"y":822,"width":819,"height":12}},{"id":"19d440b0-d74b-47ca-bbfb-cd0fca791672","block_type":"box","text":"requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the value of the","page_number":19,"box":{"x":82,"y":837,"width":850,"height":12}},{"id":"65a5b0d6-0707-4525-a580-52f8932e3026","block_type":"box","text":"Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":19,"box":{"x":82,"y":852,"width":465,"height":12}},{"id":"68c3e407-98a6-44f6-ba1d-05b7624af9aa","block_type":"box","text":"“New Issues” Risk","page_number":19,"box":{"x":83,"y":872,"width":139,"height":9}},{"id":"85e01d0f-3c8b-4a26-9eb4-bbc62ad0f2a2","block_type":"box","text":"— “New issues” are IPOs of equity securities. Investments in companies that have recently","page_number":19,"box":{"x":226,"y":872,"width":673,"height":11}},{"id":"45e1e7dd-08ea-4549-9f61-11455082c1a3","block_type":"box","text":"gone public have the potential to produce substantial gains for the Fund. However, there is no assurance that the","page_number":19,"box":{"x":81,"y":887,"width":833,"height":11}},{"id":"7b9ab5ee-baa8-42c6-acb5-7e1192123c27","block_type":"box","text":"Fund will have access to profitable IPOs and therefore investors should not rely on these past gains as an indication","page_number":19,"box":{"x":82,"y":902,"width":853,"height":11}},{"id":"f6d017b0-f0a3-4353-9b8f-8c860126ff7c","block_type":"box","text":"of future performance. The investment performance of the Fund during periods when it is unable to invest","page_number":19,"box":{"x":81,"y":916,"width":778,"height":12}},{"id":"dc8de5c3-1542-491c-b0ec-e6d4fb34db5b","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"9f624358-15f4-45b1-b6a9-0783fb6570c3","block_type":"box","text":"NM1026U-5978611-19/68","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"95ad662f-8d12-4da5-af84-3a6e7fce8ea9","block_type":"box","text":"significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. In addition, as the","page_number":20,"box":{"x":81,"y":46,"width":827,"height":11}},{"id":"0d18c8f8-bfa4-43d2-8eaa-2d713fc49535","block_type":"box","text":"Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease. Securities issued in","page_number":20,"box":{"x":82,"y":60,"width":838,"height":12}},{"id":"878b04e7-1627-4307-8330-828aa195c4b5","block_type":"box","text":"IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":20,"box":{"x":82,"y":75,"width":776,"height":12}},{"id":"106a8143-c64a-461c-8227-04f69d481fb5","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":20,"box":{"x":81,"y":90,"width":830,"height":12}},{"id":"49d3ef48-c868-47fa-bb29-9652d7989bf1","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after","page_number":20,"box":{"x":82,"y":105,"width":834,"height":12}},{"id":"81baaa2c-8bce-4291-ad41-96463791aafc","block_type":"box","text":"the IPO. When an IPO is brought to the market, availability may be limited and the Fund may not be able to buy any","page_number":20,"box":{"x":80,"y":120,"width":844,"height":11}},{"id":"13033783-6688-4678-8d58-f598d52cabe8","block_type":"box","text":"shares at the offering price, or, if it is able to buy shares, it may not be able to buy as many shares at the offering","page_number":20,"box":{"x":81,"y":135,"width":840,"height":11}},{"id":"17b94f67-b761-4603-89cf-75504ef64b93","block_type":"box","text":"price as it would like.","page_number":20,"box":{"x":82,"y":150,"width":153,"height":11}},{"id":"834e63b0-0ac9-4f29-9562-c00d0823fd44","block_type":"box","text":"Ownership Limitations Risk","page_number":20,"box":{"x":82,"y":170,"width":205,"height":11}},{"id":"b18d4641-a6a2-47f5-82a3-9451419f939e","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":20,"box":{"x":291,"y":169,"width":610,"height":12}},{"id":"be606946-a7e0-4036-8273-8a503fe9c7fe","block_type":"box","text":"transactions undertaken by BlackRock , its affiliates or the Fund, or as a result of third-party transactions or actions","page_number":20,"box":{"x":80,"y":184,"width":854,"height":12}},{"id":"41a678d6-c7c5-4210-a75d-12d6ec6af3c7","block_type":"box","text":"by an issuer or regulator, the ability of BlackRock and its affiliates on behalf of clients (including the Fund) to","page_number":20,"box":{"x":81,"y":199,"width":798,"height":12}},{"id":"8c0531f9-2ef3-4065-80b0-bc059de129bb","block_type":"box","text":"purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law,","page_number":20,"box":{"x":82,"y":214,"width":833,"height":11}},{"id":"ec4f4ce1-0d5c-41b6-8859-873d59328e8f","block_type":"box","text":"regulation or rule or otherwise impaired. The capacity of the Fund to invest in certain securities or other assets may","page_number":20,"box":{"x":82,"y":229,"width":851,"height":11}},{"id":"ac0aeafe-b5c9-41e6-a863-22043ff8ba6b","block_type":"box","text":"be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and","page_number":20,"box":{"x":81,"y":244,"width":813,"height":11}},{"id":"3598135e-271c-40e9-a8cb-2f0744c6f1ed","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":20,"box":{"x":82,"y":258,"width":331,"height":12}},{"id":"e929dbff-761f-4832-bcd0-5be48bb38da5","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":20,"box":{"x":82,"y":279,"width":826,"height":11}},{"id":"8d6084cd-63c1-4169-a58b-7a09a32203a1","block_type":"box","text":"certain international markets. Such limits also may apply where the investing entity (such as the Fund) is subject to","page_number":20,"box":{"x":81,"y":293,"width":848,"height":12}},{"id":"6086cbba-d88b-43d5-9f5f-5b8c321028ab","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. 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It is possible that, despite BlackRock’s intent to either comply with or be","page_number":20,"box":{"x":81,"y":417,"width":842,"height":11}},{"id":"d52cb604-4328-44df-ab1e-994b2c85eea4","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":20,"box":{"x":81,"y":432,"width":833,"height":11}},{"id":"ba210cde-fdc0-4ba3-a571-c45206f90442","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":20,"box":{"x":82,"y":447,"width":582,"height":11}},{"id":"2c8d6e40-28a9-40f8-b95a-dceb6317fff3","block_type":"box","text":"Reliance on Advisor Risk","page_number":20,"box":{"x":81,"y":467,"width":188,"height":9}},{"id":"12761be5-a468-485c-9037-677f965a7342","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":20,"box":{"x":273,"y":467,"width":614,"height":11}},{"id":"c4648b88-a465-4d4d-bcd7-e24edb06cf67","block_type":"box","text":"therefore BlackRock’s parent, BlackRock, Inc. is not required to devote its full time to the business of the Fund and","page_number":20,"box":{"x":80,"y":481,"width":849,"height":12}},{"id":"657e7583-5629-41af-a604-bc270a458338","block_type":"box","text":"there is no guarantee or requirement that any investment professional or other employee of BlackRock will allocate","page_number":20,"box":{"x":80,"y":496,"width":846,"height":12}},{"id":"ca772555-d6c6-4255-b0d8-c0aee6133427","block_type":"box","text":"a substantial portion of his or her time to the Fund. 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Restricted","page_number":20,"box":{"x":82,"y":620,"width":839,"height":12}},{"id":"48e4cac6-b6b6-42f5-a791-fdeab999df17","block_type":"box","text":"securities may be difficult to value because market quotations may not be readily available, there may be limited","page_number":20,"box":{"x":81,"y":635,"width":828,"height":11}},{"id":"9135f736-dccf-4838-b15c-3da9fc14761d","block_type":"box","text":"other information regarding the investment’s market or fair value, and the securities’ values may have significant","page_number":20,"box":{"x":81,"y":650,"width":830,"height":11}},{"id":"b0923974-936e-4114-aef6-ebdb3d14ffc0","block_type":"box","text":"volatility. 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Certain restricted securities may","page_number":20,"box":{"x":81,"y":709,"width":827,"height":11}},{"id":"7daf37d1-6e78-4bdf-8000-39b0df602e61","block_type":"box","text":"represent limited investment opportunities and each shareholder’s proportionate investment exposure to such","page_number":20,"box":{"x":82,"y":724,"width":812,"height":11}},{"id":"4332c6c6-8d75-4ec0-b074-90f79654f79c","block_type":"box","text":"limited investment opportunities may be reduced proportionately as the Fund’s net assets grow from new or","page_number":20,"box":{"x":82,"y":739,"width":795,"height":11}},{"id":"03d40ec2-d184-437c-953c-586a19e593e1","block_type":"box","text":"additional investments made in the Fund by other shareholders.","page_number":20,"box":{"x":81,"y":754,"width":468,"height":11}},{"id":"0bf4bef0-ed34-4095-b320-b6053e4d779f","block_type":"box","text":"Securities Lending Risk","page_number":20,"box":{"x":81,"y":773,"width":178,"height":12}},{"id":"bb191da4-9e65-4e4f-8368-c5c6122b0a31","block_type":"box","text":"— The Fund may engage in securities lending. 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These events could also trigger","page_number":20,"box":{"x":81,"y":818,"width":829,"height":11}},{"id":"9105e887-706c-4b21-9e84-eeb19356f50c","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":20,"box":{"x":81,"y":833,"width":292,"height":11}},{"id":"253e1405-405c-4e29-a82e-b06d746fe97c","block_type":"box","text":"Valuation Risk","page_number":20,"box":{"x":83,"y":853,"width":107,"height":9}},{"id":"a79dcfb5-2771-4259-8d6a-1931b7de53ad","block_type":"box","text":"—","page_number":20,"box":{"x":194,"y":858,"width":17,"height":1}},{"id":"ce29b545-2f9d-443a-8017-4ce361c105cc","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":20,"box":{"x":215,"y":853,"width":700,"height":11}},{"id":"617123c2-3a85-4b97-b8a3-b29c4d4c37d2","block_type":"box","text":"from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that","page_number":20,"box":{"x":81,"y":867,"width":835,"height":12}},{"id":"68aae71d-af61-4a20-987a-e821de103aed","block_type":"box","text":"are valued using a fair valuation methodology or a price provided by an independent pricing service. 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The Fund’s ability to value its investments may also be impacted by","page_number":21,"box":{"x":81,"y":120,"width":837,"height":11}},{"id":"e88f4acb-9be5-4514-82a4-6183748302c8","block_type":"box","text":"technological issues and/or errors by pricing services or other third-party service providers.","page_number":21,"box":{"x":80,"y":135,"width":672,"height":11}},{"id":"bc2f8380-8492-4360-95a3-90340c6aa989","block_type":"box","text":"Warrants Risk","page_number":21,"box":{"x":83,"y":155,"width":105,"height":9}},{"id":"525f0a91-d022-4c3b-ac0c-26eca8954b03","block_type":"box","text":"— If the price of the underlying stock does not rise above the exercise price before the warrant","page_number":21,"box":{"x":192,"y":155,"width":698,"height":11}},{"id":"42c7723a-f310-4960-8645-f5afb3af962b","block_type":"box","text":"expires, the warrant generally expires without any value and the Fund will lose any amount it paid for the warrant.","page_number":21,"box":{"x":81,"y":169,"width":830,"height":12}},{"id":"8bd27b4e-c871-4e34-bea5-363efdef00d1","block_type":"box","text":"Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants","page_number":21,"box":{"x":81,"y":184,"width":821,"height":12}},{"id":"0d7e8b2e-6ec3-45d4-bd33-396ae5ef3f34","block_type":"box","text":"may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily","page_number":21,"box":{"x":82,"y":199,"width":822,"height":12}},{"id":"73ef4c60-e31b-4a41-8801-2e83f80665e1","block_type":"box","text":"move with the price of the underlying stock.","page_number":21,"box":{"x":82,"y":214,"width":317,"height":11}},{"id":"991e56b4-2ae4-4c33-a480-ce0c2a8f7d00","block_type":"box","text":"21","page_number":21,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"12948edd-bf9e-46cf-a057-4fc5c8a7eb13","block_type":"box","text":"NM1026U-5978611-21/68","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e37551f8-6a1f-4b05-aa62-662bffb1881b","block_type":"box","text":"Account Information","page_number":22,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"23796e93-ba26-4b66-88a9-beb0b1ad75ff","block_type":"box","text":"How to Choose the Share Class that Best Suits Your Needs","page_number":22,"box":{"x":61,"y":156,"width":536,"height":11}},{"id":"45697e49-d136-4a6c-8c4b-9e14a18ac22a","block_type":"box","text":"The Fund currently offers multiple share classes (Investor A, Investor C, Institutional and Class R Shares in this","page_number":22,"box":{"x":60,"y":182,"width":820,"height":12}},{"id":"ae57ce32-60db-44c9-a252-d339dae780ef","block_type":"box","text":"prospectus), each with its own sales charge and expense structure, allowing you to invest in the way that best suits","page_number":22,"box":{"x":62,"y":197,"width":850,"height":12}},{"id":"ad9b0993-5c49-4313-8c5d-b0e0587e25b1","block_type":"box","text":"your needs. Each share class represents an ownership interest in the same investment portfolio of the Fund. When","page_number":22,"box":{"x":60,"y":212,"width":848,"height":11}},{"id":"60838b8d-3d25-454d-a9f3-b5713dc5f291","block_type":"box","text":"you choose your class of shares, you should consider the size of your investment and how long you plan to hold your","page_number":22,"box":{"x":60,"y":227,"width":857,"height":11}},{"id":"b45d5d5b-9859-46df-918f-253ecf9b399e","block_type":"box","text":"shares. Either your financial professional or your selected securities dealer, broker, investment adviser, service","page_number":22,"box":{"x":61,"y":242,"width":815,"height":11}},{"id":"822a9ba4-1d81-4fb0-aea7-81f96630041c","block_type":"box","text":"provider or industry professional (including BlackRock and its affiliates) (each a “Financial Intermediary”) can help you","page_number":22,"box":{"x":62,"y":256,"width":866,"height":12}},{"id":"65ec51d2-f721-45a8-bcd9-da2fd4c2b9a7","block_type":"box","text":"determine which share class is best suited to your personal financial goals. Investor A Shares and Investor C Shares","page_number":22,"box":{"x":61,"y":271,"width":858,"height":12}},{"id":"84a48156-72b4-403b-b9e4-52daf70ad92e","block_type":"box","text":"are sometimes referred to herein collectively as “Investor Shares.”","page_number":22,"box":{"x":61,"y":286,"width":490,"height":11}},{"id":"f0539567-f975-4c7b-9b27-f8a48072784e","block_type":"box","text":"For example, if you select Institutional Shares of the Fund, you will not pay any sales charge. However, only certain","page_number":22,"box":{"x":62,"y":309,"width":841,"height":11}},{"id":"13c20f99-614d-4c36-bc6f-92445a6f7a63","block_type":"box","text":"investors may buy Institutional Shares. If you select Investor A Shares of the Fund, you generally pay a sales charge at","page_number":22,"box":{"x":62,"y":323,"width":870,"height":12}},{"id":"95625e5d-b975-4aa4-bfd1-87ff57ee1b65","block_type":"box","text":"the time of purchase and an ongoing service fee of 0.25% per year. You may be eligible for a sales charge reduction or","page_number":22,"box":{"x":60,"y":338,"width":874,"height":12}},{"id":"fefac68e-ddaa-45ce-a0d3-888140278e6b","block_type":"box","text":"waiver.","page_number":22,"box":{"x":60,"y":353,"width":49,"height":9}},{"id":"1668b08a-7173-4e49-abc3-b1c977dd383f","block_type":"box","text":"If you select Investor C or Class R Shares, you will invest the full amount of your purchase price, but you will be subject","page_number":22,"box":{"x":62,"y":376,"width":874,"height":11}},{"id":"45297aac-32ea-41d1-9480-0f70e9bfb705","block_type":"box","text":"to a distribution fee of 0.75% per year for Investor C Shares and 0.25% per year for Class R Shares and a service fee","page_number":22,"box":{"x":60,"y":390,"width":864,"height":12}},{"id":"02ba6722-ecf1-48d5-a211-fbd8e75e7f17","block_type":"box","text":"of 0.25% per year for both classes of shares under a plan adopted pursuant to Rule 12b-1 under the Investment","page_number":22,"box":{"x":61,"y":405,"width":826,"height":12}},{"id":"e7511c95-8af1-4557-976c-fdd8b84a55e9","block_type":"box","text":"Company Act. Because these fees are paid out of the Fund’s assets on an ongoing basis, over time these fees","page_number":22,"box":{"x":61,"y":420,"width":816,"height":12}},{"id":"462b1616-4aa7-45b9-b4c7-8053867ecaaf","block_type":"box","text":"increase the cost of your investment and may cost you more than paying other types of sales charges. In addition, you","page_number":22,"box":{"x":62,"y":435,"width":868,"height":12}},{"id":"0352795d-5b3b-4c0a-80b2-20a1a7395f86","block_type":"box","text":"may be subject to a deferred sales charge when you sell Investor C Shares within one year. Classes with lower","page_number":22,"box":{"x":61,"y":450,"width":813,"height":11}},{"id":"8421d48a-610c-4533-bd53-20a72413db06","block_type":"box","text":"expenses will have higher net asset values and dividends relative to other share classes.","page_number":22,"box":{"x":61,"y":465,"width":654,"height":11}},{"id":"5799b6ae-7bad-4856-9a89-eb2b25cb3398","block_type":"box","text":"The Fund’s shares are distributed by BlackRock Investments, LLC (the “Distributor”), an affiliate of BlackRock.","page_number":22,"box":{"x":60,"y":487,"width":811,"height":12}},{"id":"8272a601-6898-4b84-83c7-488c1a7fdd20","block_type":"box","text":"The table below summarizes key features of each of the share classes offered by this prospectus.","page_number":22,"box":{"x":60,"y":510,"width":722,"height":11}},{"id":"f33cebd3-4b46-4e47-bad0-8cb5f0176498","block_type":"box","text":"Share Classes at a 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In that case, BlackRock compensates the","page_number":26,"box":{"x":82,"y":496,"width":802,"height":9}},{"id":"f3c6f1db-5f41-4c74-96de-9ef823c3741c","block_type":"box","text":"Financial Intermediary from its own resources. However, if you redeem your shares within 18 months after purchase, you may be charged a","page_number":26,"box":{"x":81,"y":506,"width":819,"height":10}},{"id":"7de0d652-ec83-4163-8e73-274581434358","block_type":"box","text":"deferred sales charge of 1.00% of the lesser of the original cost of the shares being redeemed or your redemption proceeds. Such deferred","page_number":26,"box":{"x":81,"y":517,"width":821,"height":9}},{"id":"0bf5f9bf-09a8-4bbe-9c95-44c2dc198778","block_type":"box","text":"sales charge may be waived in connection with certain fee-based programs.","page_number":26,"box":{"x":81,"y":527,"width":444,"height":9}},{"id":"c74bb109-4977-4ed5-afb4-d2e287ebe7bd","block_type":"box","text":"No initial sales charge applies to Investor A Shares that you buy through reinvestment of Fund dividends or capital","page_number":26,"box":{"x":62,"y":552,"width":837,"height":12}},{"id":"3bdb1d12-51d5-46bb-9b4b-1397fe45aeb6","block_type":"box","text":"gains.","page_number":26,"box":{"x":60,"y":567,"width":43,"height":12}},{"id":"50dc0c92-0103-4920-89ed-2a365e484e32","block_type":"box","text":"Sales Charges Reduced or Eliminated for Investor A Shares","page_number":26,"box":{"x":60,"y":590,"width":490,"height":13}},{"id":"71e2c787-9c97-4ea8-bb31-6b0d2dbf3072","block_type":"box","text":"There are several ways in which the sales charge can be reduced or eliminated. Purchases of Investor A Shares at","page_number":26,"box":{"x":60,"y":606,"width":841,"height":12}},{"id":"9bc99485-76b1-440b-a0ba-a8d05c5876a9","block_type":"box","text":"certain fixed dollar levels, known as “breakpoints,” cause a reduction in the front-end sales charge (as described","page_number":26,"box":{"x":61,"y":621,"width":831,"height":12}},{"id":"7d8a0859-f02b-4b33-9932-d3a6a93bc5da","block_type":"box","text":"above in the “Investor A Shares — Initial Sales Charge Option” section). Additionally, the front-end sales charge can be","page_number":26,"box":{"x":61,"y":636,"width":876,"height":12}},{"id":"e4d148bf-29cb-4f10-8149-4e5797e6c83c","block_type":"box","text":"reduced or eliminated through one or a combination of the following: a Letter of Intent, the right of accumulation, the","page_number":26,"box":{"x":61,"y":651,"width":856,"height":11}},{"id":"0a23db80-87b9-4046-bb01-3588afc05571","block_type":"box","text":"reinstatement privilege (described under “Account Services and Privileges”), or a waiver of the sales charge (described","page_number":26,"box":{"x":61,"y":666,"width":872,"height":11}},{"id":"c72883db-3410-465e-9725-265f50d223bf","block_type":"box","text":"below).","page_number":26,"box":{"x":61,"y":681,"width":50,"height":11}},{"id":"8fbeeea1-0216-47e2-8ae4-d73f2564bc79","block_type":"box","text":"Reductions or eliminations through a Letter of Intent or right of accumulation will apply to the value of all qualifying","page_number":26,"box":{"x":62,"y":703,"width":840,"height":12}},{"id":"ec9a72ad-45cd-42f9-a0f4-967fe1139d17","block_type":"box","text":"holdings in shares of mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”) owned by","page_number":26,"box":{"x":61,"y":718,"width":875,"height":11}},{"id":"fd1efffe-2e40-4465-8630-70444a2fa7f6","block_type":"box","text":"(a) the investor, or (b) the investor’s spouse and any children and a trust, custodial account or fiduciary account for the","page_number":26,"box":{"x":61,"y":733,"width":875,"height":11}},{"id":"aa265f35-c63c-41e2-aaf2-11dc89c1cfc6","block_type":"box","text":"benefit of any such individuals. For this purpose, the value of an investor’s holdings means the offering price of the","page_number":26,"box":{"x":61,"y":748,"width":847,"height":11}},{"id":"261f6d56-7bdb-42b7-9afa-3a00d41836af","block_type":"box","text":"newly purchased shares (including any applicable sales charge) plus the current value (including any sales charges","page_number":26,"box":{"x":61,"y":763,"width":844,"height":11}},{"id":"efe06290-8ad3-4381-8bfc-de1e2161164b","block_type":"box","text":"paid) of all other shares the investor already holds taken together.","page_number":26,"box":{"x":62,"y":777,"width":484,"height":12}},{"id":"6c97d94b-0f2b-4c10-b81c-5f0aaefe00dc","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":26,"box":{"x":61,"y":800,"width":861,"height":11}},{"id":"e69c72ac-8a1e-427c-9b3f-045f4db8edf5","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":26,"box":{"x":60,"y":815,"width":817,"height":11}},{"id":"1019a533-e0e6-4c87-b175-2141b5cd30a1","block_type":"box","text":"Qualifying Holdings","page_number":26,"box":{"x":62,"y":837,"width":143,"height":12}},{"id":"118ab1eb-f1a6-4385-b148-813c02c6e0a4","block_type":"box","text":"— Investor A and A1, Investor C, Investor P, Institutional, Class K and Premier Shares (in most","page_number":26,"box":{"x":209,"y":837,"width":696,"height":11}},{"id":"422a4a6a-da9b-4341-a844-6711b1077194","block_type":"box","text":"BlackRock Funds), investments in certain unlisted closed-end management investment companies sponsored and","page_number":26,"box":{"x":62,"y":852,"width":836,"height":12}},{"id":"35357b53-deeb-41e3-895b-d7caf7453d25","block_type":"box","text":"advised by BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and investments in the","page_number":26,"box":{"x":61,"y":867,"width":808,"height":11}},{"id":"e5b36027-a38e-4700-aecb-aa0bcb034015","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program.","page_number":26,"box":{"x":62,"y":882,"width":314,"height":11}},{"id":"36d5aeae-bebd-4aab-92ee-1f63a0864e05","block_type":"box","text":"26","page_number":26,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"7c61b899-af0b-46ee-8992-a206cbf18670","block_type":"box","text":"NM1026U-5978611-26/68","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"82932388-3d7a-40fa-b083-02f082267344","block_type":"box","text":"Qualifying Holdings may include shares held in accounts held at a Financial Intermediary, including personal accounts,","page_number":27,"box":{"x":61,"y":46,"width":867,"height":11}},{"id":"6899dd6f-3bae-486d-bc89-50d2bf1ca703","block_type":"box","text":"certain retirement accounts, UGMA/UTMA accounts, Joint Tenancy accounts, trust accounts and Transfer on Death","page_number":27,"box":{"x":61,"y":60,"width":844,"height":12}},{"id":"03ba5a4c-f436-4bc1-b74f-10492b092b6b","block_type":"box","text":"accounts, as well as shares purchased by a trust of which the investor is a beneficiary. For purposes of the Letter of","page_number":27,"box":{"x":61,"y":75,"width":856,"height":12}},{"id":"30557d68-f330-46dc-9e49-9f0dfdafd83c","block_type":"box","text":"Intent and right of accumulation, the investor may not combine with the investor’s other holdings shares held in","page_number":27,"box":{"x":62,"y":90,"width":818,"height":12}},{"id":"86eb589c-ea4f-4ad3-9450-098dff9a0698","block_type":"box","text":"pension, profit sharing or other employer-sponsored retirement plans if those shares are held in the name of a","page_number":27,"box":{"x":62,"y":105,"width":811,"height":12}},{"id":"ea641e76-7f40-4fc5-975f-8ac4b7d4b336","block_type":"box","text":"nominee or custodian.","page_number":27,"box":{"x":61,"y":120,"width":162,"height":9}},{"id":"cdfb8d7b-6720-4f53-9707-1c0aab97fc5b","block_type":"box","text":"In order to receive a reduced sales charge, at the time an investor purchases shares of the Fund, the investor should","page_number":27,"box":{"x":62,"y":142,"width":861,"height":12}},{"id":"304caa3b-9c85-44ea-9e76-f8bff173c4d1","block_type":"box","text":"inform the Financial Intermediary and/or BlackRock Funds of any other shares of the Fund or any other BlackRock","page_number":27,"box":{"x":62,"y":157,"width":836,"height":12}},{"id":"938dd4b4-3335-4a30-a6b1-251d5239e9a0","block_type":"box","text":"Fund or Eligible Unlisted BlackRock Closed-End Fund that qualify for a reduced sales charge. Failure by the investor to","page_number":27,"box":{"x":62,"y":172,"width":862,"height":12}},{"id":"d7d9fbdc-a1de-4a05-bc0d-0bf358f9ace3","block_type":"box","text":"notify the Financial Intermediary or BlackRock Funds may result in the investor not receiving the sales charge reduction","page_number":27,"box":{"x":61,"y":187,"width":875,"height":11}},{"id":"720cf8c6-1c04-4d72-8173-d2e5ef6e1273","block_type":"box","text":"to which the investor is otherwise entitled.","page_number":27,"box":{"x":60,"y":202,"width":312,"height":9}},{"id":"9b368210-6326-4d06-a869-42c16879de0c","block_type":"box","text":"The Financial Intermediary or BlackRock Funds may request documentation — including account statements and","page_number":27,"box":{"x":60,"y":224,"width":828,"height":12}},{"id":"585cdfd1-e43c-477d-893f-8b85565abaa3","block_type":"box","text":"records of the original cost of the shares owned by the investor, the investor’s spouse and/or children showing that","page_number":27,"box":{"x":61,"y":239,"width":850,"height":12}},{"id":"94853ead-d608-4e4e-9ea8-c63205e8a4cd","block_type":"box","text":"the investor qualifies for a reduced sales charge. The investor should retain these records because — depending on","page_number":27,"box":{"x":60,"y":254,"width":856,"height":11}},{"id":"f237a1d3-a2af-4e4b-b537-13ac8bc9daea","block_type":"box","text":"where an account is held or the type of account — the Fund and/or the Financial Intermediary, BlackRock Funds or","page_number":27,"box":{"x":60,"y":269,"width":845,"height":11}},{"id":"2c45044e-1ac9-4885-ba8f-9793ceb90458","block_type":"box","text":"Eligible Unlisted BlackRock Closed-End Funds may not be able to maintain this information.","page_number":27,"box":{"x":62,"y":283,"width":667,"height":12}},{"id":"311f44a9-1c48-4edf-a4c1-a78e9158b995","block_type":"box","text":"For more information, see the SAI or contact your Financial Intermediary.","page_number":27,"box":{"x":62,"y":306,"width":531,"height":11}},{"id":"b4e620e2-dd6a-4750-81bd-efd582645186","block_type":"box","text":"Letter of Intent","page_number":27,"box":{"x":61,"y":329,"width":124,"height":10}},{"id":"e6bfc17d-c543-4d9d-8ee1-9ae15a8fb20f","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of Intent” stating the","page_number":27,"box":{"x":60,"y":345,"width":839,"height":12}},{"id":"11f57d24-c01e-40f7-9d50-643ad61d5de5","block_type":"box","text":"investor’s intention to make one or more of the following investments within the next 13 months which would, if bought","page_number":27,"box":{"x":62,"y":360,"width":875,"height":12}},{"id":"b5563409-ef05-4196-93de-feada744cf77","block_type":"box","text":"all at once, qualify the investor for a reduced sales charge:","page_number":27,"box":{"x":61,"y":375,"width":431,"height":12}},{"id":"2a70d40f-e8ec-463e-bafd-394ebc318542","block_type":"box","text":"i. Buy a specified amount of Investor A, Investor C, Investor P, Institutional, Class K and/or Premier Shares,","page_number":27,"box":{"x":82,"y":398,"width":794,"height":11}},{"id":"14e14959-9cbd-464b-b9bf-acc47eeafba1","block_type":"box","text":"ii. Make an investment in one or more Eligible Unlisted BlackRock Closed-End Funds and/or","page_number":27,"box":{"x":82,"y":420,"width":675,"height":12}},{"id":"f5b9bd33-1bad-417c-8c52-b549232afde1","block_type":"box","text":"iii. Make an investment through the BlackRock CollegeAdvantage 529 Program in one or more BlackRock Funds.","page_number":27,"box":{"x":82,"y":443,"width":820,"height":11}},{"id":"456113d1-1dea-452d-9eeb-08d9962ed111","block_type":"box","text":"The initial investment must meet the minimum initial purchase requirement. The 13-month Letter of Intent period","page_number":27,"box":{"x":60,"y":465,"width":830,"height":11}},{"id":"ca1db978-c33e-40a4-a31f-bf9da7efbb97","block_type":"box","text":"commences on the day that the Letter of Intent is received by the Fund.","page_number":27,"box":{"x":61,"y":480,"width":524,"height":12}},{"id":"c4c3c40c-903d-4dfe-a706-f805c7903341","block_type":"box","text":"The market value of current holdings in the BlackRock Funds (including Investor A, Investor C, Investor P, Institutional,","page_number":27,"box":{"x":60,"y":503,"width":865,"height":11}},{"id":"da9b47c4-8549-48b6-8933-e5d1261bad54","block_type":"box","text":"Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the BlackRock CollegeAdvantage 529","page_number":27,"box":{"x":61,"y":518,"width":862,"height":11}},{"id":"9213dec1-3f9c-4090-a6c2-a5fbae4de7a9","block_type":"box","text":"Program Class A and Class C Units) as of the date of commencement that are eligible under the Right of Accumulation","page_number":27,"box":{"x":61,"y":532,"width":870,"height":12}},{"id":"9d84cae1-7453-4079-872b-dc6b6218d22f","block_type":"box","text":"may be counted towards the sales charge reduction.","page_number":27,"box":{"x":61,"y":547,"width":384,"height":12}},{"id":"7d7bcdc9-8b68-4b34-84d5-d0298ba43886","block_type":"box","text":"The investor must notify the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock","page_number":27,"box":{"x":60,"y":570,"width":823,"height":11}},{"id":"44f91d20-7d05-4ddc-8bad-a11dad1f90d1","block_type":"box","text":"Closed-End Funds and/or the BlackRock CollegeAdvantage 529 Program that should be counted towards the sales","page_number":27,"box":{"x":61,"y":585,"width":842,"height":11}},{"id":"09b0c594-daec-420a-8030-08f00ed88394","block_type":"box","text":"charge reduction and (ii) any subsequent purchases that should be counted towards the Letter of Intent.","page_number":27,"box":{"x":61,"y":599,"width":765,"height":12}},{"id":"5972f6cd-8028-48e7-bf54-a21d8f018b15","block_type":"box","text":"During the term of the Letter of Intent, the Fund will hold Investor A Shares representing up to 5% of the indicated","page_number":27,"box":{"x":62,"y":622,"width":833,"height":11}},{"id":"71569834-3f53-4532-943b-cac7c225cc0d","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is","page_number":27,"box":{"x":61,"y":637,"width":852,"height":11}},{"id":"d16a06b1-ed00-48c2-a515-f8e0efffc985","block_type":"box","text":"not purchased. If the full amount indicated is not purchased within the 13-month period, and the investor does not pay","page_number":27,"box":{"x":61,"y":652,"width":872,"height":11}},{"id":"dc2efb2c-7227-418e-89fb-6a9c4f1bc496","block_type":"box","text":"the higher sales load within 20 days, the Fund will redeem enough of the Investor A Shares held in escrow to pay the","page_number":27,"box":{"x":60,"y":666,"width":860,"height":12}},{"id":"f43d839e-8b36-45db-ac7c-e18ad20329da","block_type":"box","text":"difference.","page_number":27,"box":{"x":61,"y":681,"width":77,"height":9}},{"id":"ed69455b-9597-4e40-8cba-2eb6d67cc6e8","block_type":"box","text":"Right of Accumulation","page_number":27,"box":{"x":61,"y":704,"width":183,"height":13}},{"id":"758d0653-2b34-4288-b68a-bec66981b5f6","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be combined with the amount of the","page_number":27,"box":{"x":62,"y":720,"width":839,"height":12}},{"id":"58234c49-d231-4cb7-bb8b-52c27d7e3315","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":27,"box":{"x":61,"y":735,"width":856,"height":12}},{"id":"9daee0bb-f0eb-43e7-94d3-d28eaf9157a8","block_type":"box","text":"i. The current value of an investor’s existing Investor A and A1, Investor C, Investor P, Institutional, Class K and","page_number":27,"box":{"x":82,"y":758,"width":821,"height":11}},{"id":"ddb39bfd-d992-4e66-8d8c-782d6d388123","block_type":"box","text":"Premier Shares in most BlackRock Funds,","page_number":27,"box":{"x":102,"y":773,"width":306,"height":10}},{"id":"33f21857-ebf0-42ef-bfd0-8f3ee36258aa","block_type":"box","text":"ii. The current value of an investor’s existing shares of Eligible Unlisted BlackRock Closed-End Funds and","page_number":27,"box":{"x":82,"y":795,"width":771,"height":12}},{"id":"29579fe0-874e-4631-8772-9aa5c394ab61","block_type":"box","text":"iii. The investment in the BlackRock CollegeAdvantage 529 Program by the investor or by or on behalf of the","page_number":27,"box":{"x":82,"y":818,"width":788,"height":11}},{"id":"5901b736-e7d5-4bf9-9478-73c84d6f9562","block_type":"box","text":"investor’s spouse and children.","page_number":27,"box":{"x":102,"y":833,"width":228,"height":11}},{"id":"babe1a41-a1ca-4bc0-92a7-837a21254a57","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":27,"box":{"x":62,"y":855,"width":866,"height":12}},{"id":"0bd22345-01dc-49fe-b096-3c5d77bda208","block_type":"box","text":"an investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same Financial","page_number":27,"box":{"x":61,"y":870,"width":866,"height":12}},{"id":"fe593d4c-fe28-41a3-a390-eb6cb352ab9b","block_type":"box","text":"Intermediary will be treated similarly. In order to use this right, the investor must alert BlackRock to the existence of","page_number":27,"box":{"x":62,"y":885,"width":854,"height":11}},{"id":"8d8283db-59da-46a1-bbfa-07fa3d5635ca","block_type":"box","text":"any previously purchased shares.","page_number":27,"box":{"x":61,"y":900,"width":243,"height":11}},{"id":"52e09ebe-cb48-4961-8cba-f4e1344a59f9","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"e4ae5de7-5f66-46ef-89e3-ccf0eda20ac1","block_type":"box","text":"NM1026U-5978611-27/68","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2a6baa81-a3a5-4fa3-b7c7-16bc08a7e4cf","block_type":"box","text":"Other Front-End Sales Charge Waivers","page_number":28,"box":{"x":61,"y":46,"width":314,"height":13}},{"id":"42682254-c007-413f-b072-a1c522938bde","block_type":"box","text":"The following persons may also buy Investor A Shares without paying a sales charge:","page_number":28,"box":{"x":60,"y":62,"width":623,"height":12}},{"id":"507e4bce-f16b-431b-9586-e187b3fd5466","block_type":"box","text":"Certain employer-sponsored retirement plans. For purposes of this waiver, employer-sponsored retirement plans do","page_number":28,"box":{"x":81,"y":82,"width":846,"height":12}},{"id":"c05d06ec-d92f-4724-b3d1-7082138baa38","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs;","page_number":28,"box":{"x":82,"y":97,"width":352,"height":11}},{"id":"05d7535f-7968-4cd0-a6d0-23ea635758e2","block_type":"box","text":"Rollovers of current investments through certain employer-sponsored retirement plans provided the shares are","page_number":28,"box":{"x":82,"y":117,"width":812,"height":12}},{"id":"20c60ee5-7484-43fc-a6a4-02a38aec79fc","block_type":"box","text":"transferred to Investor A Shares of the same or another BlackRock Fund as either a direct rollover, or subsequent to","page_number":28,"box":{"x":80,"y":132,"width":854,"height":11}},{"id":"2c03bb36-5ef0-4983-9533-ed0368ef14c7","block_type":"box","text":"distribution, the rolled-over proceeds are contributed to a BlackRock IRA through an account directly with the Fund;","page_number":28,"box":{"x":81,"y":147,"width":840,"height":11}},{"id":"f97cf398-077f-464c-96e4-37015e6cbec5","block_type":"box","text":"or purchases by IRA programs that are sponsored by Financial Intermediary firms provided the Financial","page_number":28,"box":{"x":81,"y":162,"width":760,"height":11}},{"id":"bcafcb68-cb98-42a7-be77-805b801bf2f7","block_type":"box","text":"Intermediary firm has entered into a Class A Net Asset Value agreement with respect to such program with the","page_number":28,"box":{"x":82,"y":176,"width":812,"height":12}},{"id":"d30d74a0-2091-4237-8fc8-706e7f3ff398","block_type":"box","text":"Distributor;","page_number":28,"box":{"x":82,"y":192,"width":79,"height":10}},{"id":"0c6135d7-5e5d-4ee7-9200-381cf0155b3f","block_type":"box","text":"Insurance company separate accounts;","page_number":28,"box":{"x":82,"y":212,"width":286,"height":11}},{"id":"089dbaf7-e4ae-4c7e-8efe-293562c30f91","block_type":"box","text":"Registered investment advisers, trust companies and bank trust departments exercising discretionary investment","page_number":28,"box":{"x":82,"y":232,"width":836,"height":11}},{"id":"5466648d-ec29-4fe2-8d87-e0d41cf1f4c8","block_type":"box","text":"authority with respect to amounts to be invested in the Fund;","page_number":28,"box":{"x":81,"y":246,"width":446,"height":12}},{"id":"eadc7b29-c21d-4350-bee6-a3ac4ff09cc4","block_type":"box","text":"Persons participating in a fee-based program (such as a wrap account) under which they pay advisory fees to a","page_number":28,"box":{"x":81,"y":266,"width":815,"height":12}},{"id":"4bd0ddea-883a-4e27-b28f-ee6d676b2a4e","block_type":"box","text":"broker-dealer or other financial institution;","page_number":28,"box":{"x":81,"y":281,"width":306,"height":11}},{"id":"2d8b117a-d072-49f3-8bfc-483e99aa8191","block_type":"box","text":"Financial Intermediaries who have entered into an agreement with the Distributor and have been approved by the","page_number":28,"box":{"x":82,"y":301,"width":828,"height":11}},{"id":"4c1e7630-1235-4201-882f-b339054c85f0","block_type":"box","text":"Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not charge a","page_number":28,"box":{"x":82,"y":316,"width":800,"height":11}},{"id":"6c269006-ebee-45f1-9ad9-7b1cb6f2a9e0","block_type":"box","text":"transaction fee;","page_number":28,"box":{"x":80,"y":331,"width":114,"height":10}},{"id":"08029648-b7ce-4f0a-9858-532548198a59","block_type":"box","text":"Persons associated with the Fund, the Fund’s manager, the Fund’s sub-adviser, transfer agent, Distributor, fund","page_number":28,"box":{"x":81,"y":351,"width":819,"height":11}},{"id":"67e7a576-0053-4d82-81d5-7de00c6d0b06","block_type":"box","text":"accounting agents, Barclays PLC (“Barclays”) and their respective affiliates (to the extent permitted by these firms)","page_number":28,"box":{"x":81,"y":365,"width":846,"height":12}},{"id":"a83f897a-583b-4ade-b8b0-a3809cbc8b29","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees of firms who have entered","page_number":28,"box":{"x":82,"y":380,"width":843,"height":12}},{"id":"ccd5253a-4a5f-414e-9f68-e42f172a8d4b","block_type":"box","text":"into selling agreements to distribute shares of BlackRock Funds; (d) immediate family members of such persons;","page_number":28,"box":{"x":82,"y":395,"width":829,"height":12}},{"id":"bd1212c3-96eb-4fc2-86ac-038c16055766","block_type":"box","text":"and (e) any trust, pension, profit-sharing or other benefit plan for any of the persons set forth in (a) through (d);","page_number":28,"box":{"x":81,"y":410,"width":815,"height":11}},{"id":"6d804cc1-788e-458a-ad5a-ac5e77a73bea","block_type":"box","text":"State sponsored 529 college savings plans and rollovers of such 529 plans into Roth IRAs as permitted under the","page_number":28,"box":{"x":81,"y":430,"width":841,"height":11}},{"id":"ecba41bb-ae87-441f-b121-9be478cadfc6","block_type":"box","text":"Internal Revenue Code; and","page_number":28,"box":{"x":82,"y":445,"width":201,"height":10}},{"id":"e529d6ad-a101-4425-a997-c9df95f5618d","block_type":"box","text":"Accounts opened directly with the Fund that do not have a Financial Intermediary associated with the account.","page_number":28,"box":{"x":81,"y":465,"width":808,"height":11}},{"id":"825dd027-b5cb-47f7-93ac-0cccb4054209","block_type":"box","text":"In addition, a sales charge waiver may be available for investors exchanging Investor P Shares of another BlackRock","page_number":28,"box":{"x":62,"y":487,"width":852,"height":12}},{"id":"7b7101cf-89c6-474f-ae3d-78f8bad80582","block_type":"box","text":"Fund for Investor A Shares of the Fund through an intermediary-processed exchange, provided that the investor had","page_number":28,"box":{"x":62,"y":502,"width":846,"height":12}},{"id":"c3bd5968-a1bc-4fe4-8ee4-e97144fcd4cd","block_type":"box","text":"previously paid a sales charge with respect to such shares.","page_number":28,"box":{"x":62,"y":517,"width":434,"height":11}},{"id":"c6b1f578-6521-42db-a528-637705c17cfb","block_type":"box","text":"In addition, Financial Intermediaries may, in connection with a change in account type or otherwise in accordance with","page_number":28,"box":{"x":62,"y":540,"width":864,"height":11}},{"id":"9e58a36b-a0d1-484c-8dca-5dc8ac83c698","block_type":"box","text":"a Financial Intermediary’s policies and procedures, exchange one class of shares for Investor A Shares of the same","page_number":28,"box":{"x":61,"y":554,"width":852,"height":12}},{"id":"65f7919b-b489-4bdc-b84e-f38a593586d5","block_type":"box","text":"Fund. In such cases, such exchange would not be subject to an Investor A Shares sales charge. The availability of","page_number":28,"box":{"x":62,"y":569,"width":837,"height":12}},{"id":"ac8a78e9-102b-4bf8-b3fc-78b2f6909e90","block_type":"box","text":"Investor A Shares sales charge waivers may depend on the policies, procedures and trading platforms of your Financial","page_number":28,"box":{"x":62,"y":584,"width":873,"height":11}},{"id":"c36a842c-3e4c-450d-8d97-be660d7b0bc5","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":28,"box":{"x":62,"y":599,"width":317,"height":11}},{"id":"97ccc4e9-9c10-4c70-a30d-fced2a19d86f","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":28,"box":{"x":61,"y":621,"width":861,"height":12}},{"id":"ad6e11d4-da61-4ac7-b3c8-489bd98bbace","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":28,"box":{"x":60,"y":636,"width":817,"height":12}},{"id":"1d7e8b64-8de3-440d-af9f-1f9624521ea2","block_type":"box","text":"Investor A Shares at Net Asset Value","page_number":28,"box":{"x":61,"y":659,"width":306,"height":10}},{"id":"8d413fc8-7f47-4280-bc63-ba6a0d516f37","block_type":"box","text":"If you invest $1,000,000 or more in Investor A Shares, you will not pay any initial sales charge. However, if you","page_number":28,"box":{"x":62,"y":675,"width":814,"height":12}},{"id":"3334f74b-3fb0-495d-afed-a2d0d64ed8da","block_type":"box","text":"redeem your Investor A Shares within 18 months after purchase, you may be charged a deferred sales charge of","page_number":28,"box":{"x":61,"y":690,"width":828,"height":12}},{"id":"0a5dcd83-62e8-40af-b167-79f214daee11","block_type":"box","text":"1.00% of the lesser of the original cost of the shares being redeemed or your redemption proceeds. For a discussion","page_number":28,"box":{"x":62,"y":705,"width":857,"height":12}},{"id":"13773fee-4deb-4169-9a9e-ce1c01aa20b2","block_type":"box","text":"on waivers, see “Contingent Deferred Sales Charge Waivers.”","page_number":28,"box":{"x":61,"y":720,"width":451,"height":11}},{"id":"9825ee28-ed24-4d95-9cd0-240dac9c80d9","block_type":"box","text":"If you are eligible to buy both Investor A and Institutional Shares, you should buy Institutional Shares since Investor A","page_number":28,"box":{"x":62,"y":742,"width":860,"height":12}},{"id":"07858245-edd3-400e-8400-6db27973ae05","block_type":"box","text":"Shares are subject to a front end sales charge and an annual 0.25% service fee, while Institutional Shares are not.","page_number":28,"box":{"x":61,"y":757,"width":848,"height":12}},{"id":"ed6af1f4-0776-4d6a-a3a5-cd6eea092925","block_type":"box","text":"The Distributor normally pays the annual Investor A Shares service fee to dealers as a shareholder servicing fee on a","page_number":28,"box":{"x":60,"y":772,"width":863,"height":12}},{"id":"3f11fb04-c4a2-4f8b-b3e4-ca8db377a1b5","block_type":"box","text":"monthly basis.","page_number":28,"box":{"x":61,"y":787,"width":105,"height":11}},{"id":"d5346ad5-99d8-4916-9782-c8e9a2f8f6c1","block_type":"box","text":"Investor C Shares — Deferred Sales Charge Option","page_number":28,"box":{"x":61,"y":810,"width":420,"height":12}},{"id":"ae8f6c72-049c-4931-a9c6-db3efe4de2a9","block_type":"box","text":"If you select Investor C Shares, you do not pay an initial sales charge at the time of purchase. However, if you redeem","page_number":28,"box":{"x":62,"y":826,"width":865,"height":12}},{"id":"9bea7740-455f-4ede-9116-eb780d47e261","block_type":"box","text":"your Investor C Shares within one year after purchase, you may be required to pay a deferred sales charge of 1.00%.","page_number":28,"box":{"x":60,"y":841,"width":858,"height":12}},{"id":"f17b57ae-4795-433e-aea0-ed1e8a8526df","block_type":"box","text":"The charge will apply to the lesser of the original cost of the shares being redeemed or the proceeds of your","page_number":28,"box":{"x":60,"y":856,"width":795,"height":11}},{"id":"0996cc26-956b-4228-a62a-2e0d6314839e","block_type":"box","text":"redemption. When you redeem Investor C Shares, the redemption order is processed so that the lowest deferred sales","page_number":28,"box":{"x":61,"y":871,"width":874,"height":11}},{"id":"74b5fcac-c625-45c9-b95f-a68df24143cd","block_type":"box","text":"charge is charged. Investor C Shares that are not subject to the deferred sales charge are redeemed first. In addition,","page_number":28,"box":{"x":61,"y":885,"width":867,"height":12}},{"id":"0b577ee1-b2dd-453b-9c44-6c1686c1ab2f","block_type":"box","text":"you will not be charged a deferred sales charge when you redeem shares that you acquire through reinvestment of","page_number":28,"box":{"x":60,"y":900,"width":843,"height":12}},{"id":"aa63f256-e998-47d3-bad8-702a35a9b2be","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"d5aa4c9f-7872-46a5-a4d7-063cfdec2c73","block_type":"box","text":"NM1026U-5978611-28/68","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"350206de-98e2-498f-8214-a71353ce5e44","block_type":"box","text":"Fund dividends or capital gains. Any CDSC paid on the redemptions of Investor C Shares expressed as a percentage of","page_number":29,"box":{"x":62,"y":46,"width":873,"height":11}},{"id":"897134c1-12e7-45a2-9bc7-9ffe4106693a","block_type":"box","text":"the applicable redemption amount may be higher or lower than the charge described due to rounding.","page_number":29,"box":{"x":60,"y":61,"width":745,"height":11}},{"id":"6efaecbb-fbf9-4f6c-85b6-3e029821ed74","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), Investor C Shares will automatically convert to Investor A Shares","page_number":29,"box":{"x":62,"y":83,"width":864,"height":11}},{"id":"32702dc1-7775-44a0-a67a-69007956cea1","block_type":"box","text":"approximately eight years after the date of purchase. It is the Financial Intermediary’s responsibility to ensure that the","page_number":29,"box":{"x":61,"y":98,"width":870,"height":11}},{"id":"e719e864-0f4a-4b0e-b4c3-c1edb53237ee","block_type":"box","text":"shareholder is credited with the proper holding period. As of the Effective Date, certain Financial Intermediaries,","page_number":29,"box":{"x":61,"y":113,"width":823,"height":11}},{"id":"acfb3987-5af4-4ad0-8cd3-9dbe50172499","block_type":"box","text":"including group retirement recordkeeping platforms, may not have been tracking such holding periods and therefore","page_number":29,"box":{"x":62,"y":127,"width":847,"height":12}},{"id":"10d5ac35-9561-45c2-9ca3-6ac55ca0317b","block_type":"box","text":"may not be able to process such conversions. In such instances, the automatic conversion of Investor C Shares to","page_number":29,"box":{"x":61,"y":142,"width":842,"height":12}},{"id":"1daf08c1-7481-4523-aa9e-1f07aa6b0fad","block_type":"box","text":"Investor A Shares will occur approximately eight years after the Effective Date. The automatic conversion of Investor C","page_number":29,"box":{"x":62,"y":157,"width":865,"height":12}},{"id":"5ecb2656-8c92-4c80-b7c1-41eac789e109","block_type":"box","text":"Shares to Investor A Shares is not a taxable event for Federal income tax purposes. Please consult your Financial","page_number":29,"box":{"x":61,"y":172,"width":832,"height":11}},{"id":"99e90555-cdc7-41f1-8405-a5522b0039ae","block_type":"box","text":"Intermediary for additional information.","page_number":29,"box":{"x":62,"y":187,"width":285,"height":11}},{"id":"1cd42932-1687-4a5f-8b58-1d871fb73974","block_type":"box","text":"In addition, accounts that do not have a Financial Intermediary associated with them are not eligible to hold Investor C","page_number":29,"box":{"x":62,"y":209,"width":869,"height":12}},{"id":"c3afd9f7-2441-441f-b7ed-37e32f994691","block_type":"box","text":"Shares, and any Investor C Shares held in such accounts will be automatically converted to Investor A Shares.","page_number":29,"box":{"x":61,"y":224,"width":810,"height":12}},{"id":"d61290d0-7bbb-4a72-9ae3-2daa3c210c38","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":29,"box":{"x":61,"y":247,"width":861,"height":11}},{"id":"3a907773-1011-49f1-a52c-7ed4b6e9763d","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":29,"box":{"x":60,"y":262,"width":817,"height":11}},{"id":"9aef9e77-3efa-4af9-ad3f-6335c2b21c27","block_type":"box","text":"You will also pay distribution fees of 0.75% and service fees of 0.25% for Investor C Shares each year. Because these","page_number":29,"box":{"x":60,"y":284,"width":870,"height":12}},{"id":"dcb6f7b3-82da-4f64-ba1b-09efd7fad791","block_type":"box","text":"fees are paid out of the Fund’s assets on an ongoing basis, over time these fees increase the cost of your investment","page_number":29,"box":{"x":60,"y":299,"width":870,"height":12}},{"id":"22511095-4c8d-4aa8-a05b-a6c58a395b05","block_type":"box","text":"and may cost you more than paying other types of sales charges. The Distributor uses the money that it receives from","page_number":29,"box":{"x":61,"y":314,"width":867,"height":11}},{"id":"3cb77808-2de7-423d-ac82-e9733f16cda6","block_type":"box","text":"the deferred sales charges and the distribution fees to cover the costs of marketing, advertising and compensating","page_number":29,"box":{"x":60,"y":329,"width":849,"height":11}},{"id":"a61ae89f-308f-490e-a569-ab71eb55863a","block_type":"box","text":"the Financial Intermediary who assists you in purchasing Fund shares.","page_number":29,"box":{"x":60,"y":344,"width":517,"height":11}},{"id":"0de454f0-edbe-446a-9d39-bebe07c84596","block_type":"box","text":"The Distributor currently pays dealers a sales concession of 1.00% of the purchase price of Investor C Shares from its","page_number":29,"box":{"x":60,"y":366,"width":870,"height":11}},{"id":"75bcda19-34bb-44dc-b17b-505267f0f7c5","block_type":"box","text":"own resources at the time of sale. The Distributor pays the annual Investor C Shares distribution fee and the annual","page_number":29,"box":{"x":61,"y":381,"width":853,"height":11}},{"id":"9a37b660-3b3d-4d75-9769-8d9fae40ee00","block_type":"box","text":"Investor C Shares service fee as an ongoing concession and as a shareholder servicing fee, respectively, to dealers","page_number":29,"box":{"x":62,"y":396,"width":851,"height":11}},{"id":"dbb21d43-76dd-4182-a250-8a9286dc9b8c","block_type":"box","text":"for Investor C Shares held for over a year and normally retains the Investor C Shares distribution fee and service fee","page_number":29,"box":{"x":60,"y":410,"width":856,"height":12}},{"id":"6acb40be-6f8e-46eb-95dd-58b43a826549","block_type":"box","text":"during the first year after purchase. For certain employer-sponsored retirement plans, the Distributor will pay the full","page_number":29,"box":{"x":61,"y":425,"width":850,"height":12}},{"id":"60cfb95e-c533-4db9-94f4-f65228188d75","block_type":"box","text":"Investor C Shares distribution fee and service fee to dealers beginning in the first year after purchase in lieu of paying","page_number":29,"box":{"x":62,"y":440,"width":866,"height":12}},{"id":"e579f66c-ffc4-4577-b726-79e46b458655","block_type":"box","text":"the sales concession. This may depend on the policies, procedures and trading platforms of your Financial","page_number":29,"box":{"x":60,"y":455,"width":782,"height":12}},{"id":"e070188e-8644-4e85-aa13-76a0a33d2166","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":29,"box":{"x":62,"y":470,"width":317,"height":11}},{"id":"bb3dbaa4-0167-437d-83aa-d5276178405d","block_type":"box","text":"Contingent Deferred Sales Charge Waivers","page_number":29,"box":{"x":61,"y":493,"width":352,"height":12}},{"id":"7f8f861a-11f0-4b23-be7b-e162b3cb34de","block_type":"box","text":"The deferred sales charge relating to Investor A and Investor C Shares may be reduced or waived in certain","page_number":29,"box":{"x":60,"y":509,"width":788,"height":12}},{"id":"15e610f2-34f1-4a3e-8f14-6fbceb2d9b96","block_type":"box","text":"circumstances, such as:","page_number":29,"box":{"x":61,"y":524,"width":177,"height":11}},{"id":"b942599d-52d7-4ea7-990c-bd0573e67681","block_type":"box","text":"Redemptions of shares purchased through certain employer-sponsored retirement plans and rollovers of current","page_number":29,"box":{"x":82,"y":544,"width":824,"height":11}},{"id":"c512ab4c-dd78-44dd-a1cd-0b356e7634ff","block_type":"box","text":"investments in the Fund through such plans;","page_number":29,"box":{"x":82,"y":559,"width":324,"height":11}},{"id":"0eb59aa5-47c1-469b-8426-ebf5e75bc3b5","block_type":"box","text":"Exchanges pursuant to the exchange privilege, as described in “How to Buy, Sell, Exchange and Transfer Shares —","page_number":29,"box":{"x":82,"y":579,"width":844,"height":11}},{"id":"9ea05ccc-3fa9-4812-8ba2-d17fdc5135fe","block_type":"box","text":"How to Exchange Shares or Transfer Your Account”;","page_number":29,"box":{"x":82,"y":594,"width":375,"height":11}},{"id":"236425a1-d60f-4d1a-b89f-c5c42604ee4c","block_type":"box","text":"Redemptions made in connection with minimum required distributions from IRA or 403(b)(7) accounts due to the","page_number":29,"box":{"x":82,"y":613,"width":826,"height":12}},{"id":"730e6ac7-b14f-436c-8a2b-4967a37d0f38","block_type":"box","text":"shareholder reaching the age of 72;","page_number":29,"box":{"x":81,"y":628,"width":262,"height":12}},{"id":"29bb0016-51b7-4523-b0df-ac7ec4327226","block_type":"box","text":"Redemptions made with respect to certain retirement plans sponsored by the Fund, BlackRock or an affiliate;","page_number":29,"box":{"x":82,"y":648,"width":804,"height":12}},{"id":"cf9e03de-6f01-4bec-a433-a9c666ff1997","block_type":"box","text":"Redemptions resulting from shareholder death as long as the waiver request is made within one year of death or, if","page_number":29,"box":{"x":82,"y":668,"width":847,"height":12}},{"id":"7a3e65a0-b555-4c95-9f2e-17386fa4180f","block_type":"box","text":"later, reasonably promptly following completion of probate (including in connection with the distribution of account","page_number":29,"box":{"x":82,"y":683,"width":834,"height":12}},{"id":"7039ddd5-8505-4146-b8b3-20369dec32e8","block_type":"box","text":"assets to a beneficiary of the decedent);","page_number":29,"box":{"x":81,"y":698,"width":297,"height":11}},{"id":"5ebdd15f-bc3e-41dc-b854-8022a3e1ac3f","block_type":"box","text":"Withdrawals resulting from shareholder disability (as defined in the Internal Revenue Code) as long as the disability","page_number":29,"box":{"x":81,"y":718,"width":847,"height":11}},{"id":"e8c2db79-3282-4e05-a0a1-aa5105549def","block_type":"box","text":"arose subsequent to the purchase of the shares;","page_number":29,"box":{"x":81,"y":733,"width":360,"height":11}},{"id":"72b04caa-eaa3-43b3-8647-764e960d7abd","block_type":"box","text":"Involuntary redemptions made of shares in accounts with low balances;","page_number":29,"box":{"x":82,"y":753,"width":525,"height":11}},{"id":"fcb0c87e-22f8-46f3-8c35-a176a54a01d2","block_type":"box","text":"Certain redemptions made through the Systematic Withdrawal Plan (“SWP”) offered by the Fund, BlackRock or an","page_number":29,"box":{"x":81,"y":773,"width":833,"height":11}},{"id":"13c0ad1e-a2d4-4a25-bca4-a0aa7234628b","block_type":"box","text":"affiliate;","page_number":29,"box":{"x":81,"y":788,"width":59,"height":10}},{"id":"f6e6ef87-158d-43b1-be2a-590f4fe75da7","block_type":"box","text":"Redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":29,"box":{"x":82,"y":808,"width":823,"height":11}},{"id":"0ce895a3-cc04-4a4c-88b9-71fa5189b91e","block_type":"box","text":"Redemptions when a shareholder can demonstrate hardship, in the absolute discretion of the Fund.","page_number":29,"box":{"x":82,"y":827,"width":732,"height":12}},{"id":"d2752bc9-3ac9-4c0f-86c3-87758b60561b","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":29,"box":{"x":61,"y":850,"width":861,"height":12}},{"id":"03ddc3b0-46a2-4ee0-aa03-72703e5e9643","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":29,"box":{"x":60,"y":865,"width":817,"height":11}},{"id":"e48cee32-43ae-410b-9d0f-006618ab40fa","block_type":"box","text":"More information about existing sales charge reductions and waivers is available free of charge in a clear and","page_number":29,"box":{"x":62,"y":887,"width":805,"height":12}},{"id":"9398f366-3417-44da-9240-0a3a084595cf","block_type":"box","text":"prominent format via hyperlink at www.blackrock.com and in the SAI, which is available on the website or on request.","page_number":29,"box":{"x":62,"y":902,"width":857,"height":12}},{"id":"f204cb83-85ed-4b74-a532-8713eaf776b1","block_type":"box","text":"29","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"e698ed9f-ae65-433c-a500-58b81a49556a","block_type":"box","text":"NM1026U-5978611-29/68","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1e581786-135f-48da-afa3-209b36b7631d","block_type":"box","text":"Institutional Shares","page_number":30,"box":{"x":61,"y":46,"width":161,"height":10}},{"id":"c3f888bd-03fd-462f-a821-e395c321425d","block_type":"box","text":"Institutional Shares are not subject to any sales charge. Only certain investors are eligible to buy Institutional Shares.","page_number":30,"box":{"x":62,"y":63,"width":864,"height":11}},{"id":"1a924c6a-e77f-4fd9-ba61-dd447741b421","block_type":"box","text":"Your Financial Intermediary can help you determine whether you are eligible to buy Institutional Shares. The Fund may","page_number":30,"box":{"x":60,"y":77,"width":865,"height":12}},{"id":"cb893256-2101-48ec-9be8-45fff0806980","block_type":"box","text":"permit a lower initial investment for certain investors if their purchase, combined with purchases by other investors","page_number":30,"box":{"x":62,"y":92,"width":845,"height":11}},{"id":"cf05ff6d-754b-497b-afd4-774315e1aad2","block_type":"box","text":"received together by the Fund, meets the minimum investment requirement.","page_number":30,"box":{"x":61,"y":107,"width":557,"height":11}},{"id":"9cba6ed9-6ab9-42d8-9201-76d65a33fa4e","block_type":"box","text":"Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional","page_number":30,"box":{"x":62,"y":129,"width":826,"height":12}},{"id":"d18aab7b-0bfc-46fb-8501-7e4f08804763","block_type":"box","text":"Shares on such brokerage platforms through a broker acting as an agent for the investor may be required to pay a","page_number":30,"box":{"x":61,"y":144,"width":838,"height":12}},{"id":"ad5c0746-71e3-45fb-9c9a-c5ae992afbca","block_type":"box","text":"commission and/or other forms of compensation to the broker. Shares of the Fund are available in other share","page_number":30,"box":{"x":61,"y":159,"width":816,"height":11}},{"id":"6d493e46-722b-492f-b1a2-885fd27cd7b6","block_type":"box","text":"classes that have different fees and expenses.","page_number":30,"box":{"x":61,"y":174,"width":345,"height":11}},{"id":"95b478f2-1749-4f8e-a2bc-cd15c93dd945","block_type":"box","text":"Eligible Institutional Share investors include the following:","page_number":30,"box":{"x":62,"y":196,"width":421,"height":12}},{"id":"51235cd8-3dfa-4176-9ff2-041dc740f5b3","block_type":"box","text":"Individuals and “Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of","page_number":30,"box":{"x":82,"y":216,"width":854,"height":12}},{"id":"88125693-3d37-4f13-a8ff-d5d8960ffff8","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":30,"box":{"x":80,"y":232,"width":849,"height":11}},{"id":"eacfdc7b-73d0-40ff-819f-83ee4c8faed5","block_type":"box","text":"shares;","page_number":30,"box":{"x":81,"y":246,"width":53,"height":11}},{"id":"60e92b1d-caa3-4b5a-8f29-f54ad56bbd0c","block_type":"box","text":"Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar","page_number":30,"box":{"x":81,"y":266,"width":838,"height":12}},{"id":"a64ce077-19a1-46f7-88e9-82332c31a363","block_type":"box","text":"services or (ii) have entered into an agreement with the Distributor to offer Institutional Shares through a no-load","page_number":30,"box":{"x":81,"y":281,"width":829,"height":11}},{"id":"f1176556-25aa-45fb-bf5b-73b530990112","block_type":"box","text":"program or investment platform, in each case, with no minimum initial investment;","page_number":30,"box":{"x":82,"y":296,"width":604,"height":11}},{"id":"aaa86043-945e-49a4-bb68-2b8ce5b4ceaf","block_type":"box","text":"Clients investing through Financial Intermediaries that have entered into an agreement with the Distributor to offer","page_number":30,"box":{"x":81,"y":316,"width":840,"height":11}},{"id":"91af96e1-ec28-49f8-9607-a87c1d987d6f","block_type":"box","text":"such shares on a platform that charges a transaction based sales commission outside of the Fund, with a minimum","page_number":30,"box":{"x":81,"y":331,"width":853,"height":11}},{"id":"0bf6b2f7-4b31-4705-8874-0df657f3bf1c","block_type":"box","text":"initial investment of $1,000;","page_number":30,"box":{"x":82,"y":345,"width":207,"height":11}},{"id":"0d15f214-c121-4f35-b6a1-1f2d965d1be0","block_type":"box","text":"Certain employee benefits plans, such as health savings accounts, and certain employer-sponsored retirement","page_number":30,"box":{"x":81,"y":365,"width":816,"height":12}},{"id":"01df412f-a0d5-4175-b261-50e6bd64e840","block_type":"box","text":"plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective","page_number":30,"box":{"x":82,"y":380,"width":821,"height":12}},{"id":"9301fd54-9fb3-4092-a576-cd70949ae484","block_type":"box","text":"trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks","page_number":30,"box":{"x":80,"y":395,"width":835,"height":11}},{"id":"3bfea2d2-780e-4649-830f-120c3f0fb914","block_type":"box","text":"and trust companies, each of which is not subject to any minimum initial investment and may purchase shares of","page_number":30,"box":{"x":81,"y":410,"width":835,"height":11}},{"id":"49819ef2-277e-4d95-975c-ed7e7e51ad8d","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":30,"box":{"x":80,"y":425,"width":849,"height":11}},{"id":"ed885f10-135d-4268-a256-b2a9721e11c9","block_type":"box","text":"shares;","page_number":30,"box":{"x":81,"y":440,"width":53,"height":10}},{"id":"a1178e13-f3fa-4567-9d5f-c594e25a6624","block_type":"box","text":"Trust department clients of Bank of America, N.A. and its affiliates for whom they (i) act in a fiduciary capacity","page_number":30,"box":{"x":81,"y":459,"width":810,"height":12}},{"id":"7616fa42-8a96-4f73-8aa6-4c0a607bdee1","block_type":"box","text":"(excluding participant directed employee benefit plans); (ii) otherwise have investment discretion; or (iii) act as","page_number":30,"box":{"x":81,"y":474,"width":812,"height":12}},{"id":"8c63ae04-2904-4497-be1f-50c6ed457663","block_type":"box","text":"custodian for at least $2 million in assets, who are not subject to any minimum initial investment;","page_number":30,"box":{"x":81,"y":488,"width":719,"height":13}},{"id":"587e5a84-0c82-438d-9338-1c5769fb93a1","block_type":"box","text":"Holders of certain Bank of America Corporation (“BofA Corp.”) sponsored unit investment trusts (“UITs”) who","page_number":30,"box":{"x":82,"y":509,"width":799,"height":11}},{"id":"4d3e0f0b-d155-424b-b816-481d6655f451","block_type":"box","text":"reinvest dividends received from such UITs in shares of the Fund, who are not subject to any minimum initial","page_number":30,"box":{"x":82,"y":524,"width":794,"height":11}},{"id":"e95b6c59-15dd-4e95-9518-c249bfed2e6a","block_type":"box","text":"investment;","page_number":30,"box":{"x":82,"y":539,"width":83,"height":10}},{"id":"e41da513-2ddc-42da-be0f-a9f1f08363fc","block_type":"box","text":"Employees, officers and directors/trustees of BlackRock, Inc., BlackRock Funds, BofA Corp., Barclays or their","page_number":30,"box":{"x":82,"y":559,"width":805,"height":11}},{"id":"08cd403c-629e-4ce0-958a-86b0e4cfd762","block_type":"box","text":"respective affiliates and immediate family members of such persons who are not subject to any minimum initial","page_number":30,"box":{"x":82,"y":574,"width":819,"height":11}},{"id":"415ffb43-e471-479d-b59e-00167db10f5d","block_type":"box","text":"investment;","page_number":30,"box":{"x":82,"y":589,"width":83,"height":10}},{"id":"7dd91c9a-0aed-4b15-8f1a-f89809db8091","block_type":"box","text":"Tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s broker","page_number":30,"box":{"x":81,"y":608,"width":836,"height":12}},{"id":"45deef56-df36-46f9-876e-8f2b0c835f76","block_type":"box","text":"dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family members","page_number":30,"box":{"x":81,"y":623,"width":851,"height":12}},{"id":"4004a816-f940-44fc-9d78-41d0276cada1","block_type":"box","text":"of such persons; and","page_number":30,"box":{"x":81,"y":638,"width":154,"height":11}},{"id":"f8357fe8-bade-4707-b12b-51b480f4a754","block_type":"box","text":"Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record","page_number":30,"box":{"x":81,"y":658,"width":816,"height":12}},{"id":"1cb1fb01-6f34-4f42-b4cc-6e5489940778","block_type":"box","text":"keeper, provided that such program offers only mutual fund options and that the program maintains an account with","page_number":30,"box":{"x":82,"y":673,"width":851,"height":11}},{"id":"58425d2a-4198-4af8-bfb9-1795bbdce540","block_type":"box","text":"the Fund on an omnibus basis.","page_number":30,"box":{"x":80,"y":688,"width":227,"height":9}},{"id":"5112c42c-b4d0-4628-a905-2d58d32cd6b6","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":30,"box":{"x":60,"y":710,"width":620,"height":12}},{"id":"63220236-fdb8-4c2e-933e-f76548b7f8d4","block_type":"box","text":"Class R Shares","page_number":30,"box":{"x":61,"y":733,"width":124,"height":10}},{"id":"f1883145-66df-46be-865e-92db048d18bb","block_type":"box","text":"Class R Shares are available only to certain employer-sponsored retirement plans. For this purpose, employer","page_number":30,"box":{"x":61,"y":750,"width":810,"height":11}},{"id":"599108dd-819a-4b1c-a6ad-a1375257f3df","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs. If you buy Class R Shares, you will pay","page_number":30,"box":{"x":61,"y":764,"width":873,"height":12}},{"id":"56fd8dfa-7413-4638-ad37-683635640ef6","block_type":"box","text":"neither an initial sales charge nor a CDSC. However, Class R Shares are subject to a distribution fee of 0.25% per year","page_number":30,"box":{"x":61,"y":779,"width":874,"height":12}},{"id":"fa6a31c5-67da-4593-ba95-c8b31841e1e8","block_type":"box","text":"and a service fee of 0.25% per year. Because these fees are paid out of the Fund’s assets on an ongoing basis, over","page_number":30,"box":{"x":61,"y":794,"width":863,"height":12}},{"id":"8841bf2a-52db-40f4-a114-f987e176c68b","block_type":"box","text":"time these fees increase the cost of your investment and may cost you more than paying other types of sales charges.","page_number":30,"box":{"x":60,"y":809,"width":873,"height":11}},{"id":"ee55509a-ab7b-46f4-a2d0-6f7cd7db0797","block_type":"box","text":"Class R Shares do not offer a conversion privilege.","page_number":30,"box":{"x":61,"y":831,"width":371,"height":12}},{"id":"e414981b-7a8e-49e9-89f8-b6ab3212e91e","block_type":"box","text":"The Distributor currently pays the annual Class R Shares distribution fee and annual Class R Shares service fee to","page_number":30,"box":{"x":60,"y":854,"width":843,"height":11}},{"id":"a20063a4-32a6-4403-baee-1f1964196efc","block_type":"box","text":"dealers as an ongoing concession and as a shareholder servicing fee, respectively, on a monthly basis.","page_number":30,"box":{"x":61,"y":869,"width":759,"height":11}},{"id":"15c00b6a-7aeb-4d2e-b816-d79b33bca027","block_type":"box","text":"30","page_number":30,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"a789cdd6-8f26-4474-85a6-18be04ba0250","block_type":"box","text":"NM1026U-5978611-30/68","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"083b36ad-50e2-42f7-92e2-744354edb894","block_type":"box","text":"Distribution and Shareholder Servicing Payments","page_number":31,"box":{"x":61,"y":47,"width":442,"height":13}},{"id":"1a13302b-d647-49e6-ae2c-5d5d7b2083ee","block_type":"box","text":"Plan Payments","page_number":31,"box":{"x":61,"y":73,"width":122,"height":13}},{"id":"e41f2a83-8853-451a-b795-fa12ce2632a9","block_type":"box","text":"The Trust, on behalf of the Fund, has adopted a plan (the “Plan”) pursuant to Rule 12b-1 under the Investment","page_number":31,"box":{"x":60,"y":89,"width":815,"height":12}},{"id":"8b80ad8e-8136-4dd1-8e05-0a140f075a8a","block_type":"box","text":"Company Act with respect to the Investor Shares and Class R Shares that allows the Fund to pay distribution fees for","page_number":31,"box":{"x":61,"y":104,"width":861,"height":12}},{"id":"55f77736-9956-42c2-acd7-75499d48a2d4","block_type":"box","text":"the sale of its shares and/or shareholder servicing fees for certain services provided to its shareholders.","page_number":31,"box":{"x":60,"y":119,"width":776,"height":12}},{"id":"52c778c1-1ce2-4f09-ad8b-fbada0b8d620","block_type":"box","text":"Under the Plan, Investor C and Class R Shares pay a distribution fee to the Distributor and/or its affiliates for","page_number":31,"box":{"x":62,"y":142,"width":804,"height":11}},{"id":"262f3345-468b-4295-959c-3a3c64c0bbf9","block_type":"box","text":"distribution and sales support services. The distribution fees may be used to pay the Distributor for distribution and","page_number":31,"box":{"x":61,"y":156,"width":851,"height":12}},{"id":"e8c1adef-c33f-43c0-9662-dccf0fbd899a","block_type":"box","text":"sales support services and to pay the Distributor and BlackRock and its affiliates for sales support services provided","page_number":31,"box":{"x":61,"y":171,"width":864,"height":12}},{"id":"c69bcfce-7cdc-49ed-8c0b-6167cab3d12f","block_type":"box","text":"and related expenses incurred in connection with the sale of Investor C and Class R Shares. The distribution fees may","page_number":31,"box":{"x":61,"y":186,"width":870,"height":12}},{"id":"312133d5-aa02-46e9-83aa-17a176d82b36","block_type":"box","text":"also be used to pay Financial Intermediaries for sales support services and related expenses. All Investor C and Class","page_number":31,"box":{"x":61,"y":201,"width":871,"height":11}},{"id":"7fed170f-d162-465a-83e5-b1221aeca732","block_type":"box","text":"R Shares pay a maximum distribution fee per year that is a percentage of the average daily net asset value of the","page_number":31,"box":{"x":62,"y":216,"width":832,"height":11}},{"id":"91b215de-d4d9-488e-bc81-818385728a1b","block_type":"box","text":"Investor C and Class R Shares of the Fund. Institutional and Investor A Shares do not pay distribution fees.","page_number":31,"box":{"x":62,"y":231,"width":785,"height":11}},{"id":"9ca7d03a-0260-45e5-9780-420cb732321e","block_type":"box","text":"Under the Plan, the Fund also pays shareholder servicing fees (also referred to as general shareholder liaison services","page_number":31,"box":{"x":62,"y":253,"width":873,"height":12}},{"id":"f562958d-d2ea-4fc7-9ea3-b9ff05606101","block_type":"box","text":"fees) to Financial Intermediaries for providing support services to their customers who own Investor Shares and/or","page_number":31,"box":{"x":60,"y":268,"width":846,"height":12}},{"id":"142fda33-4afd-4119-b337-345a0d91fa82","block_type":"box","text":"Class R Shares of the Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily","page_number":31,"box":{"x":61,"y":283,"width":866,"height":11}},{"id":"8fed0792-67b5-4817-873d-f29b4917268a","block_type":"box","text":"net asset value of Investor Shares and Class R Shares of the Fund. All Investor Shares and Class R Shares pay this","page_number":31,"box":{"x":61,"y":298,"width":851,"height":11}},{"id":"a0bf8465-f3bc-4872-947a-a2b9c02b0559","block_type":"box","text":"shareholder servicing fee. Institutional Shares do not pay a shareholder servicing fee.","page_number":31,"box":{"x":61,"y":312,"width":630,"height":12}},{"id":"f330ecb1-9959-4e3a-a754-890987a41735","block_type":"box","text":"In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of","page_number":31,"box":{"x":62,"y":335,"width":859,"height":12}},{"id":"96647102-8abc-4210-ad42-db1b6147d188","block_type":"box","text":"the following services to their customers who own Investor Shares and Class R Shares:","page_number":31,"box":{"x":60,"y":350,"width":643,"height":11}},{"id":"d67c9666-7b1a-4e3e-99be-88a563614c06","block_type":"box","text":"Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and","page_number":31,"box":{"x":81,"y":370,"width":848,"height":11}},{"id":"211a9ab9-9a23-4902-8d24-95b161e1cd66","block_type":"box","text":"redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers’","page_number":31,"box":{"x":82,"y":385,"width":811,"height":11}},{"id":"49562fa0-11d2-4cfe-90ed-4e7c7ca5f65b","block_type":"box","text":"investments;","page_number":31,"box":{"x":82,"y":400,"width":92,"height":10}},{"id":"e105ceb8-ec5c-42e3-98ef-a4d90b59ab15","block_type":"box","text":"Assisting customers in designating and changing dividend options, account designations and addresses; and","page_number":31,"box":{"x":81,"y":420,"width":801,"height":11}},{"id":"7e66f710-bdf8-4a1f-ab07-7df9c2be37db","block_type":"box","text":"Providing other similar shareholder liaison services.","page_number":31,"box":{"x":81,"y":440,"width":379,"height":11}},{"id":"8f57232b-e862-4afc-ac1d-c3fdaa26ac9b","block_type":"box","text":"The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the","page_number":31,"box":{"x":60,"y":462,"width":856,"height":12}},{"id":"1d537554-e159-45fc-ba83-4b772657e303","block_type":"box","text":"administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the","page_number":31,"box":{"x":61,"y":477,"width":848,"height":11}},{"id":"d82dd21b-dd17-4c8e-b9f8-c676ecd96f5f","block_type":"box","text":"sale of the Fund’s shares.","page_number":31,"box":{"x":61,"y":492,"width":191,"height":9}},{"id":"f087f20c-ab46-44fc-9728-802b9e9810ef","block_type":"box","text":"Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these","page_number":31,"box":{"x":62,"y":514,"width":850,"height":12}},{"id":"542842ce-49aa-4186-b275-573a72cb7acf","block_type":"box","text":"fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In","page_number":31,"box":{"x":60,"y":529,"width":836,"height":12}},{"id":"65d5d4cf-925b-472f-9934-56813749e555","block_type":"box","text":"addition, the distribution fees paid by Investor C and Class R Shares may over time cost investors more than the front","page_number":31,"box":{"x":61,"y":544,"width":871,"height":11}},{"id":"b05272ce-2e6f-433a-8c15-7c423b566133","block_type":"box","text":"end sales charge on Investor A Shares. For more information on the Plan, including a complete list of services","page_number":31,"box":{"x":61,"y":559,"width":810,"height":11}},{"id":"c09566e6-3f12-458b-b936-9b9c833eee45","block_type":"box","text":"provided thereunder, see the SAI.","page_number":31,"box":{"x":62,"y":574,"width":243,"height":11}},{"id":"6c9aa953-1211-414d-8eeb-e9d4665e78fe","block_type":"box","text":"Other Payments by the Fund","page_number":31,"box":{"x":61,"y":597,"width":233,"height":12}},{"id":"4e7f07cf-67b1-4321-8af2-04ab152a2af7","block_type":"box","text":"In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its","page_number":31,"box":{"x":62,"y":613,"width":874,"height":11}},{"id":"df41edd9-f082-430d-8034-02dc6bf31644","block_type":"box","text":"transfer agent, BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”), BlackRock, on behalf of the Fund,","page_number":31,"box":{"x":60,"y":628,"width":846,"height":11}},{"id":"4bff13ff-7447-417f-a5fb-cb4397a0331f","block_type":"box","text":"may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund","page_number":31,"box":{"x":61,"y":642,"width":874,"height":12}},{"id":"a8352809-65f8-4e53-998f-76391d67e697","block_type":"box","text":"will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting","page_number":31,"box":{"x":60,"y":657,"width":843,"height":12}},{"id":"15cd5710-9fae-4b63-89e4-5116a0589b3b","block_type":"box","text":"and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average","page_number":31,"box":{"x":61,"y":672,"width":862,"height":12}},{"id":"32d7a67f-2293-4174-87ec-fb70124bc8f6","block_type":"box","text":"daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each","page_number":31,"box":{"x":61,"y":687,"width":815,"height":11}},{"id":"484ff055-413a-475e-9066-88eb4fc93244","block_type":"box","text":"account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial.","page_number":31,"box":{"x":61,"y":702,"width":791,"height":11}},{"id":"a169335a-24ce-4c87-b717-7579b2daf030","block_type":"box","text":"Other Payments by BlackRock","page_number":31,"box":{"x":61,"y":725,"width":252,"height":12}},{"id":"0877977b-f83f-40ad-a8ff-70b02bbb5527","block_type":"box","text":"From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative,","page_number":31,"box":{"x":62,"y":741,"width":851,"height":12}},{"id":"9551007e-0db6-4914-87a0-b786a40a09f4","block_type":"box","text":"networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or","page_number":31,"box":{"x":61,"y":756,"width":843,"height":12}},{"id":"6943eee4-61bb-489b-8de6-2132fbc1a471","block_type":"box","text":"their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate","page_number":31,"box":{"x":60,"y":771,"width":853,"height":11}},{"id":"7dde44f1-aded-4ac5-af9f-81dcce62433c","block_type":"box","text":"affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments","page_number":31,"box":{"x":61,"y":786,"width":866,"height":11}},{"id":"2454ed8c-6e5d-4015-815b-6caae2e13096","block_type":"box","text":"would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be","page_number":31,"box":{"x":60,"y":800,"width":839,"height":12}},{"id":"5e04cf93-80f6-4d03-9bd8-4788eed45ae1","block_type":"box","text":"based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage","page_number":31,"box":{"x":61,"y":815,"width":860,"height":12}},{"id":"6c5ef4c6-5dbb-41ea-8946-e2a5bc6c17e8","block_type":"box","text":"of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another","page_number":31,"box":{"x":61,"y":830,"width":841,"height":12}},{"id":"4bd34092-c607-4c9e-9c7d-e3b5ee41027a","block_type":"box","text":"basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial","page_number":31,"box":{"x":61,"y":845,"width":856,"height":11}},{"id":"99d8a9b3-f59f-4192-997e-8a03d4a20084","block_type":"box","text":"and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated","page_number":31,"box":{"x":61,"y":860,"width":813,"height":11}},{"id":"d7f91f6f-8876-40ba-83c6-d959c6e96a48","block_type":"box","text":"persons to recommend or sell shares of the Fund to you.","page_number":31,"box":{"x":62,"y":875,"width":415,"height":11}},{"id":"9554b68b-88e0-4ec6-bb49-4d6590ab0068","block_type":"box","text":"Please contact your Financial Intermediary for details about payments it may receive from the Fund or from BlackRock,","page_number":31,"box":{"x":61,"y":897,"width":869,"height":12}},{"id":"35c0da9a-c2b7-4742-9f67-228b8753e517","block_type":"box","text":"the Distributor or their affiliates. For more information, see the SAI.","page_number":31,"box":{"x":60,"y":912,"width":495,"height":11}},{"id":"ed457b04-c7bc-41d3-9784-96bedfda1fe3","block_type":"box","text":"31","page_number":31,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"9ca05fb7-d3b0-4468-b5d3-a22e8f23f988","block_type":"box","text":"NM1026U-5978611-31/68","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6b3bafa3-a6f3-4f98-9aed-147bc110ef18","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":32,"box":{"x":61,"y":46,"width":434,"height":14}},{"id":"3fb22d22-7e96-4ded-ab99-39d89e9b7e99","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":32,"box":{"x":60,"y":73,"width":846,"height":11}},{"id":"a81a3ac4-92cb-44cd-8c0c-ad4d2cb498ed","block_type":"box","text":"Intermediary. You may also buy, sell, exchange and transfer shares through BlackRock if your account is held directly","page_number":32,"box":{"x":62,"y":88,"width":857,"height":11}},{"id":"73c3e43a-d236-41a8-b19b-2ef9cc0ce52e","block_type":"box","text":"with BlackRock. To learn more about buying, selling, exchanging or transferring shares through BlackRock, call","page_number":32,"box":{"x":60,"y":102,"width":809,"height":12}},{"id":"4e5330fe-4810-4562-8c5b-697cd5ea579e","block_type":"box","text":"(800) 441-7762. Because the selection of a mutual fund involves many considerations, your Financial Intermediary","page_number":32,"box":{"x":61,"y":117,"width":847,"height":12}},{"id":"4004122c-2806-4897-8a45-3a4d9f09778a","block_type":"box","text":"may help you with this decision.","page_number":32,"box":{"x":61,"y":132,"width":232,"height":11}},{"id":"26a209d0-3089-42e1-8427-40b476c81e22","block_type":"box","text":"With certain limited exceptions, the Fund is generally available only to investors residing in the United States and may","page_number":32,"box":{"x":60,"y":155,"width":867,"height":11}},{"id":"0e8f5edf-d9b2-45c9-ac3b-bf4fe89ddf81","block_type":"box","text":"not be distributed by a foreign Financial Intermediary. Under this policy, in order to accept new accounts or additional","page_number":32,"box":{"x":61,"y":169,"width":858,"height":12}},{"id":"a0212f22-3990-4e40-99cc-84eba37a7157","block_type":"box","text":"investments (including by way of exchange from another BlackRock Fund) into existing accounts, the Fund generally","page_number":32,"box":{"x":62,"y":184,"width":845,"height":12}},{"id":"6ab231b0-1f87-49ea-805c-9ec2e848647c","block_type":"box","text":"requires that (i) a shareholder that is a natural person be a U.S. citizen or resident alien, in each case residing within","page_number":32,"box":{"x":61,"y":199,"width":860,"height":12}},{"id":"107a751a-37d0-4ecc-bb17-4564ebb92f05","block_type":"box","text":"the United States or a U.S. territory (including APO/FPO/DPO addresses), and have a valid U.S. taxpayer identification","page_number":32,"box":{"x":60,"y":214,"width":868,"height":11}},{"id":"a17d65f7-2975-4144-9fb9-311a3c4cebac","block_type":"box","text":"number, and (ii) a Financial Intermediary or a shareholder that is an entity be domiciled in the United States and have","page_number":32,"box":{"x":61,"y":229,"width":863,"height":11}},{"id":"e71d0ff9-89b4-45a7-933a-f125b6fa4bdb","block_type":"box","text":"a valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S. taxpayer","page_number":32,"box":{"x":61,"y":244,"width":787,"height":11}},{"id":"be4d6650-180e-478b-a697-43d436cc3566","block_type":"box","text":"identification number or IRS Form W-8. Any existing account that is updated to reflect a non-U.S. address will also be","page_number":32,"box":{"x":62,"y":258,"width":857,"height":12}},{"id":"0e3c5514-e171-49c2-b524-08ee799d77c8","block_type":"box","text":"restricted from making additional investments.","page_number":32,"box":{"x":61,"y":273,"width":341,"height":12}},{"id":"3b42a2f3-d192-4905-8cb4-33d05a1a6990","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":32,"box":{"x":60,"y":296,"width":861,"height":11}},{"id":"adcf07c5-aad2-4be6-b5b6-39797965c53f","block_type":"box","text":"for any shareholders and suspend and resume the sale of any share class of the Fund at any time for any reason. In","page_number":32,"box":{"x":60,"y":311,"width":856,"height":11}},{"id":"3e9d40b7-f8f4-4347-9659-c6e479b7e5e4","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":32,"box":{"x":61,"y":325,"width":822,"height":12}},{"id":"c05bb2f0-7b77-48bd-897e-b0119d3a34ab","block_type":"box","text":"described below.","page_number":32,"box":{"x":61,"y":340,"width":121,"height":9}},{"id":"b5d45504-6ca1-4019-b06a-fab08d5a145d","block_type":"box","text":"Under certain circumstances, if no activity occurs in an account within a time period specified by state law, a","page_number":32,"box":{"x":62,"y":363,"width":797,"height":11}},{"id":"276f0658-f423-4642-b08e-ea154a97d67f","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":32,"box":{"x":61,"y":378,"width":487,"height":11}},{"id":"d921a740-f709-44e1-91e4-7fbb5383465f","block_type":"box","text":"How to Buy Shares","page_number":32,"box":{"x":61,"y":401,"width":156,"height":12}},{"id":"2bfdcbce-e73e-4c9a-a53e-2820d92aad39","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":32,"box":{"x":213,"y":423,"width":478,"height":9}},{"id":"89b7f0b4-b978-4817-893b-db197ca837bf","block_type":"box","text":"Initial Purchase","page_number":32,"box":{"x":61,"y":440,"width":105,"height":8}},{"id":"40ae1bd2-7663-4064-9859-25c618cb2e2a","block_type":"box","text":"First, select the share class","page_number":32,"box":{"x":214,"y":440,"width":183,"height":9}},{"id":"19df644b-d6fb-4479-b37e-da378c2853a4","block_type":"box","text":"appropriate for you","page_number":32,"box":{"x":214,"y":453,"width":123,"height":11}},{"id":"2610b99b-d77c-4d0c-a47e-6073502cd6ef","block_type":"box","text":"Refer to the “Share Classes at a Glance” table in this prospectus (be","page_number":32,"box":{"x":461,"y":440,"width":458,"height":10}},{"id":"598cec79-edae-4b84-8014-baa2710c53cd","block_type":"box","text":"sure to read this prospectus carefully). When you place your initial","page_number":32,"box":{"x":461,"y":453,"width":435,"height":11}},{"id":"0ba8e615-a324-4220-887a-fef35cced2cd","block_type":"box","text":"order, you must indicate which share class you select (if you do not","page_number":32,"box":{"x":461,"y":467,"width":444,"height":10}},{"id":"fe900f48-3418-4117-a58e-338f902c1523","block_type":"box","text":"specify a share class and do not qualify to purchase Institutional","page_number":32,"box":{"x":461,"y":480,"width":426,"height":11}},{"id":"d8e9f645-e038-42ff-bfea-7b13ee92363d","block_type":"box","text":"Shares, you will receive Investor A Shares). Certain factors, such as","page_number":32,"box":{"x":461,"y":494,"width":449,"height":10}},{"id":"57bf716f-75c9-4733-b250-3ab1c25556ad","block_type":"box","text":"the amount of your investment, your time frame for investing, and your","page_number":32,"box":{"x":460,"y":507,"width":466,"height":11}},{"id":"72d0777f-492b-4b4d-b195-aa794ad63704","block_type":"box","text":"financial goals, may affect which share class you choose. Your","page_number":32,"box":{"x":460,"y":521,"width":414,"height":10}},{"id":"48dd6e10-016a-44d2-bfd5-87d855af83fa","block_type":"box","text":"Financial Intermediary can help you determine which share class is","page_number":32,"box":{"x":461,"y":535,"width":443,"height":10}},{"id":"a91abf41-4cf1-41b9-b121-08b006495aa7","block_type":"box","text":"appropriate for you.","page_number":32,"box":{"x":461,"y":548,"width":127,"height":10}},{"id":"d50eba20-c982-448e-afe6-7137d2611c00","block_type":"box","text":"Class R Shares are available only to certain employer-sponsored","page_number":32,"box":{"x":461,"y":564,"width":426,"height":10}},{"id":"7a4397b2-4721-462f-a00c-ff8ffa3cbd5a","block_type":"box","text":"retirement plans.","page_number":32,"box":{"x":461,"y":578,"width":111,"height":10}},{"id":"52e86a83-37b0-49dc-8960-09506961fda5","block_type":"box","text":"Next, determine the amount of","page_number":32,"box":{"x":214,"y":596,"width":203,"height":9}},{"id":"8ebcdb5b-88d8-401c-8090-7e4025dbe916","block_type":"box","text":"your investment","page_number":32,"box":{"x":213,"y":610,"width":105,"height":10}},{"id":"8d6dd517-a788-407e-bf01-8592af6baf0a","block_type":"box","text":"Refer to the minimum initial investment in the “Share Classes at a","page_number":32,"box":{"x":461,"y":596,"width":440,"height":8}},{"id":"d577311e-9aae-49a1-9295-81c4e067383d","block_type":"box","text":"Glance” table of this prospectus. Be sure to note the maximum","page_number":32,"box":{"x":461,"y":609,"width":418,"height":10}},{"id":"85dba133-daca-4fcf-aa6e-4c277702760c","block_type":"box","text":"investment amounts in Investor C Shares. See “Account Information —","page_number":32,"box":{"x":461,"y":623,"width":471,"height":8}},{"id":"be5fe4d5-eb2e-46aa-b183-30898778c756","block_type":"box","text":"Details About the Share Classes” for information on a lower initial","page_number":32,"box":{"x":461,"y":636,"width":435,"height":9}},{"id":"fd8e532d-1c21-4878-a605-27a107ed44c8","block_type":"box","text":"investment requirement for certain Fund investors if their purchase,","page_number":32,"box":{"x":461,"y":650,"width":446,"height":10}},{"id":"a1d9116e-09e5-4004-8d95-f8fcca94e407","block_type":"box","text":"combined with purchases by other investors received together by the","page_number":32,"box":{"x":461,"y":664,"width":453,"height":10}},{"id":"e4975ac6-6410-497c-af2c-e16bd34229e5","block_type":"box","text":"Fund, meets the minimum investment requirement.","page_number":32,"box":{"x":461,"y":677,"width":337,"height":10}},{"id":"f48b699d-8443-4ac1-9a41-192c0652848b","block_type":"box","text":"Have your Financial Intermediary","page_number":32,"box":{"x":214,"y":695,"width":215,"height":10}},{"id":"7cc4fa31-0cf3-41cd-ba9c-ff391d8e0e74","block_type":"box","text":"submit your purchase order","page_number":32,"box":{"x":214,"y":709,"width":181,"height":10}},{"id":"67a58aa6-e264-464e-97cd-364c0ab20a66","block_type":"box","text":"The price of your shares is based on the next calculation of the Fund’s","page_number":32,"box":{"x":460,"y":695,"width":466,"height":10}},{"id":"5af354d3-d39c-4d2f-a3cd-e4fdfc01c0a0","block_type":"box","text":"net asset value after your order is placed. Any purchase orders placed","page_number":32,"box":{"x":461,"y":709,"width":463,"height":10}},{"id":"75b638a9-050a-405a-9e1a-aef7a6b5eee2","block_type":"box","text":"prior to the close of business on the New York Stock Exchange (the","page_number":32,"box":{"x":461,"y":722,"width":443,"height":10}},{"id":"d6a7003d-7f19-4d19-9d02-556a6ad1ab9a","block_type":"box","text":"“NYSE”) (generally 4:00 p.m. Eastern time) will be priced at the net","page_number":32,"box":{"x":461,"y":736,"width":445,"height":10}},{"id":"a659492a-323a-4fe6-a051-79f06a7cac92","block_type":"box","text":"asset value determined that day. Certain Financial Intermediaries,","page_number":32,"box":{"x":461,"y":749,"width":435,"height":10}},{"id":"78c91a5e-cf19-4ccb-9bb1-eea91f543d1b","block_type":"box","text":"however, may require submission of orders prior to that time. Purchase","page_number":32,"box":{"x":461,"y":763,"width":469,"height":10}},{"id":"02997d0a-6774-4ecf-a34e-885508c75ba8","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":32,"box":{"x":461,"y":776,"width":429,"height":10}},{"id":"dad1af1a-fec8-43b7-9a17-0f48214b9aba","block_type":"box","text":"determined on the next business day.","page_number":32,"box":{"x":461,"y":790,"width":247,"height":10}},{"id":"b80b78a8-5a2b-4ca3-af94-d424c2b70e5d","block_type":"box","text":"A broker-dealer or financial institution maintaining the account in which","page_number":32,"box":{"x":460,"y":806,"width":468,"height":10}},{"id":"6a9b3fc7-8a21-4dd6-abb9-3ede1d846327","block_type":"box","text":"you hold shares may charge a separate account, service or transaction","page_number":32,"box":{"x":460,"y":820,"width":470,"height":10}},{"id":"23d08b37-663f-4e83-b82d-e697f113b64f","block_type":"box","text":"fee on the purchase or sale of Fund shares that would be in addition to","page_number":32,"box":{"x":460,"y":833,"width":471,"height":10}},{"id":"0e0663bc-f4d0-439b-8740-b0cb6270f694","block_type":"box","text":"the fees and expenses shown in the Fund’s “Fees and Expenses”","page_number":32,"box":{"x":460,"y":846,"width":434,"height":11}},{"id":"5af3ea80-e176-4d58-a76e-7de39a965197","block_type":"box","text":"table.","page_number":32,"box":{"x":460,"y":860,"width":36,"height":8}},{"id":"0ed01116-4faf-4420-928f-e7affa67199e","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":32,"box":{"x":460,"y":876,"width":473,"height":10}},{"id":"673aa1b6-ec58-49d6-9ec8-14e554910031","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":32,"box":{"x":461,"y":890,"width":453,"height":10}},{"id":"0a547e85-33d0-4dcb-91a9-b30075300ba7","block_type":"box","text":"processing fee to confirm a purchase.","page_number":32,"box":{"x":461,"y":903,"width":249,"height":11}},{"id":"e62eb550-ed37-4b43-a04c-70946b2df16c","block_type":"box","text":"32","page_number":32,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"6c0912e8-90ef-4b33-a335-8bc6a2750b14","block_type":"box","text":"NM1026U-5978611-32/68","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2cef7dbb-7172-4941-b657-51c74a99fb72","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":33,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"24f0f3e6-d9c7-4eaa-8013-bffbbf566792","block_type":"box","text":"Initial Purchase","page_number":33,"box":{"x":61,"y":67,"width":105,"height":8}},{"id":"c115513d-077d-44ce-8b52-14470bdd7d95","block_type":"box","text":"(continued)","page_number":33,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"a54b8e86-b4f6-49cc-b338-9bc3d0476bf5","block_type":"box","text":"Or contact BlackRock (for","page_number":33,"box":{"x":214,"y":67,"width":167,"height":10}},{"id":"843dd70c-f1f6-446b-b03e-8cbbc05d821f","block_type":"box","text":"accounts held directly with","page_number":33,"box":{"x":214,"y":81,"width":173,"height":10}},{"id":"b1d2566d-b4d2-4d73-a183-a17b67bd5ebf","block_type":"box","text":"BlackRock)","page_number":33,"box":{"x":214,"y":94,"width":71,"height":10}},{"id":"508fc055-68d6-40fe-9bc9-81733ad2c6db","block_type":"box","text":"To purchase shares directly from BlackRock, call (800) 441-7762 and","page_number":33,"box":{"x":460,"y":67,"width":461,"height":10}},{"id":"33733d2e-777c-495c-914c-aa7bcec4900d","block_type":"box","text":"request a new account application. 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For more details on purchasing by Internet see below.","page_number":33,"box":{"x":461,"y":252,"width":444,"height":11}},{"id":"ac3e6b6e-8e48-4389-a929-3436a996b411","block_type":"box","text":"Or contact BlackRock (for","page_number":33,"box":{"x":214,"y":284,"width":167,"height":10}},{"id":"9cf76b26-fefc-4bc9-897a-07fd8a8d1420","block_type":"box","text":"accounts held directly with","page_number":33,"box":{"x":214,"y":298,"width":173,"height":10}},{"id":"338557cb-c552-47a6-ab70-7ec058ba98dd","block_type":"box","text":"BlackRock)","page_number":33,"box":{"x":214,"y":311,"width":71,"height":10}},{"id":"9710e596-5281-463f-aa12-5d342de3ff84","block_type":"box","text":"Purchase by Telephone:","page_number":33,"box":{"x":461,"y":284,"width":158,"height":10}},{"id":"c889ee85-b332-4f8d-8d1c-3dcd65ddbc69","block_type":"box","text":"Call (800) 441-7762 and speak with one of","page_number":33,"box":{"x":625,"y":284,"width":288,"height":10}},{"id":"f0d6227f-eccc-4747-a018-58e6610c52e1","block_type":"box","text":"our representatives. 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Contact your Financial","page_number":33,"box":{"x":461,"y":497,"width":434,"height":10}},{"id":"74efd3dc-2ac4-4dc7-8b3d-15f7785e82a9","block_type":"box","text":"Intermediary or BlackRock for further information. The Fund limits","page_number":33,"box":{"x":461,"y":511,"width":433,"height":10}},{"id":"d8fdd2a4-8a6a-4690-b9b8-52303f7b7791","block_type":"box","text":"Internet purchases in shares of the Fund to $100,000 per account per","page_number":33,"box":{"x":461,"y":524,"width":467,"height":10}},{"id":"52737c71-94ac-4cd4-8e52-d7987dd61ebc","block_type":"box","text":"day. 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If","page_number":33,"box":{"x":460,"y":854,"width":439,"height":11}},{"id":"2149df1a-8f72-41f0-b70d-40061683d330","block_type":"box","text":"payment is not received by this time, the order will be canceled and","page_number":33,"box":{"x":461,"y":868,"width":445,"height":10}},{"id":"5a6846b3-e2fc-45e9-8708-de589f65994e","block_type":"box","text":"you and your Financial Intermediary will be responsible for any loss to","page_number":33,"box":{"x":460,"y":881,"width":460,"height":11}},{"id":"05d7a2b2-fdec-464e-8ed7-d8693af94a56","block_type":"box","text":"the Fund.","page_number":33,"box":{"x":460,"y":895,"width":61,"height":8}},{"id":"32a55d16-82ff-4e08-b74d-b51700cdf78c","block_type":"box","text":"33","page_number":33,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"e6c3cc77-5dfb-4136-abc7-e9ef39d1832a","block_type":"box","text":"NM1026U-5978611-33/68","page_number":33,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"086304aa-fe82-42b3-ae73-29c97e61cc71","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":34,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"69634dc9-a618-45d9-ada7-3cc00535fb7c","block_type":"box","text":"How to Pay for","page_number":34,"box":{"x":61,"y":67,"width":99,"height":10}},{"id":"a0ef6de7-494c-4b51-be1e-86875827e37b","block_type":"box","text":"Shares (continued)","page_number":34,"box":{"x":60,"y":81,"width":128,"height":10}},{"id":"7d23e6f9-459f-404f-8336-243972d65260","block_type":"box","text":"Making payment for purchases","page_number":34,"box":{"x":214,"y":67,"width":202,"height":11}},{"id":"d2e2960a-cc1a-4140-a47c-7ada79760666","block_type":"box","text":"(continued)","page_number":34,"box":{"x":214,"y":81,"width":72,"height":10}},{"id":"b9cf4493-2f18-4aa4-a04d-2beeace625b1","block_type":"box","text":"For shares purchased directly from the Fund, a check payable to","page_number":34,"box":{"x":461,"y":70,"width":423,"height":10}},{"id":"1f2feaab-8d6b-4a4d-abfa-ec792e6e7e3b","block_type":"box","text":"BlackRock Funds which bears the name of the Fund must accompany a","page_number":34,"box":{"x":461,"y":83,"width":470,"height":11}},{"id":"ed5da9ce-0c60-4ee4-9c4f-4983c89620c0","block_type":"box","text":"completed purchase application. The Fund limits purchases by personal","page_number":34,"box":{"x":461,"y":97,"width":473,"height":10}},{"id":"bf4b4472-845b-4502-b17e-986d6879f963","block_type":"box","text":"check to $500,000 per trade. There is a $20 fee for each purchase","page_number":34,"box":{"x":461,"y":110,"width":447,"height":10}},{"id":"937aed88-6186-4723-b833-507ecfda9598","block_type":"box","text":"check that is returned due to insufficient funds. The Fund does not","page_number":34,"box":{"x":461,"y":124,"width":442,"height":8}},{"id":"9c330486-cba0-4784-abbe-cf564cfe7515","block_type":"box","text":"accept third-party checks. You may also wire Federal funds to the Fund","page_number":34,"box":{"x":461,"y":137,"width":465,"height":11}},{"id":"675cda99-8f1a-4865-ad2b-09cca6b698cd","block_type":"box","text":"to purchase shares, but you must call (800) 441-7762 before doing so","page_number":34,"box":{"x":460,"y":151,"width":470,"height":10}},{"id":"54450e2c-59c6-4dd0-a57b-c4787a290f99","block_type":"box","text":"to confirm the wiring instructions.","page_number":34,"box":{"x":460,"y":164,"width":221,"height":11}},{"id":"8504b6fa-d3ef-4444-bc25-76e17332318d","block_type":"box","text":"How to Sell Shares","page_number":34,"box":{"x":61,"y":189,"width":156,"height":10}},{"id":"a9697f02-84d9-4c56-85a6-65502e694746","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":34,"box":{"x":213,"y":211,"width":478,"height":9}},{"id":"4b4647c4-e4cb-4c50-afd6-df1099c400bc","block_type":"box","text":"Full or Partial","page_number":34,"box":{"x":61,"y":228,"width":90,"height":9}},{"id":"2131fc02-4250-4afd-847a-8ba994e7f933","block_type":"box","text":"Redemption of","page_number":34,"box":{"x":61,"y":240,"width":98,"height":10}},{"id":"00e4bf74-a0de-4459-8156-d4f562bc5795","block_type":"box","text":"Shares","page_number":34,"box":{"x":60,"y":252,"width":46,"height":8}},{"id":"73af954c-2508-4fd0-9065-baa94076d730","block_type":"box","text":"Have your Financial Intermediary","page_number":34,"box":{"x":214,"y":229,"width":215,"height":10}},{"id":"a3109d33-0bb8-47f3-94a2-3aa1dbe594ff","block_type":"box","text":"submit your sales order","page_number":34,"box":{"x":214,"y":242,"width":155,"height":10}},{"id":"20d1cb36-1141-46b3-af2e-03e58a63f0c2","block_type":"box","text":"You can make redemption requests through your Financial","page_number":34,"box":{"x":460,"y":229,"width":382,"height":10}},{"id":"896545d1-bbdf-4764-8172-eb5e78a7d401","block_type":"box","text":"Intermediary. Shareholders should indicate whether they are","page_number":34,"box":{"x":461,"y":242,"width":398,"height":10}},{"id":"c4cf0af8-4d2a-4e2c-a22b-dedaece0d9b0","block_type":"box","text":"redeeming Investor A, Investor C, Institutional or Class R Shares. The","page_number":34,"box":{"x":461,"y":256,"width":458,"height":10}},{"id":"c6dda18c-77e8-4749-9a11-1730463e72cc","block_type":"box","text":"price of your shares is based on the next calculation of the Fund’s net","page_number":34,"box":{"x":461,"y":269,"width":463,"height":10}},{"id":"e3830825-52a4-4b53-9f32-2c0fd8e386b5","block_type":"box","text":"asset value after your order is placed. For your redemption request to","page_number":34,"box":{"x":461,"y":282,"width":458,"height":11}},{"id":"73ab2fc9-3515-429d-b82d-31b35df7598b","block_type":"box","text":"be priced at the net asset value on the day of your request, you must","page_number":34,"box":{"x":461,"y":296,"width":457,"height":10}},{"id":"f4bd7067-5bbd-4255-9e02-13bac5e4ac4d","block_type":"box","text":"submit your request to your Financial Intermediary prior to that day’s","page_number":34,"box":{"x":461,"y":310,"width":452,"height":10}},{"id":"74d9112f-f68e-4947-b7db-e4baac64b37d","block_type":"box","text":"close of business on the NYSE (generally 4:00 p.m. Eastern time).","page_number":34,"box":{"x":461,"y":323,"width":438,"height":10}},{"id":"278eccc7-cffd-40ea-94f7-9422408de3e5","block_type":"box","text":"Certain Financial Intermediaries, however, may require submission of","page_number":34,"box":{"x":461,"y":337,"width":457,"height":10}},{"id":"4efe2a96-d4d5-438b-8f6f-85e236adcefa","block_type":"box","text":"orders prior to that time. Any redemption request placed after that time","page_number":34,"box":{"x":461,"y":350,"width":470,"height":10}},{"id":"8801d65d-57a4-42f9-b37c-f4430267af83","block_type":"box","text":"will be priced at the net asset value at the close of business on the","page_number":34,"box":{"x":460,"y":364,"width":447,"height":10}},{"id":"7be8efad-60a2-406e-ae71-60f17bcd1121","block_type":"box","text":"next business day.","page_number":34,"box":{"x":461,"y":377,"width":121,"height":11}},{"id":"404ca4dc-18dd-419d-a31f-1864382efcf0","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":34,"box":{"x":461,"y":393,"width":437,"height":11}},{"id":"20349fb7-8040-461a-8fd1-a28ea53b0031","block_type":"box","text":"redemption proceeds (check, wire or ACH), your redemption proceeds","page_number":34,"box":{"x":461,"y":407,"width":458,"height":10}},{"id":"0c8f03da-580a-4ca5-a203-5ab614c4425d","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":34,"box":{"x":460,"y":420,"width":465,"height":11}},{"id":"09f828ed-8502-4e36-9259-28818549e97d","block_type":"box","text":"but in any event, within seven days.","page_number":34,"box":{"x":461,"y":434,"width":233,"height":10}},{"id":"8964bcfc-1d65-4380-8416-36aa9124f9fd","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":34,"box":{"x":461,"y":450,"width":415,"height":10}},{"id":"c1c936ce-b58f-4383-852a-76f89d2e817d","block_type":"box","text":"redemption of shares.","page_number":34,"box":{"x":461,"y":464,"width":144,"height":10}},{"id":"557a90bd-71bd-4883-bca7-23f24048a4a1","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":34,"box":{"x":460,"y":480,"width":380,"height":10}},{"id":"ae0f3c57-851f-47f4-bce7-8baa9cd666aa","block_type":"box","text":"circumstances.","page_number":34,"box":{"x":461,"y":493,"width":98,"height":9}},{"id":"70b0ccab-061b-4b73-9188-e89fdaf216a5","block_type":"box","text":"Selling shares held directly with","page_number":34,"box":{"x":214,"y":511,"width":207,"height":11}},{"id":"4ee309e4-87aa-4b62-8502-3919be67f62e","block_type":"box","text":"BlackRock","page_number":34,"box":{"x":214,"y":525,"width":67,"height":8}},{"id":"eb235dc9-a331-496f-81fe-e766fcbe1163","block_type":"box","text":"Methods of Redeeming","page_number":34,"box":{"x":461,"y":511,"width":156,"height":11}},{"id":"a825e401-02c7-417b-92aa-de4b0bf2ffd3","block_type":"box","text":"Redeem by Telephone:","page_number":34,"box":{"x":461,"y":528,"width":150,"height":10}},{"id":"00a25f33-b119-41da-b9a2-ffcd5e1a7f34","block_type":"box","text":"You may redeem Investor Shares held directly","page_number":34,"box":{"x":617,"y":528,"width":302,"height":10}},{"id":"2d41c7a1-0f24-44cf-ab24-6ace2323be94","block_type":"box","text":"with BlackRock by telephone request if certain conditions are met and","page_number":34,"box":{"x":460,"y":541,"width":464,"height":10}},{"id":"690eb6ae-4644-462e-b525-a8203a5a28c9","block_type":"box","text":"if the amount being sold is less than (i) $100,000 for payments by","page_number":34,"box":{"x":461,"y":554,"width":441,"height":11}},{"id":"f5943de9-61a0-45cc-9c77-1e23789d26e9","block_type":"box","text":"check or (ii) $250,000 for payments through ACH or wire transfer.","page_number":34,"box":{"x":461,"y":567,"width":433,"height":11}},{"id":"29b40ee6-61b3-4800-8b10-e889016655f9","block_type":"box","text":"Certain redemption requests, such as those in excess of these","page_number":34,"box":{"x":461,"y":582,"width":418,"height":10}},{"id":"d841a4b1-5b2a-4eda-8242-422799efa34a","block_type":"box","text":"amounts, must be in writing with a medallion signature guarantee. For","page_number":34,"box":{"x":461,"y":595,"width":462,"height":11}},{"id":"5f26a2cd-ce00-4fd5-b13c-99ebae623125","block_type":"box","text":"Institutional Shares, certain redemption requests may require written","page_number":34,"box":{"x":461,"y":609,"width":456,"height":10}},{"id":"a35a20c7-80cb-4fc2-8c7a-99580cc66b4a","block_type":"box","text":"instructions with a medallion signature guarantee. Call (800) 441-7762","page_number":34,"box":{"x":461,"y":622,"width":472,"height":11}},{"id":"390d0e6d-ab94-497f-8bd0-d5a13ddb5f3e","block_type":"box","text":"for details.","page_number":34,"box":{"x":460,"y":636,"width":70,"height":8}},{"id":"ad477b0d-a243-4390-a054-36d6dfb93970","block_type":"box","text":"You can obtain a medallion signature guarantee stamp from a bank,","page_number":34,"box":{"x":460,"y":652,"width":448,"height":10}},{"id":"c4e4499a-9110-44f2-b5a0-c3939ed9af18","block_type":"box","text":"securities dealer, securities broker, credit union, savings and loan","page_number":34,"box":{"x":461,"y":666,"width":434,"height":10}},{"id":"174ed541-65da-45a2-88e8-819e20137e1f","block_type":"box","text":"association, national securities exchange or registered securities","page_number":34,"box":{"x":461,"y":679,"width":430,"height":10}},{"id":"238d1070-e7b9-49c2-a654-674e540b1409","block_type":"box","text":"association. A notary public seal will not be acceptable.","page_number":34,"box":{"x":461,"y":693,"width":366,"height":10}},{"id":"c93c08d7-a31b-4de2-911f-4e8c78795aaa","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":34,"box":{"x":460,"y":709,"width":468,"height":10}},{"id":"4ab7a680-26da-4116-948d-27f044f1d740","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":34,"box":{"x":461,"y":722,"width":474,"height":10}},{"id":"944e9e03-4f78-43c3-839d-b9080198b6b0","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":34,"box":{"x":460,"y":736,"width":450,"height":10}},{"id":"502ce740-ed0e-4b3f-8d7c-523e50f4d34a","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":34,"box":{"x":461,"y":749,"width":450,"height":11}},{"id":"83b0bfa5-311b-4a89-8b95-08e389af0155","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":34,"box":{"x":460,"y":763,"width":445,"height":10}},{"id":"870fd164-9191-4ecf-be1c-20310d3ffc4d","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":34,"box":{"x":461,"y":776,"width":463,"height":11}},{"id":"8c6e4f63-25c3-43ac-9d3d-83ac0f365ca1","block_type":"box","text":"believes it is advisable to do so.","page_number":34,"box":{"x":461,"y":790,"width":212,"height":8}},{"id":"4b2697c6-718a-4260-829f-188155cdf306","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":34,"box":{"x":461,"y":806,"width":452,"height":10}},{"id":"72ae5700-f49d-4773-9152-7bdf9f6e5f12","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":34,"box":{"x":461,"y":819,"width":427,"height":11}},{"id":"1a2d3597-5427-49d9-ac8a-555584461265","block_type":"box","text":"redemption methods below.","page_number":34,"box":{"x":461,"y":833,"width":181,"height":10}},{"id":"2eee964d-25a7-4616-a9f2-2c8a6fea9ca1","block_type":"box","text":"Redeem by VRU:","page_number":34,"box":{"x":461,"y":849,"width":111,"height":10}},{"id":"d0569f30-75f4-41de-887c-0f15208aa2f2","block_type":"box","text":"Investor Shares may also be redeemed by use of the","page_number":34,"box":{"x":579,"y":849,"width":348,"height":10}},{"id":"704d8d19-4469-4dc5-ad47-bc66daa75b2f","block_type":"box","text":"Fund’s automated VRU service. Payment for Investor Shares redeemed","page_number":34,"box":{"x":461,"y":863,"width":469,"height":10}},{"id":"23467ab5-b5f9-4737-b24a-c79c48e7dfed","block_type":"box","text":"by the VRU service may be made for non-retirement accounts in","page_number":34,"box":{"x":461,"y":876,"width":420,"height":10}},{"id":"cef152b2-1633-4b2a-a485-5eaeeca43641","block_type":"box","text":"amounts up to $25,000, either through check, ACH or wire.","page_number":34,"box":{"x":461,"y":889,"width":392,"height":11}},{"id":"e3c55202-0317-4745-9084-34f3d08582a0","block_type":"box","text":"34","page_number":34,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"3a187974-4bc1-46d0-8254-39a6893483f1","block_type":"box","text":"NM1026U-5978611-34/68","page_number":34,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d6b17e04-4761-4a55-b33d-296fd2ae66d2","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":35,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"bcd154a1-eba2-4a88-b0ca-6e76723f5639","block_type":"box","text":"Full or Partial","page_number":35,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"2e9bfdef-757f-4864-8ac2-b2d10a3e44a4","block_type":"box","text":"Redemption of","page_number":35,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"8de9cd0b-588c-4d69-9e30-ac8927be510c","block_type":"box","text":"Shares (continued)","page_number":35,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"81e0d218-c91f-474c-81fd-4c2020576975","block_type":"box","text":"Selling shares held directly with","page_number":35,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"62a5b113-9479-4229-9920-0a87dd624ce9","block_type":"box","text":"BlackRock (continued)","page_number":35,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"5b5ed16b-111a-4e26-bda0-c4909569a386","block_type":"box","text":"Redeem by Internet:","page_number":35,"box":{"x":461,"y":70,"width":136,"height":10}},{"id":"726620e9-5320-4a42-bfa8-601a5886ca5d","block_type":"box","text":"You may redeem in your account by logging onto","page_number":35,"box":{"x":603,"y":70,"width":317,"height":10}},{"id":"150473dd-89e6-48ec-9c56-1208404ee19c","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":35,"box":{"x":460,"y":83,"width":461,"height":9}},{"id":"c84ca10b-c670-46df-8f18-33f0aaafffab","block_type":"box","text":"redemptions may be sent via check, ACH or wire to the bank account of","page_number":35,"box":{"x":461,"y":97,"width":473,"height":10}},{"id":"3840704c-6eef-4e11-8b6e-45486fd1a323","block_type":"box","text":"record. Payment for shares redeemed by Internet may be made for non","page_number":35,"box":{"x":461,"y":110,"width":472,"height":11}},{"id":"1be548ee-545c-45f1-b9c6-61108ea16b41","block_type":"box","text":"retirement accounts in amounts up to $100,000 per account per day,","page_number":35,"box":{"x":461,"y":123,"width":459,"height":11}},{"id":"45c7c32d-8ff5-4125-a6d9-15b1121db54f","block_type":"box","text":"either through check, ACH or wire. Different maximums may apply to","page_number":35,"box":{"x":461,"y":137,"width":451,"height":11}},{"id":"f992c04a-3914-4d4e-bd2f-e748af2dc18f","block_type":"box","text":"certain institutional investors.","page_number":35,"box":{"x":461,"y":151,"width":196,"height":8}},{"id":"d1b2b406-7e66-4f4e-9808-feb767ea5ce2","block_type":"box","text":"Redeem in Writing:","page_number":35,"box":{"x":461,"y":167,"width":127,"height":10}},{"id":"1eb9b346-0b0b-438f-bcab-05694ce8c9e9","block_type":"box","text":"You may sell shares held at BlackRock by writing to","page_number":35,"box":{"x":594,"y":167,"width":338,"height":11}},{"id":"d8f8cc72-58a0-456b-af84-173aa4f89565","block_type":"box","text":"BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429 or","page_number":35,"box":{"x":461,"y":181,"width":468,"height":10}},{"id":"7b478c18-9d75-4cbb-93c3-e49995eae2c2","block_type":"box","text":"for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":35,"box":{"x":460,"y":194,"width":446,"height":11}},{"id":"2365b51e-10b0-4934-bcf5-7cf257e4bfdc","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. All shareholders on the account","page_number":35,"box":{"x":461,"y":208,"width":466,"height":10}},{"id":"13a5302c-eef5-481e-9543-14b490721a50","block_type":"box","text":"must sign the letter. A medallion signature guarantee will generally be","page_number":35,"box":{"x":461,"y":221,"width":460,"height":11}},{"id":"7b25eda2-a764-478b-8365-786d7a77ee87","block_type":"box","text":"required but may be waived in certain limited circumstances. You can","page_number":35,"box":{"x":461,"y":235,"width":457,"height":10}},{"id":"d56b5491-0984-4eca-9bce-5354cc464865","block_type":"box","text":"obtain a medallion signature guarantee stamp from a bank, securities","page_number":35,"box":{"x":461,"y":248,"width":461,"height":11}},{"id":"6b81439e-860b-4eb1-88db-64ebb3cc3bbb","block_type":"box","text":"dealer, securities broker, credit union, savings and loan association,","page_number":35,"box":{"x":461,"y":262,"width":450,"height":10}},{"id":"2d2dcfce-e617-41c6-bb79-b694e4bcfaac","block_type":"box","text":"national securities exchange or registered securities association. A","page_number":35,"box":{"x":461,"y":276,"width":443,"height":10}},{"id":"5b2df56d-8130-4f1d-bc33-07c873bf5b68","block_type":"box","text":"notary public seal will not be acceptable. If you hold stock certificates,","page_number":35,"box":{"x":461,"y":289,"width":465,"height":10}},{"id":"d5718041-5492-4a61-a010-a1cc6025ea93","block_type":"box","text":"return the certificates with the letter. Proceeds from redemptions may","page_number":35,"box":{"x":461,"y":302,"width":462,"height":11}},{"id":"2e51e2ad-676c-445d-8315-8f24d51c0b4d","block_type":"box","text":"be sent via check, ACH or wire to the bank account of record.","page_number":35,"box":{"x":461,"y":316,"width":404,"height":10}},{"id":"daedd225-e025-487d-8166-dd8755d27e6b","block_type":"box","text":"Payment of Redemption Proceeds","page_number":35,"box":{"x":461,"y":332,"width":228,"height":10}},{"id":"dfc42a02-e380-4a7e-95ba-911a76ce2e5a","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":35,"box":{"x":461,"y":348,"width":467,"height":11}},{"id":"59f4cfd8-9376-4b11-85d5-baa9fec2a761","block_type":"box","text":"banking information on file, through ACH or by wire transfer.","page_number":35,"box":{"x":461,"y":362,"width":393,"height":10}},{"id":"7295edc9-89da-4700-81fb-68ac5a391ca3","block_type":"box","text":"Payment by Check:","page_number":35,"box":{"x":461,"y":378,"width":129,"height":10}},{"id":"aa29ffe0-4b65-41e0-8c43-a064f1fd0710","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":35,"box":{"x":597,"y":378,"width":329,"height":10}},{"id":"f8963642-3bb3-44ff-8b7a-d91efb2089bb","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":35,"box":{"x":460,"y":391,"width":430,"height":11}},{"id":"c97cfab0-4213-4cd6-a7f9-ab2c5a8762ff","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":35,"box":{"x":461,"y":405,"width":460,"height":10}},{"id":"4bd6f725-4888-416f-aa0b-255592d99720","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":35,"box":{"x":461,"y":419,"width":468,"height":10}},{"id":"e80b9192-fd78-4ee7-98c9-ad77a5186d75","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":35,"box":{"x":461,"y":431,"width":467,"height":11}},{"id":"c7f8463e-135b-4660-aa5e-7dc06f45ee22","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":35,"box":{"x":461,"y":446,"width":467,"height":10}},{"id":"a690aa4d-3fc7-44c1-9fbf-b864efa86ad5","block_type":"box","text":"charges imposed by your bank for this service.","page_number":35,"box":{"x":461,"y":459,"width":307,"height":11}},{"id":"2b8d8986-ff9f-4fd6-b8b7-9726a0a55d31","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":35,"box":{"x":460,"y":475,"width":438,"height":11}},{"id":"2df6b5be-9dd1-4403-a55b-01573b43b55c","block_type":"box","text":"amounts (","page_number":35,"box":{"x":461,"y":489,"width":65,"height":10}},{"id":"2c5e3c6d-0aca-4c46-8ebb-ee5258367560","block_type":"box","text":"e.g","page_number":35,"box":{"x":528,"y":490,"width":21,"height":9}},{"id":"8e185d8e-8a36-4f87-8381-fad079af4c83","block_type":"box","text":"., income dividends or capital gains) which you have","page_number":35,"box":{"x":549,"y":489,"width":341,"height":10}},{"id":"002fb8b9-72f0-451d-bc0e-839532410043","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":35,"box":{"x":461,"y":503,"width":403,"height":10}},{"id":"11e1f751-d64d-4c5b-b5ba-92785ce9f30d","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":35,"box":{"x":461,"y":516,"width":467,"height":8}},{"id":"307d68c2-e3c7-414d-8772-f0fbf072b209","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":35,"box":{"x":460,"y":530,"width":456,"height":10}},{"id":"8885f292-6460-4d65-8481-ebb31e0ad035","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":35,"box":{"x":460,"y":543,"width":402,"height":10}},{"id":"a5985d11-0181-409b-9da7-b1107d081387","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":35,"box":{"x":461,"y":556,"width":430,"height":11}},{"id":"1f911725-6799-4362-9b32-73133b03915a","block_type":"box","text":"amounts are subject to the risk of loss like any Fund investment. If you","page_number":35,"box":{"x":461,"y":570,"width":468,"height":10}},{"id":"4db20d13-1cfb-43a9-9bce-bfae354739d4","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":35,"box":{"x":461,"y":584,"width":473,"height":8}},{"id":"c40c4c88-fe33-4030-a4cb-08f3d9208b49","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":35,"box":{"x":461,"y":597,"width":456,"height":10}},{"id":"9db9227a-0d09-4c55-bfea-635701275f71","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":35,"box":{"x":461,"y":611,"width":461,"height":10}},{"id":"b45a7533-0ae1-413e-baf6-55fbf09f5fce","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":35,"box":{"x":460,"y":624,"width":469,"height":11}},{"id":"1045f6ea-bd8c-431a-828e-4360ee715092","block_type":"box","text":"as of the date of payment of the distribution.","page_number":35,"box":{"x":461,"y":638,"width":295,"height":10}},{"id":"7eb75a0e-379a-4f5d-8a3a-2e464cc74ad4","block_type":"box","text":"Payment by Wire Transfer:","page_number":35,"box":{"x":461,"y":654,"width":177,"height":10}},{"id":"c3d65f7b-e362-4e55-97e3-36ea7087465e","block_type":"box","text":"Payment for redeemed shares for which a","page_number":35,"box":{"x":644,"y":654,"width":275,"height":10}},{"id":"da41f3c6-447e-4a75-b183-0abe4163221e","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":35,"box":{"x":461,"y":667,"width":437,"height":10}},{"id":"3f30bcec-57a5-449d-8e46-cc1f12c8b6a0","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":35,"box":{"x":461,"y":681,"width":471,"height":10}},{"id":"6b85b7f9-a881-42f8-8f51-d05f2906dc33","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":35,"box":{"x":461,"y":695,"width":417,"height":10}},{"id":"b1ee34da-875f-406d-9b97-a488f705b904","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":35,"box":{"x":461,"y":708,"width":449,"height":10}},{"id":"2e8d6e04-04aa-44a4-9064-b2bbbba5a515","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":35,"box":{"x":461,"y":721,"width":449,"height":11}},{"id":"e96fc62c-ee02-4442-a04d-492dcf821041","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":35,"box":{"x":461,"y":735,"width":433,"height":10}},{"id":"519a1b22-6584-4c61-ac57-56c670e50e98","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":35,"box":{"x":461,"y":748,"width":449,"height":11}},{"id":"33c424f1-11f3-4789-863a-9f4006ab29e4","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":35,"box":{"x":461,"y":762,"width":437,"height":10}},{"id":"2c715b59-c67e-4c41-ba7c-39851aefce87","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":35,"box":{"x":461,"y":776,"width":469,"height":10}},{"id":"be7530fa-8756-4f23-a26b-438cbc164772","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":35,"box":{"x":459,"y":789,"width":448,"height":11}},{"id":"5dce3947-5218-4f24-a8e6-b65ac6796cd3","block_type":"box","text":"Fund.","page_number":35,"box":{"x":461,"y":803,"width":34,"height":8}},{"id":"129f2134-cccf-4477-b172-bd9fbdcfafb9","block_type":"box","text":"If a shareholder has given authorization for expedited redemption,","page_number":35,"box":{"x":461,"y":819,"width":434,"height":10}},{"id":"7970435d-bd15-4297-88eb-0a95836a42e1","block_type":"box","text":"shares can be redeemed by Federal wire transfer to a single previously","page_number":35,"box":{"x":461,"y":832,"width":468,"height":11}},{"id":"4600d0e3-8c4f-41a7-af4f-3940853f495f","block_type":"box","text":"designated bank account. Shareholders will pay $7.50 for redemption","page_number":35,"box":{"x":461,"y":845,"width":460,"height":11}},{"id":"4c44046f-2a68-42fe-8bc8-6e90baea0c30","block_type":"box","text":"proceeds sent by Federal wire transfer. You are responsible for any","page_number":35,"box":{"x":461,"y":859,"width":441,"height":11}},{"id":"4593649e-1b4e-4270-a1aa-57f941736f3a","block_type":"box","text":"additional charges imposed by your bank for this service. No charge for","page_number":35,"box":{"x":461,"y":873,"width":472,"height":10}},{"id":"66f2a20d-8164-42c1-ba1b-909055573f68","block_type":"box","text":"wiring redemption payments with respect to Institutional Shares is","page_number":35,"box":{"x":460,"y":887,"width":438,"height":10}},{"id":"4bb05e33-2858-4485-b66c-49351541d11e","block_type":"box","text":"imposed by the Fund.","page_number":35,"box":{"x":461,"y":900,"width":140,"height":10}},{"id":"128e32fb-3270-4a5c-825e-9dac32cd3895","block_type":"box","text":"35","page_number":35,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"1a5d4ac4-efde-43d7-a6ed-12ccdf6116fc","block_type":"box","text":"NM1026U-5978611-35/68","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"021f368b-b3ae-446d-bc27-b1b40a033bbe","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":36,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"8a192f74-3bb6-4085-842f-5684ae350555","block_type":"box","text":"Full or Partial","page_number":36,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"c5a68042-7039-4e3e-9bc5-e203bce1b9c0","block_type":"box","text":"Redemption of","page_number":36,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"8231e8de-e2ba-4367-8acb-e0b5ddf4b48d","block_type":"box","text":"Shares (continued)","page_number":36,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"aad8867a-3b26-4d7b-aac5-3dadae9f4fa7","block_type":"box","text":"Selling shares held directly with","page_number":36,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"a03433da-673a-4fca-8986-15544319de3c","block_type":"box","text":"BlackRock (continued)","page_number":36,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"126f92fd-fcd1-473a-8d08-39f35069f5d4","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":36,"box":{"x":460,"y":70,"width":425,"height":10}},{"id":"6f48dabe-c695-4404-836f-ed9df298e726","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":36,"box":{"x":461,"y":83,"width":455,"height":11}},{"id":"1923adda-738e-448f-a084-0febe863bdc0","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":36,"box":{"x":461,"y":97,"width":476,"height":10}},{"id":"ca7cf917-a1e1-489c-a138-eaf9d7ffe4a9","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":36,"box":{"x":461,"y":111,"width":455,"height":10}},{"id":"80b47a74-25e2-464b-bbf9-90169b827072","block_type":"box","text":"the back cover of this prospectus.","page_number":36,"box":{"x":460,"y":124,"width":224,"height":10}},{"id":"84908248-ba96-44f0-b0c8-e94925b8c0fe","block_type":"box","text":"Payment by ACH:","page_number":36,"box":{"x":461,"y":140,"width":116,"height":10}},{"id":"c771a185-f0b2-4207-828f-dd31f998a716","block_type":"box","text":"Redemption proceeds may be sent to the","page_number":36,"box":{"x":584,"y":140,"width":272,"height":10}},{"id":"9a07d966-09eb-4534-b1d6-a359045931e5","block_type":"box","text":"shareholder’s bank account (checking or savings) via ACH. Payment for","page_number":36,"box":{"x":461,"y":154,"width":469,"height":10}},{"id":"afa0d111-3391-4577-8752-f7c5bc791782","block_type":"box","text":"redeemed shares for which a redemption order is received before","page_number":36,"box":{"x":461,"y":167,"width":432,"height":10}},{"id":"f9f354bb-660c-4207-ab83-b3d696c80161","block_type":"box","text":"4:00 p.m. (Eastern time) on a business day is normally sent to the","page_number":36,"box":{"x":461,"y":181,"width":441,"height":10}},{"id":"abf8cfda-92bf-43ea-8d18-34b4116f6491","block_type":"box","text":"redeeming shareholder the next business day, with receipt at the","page_number":36,"box":{"x":461,"y":194,"width":428,"height":11}},{"id":"733db781-689a-4c2e-a9f6-f70bab96cc5b","block_type":"box","text":"receiving bank within the next two business days (48-72 hours),","page_number":36,"box":{"x":461,"y":208,"width":420,"height":10}},{"id":"25050dfc-94ee-40c3-aeec-ccce8c528791","block_type":"box","text":"provided that the Fund’s custodian is also open for business. Payment","page_number":36,"box":{"x":461,"y":221,"width":467,"height":11}},{"id":"7a67c905-26b3-4758-8653-493780631080","block_type":"box","text":"for redemption orders received after 4:00 p.m. (Eastern time) or on a","page_number":36,"box":{"x":460,"y":235,"width":458,"height":10}},{"id":"28bf8ff1-ee2c-4944-b0d8-5ea202619d47","block_type":"box","text":"day when the Fund’s custodian is closed is normally sent on the next","page_number":36,"box":{"x":461,"y":249,"width":457,"height":10}},{"id":"35febaa7-79b3-4c25-933e-9c0798ea46f5","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":36,"box":{"x":461,"y":262,"width":449,"height":10}},{"id":"8323f8c1-f628-4710-885c-238713ebd2ee","block_type":"box","text":"open for business.","page_number":36,"box":{"x":461,"y":275,"width":121,"height":10}},{"id":"0ef5ad04-5d5b-4c22-8e88-d34f7f7b64da","block_type":"box","text":"The Fund reserves the right to send redemption proceeds within seven","page_number":36,"box":{"x":460,"y":292,"width":467,"height":10}},{"id":"cb647af5-3a5f-4fe6-812f-344f41041c34","block_type":"box","text":"days after receiving a redemption order if, in the judgment of the Fund,","page_number":36,"box":{"x":461,"y":305,"width":465,"height":10}},{"id":"0f0831a2-ec9b-4c0e-884f-d806a2f00da9","block_type":"box","text":"an earlier payment could adversely affect the Fund. No charge for","page_number":36,"box":{"x":461,"y":319,"width":432,"height":10}},{"id":"78781f60-3357-4758-bb77-e920f4ee3a1f","block_type":"box","text":"sending redemption payments via ACH is imposed by the Fund.","page_number":36,"box":{"x":461,"y":332,"width":415,"height":11}},{"id":"473a3411-65e6-44b1-a591-c9ceda4518b1","block_type":"box","text":"***","page_number":36,"box":{"x":686,"y":348,"width":25,"height":5}},{"id":"0fc9e394-cc24-47e5-8669-4f5399aa3360","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":36,"box":{"x":461,"y":362,"width":423,"height":10}},{"id":"cee3bf9b-dae0-496a-9dbd-471b36974d96","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":36,"box":{"x":461,"y":375,"width":456,"height":11}},{"id":"8403d3c1-3157-4378-bca6-922b6c9e7063","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":36,"box":{"x":461,"y":389,"width":352,"height":10}},{"id":"95c1c23c-0678-462f-9ab6-bf8def0df4c1","block_type":"box","text":"Redemption","page_number":36,"box":{"x":61,"y":407,"width":80,"height":10}},{"id":"8868e3da-c0c9-4868-aa4c-69b90c91d1dd","block_type":"box","text":"Proceeds","page_number":36,"box":{"x":61,"y":419,"width":62,"height":8}},{"id":"57a215f8-3a20-44be-ae36-26427d249168","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":36,"box":{"x":461,"y":410,"width":445,"height":10}},{"id":"96fb6203-cd0e-46f6-9fbf-63c746fe5b06","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":36,"box":{"x":461,"y":423,"width":467,"height":10}},{"id":"e5007192-5648-474b-8746-e0a4d0915fc2","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":36,"box":{"x":461,"y":437,"width":455,"height":10}},{"id":"48aafcce-b594-41c1-b9c3-51ad25b1ee26","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":36,"box":{"x":461,"y":450,"width":450,"height":10}},{"id":"b02584ae-122b-40d8-a71a-5c8294b4d82d","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":36,"box":{"x":461,"y":464,"width":452,"height":10}},{"id":"34036a3c-ca2e-48fa-bc21-a3dbb6ee7da7","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":36,"box":{"x":461,"y":477,"width":471,"height":10}},{"id":"90b6742a-e346-4b71-aec2-39801fddfe5b","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":36,"box":{"x":461,"y":491,"width":471,"height":10}},{"id":"f43068b7-0605-4a61-99eb-90bf89f17471","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in-kind to you. The","page_number":36,"box":{"x":461,"y":504,"width":453,"height":11}},{"id":"d65bbf3c-9d53-4350-be08-60025c17a6c6","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":36,"box":{"x":461,"y":518,"width":405,"height":8}},{"id":"e1744d01-9188-4d49-9cca-5eca9e77b7a8","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":36,"box":{"x":461,"y":534,"width":408,"height":10}},{"id":"9e238c95-67ad-4da1-a9d6-860d025c7b94","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":36,"box":{"x":461,"y":547,"width":457,"height":11}},{"id":"c0d1a566-dab8-4d47-b317-a0b1fad9a411","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":36,"box":{"x":460,"y":561,"width":440,"height":10}},{"id":"f5ae8bdb-961e-4ad4-82a4-9bf11c10d5b2","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":36,"box":{"x":460,"y":574,"width":340,"height":11}},{"id":"32c36432-5950-4bb1-8142-a0e912349ed0","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":36,"box":{"x":61,"y":599,"width":415,"height":13}},{"id":"81388945-d9da-4cb5-ae55-a3235cd83d9f","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":36,"box":{"x":213,"y":621,"width":478,"height":9}},{"id":"484a84ac-4702-4c2b-9e90-3e05693bd6be","block_type":"box","text":"Exchange Privilege","page_number":36,"box":{"x":61,"y":638,"width":128,"height":11}},{"id":"23c40058-45d5-43a4-ad6e-55798434ff0a","block_type":"box","text":"Selling shares of one BlackRock","page_number":36,"box":{"x":214,"y":638,"width":212,"height":11}},{"id":"4e46f336-1ee8-4099-9e2e-e98cc600cb2a","block_type":"box","text":"Fund to purchase shares of","page_number":36,"box":{"x":214,"y":652,"width":181,"height":10}},{"id":"6796b610-5e90-4e05-aaf8-c8ba9887b8db","block_type":"box","text":"another BlackRock Fund","page_number":36,"box":{"x":214,"y":666,"width":158,"height":8}},{"id":"2c8bb569-d77e-4fb4-bc5d-90bf058160fa","block_type":"box","text":"(“exchanging”)","page_number":36,"box":{"x":214,"y":679,"width":95,"height":10}},{"id":"799316c5-f3ef-4d52-9332-7941c85c9b3a","block_type":"box","text":"Investor Shares or Institutional Shares of the Fund are generally","page_number":36,"box":{"x":461,"y":638,"width":423,"height":11}},{"id":"69f5325a-59f5-4d6a-aae1-34ae8fe93825","block_type":"box","text":"exchangeable for shares of the same class of another BlackRock Fund,","page_number":36,"box":{"x":461,"y":652,"width":469,"height":10}},{"id":"b64dfc3e-5450-4fe2-9535-0df6cccbd688","block_type":"box","text":"to the extent such shares are offered by your Financial Intermediary.","page_number":36,"box":{"x":460,"y":665,"width":452,"height":11}},{"id":"d1e6c836-f25a-45ff-9054-aa3b73d52741","block_type":"box","text":"No exchange privilege is available for Class R Shares.","page_number":36,"box":{"x":461,"y":679,"width":354,"height":10}},{"id":"dd166282-d5ed-4d62-a72d-936a23229e74","block_type":"box","text":"You can exchange $1,000 or more of Investor Shares from one fund","page_number":36,"box":{"x":460,"y":694,"width":450,"height":11}},{"id":"6bf473b4-260c-40ca-9103-e24697420758","block_type":"box","text":"into the same class of another fund which offers that class of shares","page_number":36,"box":{"x":461,"y":709,"width":457,"height":8}},{"id":"031062fa-9ff8-4442-8681-a021c3a4fb43","block_type":"box","text":"(you can exchange less than $1,000 of Investor Shares if you already","page_number":36,"box":{"x":461,"y":721,"width":459,"height":11}},{"id":"1b9e5866-ac8c-4789-baf1-2c9e26d45a06","block_type":"box","text":"have an account in the fund into which you are exchanging). Investors","page_number":36,"box":{"x":461,"y":736,"width":459,"height":10}},{"id":"2f054c8e-5604-45c1-aa55-ef7d4635d7be","block_type":"box","text":"who currently own Institutional Shares of the Fund may make","page_number":36,"box":{"x":460,"y":749,"width":403,"height":10}},{"id":"04118686-0263-432a-bbd4-2f87c9071abd","block_type":"box","text":"exchanges into Institutional Shares of other BlackRock Funds except for","page_number":36,"box":{"x":461,"y":763,"width":475,"height":10}},{"id":"caf0b759-48ef-4775-aed9-e38a200efc3b","block_type":"box","text":"investors holding shares through certain client accounts at Financial","page_number":36,"box":{"x":461,"y":776,"width":450,"height":11}},{"id":"f5209d87-516f-46e4-880f-8adcd25204fb","block_type":"box","text":"Intermediaries that are omnibus with the Fund and do not meet","page_number":36,"box":{"x":461,"y":790,"width":419,"height":8}},{"id":"0c533e21-aaea-450d-ae1e-52fef3d3371a","block_type":"box","text":"applicable minimums.","page_number":36,"box":{"x":461,"y":804,"width":142,"height":9}},{"id":"c39c9481-81b9-4edf-bee3-3557cb693a24","block_type":"box","text":"There is no required minimum amount with respect to exchanges of","page_number":36,"box":{"x":460,"y":819,"width":448,"height":11}},{"id":"fbef3a2a-a688-4300-ba5a-5787b6a03eaa","block_type":"box","text":"Institutional Shares.","page_number":36,"box":{"x":461,"y":833,"width":132,"height":8}},{"id":"9ed057a3-5308-43ce-bf46-e9718ded3541","block_type":"box","text":"You may only exchange into a share class and fund that are open to","page_number":36,"box":{"x":460,"y":849,"width":449,"height":10}},{"id":"60fd8bb7-beee-46ae-8221-4b274706019f","block_type":"box","text":"new investors or in which you have a current account if the fund is","page_number":36,"box":{"x":461,"y":863,"width":437,"height":10}},{"id":"16eb0c07-03c0-4f3b-bcf3-fad4073e6507","block_type":"box","text":"closed to new investors.","page_number":36,"box":{"x":461,"y":876,"width":159,"height":8}},{"id":"339dc6d5-cf0d-4add-8458-db872852fda1","block_type":"box","text":"Some of the BlackRock Funds impose a different initial or deferred","page_number":36,"box":{"x":461,"y":892,"width":441,"height":10}},{"id":"c1f96517-c964-4f52-b108-68509ca0dc78","block_type":"box","text":"sales charge schedule. The CDSC will continue to be measured from","page_number":36,"box":{"x":461,"y":906,"width":453,"height":10}},{"id":"72ee8e3c-da14-44a3-a7c7-79bea6f87255","block_type":"box","text":"36","page_number":36,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"0c6ba48d-5d09-44c9-94dd-ab1a712d91a2","block_type":"box","text":"NM1026U-5978611-36/68","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"78eb0432-69d4-46b1-a5a8-4536035fbcfb","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":37,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"a55208c5-0574-4997-ae81-c9b9ae9c9b12","block_type":"box","text":"Exchange Privilege","page_number":37,"box":{"x":61,"y":67,"width":128,"height":10}},{"id":"3cf53ecf-2883-4d87-b554-a19ba6c10215","block_type":"box","text":"(continued)","page_number":37,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"4077e6eb-a92d-4ec9-9909-d60dfd2c93cb","block_type":"box","text":"Selling shares of one BlackRock","page_number":37,"box":{"x":214,"y":67,"width":212,"height":11}},{"id":"34d5e475-0e6b-4b3b-a756-b6e2d9e63fc1","block_type":"box","text":"Fund to purchase shares of","page_number":37,"box":{"x":214,"y":81,"width":181,"height":10}},{"id":"27095157-b6d0-462e-8399-6610bb6b0a09","block_type":"box","text":"another BlackRock Fund","page_number":37,"box":{"x":214,"y":94,"width":158,"height":9}},{"id":"ac7e052e-b370-4f27-bae3-b1d1ab67e19a","block_type":"box","text":"(“exchanging”) (continued)","page_number":37,"box":{"x":214,"y":108,"width":173,"height":10}},{"id":"c45656e1-c416-43a8-9031-dd50e139d044","block_type":"box","text":"the date of the original purchase. The CDSC schedule applicable to your","page_number":37,"box":{"x":460,"y":67,"width":477,"height":11}},{"id":"0d69d987-d123-49d0-b88b-33f6a227a65f","block_type":"box","text":"original purchase will apply to the shares you receive in the exchange","page_number":37,"box":{"x":461,"y":81,"width":457,"height":10}},{"id":"9b87bcfd-b154-41dc-9922-d18c227fb5b5","block_type":"box","text":"and any subsequent exchange.","page_number":37,"box":{"x":461,"y":94,"width":203,"height":11}},{"id":"e6d17a30-3b26-4e2e-a4a1-1c02b23ab4f2","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":37,"box":{"x":460,"y":111,"width":435,"height":10}},{"id":"4b4a0522-bf2d-46b0-ab2b-caaa4fc1a767","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":37,"box":{"x":461,"y":124,"width":406,"height":10}},{"id":"7b546d02-2505-485a-9fc3-e25779133ccf","block_type":"box","text":"BlackRock, you may: (i) call (800) 441-7762 and speak with one of our","page_number":37,"box":{"x":461,"y":137,"width":468,"height":11}},{"id":"7c72c38a-5bad-427c-8ec2-11cc24820f31","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":37,"box":{"x":461,"y":151,"width":455,"height":10}},{"id":"2672e20d-c845-450f-a91c-93f949e51dda","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":37,"box":{"x":460,"y":165,"width":423,"height":10}},{"id":"ed6b6d63-6932-464f-8c96-c1241d141f61","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":37,"box":{"x":461,"y":178,"width":398,"height":10}},{"id":"5b17d4bc-0d26-45ef-bf16-4e47eeaeb2a7","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":37,"box":{"x":461,"y":192,"width":409,"height":10}},{"id":"fd077c43-7465-4e2d-aff5-fd3ed1216662","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":37,"box":{"x":461,"y":205,"width":469,"height":11}},{"id":"4fe07d8b-f970-480f-94da-c9b89b8fc261","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":37,"box":{"x":460,"y":219,"width":461,"height":10}},{"id":"c68b4218-93d4-4b84-9047-9f28657fb24b","block_type":"box","text":"this option either in writing or by calling (800) 441-7762. The Fund has","page_number":37,"box":{"x":460,"y":232,"width":469,"height":11}},{"id":"b4199db3-b3c0-4031-a413-4a6e83c7170b","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":37,"box":{"x":460,"y":246,"width":368,"height":10}},{"id":"5a24b770-b791-4da1-ab7c-6e418f88e01f","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":37,"box":{"x":460,"y":262,"width":450,"height":10}},{"id":"dec564f8-75ee-41d9-a186-3b1e0dfc56ee","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":37,"box":{"x":460,"y":275,"width":473,"height":11}},{"id":"e70a1f7f-da26-4739-abda-31bf4a489a64","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":37,"box":{"x":461,"y":289,"width":420,"height":10}},{"id":"22ce625d-d032-457f-800b-4c077fc2e733","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":37,"box":{"x":461,"y":302,"width":439,"height":11}},{"id":"944f19f8-e42d-4c9a-a056-be67211b868f","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":37,"box":{"x":461,"y":316,"width":460,"height":10}},{"id":"a2e9dd03-bfe2-473c-b111-60cb0f0e98dc","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":37,"box":{"x":461,"y":330,"width":430,"height":10}},{"id":"2e410995-8db3-4394-be9a-a3e719f4c756","block_type":"box","text":"income tax purposes a share exchange is a taxable event and a capital","page_number":37,"box":{"x":461,"y":343,"width":469,"height":10}},{"id":"b0046fb9-eda6-4dc5-bac9-d26231f48ebf","block_type":"box","text":"gain or loss may be realized. Please consult your tax adviser or other","page_number":37,"box":{"x":460,"y":357,"width":456,"height":10}},{"id":"9b6c6bdd-f6a6-4a76-9636-6abbe77cefc6","block_type":"box","text":"Financial Intermediary before making an exchange request.","page_number":37,"box":{"x":461,"y":370,"width":390,"height":11}},{"id":"b929b109-ff39-48bb-be15-6e22446a7c7d","block_type":"box","text":"Transfer Shares to","page_number":37,"box":{"x":60,"y":388,"width":124,"height":8}},{"id":"54969711-eeb0-4cce-9e0d-ac914cce4225","block_type":"box","text":"Another Financial","page_number":37,"box":{"x":60,"y":400,"width":118,"height":8}},{"id":"55a840a7-3f0a-49e3-875e-15075976b49f","block_type":"box","text":"Intermediary","page_number":37,"box":{"x":61,"y":412,"width":85,"height":10}},{"id":"046e3ddf-7268-46fa-8520-8df332172a2f","block_type":"box","text":"Transfer to a participating","page_number":37,"box":{"x":213,"y":388,"width":171,"height":11}},{"id":"a84072f5-6aa0-4893-810e-e26ada53a7fa","block_type":"box","text":"Financial Intermediary","page_number":37,"box":{"x":214,"y":402,"width":145,"height":10}},{"id":"55ffc906-9b7b-4e80-a7df-e68e3b9d4b97","block_type":"box","text":"You may transfer your shares of the Fund only to another Financial","page_number":37,"box":{"x":460,"y":388,"width":436,"height":10}},{"id":"99c725c8-94de-46b3-95ec-1a6352e9df0e","block_type":"box","text":"Intermediary that has entered into an agreement with the Distributor.","page_number":37,"box":{"x":461,"y":402,"width":455,"height":10}},{"id":"aa60003b-a23e-41cc-92d5-b3d59fad4c21","block_type":"box","text":"Certain shareholder services may not be available for the transferred","page_number":37,"box":{"x":461,"y":415,"width":456,"height":11}},{"id":"14ad0ee7-c733-49b1-bac6-5dd2b1411535","block_type":"box","text":"shares. All future trading of these assets must be coordinated by the","page_number":37,"box":{"x":461,"y":429,"width":456,"height":10}},{"id":"d81e9da7-4b64-4246-908a-2ba5bacd3c2d","block_type":"box","text":"receiving firm.","page_number":37,"box":{"x":461,"y":442,"width":91,"height":11}},{"id":"115fdbbe-c30f-4717-866c-3506d2b6674a","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":37,"box":{"x":461,"y":458,"width":390,"height":11}},{"id":"cf59b1a9-86f1-4177-8c2b-2d3132baecb1","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":37,"box":{"x":461,"y":472,"width":443,"height":10}},{"id":"da62135b-928e-49d3-abb8-0630fc19f6ac","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":37,"box":{"x":461,"y":485,"width":394,"height":11}},{"id":"991c442a-0a04-4b94-b9a8-d2f5e2185915","block_type":"box","text":"Transfer to a non-participating","page_number":37,"box":{"x":213,"y":504,"width":199,"height":10}},{"id":"2533bb88-13da-428c-a77a-3c066ab22047","block_type":"box","text":"Financial Intermediary","page_number":37,"box":{"x":214,"y":517,"width":145,"height":10}},{"id":"697e8766-bb97-4a51-8177-afeaa839424c","block_type":"box","text":"You must either:","page_number":37,"box":{"x":460,"y":504,"width":107,"height":8}},{"id":"abed7e17-3252-4e71-9625-273c146dd315","block_type":"box","text":"•","page_number":37,"box":{"x":464,"y":520,"width":3,"height":3}},{"id":"4ab3727f-7c00-4ac2-aa1b-9fcc84b73be5","block_type":"box","text":"Transfer your shares to an account with the Fund; or","page_number":37,"box":{"x":470,"y":517,"width":346,"height":10}},{"id":"b61bad99-96f7-4d84-b315-789440f8f91e","block_type":"box","text":"•","page_number":37,"box":{"x":464,"y":533,"width":3,"height":3}},{"id":"f9c8123b-79be-4216-8f5a-ff1c0f3999e0","block_type":"box","text":"Sell your shares, paying any applicable deferred sales charge.","page_number":37,"box":{"x":471,"y":531,"width":409,"height":10}},{"id":"f568b0ab-07f3-4b96-ae75-cf3697f3628a","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":37,"box":{"x":461,"y":547,"width":390,"height":10}},{"id":"b2e28552-a734-4bb0-8c66-dd57fed1c52a","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":37,"box":{"x":461,"y":560,"width":443,"height":11}},{"id":"d3256d98-a897-48d3-b0a9-40e119f9474f","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":37,"box":{"x":461,"y":574,"width":394,"height":10}},{"id":"a32b5854-600e-4731-929d-1420a52d6da8","block_type":"box","text":"Account Services and Privileges","page_number":37,"box":{"x":60,"y":614,"width":292,"height":14}},{"id":"0f871c2e-6abd-4e81-81df-7a30173d7df7","block_type":"box","text":"The following table provides examples of account services and privileges available in your BlackRock account. Certain","page_number":37,"box":{"x":60,"y":641,"width":865,"height":11}},{"id":"7c40975f-e6f1-4d0d-8a09-05df7e575d53","block_type":"box","text":"of these account services and privileges are only available to shareholders of Investor Shares whose accounts are","page_number":37,"box":{"x":61,"y":655,"width":841,"height":12}},{"id":"bde49268-c26d-486c-87b3-eebcceb2e0b6","block_type":"box","text":"held directly with BlackRock. If your account is held directly with BlackRock, please call (800) 441-7762 or visit","page_number":37,"box":{"x":61,"y":670,"width":816,"height":12}},{"id":"fed1b30a-ce29-4fae-a704-60fb3e9bdfe1","block_type":"box","text":"www.blackrock.com for additional information as well as forms and applications. Otherwise, please contact your","page_number":37,"box":{"x":60,"y":685,"width":824,"height":11}},{"id":"a3844a56-4b4e-448d-8834-eda217cdc3d9","block_type":"box","text":"Financial Intermediary for assistance in requesting one or more of the following services and privileges.","page_number":37,"box":{"x":62,"y":700,"width":759,"height":11}},{"id":"467daabf-f311-4a72-a25b-6909676d3f9a","block_type":"box","text":"Automatic","page_number":37,"box":{"x":60,"y":729,"width":70,"height":8}},{"id":"e60a3d4a-244c-4123-83f8-0a32fbf9dd04","block_type":"box","text":"Investment Plan","page_number":37,"box":{"x":61,"y":741,"width":109,"height":8}},{"id":"0fc4a6bf-88e9-4e0c-b727-6bd60923d153","block_type":"box","text":"Allows systematic investments","page_number":37,"box":{"x":213,"y":729,"width":202,"height":10}},{"id":"8fc67391-ea7f-4b9c-9c8e-f3f2d253b5c7","block_type":"box","text":"on a periodic basis from your","page_number":37,"box":{"x":214,"y":743,"width":192,"height":10}},{"id":"709211f4-bbf3-46b9-83a2-c11351837b6d","block_type":"box","text":"checking or savings account.","page_number":37,"box":{"x":214,"y":756,"width":189,"height":11}},{"id":"874c7ae7-dfa7-4ab0-8c6e-4b68dd54efa7","block_type":"box","text":"BlackRock’s AIP allows you to invest a specific amount on a periodic","page_number":37,"box":{"x":461,"y":729,"width":451,"height":10}},{"id":"2a6d13d8-f224-4c73-a0d6-ccdb2387a118","block_type":"box","text":"basis from your checking or savings account into your investment","page_number":37,"box":{"x":461,"y":743,"width":431,"height":10}},{"id":"29ba51a9-f594-4d48-a6a9-0b36a033c83e","block_type":"box","text":"account. You may apply for this option upon account opening or by","page_number":37,"box":{"x":461,"y":756,"width":437,"height":11}},{"id":"5fdbb2c1-2aaf-4cef-ab0e-b5994a4d18a2","block_type":"box","text":"completing the AIP application. The minimum investment amount for","page_number":37,"box":{"x":461,"y":770,"width":451,"height":10}},{"id":"baa6ef11-7fc4-48ba-9548-7b08d7ff9734","block_type":"box","text":"an automatic investment is $50 per portfolio.","page_number":37,"box":{"x":461,"y":783,"width":300,"height":10}},{"id":"17953065-fa4c-4790-8aec-80a12667d218","block_type":"box","text":"Dividend Allocation","page_number":37,"box":{"x":61,"y":801,"width":129,"height":9}},{"id":"983535c8-8681-4de0-b02c-5d3858b0f79c","block_type":"box","text":"Plan","page_number":37,"box":{"x":61,"y":813,"width":28,"height":8}},{"id":"4cc0b42e-a090-46b4-9304-ab45ecbb8278","block_type":"box","text":"Automatically invests your","page_number":37,"box":{"x":213,"y":802,"width":172,"height":10}},{"id":"5cf9b43d-43c7-4233-ba9d-861a332ab14c","block_type":"box","text":"distributions into another","page_number":37,"box":{"x":214,"y":815,"width":165,"height":8}},{"id":"b9265b8f-d1cf-4d14-bd36-0b050cfcc41e","block_type":"box","text":"BlackRock Fund of your choice","page_number":37,"box":{"x":214,"y":828,"width":200,"height":11}},{"id":"e1deefdb-9da2-4698-ba7c-4c2652a6508d","block_type":"box","text":"pursuant to your instructions,","page_number":37,"box":{"x":214,"y":842,"width":193,"height":10}},{"id":"fbece282-26b4-4d2f-a17c-e038b2bed211","block_type":"box","text":"without any fees or sales","page_number":37,"box":{"x":213,"y":855,"width":165,"height":11}},{"id":"89367bdd-c95c-432e-bd04-5609959f748f","block_type":"box","text":"charges.","page_number":37,"box":{"x":214,"y":869,"width":55,"height":10}},{"id":"54286aee-7c26-47fc-9433-ad3800f803b0","block_type":"box","text":"Dividend and capital gains distributions may be reinvested in your","page_number":37,"box":{"x":461,"y":802,"width":433,"height":10}},{"id":"8eb34ba0-1d40-4aa7-ab6c-c8040586642e","block_type":"box","text":"account to purchase additional shares or paid in cash. 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Please speak with your Financial Intermediary","page_number":38,"box":{"x":461,"y":65,"width":462,"height":10}},{"id":"1cf82d9c-65d6-4fbf-8a7f-2319bc7a31cd","block_type":"box","text":"if your account is held elsewhere.)","page_number":38,"box":{"x":461,"y":78,"width":225,"height":10}},{"id":"518ea419-4463-44db-8746-1194eecb0b92","block_type":"box","text":"Prior to establishing an EZ Trader account, please contact your bank to","page_number":38,"box":{"x":461,"y":94,"width":467,"height":11}},{"id":"ee9adcf6-7c4e-4c3a-a02d-e66bcbdc388c","block_type":"box","text":"confirm that it is a member of the ACH system. 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Shares","page_number":38,"box":{"x":461,"y":687,"width":454,"height":8}},{"id":"fc732c70-df64-4188-a30b-fdde3bb23b4b","block_type":"box","text":"will be purchased at the net asset value calculated at the close of","page_number":38,"box":{"x":460,"y":700,"width":438,"height":10}},{"id":"70e64e83-733f-474a-a7fd-4fe99eb6db1a","block_type":"box","text":"trading on the day the request is received. To exercise this privilege,","page_number":38,"box":{"x":460,"y":714,"width":450,"height":10}},{"id":"84c0d8dc-1ccf-4669-b246-8f272ba2af5d","block_type":"box","text":"the Fund must receive written notification from the shareholder of","page_number":38,"box":{"x":460,"y":727,"width":435,"height":9}},{"id":"ebb5c206-c16e-4eb2-b9b7-803eca982535","block_type":"box","text":"record or the Financial Intermediary of record, at the time of purchase.","page_number":38,"box":{"x":461,"y":741,"width":466,"height":10}},{"id":"a7c26cfb-7cb5-46c7-b66d-a57cea912807","block_type":"box","text":"Investors should consult a tax adviser concerning the tax","page_number":38,"box":{"x":461,"y":755,"width":376,"height":10}},{"id":"aa648313-a6b5-4ba3-aa3c-bb8666e06a93","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":38,"box":{"x":461,"y":768,"width":371,"height":10}},{"id":"e3602319-a97a-4c1d-89c3-c1d164aad5d8","block_type":"box","text":"Fund’s Rights","page_number":38,"box":{"x":61,"y":808,"width":124,"height":14}},{"id":"6f239933-5d9d-4569-a58b-fd3462cb8c1a","block_type":"box","text":"The Fund may:","page_number":38,"box":{"x":60,"y":835,"width":106,"height":11}},{"id":"4f9facf4-cab4-4ced-b189-c1cec5d433e4","block_type":"box","text":"Suspend the right of redemption if trading is halted or restricted on the NYSE or under other emergency conditions","page_number":38,"box":{"x":81,"y":855,"width":840,"height":11}},{"id":"dd014c1b-dbde-48c0-bf2e-9f7a76703cdd","block_type":"box","text":"described in the Investment Company Act;","page_number":38,"box":{"x":81,"y":870,"width":308,"height":11}},{"id":"0ee73171-9a9d-4f5b-a327-ee337cbb13ef","block_type":"box","text":"38","page_number":38,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"3961cdb9-5227-4bf9-998c-75399674bfa0","block_type":"box","text":"NM1026U-5978611-38/68","page_number":38,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"73670cfb-d1f7-4943-ae20-cee06a05deb9","block_type":"box","text":"Postpone the date of payment upon redemption if trading is halted or restricted on the NYSE or under other","page_number":39,"box":{"x":81,"y":46,"width":789,"height":11}},{"id":"7240765f-723c-419e-8be2-d37b75fc33ad","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":39,"box":{"x":81,"y":60,"width":850,"height":12}},{"id":"5b106334-352b-44c5-9ede-d4c4156c9f74","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":39,"box":{"x":82,"y":75,"width":368,"height":12}},{"id":"3b1190bc-1254-4da4-b88a-157130061f23","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":39,"box":{"x":82,"y":95,"width":781,"height":12}},{"id":"d4cc6234-de5c-4a97-93af-63dc8b2f4eff","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":39,"box":{"x":82,"y":115,"width":798,"height":12}},{"id":"7dbfe82d-5112-409c-8402-c74ea37675f3","block_type":"box","text":"specified level.","page_number":39,"box":{"x":81,"y":130,"width":108,"height":11}},{"id":"71b60e58-41f6-42fe-8d4a-c363b85fac51","block_type":"box","text":"Note on Low Balance Accounts.","page_number":39,"box":{"x":61,"y":153,"width":239,"height":9}},{"id":"abc2f29c-4c63-4ae7-98af-0a7582e98474","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":39,"box":{"x":307,"y":153,"width":600,"height":11}},{"id":"2c485f9d-b197-495d-9f5a-78b9ee160cff","block_type":"box","text":"has set a minimum balance of $500 in each Fund position you hold within your account (the “Fund Minimum”), and","page_number":39,"box":{"x":61,"y":167,"width":846,"height":12}},{"id":"798bcb31-fb93-4699-9a65-e128e8e22714","block_type":"box","text":"may redeem the shares in your account if the net asset value of those shares in your account falls below $500 for any","page_number":39,"box":{"x":61,"y":182,"width":872,"height":12}},{"id":"0f267fc5-e347-4b9e-8974-47cfb5e033a1","block_type":"box","text":"reason, including market fluctuation.","page_number":39,"box":{"x":61,"y":197,"width":267,"height":12}},{"id":"6dd4e4f9-aee9-4456-a2c3-632f66526b6a","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":39,"box":{"x":60,"y":220,"width":799,"height":11}},{"id":"608d0574-5c49-4e4c-91e4-2ee1f2c86efa","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":39,"box":{"x":62,"y":234,"width":796,"height":12}},{"id":"88af7eba-748d-4cae-8906-f7ab697764ef","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":39,"box":{"x":62,"y":249,"width":800,"height":12}},{"id":"f06aaa43-e7a5-4d9d-94e4-7fca194675f3","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":39,"box":{"x":61,"y":264,"width":859,"height":12}},{"id":"78b91ee0-547f-421c-a20e-090dbac4b2dd","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":39,"box":{"x":61,"y":279,"width":868,"height":12}},{"id":"a6e2ad34-3c83-45fc-bc02-efaedad1a001","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":39,"box":{"x":61,"y":294,"width":420,"height":11}},{"id":"177f8916-fa44-43e3-96f0-efd54a366e7e","block_type":"box","text":"Participation in Fee-Based Programs","page_number":39,"box":{"x":61,"y":333,"width":331,"height":13}},{"id":"497ffdfe-bde6-4771-966a-354103ed06cc","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or by Financial","page_number":39,"box":{"x":62,"y":359,"width":826,"height":11}},{"id":"3f34e2b0-d026-4fa6-8815-a8967d36fd0d","block_type":"box","text":"Intermediaries that have agreements with the Distributor or in certain fee-based programs in which BlackRock","page_number":39,"box":{"x":62,"y":374,"width":806,"height":11}},{"id":"0ddf28c8-64a9-4502-8d2c-7d0619e554ab","block_type":"box","text":"participates, you may be able to buy Institutional Shares, including by exchanges from other share classes. Sales","page_number":39,"box":{"x":62,"y":389,"width":833,"height":11}},{"id":"4130a35b-14d0-4e10-97eb-b7f0cca3f113","block_type":"box","text":"charges on the shares being exchanged may be reduced or waived under certain circumstances. You generally cannot","page_number":39,"box":{"x":61,"y":404,"width":865,"height":11}},{"id":"69051189-a183-4b2a-9de9-dac2dd18b439","block_type":"box","text":"transfer shares held through a fee-based program into another account. Instead, if you choose to leave the fee-based","page_number":39,"box":{"x":60,"y":418,"width":863,"height":12}},{"id":"03ade890-4cb5-4a39-8309-e4d3bddc2d09","block_type":"box","text":"program, you may have to redeem your shares held through the program and purchase shares of another class, which","page_number":39,"box":{"x":62,"y":433,"width":865,"height":12}},{"id":"544e4e97-f9a2-46a9-855f-f21fdc01ccfa","block_type":"box","text":"may be subject to distribution and service fees. This may be a taxable event and you may pay any applicable sales","page_number":39,"box":{"x":61,"y":448,"width":842,"height":11}},{"id":"6bff5747-08e1-4e98-aa73-874f919d7251","block_type":"box","text":"charges or redemption fee. Please speak to your Financial Intermediary for information about specific policies and","page_number":39,"box":{"x":61,"y":463,"width":838,"height":11}},{"id":"c1fd8785-ebae-489b-80f6-a1e85a9bc5d6","block_type":"box","text":"procedures applicable to your account.","page_number":39,"box":{"x":62,"y":478,"width":282,"height":11}},{"id":"bd0baaa5-c6ea-4366-b473-93daaeeb73af","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated or the shares can be held in an","page_number":39,"box":{"x":61,"y":500,"width":835,"height":12}},{"id":"3cb723ec-f55d-4e3a-b329-1231e76aab1e","block_type":"box","text":"account. In certain instances, when a shareholder chooses to continue to hold the shares, whatever share class was","page_number":39,"box":{"x":61,"y":515,"width":861,"height":11}},{"id":"3f4eddae-2c02-4e78-be8e-a4ea64b0719a","block_type":"box","text":"held in the program can be held after termination. Shares that have been held for less than specified periods within","page_number":39,"box":{"x":61,"y":530,"width":849,"height":11}},{"id":"86ef358f-2637-4b76-b378-a60364cd5317","block_type":"box","text":"the program may be subject to a fee upon redemption. Shareholders that held Investor A or Institutional Shares in the","page_number":39,"box":{"x":60,"y":545,"width":867,"height":11}},{"id":"8903ee92-f442-461e-af14-cbb1bb0af811","block_type":"box","text":"program may be eligible to purchase additional shares of the respective share class of the Fund, but may be subject to","page_number":39,"box":{"x":62,"y":559,"width":873,"height":12}},{"id":"61eec2fc-019e-4fd1-9bcd-c47e8cb54887","block_type":"box","text":"upfront sales charges with respect to Investor A Shares. Additional purchases of Institutional Shares are permitted","page_number":39,"box":{"x":61,"y":574,"width":844,"height":12}},{"id":"a8d3953b-eb17-41bf-9ce2-f898d8c60e95","block_type":"box","text":"only if you have an existing position at the time of purchase or are otherwise eligible to purchase Institutional Shares.","page_number":39,"box":{"x":61,"y":589,"width":865,"height":12}},{"id":"3180b216-1528-4daa-8f72-6c0f753a7dfe","block_type":"box","text":"Please speak to your Financial Intermediary for more information.","page_number":39,"box":{"x":61,"y":604,"width":480,"height":11}},{"id":"ba36cf93-6b07-47e5-ad60-f9b976649737","block_type":"box","text":"Certain Financial Intermediaries may, in connection with a change in account type (for example, due to leaving a fee","page_number":39,"box":{"x":61,"y":626,"width":854,"height":12}},{"id":"0c808b8c-c748-483b-bf76-a66a5d19e7e6","block_type":"box","text":"based program or upon termination of the fee-based program) or otherwise in accordance with the Financial","page_number":39,"box":{"x":61,"y":641,"width":790,"height":12}},{"id":"25619c40-5f79-49bf-8ef6-3f7a42f9c13e","block_type":"box","text":"Intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":39,"box":{"x":62,"y":656,"width":855,"height":12}},{"id":"5740c175-5e9e-4923-96ab-49689eb99c71","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":39,"box":{"x":61,"y":671,"width":831,"height":11}},{"id":"842d25ba-0e31-4c24-a360-083c4f90a306","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your Financial Intermediary for information about","page_number":39,"box":{"x":61,"y":686,"width":828,"height":11}},{"id":"59dd4088-e8af-4191-9aef-365fee3e3192","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":39,"box":{"x":61,"y":701,"width":437,"height":11}},{"id":"58a15ff3-7818-488c-9e7e-4e001e39aa0d","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are included in","page_number":39,"box":{"x":62,"y":723,"width":859,"height":12}},{"id":"2614b3d1-ccd1-4bac-985c-d64f83a05fd2","block_type":"box","text":"the client agreement for each fee-based program and are available from your Financial Intermediary. Please speak to","page_number":39,"box":{"x":60,"y":738,"width":858,"height":11}},{"id":"83d98ba5-4c7f-411b-9e19-218b32f3dbd4","block_type":"box","text":"your Financial Intermediary for more information.","page_number":39,"box":{"x":60,"y":753,"width":357,"height":11}},{"id":"0863227a-819e-4031-8283-e30c94c27164","block_type":"box","text":"Short-Term Trading Policy","page_number":39,"box":{"x":61,"y":792,"width":232,"height":13}},{"id":"d308b0c5-f522-4e7b-941f-66760dd57307","block_type":"box","text":"The Board has determined that the interests of long-term shareholders and the Fund’s ability to manage its","page_number":39,"box":{"x":60,"y":818,"width":790,"height":11}},{"id":"4692cd65-04f1-444a-9e00-d102a46ca9e4","block_type":"box","text":"investments may be adversely affected when shares are repeatedly bought, sold or exchanged in response to short","page_number":39,"box":{"x":62,"y":833,"width":853,"height":11}},{"id":"b1cefd33-6aee-4a36-bbce-572620fa5913","block_type":"box","text":"term market fluctuations — also known as “market timing.” The Fund is not designed for market timing organizations","page_number":39,"box":{"x":60,"y":847,"width":863,"height":12}},{"id":"1ae0d4ef-74be-438f-bf89-ae5d867b3b00","block_type":"box","text":"or other entities using programmed or frequent purchases and sales or exchanges. The exchange privilege for","page_number":39,"box":{"x":61,"y":862,"width":806,"height":12}},{"id":"fcff76a7-fe86-4a73-bf69-80149d85d241","block_type":"box","text":"Investor Shares and Institutional Shares is not intended as a vehicle for short-term trading. Excessive purchase and","page_number":39,"box":{"x":62,"y":877,"width":851,"height":12}},{"id":"d6ba94ee-3bf3-4b16-9d92-8a08c7e200ff","block_type":"box","text":"sale or exchange activity may interfere with portfolio management, increase expenses and taxes and may have an","page_number":39,"box":{"x":61,"y":892,"width":839,"height":12}},{"id":"521aa637-3f50-4a15-bcbe-e022f1cdcae4","block_type":"box","text":"adverse effect on the performance of the Fund and its returns to shareholders. For example, large flows of cash into","page_number":39,"box":{"x":61,"y":907,"width":857,"height":11}},{"id":"f39e503f-7af3-4c48-b2f4-bf6594953909","block_type":"box","text":"39","page_number":39,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"d1492538-8573-4019-a935-5222c89eaaff","block_type":"box","text":"NM1026U-5978611-39/68","page_number":39,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"64c782f7-a1ce-4b6d-a633-bc0a443a486f","block_type":"box","text":"and out of the Fund may require the management team to allocate a significant amount of assets to cash or other","page_number":40,"box":{"x":61,"y":46,"width":839,"height":11}},{"id":"77a45994-2387-4517-85e2-f9ae6fdd9a3e","block_type":"box","text":"short-term investments or sell securities, rather than maintaining such assets in securities selected to achieve the","page_number":40,"box":{"x":61,"y":61,"width":844,"height":11}},{"id":"75935dd2-88ec-4d82-a55b-479029ef83b8","block_type":"box","text":"Fund’s investment objective. Frequent trading may cause the Fund to sell securities at less favorable prices, and","page_number":40,"box":{"x":62,"y":75,"width":826,"height":12}},{"id":"82281599-aede-45ff-b6e9-61b556680566","block_type":"box","text":"transaction costs, such as brokerage commissions, can reduce the Fund’s performance.","page_number":40,"box":{"x":60,"y":90,"width":652,"height":12}},{"id":"6e0bcac3-fb96-470c-9b96-d4bb9a4f7d85","block_type":"box","text":"A fund’s investment in non-U.S. securities is subject to the risk that an investor may seek to take advantage of a delay","page_number":40,"box":{"x":60,"y":113,"width":873,"height":11}},{"id":"952bb011-4207-4e46-9cf7-60f6f9ffd0e4","block_type":"box","text":"between the change in value of the fund’s portfolio securities and the determination of the fund’s net asset value as a","page_number":40,"box":{"x":61,"y":127,"width":872,"height":12}},{"id":"653c2a84-208b-46ed-8c5a-4c3096a52768","block_type":"box","text":"result of different closing times of U.S. and non-U.S. markets by buying or selling fund shares at a price that does not","page_number":40,"box":{"x":61,"y":142,"width":865,"height":12}},{"id":"46b4eef3-cc17-4888-8f07-e448594e9a2a","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":40,"box":{"x":61,"y":157,"width":817,"height":11}},{"id":"1e4462e0-ff20-4fa7-a421-e737e31afb88","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":40,"box":{"x":61,"y":172,"width":818,"height":12}},{"id":"00501e92-924e-448b-b1a2-01925d004e90","block_type":"box","text":"therefore may have actual values that differ from their market prices. This short-term arbitrage activity can reduce the","page_number":40,"box":{"x":60,"y":187,"width":865,"height":11}},{"id":"8841987a-aaec-4247-ba74-74dd2a28d299","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":40,"box":{"x":61,"y":202,"width":829,"height":11}},{"id":"287d22d5-ebbe-4117-ab50-2450b8eaa907","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":40,"box":{"x":62,"y":216,"width":671,"height":12}},{"id":"57e95565-334c-4eed-93ec-f8e71c3efde4","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":40,"box":{"x":60,"y":239,"width":869,"height":12}},{"id":"8ccc1325-d6d4-4e04-99c5-5514d32cc2ba","block_type":"box","text":"that it determines may be detrimental to the Fund or long-term shareholders. The Board has approved the policies","page_number":40,"box":{"x":60,"y":254,"width":839,"height":11}},{"id":"9da61cdb-f76d-45b8-a60c-3b3525eb2ce5","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":40,"box":{"x":61,"y":269,"width":869,"height":11}},{"id":"68ff5bfa-4569-48c1-a690-b677453bb50c","block_type":"box","text":"on purchases, sales and exchanges of Fund shares because certain legitimate strategies will not result in harm to the","page_number":40,"box":{"x":61,"y":283,"width":870,"height":12}},{"id":"91654ce2-fa8c-4e76-860b-9465ace11715","block_type":"box","text":"Fund or its shareholders.","page_number":40,"box":{"x":62,"y":299,"width":181,"height":9}},{"id":"7e12912f-b924-46f5-b801-6cf6d0c2de67","block_type":"box","text":"If as a result of its own investigation, information provided by a Financial Intermediary or other third party, or","page_number":40,"box":{"x":62,"y":321,"width":796,"height":11}},{"id":"138ecf9c-eb1c-4f08-b2f5-999083ecc65b","block_type":"box","text":"otherwise, the Fund believes, in its sole discretion, that your short-term trading is excessive or that you are engaging","page_number":40,"box":{"x":61,"y":336,"width":860,"height":11}},{"id":"be8ea15d-ac8e-4a27-9eea-1f95d321cdaa","block_type":"box","text":"in market timing activity, it reserves the right to reject any specific purchase or exchange order. If the Fund rejects your","page_number":40,"box":{"x":62,"y":351,"width":871,"height":11}},{"id":"402915a9-260e-4e33-8ba1-a3724cfdb928","block_type":"box","text":"purchase or exchange order, you will not be able to execute that transaction, and the Fund will not be responsible for","page_number":40,"box":{"x":62,"y":365,"width":858,"height":12}},{"id":"baef272d-43f5-498f-b7ae-02a2f9201bcc","block_type":"box","text":"any losses you therefore may suffer. For transactions placed directly with the Fund, the Fund may consider the trading","page_number":40,"box":{"x":61,"y":380,"width":866,"height":12}},{"id":"3e682179-3a80-4fcc-b1d0-3d6f8c07ae89","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions","page_number":40,"box":{"x":61,"y":395,"width":829,"height":12}},{"id":"c182f24a-c60a-4d54-ba2d-cbafab8ec659","block_type":"box","text":"placed through the same Financial Intermediary on an omnibus basis may be deemed part of a group for the purpose","page_number":40,"box":{"x":62,"y":410,"width":862,"height":11}},{"id":"080163ba-3722-402d-a54a-be3b13d77c16","block_type":"box","text":"of this policy and may be rejected in whole or in part by the Fund. Certain accounts, such as omnibus accounts and","page_number":40,"box":{"x":61,"y":425,"width":849,"height":11}},{"id":"18ce3b23-81af-49d6-80eb-f3c68eb5ad93","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":40,"box":{"x":61,"y":440,"width":866,"height":11}},{"id":"cdd28ffa-be97-4c99-87b6-581b719f262d","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":40,"box":{"x":60,"y":455,"width":806,"height":11}},{"id":"caa3bbb1-9d01-4d28-86cb-54977ee4c0be","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":40,"box":{"x":61,"y":469,"width":804,"height":12}},{"id":"eed25ad2-f67d-4e3e-9691-ad2085536bc3","block_type":"box","text":"exchangers whose orders are aggregated may not be known by the Fund. While the Fund monitors for market timing","page_number":40,"box":{"x":61,"y":484,"width":849,"height":12}},{"id":"452504cd-7f6b-4a40-9366-e5d02a9b72da","block_type":"box","text":"activity, the Fund may be unable to identify such activities because the netting effect in omnibus accounts often makes","page_number":40,"box":{"x":61,"y":499,"width":875,"height":11}},{"id":"9ec366b4-d02a-4fa7-a108-ce45ac59ddf0","block_type":"box","text":"it more difficult to locate and eliminate market timers from the Fund. The Distributor has entered into agreements with","page_number":40,"box":{"x":62,"y":514,"width":869,"height":11}},{"id":"ef4562c4-0875-4798-a980-b988dec9b411","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":40,"box":{"x":61,"y":528,"width":845,"height":12}},{"id":"f4d44c1f-c8f5-457e-9a61-6c534f4e8fdf","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":40,"box":{"x":62,"y":544,"width":868,"height":11}},{"id":"2346d719-a949-49aa-b044-7f7711450417","block_type":"box","text":"orders by their customers in order to detect and prevent short-term or excessive trading in the Fund’s shares through","page_number":40,"box":{"x":61,"y":558,"width":861,"height":12}},{"id":"d5f6b0fe-3c58-48fd-8349-2ebf71cd91d8","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":40,"box":{"x":61,"y":573,"width":868,"height":11}},{"id":"427bb9aa-7ea3-42bc-994d-603e1658dfad","block_type":"box","text":"the event that a Financial Intermediary is determined by the Fund to be engaged in market timing or other improper","page_number":40,"box":{"x":60,"y":588,"width":847,"height":11}},{"id":"88ff4ff3-585e-40d2-82c4-c0e535b84feb","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Fund’s","page_number":40,"box":{"x":60,"y":603,"width":806,"height":11}},{"id":"008b7863-9bbb-4a54-8e36-204024eec9f9","block_type":"box","text":"Distributor, suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":40,"box":{"x":62,"y":618,"width":748,"height":11}},{"id":"9ad2d56d-2fd8-4175-aea0-0895fdb0025b","block_type":"box","text":"There is no assurance that the methods described above will prevent market timing or other trading that may be","page_number":40,"box":{"x":60,"y":640,"width":824,"height":12}},{"id":"26ea32dd-664a-4511-b093-74582a15eb66","block_type":"box","text":"deemed abusive.","page_number":40,"box":{"x":61,"y":655,"width":123,"height":9}},{"id":"086cae98-14fc-41e4-bd51-907d9c309b48","block_type":"box","text":"The Fund may from time to time use other methods that it believes are appropriate to deter market timing or other","page_number":40,"box":{"x":60,"y":677,"width":841,"height":12}},{"id":"7dca54cf-251d-48e9-bb13-37aabc205c82","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":40,"box":{"x":60,"y":692,"width":572,"height":12}},{"id":"bc4fb80b-ecde-4387-b732-46fea4db66ce","block_type":"box","text":"40","page_number":40,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"a8b16ba6-6c57-4a60-ba17-20ca748aa6c9","block_type":"box","text":"NM1026U-5978611-40/68","page_number":40,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5eebf116-7e35-4b35-a39c-a89800051f35","block_type":"box","text":"Management of the Fund","page_number":41,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"49775841-79f1-467b-912f-181a51bcc679","block_type":"box","text":"BlackRock","page_number":41,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"27987d12-18e5-4edd-a5de-95334d07c090","block_type":"box","text":"BlackRock, the Fund’s investment adviser, manages the Fund’s investments and its business operations subject to","page_number":41,"box":{"x":62,"y":183,"width":846,"height":11}},{"id":"2edbf66c-8468-4c70-afe7-7860f0867ba4","block_type":"box","text":"the oversight of the Board of the Trust. While BlackRock is ultimately responsible for the management of the Fund, it is","page_number":41,"box":{"x":60,"y":197,"width":875,"height":12}},{"id":"7f1cdce6-6a9f-483f-8673-7ac253504984","block_type":"box","text":"able to draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":41,"box":{"x":61,"y":212,"width":851,"height":12}},{"id":"2466fd43-1635-44d3-8d9c-f9a858c48d89","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":41,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"e2fa88a4-df61-4e97-ac7d-89f4ab653c20","block_type":"box","text":"BlackRock, Inc.","page_number":41,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"4b1a8242-7f81-41be-8582-1492b3d4f765","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":41,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"c5c03247-2dd1-4164-a679-e2e2d21698e8","block_type":"box","text":"companies. BlackRock and its affiliates had approximately $15.3 trillion in investment company and other portfolio","page_number":41,"box":{"x":61,"y":278,"width":845,"height":12}},{"id":"decabc1a-9c66-410c-a6ab-6a54550db39e","block_type":"box","text":"assets under management as of June 30, 2026.","page_number":41,"box":{"x":61,"y":294,"width":357,"height":11}},{"id":"5550dd6b-03a6-43d9-9c4b-4ae99c37f821","block_type":"box","text":"BlackRock serves as manager to the Fund pursuant to an investment advisory agreement (the “Management","page_number":41,"box":{"x":62,"y":317,"width":800,"height":11}},{"id":"2bc8ec7b-3b3c-4e8b-b9ec-46f54928ce8e","block_type":"box","text":"Agreement”). Pursuant to the Management Agreement, BlackRock is entitled to fees computed daily and payable","page_number":41,"box":{"x":60,"y":331,"width":829,"height":12}},{"id":"e21d5869-03f3-432c-bca6-13c9cca5caff","block_type":"box","text":"monthly.","page_number":41,"box":{"x":61,"y":346,"width":59,"height":11}},{"id":"699c485a-31c7-4fcf-b9d0-cc4937e5a767","block_type":"box","text":"The maximum annual management fees that can be paid to BlackRock (as a percentage of average daily net assets)","page_number":41,"box":{"x":60,"y":369,"width":856,"height":11}},{"id":"be3ea262-b350-4cf2-8703-d3ce27b57450","block_type":"box","text":"are calculated as follows:","page_number":41,"box":{"x":61,"y":383,"width":185,"height":10}},{"id":"0f26ce91-fe0e-494e-9a0f-daac5df21410","block_type":"box","text":"Average Daily Net Assets","page_number":41,"box":{"x":69,"y":422,"width":151,"height":9}},{"id":"34a1f04f-6a11-4663-b9d5-1949b7d608c1","block_type":"box","text":"Rate of","page_number":41,"box":{"x":844,"y":412,"width":43,"height":7}},{"id":"795f7a61-9149-484e-a345-e725c6058709","block_type":"box","text":"Management Fee","page_number":41,"box":{"x":813,"y":422,"width":104,"height":9}},{"id":"3aa50358-050d-4512-baba-c6298819d6a3","block_type":"box","text":"First $1 billion","page_number":41,"box":{"x":70,"y":439,"width":92,"height":9}},{"id":"5a89d221-ad34-46d6-b31c-2ad69452a9fe","block_type":"box","text":"0.750%","page_number":41,"box":{"x":845,"y":439,"width":50,"height":8}},{"id":"f3412c42-be33-496d-8698-1c7a82d06db5","block_type":"box","text":"$1 billion – $2 billion","page_number":41,"box":{"x":70,"y":457,"width":138,"height":9}},{"id":"d875e474-7bb1-4e19-9321-a1f90e23ee9a","block_type":"box","text":"0.700%","page_number":41,"box":{"x":845,"y":457,"width":50,"height":8}},{"id":"1ca30aa5-5e49-4544-860c-e495b3ab55ed","block_type":"box","text":"$2 billion – $3 billion","page_number":41,"box":{"x":70,"y":475,"width":138,"height":9}},{"id":"6a698311-1287-477d-8fac-81b4f59aa715","block_type":"box","text":"0.675%","page_number":41,"box":{"x":845,"y":475,"width":50,"height":8}},{"id":"86066b49-4070-41cb-9ae1-0bb4c1a886aa","block_type":"box","text":"$3 billion – $10 billion","page_number":41,"box":{"x":70,"y":493,"width":147,"height":9}},{"id":"c6c9b3fc-fa84-4fc7-a86b-04773f0644db","block_type":"box","text":"0.650%","page_number":41,"box":{"x":845,"y":493,"width":50,"height":9}},{"id":"09988142-522e-4bf8-a5ab-59fd5ecdd5ab","block_type":"box","text":"Greater than $10 billion","page_number":41,"box":{"x":69,"y":511,"width":157,"height":9}},{"id":"51a966c0-138f-4420-aa07-eb46660f5178","block_type":"box","text":"0.640%","page_number":41,"box":{"x":845,"y":511,"width":50,"height":9}},{"id":"fc75b550-94ee-4ace-9e3e-59e2656bbe26","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets","page_number":41,"box":{"x":62,"y":543,"width":840,"height":12}},{"id":"8eb6d885-00cb-41e4-b36f-717a77aa9534","block_type":"box","text":"estimated to be attributable to investments in other equity and fixed-income mutual funds and ETFs managed by","page_number":41,"box":{"x":61,"y":558,"width":824,"height":12}},{"id":"c934b42b-5d1d-4ab5-b0fe-52ce805e2b69","block_type":"box","text":"BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition, BlackRock","page_number":41,"box":{"x":62,"y":573,"width":843,"height":11}},{"id":"de5bb287-cfd3-46f9-9969-2a0cb4c25afb","block_type":"box","text":"has contractually agreed to waive its management fees by the amount of advisory fees the Fund pays to BlackRock","page_number":41,"box":{"x":61,"y":588,"width":846,"height":11}},{"id":"d47f78eb-4d0a-4f1f-8916-c10c6b1d4838","block_type":"box","text":"indirectly through its investment in money market funds managed by BlackRock or its affiliates through June 30, 2028.","page_number":41,"box":{"x":62,"y":603,"width":873,"height":11}},{"id":"ce4c2923-4166-4787-b80a-aaafd089bad0","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of","page_number":41,"box":{"x":60,"y":617,"width":851,"height":12}},{"id":"316269a4-d182-4249-8108-ffb02622803b","block_type":"box","text":"the Trust or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":41,"box":{"x":60,"y":632,"width":608,"height":12}},{"id":"c36cea6a-2509-44b3-b85b-f9a520f8e188","block_type":"box","text":"A discussion of the basis for the Board’s approval of the Management Agreement with BlackRock is available in the","page_number":41,"box":{"x":60,"y":655,"width":850,"height":11}},{"id":"d6dd6546-4380-47b5-96a8-9d5b58d56d19","block_type":"box","text":"Fund’s reports filed on Form N-CSR for the fiscal year ended May 31, 2026.","page_number":41,"box":{"x":62,"y":670,"width":556,"height":11}},{"id":"d3e11809-7d13-45e8-8c8c-951466b32e9c","block_type":"box","text":"For the fiscal year ended May 31, 2026, BlackRock received a management fee, net of management fee waivers, at","page_number":41,"box":{"x":62,"y":692,"width":851,"height":12}},{"id":"85ce220d-6512-4fba-9c93-2979c81f6e8d","block_type":"box","text":"the annual rate of 0.68% of the Fund’s average daily net assets.","page_number":41,"box":{"x":60,"y":707,"width":473,"height":12}},{"id":"08671b5b-d8ce-4077-a048-f1acd57a6d94","block_type":"box","text":"From time to time, a manager, analyst, or other employee of BlackRock or its affiliates may express views regarding a","page_number":41,"box":{"x":62,"y":730,"width":864,"height":11}},{"id":"e4779529-1f4d-4dde-ac5b-91e74829e3d9","block_type":"box","text":"particular asset class, company, security, industry, or market sector. The views expressed by any such person are the","page_number":41,"box":{"x":62,"y":745,"width":863,"height":11}},{"id":"5a1536e8-71cb-4f78-8473-a22a145fcc6d","block_type":"box","text":"views of only that individual as of the time expressed and do not necessarily represent the views of BlackRock or any","page_number":41,"box":{"x":60,"y":759,"width":861,"height":12}},{"id":"dae470fd-2a77-4a41-9582-b65371f86fb2","block_type":"box","text":"other person within the BlackRock organization. Any such views are subject to change at any time based upon market","page_number":41,"box":{"x":61,"y":774,"width":864,"height":12}},{"id":"bb8d1d57-e3ee-428c-9dc9-1871f97a037b","block_type":"box","text":"or other conditions and BlackRock disclaims any responsibility to update such views. These views may not be relied on","page_number":41,"box":{"x":61,"y":789,"width":872,"height":11}},{"id":"f24ecf20-0ee6-4170-a3dc-16e576ca6d6f","block_type":"box","text":"as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be","page_number":41,"box":{"x":61,"y":804,"width":841,"height":11}},{"id":"8f21788d-b1eb-4d82-bd31-f6502f248c53","block_type":"box","text":"relied on as an indication of trading intent on behalf of the Fund.","page_number":41,"box":{"x":61,"y":818,"width":472,"height":12}},{"id":"6c57b437-94d5-4928-8ed4-57895d0b860b","block_type":"box","text":"41","page_number":41,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"90ecfa34-d6dd-42ea-80b1-2b0f4530ab23","block_type":"box","text":"NM1026U-5978611-41/68","page_number":41,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ce69a91f-4975-48ef-8f86-2b553d93e81c","block_type":"box","text":"Portfolio Manager Information","page_number":42,"box":{"x":61,"y":46,"width":272,"height":14}},{"id":"567d9e9e-589c-4356-9a8f-b8b53e471b3b","block_type":"box","text":"Information regarding the portfolio managers of the Fund is set forth below. Further information regarding the portfolio","page_number":42,"box":{"x":62,"y":73,"width":869,"height":11}},{"id":"61bbbe16-4998-47e2-be25-540c6540274d","block_type":"box","text":"managers, including other accounts managed, compensation, ownership of Fund shares, and possible conflicts of","page_number":42,"box":{"x":61,"y":88,"width":837,"height":11}},{"id":"e19e89e5-c641-41ab-9772-20444ab6d147","block_type":"box","text":"interest, is available in the Fund’s SAI.","page_number":42,"box":{"x":62,"y":102,"width":281,"height":11}},{"id":"7ba938ba-3a55-4af6-b8e5-a5c411792daf","block_type":"box","text":"Portfolio Manager Primary Role Since Title and Recent Biography","page_number":42,"box":{"x":61,"y":130,"width":797,"height":10}},{"id":"2e126e16-0e2b-4185-8b64-cb9d20a58879","block_type":"box","text":"Erin Xie, PhD Primarily responsible for the day-to","page_number":42,"box":{"x":62,"y":148,"width":422,"height":10}},{"id":"ffec2737-3359-4cbc-98e2-9d849ab2606d","block_type":"box","text":"day management of the Fund’s","page_number":42,"box":{"x":252,"y":161,"width":204,"height":11}},{"id":"7971d5e5-4b50-4fd8-8fa0-ece84e5df8dc","block_type":"box","text":"portfolio, including setting the Fund’s","page_number":42,"box":{"x":253,"y":175,"width":245,"height":10}},{"id":"0c5e07c4-644f-4d4b-b13f-dd81493ac4eb","block_type":"box","text":"overall investment strategy and","page_number":42,"box":{"x":252,"y":189,"width":206,"height":10}},{"id":"9b175bc2-abe8-4a82-814c-3c1c274bc575","block_type":"box","text":"overseeing the management of the","page_number":42,"box":{"x":252,"y":202,"width":230,"height":10}},{"id":"2d544cb1-3e48-4fe1-b52a-305a1d640593","block_type":"box","text":"Fund.","page_number":42,"box":{"x":253,"y":216,"width":34,"height":8}},{"id":"07ee9022-723c-4b20-a642-99d484cceba5","block_type":"box","text":"2003 Managing Director of BlackRock, Inc. since","page_number":42,"box":{"x":545,"y":148,"width":352,"height":10}},{"id":"135483b7-c59c-4755-b99c-8ef2d84b3bfd","block_type":"box","text":"2006.","page_number":42,"box":{"x":615,"y":161,"width":39,"height":9}},{"id":"4e546d6e-bd61-493a-b7ae-9bd67bf2da7c","block_type":"box","text":"Xiang Liu, PhD Jointly and primarily responsible for","page_number":42,"box":{"x":60,"y":233,"width":425,"height":11}},{"id":"1dfb5795-d35f-4ab1-8eb2-7561245fd6c5","block_type":"box","text":"the day-to-day management of the","page_number":42,"box":{"x":252,"y":247,"width":223,"height":10}},{"id":"c34584e6-5e93-4211-ba5e-777669a1cd50","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":42,"box":{"x":253,"y":261,"width":245,"height":10}},{"id":"46ee3c64-5ec2-4be4-954b-f38b059754f0","block_type":"box","text":"Fund’s overall investment strategy","page_number":42,"box":{"x":253,"y":274,"width":225,"height":10}},{"id":"f359c1ee-971f-479b-93a6-9439e61a2e01","block_type":"box","text":"and overseeing the management of","page_number":42,"box":{"x":253,"y":288,"width":233,"height":10}},{"id":"872ead67-a537-499d-9eb6-6ea6b3b1783d","block_type":"box","text":"the Fund.","page_number":42,"box":{"x":252,"y":301,"width":60,"height":8}},{"id":"ab54cfd4-9172-4f78-8837-c1afeffacbc5","block_type":"box","text":"2020 Managing Director of BlackRock, Inc. since","page_number":42,"box":{"x":545,"y":233,"width":352,"height":11}},{"id":"a0a91ee0-99c1-4ba9-b595-23a6d40ccfe1","block_type":"box","text":"2022.","page_number":42,"box":{"x":615,"y":247,"width":39,"height":8}},{"id":"688e9654-b270-42c4-91b0-5f58649694ad","block_type":"box","text":"Conflicts of Interest","page_number":42,"box":{"x":61,"y":342,"width":181,"height":11}},{"id":"da76dba4-f0d3-4468-b316-ff727beab08b","block_type":"box","text":"The investment activities of BlackRock and its affiliates (including BlackRock, Inc. and its subsidiaries (collectively, the","page_number":42,"box":{"x":60,"y":368,"width":871,"height":11}},{"id":"45835603-04f8-47cd-8aa4-800209d583ef","block_type":"box","text":"“Affiliates”)), and their respective directors, officers or employees, in managing their own accounts and other","page_number":42,"box":{"x":62,"y":383,"width":801,"height":11}},{"id":"47aaf62e-be6a-47a4-b78b-14e9a0dc2b7a","block_type":"box","text":"accounts, may present conflicts of interest that could disadvantage the Fund and its shareholders.","page_number":42,"box":{"x":61,"y":398,"width":723,"height":11}},{"id":"db1cefb1-bd7b-4871-8655-9ff0d5738577","block_type":"box","text":"BlackRock and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management","page_number":42,"box":{"x":62,"y":420,"width":871,"height":12}},{"id":"2ddab8e5-a654-48d1-8d2a-414e1076ad51","block_type":"box","text":"activities and in the ordinary course of business may engage in activities in which their interests or the interests of","page_number":42,"box":{"x":61,"y":435,"width":845,"height":12}},{"id":"b789047a-0851-4f32-a24d-8ceb461e9221","block_type":"box","text":"other clients may conflict with those of the Fund. BlackRock and its Affiliates act, or may act, as an investor, research","page_number":42,"box":{"x":61,"y":450,"width":865,"height":11}},{"id":"a619b2b2-2fff-462a-bef1-5c4325c4a285","block_type":"box","text":"provider, investment manager, commodity pool operator, commodity trading advisor, financier, underwriter, adviser,","page_number":42,"box":{"x":62,"y":465,"width":839,"height":11}},{"id":"1799c69f-53ee-4a41-9a98-83372ac4f957","block_type":"box","text":"trader, lender, index provider, agent and/or principal. BlackRock and its Affiliates may have other direct and indirect","page_number":42,"box":{"x":60,"y":479,"width":850,"height":12}},{"id":"e52ff136-9b5a-46c3-8715-a167264d2ac4","block_type":"box","text":"interests in securities, currencies, commodities, derivatives and other assets in which the Fund may directly or","page_number":42,"box":{"x":62,"y":495,"width":813,"height":11}},{"id":"edbe4d10-9782-4a67-8d28-ee8e1fe99344","block_type":"box","text":"indirectly invest.","page_number":42,"box":{"x":62,"y":509,"width":116,"height":12}},{"id":"8d8ba568-6437-430f-9667-17e71bb6e351","block_type":"box","text":"BlackRock and its Affiliates may engage in proprietary trading and advise accounts and other funds that have","page_number":42,"box":{"x":62,"y":532,"width":801,"height":11}},{"id":"a9845acd-70db-4b39-a4f0-e4311cc89039","block_type":"box","text":"investment objectives similar to those of the Fund and/or that engage in and compete for transactions in the same or","page_number":42,"box":{"x":62,"y":546,"width":865,"height":12}},{"id":"d572924f-c1f4-48fd-884d-2502c6898d27","block_type":"box","text":"similar types of securities, currencies and other assets as are held by the Fund. This may include transactions in","page_number":42,"box":{"x":61,"y":561,"width":829,"height":12}},{"id":"3cb9ee1c-3faf-45b3-9504-710b84756f5c","block_type":"box","text":"securities issued by other open-end and closed-end investment companies, including investment companies that are","page_number":42,"box":{"x":61,"y":576,"width":856,"height":12}},{"id":"7cb7d9f5-bde6-4db5-8d39-9e96c4e3f324","block_type":"box","text":"affiliated with the Fund and BlackRock, to the extent permitted under the Investment Company Act. The trading","page_number":42,"box":{"x":61,"y":591,"width":814,"height":12}},{"id":"7c0bae9f-d25b-4636-8d1f-6f54eaba762e","block_type":"box","text":"activities of BlackRock and its Affiliates are carried out without reference to positions held directly or indirectly by the","page_number":42,"box":{"x":61,"y":606,"width":860,"height":11}},{"id":"17a9c3a6-698f-4555-b22a-0e87e2a4ca77","block_type":"box","text":"Fund. 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The opposite result is also possible.","page_number":42,"box":{"x":61,"y":837,"width":815,"height":11}},{"id":"dbe44b6e-b79e-47fd-abb1-f9bf6af7550e","block_type":"box","text":"In addition, the Fund may enter into transactions in which BlackRock or an Affiliate or their directors, officers,","page_number":42,"box":{"x":62,"y":859,"width":802,"height":12}},{"id":"28a68afc-847d-4e19-8643-7db7a7dfacef","block_type":"box","text":"employees or clients have an adverse interest. The Fund may be adversely impacted by the effects of transactions","page_number":42,"box":{"x":61,"y":874,"width":840,"height":11}},{"id":"921c9b3c-fea1-43ae-9f42-ebf61e7b98ec","block_type":"box","text":"undertaken by BlackRock or an Affiliate or their directors, officers, employees or clients.","page_number":42,"box":{"x":61,"y":889,"width":648,"height":11}},{"id":"451728b6-446d-48cc-9e86-42c9900f1968","block_type":"box","text":"42","page_number":42,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"e9addbaf-453b-4840-be9f-2379a8be60f6","block_type":"box","text":"NM1026U-5978611-42/68","page_number":42,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"33923aca-10c2-49ea-8637-19846e33467e","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance","page_number":43,"box":{"x":62,"y":46,"width":854,"height":11}},{"id":"74688974-c923-40e0-a446-ca21b682581e","block_type":"box","text":"with applicable law, purchase and hold shares of the Fund. 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The terms of a fund’s index licensing agreement with BlackRock or its","page_number":43,"box":{"x":62,"y":262,"width":870,"height":11}},{"id":"eb80cb45-5c35-41be-8900-1f197d28cb8a","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":43,"box":{"x":60,"y":276,"width":545,"height":12}},{"id":"4b1b0ca1-1ccb-4e05-90c5-4848c88e3858","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":43,"box":{"x":60,"y":299,"width":837,"height":12}},{"id":"6f6ba41e-c9cd-4eab-97cb-586c7e8bb1c7","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":43,"box":{"x":61,"y":314,"width":865,"height":11}},{"id":"ba09199d-c0b2-4063-ba96-6f0f92a87168","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":43,"box":{"x":62,"y":329,"width":819,"height":11}},{"id":"459697c9-7a15-4bc0-8f17-735ee21121be","block_type":"box","text":"Valuation of Fund Investments","page_number":43,"box":{"x":63,"y":367,"width":271,"height":11}},{"id":"e89e3c8e-f401-4b4a-8b99-d01a2583cf4c","block_type":"box","text":"When you buy shares, you pay the net asset value, plus any applicable sales charge. This is the offering price. Shares","page_number":43,"box":{"x":60,"y":394,"width":869,"height":11}},{"id":"40d900ad-be00-45da-a116-dea41578f18a","block_type":"box","text":"are also redeemed at their net asset value, minus any applicable sales charge or redemption fee. The net asset value","page_number":43,"box":{"x":61,"y":409,"width":868,"height":11}},{"id":"62d7057c-ce82-449a-b484-7ed7de968065","block_type":"box","text":"used in determining your share price is the next one calculated after your purchase or redemption order is received.","page_number":43,"box":{"x":61,"y":423,"width":849,"height":12}},{"id":"5e1cc71d-756e-4f91-adb3-c4574c2eb1c9","block_type":"box","text":"The net asset value of each class of shares normally is determined once daily Monday through Friday, generally as of","page_number":43,"box":{"x":60,"y":438,"width":862,"height":12}},{"id":"3faed7eb-b870-4634-ac0c-b527c4404e5f","block_type":"box","text":"the close of regular trading hours of the NYSE (normally 4:00 p.m., Eastern time), on each day that the NYSE is open","page_number":43,"box":{"x":60,"y":453,"width":861,"height":12}},{"id":"18f59ffa-fb4a-4d76-bd91-0e0ad25ea684","block_type":"box","text":"for trading, based on prices at the time of closing, provided that any Fund assets or liabilities denominated in","page_number":43,"box":{"x":60,"y":468,"width":803,"height":11}},{"id":"0071642b-95f2-4a68-bb35-431bb2101dd9","block_type":"box","text":"currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing market rates on the date of","page_number":43,"box":{"x":61,"y":483,"width":829,"height":11}},{"id":"08bc2f0e-565f-4442-abc9-ad16de6f7219","block_type":"box","text":"valuation as quoted by one or more data service providers. The net asset value of shares is calculated by dividing the","page_number":43,"box":{"x":60,"y":497,"width":865,"height":12}},{"id":"5032ebfc-cf89-43a9-8291-7ab6bd64f4d4","block_type":"box","text":"value of the net assets of each class of shares (i.e., the value of its total assets less total liabilities) by the total","page_number":43,"box":{"x":60,"y":512,"width":829,"height":12}},{"id":"c5b44da8-0dcf-4e1e-9487-1aa4b6017b2b","block_type":"box","text":"number of outstanding shares of the class, generally rounded to the nearest cent.","page_number":43,"box":{"x":61,"y":527,"width":601,"height":12}},{"id":"fccf35f2-a06d-47dd-9983-5a40e7e6b3b4","block_type":"box","text":"Generally, Institutional Shares will have the highest net asset value because that class has the lowest expenses.","page_number":43,"box":{"x":61,"y":550,"width":830,"height":11}},{"id":"d40d1f22-77ee-4996-9517-f8be888bd897","block_type":"box","text":"Investor A Shares will have a higher net asset value than Investor C or Class R Shares, and Class R Shares will have a","page_number":43,"box":{"x":62,"y":565,"width":870,"height":11}},{"id":"42aa2f3c-8662-4d12-8639-8b07f6d13fe7","block_type":"box","text":"higher net asset value than Investor C Shares. Also, dividends paid on Investor A, Institutional and Class R Shares will","page_number":43,"box":{"x":61,"y":579,"width":869,"height":12}},{"id":"187d852f-0b35-4335-9fd5-fee700b0042a","block_type":"box","text":"generally be higher than dividends paid on Investor C Shares because Investor A, Institutional and Class R Shares","page_number":43,"box":{"x":60,"y":594,"width":838,"height":12}},{"id":"cc3d0b53-c48b-4ec4-b1c7-58252f1af7d6","block_type":"box","text":"have lower expenses.","page_number":43,"box":{"x":61,"y":609,"width":156,"height":11}},{"id":"c41cd4ac-8a4c-4661-8eab-a9eefbb36c99","block_type":"box","text":"The value of the securities and other assets and liabilities held by the Fund is determined pursuant to BlackRock’s","page_number":43,"box":{"x":60,"y":632,"width":844,"height":11}},{"id":"b6c5c143-c80a-4356-b1bc-f6eb19ef257e","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":43,"box":{"x":60,"y":646,"width":837,"height":12}},{"id":"02395c31-cf9b-4a81-8ecf-009be9c2624c","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":43,"box":{"x":62,"y":661,"width":464,"height":12}},{"id":"a870792e-3a73-44ff-a458-f4a0d9a61f9f","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":43,"box":{"x":62,"y":684,"width":863,"height":11}},{"id":"70394259-64c3-4942-a562-42de36f83367","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":43,"box":{"x":60,"y":699,"width":858,"height":11}},{"id":"4db8dc3d-364a-4b55-987b-20f495edd5d5","block_type":"box","text":"last reported official closing price or, if a reported closing price is not available, the last traded price on the exchange","page_number":43,"box":{"x":62,"y":713,"width":863,"height":12}},{"id":"b820a049-4f11-4d96-a998-d011b724b448","block_type":"box","text":"or market on which the security or instrument is primarily traded at the time of valuation. 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Pricing services may use valuation models that utilize","page_number":43,"box":{"x":61,"y":810,"width":868,"height":12}},{"id":"7af7c261-429c-44f0-8984-c1674c21d405","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":43,"box":{"x":61,"y":825,"width":842,"height":11}},{"id":"93e38d4c-0121-4299-93e8-5b04fa9578c4","block_type":"box","text":"orderly transactions of an institutional round lot size, but the Fund may hold or transact in such securities in smaller","page_number":43,"box":{"x":61,"y":840,"width":853,"height":11}},{"id":"d6075406-8b80-4a3b-980f-be3ce516bd64","block_type":"box","text":"odd lot sizes. 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The","page_number":43,"box":{"x":61,"y":869,"width":822,"height":12}},{"id":"e50e1d25-c19f-451f-8e6e-7d5fb1703ddb","block_type":"box","text":"amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to","page_number":43,"box":{"x":61,"y":884,"width":845,"height":12}},{"id":"4f32910d-34a7-4043-92d7-5184df1be26a","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":43,"box":{"x":61,"y":899,"width":733,"height":12}},{"id":"f890547b-b48d-4708-a638-94696bb3f626","block_type":"box","text":"43","page_number":43,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"d839d74c-bc35-4eaf-bd46-5d2047f8ba8b","block_type":"box","text":"NM1026U-5978611-43/68","page_number":43,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b9b82c98-4871-49a3-ae56-68a94f03c4de","block_type":"box","text":"Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of","page_number":44,"box":{"x":61,"y":46,"width":829,"height":11}},{"id":"62715946-d236-41fc-a8a2-477637d20caa","block_type":"box","text":"regular trading hours of the NYSE. 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The fair value of an asset or","page_number":44,"box":{"x":62,"y":336,"width":825,"height":11}},{"id":"e75ab29b-d033-4921-a218-573622dafa42","block_type":"box","text":"liability held by the Fund is the amount the Fund might reasonably expect to receive from the current sale of that asset","page_number":44,"box":{"x":62,"y":351,"width":871,"height":11}},{"id":"f443929f-304d-49e8-bd0c-a5c35f82c027","block_type":"box","text":"or the cost to extinguish that liability in an arm’s-length transaction. 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The Fund will be","page_number":44,"box":{"x":60,"y":418,"width":830,"height":11}},{"id":"7cd95c61-84d7-4dda-8ed6-dacc3a96e5a3","block_type":"box","text":"deemed to receive an order when accepted by the Financial Intermediary or designee, and the order will receive the","page_number":44,"box":{"x":61,"y":433,"width":848,"height":11}},{"id":"ea75454e-2498-4b53-a0c2-704c18082bd2","block_type":"box","text":"net asset value next computed by the Fund after such acceptance. 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The Fund","page_number":44,"box":{"x":60,"y":650,"width":871,"height":11}},{"id":"10f4ba97-ff53-482d-ad0f-6176ea15db7e","block_type":"box","text":"may also pay a special distribution at the end of the calendar year to comply with federal tax requirements. Dividends","page_number":44,"box":{"x":61,"y":664,"width":862,"height":12}},{"id":"d25569e5-84bc-4430-95b1-16bc0b4bebe4","block_type":"box","text":"may be reinvested automatically in shares of the Fund at net asset value without a sales charge or may be taken in","page_number":44,"box":{"x":61,"y":679,"width":847,"height":12}},{"id":"dc8ce995-6345-455d-83ae-3e62db134aa3","block_type":"box","text":"cash. If you would like to receive dividends in cash, contact your Financial Intermediary or the Fund. Although this","page_number":44,"box":{"x":61,"y":694,"width":832,"height":12}},{"id":"ddbd00bd-30ff-4ae9-a792-e95cecce5545","block_type":"box","text":"cannot be predicted with any certainty, the Fund anticipates that a significant amount of its dividends, if any, will","page_number":44,"box":{"x":61,"y":709,"width":824,"height":11}},{"id":"77013c5f-a857-4094-8256-ca0bc3d74f98","block_type":"box","text":"consist of capital gains. Capital gains may be taxable to you at different rates depending on how long the Fund held","page_number":44,"box":{"x":61,"y":724,"width":849,"height":11}},{"id":"96a0fc3f-66bd-4ffe-9cfd-4b9f7bbbb8cb","block_type":"box","text":"the assets sold.","page_number":44,"box":{"x":60,"y":739,"width":118,"height":9}},{"id":"9c2c79ad-a622-4005-babd-d74aaac65281","block_type":"box","text":"You will pay tax on dividends from the Fund whether you receive them in cash or additional shares. If you redeem Fund","page_number":44,"box":{"x":60,"y":761,"width":869,"height":12}},{"id":"53e5f09e-9d97-4135-807c-181a1b1b975d","block_type":"box","text":"shares or exchange them for shares of another fund, you generally will be treated as having sold your shares and any","page_number":44,"box":{"x":61,"y":776,"width":862,"height":12}},{"id":"f6f66903-37fe-4a4f-8fa2-db27b3c7a7f0","block_type":"box","text":"gain on the transaction may be subject to tax. Fund distributions derived from qualified dividend income, which","page_number":44,"box":{"x":60,"y":791,"width":812,"height":11}},{"id":"8bfc2b12-4edc-412b-922d-57c07d4cc47a","block_type":"box","text":"consists of dividends received from U.S. corporations and qualifying foreign corporations, and from long-term capital","page_number":44,"box":{"x":61,"y":806,"width":852,"height":11}},{"id":"7765ef37-1752-4813-8889-8a212aad2f8e","block_type":"box","text":"gains, are eligible for taxation at a maximum rate of 15% or 20% for individuals, depending on whether their income","page_number":44,"box":{"x":60,"y":820,"width":849,"height":12}},{"id":"4c13b30c-9332-4525-b70f-e244af1cc356","block_type":"box","text":"exceeds certain threshold amounts, which are adjusted annually for inflation.","page_number":44,"box":{"x":61,"y":835,"width":565,"height":12}},{"id":"2524f5ba-59f2-481a-beeb-a7b00c80c9fa","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes, but is not limited to, interest,","page_number":44,"box":{"x":60,"y":858,"width":803,"height":11}},{"id":"03c870fe-d671-4bf4-9323-5e2a9ebf147e","block_type":"box","text":"dividends and net gain from investments) of U.S. individuals with income exceeding $200,000, or $250,000 if married","page_number":44,"box":{"x":61,"y":872,"width":873,"height":12}},{"id":"f8bd3c3c-7faf-4778-b4be-932c29a9ab05","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":44,"box":{"x":60,"y":887,"width":282,"height":12}},{"id":"ae40c93e-3c43-41f2-8b7a-067ccf37d4a4","block_type":"box","text":"44","page_number":44,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"5c262830-5466-493c-a4ba-810b26a1a4d1","block_type":"box","text":"NM1026U-5978611-44/68","page_number":44,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"83bc5b61-8dd1-4ed5-8ce1-0deac552c2a1","block_type":"box","text":"Your dividends and redemption proceeds will be subject to backup withholding tax if you have not provided a taxpayer","page_number":45,"box":{"x":60,"y":46,"width":861,"height":11}},{"id":"8272be75-ae6a-466e-8002-a561377fd209","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":45,"box":{"x":62,"y":60,"width":679,"height":12}},{"id":"0ca1c9bb-c383-4904-8b16-fa8772154bf5","block_type":"box","text":"If you are neither a tax resident nor a citizen of the United States or if you are a foreign entity (other than a pass","page_number":45,"box":{"x":62,"y":83,"width":827,"height":12}},{"id":"2755ac4e-24b7-4c4c-a758-822af9c0daa4","block_type":"box","text":"through entity to the extent owned by U.S. persons), the Fund’s ordinary income dividends will generally be subject to a","page_number":45,"box":{"x":60,"y":98,"width":876,"height":11}},{"id":"4f5064c0-4886-4782-a0f3-a0b578c1df08","block_type":"box","text":"30% U.S. withholding tax, unless a lower treaty rate applies. However, certain distributions reported by the Fund as","page_number":45,"box":{"x":61,"y":113,"width":846,"height":11}},{"id":"5cacfa18-5a58-4809-adb8-7f1000a19bdf","block_type":"box","text":"capital gain dividends, interest-related dividends or short-term capital gain dividends and paid to a foreign shareholder","page_number":45,"box":{"x":61,"y":127,"width":869,"height":12}},{"id":"b99987f5-5028-4893-bcb5-553e4b75f735","block_type":"box","text":"may be eligible for an exemption from U.S. withholding tax.","page_number":45,"box":{"x":61,"y":142,"width":430,"height":12}},{"id":"873e95a8-2295-4af3-b394-b807d345e05c","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income items paid","page_number":45,"box":{"x":61,"y":165,"width":868,"height":11}},{"id":"3a883663-81eb-4ad6-a976-ab21e52317a4","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To avoid","page_number":45,"box":{"x":60,"y":180,"width":808,"height":11}},{"id":"0dcbba61-2ce4-4739-a1e7-cc2c60542105","block_type":"box","text":"withholding, foreign financial institutions and investment funds will generally either need to (a) collect and report to the","page_number":45,"box":{"x":60,"y":195,"width":874,"height":11}},{"id":"774f522d-c3ef-47c0-bc6a-460fc7374cab","block_type":"box","text":"IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due diligence","page_number":45,"box":{"x":62,"y":209,"width":789,"height":12}},{"id":"97804b45-fb43-4378-a439-a45e99a6b7d0","block_type":"box","text":"procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying foreign entities","page_number":45,"box":{"x":62,"y":224,"width":858,"height":12}},{"id":"1da87edc-38c7-4c6e-8b7f-11a9fb396ad7","block_type":"box","text":"and account holders or (b) if an intergovernmental agreement is entered into and implementing legislation is adopted,","page_number":45,"box":{"x":61,"y":239,"width":865,"height":12}},{"id":"0af9e10d-416b-463c-9456-e6ba0a6ff604","block_type":"box","text":"comply with the agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":45,"box":{"x":61,"y":254,"width":802,"height":11}},{"id":"4313f773-94bb-440c-89d1-273d437636f4","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":45,"box":{"x":62,"y":269,"width":639,"height":11}},{"id":"fa11a197-9ce7-46dc-b2a2-3c5fbed3cde5","block_type":"box","text":"This section summarizes some of the consequences under current federal tax law of an investment in the Fund. It is","page_number":45,"box":{"x":60,"y":291,"width":855,"height":11}},{"id":"08188fa1-7140-440e-8460-ba151d534060","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":45,"box":{"x":61,"y":306,"width":832,"height":11}},{"id":"0e716cba-58ad-4154-bb7b-0692b27bf62a","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":45,"box":{"x":62,"y":321,"width":383,"height":11}},{"id":"5e96c0f9-f57e-4cef-8934-db8ce9b9b6c0","block_type":"box","text":"45","page_number":45,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"5cfa2002-dc22-4a47-a3a9-29e422cac340","block_type":"box","text":"NM1026U-5978611-45/68","page_number":45,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d5e776e3-55d7-4296-8d15-25b78375e502","block_type":"box","text":"The financial highlights tables are intended to help investors understand the Fund’s financial performance for the","page_number":46,"box":{"x":60,"y":75,"width":833,"height":12}},{"id":"1dff7a71-d8ce-4365-8b4e-bb99150a120f","block_type":"box","text":"periods shown. Certain information reflects financial results for a single share of the Fund. The total returns in the","page_number":46,"box":{"x":62,"y":90,"width":839,"height":12}},{"id":"8db841ec-4938-4b09-bdd9-4f9af6f984ba","block_type":"box","text":"tables represent the rate of return that an investor would have earned (or lost) on an investment in the Fund,","page_number":46,"box":{"x":60,"y":105,"width":800,"height":11}},{"id":"911c13a9-b2fb-46d7-9f4f-fc6a76b914cb","block_type":"box","text":"assuming reinvestment of all dividends and distributions. The information has been audited by Deloitte & Touche LLP,","page_number":46,"box":{"x":61,"y":120,"width":863,"height":11}},{"id":"dc1ec5fc-de67-48ed-b7ec-fe4b216b2254","block_type":"box","text":"whose report, along with the Fund’s audited financial statements, is included in the Fund’s Annual Financial","page_number":46,"box":{"x":60,"y":135,"width":792,"height":11}},{"id":"f29d15c9-754c-4dc4-8536-ae222b9eaf0b","block_type":"box","text":"Statements and Additional Information for the fiscal year ended May 31, 2026, as filed with the SEC on Form N-CSR,","page_number":46,"box":{"x":61,"y":149,"width":859,"height":12}},{"id":"65e4fafc-440e-4538-ad92-ded4b021da7e","block_type":"box","text":"which is available upon request and at www.blackrock.com.","page_number":46,"box":{"x":60,"y":165,"width":435,"height":10}},{"id":"dde70b5b-875d-45c7-a377-e4f3cc879e4a","block_type":"box","text":"BlackRock Health Sciences Opportunities Portfolio","page_number":46,"box":{"x":518,"y":185,"width":308,"height":9}},{"id":"fa73ed8a-f371-4114-8aaa-ccdaf0ea4976","block_type":"box","text":"Institutional","page_number":46,"box":{"x":636,"y":201,"width":71,"height":7}},{"id":"f00f1fd5-1d08-40da-8e3c-65409f100926","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":46,"box":{"x":69,"y":227,"width":296,"height":9}},{"id":"551a251a-80e6-4397-8757-05420a5d0cc7","block_type":"box","text":"Year Ended","page_number":46,"box":{"x":433,"y":217,"width":66,"height":7}},{"id":"8e64c7dc-c5f9-4db9-b4da-39c33ba6a15c","block_type":"box","text":"05/31/26","page_number":46,"box":{"x":434,"y":227,"width":64,"height":9}},{"id":"81f36d5d-c48e-4468-876c-02ef954ce641","block_type":"box","text":"Year 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Ended","page_number":46,"box":{"x":844,"y":217,"width":66,"height":7}},{"id":"5c490b9d-762c-4916-a3de-fc630347b859","block_type":"box","text":"05/31/22","page_number":46,"box":{"x":845,"y":227,"width":64,"height":9}},{"id":"ef7612e0-925e-4820-a06c-490ed343ea7b","block_type":"box","text":"Net asset value, beginning of year","page_number":46,"box":{"x":69,"y":244,"width":205,"height":9}},{"id":"5ce7337c-7b34-4cb7-a714-1f82e88f7ad7","block_type":"box","text":"$ 65.10 $ 74.83 $ 68.47 $ 72.10 $ 81.77","page_number":46,"box":{"x":431,"y":244,"width":482,"height":8}},{"id":"71e513de-fdc2-4d94-9dcb-3183686ebafd","block_type":"box","text":"Net investment income","page_number":46,"box":{"x":85,"y":261,"width":134,"height":7}},{"id":"decaa806-cc1a-40f4-96d8-b52e0470a9c9","block_type":"box","text":"(a)","page_number":46,"box":{"x":220,"y":261,"width":7,"height":4}},{"id":"e3a7891c-cc0a-44fb-a130-e050ed23aff7","block_type":"box","text":"0.33 0.29 0.32 0.34 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Davidson’s policies and procedures.","page_number":54,"box":{"x":81,"y":330,"width":519,"height":11}},{"id":"d32b0d48-0dc2-4c08-af6a-3bcef311e8aa","block_type":"box","text":"CDSC Waivers on Investor A and C Shares Available at D.A. 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Davidson may be included in the calculation","page_number":54,"box":{"x":82,"y":630,"width":841,"height":11}},{"id":"68d67e52-c1c9-4fe3-877e-5b264c207ba5","block_type":"box","text":"of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":54,"box":{"x":81,"y":644,"width":705,"height":12}},{"id":"3fee0348-1a96-4b31-a0dd-f3ffac4e6b12","block_type":"box","text":"A-2","page_number":54,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"50fac575-912b-4ed2-91f4-95ae38c72c16","block_type":"box","text":"NM1026U-5978611-54/68","page_number":54,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"795ad46b-ad71-4e25-af46-37ecfdf3e698","block_type":"box","text":"Edward D. Jones & Co., L.P. (“Edward Jones”):","page_number":55,"box":{"x":61,"y":46,"width":383,"height":12}},{"id":"6bfbf3ba-42b0-4063-b492-7d3dca6431bb","block_type":"box","text":"Policies Regarding Transactions Through Edward Jones","page_number":55,"box":{"x":61,"y":71,"width":456,"height":12}},{"id":"4c83c89b-ee13-4e49-816a-04fa8e9a7196","block_type":"box","text":"The following information has been provided by Edward Jones:","page_number":55,"box":{"x":62,"y":102,"width":455,"height":11}},{"id":"5e2fa441-bfa5-41b4-b0a9-72fbe6e05c96","block_type":"box","text":"Effective on or after June 10, 2026, the following information supersedes prior information with respect to","page_number":55,"box":{"x":62,"y":124,"width":780,"height":12}},{"id":"cc8b479c-88ae-471e-8768-ec61bd2cbbfb","block_type":"box","text":"transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also","page_number":55,"box":{"x":60,"y":139,"width":817,"height":12}},{"id":"ddfa213d-7ea3-47c8-b71e-3d218be5a060","block_type":"box","text":"referred to as “shareholders”) purchasing fund shares on the Edward Jones commission and fee-based platforms are","page_number":55,"box":{"x":61,"y":154,"width":863,"height":11}},{"id":"da1f4754-6d2f-4b54-99dd-0e886df49a94","block_type":"box","text":"eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ","page_number":55,"box":{"x":61,"y":169,"width":860,"height":11}},{"id":"fb9ae895-ef18-443d-a2e5-3e949a0ec205","block_type":"box","text":"from discounts and waivers described elsewhere in this prospectus or statement of additional information (“SAI”) or","page_number":55,"box":{"x":60,"y":184,"width":854,"height":11}},{"id":"2bcd9225-4413-4ffb-bbc8-a6e6891a4c77","block_type":"box","text":"through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time","page_number":55,"box":{"x":60,"y":198,"width":875,"height":12}},{"id":"53b2bc39-82be-479e-88ef-f9b7470c9fc7","block_type":"box","text":"of purchase of any relationship, holdings of BlackRock Funds, or other facts qualifying the purchaser for discounts or","page_number":55,"box":{"x":61,"y":213,"width":857,"height":12}},{"id":"9db3af94-fab4-4433-904c-810fd1f09ba9","block_type":"box","text":"waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if","page_number":55,"box":{"x":60,"y":228,"width":871,"height":9}},{"id":"e85f274d-6581-4e19-b106-6c2228db1e4d","block_type":"box","text":"they have questions regarding their eligibility for these discounts and waivers.","page_number":55,"box":{"x":60,"y":243,"width":570,"height":11}},{"id":"4f09f48e-e6db-4f93-a603-77f95a89649f","block_type":"box","text":"Breakpoints","page_number":55,"box":{"x":61,"y":266,"width":99,"height":12}},{"id":"22eee2b6-c2f1-4994-bcb1-a4d7c8627f08","block_type":"box","text":"Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.","page_number":55,"box":{"x":82,"y":288,"width":788,"height":11}},{"id":"b68b8864-ed93-42d2-a64b-716325912066","block_type":"box","text":"Rights of Accumulation (“ROA”)","page_number":55,"box":{"x":61,"y":310,"width":265,"height":13}},{"id":"6cd1c081-bb50-4e5c-836d-a2d0378a40cd","block_type":"box","text":"The applicable sales charge on a purchase of Investor A Shares is determined by taking into account all share","page_number":55,"box":{"x":81,"y":332,"width":810,"height":11}},{"id":"ba75decb-770a-4de6-9d38-083a1e91504b","block_type":"box","text":"classes (except certain money market funds and any assets held in group retirement plans) of BlackRock Funds and","page_number":55,"box":{"x":81,"y":347,"width":855,"height":11}},{"id":"a4051a27-7605-4b3d-922d-c05b44a8d3ff","block_type":"box","text":"the BlackRock CollegeAdvantage 529 Program held by the shareholder or in an account grouped by Edward Jones","page_number":55,"box":{"x":80,"y":362,"width":834,"height":11}},{"id":"af4530bd-ee7f-4625-92a1-cf67bc6a319e","block_type":"box","text":"with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). 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Money market funds are included only if such","page_number":55,"box":{"x":82,"y":421,"width":811,"height":11}},{"id":"e228f3a5-8b58-41d5-b0b1-7e7c7f38b8d1","block_type":"box","text":"shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a","page_number":55,"box":{"x":81,"y":436,"width":841,"height":11}},{"id":"0636398a-2bcb-4c8f-81ca-ff7320f9afd6","block_type":"box","text":"sales charge.","page_number":55,"box":{"x":81,"y":451,"width":97,"height":11}},{"id":"87e5a8e0-aa27-4e98-a45b-50ffe43c779f","block_type":"box","text":"The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA","page_number":55,"box":{"x":81,"y":470,"width":846,"height":12}},{"id":"d6e71da5-1576-442d-8d91-659a2f9868fa","block_type":"box","text":"accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a","page_number":55,"box":{"x":81,"y":486,"width":769,"height":11}},{"id":"3923cfe5-aee4-4388-9163-e61e084f65ef","block_type":"box","text":"shareholder or pricing group level.","page_number":55,"box":{"x":81,"y":500,"width":248,"height":12}},{"id":"f6d504d7-2e0c-40ec-a028-4d640f4bcff8","block_type":"box","text":"ROA is determined by calculating the higher of cost minus redemptions or market value (current shares multiplied","page_number":55,"box":{"x":82,"y":520,"width":833,"height":12}},{"id":"9c6358b3-9e7a-48ae-ae49-40d336d077ab","block_type":"box","text":"by NAV).","page_number":55,"box":{"x":81,"y":535,"width":58,"height":11}},{"id":"477d3612-c43a-43b9-b42b-88dbad08001b","block_type":"box","text":"Letter of Intent (“LOI”)","page_number":55,"box":{"x":61,"y":558,"width":188,"height":12}},{"id":"35433b15-ef9a-4035-a604-91543a4a9c78","block_type":"box","text":"Through a LOI, a shareholder can receive the sales charge and breakpoint discounts for purchases such","page_number":55,"box":{"x":81,"y":579,"width":765,"height":12}},{"id":"5a0307e1-070d-47fb-ab71-1a3aa9a3d2b4","block_type":"box","text":"shareholder intends to make over a 13-month period from the date Edward Jones receives the LOI. 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The inclusion of eligible BlackRock Funds","page_number":55,"box":{"x":81,"y":653,"width":827,"height":12}},{"id":"a7849cdd-ef86-4a4f-8dee-f80374c39a0f","block_type":"box","text":"assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of","page_number":55,"box":{"x":81,"y":668,"width":845,"height":12}},{"id":"ab9c4d80-fbf3-4f9a-8e38-0a4e7160ebd2","block_type":"box","text":"calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not","page_number":55,"box":{"x":81,"y":683,"width":851,"height":12}},{"id":"85374580-54a9-4fd4-bf5f-dedd2fbd7857","block_type":"box","text":"reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.","page_number":55,"box":{"x":82,"y":698,"width":680,"height":12}},{"id":"9320beac-8f2e-49c6-a251-62560baa5183","block_type":"box","text":"If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the","page_number":55,"box":{"x":82,"y":718,"width":842,"height":11}},{"id":"0ce1bb52-8f49-4732-a9d5-430f1417d103","block_type":"box","text":"IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be","page_number":55,"box":{"x":82,"y":733,"width":829,"height":11}},{"id":"5bcd31f1-b099-49f1-ab75-10d20e249cd1","block_type":"box","text":"established by the employer.","page_number":55,"box":{"x":81,"y":748,"width":209,"height":11}},{"id":"9d9f982b-a8d2-455b-b333-6a36236c6b34","block_type":"box","text":"Sales Charge Waivers","page_number":55,"box":{"x":60,"y":771,"width":180,"height":12}},{"id":"65c8e085-8aab-47e0-b197-786360f7aab6","block_type":"box","text":"Sales charges are waived for the following shareholders and in the following situations:","page_number":55,"box":{"x":61,"y":787,"width":639,"height":11}},{"id":"038403bf-70f4-45ff-931c-ee54334d0244","block_type":"box","text":"Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by","page_number":55,"box":{"x":81,"y":807,"width":806,"height":11}},{"id":"b631febd-7af8-438a-a3d5-8e4b7bfbf79e","block_type":"box","text":"Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the","page_number":55,"box":{"x":82,"y":822,"width":850,"height":11}},{"id":"2012f120-699e-462f-b28c-d0b130dca8a6","block_type":"box","text":"associate’s life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant","page_number":55,"box":{"x":81,"y":837,"width":846,"height":11}},{"id":"4f9d5d90-b2d0-4aae-aef0-9a9f7be74bfa","block_type":"box","text":"to Edward Jones’ policies and procedures.","page_number":55,"box":{"x":80,"y":852,"width":310,"height":11}},{"id":"18401587-793e-4b8c-a38b-de39469bbba9","block_type":"box","text":"Shares purchased in an Edward Jones fee-based program.","page_number":55,"box":{"x":81,"y":871,"width":427,"height":12}},{"id":"9f81aa84-17e2-402d-9744-a08d52ec6b1e","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.","page_number":55,"box":{"x":81,"y":891,"width":710,"height":12}},{"id":"e18db984-46e1-4786-9f96-981ee23e58ae","block_type":"box","text":"A-3","page_number":55,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"47608244-c270-4c94-a93e-e257226f5e72","block_type":"box","text":"NM1026U-5978611-55/68","page_number":55,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0f19fe25-ef87-4a52-b958-c61a19f232b1","block_type":"box","text":"Shares purchased from the proceeds of redeemed shares of BlackRock Funds so long as the following conditions","page_number":56,"box":{"x":81,"y":46,"width":834,"height":11}},{"id":"8a03a962-25b8-4e4e-96fc-2d82e53a4194","block_type":"box","text":"are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made","page_number":56,"box":{"x":81,"y":60,"width":850,"height":12}},{"id":"3844484f-a6ce-4e26-bc7f-6e5a4e71f9d7","block_type":"box","text":"from a share class that charges a front load and one of the following (“Right of Reinstatement”):","page_number":56,"box":{"x":81,"y":75,"width":708,"height":12}},{"id":"90b51c46-3997-4568-a247-8ef5accba8bf","block_type":"box","text":"The redemption and repurchase occur in the same account.","page_number":56,"box":{"x":101,"y":96,"width":438,"height":11}},{"id":"14df814b-c0f8-4441-9c44-7a17db049a27","block_type":"box","text":"The redemption proceeds are used to process an: IRA contribution, return of excess contributions, conversion,","page_number":56,"box":{"x":101,"y":115,"width":811,"height":11}},{"id":"8b39c717-8fa4-47b3-8ff9-06d167ac4387","block_type":"box","text":"recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same","page_number":56,"box":{"x":102,"y":130,"width":784,"height":12}},{"id":"3db4364a-54b8-456e-979e-ea5bfb2db7be","block_type":"box","text":"Edward Jones grouping for ROA.","page_number":56,"box":{"x":102,"y":145,"width":231,"height":11}},{"id":"a91a230f-4423-46a5-bf97-5aad2ed3b01e","block_type":"box","text":"The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases","page_number":56,"box":{"x":76,"y":166,"width":839,"height":12}},{"id":"ac062ec2-85b8-49f9-a8fe-86a4e23354ff","block_type":"box","text":"made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund","page_number":56,"box":{"x":76,"y":179,"width":805,"height":12}},{"id":"1bb5d29f-2182-49de-9add-bb619bd26dee","block_type":"box","text":"products.","page_number":56,"box":{"x":77,"y":192,"width":66,"height":11}},{"id":"04416d95-4e87-461d-a730-b644b8d70134","block_type":"box","text":"Shares exchanged into Investor A Shares from another share class so long as the exchange is into the same fund","page_number":56,"box":{"x":81,"y":210,"width":837,"height":12}},{"id":"00d5f193-2206-428c-9b52-fd1b05bd73b3","block_type":"box","text":"and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSCs due to","page_number":56,"box":{"x":81,"y":225,"width":834,"height":11}},{"id":"fcf81273-e673-4718-93dd-549f76543042","block_type":"box","text":"BlackRock, if applicable. 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For purposes of this provision, employer","page_number":58,"box":{"x":81,"y":293,"width":826,"height":12}},{"id":"ea4b2696-ab8f-492e-8f29-133d75c1f4d3","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.","page_number":58,"box":{"x":81,"y":308,"width":684,"height":12}},{"id":"c2daed45-ec90-49ec-b110-e1872a4e6268","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":58,"box":{"x":81,"y":328,"width":362,"height":12}},{"id":"19bcca62-10de-45bf-8103-4260102eb779","block_type":"box","text":"Investor C shares that are no longer subject to a contingent deferred sales charge and are converted to Investor A","page_number":58,"box":{"x":82,"y":348,"width":840,"height":12}},{"id":"5410cbf7-ed10-4dc6-a7f9-7f0baaf2c99c","block_type":"box","text":"shares of the same fund pursuant to Janney’s policies and procedures.","page_number":58,"box":{"x":81,"y":363,"width":523,"height":11}},{"id":"e19113c2-33c2-43a8-9a74-89aaf01260cb","block_type":"box","text":"CDSC waivers on Investor A and C shares available at Janney","page_number":58,"box":{"x":61,"y":386,"width":507,"height":12}},{"id":"a4b2f5f9-764f-4335-91bc-29547c1adcbb","block_type":"box","text":"Shares sold upon the death or disability of the shareholder.","page_number":58,"box":{"x":81,"y":407,"width":436,"height":12}},{"id":"28ae20aa-20d4-4556-b935-698373a0939c","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus or SAI.","page_number":58,"box":{"x":81,"y":427,"width":721,"height":12}},{"id":"b9ca7605-0cd0-49ea-b441-f8392a0f641c","block_type":"box","text":"Shares purchased in connection with a return of excess contributions from an IRA account.","page_number":58,"box":{"x":81,"y":447,"width":667,"height":11}},{"id":"dc13ab87-36d2-4d5e-9dc8-208319c9b036","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal","page_number":58,"box":{"x":81,"y":467,"width":820,"height":11}},{"id":"aa13d22a-9d18-42f9-bc43-99a3106820ec","block_type":"box","text":"Revenue Code.","page_number":58,"box":{"x":82,"y":482,"width":108,"height":9}},{"id":"9b208810-8c7b-442a-85f4-ba67ada0b31c","block_type":"box","text":"Shares sold to pay Janney fees but only if the transaction is initiated by Janney.","page_number":58,"box":{"x":81,"y":502,"width":583,"height":11}},{"id":"479e396a-a09e-4707-9217-55834c0bb039","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":58,"box":{"x":81,"y":522,"width":362,"height":12}},{"id":"949dc10e-ad10-48ad-bcf5-7e79fb0904ae","block_type":"box","text":"Shares exchanged into the same share class of a different fund.","page_number":58,"box":{"x":81,"y":542,"width":473,"height":12}},{"id":"6b3974b2-7519-4d19-b0d2-2393572b5136","block_type":"box","text":"Front-end sales charge* discounts available at Janney: breakpoints, rights of accumulation, and/or","page_number":58,"box":{"x":61,"y":565,"width":822,"height":12}},{"id":"f5ff53a8-f9aa-41bf-b2a7-4703a206c7b3","block_type":"box","text":"letters of intent","page_number":58,"box":{"x":61,"y":582,"width":128,"height":10}},{"id":"14f4f7a4-e047-42c9-9b05-f89709a7c6e5","block_type":"box","text":"Breakpoints as described in the Fund’s prospectus or SAI.","page_number":58,"box":{"x":82,"y":603,"width":426,"height":11}},{"id":"adb642a4-3ab7-4b6c-b2db-34a4f1727253","block_type":"box","text":"Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated","page_number":58,"box":{"x":82,"y":623,"width":847,"height":12}},{"id":"3810e508-3baf-4c1e-80a7-f3d85bd54291","block_type":"box","text":"based on the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at","page_number":58,"box":{"x":81,"y":638,"width":834,"height":12}},{"id":"35c2e4da-bef0-4869-a9dd-b12559ff961b","block_type":"box","text":"Janney. Eligible BlackRock Fund assets not held at Janney may be included in the ROA calculation only if the","page_number":58,"box":{"x":81,"y":653,"width":793,"height":11}},{"id":"7f3cd54e-2c81-428d-bd67-119dad01ae90","block_type":"box","text":"shareholder notifies his or her financial advisor about such assets.","page_number":58,"box":{"x":81,"y":668,"width":490,"height":9}},{"id":"656f2419-47d4-48dc-b46e-563864b49ea2","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases within a BlackRock Fund, over","page_number":58,"box":{"x":82,"y":688,"width":854,"height":11}},{"id":"02a7daae-f753-464a-9541-70bde5754838","block_type":"box","text":"a 13-month time period. Eligible BlackRock Fund assets not held at Janney Montgomery Scott may be included in","page_number":58,"box":{"x":81,"y":703,"width":831,"height":11}},{"id":"3062e5e9-d7ba-4bd1-975e-d1063b3788ca","block_type":"box","text":"the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":58,"box":{"x":80,"y":717,"width":818,"height":12}},{"id":"b6877179-ef05-49c9-9e18-3738091bbcbb","block_type":"box","text":"*Also referred to as an “initial sales charge.”","page_number":58,"box":{"x":62,"y":740,"width":332,"height":11}},{"id":"ba281e46-719e-4a67-9bf8-b0ea22ee9c76","block_type":"box","text":"A-6","page_number":58,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"0dd9bc59-eb03-4bb3-a05a-0fa67ed123d3","block_type":"box","text":"NM1026U-5978611-58/68","page_number":58,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"41579f57-ebb0-4e35-84af-c6c50d06a9a4","block_type":"box","text":"Merrill Lynch:","page_number":59,"box":{"x":61,"y":46,"width":110,"height":13}},{"id":"97b09411-e280-46f6-9ca8-154b174bc2c3","block_type":"box","text":"Purchases or sales of front-end (i.e. Investor A) or level-load (i.e., Investor C) mutual fund shares through a Merrill","page_number":59,"box":{"x":61,"y":62,"width":834,"height":12}},{"id":"c0f68915-c48d-4da2-a793-3857486aeb66","block_type":"box","text":"platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end","page_number":59,"box":{"x":62,"y":77,"width":870,"height":12}},{"id":"28f96396-e0a8-48d2-9e79-ba0044f180a9","block_type":"box","text":"waivers) and discounts, which differ from those disclosed elsewhere in this Fund’s prospectus. Purchasers will have to","page_number":59,"box":{"x":60,"y":92,"width":874,"height":11}},{"id":"1a558933-dc25-4dde-aa4b-709a974c709f","block_type":"box","text":"buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for","page_number":59,"box":{"x":61,"y":107,"width":823,"height":11}},{"id":"c8f36a1a-38e3-4888-9a87-391159a8ea85","block_type":"box","text":"waivers or discounts not listed below.","page_number":59,"box":{"x":60,"y":122,"width":274,"height":9}},{"id":"310807d8-d2a8-440c-9ab6-237c4028b718","block_type":"box","text":"It is the client’s responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that","page_number":59,"box":{"x":62,"y":144,"width":841,"height":12}},{"id":"1e0b6a4d-5ba3-4a7e-9c35-e5dc8a695d04","block_type":"box","text":"qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such","page_number":59,"box":{"x":61,"y":159,"width":870,"height":12}},{"id":"1b2449c9-9dc4-4689-b19b-b3f2cfca5e4a","block_type":"box","text":"facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.","page_number":59,"box":{"x":60,"y":174,"width":823,"height":11}},{"id":"c6b0da4d-4b4e-4e94-a2d2-4cb180abdc67","block_type":"box","text":"Additional information on waivers, discounts, and share class exchanges is available in the Merrill Sales Load Waiver","page_number":59,"box":{"x":60,"y":196,"width":862,"height":12}},{"id":"36c36227-9bc4-4b4e-8a30-38174cfee825","block_type":"box","text":"and Discounts Supplement (the “Merrill SLWD Supplement”) and in the Mutual Fund Investing at Merrill pamphlet at","page_number":59,"box":{"x":61,"y":211,"width":853,"height":12}},{"id":"9026156a-89e1-4483-943c-a237f8635955","block_type":"box","text":"ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine","page_number":59,"box":{"x":61,"y":226,"width":863,"height":12}},{"id":"b108acf3-0ed5-4fa3-a493-fd6dc6b9065b","block_type":"box","text":"whether a transaction is eligible for a waiver or discount.","page_number":59,"box":{"x":60,"y":241,"width":415,"height":12}},{"id":"76d763f4-45b3-43da-9cad-f1a70bf55a1b","block_type":"box","text":"Front-end Load Waivers Available at Merrill","page_number":59,"box":{"x":61,"y":264,"width":352,"height":10}},{"id":"5473e61b-7584-4626-8eb9-b315a829e14e","block_type":"box","text":"Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and","page_number":59,"box":{"x":81,"y":285,"width":811,"height":12}},{"id":"719cf7cd-1b2d-4b8a-98ba-b258ab5d2d61","block_type":"box","text":"employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares","page_number":59,"box":{"x":81,"y":300,"width":853,"height":12}},{"id":"94e13b0e-7405-46ce-908f-5e757ae6c2e3","block_type":"box","text":"are not held in a commission-based brokerage account and shares are held for the benefit of the plan. 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