{"annotation_id":"0774025d-8f9f-4231-8ba3-93399bbf98cb","file_hash":"54629d4855906c87a74b9408b7987b06968a4757e7e9e5ccfdb485f8c9defe0a","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"c959e6ae-16d0-4bb6-a16e-73172a673804","block_type":"box","text":"SEPTEMBER 28, 2026","page_number":1,"box":{"x":754,"y":47,"width":184,"height":11}},{"id":"3a27accf-c493-4ee2-8d99-1fe7dd3ece12","block_type":"box","text":"Prospectus","page_number":1,"box":{"x":106,"y":175,"width":259,"height":32}},{"id":"f1212188-62ee-436a-9981-52dcad6424c1","block_type":"box","text":"BlackRock Funds","page_number":1,"box":{"x":63,"y":297,"width":140,"height":9}},{"id":"22539cab-dc1f-42e9-8ec1-e2aab419dd24","block_type":"box","text":"SM","page_number":1,"box":{"x":204,"y":297,"width":13,"height":5}},{"id":"bfa98ddf-ccbe-4079-a645-a19c8fda4323","block_type":"box","text":"|","page_number":1,"box":{"x":227,"y":296,"width":3,"height":11}},{"id":"b4b2b7cd-45b3-4c51-9d6e-25587d38801f","block_type":"box","text":"Service Shares","page_number":1,"box":{"x":240,"y":297,"width":120,"height":9}},{"id":"9f5a87dd-6802-43ba-a51a-54051a8f3739","block_type":"box","text":"•","page_number":1,"box":{"x":63,"y":325,"width":6,"height":4}},{"id":"086f057a-f9bd-4d07-a6d9-fa175356e07e","block_type":"box","text":"BlackRock Health Sciences Opportunities Portfolio","page_number":1,"box":{"x":84,"y":321,"width":417,"height":12}},{"id":"406645f1-49b7-4ef5-aafd-5139edf52952","block_type":"box","text":"Service: SHISX","page_number":1,"box":{"x":83,"y":339,"width":92,"height":7}},{"id":"fb874491-baae-4dfb-88f0-905f8fee809f","block_type":"box","text":"This Prospectus contains information you should know before investing, including information about risks.","page_number":1,"box":{"x":63,"y":834,"width":741,"height":11}},{"id":"e03df56c-d178-4f70-911e-9f70428138b0","block_type":"box","text":"Please read it before you invest and keep it for future reference.","page_number":1,"box":{"x":63,"y":850,"width":438,"height":10}},{"id":"b48d8cec-16a1-4e6e-9518-40c33bada947","block_type":"box","text":"The Securities and Exchange Commission has not approved or disapproved these securities or passed upon","page_number":1,"box":{"x":63,"y":870,"width":749,"height":11}},{"id":"a56bdf07-cb24-42ee-8148-10c67a3705aa","block_type":"box","text":"the adequacy of this Prospectus. 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6","page_number":2,"box":{"x":360,"y":278,"width":578,"height":11}},{"id":"2cba3ba5-8a0c-4e49-bcb7-d9d8dc168a88","block_type":"box","text":"Purchase and Sale of Fund Shares ............................................................ 7","page_number":2,"box":{"x":360,"y":293,"width":578,"height":9}},{"id":"f75087c4-83f9-4b28-9714-9856892b7227","block_type":"box","text":"Tax Information......................................................................................... 7","page_number":2,"box":{"x":361,"y":309,"width":577,"height":9}},{"id":"d774ec4f-7760-4c05-ac26-f9ad5a2027d8","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries .................. 7","page_number":2,"box":{"x":360,"y":324,"width":578,"height":12}},{"id":"b38f9b73-78e8-4e60-b67c-3101c3cb1f06","block_type":"box","text":"Details About the 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10","page_number":2,"box":{"x":361,"y":397,"width":577,"height":9}},{"id":"e87a5b5e-be9c-4dfa-97fa-38def625b0c1","block_type":"box","text":"Account Information","page_number":2,"box":{"x":128,"y":420,"width":215,"height":13}},{"id":"3c6fc961-539a-4c64-b779-d5649767ed13","block_type":"box","text":"Information about account services, sales charges and waivers,","page_number":2,"box":{"x":361,"y":424,"width":468,"height":12}},{"id":"149088a2-a8c8-4eb5-99f1-8385f880c4a1","block_type":"box","text":"shareholder transactions, and distribution and other payments","page_number":2,"box":{"x":360,"y":439,"width":459,"height":11}},{"id":"4a1c4892-e8a3-40b5-973a-cdcb96112f03","block_type":"box","text":"Details About the Share Class ................................................................. 20","page_number":2,"box":{"x":361,"y":454,"width":577,"height":10}},{"id":"980c16e3-e83e-4da5-811d-28659fbd90c6","block_type":"box","text":"Distribution and Shareholder Servicing 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35","page_number":2,"box":{"x":361,"y":715,"width":577,"height":9}},{"id":"5ae5b540-4e03-49d5-9801-c220ef6cc0c1","block_type":"box","text":"Glossary","page_number":2,"box":{"x":253,"y":738,"width":92,"height":16}},{"id":"6c337b73-31fd-4a6c-a6a1-7b7bddb120ea","block_type":"box","text":"Glossary of Investment Terms ................................................................. 36","page_number":2,"box":{"x":361,"y":742,"width":577,"height":11}},{"id":"e6641f83-48d0-4ce9-9acf-49dc0b5f3d3f","block_type":"box","text":"For More Information","page_number":2,"box":{"x":122,"y":774,"width":221,"height":13}},{"id":"3934c90c-1de6-4964-ba96-a82f4deaf81c","block_type":"box","text":"Fund and Service Providers ............................................... 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In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the","page_number":3,"box":{"x":81,"y":586,"width":832,"height":9}},{"id":"e3ce4acf-a950-433c-a425-81e50d7cc439","block_type":"box","text":"Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028.","page_number":3,"box":{"x":81,"y":596,"width":847,"height":9}},{"id":"c2bc5d9e-e76b-494a-9f54-2383b7ce0dde","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a","page_number":3,"box":{"x":81,"y":606,"width":834,"height":10}},{"id":"09a6dbf8-8bd3-4489-a302-10eb9b3b54da","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":3,"box":{"x":81,"y":617,"width":330,"height":9}},{"id":"924d49fd-312f-4275-b058-0721f88babe4","block_type":"box","text":"Example:","page_number":3,"box":{"x":61,"y":635,"width":74,"height":12}},{"id":"a6d83243-0178-4c6f-b70a-b428ce38b4c4","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":3,"box":{"x":60,"y":651,"width":830,"height":11}},{"id":"4cb9f10f-2444-4c59-808c-b804467d55df","block_type":"box","text":"mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then","page_number":3,"box":{"x":61,"y":665,"width":832,"height":12}},{"id":"038a981a-33ad-4ed2-82f6-d2455b2da96a","block_type":"box","text":"redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%","page_number":3,"box":{"x":61,"y":681,"width":832,"height":11}},{"id":"e4cfae8e-106b-4ac2-8b8e-e0ed381587fe","block_type":"box","text":"return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher","page_number":3,"box":{"x":61,"y":696,"width":859,"height":11}},{"id":"7fd139f5-6516-4629-8ded-164d4b18a626","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":710,"width":436,"height":12}},{"id":"d74fa8e4-fe06-4ee9-bc32-f557997513d7","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":739,"width":292,"height":8}},{"id":"24fbe811-aa53-4c8d-9097-798259fa4c9f","block_type":"box","text":"Service Shares $118 $368 $638 $1,409","page_number":3,"box":{"x":69,"y":756,"width":849,"height":11}},{"id":"5cdfb133-8f21-4fcc-95fa-f057f87ab4e7","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":782,"width":151,"height":10}},{"id":"d6a28ddf-8bb3-482a-b7a9-ee7329d5211c","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":3,"box":{"x":60,"y":798,"width":800,"height":11}},{"id":"8e893f30-d8b2-424f-a7e7-ba7b7a13d417","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":3,"box":{"x":62,"y":813,"width":850,"height":11}},{"id":"e60148bd-7794-4aa0-88ea-62d37de34516","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":3,"box":{"x":61,"y":827,"width":870,"height":12}},{"id":"8d0edb3e-3c0b-4e21-932b-b7d062caaa28","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":3,"box":{"x":62,"y":842,"width":839,"height":12}},{"id":"a7f03477-9f9b-4111-ba65-980ca52ce86e","block_type":"box","text":"49% of the average value of its portfolio.","page_number":3,"box":{"x":61,"y":857,"width":298,"height":12}},{"id":"babfd235-397f-4a2f-a6bf-b2e7643dd05f","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":935,"width":9,"height":9}},{"id":"8976f03a-d02c-4efc-b03b-04293c3f4a1f","block_type":"box","text":"NM1026U-5978633-3/40","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"d0b39818-7766-44e0-a43b-453feb0b7fe0","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":4,"box":{"x":61,"y":46,"width":394,"height":14}},{"id":"9d266985-fab0-4785-8cbd-ce102098a62f","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":73,"width":814,"height":11}},{"id":"9c9e8199-b413-4706-bec3-2de2fbfc1dde","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":88,"width":869,"height":11}},{"id":"de788bc0-0b07-466c-bf17-7d544b850c7b","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":102,"width":865,"height":12}},{"id":"ad92dbf2-8b8f-47d2-abfb-c4fecc52f21e","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":117,"width":803,"height":9}},{"id":"4cea5441-eb83-4503-843b-31e16398da0c","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":132,"width":777,"height":12}},{"id":"d873b5b0-b352-497f-97b4-023acca737a2","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":147,"width":872,"height":11}},{"id":"90ebcd1b-78c7-4e54-b6d1-374a96be1e9e","block_type":"box","text":"development, production, and distribution or delivery of medical and pharmaceutical products and services,","page_number":4,"box":{"x":61,"y":162,"width":790,"height":11}},{"id":"0ba349f9-2a61-4ed8-8619-bc83947bdfd8","block_type":"box","text":"companies engaged in biotechnology and medical research and development, companies that may design,","page_number":4,"box":{"x":61,"y":177,"width":781,"height":11}},{"id":"63aea414-53a0-4d41-ba63-a6b3d7ae8a2d","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":191,"width":845,"height":12}},{"id":"fcac8b0f-6a65-4931-802d-2ff981e54fec","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":206,"width":830,"height":12}},{"id":"fb1f5095-1c90-4fb7-b3bd-445f275a118f","block_type":"box","text":"administrative, management and financial support. The Fund will concentrate its investments (","page_number":4,"box":{"x":61,"y":221,"width":694,"height":12}},{"id":"a81edb0a-8c7c-4f70-8930-a635dcdae38b","block_type":"box","text":"i.e.,","page_number":4,"box":{"x":757,"y":221,"width":26,"height":11}},{"id":"b3a0c310-ddb1-4dad-8bd1-460c4479d453","block_type":"box","text":"invest more than","page_number":4,"box":{"x":790,"y":221,"width":121,"height":9}},{"id":"b4b01ea5-5d5f-49cc-9d08-4a9e5870cf46","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":236,"width":870,"height":11}},{"id":"bb78d5d8-1aae-4a12-b085-8260a6688387","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":258,"width":833,"height":12}},{"id":"204ab926-5553-4b98-b4a6-849a180a104d","block_type":"box","text":"stocks of companies not associated with health sciences.","page_number":4,"box":{"x":61,"y":273,"width":424,"height":11}},{"id":"7b55dda0-1f40-4e34-b1b2-740c634303ff","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":312,"width":354,"height":14}},{"id":"b08b4763-3d0b-4130-bf22-0703f482438f","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":338,"width":860,"height":12}},{"id":"7258736e-9aa5-4992-9bfd-3123ea6cfe15","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":353,"width":802,"height":12}},{"id":"722631f3-ae13-4339-944e-d669efe4d075","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":368,"width":866,"height":11}},{"id":"a09cba75-485d-44e8-b14a-fa67c80f17fa","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":383,"width":869,"height":11}},{"id":"09983eeb-a6cf-4c7d-97b9-2c4fa538e8a9","block_type":"box","text":"government agency. The following is a summary description of principal risks of investing in the Fund. The relative","page_number":4,"box":{"x":60,"y":398,"width":835,"height":11}},{"id":"7334446f-0271-4e2c-8341-a721cc7569a4","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":412,"width":793,"height":12}},{"id":"01283ef7-6dcf-4e92-86a7-9051b283cc80","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":433,"width":166,"height":11}},{"id":"1aae6244-ae25-4cf0-9c8a-83e64e81c4e5","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":432,"width":685,"height":12}},{"id":"bdc3abb7-7cef-4d61-b947-0e88affd3cc5","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":447,"width":550,"height":12}},{"id":"57cb338a-2dc6-491f-8bfb-c72591277918","block_type":"box","text":"Healthcare-Related Securities Risk","page_number":4,"box":{"x":81,"y":467,"width":264,"height":9}},{"id":"1d70f59f-01c9-495e-9c7c-3a40be502c09","block_type":"box","text":"—","page_number":4,"box":{"x":350,"y":473,"width":17,"height":0}},{"id":"82e2e301-06df-42c9-9d54-748181978413","block_type":"box","text":"Healthcare companies are strongly affected by worldwide scientific or","page_number":4,"box":{"x":372,"y":467,"width":509,"height":12}},{"id":"026be89a-6455-442d-9450-19f7417e3874","block_type":"box","text":"technological developments. Their products may rapidly become obsolete. Many healthcare companies are also","page_number":4,"box":{"x":80,"y":482,"width":820,"height":12}},{"id":"227ac2d5-b880-4123-bcfc-83f96fd81ac2","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":497,"width":752,"height":11}},{"id":"4157e76f-4cef-4afe-b26c-2d98a7c9adb1","block_type":"box","text":"Concentration Risk","page_number":4,"box":{"x":81,"y":517,"width":145,"height":9}},{"id":"474e9587-adb5-4623-9b0e-69901a584dff","block_type":"box","text":"—","page_number":4,"box":{"x":231,"y":522,"width":17,"height":1}},{"id":"9acbb853-8ad7-4007-925c-61dd38a74f09","block_type":"box","text":"The Fund’s strategy of concentrating in health sciences and related companies means that","page_number":4,"box":{"x":252,"y":517,"width":668,"height":11}},{"id":"0c03124b-90ca-46c6-981c-df5e9dbaa537","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":4,"box":{"x":82,"y":532,"width":848,"height":11}},{"id":"71db3566-20ea-464f-8937-ecd208a63d97","block_type":"box","text":"these companies may present more risks than if it were broadly diversified over numerous industries and sectors of","page_number":4,"box":{"x":80,"y":546,"width":853,"height":12}},{"id":"e539cd76-fedd-498c-b915-c6fb7c4982e0","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":4,"box":{"x":80,"y":561,"width":831,"height":12}},{"id":"27ebd060-1244-49c5-9f4c-3bd73de78a62","block_type":"box","text":"does not concentrate in such companies. At times, the performance of these companies will lag the performance of","page_number":4,"box":{"x":81,"y":576,"width":855,"height":12}},{"id":"cc9278b0-1c67-45e6-bbd1-8a84acae6d9a","block_type":"box","text":"other industries or the broader market as a whole.","page_number":4,"box":{"x":81,"y":591,"width":368,"height":9}},{"id":"fd3e6227-605d-4581-86d6-9a74bd8ce826","block_type":"box","text":"Foreign Securities Risk","page_number":4,"box":{"x":81,"y":611,"width":176,"height":11}},{"id":"877ab6ad-54a4-42d4-bb88-db98ffdb3991","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":4,"box":{"x":260,"y":611,"width":668,"height":11}},{"id":"d796001b-ae70-48ec-ae41-c7d5ed161abc","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":4,"box":{"x":82,"y":626,"width":531,"height":11}},{"id":"a5529073-06f6-4be6-a24d-e0b22b8908f5","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":4,"box":{"x":101,"y":646,"width":823,"height":11}},{"id":"7d958ea5-03df-4235-b2b7-d22a1fc2ae90","block_type":"box","text":"be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory","page_number":4,"box":{"x":102,"y":661,"width":823,"height":11}},{"id":"8d282ea4-7e6e-4987-bfca-4102137b54fa","block_type":"box","text":"oversight.","page_number":4,"box":{"x":101,"y":676,"width":70,"height":11}},{"id":"08e08418-1c3e-4241-bc07-f2f001db3c0a","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.","page_number":4,"box":{"x":101,"y":695,"width":644,"height":12}},{"id":"67586b09-13e8-4934-ae67-aefe1701f780","block_type":"box","text":"The economies of certain foreign markets may not compare favorably with the economy of the United States with","page_number":4,"box":{"x":101,"y":715,"width":830,"height":12}},{"id":"241b57bf-d1bb-4597-b80a-ee86add77f73","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":4,"box":{"x":102,"y":730,"width":808,"height":12}},{"id":"d38c660b-bc3f-41f6-b8a7-6dfbcbac3955","block_type":"box","text":"payments position.","page_number":4,"box":{"x":102,"y":745,"width":137,"height":11}},{"id":"0f5ea8c5-e89d-422e-8ac4-58d2cc2ebb86","block_type":"box","text":"The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or","page_number":4,"box":{"x":101,"y":765,"width":821,"height":12}},{"id":"8196eba8-ceb5-4130-8e20-652152012c0e","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":4,"box":{"x":102,"y":780,"width":809,"height":11}},{"id":"37d8cc9a-2076-45c7-8280-af28f36df352","block_type":"box","text":"markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":4,"box":{"x":102,"y":795,"width":784,"height":11}},{"id":"408a227e-eece-4f4a-93e8-89fbd4d9a80f","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":4,"box":{"x":101,"y":810,"width":352,"height":11}},{"id":"240c584e-e725-4d5b-8d00-0db54a639fa0","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":4,"box":{"x":102,"y":829,"width":823,"height":12}},{"id":"60d275cf-3e6a-4763-8427-a0406c9602e6","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":4,"box":{"x":101,"y":844,"width":811,"height":12}},{"id":"a6b5fb44-66c9-47df-b413-8728f7971784","block_type":"box","text":"U.S. securities laws.","page_number":4,"box":{"x":102,"y":859,"width":148,"height":9}},{"id":"10d743c7-151a-48fb-a883-a77a8e60180a","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of","page_number":4,"box":{"x":101,"y":879,"width":834,"height":12}},{"id":"3d5feb20-6e3d-4897-abf6-824a28231a15","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":4,"box":{"x":101,"y":894,"width":628,"height":11}},{"id":"eedc3183-7176-4e4e-a43b-11e458981d86","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"cf378611-f8af-4a94-b72d-78165ca7990d","block_type":"box","text":"NM1026U-5978633-4/40","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"eef85df2-9db4-466a-974f-6ad60ac8abce","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":46,"width":830,"height":11}},{"id":"5b571313-eb4b-43aa-a7ce-39233771ec69","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":60,"width":831,"height":12}},{"id":"9f50e758-d926-4555-8b4d-a792fa98756a","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":75,"width":813,"height":12}},{"id":"7ef418b4-67a6-4aa3-a55e-6d2ba2ec7b65","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":5,"box":{"x":101,"y":90,"width":395,"height":12}},{"id":"978f9a2d-5078-4bfd-b87b-95be06e93611","block_type":"box","text":"Geographic Concentration Risk","page_number":5,"box":{"x":81,"y":110,"width":235,"height":11}},{"id":"e0bf7e8f-a764-4cf2-b391-b8d982b874f6","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":110,"width":581,"height":12}},{"id":"69e782db-6705-4b31-b13b-1ea47c0449ff","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":125,"width":848,"height":11}},{"id":"c1dd0d86-63bd-4588-9c39-cc3eeb8f5e97","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":140,"width":841,"height":11}},{"id":"7ae0bda8-b323-4b96-9354-8365743baea8","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":155,"width":777,"height":11}},{"id":"97f40b8a-138b-4530-8963-7ae54a4b5c3d","block_type":"box","text":"concentrates its investments in certain countries, especially emerging market countries.","page_number":5,"box":{"x":81,"y":170,"width":648,"height":11}},{"id":"d1e45f04-bb2c-4651-8e25-e6fdc1c418f8","block_type":"box","text":"Investment Style Risk","page_number":5,"box":{"x":81,"y":190,"width":166,"height":11}},{"id":"120ff3ef-79db-42b8-b4d7-b79a2b82e695","block_type":"box","text":"—","page_number":5,"box":{"x":252,"y":195,"width":17,"height":1}},{"id":"1376abd5-b560-49e6-88e3-11618e69654c","block_type":"box","text":"Under certain market conditions, growth investments have performed better during the","page_number":5,"box":{"x":274,"y":189,"width":637,"height":12}},{"id":"39fc21b7-21c1-49b1-98f6-e5328f9ec5f7","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":204,"width":842,"height":12}},{"id":"9ad8b778-030f-4121-abb3-b19db64bee74","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":219,"width":847,"height":11}},{"id":"a90d6427-4a63-4178-8170-3e425433eef1","block_type":"box","text":"different investment styles.","page_number":5,"box":{"x":81,"y":234,"width":200,"height":11}},{"id":"d4499c62-b0b6-4fd3-8da9-2226cdcbc1d4","block_type":"box","text":"Market Risk and Selection Risk","page_number":5,"box":{"x":81,"y":254,"width":240,"height":9}},{"id":"e3f35cdd-a619-4ec5-941e-bb7bb7f2d099","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":254,"width":593,"height":9}},{"id":"f851a0c0-f464-42d5-9483-17bd83b5e39b","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":269,"width":851,"height":11}},{"id":"2981f923-f174-450c-a881-a085a4f276ab","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":283,"width":824,"height":12}},{"id":"f7928151-1768-4a69-b34e-a0e79af056b9","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":298,"width":851,"height":12}},{"id":"8a7f4251-d3e9-4576-bc52-e980264f663b","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":313,"width":802,"height":12}},{"id":"c55927da-8bd5-4749-9e9d-c6edaccb1546","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":328,"width":849,"height":12}},{"id":"82c5d490-b420-4173-9720-f71249ed41cb","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":343,"width":843,"height":11}},{"id":"d4bf2cb7-aee6-4bde-a3b1-182711f6e18f","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":358,"width":830,"height":11}},{"id":"9828f322-3c5a-4c27-bd24-bd07330f25d8","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":372,"width":840,"height":12}},{"id":"2210e3e5-e4e6-44e0-bd27-809ca8bc4db6","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":387,"width":789,"height":12}},{"id":"cc6e220a-e47d-4308-a40b-69f18663a93d","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":402,"width":823,"height":12}},{"id":"e1e44a92-3a7d-427f-a78b-3f880407e77a","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":417,"width":784,"height":11}},{"id":"fd21f8b4-d160-4d69-ab75-3a4e204c90ca","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":432,"width":844,"height":11}},{"id":"fe07014f-560d-49f0-abf6-3abea7eb1a4a","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":452,"width":818,"height":11}},{"id":"3eebe37d-8c18-4336-8b25-71084eaad0e8","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":467,"width":819,"height":11}},{"id":"384cd9ea-edd4-4486-bdd0-0e65aa3c0db1","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":481,"width":819,"height":12}},{"id":"6dc721c6-ac2b-4c45-ac64-430708ac3b3d","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":5,"box":{"x":81,"y":496,"width":846,"height":12}},{"id":"cfc20059-875c-452a-8958-076918a9b255","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":5,"box":{"x":81,"y":511,"width":848,"height":12}},{"id":"1a768bbf-a3be-4986-b04c-0cb922317d89","block_type":"box","text":"the Fund invests.","page_number":5,"box":{"x":80,"y":526,"width":125,"height":9}},{"id":"48846558-5371-4840-8514-09628cae845f","block_type":"box","text":"Mid Cap Securities Risk","page_number":5,"box":{"x":81,"y":546,"width":182,"height":11}},{"id":"98d64576-2c35-4a2d-9fa1-7f496001be5b","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":5,"box":{"x":267,"y":546,"width":665,"height":11}},{"id":"27464c1c-1717-4a25-a2a7-631174a11027","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":5,"box":{"x":81,"y":561,"width":789,"height":11}},{"id":"a04a9294-bc46-4441-9932-aa5c35632023","block_type":"box","text":"Operational and Technology Risks","page_number":5,"box":{"x":82,"y":581,"width":254,"height":11}},{"id":"58acdbb7-3bd9-446a-b9c7-b6b7c9edc7f1","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":5,"box":{"x":340,"y":581,"width":578,"height":11}},{"id":"2dcc86ee-f7a3-4397-9832-a1f1f58fb15c","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":5,"box":{"x":82,"y":595,"width":779,"height":12}},{"id":"9bfe07d7-68d8-4926-bf20-6fde05e4a7a2","block_type":"box","text":"cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":5,"box":{"x":81,"y":610,"width":848,"height":12}},{"id":"eafe82f9-9a28-46ea-99ed-6a9472a0c2b8","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":5,"box":{"x":81,"y":625,"width":806,"height":12}},{"id":"432ebde0-d7c4-4d45-ac49-36e7789ddd02","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":5,"box":{"x":82,"y":640,"width":807,"height":12}},{"id":"50dce581-266d-4fd1-9d17-3a45138fd9bf","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":5,"box":{"x":82,"y":655,"width":846,"height":11}},{"id":"4580cf25-8ce6-4201-a1e8-f7cde4eeafc3","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":5,"box":{"x":81,"y":670,"width":836,"height":11}},{"id":"d91caac4-4ab9-4e03-8e52-6fdaa50bfc8e","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":5,"box":{"x":82,"y":685,"width":474,"height":11}},{"id":"a16fb358-e633-4bd6-b727-9161f0f097d6","block_type":"box","text":"Risk of Investing in the United States","page_number":5,"box":{"x":81,"y":704,"width":283,"height":12}},{"id":"fc04b4af-76e7-469a-af10-7fad6d9b8731","block_type":"box","text":"— Certain changes in the U.S. economy, such as when the U.S. economy","page_number":5,"box":{"x":368,"y":705,"width":541,"height":11}},{"id":"d09f003a-eafc-45b2-96fd-0ba72da3abb8","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":5,"box":{"x":80,"y":719,"width":847,"height":12}},{"id":"986424b6-5124-45b9-b97b-b1590ae97ab4","block_type":"box","text":"exposure.","page_number":5,"box":{"x":81,"y":736,"width":70,"height":9}},{"id":"facede60-0680-4fc6-bea9-9cc57e54faf2","block_type":"box","text":"Small Cap Securities Risk","page_number":5,"box":{"x":81,"y":754,"width":196,"height":11}},{"id":"598e3f68-7ff7-4747-94e8-cc28f9f34fe5","block_type":"box","text":"—","page_number":5,"box":{"x":281,"y":759,"width":17,"height":1}},{"id":"8ed750db-6d9a-463c-9607-ceb8c544c8f0","block_type":"box","text":"Small cap companies may have limited product lines or markets. They may be less","page_number":5,"box":{"x":303,"y":754,"width":607,"height":11}},{"id":"dacaedb2-20f1-4c8d-a6d2-cd762594ba6e","block_type":"box","text":"financially secure than larger, more established companies. They may depend on a more limited management group","page_number":5,"box":{"x":81,"y":769,"width":852,"height":11}},{"id":"cf1ce1b7-4304-47fe-97e9-bbd67dae6739","block_type":"box","text":"than larger capitalized companies.","page_number":5,"box":{"x":80,"y":784,"width":251,"height":11}},{"id":"57353359-8815-4931-b4a8-96adce84bc0c","block_type":"box","text":"Performance Information","page_number":5,"box":{"x":61,"y":823,"width":224,"height":11}},{"id":"e41cade2-9db9-4ee7-9fac-308f57252bf1","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":5,"box":{"x":60,"y":849,"width":855,"height":11}},{"id":"642fe9e8-7a31-4444-86ae-a684e7880946","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s performance to that of the Russell 3000 Index and the","page_number":5,"box":{"x":61,"y":864,"width":858,"height":11}},{"id":"75cc8e97-ad49-4269-9822-c9f356178b22","block_type":"box","text":"Russell 3000 Health Care Index. The Russell 3000 Health Care Index is relevant to the Fund because it has","page_number":5,"box":{"x":62,"y":879,"width":793,"height":9}},{"id":"040a1ad7-93ef-46d6-9f72-33de9b67d44f","block_type":"box","text":"characteristics similar to the Fund’s investment strategy. To the extent that dividends and distributions have been paid","page_number":5,"box":{"x":61,"y":894,"width":870,"height":11}},{"id":"527c5c1a-c3f7-47c1-a97b-f2c05dc2dbe5","block_type":"box","text":"by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends","page_number":5,"box":{"x":61,"y":908,"width":857,"height":12}},{"id":"8f947fb8-9b60-413e-a0c7-4b2a34545ad9","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"7a792a92-2bd8-4c74-a955-b2b5a6fdb455","block_type":"box","text":"NM1026U-5978633-5/40","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"5964b4f8-6b5c-4474-a301-ac2fd337de99","block_type":"box","text":"and distributions. As with all such investments, past performance (before and after taxes) is not an indication of future","page_number":6,"box":{"x":61,"y":46,"width":874,"height":11}},{"id":"a049d43f-7b8b-4316-92ae-c9b7e2647571","block_type":"box","text":"results. The table includes all applicable fees. If the Fund’s investment manager and its affiliates had not waived or","page_number":6,"box":{"x":61,"y":60,"width":850,"height":12}},{"id":"0b32e8a2-6e51-4b41-8250-592fd638c2f1","block_type":"box","text":"reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated","page_number":6,"box":{"x":61,"y":76,"width":797,"height":11}},{"id":"23707331-28cd-4f8d-b288-372c703c42bc","block_type":"box","text":"information on the Fund’s performance, including its current net asset value, can be obtained by visiting","page_number":6,"box":{"x":62,"y":90,"width":766,"height":12}},{"id":"f8d4af9c-d73b-4624-ac12-d9292ee27820","block_type":"box","text":"www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":6,"box":{"x":60,"y":105,"width":505,"height":11}},{"id":"cb3ec60e-7873-4c6e-901a-53e5e22f514c","block_type":"box","text":"Service Shares","page_number":6,"box":{"x":437,"y":128,"width":123,"height":10}},{"id":"cf2d9fd4-6a93-4955-b3f8-cbfb08693451","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":6,"box":{"x":392,"y":144,"width":212,"height":10}},{"id":"934d259c-4ae3-4f40-b9ae-84c100939b7b","block_type":"box","text":"BlackRock Health Sciences Opportunities Portfolio","page_number":6,"box":{"x":288,"y":160,"width":422,"height":13}},{"id":"2873986c-7ce0-4600-85a3-65de10a2ef27","block_type":"box","text":"As of 12/31","page_number":6,"box":{"x":447,"y":176,"width":103,"height":13}},{"id":"5caca4b3-8a53-4746-a153-669184dcbea7","block_type":"box","text":"-6.05%","page_number":6,"box":{"x":293,"y":347,"width":40,"height":7}},{"id":"1f1999d8-07c0-4dae-9a93-b0cde3121413","block_type":"box","text":"24.79%","page_number":6,"box":{"x":339,"y":212,"width":45,"height":7}},{"id":"c255b1ff-a372-43ea-9538-61bb308a342c","block_type":"box","text":"7.95%","page_number":6,"box":{"x":392,"y":278,"width":36,"height":7}},{"id":"e28e7463-8de2-42bb-a297-a9ecbf6eadd5","block_type":"box","text":"25.25%","page_number":6,"box":{"x":436,"y":210,"width":45,"height":8}},{"id":"48db6001-0dfe-409d-9c75-330087293bf8","block_type":"box","text":"19.43%","page_number":6,"box":{"x":484,"y":233,"width":45,"height":7}},{"id":"38018034-2460-4728-bec3-7067b2d928ba","block_type":"box","text":"11.74%","page_number":6,"box":{"x":532,"y":263,"width":45,"height":7}},{"id":"3f594760-8436-450c-8214-cf388949c660","block_type":"box","text":"-5.96%","page_number":6,"box":{"x":582,"y":347,"width":40,"height":7}},{"id":"71cc59d7-b4b9-4058-a4c0-1d192c4984e2","block_type":"box","text":"3.53%","page_number":6,"box":{"x":632,"y":295,"width":37,"height":7}},{"id":"ed840403-b7a0-447b-82f5-2dce0afb11b2","block_type":"box","text":"3.78%","page_number":6,"box":{"x":681,"y":294,"width":36,"height":7}},{"id":"015aa01a-9144-4e49-aac4-26c6966e0bcf","block_type":"box","text":"15.92%","page_number":6,"box":{"x":725,"y":247,"width":45,"height":7}},{"id":"48084cff-5181-4beb-ad2e-708fafb334c2","block_type":"box","text":"-10%","page_number":6,"box":{"x":237,"y":355,"width":28,"height":7}},{"id":"577875f7-2ea3-403a-8cea-b5f7fafea217","block_type":"box","text":"0%","page_number":6,"box":{"x":248,"y":316,"width":17,"height":7}},{"id":"a5d88fa3-ea0d-4b0b-954d-eb1e9d47abac","block_type":"box","text":"10%","page_number":6,"box":{"x":241,"y":277,"width":24,"height":7}},{"id":"53572e32-9017-46ec-a3ff-37276caec87a","block_type":"box","text":"20%","page_number":6,"box":{"x":240,"y":238,"width":25,"height":8}},{"id":"cb5ed0f5-47c9-4f43-95a4-456700dd103d","block_type":"box","text":"30%","page_number":6,"box":{"x":240,"y":199,"width":25,"height":8}},{"id":"82ce3f14-afbe-4a4a-90c5-f41cb15e1011","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":6,"box":{"x":298,"y":365,"width":465,"height":7}},{"id":"c0ff5ef7-6a9c-42b2-abf3-97551570b760","block_type":"box","text":"During the ten-year period shown in the bar chart, the highest return for a quarter was 17.46% (quarter ended","page_number":6,"box":{"x":62,"y":385,"width":806,"height":12}},{"id":"e3106867-f13b-4edd-b8b3-0d19fd297cab","block_type":"box","text":"June 30, 2020) and the lowest return for a quarter was -11.54% (quarter ended March 31, 2020). The year-to-date","page_number":6,"box":{"x":61,"y":400,"width":845,"height":12}},{"id":"93135677-cd5b-45ee-b36c-c39452bd3ac6","block_type":"box","text":"return as of June 30, 2026 was 4.39%.","page_number":6,"box":{"x":61,"y":415,"width":289,"height":11}},{"id":"cdc4013f-6657-466c-80ca-bc544985142a","block_type":"box","text":"For the periods ended 12/31/25","page_number":6,"box":{"x":70,"y":444,"width":223,"height":10}},{"id":"e05db2f0-4440-4ac6-8c38-c2f169769d9b","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":6,"box":{"x":69,"y":455,"width":854,"height":10}},{"id":"2a59b269-9fc8-4b04-b4dc-7946d892c2c7","block_type":"box","text":"BlackRock Health Sciences Opportunities Portfolio — Service Shares","page_number":6,"box":{"x":70,"y":473,"width":458,"height":10}},{"id":"75c315fb-ab7c-4caa-868a-8bd14fcdc7a8","block_type":"box","text":"Return Before Taxes 15.92% 5.53% 9.50%","page_number":6,"box":{"x":85,"y":486,"width":840,"height":8}},{"id":"0e4a91e0-b833-4423-8b65-cca64f745ef0","block_type":"box","text":"Return After Taxes on Distributions 12.96% 3.57% 7.92%","page_number":6,"box":{"x":85,"y":499,"width":840,"height":8}},{"id":"c06431a3-7da3-4fbe-951d-9e07e398e1bc","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 11.14% 4.07% 7.47%","page_number":6,"box":{"x":85,"y":512,"width":840,"height":8}},{"id":"19f65b00-83bc-448f-acf3-dc2abf4dd08a","block_type":"box","text":"Russell 3000 Index","page_number":6,"box":{"x":70,"y":530,"width":128,"height":8}},{"id":"d8931334-8688-4133-b4e0-84e63258e563","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 17.15% 13.15% 14.29%","page_number":6,"box":{"x":69,"y":543,"width":856,"height":11}},{"id":"a5bd932d-fc82-46d1-92ca-7f5827b5456b","block_type":"box","text":"Russell 3000 Health Care Index","page_number":6,"box":{"x":70,"y":562,"width":210,"height":8}},{"id":"241f2f8c-0945-4b46-9d28-aa241c326182","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 14.56% 6.31% 9.54%","page_number":6,"box":{"x":69,"y":575,"width":856,"height":10}},{"id":"a9484e2a-c20c-4d9d-be88-5a8a3014941e","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":6,"box":{"x":60,"y":607,"width":840,"height":12}},{"id":"18f4f14e-d662-4efe-bc38-8c6a5c89337c","block_type":"box","text":"reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may","page_number":6,"box":{"x":61,"y":622,"width":835,"height":11}},{"id":"d6f5e67e-6917-44b9-9861-d54b8729d27b","block_type":"box","text":"differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through","page_number":6,"box":{"x":61,"y":637,"width":851,"height":11}},{"id":"fb4ea8c5-f28c-4f52-9930-88dab8fe2621","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":6,"box":{"x":60,"y":652,"width":611,"height":11}},{"id":"6aeac672-da19-4009-bc1b-81cd23cad43f","block_type":"box","text":"Investment Manager","page_number":6,"box":{"x":62,"y":691,"width":187,"height":13}},{"id":"ae089790-eda2-4bb7-aa96-726fe011cbd8","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":6,"box":{"x":60,"y":717,"width":709,"height":11}},{"id":"7b705fbb-eef6-4bda-9f78-70d030299cae","block_type":"box","text":"Portfolio Managers","page_number":6,"box":{"x":61,"y":756,"width":173,"height":13}},{"id":"1c16497f-df34-4a0a-981f-fcd468d546e2","block_type":"box","text":"Portfolio Manager","page_number":6,"box":{"x":70,"y":799,"width":121,"height":11}},{"id":"457ce6ba-aa62-4051-80c1-3645e0916d09","block_type":"box","text":"Portfolio Manager","page_number":6,"box":{"x":362,"y":788,"width":121,"height":10}},{"id":"d1bd2f17-f0f3-4ce3-9f9c-6881fd7e7c34","block_type":"box","text":"of the Fund Since Title","page_number":6,"box":{"x":363,"y":799,"width":427,"height":9}},{"id":"cd75c6b4-9233-45b9-bf8e-418277c68f99","block_type":"box","text":"Erin Xie, PhD 2003 Managing Director of BlackRock, Inc.","page_number":6,"box":{"x":70,"y":817,"width":825,"height":11}},{"id":"b5ab63da-20dd-47f9-ac15-46b68ddbae81","block_type":"box","text":"Xiang Liu, PhD 2020 Managing Director of BlackRock, Inc.","page_number":6,"box":{"x":69,"y":835,"width":826,"height":11}},{"id":"36b46db3-8c53-422e-ab83-72cf6f7eac30","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"0f21dbac-cd3d-4fc6-90a9-d47548f10287","block_type":"box","text":"NM1026U-5978633-6/40","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"4be57549-97b8-41d3-96cb-347f5cc9e51b","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":7,"box":{"x":61,"y":46,"width":309,"height":11}},{"id":"7bb44354-864d-4dc0-97ab-cdf20b3bd6be","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell","page_number":7,"box":{"x":60,"y":73,"width":857,"height":11}},{"id":"26035346-bc17-419a-abc9-e6cd489de7c9","block_type":"box","text":"shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact","page_number":7,"box":{"x":61,"y":88,"width":873,"height":11}},{"id":"bdadadea-f9db-416c-ad4b-d9f2c617bea1","block_type":"box","text":"the Fund by phone at (800) 537-4942, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania","page_number":7,"box":{"x":60,"y":102,"width":833,"height":12}},{"id":"5829e2f5-4309-42da-aba3-9dd3314fe5f5","block_type":"box","text":"15253-4429), or by the Internet at www.blackrock.com. The Fund’s initial and subsequent investment minimums for","page_number":7,"box":{"x":62,"y":117,"width":852,"height":12}},{"id":"08e8b584-b931-4384-88f7-bcbabcb5fb9e","block_type":"box","text":"Service Shares generally are as follows, although the Fund may reduce or waive the minimums in some cases:","page_number":7,"box":{"x":61,"y":132,"width":812,"height":12}},{"id":"ccc3e95a-7886-4b15-8810-34499a50b508","block_type":"box","text":"Service Shares","page_number":7,"box":{"x":348,"y":160,"width":89,"height":8}},{"id":"7044fe24-fb19-4f8d-a9c6-746edc4adfc3","block_type":"box","text":"Minimum Initial Investment","page_number":7,"box":{"x":61,"y":178,"width":184,"height":8}},{"id":"2e0e8fe6-14fc-435b-9e1d-910d515179a1","block_type":"box","text":"$5,000","page_number":7,"box":{"x":348,"y":177,"width":49,"height":10}},{"id":"36cadb7b-55f1-404a-b775-bb79eae5edd6","block_type":"box","text":"Minimum Additional Investment","page_number":7,"box":{"x":61,"y":196,"width":214,"height":8}},{"id":"0633d378-a608-4aa3-8aaf-71bc20ca4c75","block_type":"box","text":"There is no minimum amount for additional investments.","page_number":7,"box":{"x":348,"y":195,"width":373,"height":9}},{"id":"9f6d05ac-e766-4d60-bb8d-2f5431783f64","block_type":"box","text":"Tax Information","page_number":7,"box":{"x":63,"y":236,"width":138,"height":11}},{"id":"64441687-e36c-426c-8d90-9e754f5c1891","block_type":"box","text":"The Fund’s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary","page_number":7,"box":{"x":60,"y":262,"width":838,"height":12}},{"id":"54f7157b-8556-4312-ad46-0a899d1dc3c0","block_type":"box","text":"income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan","page_number":7,"box":{"x":62,"y":277,"width":829,"height":12}},{"id":"4e6a22a4-2564-4140-a71e-86592dfe64fa","block_type":"box","text":"described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to","page_number":7,"box":{"x":61,"y":292,"width":862,"height":11}},{"id":"f92a8029-0f2f-4911-af58-aad123ccfac0","block_type":"box","text":"U.S. federal income tax when distributions are received from such tax-deferred arrangements.","page_number":7,"box":{"x":62,"y":307,"width":686,"height":11}},{"id":"b6862ab5-03ea-45c0-9cc0-d59c08286658","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries","page_number":7,"box":{"x":61,"y":346,"width":578,"height":13}},{"id":"82b365c0-3ce2-422d-bf5c-211c373a0661","block_type":"box","text":"If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the","page_number":7,"box":{"x":62,"y":372,"width":848,"height":11}},{"id":"087f406e-7720-41d4-8f9d-6b0c10cfcc89","block_type":"box","text":"Fund’s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services.","page_number":7,"box":{"x":62,"y":387,"width":868,"height":11}},{"id":"8ece6ac3-f924-418d-874b-ab7e0175e00a","block_type":"box","text":"These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial","page_number":7,"box":{"x":60,"y":401,"width":867,"height":12}},{"id":"509810a7-fb05-4c69-9a4f-331afcd3e265","block_type":"box","text":"professional to recommend the Fund over another investment.","page_number":7,"box":{"x":62,"y":416,"width":455,"height":12}},{"id":"feca4050-c6fc-4f1e-b2f8-8028c939ae64","block_type":"box","text":"Ask your individual financial professional or visit your Financial Intermediary’s website for more information.","page_number":7,"box":{"x":60,"y":439,"width":790,"height":11}},{"id":"b1248769-d009-486b-88f5-4d634c6072c8","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"6b46a6c5-3431-445f-8408-b5b2b56b4416","block_type":"box","text":"NM1026U-5978633-7/40","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"3864e99c-94e5-4259-9d41-d9a74e9a2209","block_type":"box","text":"Details About the Fund","page_number":8,"box":{"x":65,"y":82,"width":494,"height":27}},{"id":"261b634d-7eb2-4af6-8b99-a6ec394fec3f","block_type":"box","text":"Included in this prospectus are sections that tell you about buying and selling shares, management information,","page_number":8,"box":{"x":62,"y":146,"width":821,"height":12}},{"id":"7c4f2d07-15bc-4f98-b48e-66f264952b54","block_type":"box","text":"shareholder features of the BlackRock Health Sciences Opportunities Portfolio (the “Fund”), a series of BlackRock","page_number":8,"box":{"x":61,"y":161,"width":841,"height":11}},{"id":"ca24534c-21cd-430f-ad4b-a1a1965af4cf","block_type":"box","text":"Funds","page_number":8,"box":{"x":62,"y":176,"width":41,"height":9}},{"id":"4a7d1d8c-580d-41cb-a6b6-2e48cb4d4640","block_type":"box","text":"SM","page_number":8,"box":{"x":105,"y":176,"width":11,"height":5}},{"id":"ad5165d3-b153-4a6b-904b-b77023d11459","block_type":"box","text":"(the “Trust”), and your rights as a shareholder.","page_number":8,"box":{"x":122,"y":176,"width":341,"height":11}},{"id":"2af1266d-93c8-4941-8df0-368b3eb953a6","block_type":"box","text":"How the Fund Invests","page_number":8,"box":{"x":61,"y":215,"width":196,"height":11}},{"id":"bc99c016-c74d-497c-a91b-1650d5ec598c","block_type":"box","text":"Investment Objective","page_number":8,"box":{"x":61,"y":241,"width":175,"height":13}},{"id":"d939a8e1-b6e8-4649-812f-275a18807778","block_type":"box","text":"The investment objective of the Fund is to provide long-term growth of capital.","page_number":8,"box":{"x":60,"y":258,"width":570,"height":11}},{"id":"36b59bba-a665-4507-b238-58f93c578ae1","block_type":"box","text":"This investment objective is a non-fundamental policy of the Fund and may not be changed without 30 days’ prior","page_number":8,"box":{"x":60,"y":280,"width":831,"height":12}},{"id":"c29ab7bc-8323-4f90-ab68-c9ce4b3b196d","block_type":"box","text":"notice to shareholders.","page_number":8,"box":{"x":61,"y":295,"width":168,"height":9}},{"id":"08ccb659-d43a-4080-8200-538b549f75b0","block_type":"box","text":"Investment Process","page_number":8,"box":{"x":61,"y":318,"width":163,"height":10}},{"id":"a0e9fa8a-8fcd-4b65-8c9e-d0246d0fd707","block_type":"box","text":"BlackRock Advisors, LLC (“BlackRock”) considers a variety of factors when choosing investments for the Fund, such","page_number":8,"box":{"x":62,"y":334,"width":848,"height":12}},{"id":"d4140f5f-63a3-4b62-ba92-fd3013fba59b","block_type":"box","text":"as:","page_number":8,"box":{"x":61,"y":352,"width":21,"height":6}},{"id":"1d248ca6-0ecf-4d1d-afd4-1e5e37fd78c2","block_type":"box","text":"identifying companies and industries that appear to have the potential for above-average returns; and","page_number":8,"box":{"x":82,"y":369,"width":742,"height":12}},{"id":"c93ab7ca-4591-453a-beb7-d4ea65dc4d19","block_type":"box","text":"identifying companies that are expected to show above-average growth over the long-term as well as those that","page_number":8,"box":{"x":82,"y":389,"width":815,"height":12}},{"id":"bffca974-9dc6-4f81-9390-329f66d8a734","block_type":"box","text":"appear to be trading below their true worth.","page_number":8,"box":{"x":81,"y":404,"width":318,"height":12}},{"id":"9fd0f98c-b09e-41e7-8d21-e3b623157360","block_type":"box","text":"The Fund expects to invest in health sciences companies comparable in size to those in the health sector of the","page_number":8,"box":{"x":60,"y":427,"width":825,"height":11}},{"id":"0beb8fc7-5a9c-4213-a848-ad43d7089bd5","block_type":"box","text":"Russell 3000 Health Care Index or in similar companies, including non-U.S. companies.","page_number":8,"box":{"x":62,"y":442,"width":641,"height":11}},{"id":"583b4231-a120-47ae-80b7-8126a5efaf70","block_type":"box","text":"The Fund generally will sell a stock when, in the Fund management team’s opinion, the stock reaches its price target,","page_number":8,"box":{"x":60,"y":464,"width":864,"height":12}},{"id":"15dde544-1426-4716-a095-e63518893368","block_type":"box","text":"there is a deterioration in the company’s fundamentals, a change in macroeconomic outlook, technical deterioration,","page_number":8,"box":{"x":60,"y":479,"width":857,"height":11}},{"id":"70c3dd18-6d66-40b6-90f0-2c9f57184a44","block_type":"box","text":"valuation issues, a need to rebalance the portfolio or a better opportunity elsewhere.","page_number":8,"box":{"x":60,"y":494,"width":626,"height":11}},{"id":"53720445-e5e5-4d69-9ec1-5af65757d80b","block_type":"box","text":"The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.","page_number":8,"box":{"x":60,"y":516,"width":874,"height":12}},{"id":"79cd5e36-576c-4e25-85a0-d5989137f4b2","block_type":"box","text":"Principal Investment Strategies","page_number":8,"box":{"x":61,"y":539,"width":262,"height":13}},{"id":"b02d5ff3-3e7c-493e-a4e1-ed1c42f5561d","block_type":"box","text":"Under normal market conditions, the Fund invests at least 80% of its total assets in equity securities, primarily","page_number":8,"box":{"x":62,"y":555,"width":814,"height":12}},{"id":"d30240f0-46c5-4b98-a63d-87cb988ce6e6","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":8,"box":{"x":61,"y":570,"width":860,"height":12}},{"id":"9c3d95ec-9d75-40d4-9102-ebd0da22c0ae","block_type":"box","text":"Fund and may not be changed without 60 days’ notice to shareholders. Investments in derivatives are counted toward","page_number":8,"box":{"x":62,"y":585,"width":865,"height":12}},{"id":"b8eabc28-d4f0-4872-835b-1244ae728e94","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":8,"box":{"x":60,"y":600,"width":865,"height":11}},{"id":"70ac3397-7577-4ade-a2e0-3060e4dd1e30","block_type":"box","text":"or to one or more market risk factors associated with such securities. The health sciences sector can include","page_number":8,"box":{"x":61,"y":615,"width":803,"height":9}},{"id":"7de4031a-8a56-44fe-bdac-f61acb0f8fd7","block_type":"box","text":"companies in health care equipment and supplies, health care providers and services, biotechnology, and","page_number":8,"box":{"x":61,"y":630,"width":777,"height":11}},{"id":"b35c1d7b-3468-406e-84fa-07269d3f3283","block_type":"box","text":"pharmaceuticals. Health sciences and related industries can include, but are not limited to, businesses involved in the","page_number":8,"box":{"x":62,"y":645,"width":872,"height":11}},{"id":"45c5577b-517a-451d-871e-b14291c0614b","block_type":"box","text":"development, production, and distribution or delivery of medical and pharmaceutical products and services,","page_number":8,"box":{"x":61,"y":659,"width":790,"height":12}},{"id":"858c7a28-d424-46e2-b81b-ab0f25e3fc78","block_type":"box","text":"companies engaged in biotechnology and medical research and development, companies that may design,","page_number":8,"box":{"x":61,"y":674,"width":781,"height":12}},{"id":"555a7d6c-8fb4-4d87-b0d7-fc1568ad2785","block_type":"box","text":"manufacture or distribute medical, dental and optical equipment and supplies, including diagnostic equipment, and","page_number":8,"box":{"x":61,"y":689,"width":845,"height":11}},{"id":"3c3d98b0-1810-4c73-bbd4-5309ad8bba72","block_type":"box","text":"companies that may also provide diagnostic services or operate health facilities and hospitals, or provide related","page_number":8,"box":{"x":61,"y":704,"width":830,"height":11}},{"id":"a70f87a1-a77f-438c-84cb-2c7af841b9c1","block_type":"box","text":"administrative, management and financial support. The Fund will concentrate its investments (","page_number":8,"box":{"x":61,"y":719,"width":694,"height":11}},{"id":"e07233d9-1c6e-4113-961d-8bd51f8f7054","block_type":"box","text":"i.e.","page_number":8,"box":{"x":757,"y":719,"width":20,"height":9}},{"id":"788c90a8-a213-48b4-8f47-3d1bbbc169dd","block_type":"box","text":", invest more than","page_number":8,"box":{"x":780,"y":719,"width":131,"height":10}},{"id":"5f88dcbf-da78-48f8-97ba-dee562e1016d","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":8,"box":{"x":61,"y":733,"width":870,"height":12}},{"id":"3a81a870-20dd-4c8c-ae4a-740c58033eb9","block_type":"box","text":"The Fund does not limit its investments to companies of any particular size.","page_number":8,"box":{"x":60,"y":748,"width":557,"height":12}},{"id":"cfa64a66-6620-4656-9581-e76186895d3c","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":8,"box":{"x":60,"y":771,"width":833,"height":11}},{"id":"bfd124db-df98-4e35-8581-d9465327f4da","block_type":"box","text":"stocks of companies not associated with health sciences.","page_number":8,"box":{"x":61,"y":786,"width":424,"height":11}},{"id":"10ec943c-606a-4c98-a7d5-7ce97b1713e2","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":8,"box":{"x":61,"y":809,"width":327,"height":12}},{"id":"c9b7f566-57bf-4851-b5a8-91a5510eec70","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":8,"box":{"x":62,"y":825,"width":870,"height":11}},{"id":"b917a9e3-15e9-47dd-b294-0d76971baa35","block_type":"box","text":"investments/strategies:","page_number":8,"box":{"x":62,"y":840,"width":173,"height":11}},{"id":"75cd4676-e30e-4ac1-992e-d02fc28bf403","block_type":"box","text":"Borrowing","page_number":8,"box":{"x":81,"y":860,"width":78,"height":11}},{"id":"9158c631-9445-4968-9ab6-acb4f1d52128","block_type":"box","text":"— The Fund may borrow for temporary or emergency purposes, including to meet redemptions, for the","page_number":8,"box":{"x":162,"y":860,"width":751,"height":11}},{"id":"558e888e-00fb-4a4f-9ff9-b80f8eaf7616","block_type":"box","text":"payment of dividends, for share repurchases or for the clearance of transactions, subject to the limits set forth","page_number":8,"box":{"x":82,"y":875,"width":815,"height":11}},{"id":"8120eb0c-c27a-4c40-aa9f-f0d38b0431e2","block_type":"box","text":"under the Investment Company Act of 1940, as amended (the “Investment Company Act”), the rules and","page_number":8,"box":{"x":82,"y":889,"width":769,"height":12}},{"id":"5ea533c8-9cd2-41ed-b8d0-a791f1ba12c4","block_type":"box","text":"regulations thereunder and any applicable exemptive relief.","page_number":8,"box":{"x":82,"y":904,"width":432,"height":12}},{"id":"d0e6ec64-c97e-4b1e-8514-6d13ad9a56a1","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"02dcf42c-fd23-4f8a-86c7-5eb3bf676993","block_type":"box","text":"NM1026U-5978633-8/40","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"3898076d-e683-4681-8c0f-2d2ffeb16b63","block_type":"box","text":"Convertible Securities","page_number":9,"box":{"x":81,"y":46,"width":167,"height":9}},{"id":"d96d6bd1-1f83-45fd-93ec-79fd569f0d75","block_type":"box","text":"— The Fund may invest in convertible securities. Convertible securities generally are debt","page_number":9,"box":{"x":252,"y":46,"width":660,"height":11}},{"id":"050e3b05-defa-4dcb-9404-89b0f1c2fb6c","block_type":"box","text":"securities or preferred stock that may be converted into common stock. Convertible securities typically pay current","page_number":9,"box":{"x":81,"y":60,"width":843,"height":12}},{"id":"8592b011-b126-4baf-a74d-2ecb85be59dd","block_type":"box","text":"income as either interest (debt security convertibles) or dividends (preferred stock). A convertible security’s value","page_number":9,"box":{"x":82,"y":75,"width":833,"height":12}},{"id":"94a51340-1c18-4002-9d9d-d1756a015fed","block_type":"box","text":"usually reflects both the stream of current income payments and the market value of the underlying common stock.","page_number":9,"box":{"x":82,"y":90,"width":847,"height":12}},{"id":"7c8a0ec2-6307-40de-a042-e875e9249c26","block_type":"box","text":"Depositary Receipts","page_number":9,"box":{"x":81,"y":110,"width":152,"height":11}},{"id":"0933ed38-b057-48ca-984f-d7de50193e42","block_type":"box","text":"— The Fund may invest in securities of foreign issuers in the form of depositary receipts or","page_number":9,"box":{"x":238,"y":110,"width":671,"height":12}},{"id":"49d087be-4c94-4b0c-ae6a-b6528c90e54f","block_type":"box","text":"other securities that are convertible into securities of foreign issuers. American Depositary Receipts are receipts","page_number":9,"box":{"x":81,"y":125,"width":829,"height":11}},{"id":"38573443-6751-4cbf-8083-dcf5cac94474","block_type":"box","text":"typically issued by an American bank or trust company that evidence underlying securities issued by a foreign","page_number":9,"box":{"x":80,"y":140,"width":802,"height":11}},{"id":"4ef7c2bf-72e3-4b82-bbd8-98a1e38e9d55","block_type":"box","text":"corporation. European Depositary Receipts (issued in Europe) and Global Depositary Receipts (issued throughout","page_number":9,"box":{"x":81,"y":155,"width":833,"height":11}},{"id":"3611fef1-d227-4da2-bd87-c047cd92ae5c","block_type":"box","text":"the world) each evidence a similar ownership arrangement. The Fund may invest in unsponsored depositary","page_number":9,"box":{"x":80,"y":170,"width":791,"height":11}},{"id":"c9676696-9538-47c5-9d61-41aa7d949731","block_type":"box","text":"receipts.","page_number":9,"box":{"x":82,"y":184,"width":61,"height":11}},{"id":"0ec32416-db28-447d-bff9-7063b466d698","block_type":"box","text":"Derivative Transactions","page_number":9,"box":{"x":81,"y":204,"width":177,"height":9}},{"id":"40d386f0-8aa9-475d-995a-52ee9e1e7563","block_type":"box","text":"— The Fund may use derivatives to hedge its investment portfolio against market, interest","page_number":9,"box":{"x":262,"y":204,"width":666,"height":12}},{"id":"f8a5d3a5-5b88-4f0b-944d-b4212f88bdd6","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":9,"box":{"x":82,"y":219,"width":816,"height":11}},{"id":"3f0fa624-c7a0-47d4-985d-881ce5116da3","block_type":"box","text":"futures, swaps and forward foreign exchange transactions.","page_number":9,"box":{"x":81,"y":234,"width":431,"height":11}},{"id":"0e338b38-8a03-40df-9635-da44e11fbecd","block_type":"box","text":"Emerging Markets Issuers","page_number":9,"box":{"x":81,"y":254,"width":198,"height":11}},{"id":"a4ec7b14-b4a5-4dd1-b880-c730424c77c8","block_type":"box","text":"— The Fund may also invest a portion of its assets in securities of issuers located in","page_number":9,"box":{"x":283,"y":254,"width":626,"height":11}},{"id":"6fd4eca1-31d4-4de3-a86c-b4dd8882b468","block_type":"box","text":"emerging markets.","page_number":9,"box":{"x":81,"y":269,"width":136,"height":11}},{"id":"042d3c00-d708-46eb-8562-377b59c2c998","block_type":"box","text":"Illiquid Investments","page_number":9,"box":{"x":81,"y":289,"width":148,"height":11}},{"id":"8df084c1-e9b3-40a6-9510-901deed26b89","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":9,"box":{"x":233,"y":289,"width":677,"height":11}},{"id":"92410238-6f97-4543-9a1d-886b7fc38060","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":9,"box":{"x":82,"y":303,"width":811,"height":12}},{"id":"760a1147-0185-4e83-aabf-fe06220aba3f","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":9,"box":{"x":82,"y":318,"width":831,"height":12}},{"id":"83fad577-c21d-4560-ac0a-053950479dc9","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":9,"box":{"x":81,"y":333,"width":811,"height":12}},{"id":"f50bd9c9-6c4c-4c11-bfd7-f77e1a0da957","block_type":"box","text":"Indexed and Inverse Securities","page_number":9,"box":{"x":81,"y":353,"width":232,"height":9}},{"id":"11020544-ce70-45b3-8c98-14dc182dcc8a","block_type":"box","text":"— The Fund may invest in securities the potential return of which is based on the","page_number":9,"box":{"x":317,"y":353,"width":598,"height":12}},{"id":"dc6d4f6d-9e0b-4879-b5c3-e2f356b2ab12","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":9,"box":{"x":81,"y":368,"width":823,"height":11}},{"id":"4efd84c6-920e-42bf-b696-ec629ebcbcfa","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":9,"box":{"x":81,"y":383,"width":843,"height":11}},{"id":"290be8c5-a983-4b30-a819-70afd234edc3","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":9,"box":{"x":81,"y":398,"width":810,"height":11}},{"id":"a8ef6147-a4c9-4987-8e81-89721287262c","block_type":"box","text":"(“inverse securities”). 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The Fund may invest in affiliated investment","page_number":9,"box":{"x":82,"y":477,"width":777,"height":11}},{"id":"adc9cac0-3c0c-4a25-9df4-ad3c7b0c57a5","block_type":"box","text":"companies, including affiliated money market funds and affiliated ETFs.","page_number":9,"box":{"x":81,"y":492,"width":525,"height":11}},{"id":"6f45254e-efa7-453c-9413-74170c82ccc0","block_type":"box","text":"Money Market Securities","page_number":9,"box":{"x":81,"y":512,"width":190,"height":11}},{"id":"972e8581-d26e-476d-a29b-b60392eefe48","block_type":"box","text":"— The Fund may invest in high quality money market securities pending investments or","page_number":9,"box":{"x":276,"y":512,"width":641,"height":11}},{"id":"71a540da-4881-4f93-9492-9cdc4a4a5234","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":9,"box":{"x":80,"y":526,"width":808,"height":12}},{"id":"e8f4d634-14ae-4c08-af3d-bbb38a5228ce","block_type":"box","text":"normal strategies if it holds these securities pending investments.","page_number":9,"box":{"x":82,"y":541,"width":485,"height":12}},{"id":"028d492b-8b0f-40de-9d45-f8b5d8d533c7","block_type":"box","text":"“New Issues”","page_number":9,"box":{"x":83,"y":562,"width":101,"height":9}},{"id":"1c01944b-9f46-48b2-ab83-323d07bca60e","block_type":"box","text":"— The Fund may invest in shares of companies through initial public offerings (“IPOs”).","page_number":9,"box":{"x":188,"y":561,"width":641,"height":12}},{"id":"7d7dab11-9bd5-455c-8aa7-96ac11470a5a","block_type":"box","text":"Restricted Securities","page_number":9,"box":{"x":81,"y":581,"width":159,"height":10}},{"id":"decc8838-7c14-4a5d-949d-64d53cb9f176","block_type":"box","text":"—","page_number":9,"box":{"x":245,"y":587,"width":17,"height":0}},{"id":"85e8d6d1-ba6d-4eef-888e-5494d5258b07","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":9,"box":{"x":268,"y":581,"width":602,"height":12}},{"id":"4bee53e2-827e-4afd-b95d-d3079d48ca4d","block_type":"box","text":"registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their","page_number":9,"box":{"x":82,"y":596,"width":820,"height":12}},{"id":"d8004482-ac26-4e10-b3a3-6b684375d573","block_type":"box","text":"resale. They may include Rule 144A securities, which are privately placed securities that can be resold to qualified","page_number":9,"box":{"x":82,"y":611,"width":839,"height":11}},{"id":"77f51cdd-1058-457a-b6a5-972c298d3b25","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":9,"box":{"x":82,"y":626,"width":837,"height":11}},{"id":"3cef6864-1fb3-4a7a-ab20-755896f0d21e","block_type":"box","text":"to Regulation S under the Securities Act of 1933, as amended, and securities of private companies.","page_number":9,"box":{"x":80,"y":641,"width":736,"height":11}},{"id":"b8f23395-c0fc-464f-8b81-0dff6b061668","block_type":"box","text":"Securities Lending","page_number":9,"box":{"x":81,"y":661,"width":140,"height":11}},{"id":"35be98eb-9f3d-47dd-b6b6-80c97ce201a0","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":9,"box":{"x":225,"y":661,"width":396,"height":11}},{"id":"14c3f460-abd9-4058-a053-9a2d5de45924","block_type":"box","text":"1⁄","page_number":9,"box":{"x":622,"y":661,"width":6,"height":5}},{"id":"2500e8b5-294b-4cd5-b5e2-d207f2e879c7","block_type":"box","text":"1⁄3","page_number":9,"box":{"x":626,"y":661,"width":8,"height":9}},{"id":"aa33a763-9109-4dee-83fb-074aa513f898","block_type":"box","text":"⁄3","page_number":9,"box":{"x":632,"y":664,"width":6,"height":6}},{"id":"40b348b3-4cb9-402a-a1da-fd7dc7bebfb7","block_type":"box","text":"% of its total assets to financial","page_number":9,"box":{"x":639,"y":661,"width":231,"height":9}},{"id":"8abfcb6d-850b-4cff-8015-f1cab8dc668d","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":9,"box":{"x":82,"y":676,"width":748,"height":11}},{"id":"ea988a16-0e3d-4e67-903c-2a23cc822e42","block_type":"box","text":"Temporary Defensive Strategies","page_number":9,"box":{"x":82,"y":695,"width":238,"height":12}},{"id":"fc05be6b-5054-4831-a3a2-f312475010da","block_type":"box","text":"— For temporary defensive purposes, for example, to respond to adverse market,","page_number":9,"box":{"x":325,"y":695,"width":600,"height":12}},{"id":"ef8c8687-4211-4eb1-8069-21a364dde9f8","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":9,"box":{"x":81,"y":710,"width":802,"height":12}},{"id":"08fcf02d-6686-4791-b935-65a7d77a704b","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":9,"box":{"x":82,"y":725,"width":833,"height":11}},{"id":"e4a5a4c8-b191-477d-b1b8-88c886aed7f2","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":9,"box":{"x":81,"y":740,"width":796,"height":11}},{"id":"8c2a2145-4a5e-4bb2-ae12-16d1d526922f","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":9,"box":{"x":81,"y":755,"width":802,"height":11}},{"id":"afd75c71-f606-463c-bc6b-0f01ed6a5c4f","block_type":"box","text":"unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed income","page_number":9,"box":{"x":82,"y":769,"width":778,"height":12}},{"id":"3531cc1c-f49c-4636-b770-a27c7b3ddb43","block_type":"box","text":"securities. Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":9,"box":{"x":81,"y":784,"width":781,"height":12}},{"id":"de0d6492-c129-4d74-9d1a-6a7860922aea","block_type":"box","text":"Warrants","page_number":9,"box":{"x":83,"y":805,"width":66,"height":9}},{"id":"aaf302e7-7a00-47ae-be43-d5559a0d95e2","block_type":"box","text":"— A warrant gives the Fund the right to buy stock. The warrant specifies the amount of underlying stock,","page_number":9,"box":{"x":153,"y":804,"width":767,"height":12}},{"id":"d7cf3a8e-7a7a-40bb-84ee-5e352d8bd087","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":9,"box":{"x":80,"y":819,"width":815,"height":12}},{"id":"9162631f-f824-4aea-8df2-91bb2bd7c3e5","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":9,"box":{"x":80,"y":834,"width":810,"height":11}},{"id":"1367cd96-1a48-4e40-995a-472fb55538f0","block_type":"box","text":"9","page_number":9,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"e511e56b-e6f9-45df-8f8e-07b59d26e32f","block_type":"box","text":"NM1026U-5978633-9/40","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"5d28d9e6-be35-4802-855d-2b1185165dae","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":10,"box":{"x":272,"y":53,"width":453,"height":9}},{"id":"06a1442a-389b-417b-b02d-5dfc1855396c","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":10,"box":{"x":70,"y":75,"width":796,"height":12}},{"id":"702d0bba-ff07-43b0-ba34-eb3f0c03b3c1","block_type":"box","text":"managers and are jointly and primarily responsible for the day-to-day management of the Fund. Please see","page_number":10,"box":{"x":71,"y":90,"width":780,"height":12}},{"id":"1a9bb830-ccc9-4624-9055-9c3356da1d3d","block_type":"box","text":"“Management of the Fund— Portfolio Manager Information” for additional information about the portfolio","page_number":10,"box":{"x":72,"y":105,"width":770,"height":12}},{"id":"2273121b-3e40-497c-b533-5bd57e883ca6","block_type":"box","text":"management team.","page_number":10,"box":{"x":71,"y":121,"width":141,"height":10}},{"id":"b6e68861-f3fc-4431-b0d2-ad08b0e83b74","block_type":"box","text":"Investment Risks","page_number":10,"box":{"x":62,"y":172,"width":156,"height":11}},{"id":"77652196-b77b-4829-8dec-fc3f90fbed51","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objective and","page_number":10,"box":{"x":60,"y":198,"width":811,"height":11}},{"id":"c31a6d2b-fc6e-4c80-8cbd-b283a86127fe","block_type":"box","text":"Policies” section in the Statement of Additional Information (the “SAI”) also includes more information about the Fund,","page_number":10,"box":{"x":61,"y":213,"width":871,"height":11}},{"id":"8730ae99-586d-437e-964f-764ef7c6896d","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":10,"box":{"x":62,"y":227,"width":799,"height":12}},{"id":"64462b68-b35b-4325-b26a-8689dcd62e87","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":10,"box":{"x":62,"y":242,"width":860,"height":12}},{"id":"469adb40-db51-4d7d-96cc-fb162f102d91","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":10,"box":{"x":62,"y":257,"width":856,"height":12}},{"id":"5421f025-a64b-422e-b830-95ff93332a4b","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":10,"box":{"x":61,"y":272,"width":853,"height":11}},{"id":"38707b11-7b50-417d-83d5-be440512fd31","block_type":"box","text":"risk factor.","page_number":10,"box":{"x":61,"y":287,"width":76,"height":9}},{"id":"e40ce31b-41bb-4a7f-9778-f3235dde9181","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":10,"box":{"x":61,"y":310,"width":322,"height":12}},{"id":"35733312-d58d-49db-87db-348db5916266","block_type":"box","text":"Concentration Risk","page_number":10,"box":{"x":81,"y":331,"width":145,"height":9}},{"id":"bba249f3-c3f5-4352-b2c8-dab20ec7af61","block_type":"box","text":"—","page_number":10,"box":{"x":231,"y":337,"width":17,"height":0}},{"id":"1d8ce855-92fe-4558-8a56-914a71a9f4d2","block_type":"box","text":"The Fund’s strategy of concentrating in health sciences and related companies means that","page_number":10,"box":{"x":252,"y":331,"width":668,"height":12}},{"id":"9f481aee-01c2-48c3-8ad3-4b67e7eb9a19","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":10,"box":{"x":82,"y":346,"width":848,"height":12}},{"id":"8f01772a-4f51-44de-a4ea-49e0d36d2a4b","block_type":"box","text":"these companies may present more risks than if it were broadly diversified over numerous industries and sectors of","page_number":10,"box":{"x":80,"y":361,"width":853,"height":11}},{"id":"856fd3b7-9e9b-4a4d-ae3e-f91bc7a9c46d","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":10,"box":{"x":80,"y":376,"width":831,"height":11}},{"id":"a9815cac-86bb-4501-afb9-ac3898367799","block_type":"box","text":"does not concentrate in such companies. At times, the performance of these companies will lag the performance of","page_number":10,"box":{"x":81,"y":390,"width":855,"height":12}},{"id":"a97a42d2-7b93-4093-9f6f-f641dd345489","block_type":"box","text":"other industries or the broader market as a whole.","page_number":10,"box":{"x":81,"y":406,"width":368,"height":9}},{"id":"997728d0-1015-42d9-9229-5b2cd249612f","block_type":"box","text":"Equity Securities Risk","page_number":10,"box":{"x":81,"y":425,"width":166,"height":12}},{"id":"67ebe4d2-ba36-498d-beb8-f742aba913cd","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":10,"box":{"x":251,"y":425,"width":666,"height":12}},{"id":"eecd40b2-652d-44b5-9a00-7e9e6db388ff","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":10,"box":{"x":81,"y":440,"width":850,"height":12}},{"id":"7197b3f8-b900-45a2-8b66-31c1a3cbc697","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":10,"box":{"x":82,"y":455,"width":802,"height":11}},{"id":"7c399289-127c-467b-a90a-160bbf8f8ad1","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":10,"box":{"x":81,"y":470,"width":854,"height":11}},{"id":"dcd0f374-5b70-43d7-893e-765109ec53c4","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":10,"box":{"x":81,"y":485,"width":848,"height":11}},{"id":"133a247d-870c-45d7-9df9-30730cb6268f","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":10,"box":{"x":81,"y":500,"width":824,"height":11}},{"id":"099b8583-b99c-43a8-8e3c-f48fc5d93af0","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":10,"box":{"x":81,"y":514,"width":782,"height":12}},{"id":"6f1320ca-b232-4ab3-a164-c12179864d66","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":10,"box":{"x":82,"y":529,"width":849,"height":12}},{"id":"75346484-9393-478c-b354-edd7299ec774","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":10,"box":{"x":82,"y":544,"width":482,"height":11}},{"id":"c4494103-55db-43e3-bbcf-afb6dd7a63f0","block_type":"box","text":"Foreign Securities Risk","page_number":10,"box":{"x":81,"y":564,"width":176,"height":11}},{"id":"556c7d4d-29b4-4441-b02e-57e09bedc7c5","block_type":"box","text":"— Securities traded in foreign markets have often (though not always) performed differently","page_number":10,"box":{"x":260,"y":564,"width":677,"height":11}},{"id":"33a91fd9-8520-4b96-976e-bd66b3331054","block_type":"box","text":"from securities traded in the United States. However, such investments often involve special risks not present in","page_number":10,"box":{"x":81,"y":579,"width":827,"height":11}},{"id":"f4086b22-a99d-4de9-9879-9de56a25ddc8","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":10,"box":{"x":82,"y":594,"width":837,"height":11}},{"id":"326fef08-88c3-426d-bc5c-9a1d82d6e131","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":10,"box":{"x":80,"y":608,"width":849,"height":12}},{"id":"f574c8d3-0ff6-4f0f-a500-1b94bca970a9","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":10,"box":{"x":81,"y":623,"width":841,"height":12}},{"id":"bfe0628a-5062-4937-bc9b-c5f853d8c389","block_type":"box","text":"foreign securities may go up and down more than prices of securities traded in the United States.","page_number":10,"box":{"x":81,"y":638,"width":716,"height":12}},{"id":"40b9555b-1c37-460b-ae72-765559de7d13","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States","page_number":10,"box":{"x":82,"y":658,"width":468,"height":12}},{"id":"6ab3111c-f74a-45aa-9229-1cf3afddd1b1","block_type":"box","text":"— The Fund generally holds its foreign securities","page_number":10,"box":{"x":555,"y":658,"width":358,"height":12}},{"id":"365c1de3-b67d-4685-81b6-2b81570953b7","block_type":"box","text":"and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be","page_number":10,"box":{"x":81,"y":673,"width":813,"height":11}},{"id":"9f090004-5230-459f-9775-aae4818e551d","block_type":"box","text":"recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory","page_number":10,"box":{"x":82,"y":688,"width":791,"height":11}},{"id":"b713f854-dcb2-4304-855c-b271624e3c9e","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":10,"box":{"x":81,"y":702,"width":818,"height":12}},{"id":"7f4b2ed3-4103-410b-8c7e-ce9e1a492e0e","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":10,"box":{"x":81,"y":717,"width":833,"height":12}},{"id":"87aae172-8536-49e9-bf86-089168d1645e","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":10,"box":{"x":81,"y":732,"width":816,"height":12}},{"id":"a30ccede-5c9d-4568-9ff7-08e94d1707da","block_type":"box","text":"increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments and","page_number":10,"box":{"x":82,"y":747,"width":827,"height":12}},{"id":"d6a9ada9-3d0d-48e5-9013-ae9122cc3cc8","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":10,"box":{"x":80,"y":762,"width":848,"height":11}},{"id":"69742e89-0567-4d15-aa4f-bc2f36c53cbc","block_type":"box","text":"United States.","page_number":10,"box":{"x":82,"y":777,"width":102,"height":9}},{"id":"fe0f49a5-1e35-4569-b1a0-196bc765a8e6","block_type":"box","text":"Currency Risk","page_number":10,"box":{"x":82,"y":797,"width":100,"height":11}},{"id":"c84d3821-a495-41d2-a9d9-24d93c797e9b","block_type":"box","text":"— Securities and other instruments in which the Fund invests may be denominated or quoted in","page_number":10,"box":{"x":186,"y":797,"width":706,"height":11}},{"id":"bbee3df9-6cba-4f47-b688-750320fc86a6","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":10,"box":{"x":81,"y":811,"width":823,"height":12}},{"id":"d60aba06-8cf7-458a-92d1-0e9bcbc00d87","block_type":"box","text":"value of the Fund’s portfolio.","page_number":10,"box":{"x":80,"y":826,"width":211,"height":11}},{"id":"6d4dfbad-4e5b-41eb-bfeb-f8fe878ebd02","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":10,"box":{"x":81,"y":846,"width":823,"height":12}},{"id":"001c1eeb-908e-4cb8-8b21-a9f5c7ccfa68","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":10,"box":{"x":82,"y":861,"width":834,"height":11}},{"id":"95af0b65-582b-492d-9c24-b03849903cb1","block_type":"box","text":"against a foreign currency, a security denominated in that currency gains value because the currency is worth more","page_number":10,"box":{"x":81,"y":876,"width":846,"height":11}},{"id":"10b2ab04-90e5-4cf6-80a8-ea621e13b9a0","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":10,"box":{"x":82,"y":891,"width":826,"height":11}},{"id":"ccac87d5-30f7-4e7b-b538-d1618688e9f9","block_type":"box","text":"U.S. investors while a weak U.S. dollar will increase those returns.","page_number":10,"box":{"x":82,"y":906,"width":486,"height":9}},{"id":"51341722-0402-4a0f-b0ad-39f46977d980","block_type":"box","text":"10","page_number":10,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"a49f2a56-6146-4bd6-9a19-2ce0f42d96d3","block_type":"box","text":"NM1026U-5978633-10/40","page_number":10,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"08cd20df-6dab-4be4-8aa4-e678d3c610c8","block_type":"box","text":"Foreign Economy Risk","page_number":11,"box":{"x":82,"y":46,"width":160,"height":11}},{"id":"37f95afd-3c57-45db-9fff-039dcd2255c9","block_type":"box","text":"— The economies of certain foreign markets may not compare favorably with the economy of","page_number":11,"box":{"x":246,"y":46,"width":685,"height":11}},{"id":"c269368a-c656-4c5e-968e-c4e64bff511b","block_type":"box","text":"the United States with respect to such issues as growth of gross national product, reinvestment of capital,","page_number":11,"box":{"x":80,"y":60,"width":785,"height":12}},{"id":"c08c2b91-5cce-47c3-baf3-36fafbd87163","block_type":"box","text":"resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or","page_number":11,"box":{"x":82,"y":75,"width":845,"height":12}},{"id":"a1e1bd9a-6b33-4c8f-9310-5d970fc12941","block_type":"box","text":"foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a","page_number":11,"box":{"x":81,"y":90,"width":853,"height":12}},{"id":"7a556229-2c34-49af-9c63-1c3a2e7075f0","block_type":"box","text":"particular country or countries, changes in international trading patterns, trade barriers and other protectionist or","page_number":11,"box":{"x":82,"y":105,"width":831,"height":12}},{"id":"90a90089-017a-402d-b391-0261b5a9c21f","block_type":"box","text":"retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such","page_number":11,"box":{"x":82,"y":120,"width":846,"height":11}},{"id":"673ac75f-0cda-4cbb-9cbc-c7ed04c1a3ee","block_type":"box","text":"as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the","page_number":11,"box":{"x":81,"y":135,"width":808,"height":11}},{"id":"3c800556-fca1-4b6f-9a00-402eeeec3e4b","block_type":"box","text":"imposition of punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest","page_number":11,"box":{"x":82,"y":149,"width":851,"height":12}},{"id":"0f9e1510-c64e-43f1-b4a9-ea41b96a5d94","block_type":"box","text":"rates, political events, military action and other conditions may, without prior warning, lead to the governments of","page_number":11,"box":{"x":82,"y":164,"width":832,"height":12}},{"id":"fa0b4b08-1db9-404b-b5c4-9380c6c49b90","block_type":"box","text":"certain countries, or the U.S. Government with respect to certain countries, prohibiting or imposing substantial","page_number":11,"box":{"x":81,"y":179,"width":814,"height":12}},{"id":"ebbcb992-18cc-48ea-bc01-7488676316c7","block_type":"box","text":"restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain","page_number":11,"box":{"x":82,"y":194,"width":805,"height":11}},{"id":"5ea54add-5ebf-4755-a61c-ea4778442fae","block_type":"box","text":"industries in those countries. Capital controls and/or sanctions may include the prohibition of, or restrictions on,","page_number":11,"box":{"x":82,"y":209,"width":827,"height":11}},{"id":"28b8a28c-5d6d-4f55-8d76-6169c13f0f56","block_type":"box","text":"the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory","page_number":11,"box":{"x":80,"y":224,"width":801,"height":11}},{"id":"18d06db6-10d9-40bc-902c-6794bf512103","block_type":"box","text":"actions of one government against another government, such as seizure of assets. Any of these actions could","page_number":11,"box":{"x":81,"y":238,"width":809,"height":12}},{"id":"ef60e19e-8777-4d4d-9fef-bcccb5ac1492","block_type":"box","text":"severely impair the Fund’s ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign","page_number":11,"box":{"x":81,"y":253,"width":849,"height":12}},{"id":"4d134e24-5bd1-4d9b-9aa6-3e2c55d25342","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":11,"box":{"x":81,"y":268,"width":848,"height":12}},{"id":"3b4bc7d1-2e5c-4e9c-8a96-e2ffca908ba9","block_type":"box","text":"could negatively impact the value and/or liquidity of such assets or otherwise adversely affect the Fund’s","page_number":11,"box":{"x":81,"y":283,"width":774,"height":11}},{"id":"f227b025-b2bd-4087-83ad-5884ed8fb284","block_type":"box","text":"operations, causing the Fund to decline in value.","page_number":11,"box":{"x":81,"y":298,"width":355,"height":11}},{"id":"af9295ab-fa35-417b-8bd4-9ec518e1c0f9","block_type":"box","text":"Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on","page_number":11,"box":{"x":81,"y":318,"width":838,"height":11}},{"id":"dbdc72fb-5a53-4650-9968-b4d5ccbfbeb5","block_type":"box","text":"foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social","page_number":11,"box":{"x":81,"y":332,"width":815,"height":12}},{"id":"4baeea9e-4ee5-4a39-8da3-6120e09846ce","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":11,"box":{"x":82,"y":348,"width":827,"height":11}},{"id":"8013d7ed-b9ba-48ac-a65d-03b847ef83de","block_type":"box","text":"regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets,","page_number":11,"box":{"x":82,"y":362,"width":832,"height":12}},{"id":"11e1c3bc-3882-4299-97e4-edeec7906ab6","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":11,"box":{"x":81,"y":377,"width":781,"height":11}},{"id":"3575888d-6c70-475e-9dc6-c4de747c47f8","block_type":"box","text":"impossible, to predict and take into account with respect to the Fund’s investments.","page_number":11,"box":{"x":82,"y":392,"width":617,"height":11}},{"id":"ab2d2cf8-0749-421a-aa6d-b0439cab6b83","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":11,"box":{"x":82,"y":412,"width":476,"height":11}},{"id":"1523e39e-89fd-4855-95e3-68f0276b4eaf","block_type":"box","text":"— Many foreign governments do not supervise","page_number":11,"box":{"x":563,"y":412,"width":344,"height":11}},{"id":"b1206302-f393-4af3-971b-8999d9e1ffad","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":11,"box":{"x":81,"y":427,"width":827,"height":11}},{"id":"ccd96e9c-2774-4999-9934-7820983c396e","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":11,"box":{"x":80,"y":442,"width":855,"height":11}},{"id":"b52a83d7-321f-47d5-9d65-64b4c95766de","block_type":"box","text":"example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a","page_number":11,"box":{"x":81,"y":456,"width":831,"height":12}},{"id":"eba09066-fe41-434c-b523-57ce5f2a3d63","block_type":"box","text":"person buys or sells a company’s securities based on material non-public information about that company. In","page_number":11,"box":{"x":82,"y":471,"width":800,"height":11}},{"id":"ad04e408-5d44-4774-879d-44c4c11f7bfc","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":11,"box":{"x":81,"y":486,"width":829,"height":11}},{"id":"e01758d8-b3ef-4f5c-a4bd-81017588082b","block_type":"box","text":"shareholder rights, and pursue legal remedies with respect to its foreign investments. Accounting standards in other","page_number":11,"box":{"x":81,"y":501,"width":856,"height":11}},{"id":"ed8ef400-b62d-4e30-9eda-7849454f10d4","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":11,"box":{"x":81,"y":516,"width":834,"height":11}},{"id":"ff665822-8297-49a4-8a4d-7101076ebfeb","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":11,"box":{"x":82,"y":530,"width":844,"height":12}},{"id":"cb33ca33-8c8e-4eb7-960d-08e9c8f038a0","block_type":"box","text":"accurately determine a company’s financial condition.","page_number":11,"box":{"x":81,"y":545,"width":393,"height":12}},{"id":"3d002847-6ade-4063-86f7-d26c96c59d95","block_type":"box","text":"Settlement Risk","page_number":11,"box":{"x":82,"y":565,"width":117,"height":9}},{"id":"47c62197-c11d-4b91-8aa0-70f13b761b4f","block_type":"box","text":"— Settlement and clearance procedures in certain foreign markets differ significantly from those in","page_number":11,"box":{"x":203,"y":565,"width":730,"height":12}},{"id":"4cef860b-3fbe-40e6-a78b-6a86d0b1ea7b","block_type":"box","text":"the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks","page_number":11,"box":{"x":80,"y":580,"width":856,"height":12}},{"id":"532edddb-8ff3-487c-8506-ffd28a04e82d","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":11,"box":{"x":81,"y":595,"width":784,"height":11}},{"id":"bbf578da-5580-4c7c-a7d4-11bdfd3c61f6","block_type":"box","text":"investments.","page_number":11,"box":{"x":82,"y":610,"width":92,"height":9}},{"id":"d472a089-422c-4023-a92b-41c9f00938ae","block_type":"box","text":"At times, settlements in certain foreign countries have not kept pace with the number of securities transactions.","page_number":11,"box":{"x":81,"y":630,"width":825,"height":11}},{"id":"8e722157-33df-4eac-a179-9825c91acc5f","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":11,"box":{"x":81,"y":644,"width":839,"height":12}},{"id":"cab8c613-4ebb-4ca4-b4ee-b310ddf112e8","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":11,"box":{"x":82,"y":659,"width":854,"height":12}},{"id":"48241347-94de-4257-a89b-a365e11fe9cc","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":11,"box":{"x":82,"y":674,"width":839,"height":12}},{"id":"cc8ee5a3-3957-4512-8379-6c852ec93d56","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":11,"box":{"x":81,"y":689,"width":841,"height":11}},{"id":"25e3a26d-7bec-4c0b-8cf9-87800c093ff5","block_type":"box","text":"to another party, the Fund could be liable for any losses incurred.","page_number":11,"box":{"x":80,"y":704,"width":480,"height":11}},{"id":"09fbc5ab-afc5-47a6-8cdd-5f20edf7b27f","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":11,"box":{"x":83,"y":724,"width":221,"height":11}},{"id":"5bfa4bee-b378-4fa8-a80f-2d6f77d27abb","block_type":"box","text":"— The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":11,"box":{"x":308,"y":724,"width":589,"height":11}},{"id":"651ec240-ce4f-40b1-a454-e436917c6824","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":11,"box":{"x":82,"y":739,"width":838,"height":11}},{"id":"58b930b6-e0b2-43a1-98f0-5937cbca799f","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding tax","page_number":11,"box":{"x":81,"y":754,"width":834,"height":11}},{"id":"73a18958-eb07-4962-98ee-d7cc4661f66d","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":11,"box":{"x":82,"y":768,"width":836,"height":12}},{"id":"52674171-9652-423e-8e84-32286a912539","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":11,"box":{"x":80,"y":783,"width":854,"height":12}},{"id":"378ff602-554a-4093-9a99-bc612054b52f","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":11,"box":{"x":80,"y":798,"width":831,"height":11}},{"id":"f694195c-c5fe-4a73-806d-dc3abfd761a4","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":11,"box":{"x":82,"y":813,"width":852,"height":11}},{"id":"5983dd64-8d2a-4841-87ee-f40441bb1dc2","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":11,"box":{"x":81,"y":827,"width":848,"height":12}},{"id":"2a26e1e6-35a8-4f6b-95ba-75665458a1f7","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":11,"box":{"x":81,"y":842,"width":831,"height":12}},{"id":"455f0582-0678-4c17-b83e-4eb9592ea13f","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":11,"box":{"x":80,"y":857,"width":830,"height":12}},{"id":"992e1227-0021-49fd-bb78-7e3808f0c4ad","block_type":"box","text":"previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting","page_number":11,"box":{"x":82,"y":872,"width":832,"height":12}},{"id":"1da95c6b-850a-45d3-a061-af7f1c304cb6","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":11,"box":{"x":82,"y":887,"width":836,"height":11}},{"id":"53b95550-852d-42f9-83dd-2f51bf22eab2","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":11,"box":{"x":81,"y":902,"width":325,"height":9}},{"id":"b08c6765-da60-4cd0-ae40-c511d14d88f6","block_type":"box","text":"11","page_number":11,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"c53133d9-1c3d-4ee7-abf5-e7de3ba4e631","block_type":"box","text":"NM1026U-5978633-11/40","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a21b0639-43f5-496f-ab1f-edc0bea0e734","block_type":"box","text":"Geographic Concentration Risk","page_number":12,"box":{"x":81,"y":46,"width":235,"height":11}},{"id":"430bfa84-3a86-4439-a912-fca4c14a5536","block_type":"box","text":"— From time to time the Fund may invest a substantial amount of its assets in","page_number":12,"box":{"x":320,"y":46,"width":581,"height":11}},{"id":"c13d73ad-ab2b-46f1-a5f6-aa2ee7bc9874","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":12,"box":{"x":82,"y":60,"width":848,"height":12}},{"id":"8d344c85-bacb-49ee-b60f-c88c18efdafa","block_type":"box","text":"manner, it assumes the risk that economic, political and social conditions in those countries will have a significant","page_number":12,"box":{"x":82,"y":75,"width":841,"height":12}},{"id":"44c8247e-5317-40e2-8a94-5e14e5dde7e0","block_type":"box","text":"impact on its investment performance. The Fund’s investment performance may also be more volatile if it","page_number":12,"box":{"x":82,"y":90,"width":777,"height":12}},{"id":"35d3ce7a-5164-4315-a81d-64e11263f4e5","block_type":"box","text":"concentrates its investments in certain countries, especially emerging market countries.","page_number":12,"box":{"x":81,"y":105,"width":648,"height":12}},{"id":"e8813f6b-6aa6-4513-b0a1-e7d5f3b8ec21","block_type":"box","text":"Healthcare-Related Securities Risk","page_number":12,"box":{"x":81,"y":125,"width":264,"height":9}},{"id":"c94d6f52-55ec-44c3-804a-edd3f765cefa","block_type":"box","text":"—","page_number":12,"box":{"x":350,"y":130,"width":17,"height":1}},{"id":"13332408-c78b-467e-b47d-84a4170a498d","block_type":"box","text":"Many healthcare-related companies are smaller and less seasoned than","page_number":12,"box":{"x":372,"y":125,"width":529,"height":11}},{"id":"83630549-dac6-445e-98c6-fd2b593c5d2f","block_type":"box","text":"companies in other sectors. Healthcare-related companies may also be strongly affected by scientific or","page_number":12,"box":{"x":81,"y":140,"width":763,"height":11}},{"id":"69dfe72b-3054-4520-9a2c-da22d82a8a63","block_type":"box","text":"technological developments and their products may quickly become obsolete. Finally, many healthcare-related","page_number":12,"box":{"x":80,"y":155,"width":805,"height":11}},{"id":"fd3957b9-dddf-4eb7-b11f-4f5b3e2a5681","block_type":"box","text":"companies offer products and services that are subject to governmental regulation and may be adversely affected","page_number":12,"box":{"x":81,"y":169,"width":839,"height":12}},{"id":"1751d7ab-7c41-412b-bca1-90384383d054","block_type":"box","text":"by changes in governmental policies or laws. A number of legislative proposals concerning healthcare have been","page_number":12,"box":{"x":81,"y":184,"width":825,"height":12}},{"id":"789838b7-b52b-4b5b-9f86-7ad6b1785f9f","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":12,"box":{"x":82,"y":199,"width":790,"height":12}},{"id":"87bc482b-6a63-4ca8-a13e-d75f83d42cd7","block_type":"box","text":"including cost control, national health insurance, incentives for compensation in the provision of health care","page_number":12,"box":{"x":82,"y":214,"width":792,"height":11}},{"id":"d76420b1-d728-4191-b3a1-0bf142984f15","block_type":"box","text":"services, tax incentives and penalties related to health care insurance premiums, and promotion of prepaid","page_number":12,"box":{"x":81,"y":229,"width":790,"height":11}},{"id":"e8dec299-fd89-4a01-a52f-2bc303c07f8d","block_type":"box","text":"healthcare plans. The Fund cannot predict what proposals will be enacted or what effect they may have on","page_number":12,"box":{"x":82,"y":244,"width":780,"height":11}},{"id":"8ab193b8-3382-40ea-8f63-1c724780fa76","block_type":"box","text":"healthcare-related companies.","page_number":12,"box":{"x":82,"y":259,"width":219,"height":11}},{"id":"7223f29a-bfec-4ef0-802e-2d47f831e62c","block_type":"box","text":"Investment Style Risk","page_number":12,"box":{"x":81,"y":278,"width":166,"height":12}},{"id":"6850a3da-b55a-4864-86a0-797e3e205b1a","block_type":"box","text":"— Under certain market conditions, growth investments have performed better during the","page_number":12,"box":{"x":251,"y":278,"width":660,"height":12}},{"id":"f570b1d2-42f5-48e1-99e7-a29ee29e0bce","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":12,"box":{"x":82,"y":293,"width":842,"height":12}},{"id":"5fc3cbe6-c89a-429d-8c9c-79147c586973","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":12,"box":{"x":80,"y":308,"width":847,"height":11}},{"id":"066fd81a-9bad-45e5-86b5-79b011e23496","block_type":"box","text":"different investment styles.","page_number":12,"box":{"x":81,"y":323,"width":200,"height":11}},{"id":"8c4b2b40-e61a-45a2-b278-0cdd9824cda1","block_type":"box","text":"Market Risk and Selection Risk","page_number":12,"box":{"x":81,"y":343,"width":240,"height":9}},{"id":"8e190b59-498f-4547-8861-81f4c24cf085","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":12,"box":{"x":324,"y":343,"width":593,"height":9}},{"id":"942448f9-162e-4f2c-8b64-0433d94e8f30","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":12,"box":{"x":81,"y":358,"width":851,"height":11}},{"id":"7c3b3eb3-9441-47d2-b578-daa78635a89c","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":12,"box":{"x":82,"y":372,"width":824,"height":12}},{"id":"db672695-5ed7-40c8-a59c-deec9e93ee0b","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":12,"box":{"x":82,"y":387,"width":851,"height":12}},{"id":"6f49abbd-7950-496b-befe-71f66b876e84","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":12,"box":{"x":82,"y":402,"width":802,"height":12}},{"id":"c92505db-dcb3-46e4-a68a-8a23892728bc","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":12,"box":{"x":81,"y":417,"width":849,"height":11}},{"id":"2840eeaa-6cea-437f-a54c-ab15ab7dc199","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":12,"box":{"x":81,"y":432,"width":843,"height":11}},{"id":"add5b4bc-73ad-4553-b00b-873b0b73bdb7","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":12,"box":{"x":81,"y":447,"width":830,"height":11}},{"id":"7dd5ee8a-afbb-4fa6-abb8-3f87e9c9c745","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":12,"box":{"x":82,"y":461,"width":840,"height":12}},{"id":"78a348bb-66f1-46e6-967a-6064ea3c3b73","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":12,"box":{"x":81,"y":476,"width":789,"height":12}},{"id":"fbd03d06-f123-4741-9666-b39e87549b38","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":12,"box":{"x":81,"y":491,"width":823,"height":12}},{"id":"afa78469-ea87-4535-ba7c-61b7979bb775","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":12,"box":{"x":81,"y":506,"width":784,"height":11}},{"id":"737b697a-221a-4ccf-a99d-950508392c40","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":12,"box":{"x":81,"y":521,"width":844,"height":11}},{"id":"503627e2-2465-46c2-9ff4-2804a93c5c2b","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":12,"box":{"x":82,"y":541,"width":818,"height":11}},{"id":"826b2678-3323-4884-b455-77b6581b6d98","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":12,"box":{"x":80,"y":556,"width":819,"height":11}},{"id":"be834f98-0626-4818-abd8-4685987b1edc","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":12,"box":{"x":81,"y":570,"width":819,"height":12}},{"id":"3851a042-32ff-4fe9-ae1a-0781583c3fe2","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":12,"box":{"x":81,"y":585,"width":846,"height":12}},{"id":"16fe6fc9-1015-41eb-b29f-dbb039126280","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":12,"box":{"x":81,"y":600,"width":848,"height":12}},{"id":"13cb986a-b4bb-4b8c-8b0b-06a0a21df378","block_type":"box","text":"the Fund invests.","page_number":12,"box":{"x":80,"y":615,"width":125,"height":9}},{"id":"88f59e40-3025-4293-87db-bac727461a15","block_type":"box","text":"Mid Cap Securities Risk","page_number":12,"box":{"x":81,"y":635,"width":182,"height":11}},{"id":"5b5a494f-3378-4d37-a4bc-ef3b0eb251fe","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":12,"box":{"x":267,"y":635,"width":665,"height":11}},{"id":"7fa10fdf-2449-4fe4-a8a4-5cacd697ca17","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":12,"box":{"x":81,"y":650,"width":789,"height":11}},{"id":"98f21d50-1bb3-4434-895c-7cb43d95985b","block_type":"box","text":"Operational and Technology Risks","page_number":12,"box":{"x":82,"y":670,"width":254,"height":11}},{"id":"7ce6b55b-95df-4972-8037-3ea42a0e5dc6","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":12,"box":{"x":340,"y":670,"width":549,"height":11}},{"id":"a4a6c654-219e-4d53-9005-4c47a3487360","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":12,"box":{"x":81,"y":685,"width":790,"height":11}},{"id":"13ad3c57-3d65-464b-8225-c6ce6cf4fe66","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":12,"box":{"x":81,"y":699,"width":837,"height":12}},{"id":"e40d7362-3e11-49bf-9ae4-a1a48b6a8250","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":12,"box":{"x":82,"y":714,"width":845,"height":12}},{"id":"ca4fd96e-af73-4cb2-a412-72c15e4e2c35","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":12,"box":{"x":81,"y":729,"width":832,"height":11}},{"id":"88fc01d5-19a8-4fe3-98c3-27d24bc0907c","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":12,"box":{"x":82,"y":744,"width":763,"height":11}},{"id":"06b810e9-e348-49a3-bf68-48dc289f4e18","block_type":"box","text":"counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and","page_number":12,"box":{"x":81,"y":759,"width":825,"height":11}},{"id":"d1ccdd8a-2ff1-4644-a9c6-f89ac65c7118","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":12,"box":{"x":81,"y":773,"width":842,"height":12}},{"id":"964ed56e-d9c6-4647-8ae6-83e2e68bec47","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":12,"box":{"x":81,"y":788,"width":852,"height":12}},{"id":"679000ad-a439-44d4-91d4-66df7190ad31","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":12,"box":{"x":82,"y":803,"width":827,"height":12}},{"id":"f70f337e-89da-45fa-b58d-76e0ada1b24b","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":12,"box":{"x":81,"y":823,"width":821,"height":12}},{"id":"def611e4-f6ed-419a-92fd-ce7d9942264f","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":12,"box":{"x":82,"y":838,"width":814,"height":11}},{"id":"658db174-86d5-4d06-b96e-511c50bec232","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":12,"box":{"x":81,"y":853,"width":824,"height":11}},{"id":"5a9e1c72-5970-41fc-bb7e-ebc99e889a8b","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":12,"box":{"x":81,"y":867,"width":791,"height":12}},{"id":"43e06f26-ef49-4302-be54-71c5db82abc0","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":12,"box":{"x":82,"y":882,"width":852,"height":12}},{"id":"178c7c1c-81e4-4316-be97-7a2cee654adb","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":12,"box":{"x":81,"y":897,"width":784,"height":12}},{"id":"daa25592-c89a-46f8-931e-caf0f0c62024","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":12,"box":{"x":81,"y":912,"width":787,"height":12}},{"id":"e00cec57-1b0e-48be-9074-c09fef6ec4c4","block_type":"box","text":"12","page_number":12,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"d0c9b902-32a1-4e5b-bfc1-443881b7fd59","block_type":"box","text":"NM1026U-5978633-12/40","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1507dd7b-b30c-4c3f-8735-10ba7048eb1e","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations","page_number":13,"box":{"x":81,"y":46,"width":840,"height":11}},{"id":"e41d54c7-a3a4-4e3b-ac09-df03c605c2fd","block_type":"box","text":"of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":13,"box":{"x":81,"y":60,"width":809,"height":12}},{"id":"b50be74a-f3f1-4a54-86c4-148953c698c6","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":13,"box":{"x":81,"y":76,"width":829,"height":11}},{"id":"40f446ac-51b2-4bbc-a56f-0f568bb51eba","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":13,"box":{"x":82,"y":90,"width":798,"height":12}},{"id":"b8f2f1ec-3778-428b-a2f0-0d054037394b","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":13,"box":{"x":81,"y":105,"width":829,"height":12}},{"id":"3603a758-3746-4f5a-adb0-0f05b5583397","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":13,"box":{"x":82,"y":120,"width":846,"height":11}},{"id":"32c3dd25-aaa6-4794-960a-b05acec567c3","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":13,"box":{"x":82,"y":135,"width":846,"height":11}},{"id":"bd27bb36-d476-49d5-9673-1ffa9881f7f9","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":13,"box":{"x":81,"y":149,"width":838,"height":12}},{"id":"f7667885-8408-40aa-bc87-31dab817f3cd","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":13,"box":{"x":80,"y":165,"width":770,"height":11}},{"id":"2a06d3e4-8340-4564-94bd-8b4bff6bbe9c","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":13,"box":{"x":80,"y":179,"width":792,"height":12}},{"id":"3af16393-7c82-42d4-afe4-27bf77a09eec","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":13,"box":{"x":82,"y":194,"width":845,"height":11}},{"id":"906971bf-6885-4625-b3c2-d0b654c8cc41","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":13,"box":{"x":80,"y":209,"width":840,"height":11}},{"id":"878df3f0-e1dc-43f5-9f9b-e8631e3b223e","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":13,"box":{"x":81,"y":224,"width":841,"height":11}},{"id":"87ddfd8d-9c52-4e7d-b1f5-ad5d4556598c","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":13,"box":{"x":80,"y":238,"width":847,"height":12}},{"id":"2bed7df4-996b-4a51-881f-a415663c68e2","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":13,"box":{"x":82,"y":253,"width":838,"height":12}},{"id":"d2a95986-35ef-4d83-9061-af16f6b24717","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":13,"box":{"x":81,"y":268,"width":847,"height":12}},{"id":"9e2bea3f-2aa6-4419-b140-65f14198dd64","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":13,"box":{"x":81,"y":283,"width":845,"height":11}},{"id":"0f2de8df-a15c-42b4-ab91-a73347b57a1c","block_type":"box","text":"and the associated risks to the Fund.","page_number":13,"box":{"x":81,"y":298,"width":273,"height":9}},{"id":"ac9df2fa-4e32-4de3-9276-bd811eb96588","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":13,"box":{"x":81,"y":318,"width":769,"height":11}},{"id":"7554c5cf-8217-4db0-acd0-719c65589da8","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":13,"box":{"x":81,"y":332,"width":855,"height":12}},{"id":"89a1e080-a1d1-40a0-8074-001c79092c7c","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":13,"box":{"x":80,"y":347,"width":848,"height":12}},{"id":"06893201-fb7d-4d4d-b61b-f22791466b99","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":13,"box":{"x":81,"y":362,"width":777,"height":12}},{"id":"6c5087f7-5c85-489a-bc91-5da2fcd1b36c","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":13,"box":{"x":81,"y":377,"width":824,"height":12}},{"id":"b4062351-a136-4419-b15e-35531bd3e139","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":13,"box":{"x":81,"y":392,"width":785,"height":11}},{"id":"e3be208e-aa05-4a9e-a33c-aa9503e13802","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":13,"box":{"x":82,"y":407,"width":853,"height":11}},{"id":"8a5766c0-f668-4b47-b73b-954b6513f5c6","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":13,"box":{"x":82,"y":421,"width":855,"height":12}},{"id":"6f4415b9-68f9-43aa-a7d5-b16ecc031808","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":13,"box":{"x":82,"y":436,"width":813,"height":12}},{"id":"123d3029-4910-40aa-af9d-40939d2c83b1","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":13,"box":{"x":81,"y":451,"width":806,"height":12}},{"id":"9e50c50d-2d2c-4130-8d79-53d90e304e0c","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":13,"box":{"x":82,"y":466,"width":602,"height":11}},{"id":"5a6579f6-b74c-490b-a439-d1de7557bc2f","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":13,"box":{"x":82,"y":486,"width":794,"height":11}},{"id":"8432dced-1b13-4e60-8a4c-437f3f52b01c","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":13,"box":{"x":81,"y":501,"width":840,"height":11}},{"id":"2a39c9a2-5a25-4e9c-9314-b26c768fd7a8","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":13,"box":{"x":81,"y":516,"width":801,"height":11}},{"id":"a3125883-aeff-43f1-88f5-4019a5169d7b","block_type":"box","text":"resources to monitor and implement required changes.","page_number":13,"box":{"x":82,"y":531,"width":402,"height":11}},{"id":"e3308e6f-a653-4c89-ac32-3301329422c1","block_type":"box","text":"Risk of Investing in the United States","page_number":13,"box":{"x":81,"y":550,"width":283,"height":12}},{"id":"d3ab1760-6de7-42fc-92c8-d7a315b28e68","block_type":"box","text":"—","page_number":13,"box":{"x":369,"y":556,"width":17,"height":1}},{"id":"4b6d9a6f-4d36-400a-9907-1a77965860f5","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations, tariffs,","page_number":13,"box":{"x":390,"y":550,"width":519,"height":12}},{"id":"9a9f0e44-bb9c-4d9c-84e0-2d0f480dcee2","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":13,"box":{"x":82,"y":565,"width":790,"height":12}},{"id":"b14e1326-6710-4777-a64b-494fc8acfb86","block_type":"box","text":"economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the","page_number":13,"box":{"x":81,"y":580,"width":835,"height":12}},{"id":"50cc04c7-297a-4f91-8e56-bc3f9d6b9cac","block_type":"box","text":"United States are changing many aspects of financial, commercial, public health, environmental, and other","page_number":13,"box":{"x":82,"y":595,"width":784,"height":11}},{"id":"e763403a-59e3-463f-82d5-e81aeee794d6","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":13,"box":{"x":82,"y":610,"width":849,"height":11}},{"id":"0c31706e-2494-44f4-80fa-306836cf600c","block_type":"box","text":"Governmental agencies project that the United States will continue to maintain elevated public debt levels for the","page_number":13,"box":{"x":81,"y":624,"width":832,"height":12}},{"id":"519b5539-e2f9-405f-a1af-991dbd7406df","block_type":"box","text":"foreseeable future. Although elevated debt levels do not necessarily indicate or cause economic problems, elevated","page_number":13,"box":{"x":81,"y":639,"width":851,"height":12}},{"id":"6b1adca8-fe7c-4c01-bc74-a105e17123d3","block_type":"box","text":"public debt service costs may constrain future economic growth.","page_number":13,"box":{"x":82,"y":654,"width":471,"height":12}},{"id":"b7f3de5d-751b-4116-af34-f74a72daf663","block_type":"box","text":"The United States has developed increasingly strained relations with a number of foreign countries. If relations with","page_number":13,"box":{"x":81,"y":674,"width":847,"height":12}},{"id":"2924c715-f1a9-4720-bd76-95fd78c24590","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":13,"box":{"x":81,"y":689,"width":810,"height":11}},{"id":"032845f9-b00e-428b-b6d2-eb5a9459669f","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and political discord. If","page_number":13,"box":{"x":82,"y":704,"width":832,"height":11}},{"id":"4e8fdcd9-01be-46e2-88eb-3e710c58d33c","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":13,"box":{"x":80,"y":719,"width":826,"height":11}},{"id":"a072f75c-fc86-481b-b737-8e8edbb924ae","block_type":"box","text":"Fund invests.","page_number":13,"box":{"x":82,"y":734,"width":95,"height":9}},{"id":"79f163d8-3236-4320-8d1d-77bab555874c","block_type":"box","text":"Small Cap Securities Risk","page_number":13,"box":{"x":81,"y":754,"width":196,"height":11}},{"id":"a29f11bf-b930-45e4-84c9-a5cd014a4a56","block_type":"box","text":"— Small cap companies may have limited product lines or markets. They may be less","page_number":13,"box":{"x":280,"y":754,"width":630,"height":11}},{"id":"ff0a5cd6-e347-4f4c-992e-bb1e14fea339","block_type":"box","text":"financially secure than larger, more established companies. They may depend on a small number of key personnel.","page_number":13,"box":{"x":81,"y":768,"width":844,"height":12}},{"id":"ad98272b-a7fa-45bf-a901-0706d7449583","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":13,"box":{"x":82,"y":783,"width":835,"height":12}},{"id":"10616aa3-2524-4f39-88ec-104a0822edd9","block_type":"box","text":"small cap company may lose substantial value. In addition, it is more difficult to get information on smaller","page_number":13,"box":{"x":81,"y":798,"width":787,"height":11}},{"id":"0f904b8b-e068-493c-9eba-da03ad6aa62e","block_type":"box","text":"companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by","page_number":13,"box":{"x":81,"y":813,"width":854,"height":11}},{"id":"4c34bcb3-3291-4cb0-8f63-278cac601c98","block_type":"box","text":"large investors and are followed by relatively few securities analysts.","page_number":13,"box":{"x":82,"y":827,"width":501,"height":12}},{"id":"f475b41d-4ebf-4c8a-902e-1da6a7a505d0","block_type":"box","text":"The securities of small cap companies generally trade in lower volumes and are subject to greater and more","page_number":13,"box":{"x":81,"y":847,"width":794,"height":12}},{"id":"c3a7cedb-89cd-42cd-9c10-8b07ff2bcf2e","block_type":"box","text":"unpredictable price changes than larger cap securities or the market as a whole. In addition, small cap securities","page_number":13,"box":{"x":82,"y":863,"width":830,"height":11}},{"id":"cb3c22de-210c-445d-baec-7b0986a6e91e","block_type":"box","text":"may be particularly sensitive to changes in interest rates, borrowing costs and earnings. Investing in small cap","page_number":13,"box":{"x":82,"y":877,"width":812,"height":12}},{"id":"90cd1764-1d93-4e0e-80b6-be08d9285120","block_type":"box","text":"securities requires a longer term view.","page_number":13,"box":{"x":81,"y":892,"width":279,"height":12}},{"id":"9e3b6cf6-079c-4219-8395-4150748e7415","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"87815bcb-9b81-453e-9e8b-d78c82f82746","block_type":"box","text":"NM1026U-5978633-13/40","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d9fde807-dc89-48e0-b781-471c16168c98","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":14,"box":{"x":61,"y":46,"width":296,"height":13}},{"id":"53b3ca7b-150a-43ac-800a-25721fcae5cf","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":14,"box":{"x":60,"y":63,"width":832,"height":11}},{"id":"44751470-bf0c-43cf-822c-217b67eedf91","block_type":"box","text":"strategies, including:","page_number":14,"box":{"x":61,"y":77,"width":151,"height":12}},{"id":"08f56e7f-a308-41c4-a223-421127d31765","block_type":"box","text":"Borrowing Risk","page_number":14,"box":{"x":81,"y":97,"width":115,"height":12}},{"id":"7ea7bf7d-332e-433e-8c44-bc9b43e24c17","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":14,"box":{"x":200,"y":97,"width":711,"height":12}},{"id":"3aed1c65-4636-4973-b3cc-3c3a3cd841f7","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":14,"box":{"x":80,"y":112,"width":813,"height":12}},{"id":"61669936-9501-400a-b854-1c0185ab2f06","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":14,"box":{"x":82,"y":127,"width":846,"height":11}},{"id":"c9bd915b-6d57-46ab-9707-dc87a877dc04","block_type":"box","text":"do so to satisfy its obligations.","page_number":14,"box":{"x":81,"y":142,"width":225,"height":11}},{"id":"7e9923eb-90f6-496a-a09b-70b69e8e9ce3","block_type":"box","text":"Convertible Securities Risk","page_number":14,"box":{"x":81,"y":162,"width":206,"height":9}},{"id":"078765a2-759c-4e7f-8fcf-e857a88363d7","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":14,"box":{"x":291,"y":162,"width":593,"height":11}},{"id":"7e68bfdf-a2bd-47c7-8216-7504a2a02fb5","block_type":"box","text":"security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible","page_number":14,"box":{"x":81,"y":176,"width":853,"height":12}},{"id":"d62efcd2-4605-44e7-94a6-6d72cfedc669","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":14,"box":{"x":81,"y":192,"width":855,"height":11}},{"id":"273922cf-1f7a-4871-9b4d-e1b201611a7a","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":14,"box":{"x":80,"y":206,"width":816,"height":12}},{"id":"f95c31f6-4a63-4fab-98af-af909036f641","block_type":"box","text":"issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be","page_number":14,"box":{"x":82,"y":221,"width":796,"height":11}},{"id":"accd19eb-5231-49e5-85f5-8254ba250f92","block_type":"box","text":"converted, a convertible security is also subject to the same types of market and issuer risks that apply to the","page_number":14,"box":{"x":81,"y":236,"width":812,"height":11}},{"id":"83e949f8-7ece-46a6-970d-5554d20263f4","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":14,"box":{"x":82,"y":251,"width":809,"height":11}},{"id":"3ba04edb-887a-4616-b950-dd8acce68429","block_type":"box","text":"Depositary Receipts Risk","page_number":14,"box":{"x":81,"y":271,"width":191,"height":11}},{"id":"42067a8f-744f-45b8-ac2d-4638075b454f","block_type":"box","text":"— Depositary receipts are generally subject to the same risks as the foreign securities","page_number":14,"box":{"x":276,"y":271,"width":639,"height":11}},{"id":"3763607d-334e-4833-82ae-8bea012e2429","block_type":"box","text":"that they evidence or into which they may be converted. In addition to investment risks associated with the","page_number":14,"box":{"x":80,"y":286,"width":786,"height":11}},{"id":"9aaa8235-1a6e-473b-8bb5-fe7b7f7f1cee","block_type":"box","text":"underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms","page_number":14,"box":{"x":82,"y":300,"width":824,"height":12}},{"id":"da8d51b9-105d-4a4e-a3f0-245e0ff4aa10","block_type":"box","text":"that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other","page_number":14,"box":{"x":80,"y":315,"width":827,"height":12}},{"id":"6bba2a5c-8ee3-47a3-89f5-6842610d1480","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":14,"box":{"x":82,"y":330,"width":849,"height":11}},{"id":"85c25530-f7de-4ae7-92fd-ffba61827ac9","block_type":"box","text":"depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that","page_number":14,"box":{"x":81,"y":345,"width":840,"height":11}},{"id":"1a24e2bc-495f-4862-be26-1a04e62156ed","block_type":"box","text":"is, in the United States, considered material. Therefore, there may be less information available regarding these","page_number":14,"box":{"x":82,"y":360,"width":824,"height":11}},{"id":"c1b9381e-21d6-401e-9ea1-b89aa209dc59","block_type":"box","text":"issuers and there may not be a correlation between such information and the market value of the depositary","page_number":14,"box":{"x":82,"y":374,"width":798,"height":12}},{"id":"aece11fd-d5d3-4807-ba21-18dbb76f1d77","block_type":"box","text":"receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their","page_number":14,"box":{"x":82,"y":389,"width":847,"height":12}},{"id":"68c5fefe-91cc-4abb-99ce-6f79efc291f2","block_type":"box","text":"respective markets and currencies, they continue to be subject to many of the risks associated with investing","page_number":14,"box":{"x":82,"y":404,"width":804,"height":12}},{"id":"0715e122-1172-4936-9ccc-93db8de23c5a","block_type":"box","text":"directly in foreign securities, including political, economic, and currency risk.","page_number":14,"box":{"x":81,"y":419,"width":558,"height":11}},{"id":"c27ec9fb-5390-4f8e-858b-fcc7d03443b5","block_type":"box","text":"Derivatives Risk","page_number":14,"box":{"x":81,"y":439,"width":123,"height":9}},{"id":"774e1ca2-e676-454a-a011-1351e94538ce","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":14,"box":{"x":207,"y":439,"width":664,"height":11}},{"id":"628ae687-9a76-4c67-aa93-236110564ff2","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":14,"box":{"x":82,"y":454,"width":469,"height":11}},{"id":"1f1ee45b-3ec1-471b-bb4b-82e8f3d00dbb","block_type":"box","text":"Leverage Risk","page_number":14,"box":{"x":82,"y":476,"width":102,"height":12}},{"id":"75a6e011-b3d0-4207-b646-ca6692b8e99a","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":14,"box":{"x":188,"y":476,"width":723,"height":12}},{"id":"71713ce4-6613-4dfe-a621-3a400e746965","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":14,"box":{"x":82,"y":491,"width":832,"height":12}},{"id":"9f20ee42-8ef5-4ece-afaa-420da995b072","block_type":"box","text":"exceed the amount originally invested.","page_number":14,"box":{"x":81,"y":506,"width":280,"height":11}},{"id":"9c09e4a4-b204-456e-8e6d-8c3f3493e383","block_type":"box","text":"Market Risk","page_number":14,"box":{"x":82,"y":529,"width":87,"height":9}},{"id":"37cb1d03-f8e9-4209-88f8-e47174de4db3","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":14,"box":{"x":173,"y":528,"width":728,"height":12}},{"id":"b5e0f8e5-6892-4ad9-9320-088ebd882bd0","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":14,"box":{"x":81,"y":543,"width":834,"height":11}},{"id":"e61c738d-f2fa-4ff1-b124-e85b9e0576bd","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":14,"box":{"x":82,"y":558,"width":832,"height":12}},{"id":"1d501ebd-76f4-454f-ab71-7b75d4aff0d7","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":14,"box":{"x":80,"y":573,"width":779,"height":11}},{"id":"db54ff56-764e-4c01-b05f-5129ec4be06c","block_type":"box","text":"derivatives positions to lose value.","page_number":14,"box":{"x":81,"y":588,"width":253,"height":11}},{"id":"cb439c07-4eea-48e8-8ccb-02690572b283","block_type":"box","text":"Counterpar ty Risk","page_number":14,"box":{"x":82,"y":610,"width":131,"height":12}},{"id":"64c77303-22b0-4334-a8d9-7394ec773b44","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":14,"box":{"x":217,"y":611,"width":697,"height":11}},{"id":"e1183ef2-1ef8-4746-8f85-19e414dab02d","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":14,"box":{"x":80,"y":625,"width":855,"height":12}},{"id":"f9d04141-50b8-4c04-90ef-1570091bc90e","block_type":"box","text":"exposure to such a counterparty.","page_number":14,"box":{"x":81,"y":640,"width":240,"height":11}},{"id":"20b8b437-7543-41fe-9516-ea914579dea5","block_type":"box","text":"Illiquidity Risk —","page_number":14,"box":{"x":82,"y":663,"width":122,"height":11}},{"id":"b6c190ec-c516-4392-8268-94297fd122b8","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":14,"box":{"x":208,"y":662,"width":728,"height":12}},{"id":"f17edb22-3c76-48bd-b8c9-66b13de87fe5","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":14,"box":{"x":80,"y":678,"width":839,"height":11}},{"id":"18790974-83d1-4bfc-a915-e824e4cacc2b","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":14,"box":{"x":81,"y":692,"width":293,"height":12}},{"id":"41c3d7de-7d1a-45e9-98d4-d198a33b506e","block_type":"box","text":"Operational Risk","page_number":14,"box":{"x":82,"y":715,"width":120,"height":11}},{"id":"eb0bca8b-5ee3-4232-94c5-0e7a9f2a15fd","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":14,"box":{"x":206,"y":715,"width":727,"height":11}},{"id":"5c896fdd-8d84-4cdf-87e6-e18c8108c1bc","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":14,"box":{"x":82,"y":730,"width":607,"height":11}},{"id":"494bcc8c-57a2-45e0-b2a9-663dcf615d54","block_type":"box","text":"Legal Risk","page_number":14,"box":{"x":82,"y":752,"width":75,"height":12}},{"id":"04dca005-c0e3-47af-913c-44ad75f6d9b8","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":14,"box":{"x":161,"y":752,"width":761,"height":12}},{"id":"6f317d00-860b-4310-bba1-0c8475f9bbed","block_type":"box","text":"enforceability of a contract.","page_number":14,"box":{"x":81,"y":767,"width":198,"height":11}},{"id":"02941b5c-1807-4205-974a-c120fadd187d","block_type":"box","text":"Volatility and Correlation Risk","page_number":14,"box":{"x":83,"y":790,"width":214,"height":11}},{"id":"57450bcd-a5bb-4d7a-8797-8a203cab2b69","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":14,"box":{"x":300,"y":789,"width":590,"height":12}},{"id":"e505c6c9-92cb-40a5-8fa0-0720f865336b","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":14,"box":{"x":80,"y":804,"width":855,"height":12}},{"id":"9cd33fca-8142-485f-a41c-112b768d018e","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":14,"box":{"x":80,"y":819,"width":820,"height":12}},{"id":"5867fb1a-d2f6-4473-a120-27c9f73cb47c","block_type":"box","text":"correlate with the overall securities markets.","page_number":14,"box":{"x":81,"y":834,"width":326,"height":9}},{"id":"b32e9e92-fbf5-4e11-bf61-234c040276fa","block_type":"box","text":"Valuation Risk","page_number":14,"box":{"x":83,"y":857,"width":102,"height":9}},{"id":"5b3d6dbc-2b74-4050-81f6-65190a11b2b6","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":14,"box":{"x":189,"y":856,"width":747,"height":12}},{"id":"bc0a57ae-24b1-4cf6-9c7f-b27466ed64d8","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":14,"box":{"x":82,"y":871,"width":783,"height":12}},{"id":"f2e98ab6-23c2-4b6b-8e9e-fe3f3bb6a991","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":14,"box":{"x":82,"y":886,"width":837,"height":12}},{"id":"6370ccb2-dc4a-429f-a8fe-64d5103c6c06","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":14,"box":{"x":81,"y":901,"width":826,"height":12}},{"id":"8a9dcfbb-7435-4188-9e41-eff3a2f0bc57","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":14,"box":{"x":80,"y":916,"width":405,"height":11}},{"id":"5be2c3f9-70e8-4c48-b3ab-63786a5985bf","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"e71d19be-7c86-4f62-a0e3-fedb466c64de","block_type":"box","text":"NM1026U-5978633-14/40","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1fd37715-72a2-4446-bb3b-b39e8ab05201","block_type":"box","text":"Hedging Risk","page_number":15,"box":{"x":82,"y":46,"width":95,"height":11}},{"id":"84802fcd-5cd2-4cca-a05a-3f97b8d6ea2a","block_type":"box","text":"— When a derivative is used as a hedge against a position that the Fund holds, any loss generated by","page_number":15,"box":{"x":181,"y":46,"width":752,"height":11}},{"id":"4e1d96f9-e318-494f-840b-9df211f455c3","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":15,"box":{"x":80,"y":60,"width":820,"height":12}},{"id":"0d3b5905-c32c-4604-83dd-53ad6a97a732","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":15,"box":{"x":82,"y":76,"width":823,"height":11}},{"id":"d9ba4246-604e-4c2e-a1a3-d611671e701a","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":15,"box":{"x":82,"y":90,"width":813,"height":12}},{"id":"2a9ca7c2-58ed-424f-b174-31676d1326ba","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":15,"box":{"x":82,"y":105,"width":832,"height":12}},{"id":"d91d748a-d544-458f-8813-31ac50cf3538","block_type":"box","text":"noted below.","page_number":15,"box":{"x":82,"y":120,"width":90,"height":9}},{"id":"df8037ff-d85c-4a50-ac99-d5a101ec5e59","block_type":"box","text":"Tax Risk","page_number":15,"box":{"x":83,"y":143,"width":59,"height":9}},{"id":"06cd0f8b-db0e-42c7-950c-be02fa9578cd","block_type":"box","text":"— The federal income tax treatment of a derivative may not be as favorable as a direct investment in an","page_number":15,"box":{"x":145,"y":142,"width":766,"height":12}},{"id":"ee0f2679-982d-447b-9e0d-d249a90675f8","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":15,"box":{"x":82,"y":157,"width":826,"height":12}},{"id":"a47de53c-477a-434c-9a87-9e27ecc7b367","block_type":"box","text":"investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than","page_number":15,"box":{"x":82,"y":172,"width":846,"height":12}},{"id":"98d98237-7419-4bc1-a5ce-ab34b1a7c24b","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":15,"box":{"x":81,"y":187,"width":817,"height":11}},{"id":"563b1a1c-eb96-4574-8f24-3ec5565de43a","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could","page_number":15,"box":{"x":82,"y":202,"width":835,"height":11}},{"id":"5f2934d4-37b8-460b-8278-53b4acc70d2e","block_type":"box","text":"be an increase (or decrease) in the amount of taxable dividends paid by the Fund. In addition, the tax treatment of","page_number":15,"box":{"x":81,"y":216,"width":840,"height":12}},{"id":"b2702da9-52b0-4a56-91f9-3b7748a2f83d","block_type":"box","text":"certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or","page_number":15,"box":{"x":81,"y":231,"width":750,"height":12}},{"id":"58b65115-49b9-4b20-bc7d-1b15b2bd9197","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":15,"box":{"x":81,"y":246,"width":611,"height":12}},{"id":"1dfc8f3b-7598-430f-a58f-4e3b26703a20","block_type":"box","text":"Regulatory Risk","page_number":15,"box":{"x":82,"y":269,"width":115,"height":11}},{"id":"6b5cd17d-3af1-48ac-ae2a-eff4ecaa5d4b","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":15,"box":{"x":201,"y":269,"width":688,"height":11}},{"id":"cbe1c2e6-f669-4c4d-873a-a3d0234fca25","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":15,"box":{"x":81,"y":284,"width":851,"height":11}},{"id":"e1753f8b-cedb-4ba4-8800-9e5013ce91cc","block_type":"box","text":"and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers are","page_number":15,"box":{"x":81,"y":298,"width":811,"height":12}},{"id":"3988c769-10a2-4e87-94f5-b1d0ef7f2be2","block_type":"box","text":"required to exchange variation margin with the Fund and may be required by applicable regulations to collect and/or","page_number":15,"box":{"x":82,"y":313,"width":850,"height":12}},{"id":"d8b1bf3a-4f1d-4457-bc7b-f4e4e985cdfe","block_type":"box","text":"exchange initial margin with the Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":15,"box":{"x":81,"y":328,"width":850,"height":12}},{"id":"5ded0792-4d37-41fe-90b0-970b55c2e630","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":15,"box":{"x":81,"y":343,"width":838,"height":11}},{"id":"7a69d337-be09-4fec-bd2e-8c165ad5bd09","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":15,"box":{"x":81,"y":358,"width":807,"height":11}},{"id":"f7bbbc08-17be-475c-96b5-b29b7706f92b","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":15,"box":{"x":81,"y":372,"width":787,"height":12}},{"id":"0a1ea2c9-c1de-4ddf-8e6e-af1bd9259eca","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":15,"box":{"x":82,"y":387,"width":837,"height":12}},{"id":"1b75ce7e-6d3f-4e18-910c-09d178f270fd","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":15,"box":{"x":80,"y":402,"width":804,"height":12}},{"id":"0acca41d-a86d-44f4-89cd-c31a0400e36e","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":15,"box":{"x":81,"y":417,"width":781,"height":11}},{"id":"cde6ca34-a750-474c-8de4-3d4961a5775b","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":15,"box":{"x":82,"y":432,"width":773,"height":11}},{"id":"f72b64e9-7c7d-46c8-ba05-36286259fbd2","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":15,"box":{"x":82,"y":447,"width":836,"height":11}},{"id":"a985ac67-5af3-4a4a-b816-96560a5d730e","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":15,"box":{"x":82,"y":461,"width":814,"height":12}},{"id":"769ba906-8278-444f-9695-7bacab026e42","block_type":"box","text":"investors in the Fund.","page_number":15,"box":{"x":82,"y":476,"width":156,"height":9}},{"id":"6da87c0b-05a5-4701-8b9d-0615b51c0b37","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":15,"box":{"x":82,"y":499,"width":823,"height":11}},{"id":"8a319f3c-8f67-4829-b356-1ed8ab3f374a","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":15,"box":{"x":82,"y":514,"width":827,"height":11}},{"id":"52c78dfb-d234-4e2e-95c3-84245831a86f","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":15,"box":{"x":80,"y":528,"width":849,"height":12}},{"id":"7a22aa30-364d-47ee-913b-916c931d6227","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":15,"box":{"x":81,"y":543,"width":846,"height":12}},{"id":"e9532222-8242-4410-b743-8b7f88d9d173","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":15,"box":{"x":81,"y":558,"width":509,"height":12}},{"id":"3d7e7d03-9bd2-47f2-b330-b74e661ba3ba","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":15,"box":{"x":82,"y":581,"width":399,"height":11}},{"id":"fa7681ce-ece2-404e-9ddc-4edc1b9b0fbe","block_type":"box","text":"Swaps","page_number":15,"box":{"x":102,"y":601,"width":47,"height":11}},{"id":"edfdfbc5-96a3-4776-8949-8af4e4db90e0","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":15,"box":{"x":154,"y":601,"width":775,"height":11}},{"id":"d89dc5eb-1815-408e-a6dd-2c09c0c67483","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":15,"box":{"x":101,"y":615,"width":829,"height":12}},{"id":"7cdad4c6-d320-4dbd-b339-a5161c69b15f","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":15,"box":{"x":101,"y":630,"width":807,"height":12}},{"id":"00fc5d8d-edd8-429c-af08-2619ebc7fdfa","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":15,"box":{"x":102,"y":645,"width":811,"height":12}},{"id":"b48b3960-320f-4b20-b38c-14afcc2ae6e1","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":15,"box":{"x":101,"y":660,"width":820,"height":11}},{"id":"2e84cead-7108-4e45-bb0d-55bdea7b4daf","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":15,"box":{"x":102,"y":675,"width":791,"height":11}},{"id":"bf34e09b-bb8b-4ec3-9650-34c19d43e480","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":15,"box":{"x":101,"y":690,"width":789,"height":11}},{"id":"ba5641da-1cd0-4f73-a667-32a910ab4118","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":15,"box":{"x":101,"y":705,"width":796,"height":11}},{"id":"1f620423-c996-49c7-bb1f-b1f0a9fa6767","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":15,"box":{"x":102,"y":725,"width":335,"height":11}},{"id":"60765e80-b0d5-4e18-9d57-1e4c69759f4e","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":15,"box":{"x":442,"y":724,"width":437,"height":12}},{"id":"a39ec4cc-82c5-4d2d-98c5-eaad93a6c168","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":15,"box":{"x":101,"y":739,"width":820,"height":12}},{"id":"25f48f7d-f0f4-49c7-a103-1d0eec3e77c4","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":15,"box":{"x":101,"y":754,"width":801,"height":12}},{"id":"4ac18811-84db-48bf-bb49-8c657c5c517f","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":15,"box":{"x":101,"y":769,"width":824,"height":11}},{"id":"fd571f72-2573-4d18-8c89-881c215c2e5b","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":15,"box":{"x":101,"y":784,"width":831,"height":11}},{"id":"6bd1ede1-9d13-4765-a217-227e065ffb36","block_type":"box","text":"Futures","page_number":15,"box":{"x":102,"y":804,"width":54,"height":9}},{"id":"fa897712-705f-4706-8240-7b62546c5f0e","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":15,"box":{"x":161,"y":804,"width":765,"height":11}},{"id":"ef08b8ac-b7b5-4100-81c3-2e6ee2e66a0f","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":15,"box":{"x":101,"y":818,"width":786,"height":12}},{"id":"594332c7-163a-4468-bdd1-7aac15a8a306","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":15,"box":{"x":102,"y":833,"width":769,"height":12}},{"id":"add42721-401a-411f-a639-d49341ddf36d","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":15,"box":{"x":102,"y":848,"width":822,"height":12}},{"id":"7d4bb254-e8ec-4f30-ac43-90f18948fb1b","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":15,"box":{"x":101,"y":863,"width":832,"height":12}},{"id":"977d0d7a-04bc-425b-ae3a-faf82be548c9","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":15,"box":{"x":101,"y":878,"width":806,"height":11}},{"id":"b320bb94-c0e9-4ff7-9229-34b95e5c5e3a","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":15,"box":{"x":102,"y":893,"width":793,"height":11}},{"id":"e930a872-cb76-4559-842b-b85ad594a94c","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"5b5a8546-95c1-40af-bf70-6b3bad65d0f5","block_type":"box","text":"NM1026U-5978633-15/40","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"516ac3a4-7648-4fcc-9bfb-7e5cd3f0ecfb","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":16,"box":{"x":102,"y":46,"width":787,"height":11}},{"id":"15c2b361-445e-40de-9ee6-e5b1ba149b06","block_type":"box","text":"default in the performance of its obligations.","page_number":16,"box":{"x":101,"y":60,"width":327,"height":12}},{"id":"b39ba47e-15c3-493f-a42e-076a33750111","block_type":"box","text":"Options","page_number":16,"box":{"x":102,"y":81,"width":55,"height":11}},{"id":"959434ba-97c0-4985-97bc-a9e49ef295c2","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":16,"box":{"x":162,"y":80,"width":772,"height":12}},{"id":"782e9ed8-c65c-404d-b0d5-c353532261c0","block_type":"box","text":"the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for","page_number":16,"box":{"x":101,"y":95,"width":812,"height":12}},{"id":"6a75de93-836c-4eee-86db-ead266a649fc","block_type":"box","text":"cash in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during","page_number":16,"box":{"x":101,"y":110,"width":827,"height":12}},{"id":"f973ec01-00c3-47ad-87ac-1b285eacae15","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":16,"box":{"x":101,"y":125,"width":781,"height":11}},{"id":"fc5a342d-f0dc-40be-b955-40619f0350b1","block_type":"box","text":"purchases an option, it may lose the total premium paid for it if the price of the underlying security or other","page_number":16,"box":{"x":102,"y":140,"width":785,"height":11}},{"id":"07d643af-cc11-409a-86f5-022e4ffc1bfd","block_type":"box","text":"assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case","page_number":16,"box":{"x":101,"y":155,"width":831,"height":11}},{"id":"f7787d65-9209-41e6-b136-51faf3411b06","block_type":"box","text":"of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price","page_number":16,"box":{"x":101,"y":169,"width":814,"height":12}},{"id":"0df2ed83-e057-4f88-bd0f-b62b6bd855c5","block_type":"box","text":"(in the case of a put option). If a put or call option purchased by the Fund were permitted to expire without being","page_number":16,"box":{"x":101,"y":184,"width":826,"height":12}},{"id":"8c25f6db-ee3f-4c7b-8ec2-ace1108709c0","block_type":"box","text":"sold or exercised, its premium would represent a loss to the Fund. To the extent that the Fund writes or sells an","page_number":16,"box":{"x":101,"y":199,"width":822,"height":11}},{"id":"f60669aa-9561-4bc8-b3e1-040afe1f1685","block_type":"box","text":"option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the","page_number":16,"box":{"x":101,"y":214,"width":816,"height":11}},{"id":"01741192-2a88-4100-ba41-699d090b2dc0","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":16,"box":{"x":101,"y":229,"width":442,"height":11}},{"id":"125e6cb3-d7ba-4891-95da-76f7fa058929","block_type":"box","text":"Emerging Markets Risk","page_number":16,"box":{"x":81,"y":249,"width":178,"height":11}},{"id":"c088ca60-bb01-48eb-890b-2b6c14fd9df7","block_type":"box","text":"— The risks of foreign investments are usually much greater for emerging markets.","page_number":16,"box":{"x":263,"y":249,"width":610,"height":11}},{"id":"f211ce99-c2b8-41b7-9a4e-5339f4e7032f","block_type":"box","text":"Investments in emerging markets may be considered speculative. Emerging markets may include those in countries","page_number":16,"box":{"x":82,"y":264,"width":848,"height":11}},{"id":"65a57bd6-0a1b-4623-bae8-83adaabd3096","block_type":"box","text":"considered emerging or developing by the World Bank, the International Finance Corporation or the United Nations.","page_number":16,"box":{"x":81,"y":278,"width":842,"height":12}},{"id":"d777fceb-bbb1-4b32-b29f-105a09cdba9b","block_type":"box","text":"Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never","page_number":16,"box":{"x":82,"y":293,"width":838,"height":12}},{"id":"c445bdbb-e2d3-4371-8dac-42667e822852","block_type":"box","text":"fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":16,"box":{"x":81,"y":308,"width":825,"height":11}},{"id":"db34e7ac-dc05-4e60-8cf4-2d04f28fc251","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":16,"box":{"x":82,"y":323,"width":847,"height":11}},{"id":"75264342-098a-4de9-8bf7-5abeb7ee74cb","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":16,"box":{"x":81,"y":338,"width":853,"height":11}},{"id":"153a10e1-d13c-4194-af9a-2b021dfdcdda","block_type":"box","text":"changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few","page_number":16,"box":{"x":81,"y":352,"width":823,"height":12}},{"id":"382d7efc-db1c-479a-99d3-acb6ce89baa6","block_type":"box","text":"large investors. In addition, traditional measures of investment value used in the United States, such as price to","page_number":16,"box":{"x":82,"y":367,"width":825,"height":12}},{"id":"65d4d7e8-69b1-4499-bd67-7af3b445183b","block_type":"box","text":"earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about","page_number":16,"box":{"x":81,"y":382,"width":855,"height":12}},{"id":"4669d330-9fbc-41b7-8cc0-4fe4a2909fc3","block_type":"box","text":"issuers in emerging markets than would be available about issuers in more developed capital markets, and such","page_number":16,"box":{"x":82,"y":397,"width":827,"height":12}},{"id":"4605562a-722a-4c2b-b1f9-1ea1d5a51d06","block_type":"box","text":"issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable","page_number":16,"box":{"x":82,"y":412,"width":843,"height":11}},{"id":"4613951c-287e-4376-a387-db2a84a4db6b","block_type":"box","text":"to those to which U.S. companies are subject. Communications between the United States and emerging market","page_number":16,"box":{"x":80,"y":427,"width":830,"height":11}},{"id":"cb64a404-6ee5-4bdd-8e1f-48c94fd235f4","block_type":"box","text":"countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. In addition,","page_number":16,"box":{"x":81,"y":441,"width":854,"height":12}},{"id":"c845e725-5ad8-4994-b1c4-c1b73d231eb9","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":16,"box":{"x":81,"y":456,"width":820,"height":12}},{"id":"85718a86-d732-4ade-a239-b147751ea580","block_type":"box","text":"standards and auditor oversight requirements, which may significantly decrease the liquidity and value of the","page_number":16,"box":{"x":81,"y":471,"width":798,"height":12}},{"id":"370ff1c3-3287-46c6-b354-ad1957f4f0cd","block_type":"box","text":"securities.","page_number":16,"box":{"x":81,"y":486,"width":74,"height":9}},{"id":"5fc08453-231e-4e6e-b21b-b60cf99599be","block_type":"box","text":"Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their","page_number":16,"box":{"x":82,"y":506,"width":802,"height":11}},{"id":"5bca98c4-261c-4947-b834-39151da9a94a","block_type":"box","text":"governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign","page_number":16,"box":{"x":81,"y":521,"width":774,"height":11}},{"id":"3b217225-29bb-409f-b365-3df82ba37086","block_type":"box","text":"investment than those of more developed countries. Some countries have pervasive corruption and crime that may","page_number":16,"box":{"x":82,"y":535,"width":845,"height":12}},{"id":"ed763fcd-13aa-41b1-a2b5-6da995d0c517","block_type":"box","text":"hinder investments. Certain emerging markets may also face other significant internal or external risks, including","page_number":16,"box":{"x":82,"y":550,"width":830,"height":12}},{"id":"8970de4f-8fd1-4bc9-9280-b5951500f658","block_type":"box","text":"the risk of war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market","page_number":16,"box":{"x":80,"y":565,"width":790,"height":12}},{"id":"9bc0e0e9-0eca-4993-b355-231052978522","block_type":"box","text":"countries participate to a significant degree in their economies and securities markets, which may impair","page_number":16,"box":{"x":81,"y":580,"width":772,"height":12}},{"id":"d41e4530-b9ed-4a6e-9bae-9f0340648a3b","block_type":"box","text":"investment and economic growth.","page_number":16,"box":{"x":82,"y":595,"width":244,"height":11}},{"id":"cac08edf-7b23-4493-ad97-cdb7dc3a3e1c","block_type":"box","text":"Expense Risk","page_number":16,"box":{"x":81,"y":615,"width":102,"height":11}},{"id":"892282d0-1769-43c1-b3b3-121961401f57","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":16,"box":{"x":187,"y":615,"width":734,"height":11}},{"id":"ec5a5e1d-361c-4b6d-ba56-f982f30e6bd1","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":16,"box":{"x":81,"y":630,"width":855,"height":11}},{"id":"ab59d6d4-b6d3-495b-86f1-920d5ad0c495","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":16,"box":{"x":82,"y":644,"width":842,"height":12}},{"id":"76bad4c5-6573-480a-9016-200e77ec29ff","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":16,"box":{"x":82,"y":659,"width":808,"height":12}},{"id":"4c777438-acc6-414d-89d9-7014763550fa","block_type":"box","text":"significant.","page_number":16,"box":{"x":81,"y":674,"width":78,"height":12}},{"id":"3e94c589-4de9-40d2-8077-8ca51e815bbc","block_type":"box","text":"High Portfolio Turnover Risk","page_number":16,"box":{"x":81,"y":694,"width":212,"height":11}},{"id":"417dc8c9-a050-4048-8f01-1415fcc5b500","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":16,"box":{"x":297,"y":694,"width":629,"height":12}},{"id":"0813b5f3-880e-468a-9492-2dfc46aae9eb","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":16,"box":{"x":82,"y":709,"width":812,"height":11}},{"id":"2d72ecfe-f3f6-453f-bd4a-b318dce3eadf","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":16,"box":{"x":81,"y":724,"width":817,"height":11}},{"id":"5f6314dd-39b7-4197-9418-f7e7ad7921c9","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":16,"box":{"x":81,"y":739,"width":760,"height":11}},{"id":"52865690-bdc1-483a-b968-00232957c592","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":16,"box":{"x":81,"y":753,"width":852,"height":12}},{"id":"aafdc4a7-0877-4da0-8d91-f24e116fd099","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":16,"box":{"x":81,"y":768,"width":589,"height":12}},{"id":"36522933-eab7-4d33-810a-c23076b6c062","block_type":"box","text":"Illiquid Investments Risk","page_number":16,"box":{"x":81,"y":788,"width":186,"height":11}},{"id":"aac3c885-e977-480f-995b-e64f3630cbd0","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":16,"box":{"x":271,"y":788,"width":648,"height":12}},{"id":"69bf1f7d-d22f-4b31-ab08-25cd305227b6","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":16,"box":{"x":80,"y":803,"width":841,"height":11}},{"id":"c531fe07-1ed2-4418-892b-87cb4d1056ac","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":16,"box":{"x":82,"y":818,"width":831,"height":11}},{"id":"26ca2f23-070a-4931-b306-d8528ddbb59e","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":16,"box":{"x":81,"y":833,"width":811,"height":11}},{"id":"dc1e6ec7-fb09-4dfb-bae0-19b4b2f6df6e","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":16,"box":{"x":82,"y":847,"width":825,"height":12}},{"id":"a65da99b-5763-47f1-986e-aa7854ccca69","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":16,"box":{"x":81,"y":863,"width":837,"height":11}},{"id":"fce5022c-07b2-49d6-aa01-49da4c44a30a","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":16,"box":{"x":80,"y":877,"width":851,"height":12}},{"id":"8e0bc4e5-11b1-47f8-b97c-befa06f81e03","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":16,"box":{"x":82,"y":892,"width":835,"height":12}},{"id":"76f16032-3af2-4fe8-9063-99daed7455d3","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":16,"box":{"x":82,"y":907,"width":835,"height":11}},{"id":"b4c2d893-86e1-439d-8966-a16c38285990","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"33b9abcb-6476-4402-b93c-32334af51d78","block_type":"box","text":"NM1026U-5978633-16/40","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d0986fa8-d4cf-4d9d-b690-8020ca4304ea","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":17,"box":{"x":81,"y":46,"width":791,"height":11}},{"id":"e205734e-1eb8-445f-a3a8-afe770ccfac1","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":17,"box":{"x":81,"y":61,"width":846,"height":11}},{"id":"56816548-33f1-48e8-9353-3fed80210e96","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":17,"box":{"x":81,"y":75,"width":835,"height":12}},{"id":"8b2f541a-09b0-444b-9778-c42349d00af8","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":17,"box":{"x":82,"y":90,"width":839,"height":12}},{"id":"809db7d3-1a71-4bae-a518-4d812b97c508","block_type":"box","text":"the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":17,"box":{"x":80,"y":105,"width":834,"height":12}},{"id":"b5ff317f-4bbd-414c-a21f-3d828402d992","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":17,"box":{"x":81,"y":120,"width":815,"height":11}},{"id":"7058b9b5-f280-47fc-8ceb-d7a6397ce64b","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":17,"box":{"x":82,"y":135,"width":835,"height":11}},{"id":"cbe05856-8375-4669-8945-5394912e0b26","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":17,"box":{"x":82,"y":149,"width":827,"height":12}},{"id":"687ddfbd-de4f-422f-aef2-be7964d0a8c1","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":17,"box":{"x":80,"y":164,"width":831,"height":12}},{"id":"64e1a631-7606-40b9-b0c9-41e063d3399a","block_type":"box","text":"subject to purchase and sale restrictions.","page_number":17,"box":{"x":81,"y":179,"width":304,"height":11}},{"id":"4aff1325-c6b3-464e-8dd8-4950019b5481","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":17,"box":{"x":81,"y":199,"width":271,"height":9}},{"id":"c0e9d359-ec3b-4f71-9167-4219fe60df01","block_type":"box","text":"—","page_number":17,"box":{"x":356,"y":204,"width":17,"height":1}},{"id":"73869ac7-3fc2-4e81-998a-5d2d0534dddf","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":17,"box":{"x":379,"y":199,"width":499,"height":11}},{"id":"54ad2d93-30cb-4648-ab9f-9d46a07f5bae","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":17,"box":{"x":82,"y":214,"width":839,"height":11}},{"id":"0be6f017-6ae9-4477-a85f-3bc0a45d8434","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":17,"box":{"x":80,"y":229,"width":799,"height":11}},{"id":"a9a95c56-d812-4559-9979-16571fe1f111","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":17,"box":{"x":82,"y":244,"width":796,"height":11}},{"id":"9652952f-0d94-410e-88e7-b5659c591ee6","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":17,"box":{"x":81,"y":258,"width":855,"height":12}},{"id":"76b5f68b-2774-4d93-b91c-fd606c4e3fdf","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":17,"box":{"x":82,"y":273,"width":441,"height":12}},{"id":"ca6b4e3b-976e-4330-be13-df11e79cac33","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":17,"box":{"x":81,"y":293,"width":366,"height":11}},{"id":"977ac011-602b-46dc-97e2-df0ac59af955","block_type":"box","text":"— As with other investments, investments in other investment","page_number":17,"box":{"x":450,"y":293,"width":459,"height":11}},{"id":"bd45d34a-b366-4c07-8db5-00f7ff4e5ff3","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":17,"box":{"x":81,"y":308,"width":815,"height":12}},{"id":"94e7c6a3-dd80-47f0-9506-3f5f9d66d2f4","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":17,"box":{"x":82,"y":323,"width":844,"height":11}},{"id":"9fcc91ce-175d-4de4-956c-0892cff44d1b","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":17,"box":{"x":81,"y":338,"width":822,"height":11}},{"id":"4af317e9-81c5-41be-9808-5f4a575a6b55","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":17,"box":{"x":81,"y":352,"width":829,"height":12}},{"id":"c7d354ab-6743-42db-92b8-ac2926f30af7","block_type":"box","text":"fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":17,"box":{"x":81,"y":367,"width":628,"height":12}},{"id":"eeaa4ec2-cdf8-44ea-ab78-9d0f02f3fe29","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":17,"box":{"x":81,"y":387,"width":396,"height":12}},{"id":"a98ee73d-a881-48d0-869a-d666731fb2e3","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":17,"box":{"x":481,"y":387,"width":440,"height":12}},{"id":"c739c7aa-c8f6-4f52-925f-7d355a4642e7","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":17,"box":{"x":82,"y":402,"width":801,"height":12}},{"id":"b353c16e-25b2-442f-8487-e7e2346ffdb1","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":17,"box":{"x":81,"y":417,"width":825,"height":11}},{"id":"aa5b5f75-2994-4b6c-bf2e-b310630e5730","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":17,"box":{"x":82,"y":432,"width":816,"height":11}},{"id":"b3bcce47-a2de-446d-9a19-2a3cfcacddb8","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":17,"box":{"x":82,"y":447,"width":818,"height":11}},{"id":"fc2cc66c-3f3e-4748-953f-c6170ead8205","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":17,"box":{"x":80,"y":461,"width":835,"height":12}},{"id":"6037c30b-7667-4dad-9e8b-4b0c620eb9d1","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":17,"box":{"x":80,"y":476,"width":807,"height":12}},{"id":"dcdea60b-4600-4936-bd96-fcfdcf7efa38","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":17,"box":{"x":82,"y":491,"width":841,"height":12}},{"id":"84fd906f-8b14-40f2-b2b3-5285ff96bcfa","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":17,"box":{"x":80,"y":506,"width":855,"height":11}},{"id":"7b9f9dda-5859-4166-bb8e-39815f3716dd","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":17,"box":{"x":81,"y":521,"width":751,"height":10}},{"id":"ee167ad9-19d1-453d-b57a-951176c15ce3","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":17,"box":{"x":81,"y":536,"width":785,"height":11}},{"id":"57fa82f9-86cb-4a05-8d7c-417b0e168134","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":17,"box":{"x":81,"y":550,"width":841,"height":12}},{"id":"2bec0fbd-fa6b-4e9b-bd1c-6d3787534ef4","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":17,"box":{"x":80,"y":565,"width":824,"height":12}},{"id":"f38dc036-4874-4060-9292-e4b74efc4f04","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":17,"box":{"x":81,"y":580,"width":822,"height":12}},{"id":"4f1f9cb2-646d-4c88-a9df-c2f141aae432","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":17,"box":{"x":81,"y":595,"width":801,"height":11}},{"id":"9a97e719-df32-4657-878b-5dc37fb7f0d3","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":17,"box":{"x":80,"y":610,"width":765,"height":11}},{"id":"d57b7d31-87d3-4d12-b710-c564a522d8a5","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":17,"box":{"x":82,"y":624,"width":852,"height":12}},{"id":"d82b20d5-a615-412c-aa13-b1bf9984e03d","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":17,"box":{"x":82,"y":640,"width":847,"height":11}},{"id":"a829c686-5d07-4a70-b6ad-a303d38b251f","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":17,"box":{"x":80,"y":654,"width":847,"height":12}},{"id":"43931a26-b33e-421e-9901-acad561ab47f","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":17,"box":{"x":81,"y":669,"width":845,"height":12}},{"id":"9f157f59-ca46-4583-93e2-6f0a17a0dd73","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":17,"box":{"x":82,"y":684,"width":835,"height":11}},{"id":"6bc058dd-c761-422d-b7c8-c89e149cdd85","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":17,"box":{"x":82,"y":699,"width":839,"height":11}},{"id":"489d83ba-30de-462b-8bb0-9b0d16bed77b","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":17,"box":{"x":82,"y":714,"width":461,"height":11}},{"id":"80a35fa6-1ba6-4bfd-b4e8-f0dcb3db8517","block_type":"box","text":"Leverage Risk","page_number":17,"box":{"x":81,"y":734,"width":107,"height":11}},{"id":"e9c4496a-46c7-469f-8cd0-076819994fa1","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":17,"box":{"x":192,"y":733,"width":741,"height":12}},{"id":"9559d425-826f-408a-b5f9-e2bdef910358","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":17,"box":{"x":81,"y":748,"width":787,"height":12}},{"id":"efff8570-05e7-4c21-9f4d-fd00998a4e51","block_type":"box","text":"investment company registered with the Securities and Exchange Commission, the Fund is subject to the federal","page_number":17,"box":{"x":82,"y":763,"width":825,"height":12}},{"id":"657bc459-f420-4213-86ae-fbbb9911185f","block_type":"box","text":"securities laws, including the Investment Company Act and the rules thereunder. Under Rule 18f-4 under the","page_number":17,"box":{"x":81,"y":778,"width":796,"height":11}},{"id":"2913b367-4ac9-4c98-bc40-808be931269f","block_type":"box","text":"Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or comply","page_number":17,"box":{"x":82,"y":793,"width":834,"height":11}},{"id":"3582e02c-8578-4fd1-9e84-50036dec5bf7","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":17,"box":{"x":80,"y":808,"width":850,"height":11}},{"id":"1dd3a4b8-855a-46a9-a58e-496ef00bcad1","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":17,"box":{"x":82,"y":822,"width":819,"height":12}},{"id":"121ad0b6-753d-4ad6-8a82-ba8e7296f3ed","block_type":"box","text":"requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the value of the","page_number":17,"box":{"x":82,"y":837,"width":850,"height":12}},{"id":"bddd2b5f-591c-4d87-ac94-f316fe6dcd77","block_type":"box","text":"Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":17,"box":{"x":82,"y":852,"width":465,"height":12}},{"id":"632c0250-4d56-4377-b9b1-b7c5ee2fcef1","block_type":"box","text":"“New Issues” Risk","page_number":17,"box":{"x":83,"y":872,"width":139,"height":9}},{"id":"5f56025e-4e4d-4cae-bdc5-a5b217410267","block_type":"box","text":"— “New issues” are IPOs of equity securities. Investments in companies that have recently","page_number":17,"box":{"x":226,"y":872,"width":673,"height":11}},{"id":"a514865d-9650-44ee-af1f-6b4476f073ad","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":17,"box":{"x":81,"y":887,"width":833,"height":11}},{"id":"0a8250d9-41ee-4d97-a6d8-36df8599c959","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":17,"box":{"x":82,"y":902,"width":853,"height":11}},{"id":"8ffc2e56-cd86-4937-bc7c-6bd3dc2766ff","block_type":"box","text":"of future performance. The investment performance of the Fund during periods when it is unable to invest","page_number":17,"box":{"x":81,"y":916,"width":778,"height":12}},{"id":"7073df95-a3dd-4686-8eaa-775d835d1640","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"53f5fc25-b39d-4427-860f-b839d9b4612b","block_type":"box","text":"NM1026U-5978633-17/40","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f1b921a0-6c15-4da4-82e9-fc3a6b2dee71","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":18,"box":{"x":81,"y":46,"width":827,"height":11}},{"id":"7844f0ec-c189-4f21-a171-3f2cc94e3cf2","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":18,"box":{"x":82,"y":60,"width":838,"height":12}},{"id":"3de3fa66-60a2-4978-a4f4-7bfac146ae1f","block_type":"box","text":"IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":18,"box":{"x":82,"y":75,"width":776,"height":12}},{"id":"435b66c6-71e5-487a-aabc-00a27f2ad6c6","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":18,"box":{"x":81,"y":90,"width":830,"height":12}},{"id":"8d30f353-1aba-4dfe-a141-504ae17921ad","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":18,"box":{"x":82,"y":105,"width":834,"height":12}},{"id":"e6aa9f49-9fb3-4544-8469-0f8a9a8a4c12","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":18,"box":{"x":80,"y":120,"width":844,"height":11}},{"id":"c76dd851-75fb-4107-86cd-724c1d204c9b","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":18,"box":{"x":81,"y":135,"width":840,"height":11}},{"id":"9be75f98-5a72-4721-bdba-236ccab29c33","block_type":"box","text":"price as it would like.","page_number":18,"box":{"x":82,"y":150,"width":153,"height":11}},{"id":"0a624fd8-72bd-4d90-afbc-d9d4a65930b6","block_type":"box","text":"Ownership Limitations Risk","page_number":18,"box":{"x":82,"y":170,"width":205,"height":11}},{"id":"1f4a4cff-ee84-48d3-85d6-bcc0d78adb5d","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":18,"box":{"x":291,"y":169,"width":610,"height":12}},{"id":"de352463-cd0b-492b-a987-865c36e5cb37","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":18,"box":{"x":80,"y":184,"width":849,"height":12}},{"id":"b95bc493-65c3-4e44-a845-200aeae1e2f1","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":18,"box":{"x":81,"y":199,"width":798,"height":12}},{"id":"b33d6a25-f316-4da6-8cde-f6ea4f13cc1b","block_type":"box","text":"purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law,","page_number":18,"box":{"x":82,"y":214,"width":833,"height":11}},{"id":"1356f206-7719-4d36-b9b5-e2228040207f","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":18,"box":{"x":82,"y":229,"width":851,"height":11}},{"id":"50b0f641-ee61-4b01-9033-b7a2e79e6e20","block_type":"box","text":"be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and","page_number":18,"box":{"x":81,"y":244,"width":813,"height":11}},{"id":"b1064da9-b61e-46d2-84f8-31f12405fce2","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":18,"box":{"x":82,"y":258,"width":331,"height":12}},{"id":"5be35438-d507-46b9-8472-0e696fc9f515","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":18,"box":{"x":82,"y":279,"width":826,"height":11}},{"id":"f3869218-2c1b-4ad0-8190-3df749b44d59","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":18,"box":{"x":81,"y":293,"width":848,"height":12}},{"id":"1f8236c3-49c2-4fab-8dde-c29ca4022395","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":18,"box":{"x":81,"y":308,"width":799,"height":12}},{"id":"ce314267-1bb6-4038-9d62-ba74377d832e","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":18,"box":{"x":81,"y":323,"width":828,"height":11}},{"id":"e669c097-f2d2-4292-8f5e-3a2b12cda39c","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":18,"box":{"x":81,"y":338,"width":828,"height":11}},{"id":"1e08b16f-9e5c-4ed6-b47d-888941f9e8f7","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":18,"box":{"x":80,"y":352,"width":837,"height":12}},{"id":"5c029d8b-1088-4e45-aca8-7260c158f924","block_type":"box","text":"there is no guarantee that permission will be granted, or that, once granted, it will not be modified or revoked at a","page_number":18,"box":{"x":80,"y":367,"width":837,"height":12}},{"id":"095914bf-d007-4854-9e9d-75643b42f7d5","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":18,"box":{"x":82,"y":382,"width":800,"height":12}},{"id":"c30c1a5c-42a7-4e78-bcaa-15db622c0395","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":18,"box":{"x":81,"y":397,"width":678,"height":12}},{"id":"f8a01158-2afa-4870-bf22-3964f281b9d4","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or be","page_number":18,"box":{"x":81,"y":417,"width":842,"height":11}},{"id":"c0b66991-2049-4e2f-8de9-773ac9f3590f","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":18,"box":{"x":81,"y":432,"width":833,"height":11}},{"id":"332c890b-c19c-49cb-bc06-50904d4f5380","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":18,"box":{"x":82,"y":447,"width":582,"height":11}},{"id":"058bbc67-6537-4dd8-b248-24bcbf11f784","block_type":"box","text":"Reliance on Advisor Risk","page_number":18,"box":{"x":81,"y":467,"width":188,"height":9}},{"id":"3ac83ad6-a342-495c-aeae-0ccae34ebae4","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":18,"box":{"x":273,"y":467,"width":614,"height":11}},{"id":"103fb472-263c-4374-90ed-f82fc8d8d307","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":18,"box":{"x":80,"y":481,"width":849,"height":12}},{"id":"a3bf87aa-a5e9-405d-82c4-419e88c9b025","block_type":"box","text":"there is no guarantee or requirement that any investment professional or other employee of BlackRock will allocate","page_number":18,"box":{"x":80,"y":496,"width":846,"height":12}},{"id":"feed6f71-2c50-47e7-901c-9987b93bb69b","block_type":"box","text":"a substantial portion of his or her time to the Fund. The loss of, or changes in, BlackRock’s personnel could have a","page_number":18,"box":{"x":81,"y":511,"width":848,"height":12}},{"id":"f618744b-b302-42eb-ac71-add39b41dfec","block_type":"box","text":"negative effect on the performance or the continued operation of the Fund.","page_number":18,"box":{"x":82,"y":526,"width":550,"height":11}},{"id":"a9b46171-bcd8-4da6-a6ba-a22a01fcd2a9","block_type":"box","text":"Restricted Securities Risk","page_number":18,"box":{"x":81,"y":546,"width":198,"height":9}},{"id":"6cba4510-513b-4595-9cd5-326fea725a95","block_type":"box","text":"—","page_number":18,"box":{"x":284,"y":551,"width":17,"height":1}},{"id":"91aa2c78-8dd7-49ca-b6b6-c54c79ca0275","block_type":"box","text":"Limitations on the resale, including any required lock-up or holding periods, of","page_number":18,"box":{"x":306,"y":546,"width":571,"height":11}},{"id":"a09fa178-71e1-4b32-afd6-651ecf4d2fad","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity, and may prevent the Fund","page_number":18,"box":{"x":82,"y":561,"width":843,"height":11}},{"id":"b392b30d-8139-446f-8a8b-56e9b851910a","block_type":"box","text":"from disposing of them promptly at advantageous prices, if at all. Restricted securities may not be listed on an","page_number":18,"box":{"x":81,"y":575,"width":813,"height":12}},{"id":"4d16dfc1-b46d-4abb-9ca6-22e44aeb4e37","block_type":"box","text":"exchange and may have no active trading market. In order to sell certain restricted securities, the Fund may have to","page_number":18,"box":{"x":81,"y":591,"width":851,"height":11}},{"id":"1816a181-5912-444e-a586-fb59d72d1429","block_type":"box","text":"bear the expense of registering the securities for resale and the risk of substantial delays in effecting the","page_number":18,"box":{"x":81,"y":605,"width":774,"height":12}},{"id":"308eb4c5-d79a-4eeb-bb57-865a8b8a4902","block_type":"box","text":"registration. Other transaction costs may be higher for restricted securities than unrestricted securities. Restricted","page_number":18,"box":{"x":82,"y":620,"width":839,"height":12}},{"id":"45353327-aec4-4b16-a432-84e9f3c4502d","block_type":"box","text":"securities may be difficult to value because market quotations may not be readily available, there may be limited","page_number":18,"box":{"x":81,"y":635,"width":828,"height":11}},{"id":"241681d1-49aa-4afb-be86-9552ccf67aad","block_type":"box","text":"other information regarding the investment’s market or fair value, and the securities’ values may have significant","page_number":18,"box":{"x":81,"y":650,"width":830,"height":11}},{"id":"57220c28-d610-47c6-b678-4a9638ad9bd2","block_type":"box","text":"volatility. Also, the Fund may get only limited information about the issuer of a given restricted security, and","page_number":18,"box":{"x":80,"y":664,"width":787,"height":12}},{"id":"c2c74782-0f0b-4698-aad2-1f4d3cf1884e","block_type":"box","text":"therefore may be less able to determine the security’s market or fair value or assess the investment risks as fully","page_number":18,"box":{"x":80,"y":679,"width":838,"height":12}},{"id":"06e0db76-7ba5-4fa7-a1b0-7fc58dacbb92","block_type":"box","text":"as for other issuers for which more information is available. Certain restricted securities may involve a high degree","page_number":18,"box":{"x":81,"y":694,"width":843,"height":12}},{"id":"1566e11b-9171-40b3-b8b3-2a5672a69224","block_type":"box","text":"of business and financial risk and may result in substantial losses to the Fund. Certain restricted securities may","page_number":18,"box":{"x":81,"y":709,"width":827,"height":11}},{"id":"7eee0406-8744-4a45-a2bc-4a2c552d3b71","block_type":"box","text":"represent limited investment opportunities and each shareholder’s proportionate investment exposure to such","page_number":18,"box":{"x":82,"y":724,"width":812,"height":11}},{"id":"ecc667a3-31e0-4ff6-9a4a-954b68631372","block_type":"box","text":"limited investment opportunities may be reduced proportionately as the Fund’s net assets grow from new or","page_number":18,"box":{"x":82,"y":739,"width":795,"height":11}},{"id":"e70e22f9-bd8a-4040-bbe7-b6483a632d69","block_type":"box","text":"additional investments made in the Fund by other shareholders.","page_number":18,"box":{"x":81,"y":754,"width":468,"height":11}},{"id":"50c92841-891a-4476-90de-e59f22fb4056","block_type":"box","text":"Securities Lending Risk","page_number":18,"box":{"x":81,"y":773,"width":178,"height":12}},{"id":"cdf3a5d7-6c03-400b-b50f-2126e8d52e34","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":18,"box":{"x":263,"y":773,"width":661,"height":12}},{"id":"42058765-6b76-49a7-9448-ee780eea4b19","block_type":"box","text":"Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner","page_number":18,"box":{"x":82,"y":788,"width":852,"height":12}},{"id":"513d905c-749a-4faa-929f-8051d934d934","block_type":"box","text":"or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned","page_number":18,"box":{"x":81,"y":803,"width":811,"height":11}},{"id":"9b000f04-333a-40a6-8391-15a654fa262a","block_type":"box","text":"securities or a decline in the value of any investments made with cash collateral. These events could also trigger","page_number":18,"box":{"x":81,"y":818,"width":829,"height":11}},{"id":"a40270b4-9799-404a-a66b-39672bfd3251","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":18,"box":{"x":81,"y":833,"width":292,"height":11}},{"id":"d3920df7-6d6e-44ba-be64-8fe8e66eb378","block_type":"box","text":"Valuation Risk","page_number":18,"box":{"x":83,"y":853,"width":107,"height":9}},{"id":"8f9937bd-3cbf-4a73-a5c9-0be7f65cf9b7","block_type":"box","text":"—","page_number":18,"box":{"x":194,"y":858,"width":17,"height":1}},{"id":"68a0c662-72e0-42b9-8337-8322e0ff7cf7","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":18,"box":{"x":215,"y":853,"width":700,"height":11}},{"id":"59f18ed1-3bde-45f7-af64-33d70b348fa5","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":18,"box":{"x":81,"y":867,"width":835,"height":12}},{"id":"258d6468-9a84-4e98-a42b-b345d67fdf21","block_type":"box","text":"are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the","page_number":18,"box":{"x":81,"y":882,"width":848,"height":12}},{"id":"94dea62e-c282-4e47-ba49-6f1b0687d41b","block_type":"box","text":"price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could","page_number":18,"box":{"x":82,"y":897,"width":845,"height":12}},{"id":"befd85de-9ebe-4db7-b1ad-9b9af23dbfa5","block_type":"box","text":"realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Pricing services","page_number":18,"box":{"x":82,"y":912,"width":840,"height":12}},{"id":"432b2ca1-9cfd-4962-9423-65edb3f7387c","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"bab59c91-dfa6-4361-856b-a9a01a0de7a8","block_type":"box","text":"NM1026U-5978633-18/40","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"faf8cbfe-94db-4d9a-b18b-75e455b10ce1","block_type":"box","text":"that value fixed-income securities generally utilize a range of market-based and security-specific inputs and","page_number":19,"box":{"x":80,"y":46,"width":783,"height":11}},{"id":"d1eaa5f8-33d9-4788-8d9f-44a2e8f5960b","block_type":"box","text":"assumptions, as well as considerations about general market conditions, to establish a price. Pricing services","page_number":19,"box":{"x":81,"y":61,"width":810,"height":11}},{"id":"6761723d-3aad-4f27-9c64-d3bb2d9471ae","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund","page_number":19,"box":{"x":81,"y":75,"width":847,"height":12}},{"id":"7e721fbd-a08e-4da4-bfa9-95e276b46315","block_type":"box","text":"may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may","page_number":19,"box":{"x":82,"y":90,"width":848,"height":12}},{"id":"7d7ecb18-b4c8-4c2a-aaa5-7c37f55ab2eb","block_type":"box","text":"trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold","page_number":19,"box":{"x":80,"y":105,"width":819,"height":11}},{"id":"4699ef72-9ebf-4c1b-890a-a6f452bd332d","block_type":"box","text":"could differ from the prices used by the Fund. The Fund’s ability to value its investments may also be impacted by","page_number":19,"box":{"x":81,"y":120,"width":837,"height":11}},{"id":"35f79360-dd3f-4c5a-ab6e-1c221cab08f8","block_type":"box","text":"technological issues and/or errors by pricing services or other third-party service providers.","page_number":19,"box":{"x":80,"y":135,"width":672,"height":11}},{"id":"6be417ad-da0c-4d2c-a195-f6e11cbaad7b","block_type":"box","text":"Warrants Risk","page_number":19,"box":{"x":83,"y":155,"width":105,"height":9}},{"id":"4d31d60a-0c5a-41fd-9169-4edb69e963e6","block_type":"box","text":"— If the price of the underlying stock does not rise above the exercise price before the warrant","page_number":19,"box":{"x":192,"y":155,"width":698,"height":11}},{"id":"55f99a8f-b477-470c-9198-7658ed8d2e89","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":19,"box":{"x":81,"y":169,"width":830,"height":12}},{"id":"eec3942b-f07a-4799-ba75-90157d95e143","block_type":"box","text":"Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants","page_number":19,"box":{"x":81,"y":184,"width":821,"height":12}},{"id":"c054dea7-801f-4968-a895-edc749cf1920","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":19,"box":{"x":82,"y":199,"width":822,"height":12}},{"id":"f0e6f3f4-873a-4fe0-9b74-6c50e1f52176","block_type":"box","text":"move with the price of the underlying stock.","page_number":19,"box":{"x":82,"y":214,"width":317,"height":11}},{"id":"56284e7c-69ba-495d-a1fe-43d0c43d2eda","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"69b7a9ba-7021-4775-a40e-b9f16cd21fff","block_type":"box","text":"NM1026U-5978633-19/40","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1c1a65af-a046-4f30-8254-a0878aaac3ea","block_type":"box","text":"Account Information","page_number":20,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"dc5422d7-bcf6-4ebb-aa96-1d78a61ae188","block_type":"box","text":"Details About the Share Class","page_number":20,"box":{"x":61,"y":156,"width":272,"height":11}},{"id":"603b12cb-e2f5-4f44-8dec-b8ba51fa1c8e","block_type":"box","text":"The Fund currently offers multiple share classes (Service Shares in this prospectus), each with its own sales charge","page_number":20,"box":{"x":60,"y":182,"width":856,"height":12}},{"id":"0a3c2c31-82df-413e-a19b-4d07b2b1b990","block_type":"box","text":"and expense structure, allowing you to invest in the way that best suits your needs. Each share class represents an","page_number":20,"box":{"x":61,"y":197,"width":851,"height":12}},{"id":"0419b0d8-46cc-49f8-af6c-8ff5a55867f3","block_type":"box","text":"ownership interest in the same investment portfolio of the Fund. When you choose your class of shares, you should","page_number":20,"box":{"x":61,"y":212,"width":850,"height":11}},{"id":"e3894e60-c1a6-42f3-83b1-6e3aee63fac0","block_type":"box","text":"consider the size of your investment and how long you plan to hold your shares. Either your financial professional or","page_number":20,"box":{"x":61,"y":227,"width":850,"height":11}},{"id":"926e377c-0903-4f75-879f-a6c546c2b23c","block_type":"box","text":"your selected securities dealer, broker, investment adviser, service provider or industry professional (including","page_number":20,"box":{"x":60,"y":242,"width":810,"height":11}},{"id":"eb5f4ed9-debc-4e81-b8f0-f3263073c141","block_type":"box","text":"BlackRock and its affiliates) (each a “Financial Intermediary”) can help you determine which share class is best suited","page_number":20,"box":{"x":62,"y":256,"width":870,"height":12}},{"id":"87929e37-4e20-4960-be3a-1e431a75ba1c","block_type":"box","text":"to your personal financial goals.","page_number":20,"box":{"x":60,"y":271,"width":233,"height":12}},{"id":"1d442ca6-6f48-4b4a-bda5-18cf26f28eb2","block_type":"box","text":"The Fund’s shares are distributed by BlackRock Investments, LLC (the “Distributor”), an affiliate of BlackRock.","page_number":20,"box":{"x":60,"y":294,"width":811,"height":11}},{"id":"160757ef-b7f7-4d0a-8965-d77b4a10a592","block_type":"box","text":"The table below summarizes key features of Service Shares of the Fund.","page_number":20,"box":{"x":60,"y":316,"width":533,"height":12}},{"id":"1632b744-504f-44bb-9ebc-7515a9808c2f","block_type":"box","text":"Service Shares at a Glance","page_number":20,"box":{"x":386,"y":339,"width":224,"height":10}},{"id":"290d2e5e-3037-40c8-a2da-dce94dcfc1ec","block_type":"box","text":"Availability","page_number":20,"box":{"x":60,"y":378,"width":73,"height":10}},{"id":"e2b007df-e7cb-49c6-b5ec-1af00b672121","block_type":"box","text":"Limited to certain investors, including: Financial Intermediaries (such as banks and","page_number":20,"box":{"x":349,"y":378,"width":548,"height":10}},{"id":"8003ab43-5563-4e9e-8802-58bd29607f57","block_type":"box","text":"brokerage firms) acting on behalf of their customers, certain persons who were","page_number":20,"box":{"x":348,"y":391,"width":523,"height":11}},{"id":"2a5b3471-81fb-4f54-84b1-5c37be00d058","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with","page_number":20,"box":{"x":348,"y":405,"width":582,"height":10}},{"id":"c58024df-fe88-4598-aa97-cfd9372147ed","block_type":"box","text":"The PNC","page_number":20,"box":{"x":348,"y":419,"width":55,"height":8}},{"id":"4e78be89-8b7d-4ea1-8dbe-cc5b1d50f9f8","block_type":"box","text":"®","page_number":20,"box":{"x":404,"y":418,"width":5,"height":5}},{"id":"b5d37a14-f1de-4277-b877-8dccc798c095","block_type":"box","text":"Fund in 1996 and investors that participate in the Capital Directions","page_number":20,"box":{"x":415,"y":419,"width":451,"height":10}},{"id":"3112db09-8dc6-45ee-81bf-d0ecd441a05b","block_type":"box","text":"SM","page_number":20,"box":{"x":867,"y":418,"width":10,"height":5}},{"id":"01d65b3c-9a61-424a-a261-c320b2d9da9d","block_type":"box","text":"asset","page_number":20,"box":{"x":883,"y":419,"width":36,"height":8}},{"id":"ebd8d92f-3a97-4c7e-a287-985a0a0a6074","block_type":"box","text":"allocation program. Service Shares will normally be held by Financial Intermediaries or in","page_number":20,"box":{"x":348,"y":432,"width":586,"height":10}},{"id":"4b7ddae0-3d00-4186-88b6-3dbb0801f756","block_type":"box","text":"the name of nominees of Financial Intermediaries on behalf of their customers. Service","page_number":20,"box":{"x":348,"y":446,"width":578,"height":8}},{"id":"fc86795a-06b4-4b20-b785-dcdd89d5994f","block_type":"box","text":"Shares are normally purchased through a customer’s account at a Financial","page_number":20,"box":{"x":348,"y":459,"width":500,"height":10}},{"id":"2af0d9f7-ccc3-42a5-ae14-512c89a79baa","block_type":"box","text":"Intermediary through procedures established by such Financial Intermediary. In these","page_number":20,"box":{"x":349,"y":473,"width":564,"height":10}},{"id":"2d10117d-1693-4693-b5e6-5ff5e91f4cd4","block_type":"box","text":"cases, confirmation of share purchases and redemptions will be sent to the Financial","page_number":20,"box":{"x":348,"y":486,"width":564,"height":10}},{"id":"988a6e70-03b5-48ea-95f5-9ebfb14a1285","block_type":"box","text":"Intermediaries. A customer’s ownership of shares will be recorded by the Financial","page_number":20,"box":{"x":349,"y":500,"width":544,"height":10}},{"id":"bae2dd6e-af6a-4ba0-b75b-46adb53b2408","block_type":"box","text":"Intermediary and reflected in the account statements provided by such Financial","page_number":20,"box":{"x":349,"y":513,"width":529,"height":11}},{"id":"40a512aa-e598-4fc2-8948-869978fa23ae","block_type":"box","text":"Intermediaries to their customers. Investors wishing to purchase Service Shares should","page_number":20,"box":{"x":349,"y":527,"width":579,"height":10}},{"id":"fea029f5-6a47-4c47-bf60-364ec2708efe","block_type":"box","text":"contact their Financial Intermediaries.","page_number":20,"box":{"x":348,"y":541,"width":248,"height":8}},{"id":"a79eecdc-cb66-4327-badc-0b0a0b7bc78b","block_type":"box","text":"Minimum Investment","page_number":20,"box":{"x":61,"y":558,"width":142,"height":9}},{"id":"a57ddc44-9b4b-4398-a908-9accb3eb9831","block_type":"box","text":"$5,000. However, institutions may set a higher minimum for their customers.","page_number":20,"box":{"x":348,"y":558,"width":510,"height":11}},{"id":"95ee9926-3383-49ad-aea0-543807b76ce2","block_type":"box","text":"Initial Sales Charge?","page_number":20,"box":{"x":61,"y":577,"width":140,"height":10}},{"id":"84cb07ae-63ff-46d5-ae41-3ee6288c1eec","block_type":"box","text":"No. Entire purchase price is invested in shares of the Fund.","page_number":20,"box":{"x":349,"y":576,"width":391,"height":11}},{"id":"fade208b-04d7-4a77-addd-51cdbcaed6e0","block_type":"box","text":"Deferred Sales Charge?","page_number":20,"box":{"x":61,"y":595,"width":159,"height":10}},{"id":"0bdcc2e1-8eba-47fa-8c9d-960f65e900dd","block_type":"box","text":"No.","page_number":20,"box":{"x":349,"y":595,"width":20,"height":8}},{"id":"3fccdf2e-2151-49ac-8c1b-b9051237fc66","block_type":"box","text":"Distribution and Service (12b-1) Fees?","page_number":20,"box":{"x":61,"y":613,"width":261,"height":10}},{"id":"4a8c8d73-6aaa-4e95-be0e-586a2b6032c6","block_type":"box","text":"No Distribution Fee. 0.25% Annual Service Fee.","page_number":20,"box":{"x":349,"y":613,"width":311,"height":8}},{"id":"843fced2-8243-453d-8cab-522f95c53f74","block_type":"box","text":"Redemption Fees?","page_number":20,"box":{"x":61,"y":631,"width":125,"height":10}},{"id":"ed13d7e8-3360-445c-aa6e-86b6a654e8b9","block_type":"box","text":"No.","page_number":20,"box":{"x":349,"y":631,"width":20,"height":8}},{"id":"052edfd9-0ade-4130-822b-dfab1b3a393a","block_type":"box","text":"Advantage","page_number":20,"box":{"x":60,"y":649,"width":72,"height":10}},{"id":"d8b38973-afd6-4eb6-8714-01ed897ae3e2","block_type":"box","text":"No up-front sales charge so you start off owning more shares.","page_number":20,"box":{"x":349,"y":649,"width":409,"height":10}},{"id":"869281e5-6fb2-4bc9-919f-3b77cec3ab78","block_type":"box","text":"Disadvantage","page_number":20,"box":{"x":61,"y":667,"width":91,"height":10}},{"id":"1a71fb5b-0c4f-46af-b6f0-515df7e8559e","block_type":"box","text":"Limited availability.","page_number":20,"box":{"x":349,"y":667,"width":122,"height":10}},{"id":"e2513eaf-3f73-442f-b905-3c53be0edfab","block_type":"box","text":"Distribution and Shareholder Servicing Payments","page_number":20,"box":{"x":61,"y":707,"width":442,"height":14}},{"id":"73feeba8-6d75-409a-94c5-4a6896729a18","block_type":"box","text":"Plan Payments","page_number":20,"box":{"x":61,"y":734,"width":122,"height":12}},{"id":"21a3d08e-b416-40ec-a9c9-efe26c35bfb5","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":20,"box":{"x":60,"y":750,"width":815,"height":11}},{"id":"7a2a3b5b-caf1-47a8-9a53-1248721c0fb1","block_type":"box","text":"Company Act that allows the Fund to pay distribution fees for the sale of its shares and/or shareholder servicing fees","page_number":20,"box":{"x":61,"y":765,"width":864,"height":12}},{"id":"0e48b9cc-b649-495b-ae95-cf89292afbbe","block_type":"box","text":"for certain services provided to its shareholders. Service Shares do not pay distribution fees.","page_number":20,"box":{"x":60,"y":780,"width":686,"height":11}},{"id":"2dbf4d92-98fe-4027-a91f-9984e0978f73","block_type":"box","text":"Under the Plan, the Fund pays shareholder servicing fees (also referred to as general shareholder liaison services","page_number":20,"box":{"x":62,"y":802,"width":837,"height":12}},{"id":"2ef04c8d-b41c-44da-bc76-2b0736f94652","block_type":"box","text":"fees) to Financial Intermediaries for providing support services to their customers who own Service Shares of the","page_number":20,"box":{"x":60,"y":817,"width":834,"height":12}},{"id":"97daddfb-e1e0-4488-9d41-8a3698a805e7","block_type":"box","text":"Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily net asset value of","page_number":20,"box":{"x":62,"y":832,"width":837,"height":12}},{"id":"b1cbf114-4406-4669-bac5-fcb5244f430e","block_type":"box","text":"Service Shares of the Fund. All Service Shares pay this shareholder servicing fee.","page_number":20,"box":{"x":61,"y":847,"width":601,"height":11}},{"id":"4c339726-e534-4484-8f16-2ebe3db8f307","block_type":"box","text":"20","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"92b93b8c-2dc3-4acb-b52c-60aa1b9134b9","block_type":"box","text":"NM1026U-5978633-20/40","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"bfd870d8-c363-4fe3-8981-4be51c667649","block_type":"box","text":"In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of","page_number":21,"box":{"x":62,"y":46,"width":859,"height":11}},{"id":"dce41202-7eb4-4676-b639-005ec4ba45ba","block_type":"box","text":"the following services to their customers who own Service Shares:","page_number":21,"box":{"x":60,"y":60,"width":488,"height":12}},{"id":"a0e9f81e-8038-4d06-a111-bec6cffc84b6","block_type":"box","text":"Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and","page_number":21,"box":{"x":81,"y":81,"width":848,"height":11}},{"id":"cb08aca6-607e-49f2-bd21-003765518c62","block_type":"box","text":"redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers’","page_number":21,"box":{"x":82,"y":95,"width":811,"height":12}},{"id":"ddaf3154-e113-4f36-84a7-d33fc2997b6d","block_type":"box","text":"investments;","page_number":21,"box":{"x":82,"y":110,"width":92,"height":11}},{"id":"82024da1-ce06-498d-bf67-c902e84c23fc","block_type":"box","text":"Assisting customers in designating and changing dividend options, account designations and addresses; and","page_number":21,"box":{"x":81,"y":130,"width":801,"height":12}},{"id":"9f726d94-6b13-4c9a-8d1a-2e7a9fd56a73","block_type":"box","text":"Providing other similar shareholder liaison services.","page_number":21,"box":{"x":81,"y":150,"width":379,"height":12}},{"id":"e4957c47-0f93-4a61-8086-f79369936072","block_type":"box","text":"The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the","page_number":21,"box":{"x":60,"y":173,"width":856,"height":11}},{"id":"d9817b9a-bee3-4d67-b5a4-3f54bfaae9e6","block_type":"box","text":"administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the","page_number":21,"box":{"x":61,"y":187,"width":848,"height":12}},{"id":"bd512464-07f2-4495-9cfd-d99bc874c94c","block_type":"box","text":"sale of the Fund’s shares.","page_number":21,"box":{"x":61,"y":202,"width":191,"height":9}},{"id":"4b7a77b4-36d3-44fe-a04f-940ccb468c9d","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":21,"box":{"x":62,"y":225,"width":850,"height":11}},{"id":"fa84a44f-393b-4362-a00f-c3942fad7638","block_type":"box","text":"fees will increase the cost of your investment and may cost you more than paying other types of sales charges. For","page_number":21,"box":{"x":60,"y":240,"width":847,"height":11}},{"id":"6232696c-6e64-4c06-9ac4-a05575edbec4","block_type":"box","text":"more information on the Plan, including a complete list of services provided thereunder, see the SAI.","page_number":21,"box":{"x":61,"y":254,"width":738,"height":12}},{"id":"fa7b4ec2-6bbd-49da-8388-9ed148509737","block_type":"box","text":"Other Payments by the Fund","page_number":21,"box":{"x":61,"y":278,"width":233,"height":12}},{"id":"ad43b87c-d715-4644-81b6-b277edfc9633","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":21,"box":{"x":62,"y":294,"width":874,"height":11}},{"id":"7c712868-e60f-4856-9bd8-a5c7c7e89d1d","block_type":"box","text":"transfer agent, BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”), BlackRock, on behalf of the Fund,","page_number":21,"box":{"x":60,"y":309,"width":846,"height":11}},{"id":"d9927b73-9d20-4d3d-8b92-4bcd3a4afa07","block_type":"box","text":"may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund","page_number":21,"box":{"x":61,"y":323,"width":874,"height":12}},{"id":"e4e3215b-51b9-4428-8daa-1ccda716582e","block_type":"box","text":"will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting","page_number":21,"box":{"x":60,"y":338,"width":843,"height":12}},{"id":"ce87f959-af13-4dbf-839b-5ad1696849b9","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":21,"box":{"x":61,"y":353,"width":862,"height":12}},{"id":"1d93ecee-12e6-432b-b6bd-f7b6715b47e7","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":21,"box":{"x":61,"y":368,"width":815,"height":11}},{"id":"dca016fd-d3dd-41d0-b84c-daa4672dbaed","block_type":"box","text":"account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial.","page_number":21,"box":{"x":61,"y":383,"width":791,"height":11}},{"id":"2a4c09e0-8c49-4881-87d1-7ee3f5945b25","block_type":"box","text":"Other Payments by BlackRock","page_number":21,"box":{"x":61,"y":406,"width":252,"height":12}},{"id":"8c33efa5-e69b-401f-85c1-d3fa7d778557","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":21,"box":{"x":62,"y":422,"width":851,"height":11}},{"id":"cee828fb-347e-412c-a35d-204ca3a58320","block_type":"box","text":"networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or","page_number":21,"box":{"x":61,"y":437,"width":843,"height":11}},{"id":"ca568d69-3d49-4081-9d72-dcb74a1f4ca6","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":21,"box":{"x":60,"y":452,"width":853,"height":11}},{"id":"d48f96a5-c0a6-416f-8259-c61d8c90a874","block_type":"box","text":"affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments","page_number":21,"box":{"x":61,"y":467,"width":866,"height":11}},{"id":"17eb4ff9-0573-4fd6-947a-07a4959f7d5f","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":21,"box":{"x":60,"y":481,"width":839,"height":12}},{"id":"c87d179d-d3ae-4452-b443-f4155db42da4","block_type":"box","text":"based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage","page_number":21,"box":{"x":61,"y":496,"width":860,"height":12}},{"id":"660c7465-13a8-4238-a3fc-2f5a2b3ee8f9","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":21,"box":{"x":61,"y":511,"width":841,"height":11}},{"id":"623c734f-c070-46aa-aa4a-47be0a7f1cdb","block_type":"box","text":"basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial","page_number":21,"box":{"x":61,"y":526,"width":856,"height":11}},{"id":"82661583-2caf-44e6-b854-8e1fecafc058","block_type":"box","text":"and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated","page_number":21,"box":{"x":61,"y":541,"width":813,"height":11}},{"id":"c4c28238-1fd7-4b92-b0a3-ee2b3d1e94ce","block_type":"box","text":"persons to recommend or sell shares of the Fund to you.","page_number":21,"box":{"x":62,"y":555,"width":415,"height":12}},{"id":"70f617af-15e3-4149-bf42-8ace974ad2ec","block_type":"box","text":"Please contact your Financial Intermediary for details about payments it may receive from the Fund or from BlackRock,","page_number":21,"box":{"x":61,"y":578,"width":869,"height":11}},{"id":"01666ea6-04d7-4755-8db3-b37d8ab78aa5","block_type":"box","text":"the Distributor or their affiliates. For more information, see the SAI.","page_number":21,"box":{"x":60,"y":593,"width":495,"height":11}},{"id":"25066492-b312-4261-84fe-74614b18b0a1","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":21,"box":{"x":61,"y":632,"width":434,"height":13}},{"id":"3289d74e-ad4d-4de7-b34e-537116ecf0dd","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":21,"box":{"x":60,"y":658,"width":846,"height":12}},{"id":"4fa6a9d2-5967-4210-b24a-07c2c234e6b8","block_type":"box","text":"Intermediary. You may also buy, sell, exchange and transfer shares through BlackRock if your account is held directly","page_number":21,"box":{"x":62,"y":673,"width":857,"height":11}},{"id":"9d5415e5-597e-4cf4-900b-5df7716ce613","block_type":"box","text":"with BlackRock. To learn more about buying, selling, exchanging or transferring shares through BlackRock, call","page_number":21,"box":{"x":60,"y":688,"width":809,"height":11}},{"id":"50dc9a50-907a-49b0-b4a6-06efc3ade73c","block_type":"box","text":"(800) 537-4942. Because the selection of a mutual fund involves many considerations, your Financial Intermediary","page_number":21,"box":{"x":61,"y":702,"width":847,"height":12}},{"id":"ef7ccc97-a2f0-4b42-a991-9e3cbf4fb63e","block_type":"box","text":"may help you with this decision.","page_number":21,"box":{"x":61,"y":718,"width":232,"height":11}},{"id":"094d54b4-fde1-4959-a743-543c46d27333","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":21,"box":{"x":60,"y":740,"width":867,"height":11}},{"id":"f5a38a59-9054-4bed-b61a-585428362673","block_type":"box","text":"not be distributed by a foreign Financial Intermediary. 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A broker-dealer or financial","page_number":22,"box":{"x":461,"y":382,"width":428,"height":10}},{"id":"db2457ab-7738-4e93-a831-0441d7d35a0f","block_type":"box","text":"institution maintaining the account in which you hold shares may","page_number":22,"box":{"x":461,"y":396,"width":427,"height":10}},{"id":"d7c06759-b2de-4b17-b048-21dfecd5a9c2","block_type":"box","text":"charge a separate account, service or transaction fee on the purchase","page_number":22,"box":{"x":461,"y":409,"width":466,"height":10}},{"id":"d5b29874-c2ff-40cd-9aac-8415607ee28d","block_type":"box","text":"or sale of Fund shares that would be in addition to the fees and","page_number":22,"box":{"x":461,"y":422,"width":420,"height":9}},{"id":"fb29358a-2f0d-4f18-bfa7-3c3cd39b2a29","block_type":"box","text":"expenses shown in the Fund’s “Fees and Expenses” table.","page_number":22,"box":{"x":461,"y":436,"width":387,"height":10}},{"id":"9f3cad36-1ccd-46b7-9714-2260ba3f8c8f","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":22,"box":{"x":460,"y":452,"width":473,"height":10}},{"id":"4ca9c0cd-41ba-4cd5-a032-24a2ed95df63","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":22,"box":{"x":461,"y":466,"width":453,"height":10}},{"id":"a25b681c-6cc1-452b-8ab3-0fbd05b2b201","block_type":"box","text":"processing fee to confirm a purchase.","page_number":22,"box":{"x":461,"y":479,"width":249,"height":10}},{"id":"489f99dd-ae1a-4a0f-870f-38376136b6b7","block_type":"box","text":"Add to Your","page_number":22,"box":{"x":60,"y":497,"width":78,"height":8}},{"id":"5616efe7-a92e-444a-ab44-7f394c406d36","block_type":"box","text":"Investment","page_number":22,"box":{"x":61,"y":509,"width":75,"height":8}},{"id":"03834782-ca59-4e6a-9733-2ecce1f14507","block_type":"box","text":"Purchase additional shares There is no minimum amount for additional investments.","page_number":22,"box":{"x":214,"y":497,"width":619,"height":8}},{"id":"e79cd9d6-083b-435a-9c1d-ae3f827bb76b","block_type":"box","text":"Have your Financial Intermediary","page_number":22,"box":{"x":214,"y":527,"width":215,"height":10}},{"id":"f990d39a-e328-4b62-90d9-24a94278c950","block_type":"box","text":"submit your purchase order for","page_number":22,"box":{"x":214,"y":540,"width":203,"height":11}},{"id":"5d11a569-f9ea-4913-bfb7-93615bd991c5","block_type":"box","text":"additional shares","page_number":22,"box":{"x":214,"y":554,"width":113,"height":8}},{"id":"9d9bbe21-1c2c-45ca-8b41-93321bc39ed9","block_type":"box","text":"To purchase additional shares you may contact your Financial","page_number":22,"box":{"x":460,"y":527,"width":405,"height":10}},{"id":"a60c2feb-9c25-4bbe-b36a-423dc0b6aba8","block_type":"box","text":"Intermediary.","page_number":22,"box":{"x":461,"y":541,"width":85,"height":10}},{"id":"5786dbaf-8420-451c-86b1-991ef769eeb6","block_type":"box","text":"Or contact BlackRock (for","page_number":22,"box":{"x":214,"y":572,"width":167,"height":10}},{"id":"c57e78ae-4907-40d5-9ce2-d7339350fb85","block_type":"box","text":"accounts held directly with","page_number":22,"box":{"x":214,"y":586,"width":173,"height":10}},{"id":"5e3c3943-147c-4d6b-b7b0-ba8244412050","block_type":"box","text":"BlackRock)","page_number":22,"box":{"x":214,"y":599,"width":71,"height":10}},{"id":"2745e14f-fb15-41e4-be3a-afcb778c87de","block_type":"box","text":"Purchase by Telephone:","page_number":22,"box":{"x":461,"y":572,"width":158,"height":10}},{"id":"b5d75ff1-c7e6-4560-9f8f-ba94ef35f7c1","block_type":"box","text":"Call (800) 537-4942 and speak with one of","page_number":22,"box":{"x":625,"y":572,"width":288,"height":10}},{"id":"ab78230c-e783-43ff-869a-2bb9c4c47da0","block_type":"box","text":"our representatives. 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By entering into the User","page_number":22,"box":{"x":461,"y":824,"width":419,"height":10}},{"id":"44140021-20b9-49c5-a4d8-4a4d16d78daa","block_type":"box","text":"Agreement with the Fund in order to open an account through the","page_number":22,"box":{"x":460,"y":837,"width":431,"height":10}},{"id":"c3001547-76eb-49be-abc7-643d0270f61f","block_type":"box","text":"website, the shareholder waives any right to reclaim any losses from","page_number":22,"box":{"x":460,"y":850,"width":453,"height":11}},{"id":"f6cae63a-1f85-4c19-8d35-694e8a79218c","block_type":"box","text":"the Fund or any of its affiliates, incurred through fraudulent activity.","page_number":22,"box":{"x":460,"y":864,"width":444,"height":10}},{"id":"1621c389-d99e-4333-b524-38ea0e234d46","block_type":"box","text":"22","page_number":22,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"962c6c94-39e2-4521-971f-2229b4c35809","block_type":"box","text":"NM1026U-5978633-22/40","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f188e40a-e0d4-423d-b54e-705e373f1eea","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":23,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"b8c5d7c5-eab9-4b66-b464-360c92bf8ddc","block_type":"box","text":"Add to Your","page_number":23,"box":{"x":60,"y":67,"width":78,"height":8}},{"id":"3467e0c8-edc6-4c27-b087-9c908badccab","block_type":"box","text":"Investment","page_number":23,"box":{"x":61,"y":81,"width":75,"height":8}},{"id":"b86b80d5-0c79-475b-a2df-217182d95e86","block_type":"box","text":"(continued)","page_number":23,"box":{"x":61,"y":94,"width":76,"height":10}},{"id":"0c967c33-a3ce-44dd-930d-6d8f9d13ed62","block_type":"box","text":"Acquire additional shares by","page_number":23,"box":{"x":213,"y":67,"width":187,"height":10}},{"id":"f1044890-3c0c-4885-a6ae-b45e1d2a98ce","block_type":"box","text":"reinvesting dividends and capital","page_number":23,"box":{"x":214,"y":81,"width":214,"height":10}},{"id":"33c30175-f56d-48cd-90a8-658202bf2c6d","block_type":"box","text":"gains","page_number":23,"box":{"x":213,"y":94,"width":35,"height":11}},{"id":"0fc08e33-da79-4cee-964c-34ef8cc81332","block_type":"box","text":"All dividends and capital gains distributions are automatically","page_number":23,"box":{"x":460,"y":67,"width":405,"height":11}},{"id":"11d5f994-dc97-4dac-a0c7-4de0f98f2fe2","block_type":"box","text":"reinvested in shares of the Fund at net asset value. To make any","page_number":23,"box":{"x":461,"y":81,"width":429,"height":10}},{"id":"f9b2c1b4-4d07-49ea-afc4-cddf4537553e","block_type":"box","text":"changes to your dividend and/or capital gains distributions options,","page_number":23,"box":{"x":461,"y":94,"width":445,"height":11}},{"id":"5400b00a-a69a-48fd-b7b2-73122cc4f440","block_type":"box","text":"please call (800) 537-4942 or contact your Financial Intermediary (if","page_number":23,"box":{"x":461,"y":108,"width":454,"height":10}},{"id":"38de43ff-a0f9-448b-9514-12ed682453a5","block_type":"box","text":"your account is not held directly with BlackRock).","page_number":23,"box":{"x":460,"y":122,"width":322,"height":10}},{"id":"dc1204d6-7286-43be-8a75-e4e5ddd6c2d3","block_type":"box","text":"How to Pay for","page_number":23,"box":{"x":61,"y":139,"width":99,"height":11}},{"id":"84a1d1b7-da09-4331-8f52-89b4996353b8","block_type":"box","text":"Shares","page_number":23,"box":{"x":60,"y":151,"width":46,"height":8}},{"id":"09a6450e-cead-4a40-8e13-10533fadd3b6","block_type":"box","text":"Making payment for purchases Payment for Service Shares must normally be made in Federal funds","page_number":23,"box":{"x":214,"y":139,"width":700,"height":11}},{"id":"f6bbd723-75a0-41b5-92c0-dfeac598315d","block_type":"box","text":"or other immediately available funds by the time specified by your","page_number":23,"box":{"x":461,"y":153,"width":433,"height":10}},{"id":"eef10d6f-df49-4bd6-b5a7-23cc90c80686","block_type":"box","text":"Financial Intermediary but in no event later than 4:00 p.m. (Eastern","page_number":23,"box":{"x":461,"y":167,"width":446,"height":10}},{"id":"69497ee7-1745-4c5e-b535-1dd77434150f","block_type":"box","text":"time) on the first business day following BlackRock’s receipt of the","page_number":23,"box":{"x":460,"y":180,"width":441,"height":10}},{"id":"2203398e-cf74-4061-8efd-d1147594f78b","block_type":"box","text":"order.","page_number":23,"box":{"x":461,"y":194,"width":36,"height":8}},{"id":"d673fc72-e966-4327-9742-8e3d3da0d079","block_type":"box","text":"Payment may also, at the discretion of the Fund, be made in the form","page_number":23,"box":{"x":461,"y":210,"width":459,"height":10}},{"id":"5847e0fd-a054-4aae-8a9c-9fac3278ac1f","block_type":"box","text":"of securities that are permissible investments for the Fund. If payment","page_number":23,"box":{"x":461,"y":223,"width":466,"height":10}},{"id":"8f65d2b6-3337-4b72-8d50-98bf532cc3bd","block_type":"box","text":"is not received by this time, the order will be canceled and you and your","page_number":23,"box":{"x":461,"y":237,"width":474,"height":10}},{"id":"e8955858-1057-4c5a-aed4-e1dbf9d23134","block_type":"box","text":"Financial Intermediary will be responsible for any loss to the Fund.","page_number":23,"box":{"x":461,"y":250,"width":437,"height":11}},{"id":"86826b32-9b42-415c-b91e-7c1eb5254803","block_type":"box","text":"How to Sell Shares","page_number":23,"box":{"x":61,"y":275,"width":156,"height":10}},{"id":"57d4b9a0-6aeb-414e-8e44-9ea897add0de","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":23,"box":{"x":213,"y":297,"width":478,"height":9}},{"id":"9d268b41-c6b8-4d08-8efd-206836ab4935","block_type":"box","text":"Full or Partial","page_number":23,"box":{"x":61,"y":314,"width":90,"height":8}},{"id":"142a182f-1bc7-4f05-933f-24dae8f0603c","block_type":"box","text":"Redemption of","page_number":23,"box":{"x":61,"y":326,"width":98,"height":10}},{"id":"33473a31-8b4a-4cbf-8447-828ed6324c5a","block_type":"box","text":"Shares","page_number":23,"box":{"x":60,"y":337,"width":46,"height":9}},{"id":"b42759c0-485a-40d5-98f4-12039538e0f8","block_type":"box","text":"Have your Financial Intermediary","page_number":23,"box":{"x":214,"y":314,"width":215,"height":10}},{"id":"0ec106de-bc72-4693-8d4f-d2f1bbbdf41d","block_type":"box","text":"submit your sales order","page_number":23,"box":{"x":214,"y":328,"width":155,"height":10}},{"id":"b69ba3ef-ff94-42f1-a8e4-2d45f5fabf81","block_type":"box","text":"You can make redemption requests through your Financial Intermediary","page_number":23,"box":{"x":460,"y":314,"width":472,"height":10}},{"id":"4d0a005b-ba7e-4133-a4bc-113ffad8a303","block_type":"box","text":"in accordance with the procedures applicable to your accounts. These","page_number":23,"box":{"x":461,"y":328,"width":461,"height":10}},{"id":"2f3388c0-018e-4158-8c29-6b3644a35f49","block_type":"box","text":"procedures may vary according to the type of account and the Financial","page_number":23,"box":{"x":461,"y":341,"width":470,"height":11}},{"id":"c84c57c4-19e0-4fc0-b230-c86233dcbdb0","block_type":"box","text":"Intermediary involved and customers should consult their Financial","page_number":23,"box":{"x":461,"y":355,"width":440,"height":10}},{"id":"20c8721d-bb57-4eec-a7c7-5b0a1089f77b","block_type":"box","text":"Intermediary in this regard.","page_number":23,"box":{"x":461,"y":368,"width":178,"height":11}},{"id":"8612e898-b6c3-46e1-8443-aaf234a669b8","block_type":"box","text":"Financial Intermediaries are responsible for transmitting redemption","page_number":23,"box":{"x":461,"y":384,"width":448,"height":11}},{"id":"364300ff-c38f-4f65-b159-34c43afa6c02","block_type":"box","text":"orders and crediting their customers’ accounts with redemption","page_number":23,"box":{"x":461,"y":398,"width":418,"height":10}},{"id":"a18ce149-4da5-4daf-8705-8497ed217eb8","block_type":"box","text":"proceeds on a timely basis. Information relating to such redemption","page_number":23,"box":{"x":461,"y":411,"width":447,"height":11}},{"id":"95872fa5-8dd1-4ddb-980d-f68860b62038","block_type":"box","text":"services and charges to process a redemption of shares, if any, should","page_number":23,"box":{"x":461,"y":425,"width":470,"height":10}},{"id":"f97a1954-e900-476d-b10b-1d0dcbdd0b96","block_type":"box","text":"be obtained by customers from their Financial Intermediaries.","page_number":23,"box":{"x":461,"y":438,"width":405,"height":11}},{"id":"168b1942-bc25-4b76-a5df-4418138833eb","block_type":"box","text":"Financial Intermediaries may place redemption orders by telephoning","page_number":23,"box":{"x":461,"y":455,"width":455,"height":10}},{"id":"4e41b3b0-dfad-44a5-b8ad-e03ff1f20943","block_type":"box","text":"(800) 537-4942. The price of your shares is based on the next","page_number":23,"box":{"x":461,"y":468,"width":415,"height":10}},{"id":"f7e761b4-d44a-461b-ba87-a4f198442199","block_type":"box","text":"calculation of the Fund’s net asset value after your order is placed. For","page_number":23,"box":{"x":461,"y":482,"width":468,"height":10}},{"id":"1409104e-53f4-4f3d-8a09-bd90b81c9fbf","block_type":"box","text":"your redemption request to be priced at the net asset value on the day","page_number":23,"box":{"x":460,"y":495,"width":469,"height":10}},{"id":"a58baf7a-a571-4ad5-abb2-7b6e7901b9f8","block_type":"box","text":"of your request, you must submit your request to your Financial","page_number":23,"box":{"x":461,"y":509,"width":416,"height":10}},{"id":"4c652d1d-0562-4c7d-88b4-dcb2aba49437","block_type":"box","text":"Intermediary prior to that day’s close of business on the NYSE","page_number":23,"box":{"x":461,"y":522,"width":413,"height":11}},{"id":"b8553268-074f-4723-9257-15a441149dcd","block_type":"box","text":"(generally 4:00 p.m. Eastern time). Certain Financial Intermediaries,","page_number":23,"box":{"x":461,"y":536,"width":449,"height":10}},{"id":"4f867ac4-561b-4314-a1a5-fe58586a7cbd","block_type":"box","text":"however, may require submission of orders prior to that time. Any","page_number":23,"box":{"x":461,"y":549,"width":432,"height":11}},{"id":"828def3d-133c-48df-a979-1a9161afc1f0","block_type":"box","text":"redemption request placed after that time will be priced at the net","page_number":23,"box":{"x":461,"y":563,"width":436,"height":10}},{"id":"fc41ea45-90ce-48d7-a2b0-a29576cc5a89","block_type":"box","text":"asset value at the close of business on the next business day.","page_number":23,"box":{"x":461,"y":576,"width":412,"height":11}},{"id":"b0a83663-80c2-46c5-8cd7-dd1f026c8f6b","block_type":"box","text":"Shareholders who hold more than one class should indicate which","page_number":23,"box":{"x":461,"y":590,"width":437,"height":8}},{"id":"a8758d48-80de-48b5-910f-ce22fb597806","block_type":"box","text":"class of shares they are redeeming.","page_number":23,"box":{"x":461,"y":603,"width":236,"height":11}},{"id":"81f4b1d4-21e5-46af-a452-64a5d1854fd7","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":23,"box":{"x":461,"y":620,"width":437,"height":10}},{"id":"85218f05-84df-4176-b8e7-ea6c73d5a046","block_type":"box","text":"redemption proceeds (check or wire), your redemption proceeds","page_number":23,"box":{"x":461,"y":633,"width":421,"height":10}},{"id":"6a81feaa-554a-448a-85ea-910984f960e7","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":23,"box":{"x":460,"y":647,"width":465,"height":10}},{"id":"6f543104-8a28-490e-b525-932f56414207","block_type":"box","text":"but in any event, within seven days.","page_number":23,"box":{"x":461,"y":660,"width":233,"height":10}},{"id":"a7dc6bb7-7fea-4915-8f44-c597bc7401ac","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":23,"box":{"x":461,"y":676,"width":415,"height":11}},{"id":"576e189a-0f32-4895-883e-de6c5bc1bb23","block_type":"box","text":"redemption of shares.","page_number":23,"box":{"x":461,"y":690,"width":144,"height":10}},{"id":"ec47e66c-1e44-4f39-8fad-57b5f030817a","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":23,"box":{"x":460,"y":706,"width":380,"height":10}},{"id":"d4e8f0bf-4262-4060-9498-191f2323eb0c","block_type":"box","text":"circumstances.","page_number":23,"box":{"x":461,"y":720,"width":98,"height":8}},{"id":"b74d3538-ba5c-463b-94d7-3831905aa67f","block_type":"box","text":"Selling shares held directly with","page_number":23,"box":{"x":214,"y":738,"width":207,"height":10}},{"id":"a568a996-85cc-4070-ab0f-f43b2737b617","block_type":"box","text":"BlackRock","page_number":23,"box":{"x":214,"y":751,"width":67,"height":8}},{"id":"ad230ec5-c16f-4cf9-9cdb-b9ac6f71493b","block_type":"box","text":"Methods of Redeeming","page_number":23,"box":{"x":461,"y":738,"width":156,"height":10}},{"id":"eacf52b9-ec73-40f0-b899-2ce5ac9cdfd6","block_type":"box","text":"Redeem by Telephone:","page_number":23,"box":{"x":461,"y":754,"width":150,"height":10}},{"id":"c07daf9b-3114-4952-9bbf-55c545d48534","block_type":"box","text":"Institutions may place redemption orders by","page_number":23,"box":{"x":618,"y":754,"width":290,"height":10}},{"id":"483bacda-0e2c-49d2-a5fc-6c5c7cc11822","block_type":"box","text":"telephoning (800) 537-4942.","page_number":23,"box":{"x":460,"y":767,"width":192,"height":11}},{"id":"8590bdcb-f7bd-42b7-868e-019c9b7b45dd","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":23,"box":{"x":460,"y":784,"width":468,"height":10}},{"id":"28f94853-ca88-48c6-a5fc-a1caf28ea1ee","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":23,"box":{"x":461,"y":797,"width":474,"height":10}},{"id":"f65a25ad-8b55-4eb5-bb8f-bdd4eb31ade3","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":23,"box":{"x":460,"y":810,"width":450,"height":11}},{"id":"057bb4f7-bbdc-4ed6-b60c-d359742e963d","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":23,"box":{"x":461,"y":824,"width":450,"height":10}},{"id":"7798e24a-b71d-44ab-b818-333975c3c5c8","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":23,"box":{"x":460,"y":838,"width":445,"height":10}},{"id":"e0468675-e621-4225-85e6-44d190cf9b58","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":23,"box":{"x":461,"y":851,"width":463,"height":10}},{"id":"6ac1559a-c201-4135-a3e9-2b3f9e3ca251","block_type":"box","text":"believes it is advisable to do so. During periods of substantial","page_number":23,"box":{"x":461,"y":865,"width":407,"height":10}},{"id":"7b012e07-90bc-4699-818d-fcf77be0f923","block_type":"box","text":"economic or market change, telephone redemptions may be difficult to","page_number":23,"box":{"x":461,"y":878,"width":467,"height":10}},{"id":"140caf87-4ffb-4826-84e6-cbb62c7b8785","block_type":"box","text":"complete. Please find alternative redemption methods below.","page_number":23,"box":{"x":461,"y":892,"width":403,"height":10}},{"id":"a0b957ff-11d3-4745-a322-17540f3136e4","block_type":"box","text":"23","page_number":23,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"4fb2bee4-6dc1-46a9-8c2f-ddbcb56ae691","block_type":"box","text":"NM1026U-5978633-23/40","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0c9237ef-b34f-4f83-82cc-35dc1fb859ab","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":24,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"a7d21cb3-3591-403f-b8b1-68788be62c7b","block_type":"box","text":"Full or Partial","page_number":24,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"a8b6ad9d-0a05-4c77-8694-6240b850dff3","block_type":"box","text":"Redemption of","page_number":24,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"eb6c8b81-9eb3-4d6e-92ea-56cd1191f8fd","block_type":"box","text":"Shares (continued)","page_number":24,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"7350935f-50d3-4f5c-99c0-02bf54502335","block_type":"box","text":"Selling shares held directly with","page_number":24,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"5e355022-fbc1-4c4f-8731-373dffe00f4e","block_type":"box","text":"BlackRock (continued)","page_number":24,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"0f165986-aac8-434a-8b4c-fb29060fa1d4","block_type":"box","text":"Redeem by Internet:","page_number":24,"box":{"x":461,"y":70,"width":136,"height":10}},{"id":"72e3c03e-cf6e-4671-8d65-4e55d81e92e4","block_type":"box","text":"You may redeem in your account, by logging onto","page_number":24,"box":{"x":603,"y":70,"width":321,"height":10}},{"id":"731fb6e4-9a34-4181-9777-aa3ddcb5b6bf","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":24,"box":{"x":460,"y":83,"width":461,"height":9}},{"id":"9317b318-0399-4fc7-95c6-ea12eb554b37","block_type":"box","text":"redemptions will be sent via wire to the bank account of record.","page_number":24,"box":{"x":461,"y":97,"width":419,"height":10}},{"id":"89414b66-6a5b-49ce-a593-6afa8ed0950e","block_type":"box","text":"Redeem in Writing:","page_number":24,"box":{"x":461,"y":113,"width":127,"height":10}},{"id":"e0f0e67f-4b5d-424a-9243-ffabeb717b51","block_type":"box","text":"Redemption requests may be sent in proper form","page_number":24,"box":{"x":595,"y":113,"width":324,"height":10}},{"id":"c42d41ad-214c-4021-aa7f-4813b81856b7","block_type":"box","text":"to BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-","page_number":24,"box":{"x":460,"y":127,"width":477,"height":10}},{"id":"4102c3c4-ff6a-484e-8683-8cb061d35b7b","block_type":"box","text":"4429. Under certain circumstances, a medallion signature guarantee","page_number":24,"box":{"x":461,"y":140,"width":457,"height":10}},{"id":"d7a0f624-104c-46c7-be6d-dca10d9f8984","block_type":"box","text":"will be required.","page_number":24,"box":{"x":460,"y":154,"width":104,"height":10}},{"id":"846741b9-9327-4165-b321-6ed69a595cea","block_type":"box","text":"Payment of Redemption Proceeds","page_number":24,"box":{"x":461,"y":170,"width":228,"height":10}},{"id":"0adad72d-b198-4f4c-b8d8-2c17b6dec5c8","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":24,"box":{"x":461,"y":186,"width":467,"height":10}},{"id":"919ee63d-2b08-4c5f-a647-59c0d4cf5cf2","block_type":"box","text":"banking information on file, by wire transfer.","page_number":24,"box":{"x":461,"y":199,"width":289,"height":11}},{"id":"1f4a7f5a-3676-450a-8ecf-6cc7579993c3","block_type":"box","text":"Payment by Check:","page_number":24,"box":{"x":461,"y":216,"width":129,"height":10}},{"id":"9b350f7b-30ed-4863-8e43-36ae87f12527","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":24,"box":{"x":597,"y":216,"width":329,"height":10}},{"id":"0ccf179b-46c0-4ae7-a63a-f7e531f01e1f","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":24,"box":{"x":460,"y":229,"width":430,"height":10}},{"id":"1d42cc02-0ecc-4909-8ad3-897cb6ae095d","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":24,"box":{"x":461,"y":243,"width":460,"height":10}},{"id":"f65eebb3-0834-4ba5-90b8-6b78af5d97b3","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":24,"box":{"x":461,"y":256,"width":468,"height":10}},{"id":"26e48fce-28d1-4c32-a5be-d109a066f43f","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":24,"box":{"x":461,"y":269,"width":467,"height":11}},{"id":"272f5502-d2db-45a2-a308-dcb5c9bd50ad","block_type":"box","text":"sent by check via overnight mail. 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No interest","page_number":24,"box":{"x":461,"y":353,"width":467,"height":9}},{"id":"5527b472-9115-490d-9e2a-66c24675efc9","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":24,"box":{"x":460,"y":367,"width":456,"height":10}},{"id":"1558d896-4fd8-4f45-8fac-6cde368d4391","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":24,"box":{"x":460,"y":381,"width":402,"height":10}},{"id":"7fef4d6b-7096-452a-842f-0f0afd0c21ba","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":24,"box":{"x":461,"y":394,"width":430,"height":10}},{"id":"4a08d63e-c6b7-4a67-8a98-b5a08805e821","block_type":"box","text":"amounts are subject to the risk of loss like any Fund investment. If you","page_number":24,"box":{"x":461,"y":408,"width":468,"height":10}},{"id":"dcc36a57-cdad-41e4-baad-27eb19443a86","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":24,"box":{"x":461,"y":421,"width":473,"height":8}},{"id":"576dc126-499a-4160-b1f1-b18f6ea99266","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":24,"box":{"x":461,"y":435,"width":456,"height":10}},{"id":"d111acb7-0744-4307-bf17-dbfdf93a2a66","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":24,"box":{"x":461,"y":448,"width":461,"height":11}},{"id":"259e10d2-a399-442b-9fee-7abf360d9d48","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":24,"box":{"x":460,"y":462,"width":469,"height":10}},{"id":"40e70b66-a89c-4896-9a0b-0c7218436e57","block_type":"box","text":"as of the date of payment of the distribution.","page_number":24,"box":{"x":461,"y":475,"width":295,"height":10}},{"id":"67223e24-914d-4ed7-bab1-15c68171f549","block_type":"box","text":"Payment by Wire Transfer:","page_number":24,"box":{"x":461,"y":491,"width":177,"height":11}},{"id":"647f740f-599c-449c-8101-5c81ccecd076","block_type":"box","text":"Payment for redeemed shares for which a","page_number":24,"box":{"x":644,"y":491,"width":275,"height":11}},{"id":"a7692456-6bce-4d08-bbbe-a04f423d0ae4","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":24,"box":{"x":461,"y":505,"width":437,"height":10}},{"id":"c413e0d4-a324-4eda-b7e1-0c52ab605b3b","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":24,"box":{"x":461,"y":518,"width":471,"height":11}},{"id":"22ccc05f-308b-42f1-ac4c-0f6d24fbe1ba","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":24,"box":{"x":461,"y":532,"width":417,"height":10}},{"id":"1995dce8-a8e7-4cd0-bda3-8c960c17375b","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":24,"box":{"x":461,"y":545,"width":449,"height":11}},{"id":"bc870f3d-e1ab-43b2-9e34-eb5b00d606d7","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":24,"box":{"x":461,"y":559,"width":449,"height":10}},{"id":"5750efac-6606-4c40-91bc-21dd2f7083b8","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":24,"box":{"x":461,"y":573,"width":433,"height":10}},{"id":"8d6fc55c-12f9-46de-9860-eaddf262a028","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":24,"box":{"x":461,"y":586,"width":449,"height":10}},{"id":"689bad1e-924a-471b-94de-702f0c9bd4d0","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":24,"box":{"x":461,"y":600,"width":437,"height":10}},{"id":"ae0f99a9-8d68-4e7d-a3d1-1b5238c0a483","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":24,"box":{"x":461,"y":613,"width":469,"height":11}},{"id":"303aa527-75ae-44b8-985a-619abea469b5","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":24,"box":{"x":459,"y":627,"width":448,"height":10}},{"id":"70c87881-1805-4af4-aafe-8b027a96dc20","block_type":"box","text":"Fund.","page_number":24,"box":{"x":461,"y":640,"width":34,"height":9}},{"id":"e564ef19-d162-458b-ae64-4f08f0b45f63","block_type":"box","text":"Shares can be redeemed by Federal wire transfer to a single previously","page_number":24,"box":{"x":461,"y":656,"width":469,"height":11}},{"id":"def3ed98-7184-4db4-8a99-4f3b7f5ddfa8","block_type":"box","text":"designated bank account. No charge for wiring redemption payments","page_number":24,"box":{"x":461,"y":670,"width":453,"height":10}},{"id":"0d13b6f6-645f-4b3b-ae74-e00e12d8acd3","block_type":"box","text":"with respect to Service Shares is imposed by the Fund, although","page_number":24,"box":{"x":460,"y":684,"width":427,"height":10}},{"id":"7697f2c9-a7b0-4443-84c2-6dc3a92031e5","block_type":"box","text":"Financial Intermediaries may charge their customers for redemption","page_number":24,"box":{"x":461,"y":697,"width":446,"height":10}},{"id":"f7b793e5-937a-459d-9f3f-b2262adb6eca","block_type":"box","text":"services. Information relating to such redemption services and","page_number":24,"box":{"x":461,"y":710,"width":414,"height":11}},{"id":"f799ce68-bea3-4e60-b3d4-ce637b655a70","block_type":"box","text":"charges, if any, should be obtained by customers from their Financial","page_number":24,"box":{"x":461,"y":724,"width":454,"height":10}},{"id":"bbf8d713-3eb8-4923-9f9c-f67f0095de10","block_type":"box","text":"Intermediaries. You are responsible for any additional charges imposed","page_number":24,"box":{"x":461,"y":738,"width":470,"height":10}},{"id":"e7c024ef-0aa2-449d-a116-c26bb0c3cc56","block_type":"box","text":"by your bank for wire transfers.","page_number":24,"box":{"x":461,"y":751,"width":203,"height":10}},{"id":"9cd41aab-973b-471c-aebf-2b281a08da2a","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":24,"box":{"x":460,"y":767,"width":425,"height":10}},{"id":"669df45e-fd79-4236-8d08-721f8ce3f5ad","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":24,"box":{"x":461,"y":781,"width":455,"height":10}},{"id":"d430b297-d4b9-4128-acf3-0e4e1d25dddf","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":24,"box":{"x":461,"y":795,"width":476,"height":10}},{"id":"a1be5afa-685f-4011-a778-87ff329f5c08","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":24,"box":{"x":461,"y":808,"width":455,"height":10}},{"id":"bab10ac1-d934-4cba-8cfe-042db92a00bb","block_type":"box","text":"the back cover of this prospectus.","page_number":24,"box":{"x":460,"y":821,"width":224,"height":10}},{"id":"2aca5843-fbb5-4a2e-a130-42efb34f2513","block_type":"box","text":"***","page_number":24,"box":{"x":686,"y":838,"width":25,"height":5}},{"id":"7752dcfe-0b14-42ac-8d67-5320da01ec05","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":24,"box":{"x":461,"y":851,"width":423,"height":10}},{"id":"af6c5589-f481-4f7d-875f-0668e214e6dd","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":24,"box":{"x":461,"y":865,"width":456,"height":10}},{"id":"0fe0a71f-8177-4da3-9e44-afb0b3d77853","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":24,"box":{"x":461,"y":878,"width":352,"height":10}},{"id":"5e334d4a-7ecc-48cc-acc7-91a02a060ed1","block_type":"box","text":"24","page_number":24,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"7945560e-2b92-4772-85d8-a31f2c0b0f64","block_type":"box","text":"NM1026U-5978633-24/40","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"895db40e-e0a2-4aab-a4a6-bda074ce22de","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":25,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"c93d4ab1-a82c-48f3-a96a-9aed74dd2c12","block_type":"box","text":"Redemption","page_number":25,"box":{"x":61,"y":67,"width":80,"height":10}},{"id":"b08c9fe0-0761-4bb2-a874-196832ffb0d8","block_type":"box","text":"Proceeds","page_number":25,"box":{"x":61,"y":79,"width":62,"height":8}},{"id":"c649bc38-aa59-4614-976b-d6aa40ba58aa","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":25,"box":{"x":461,"y":67,"width":445,"height":10}},{"id":"4fbb5dd1-b157-46d1-bdab-e615551743fe","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":25,"box":{"x":461,"y":81,"width":467,"height":10}},{"id":"e2740c64-1e92-4fa4-bbe6-76c7da4d8741","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":25,"box":{"x":461,"y":94,"width":455,"height":11}},{"id":"369f9aae-51fd-4057-95dd-7a6a161e2d9a","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":25,"box":{"x":461,"y":108,"width":450,"height":10}},{"id":"7c0663e8-e056-49ff-bbbb-fd50a70954fd","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":25,"box":{"x":461,"y":121,"width":452,"height":11}},{"id":"20d3776f-4a27-4f56-8dcc-42fe9a7f8fd9","block_type":"box","text":"limit cash redemptions and may determine to pay redemption","page_number":25,"box":{"x":461,"y":135,"width":406,"height":10}},{"id":"bb7c0352-5a1c-46de-bd71-a5d7970042ff","block_type":"box","text":"proceeds by (i) borrowing under a line of credit it has entered into with","page_number":25,"box":{"x":461,"y":148,"width":463,"height":11}},{"id":"fd4d60c9-cbf8-4516-b753-15105c2ae482","block_type":"box","text":"a group of lenders and/or (ii) transferring portfolio securities in kind to","page_number":25,"box":{"x":461,"y":162,"width":465,"height":10}},{"id":"fa5cb336-cb14-4663-819f-929010af1fbd","block_type":"box","text":"you. The SAI includes more information about the Fund’s line of credit.","page_number":25,"box":{"x":460,"y":175,"width":466,"height":11}},{"id":"981be970-121a-463a-8126-0192b273e6a4","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":25,"box":{"x":461,"y":192,"width":408,"height":10}},{"id":"96fd02f1-d40b-43db-807f-9a015b8fd3bc","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":25,"box":{"x":461,"y":205,"width":457,"height":10}},{"id":"3b082e0f-56dc-4460-b93c-440e83a01116","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":25,"box":{"x":460,"y":219,"width":440,"height":10}},{"id":"fc2a79c3-d93e-41dd-87b7-8037f8cec469","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":25,"box":{"x":460,"y":232,"width":340,"height":10}},{"id":"e537277a-e299-4a7d-ab43-65bb79f6eba7","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":25,"box":{"x":61,"y":270,"width":415,"height":13}},{"id":"ed20c6a4-6060-4407-b3b0-aa7df90b7244","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":25,"box":{"x":213,"y":292,"width":478,"height":9}},{"id":"809338d0-2dac-4d95-9425-f026fef2816b","block_type":"box","text":"Exchange Privilege","page_number":25,"box":{"x":61,"y":310,"width":128,"height":10}},{"id":"adb7e525-36fc-4e4d-9e2c-c37bbabebb9b","block_type":"box","text":"Selling shares of one BlackRock","page_number":25,"box":{"x":214,"y":310,"width":212,"height":10}},{"id":"ba9e17b0-f0ad-4e60-9868-04643b60166e","block_type":"box","text":"Fund to purchase shares of","page_number":25,"box":{"x":214,"y":323,"width":181,"height":10}},{"id":"76517668-78c9-4440-ab37-51b9c10ea862","block_type":"box","text":"another BlackRock Fund","page_number":25,"box":{"x":214,"y":337,"width":158,"height":8}},{"id":"b8c912e8-ff98-4f79-b0eb-431e75a414b4","block_type":"box","text":"(“exchanging”)","page_number":25,"box":{"x":214,"y":350,"width":95,"height":11}},{"id":"3b6e57d3-d2ac-40b8-93f4-f00a585d2408","block_type":"box","text":"Service Shares of the Fund are generally exchangeable for shares of","page_number":25,"box":{"x":461,"y":310,"width":453,"height":10}},{"id":"7bd3ab37-ac58-4938-94d1-d676c5f38244","block_type":"box","text":"the same class of another BlackRock Fund, to the extent such shares","page_number":25,"box":{"x":460,"y":323,"width":461,"height":10}},{"id":"89db01db-55a2-42ec-87f6-aa0dbd9b56f8","block_type":"box","text":"are offered by your Financial Intermediary.","page_number":25,"box":{"x":461,"y":337,"width":277,"height":10}},{"id":"040fe4cc-abed-4195-afec-e67dd65e10fd","block_type":"box","text":"You can exchange Service Shares from one fund into the same class of","page_number":25,"box":{"x":460,"y":353,"width":474,"height":10}},{"id":"8f5a2128-2e76-4f7b-b01e-9fae8782680b","block_type":"box","text":"another fund which offers that class of shares. Refer to the minimum","page_number":25,"box":{"x":461,"y":366,"width":457,"height":9}},{"id":"182a50bd-6988-4f9d-92a3-e6168f1f87f4","block_type":"box","text":"initial investment in the “Service Shares at a Glance” table in this","page_number":25,"box":{"x":461,"y":380,"width":436,"height":8}},{"id":"1b454fd2-288e-429c-a49b-5fb3eb7e19dc","block_type":"box","text":"prospectus.","page_number":25,"box":{"x":461,"y":394,"width":76,"height":9}},{"id":"c9182680-da60-4157-90e8-a2ab8d2f3369","block_type":"box","text":"You may only exchange into a share class and fund that are open to","page_number":25,"box":{"x":460,"y":409,"width":449,"height":11}},{"id":"f2418585-facc-4f04-91a4-48fdeeb823c6","block_type":"box","text":"new investors or in which you have a current account if the fund is","page_number":25,"box":{"x":461,"y":423,"width":437,"height":10}},{"id":"1a3d0b85-d7ee-421e-a4ff-373c08fc30df","block_type":"box","text":"closed to new investors.","page_number":25,"box":{"x":461,"y":437,"width":159,"height":8}},{"id":"43193da6-e295-4dce-8328-67d4aa32074c","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":25,"box":{"x":460,"y":453,"width":435,"height":10}},{"id":"fddd557e-15e9-44e8-8cb7-38f2b30805f1","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":25,"box":{"x":461,"y":466,"width":406,"height":10}},{"id":"a0d25ae8-d413-423c-82d5-b78ab602ace0","block_type":"box","text":"BlackRock, you may: (i) call (800) 537-4942 and speak with one of our","page_number":25,"box":{"x":461,"y":480,"width":468,"height":10}},{"id":"52383acb-9987-40aa-95ce-cfc4dc0a1d9a","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":25,"box":{"x":461,"y":493,"width":455,"height":11}},{"id":"15ea46d4-2056-4a9c-a974-0c472e555d81","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":25,"box":{"x":460,"y":507,"width":423,"height":10}},{"id":"7b821d88-fbce-48a9-b87d-5e4a7185991c","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":25,"box":{"x":461,"y":520,"width":398,"height":10}},{"id":"a3dece29-2488-46ae-8146-8e471a6f02f6","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":25,"box":{"x":461,"y":534,"width":409,"height":10}},{"id":"8ade4043-9bfa-4861-96b7-c0256a110a40","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":25,"box":{"x":461,"y":548,"width":469,"height":10}},{"id":"1919ff25-7908-496f-b749-bf0502f9cb1d","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":25,"box":{"x":460,"y":561,"width":461,"height":10}},{"id":"6d07f37f-ff6d-4b45-9ad4-3f672f0df30f","block_type":"box","text":"this option either in writing or by calling (800) 537-4942. The Fund has","page_number":25,"box":{"x":460,"y":575,"width":469,"height":10}},{"id":"a471010c-af38-4044-a4a2-024df8b79be2","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":25,"box":{"x":460,"y":588,"width":368,"height":10}},{"id":"10269518-6ff0-44bf-b35d-7e71b50ab404","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":25,"box":{"x":460,"y":604,"width":450,"height":11}},{"id":"c889fd00-1cdf-4b57-a2c1-13682ddbd1da","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":25,"box":{"x":460,"y":618,"width":473,"height":10}},{"id":"3c1bad89-9f22-4e70-b9f9-66bff3af0140","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":25,"box":{"x":461,"y":631,"width":420,"height":10}},{"id":"1bc42f97-8464-4672-9425-63f76d519771","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":25,"box":{"x":461,"y":645,"width":439,"height":10}},{"id":"13b6f86d-19dd-4b8e-b7bd-891f6c8a6093","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":25,"box":{"x":461,"y":658,"width":460,"height":11}},{"id":"07e35a32-c913-4861-b07e-917b4d065f39","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":25,"box":{"x":461,"y":672,"width":430,"height":10}},{"id":"accecccc-0d31-4527-8345-2d792f3f861a","block_type":"box","text":"income tax purposes a share exchange is a taxable event and a capital","page_number":25,"box":{"x":461,"y":686,"width":469,"height":10}},{"id":"7dfadf4f-504a-49a1-91bd-51a9aefd363b","block_type":"box","text":"gain or loss may be realized. Please consult your tax adviser or other","page_number":25,"box":{"x":460,"y":699,"width":456,"height":10}},{"id":"6a049ba6-529b-49cf-a40c-6df839ba8f41","block_type":"box","text":"Financial Intermediary before making an exchange request.","page_number":25,"box":{"x":461,"y":712,"width":390,"height":11}},{"id":"503da79a-4e51-484b-bcc8-cf7d5564ff4d","block_type":"box","text":"Transfer Shares to","page_number":25,"box":{"x":60,"y":731,"width":124,"height":8}},{"id":"780ca79d-b12c-4030-a769-46241e9b11df","block_type":"box","text":"Another Financial","page_number":25,"box":{"x":60,"y":742,"width":118,"height":8}},{"id":"59afdbe6-caa9-42a7-8438-640d593aa0a0","block_type":"box","text":"Intermediary","page_number":25,"box":{"x":61,"y":754,"width":85,"height":10}},{"id":"11a51da8-8ffe-48ff-a869-39e76a52e4c0","block_type":"box","text":"Transfer to a participating","page_number":25,"box":{"x":213,"y":730,"width":171,"height":11}},{"id":"50e35210-0fe1-4b9d-b744-7fc777818c51","block_type":"box","text":"Financial Intermediary","page_number":25,"box":{"x":214,"y":744,"width":145,"height":10}},{"id":"5a1610a3-09a2-4645-9623-8842e5e767f3","block_type":"box","text":"You may transfer your Service Shares of the Fund only to another","page_number":25,"box":{"x":460,"y":730,"width":431,"height":11}},{"id":"57801e80-dcaf-4205-902c-ff98702d3e5f","block_type":"box","text":"Financial Intermediary that has entered into an agreement with the","page_number":25,"box":{"x":461,"y":744,"width":441,"height":10}},{"id":"211e33f6-b269-4183-9e9e-efd071d7074f","block_type":"box","text":"Distributor. Certain shareholder services may not be available for the","page_number":25,"box":{"x":461,"y":758,"width":456,"height":10}},{"id":"00ec60a3-acff-46a8-b3a3-3a90b1e605e1","block_type":"box","text":"transferred shares. All future trading of these assets must be","page_number":25,"box":{"x":460,"y":771,"width":407,"height":10}},{"id":"e9e3908d-344a-44c7-847a-93b1f28c21c0","block_type":"box","text":"coordinated by the receiving firm.","page_number":25,"box":{"x":461,"y":785,"width":218,"height":10}},{"id":"8748176d-f1b2-48c8-be6e-5bb621c7c168","block_type":"box","text":"Transfer to a non-participating","page_number":25,"box":{"x":213,"y":816,"width":199,"height":11}},{"id":"43c688a6-ff6e-4e68-8c63-e26632fdefb2","block_type":"box","text":"Financial Intermediary","page_number":25,"box":{"x":214,"y":830,"width":145,"height":10}},{"id":"7bc3cb42-903b-427c-ae4c-35f6c9df2b91","block_type":"box","text":"You must either:","page_number":25,"box":{"x":460,"y":816,"width":107,"height":8}},{"id":"0cbf978b-8a60-43ae-b620-9d0d604c3758","block_type":"box","text":"•","page_number":25,"box":{"x":464,"y":833,"width":3,"height":2}},{"id":"d581925c-ff30-400f-a25e-6ba219e0ed8f","block_type":"box","text":"Transfer your Service Shares to an account with the Fund; or","page_number":25,"box":{"x":470,"y":830,"width":401,"height":10}},{"id":"8ddab6a4-6e5c-4014-8df5-6d204d4e42f2","block_type":"box","text":"•","page_number":25,"box":{"x":464,"y":846,"width":3,"height":3}},{"id":"c1c9587d-346f-4ae7-b5d7-1a1c96086608","block_type":"box","text":"Sell your Service Shares.","page_number":25,"box":{"x":471,"y":843,"width":164,"height":11}},{"id":"8032f83f-a922-473d-9dd1-7ff9104e6eb9","block_type":"box","text":"Fund’s Rights","page_number":25,"box":{"x":61,"y":884,"width":124,"height":13}},{"id":"f8f0ad1d-bb11-4609-b669-e2df8d757202","block_type":"box","text":"The Fund may:","page_number":25,"box":{"x":60,"y":910,"width":106,"height":11}},{"id":"5fa8c706-f632-42e1-9f9a-de232e2fcb1c","block_type":"box","text":"25","page_number":25,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"adcf65b9-62b5-4462-9fe7-6e914fddf11a","block_type":"box","text":"NM1026U-5978633-25/40","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f8af1f80-5c83-4164-a326-a6937d7942dd","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":26,"box":{"x":81,"y":46,"width":840,"height":11}},{"id":"811feacd-8db3-44f3-9d4d-b02ca15e34d1","block_type":"box","text":"described in the Investment Company Act;","page_number":26,"box":{"x":81,"y":61,"width":308,"height":11}},{"id":"62debecc-43b2-4766-9a30-d926f144e149","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":26,"box":{"x":81,"y":80,"width":789,"height":12}},{"id":"712cf6ed-c811-4b49-aace-5b5512dc8125","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":26,"box":{"x":81,"y":95,"width":850,"height":12}},{"id":"0d796623-e267-447f-8e76-8830f7c624ff","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":26,"box":{"x":82,"y":110,"width":368,"height":12}},{"id":"e72a75d8-0927-4d70-8540-25d9bee44b0c","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":26,"box":{"x":82,"y":130,"width":781,"height":12}},{"id":"83291d5e-7f83-491d-869d-81815c3a4459","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":26,"box":{"x":82,"y":150,"width":798,"height":11}},{"id":"7ca20754-86bc-4ef2-9a61-4e9ff1e8fac1","block_type":"box","text":"specified level.","page_number":26,"box":{"x":81,"y":165,"width":108,"height":11}},{"id":"20b1d657-5add-419d-85be-0ca2ef76fb5b","block_type":"box","text":"Note on Low Balance Accounts.","page_number":26,"box":{"x":61,"y":188,"width":239,"height":9}},{"id":"6d4d8917-a0df-4a52-84e1-47da93cf5fa5","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":26,"box":{"x":307,"y":187,"width":600,"height":12}},{"id":"6dabe1a2-1476-4b3c-9f48-f7501125ec93","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":26,"box":{"x":61,"y":202,"width":846,"height":12}},{"id":"f7088d26-7d27-44af-b89e-be709d037e77","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":26,"box":{"x":61,"y":216,"width":872,"height":13}},{"id":"da815f4a-d963-4716-a1ff-7eff6339a254","block_type":"box","text":"reason, including market fluctuation.","page_number":26,"box":{"x":61,"y":232,"width":267,"height":11}},{"id":"1ccc5172-0958-43f2-951d-8b48ae5b1ebe","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":26,"box":{"x":60,"y":254,"width":799,"height":12}},{"id":"ba7908bc-7cbf-43f5-a9bf-2b628439a012","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":26,"box":{"x":62,"y":269,"width":796,"height":12}},{"id":"44f0517d-1da3-4312-a5e8-fd7abdbb01cb","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":26,"box":{"x":62,"y":283,"width":800,"height":13}},{"id":"8ebba8ec-ab35-4989-8118-02d5b367b634","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":26,"box":{"x":61,"y":299,"width":859,"height":12}},{"id":"4187fc9e-6b44-4310-81f7-5fef4a608d26","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":26,"box":{"x":61,"y":314,"width":868,"height":11}},{"id":"019bfd26-9f8c-4116-908f-0420f1e4171a","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":26,"box":{"x":61,"y":329,"width":420,"height":11}},{"id":"4cd0c820-9331-4fca-9bd8-d945d22a9264","block_type":"box","text":"Short-Term Trading Policy","page_number":26,"box":{"x":61,"y":368,"width":232,"height":13}},{"id":"e37829b9-0b17-4e3e-87f3-1fdc9b765f20","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":26,"box":{"x":60,"y":394,"width":790,"height":11}},{"id":"18def5c0-2b72-4fb7-a527-f03f6d34aa22","block_type":"box","text":"investments may be adversely affected when shares are repeatedly bought, sold or exchanged in response to short","page_number":26,"box":{"x":62,"y":409,"width":853,"height":11}},{"id":"55e65243-2a5d-4ea4-a24d-ac3d3c4b0d44","block_type":"box","text":"term market fluctuations — also known as “market timing.” The Fund is not designed for market timing organizations","page_number":26,"box":{"x":60,"y":423,"width":863,"height":12}},{"id":"1793a7e4-0089-4817-9e06-729757dca078","block_type":"box","text":"or other entities using programmed or frequent purchases and sales or exchanges. The exchange privilege is not","page_number":26,"box":{"x":61,"y":438,"width":828,"height":12}},{"id":"2fe0e819-e572-4a72-9ca5-3af601035e2f","block_type":"box","text":"intended as a vehicle for short-term trading. Excessive purchase and sale or exchange activity may interfere with","page_number":26,"box":{"x":62,"y":453,"width":826,"height":12}},{"id":"3b1c5418-0bec-449f-9a76-0c733f54cce0","block_type":"box","text":"portfolio management, increase expenses and taxes and may have an adverse effect on the performance of the Fund","page_number":26,"box":{"x":62,"y":468,"width":864,"height":11}},{"id":"b4074dac-99c5-40fe-911a-db4ab9c7ea10","block_type":"box","text":"and its returns to shareholders. For example, large flows of cash into and out of the Fund may require the","page_number":26,"box":{"x":61,"y":483,"width":776,"height":11}},{"id":"ecc116b6-120b-4c64-b9d4-e610487be9d3","block_type":"box","text":"management team to allocate a significant amount of assets to cash or other short-term investments or sell","page_number":26,"box":{"x":61,"y":497,"width":796,"height":12}},{"id":"91b8c197-59d4-4fd7-b9df-e22cd91b67b9","block_type":"box","text":"securities, rather than maintaining such assets in securities selected to achieve the Fund’s investment objective.","page_number":26,"box":{"x":61,"y":513,"width":831,"height":11}},{"id":"0651ea88-4ae5-427b-8b31-1552a103745a","block_type":"box","text":"Frequent trading may cause the Fund to sell securities at less favorable prices, and transaction costs, such as","page_number":26,"box":{"x":62,"y":527,"width":811,"height":12}},{"id":"7dec88ff-25ca-4661-a746-90e4d9bfe0a2","block_type":"box","text":"brokerage commissions, can reduce the Fund’s performance.","page_number":26,"box":{"x":61,"y":542,"width":451,"height":12}},{"id":"89ec7ccf-abf2-4d65-88cd-6494480b7fe5","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":26,"box":{"x":60,"y":564,"width":873,"height":12}},{"id":"c076c8fb-0642-4395-a6cf-888d5051700e","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":26,"box":{"x":61,"y":579,"width":872,"height":12}},{"id":"1c243c9a-f756-4007-8ee6-4d82512b1ce1","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":26,"box":{"x":61,"y":594,"width":865,"height":12}},{"id":"2dda12e4-d566-4b96-ad47-1313429aebea","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":26,"box":{"x":61,"y":609,"width":817,"height":11}},{"id":"bc46848a-cdbb-4596-b5c3-29980d92cac4","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":26,"box":{"x":61,"y":624,"width":818,"height":11}},{"id":"5c278147-df35-4a86-98a0-32c8e1ec75ed","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":26,"box":{"x":60,"y":639,"width":865,"height":11}},{"id":"6e049a66-03aa-4220-8c9f-305bc70bb845","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":26,"box":{"x":61,"y":653,"width":829,"height":12}},{"id":"398440bb-c464-434d-a954-27784e1ecd4d","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":26,"box":{"x":62,"y":668,"width":671,"height":12}},{"id":"75e64808-8167-41bd-a316-e0f7b33ed1f0","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":26,"box":{"x":60,"y":691,"width":869,"height":11}},{"id":"f255c5fe-939b-43e0-9f55-edfe6d38dbcd","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":26,"box":{"x":60,"y":706,"width":839,"height":11}},{"id":"44707489-4553-45c9-9ab3-b6e7d6dc33a3","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":26,"box":{"x":61,"y":720,"width":869,"height":12}},{"id":"1c12aa50-8589-4442-96a2-fc8d1384819d","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":26,"box":{"x":61,"y":735,"width":870,"height":12}},{"id":"f9572a72-eccc-49b3-8fb0-423c7edfe49c","block_type":"box","text":"Fund or its shareholders.","page_number":26,"box":{"x":62,"y":750,"width":181,"height":9}},{"id":"88b281c5-d781-4f8a-a0e4-1b238dfdbcbb","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":26,"box":{"x":62,"y":773,"width":796,"height":11}},{"id":"6529c9cf-4f8e-4c9f-b777-94a5b2aff616","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":26,"box":{"x":61,"y":788,"width":860,"height":11}},{"id":"3c367778-fca9-4f14-8f51-193247de0d31","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":26,"box":{"x":62,"y":802,"width":871,"height":12}},{"id":"dc362270-a519-46a9-add9-ec944e646b6f","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":26,"box":{"x":62,"y":817,"width":858,"height":12}},{"id":"03ded107-3a28-435c-b079-4f0d2297100f","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":26,"box":{"x":61,"y":832,"width":866,"height":12}},{"id":"bb1c6d4c-1943-4b52-9db8-7135ab117865","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions","page_number":26,"box":{"x":61,"y":847,"width":829,"height":11}},{"id":"3e213494-e5a8-4725-a618-8c4fb19d3c93","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":26,"box":{"x":62,"y":862,"width":862,"height":11}},{"id":"95c9aa7d-1ec2-41b6-a8c7-dc0795ca1e0a","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":26,"box":{"x":61,"y":876,"width":849,"height":12}},{"id":"1023b02e-80a3-43aa-86ba-38a723f751c5","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":26,"box":{"x":61,"y":892,"width":866,"height":11}},{"id":"fee20b1e-770d-41b2-bf07-7b33ba1170ef","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":26,"box":{"x":60,"y":906,"width":806,"height":12}},{"id":"d05e6f6a-8a5b-4b2a-b88a-e0a0e27d0a12","block_type":"box","text":"26","page_number":26,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"a816e1df-c5eb-4cce-bacd-e989b4d39ea0","block_type":"box","text":"NM1026U-5978633-26/40","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"325e3db4-5eea-45c9-846d-f8e35454c657","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":27,"box":{"x":61,"y":46,"width":804,"height":11}},{"id":"216d9364-3b10-4d6a-81a2-85b22f641879","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":27,"box":{"x":61,"y":60,"width":849,"height":12}},{"id":"954165a5-cbaa-49b2-ae37-8aa0ee649f3a","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":27,"box":{"x":61,"y":75,"width":875,"height":12}},{"id":"6eaa11b4-956f-4fb6-824a-afe12c6c9994","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":27,"box":{"x":62,"y":90,"width":869,"height":12}},{"id":"8374840e-704f-4039-b6e4-fb61d4560828","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":27,"box":{"x":61,"y":105,"width":845,"height":12}},{"id":"3cb1bd5c-0696-4a07-8e55-dc2ddcaad45b","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":27,"box":{"x":62,"y":120,"width":868,"height":11}},{"id":"58347ff6-8b50-42bc-bdf4-d5f44ba2eb96","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":27,"box":{"x":61,"y":135,"width":861,"height":11}},{"id":"4acd8e3c-7ded-45fa-85e2-ef11d4a16e70","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":27,"box":{"x":61,"y":149,"width":868,"height":12}},{"id":"d6f15646-3d2b-4a1a-9621-b70f7fcf303a","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":27,"box":{"x":60,"y":165,"width":847,"height":11}},{"id":"cba8f011-3925-4aca-b3e1-9169c3976dec","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Distributor,","page_number":27,"box":{"x":60,"y":179,"width":837,"height":12}},{"id":"4bc35b17-3ced-4f3f-8a95-7c0b78dbb682","block_type":"box","text":"suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":27,"box":{"x":61,"y":194,"width":663,"height":11}},{"id":"0c5101f4-4e19-41da-998a-6f76681d37bf","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":27,"box":{"x":60,"y":217,"width":824,"height":11}},{"id":"bc705687-737e-4b3c-a6d4-fc7573401584","block_type":"box","text":"deemed abusive.","page_number":27,"box":{"x":61,"y":232,"width":123,"height":8}},{"id":"d1a0021d-c111-4632-8e1f-2f2008ce1735","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":27,"box":{"x":60,"y":254,"width":841,"height":11}},{"id":"f08e6cd2-f12a-4668-915e-e74c080f84be","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":27,"box":{"x":60,"y":269,"width":572,"height":11}},{"id":"7b5fdcf8-fc52-4a20-b8fd-e70d0d55bae5","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"89c3eed1-11f0-48fc-ba20-713c87550120","block_type":"box","text":"NM1026U-5978633-27/40","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"554f6101-109d-4f6b-a05d-f42f6f5367d8","block_type":"box","text":"Management of the Fund","page_number":28,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"0e94d41d-2011-44ca-a289-49585dde3839","block_type":"box","text":"BlackRock","page_number":28,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"6a9ea2ac-3369-4c4b-b892-ad833c96b425","block_type":"box","text":"BlackRock, the Fund’s investment adviser, manages the Fund’s investments and its business operations subject to","page_number":28,"box":{"x":62,"y":183,"width":846,"height":11}},{"id":"3d9e8dde-afbd-46a9-98e4-a05e7b3fa443","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":28,"box":{"x":60,"y":197,"width":875,"height":12}},{"id":"50035d79-7807-4645-b360-ec9e1d1d4558","block_type":"box","text":"able to draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":28,"box":{"x":61,"y":212,"width":851,"height":12}},{"id":"86426595-e20f-4ff1-a181-bfe61346f103","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":28,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"b31349a2-97b2-47fd-8a38-5d8a86194d29","block_type":"box","text":"BlackRock, Inc.","page_number":28,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"9a5800ed-09ae-4b25-a4b8-7694bda1036b","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":28,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"61ff0f82-e1d1-4a23-8401-3ec423cef140","block_type":"box","text":"companies. BlackRock and its affiliates had approximately $15.3 trillion in investment company and other portfolio","page_number":28,"box":{"x":61,"y":278,"width":845,"height":12}},{"id":"abb084b8-62b6-4d0d-8b13-0d2a8b79594e","block_type":"box","text":"assets under management as of June 30, 2026.","page_number":28,"box":{"x":61,"y":294,"width":357,"height":11}},{"id":"d94ecb11-af16-48e6-9342-e19e7270368c","block_type":"box","text":"BlackRock serves as manager to the Fund pursuant to an investment advisory agreement (the “Management","page_number":28,"box":{"x":62,"y":317,"width":800,"height":11}},{"id":"4f0f7142-07d9-4393-b1bc-b9042566cc88","block_type":"box","text":"Agreement”). 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In addition, BlackRock","page_number":28,"box":{"x":62,"y":573,"width":843,"height":11}},{"id":"9889cdcd-5315-4f09-9654-e38dca489340","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":28,"box":{"x":61,"y":588,"width":846,"height":11}},{"id":"cf32534c-c8a9-483f-ab6f-022dc0c61e17","block_type":"box","text":"indirectly through its investment in money market funds managed by BlackRock or its affiliates, through","page_number":28,"box":{"x":62,"y":603,"width":759,"height":11}},{"id":"fb96c6c1-1d6e-4a90-9631-f2d48e7b514f","block_type":"box","text":"June 30, 2028. The contractual agreements may be terminated upon 90 days’ notice by a majority of the non","page_number":28,"box":{"x":61,"y":617,"width":809,"height":12}},{"id":"f797da7b-214e-4e17-af23-2752d442c1de","block_type":"box","text":"interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":28,"box":{"x":62,"y":632,"width":771,"height":12}},{"id":"8df0a7c3-1a5d-408c-8e9d-ad46a51630e8","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":28,"box":{"x":60,"y":655,"width":850,"height":11}},{"id":"250e6a84-5cf7-4415-b8bb-e3dea5392f10","block_type":"box","text":"Fund’s reports filed on Form N-CSR for the fiscal year ended May 31, 2026.","page_number":28,"box":{"x":62,"y":670,"width":556,"height":11}},{"id":"ab6f43a3-b7e4-4069-b14a-91a07f0527a8","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":28,"box":{"x":62,"y":692,"width":851,"height":12}},{"id":"5e09be7e-d5e9-4ca4-99d8-902799e1bfa8","block_type":"box","text":"the annual rate of 0.68% of the Fund’s average daily net assets.","page_number":28,"box":{"x":60,"y":707,"width":473,"height":12}},{"id":"424f56bf-3044-40bb-9ee7-1cc339f87313","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":28,"box":{"x":62,"y":730,"width":864,"height":11}},{"id":"fbd1c588-92d4-4e6a-934d-2b4237ff4bbc","block_type":"box","text":"particular asset class, company, security, industry, or market sector. The views expressed by any such person are the","page_number":28,"box":{"x":62,"y":745,"width":863,"height":11}},{"id":"2ebcab8c-666e-40cd-ab85-ef0108c2302d","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":28,"box":{"x":60,"y":759,"width":861,"height":12}},{"id":"28c74f04-ce6d-4138-b750-7c118fe715ca","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":28,"box":{"x":61,"y":774,"width":864,"height":12}},{"id":"4d9841c1-c496-458f-912d-828056f84f8f","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":28,"box":{"x":61,"y":789,"width":872,"height":11}},{"id":"ffc31feb-3524-4802-9861-498800f7008a","block_type":"box","text":"as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be","page_number":28,"box":{"x":61,"y":804,"width":841,"height":11}},{"id":"85bc0537-3575-44ff-b5ce-619e3fc6d4f3","block_type":"box","text":"relied on as an indication of trading intent on behalf of the Fund.","page_number":28,"box":{"x":61,"y":818,"width":472,"height":12}},{"id":"2f9bbf09-bed8-4cfb-8659-5d4a3a0f594f","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"96d9b779-a548-4f89-b5c4-f68e3cdf8ba5","block_type":"box","text":"NM1026U-5978633-28/40","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1e4c019d-974c-4199-b251-cd33de487db8","block_type":"box","text":"Portfolio Manager Information","page_number":29,"box":{"x":61,"y":46,"width":272,"height":14}},{"id":"fdc75ea3-7f59-4b67-b047-b3524cfa912c","block_type":"box","text":"Information regarding the portfolio managers of the Fund is set forth below. Further information regarding the portfolio","page_number":29,"box":{"x":62,"y":73,"width":869,"height":11}},{"id":"fbe9ca2f-1497-47b5-94ec-3d64670701f7","block_type":"box","text":"managers, including other accounts managed, compensation, ownership of Fund shares, and possible conflicts of","page_number":29,"box":{"x":61,"y":88,"width":837,"height":11}},{"id":"dfbfacc8-2dd5-4adf-90c2-90a265dd3fe7","block_type":"box","text":"interest, is available in the Fund’s SAI.","page_number":29,"box":{"x":62,"y":102,"width":281,"height":11}},{"id":"3d060818-9bd2-46e4-b2cc-cecc4c0ce701","block_type":"box","text":"Portfolio Manager Primary Role Since Title and Recent Biography","page_number":29,"box":{"x":61,"y":130,"width":797,"height":10}},{"id":"3e238cb8-8b17-476d-877b-6bf31ec2700b","block_type":"box","text":"Erin Xie, PhD Primarily responsible for the day-to","page_number":29,"box":{"x":62,"y":148,"width":422,"height":10}},{"id":"eadfca08-629d-4b5e-8df6-d379682716ae","block_type":"box","text":"day management of the Fund’s","page_number":29,"box":{"x":252,"y":161,"width":204,"height":11}},{"id":"803736dd-8228-48c7-a136-383af71f7f63","block_type":"box","text":"portfolio, including setting the Fund’s","page_number":29,"box":{"x":253,"y":175,"width":245,"height":10}},{"id":"e32417e2-b921-4519-a3a9-8c488812acba","block_type":"box","text":"overall investment strategy and","page_number":29,"box":{"x":252,"y":189,"width":206,"height":10}},{"id":"70f83b23-8fd5-4c70-b927-d8e39bcf14e9","block_type":"box","text":"overseeing the management of the","page_number":29,"box":{"x":252,"y":202,"width":230,"height":10}},{"id":"fcb1667f-6941-4151-881d-4b19a01eff21","block_type":"box","text":"Fund.","page_number":29,"box":{"x":253,"y":216,"width":34,"height":8}},{"id":"1a07c082-faf8-475a-8fea-c2d141641743","block_type":"box","text":"2003 Managing Director of BlackRock, Inc. since","page_number":29,"box":{"x":545,"y":148,"width":352,"height":10}},{"id":"f21a7422-5156-403d-aadc-759d93bf393c","block_type":"box","text":"2006.","page_number":29,"box":{"x":615,"y":161,"width":39,"height":9}},{"id":"e30f8104-748a-465a-a9a8-cda9e122d91d","block_type":"box","text":"Xiang Liu, PhD Jointly and primarily responsible for","page_number":29,"box":{"x":60,"y":233,"width":425,"height":11}},{"id":"ed528348-df6b-4839-8dbc-8aba48f00888","block_type":"box","text":"the day-to-day management of the","page_number":29,"box":{"x":252,"y":247,"width":223,"height":10}},{"id":"89f79888-9983-42f2-aa6c-b42b39504f8c","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":29,"box":{"x":253,"y":261,"width":245,"height":10}},{"id":"1c53643f-0693-4d78-bb20-2d992be48f31","block_type":"box","text":"Fund’s overall investment strategy","page_number":29,"box":{"x":253,"y":274,"width":225,"height":10}},{"id":"c79dc6b0-ae49-4237-b627-f4e23404178f","block_type":"box","text":"and overseeing the management of","page_number":29,"box":{"x":253,"y":288,"width":233,"height":10}},{"id":"3e653cb8-880c-411b-a22e-0967217d199c","block_type":"box","text":"the Fund.","page_number":29,"box":{"x":252,"y":301,"width":60,"height":8}},{"id":"ce4674d6-b92b-41ba-a013-03f3bcfbbba5","block_type":"box","text":"2020 Managing Director of BlackRock, Inc. since","page_number":29,"box":{"x":545,"y":233,"width":352,"height":11}},{"id":"2abf2ec9-a144-42e1-95bb-845ec5edc776","block_type":"box","text":"2022.","page_number":29,"box":{"x":615,"y":247,"width":39,"height":8}},{"id":"8d466d1f-6a0c-40ad-b876-67b2e44d808e","block_type":"box","text":"Conflicts of Interest","page_number":29,"box":{"x":61,"y":342,"width":181,"height":11}},{"id":"674dbfe2-b3d8-4d21-b0fe-52895c6c7035","block_type":"box","text":"The investment activities of BlackRock and its affiliates (including BlackRock, Inc. and its subsidiaries (collectively, the","page_number":29,"box":{"x":60,"y":368,"width":871,"height":11}},{"id":"fda93290-2246-463a-9f47-70df4356b9b9","block_type":"box","text":"“Affiliates”)), and their respective directors, officers or employees, in managing their own accounts and other","page_number":29,"box":{"x":62,"y":383,"width":801,"height":11}},{"id":"90d64952-bdb5-4b34-affe-74ada4af6aae","block_type":"box","text":"accounts, may present conflicts of interest that could disadvantage the Fund and its shareholders.","page_number":29,"box":{"x":61,"y":398,"width":723,"height":11}},{"id":"58507100-39e2-496a-bd97-a1d0130b115f","block_type":"box","text":"BlackRock and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management","page_number":29,"box":{"x":62,"y":420,"width":871,"height":12}},{"id":"94f06e49-9740-4cdc-9b83-79bdee382bc6","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":29,"box":{"x":61,"y":435,"width":845,"height":12}},{"id":"a2db5bb8-26f5-42dc-858f-cf941028be50","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":29,"box":{"x":61,"y":450,"width":865,"height":11}},{"id":"9027cf6d-346d-43e2-b702-91bb2ee92c4c","block_type":"box","text":"provider, investment manager, commodity pool operator, commodity trading advisor, financier, underwriter, adviser,","page_number":29,"box":{"x":62,"y":465,"width":839,"height":11}},{"id":"f413e6c3-a391-4d67-96a4-f2ef0812c7df","block_type":"box","text":"trader, lender, index provider, agent and/or principal. BlackRock and its Affiliates may have other direct and indirect","page_number":29,"box":{"x":60,"y":479,"width":850,"height":12}},{"id":"bb239fa2-b780-4dc8-b6ea-faee34edf4cc","block_type":"box","text":"interests in securities, currencies, commodities, derivatives and other assets in which the Fund may directly or","page_number":29,"box":{"x":62,"y":495,"width":813,"height":11}},{"id":"94bb007c-b373-48fa-bbfe-4012c6e2e789","block_type":"box","text":"indirectly invest.","page_number":29,"box":{"x":62,"y":509,"width":116,"height":12}},{"id":"46764ba9-21d5-4497-a6fa-29584f00df63","block_type":"box","text":"BlackRock and its Affiliates may engage in proprietary trading and advise accounts and other funds that have","page_number":29,"box":{"x":62,"y":532,"width":801,"height":11}},{"id":"e0bb9da5-f0c7-488e-8c6a-e5a29524c886","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":29,"box":{"x":62,"y":546,"width":865,"height":12}},{"id":"6ff97a27-5e65-49a0-86c3-ff1cbd55c6ad","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":29,"box":{"x":61,"y":561,"width":829,"height":12}},{"id":"5609096a-0c77-4c34-89ad-d22be7e65196","block_type":"box","text":"securities issued by other open-end and closed-end investment companies, including investment companies that are","page_number":29,"box":{"x":61,"y":576,"width":856,"height":12}},{"id":"02b1b339-349b-4ed7-a612-b77d3822cc30","block_type":"box","text":"affiliated with the Fund and BlackRock, to the extent permitted under the Investment Company Act. The trading","page_number":29,"box":{"x":61,"y":591,"width":814,"height":12}},{"id":"025a1102-2cbf-44f2-8410-7fc583511bf2","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":29,"box":{"x":61,"y":606,"width":860,"height":11}},{"id":"8641d048-bd2f-4689-a693-f8e1ce7aede5","block_type":"box","text":"Fund. These activities may result in BlackRock or an Affiliate having positions in assets that are senior or junior to, or","page_number":29,"box":{"x":62,"y":621,"width":862,"height":11}},{"id":"51e7ebe8-eea0-4a22-a33a-538ba1b5c378","block_type":"box","text":"that have interests different from or adverse to, the assets held by the Fund.","page_number":29,"box":{"x":60,"y":635,"width":565,"height":12}},{"id":"79119aa1-785f-486a-8c87-8bc2860bbb66","block_type":"box","text":"The Fund may invest in securities issued by, or engage in other transactions with, entities with which an Affiliate has","page_number":29,"box":{"x":60,"y":658,"width":855,"height":12}},{"id":"00bccf83-8c40-4a01-98b4-a50639f17126","block_type":"box","text":"significant debt or equity investments or other interests. The Fund may also invest in issuances (such as debt","page_number":29,"box":{"x":61,"y":673,"width":807,"height":11}},{"id":"7c27fc95-da20-448b-87a8-6de8c17f2268","block_type":"box","text":"offerings or structured notes) for which an Affiliate is compensated for providing advisory, cash management or other","page_number":29,"box":{"x":61,"y":688,"width":862,"height":11}},{"id":"13a57931-d153-42e4-bc2b-0264b49e3c4b","block_type":"box","text":"services. The Fund also may invest in securities of, or engage in other transactions with, entities for which an Affiliate","page_number":29,"box":{"x":61,"y":702,"width":866,"height":12}},{"id":"07b89708-a5c1-4076-b7ff-14109a4f0e25","block_type":"box","text":"provides or may provide research coverage or other analysis.","page_number":29,"box":{"x":62,"y":718,"width":444,"height":11}},{"id":"e6dadb6c-c07a-4b39-aa92-0a6f73112df8","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others","page_number":29,"box":{"x":60,"y":740,"width":862,"height":11}},{"id":"d920785a-c57b-43b4-901c-3b20c428b394","block_type":"box","text":"who recommend the Fund or who engage in transactions with or for the Fund.","page_number":29,"box":{"x":60,"y":755,"width":567,"height":11}},{"id":"d3f237cb-e9a6-4c77-8744-97cd36eb5fa6","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with","page_number":29,"box":{"x":62,"y":777,"width":851,"height":12}},{"id":"b9bbcf79-afa9-4b1b-aa7d-7843987953b1","block_type":"box","text":"the Fund. As a result, an Affiliate may compete with the Fund for appropriate investment opportunities. The results of","page_number":29,"box":{"x":60,"y":792,"width":864,"height":11}},{"id":"d47efcf4-a24f-49a8-84cf-c3db42d8456c","block_type":"box","text":"the Fund’s investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by an","page_number":29,"box":{"x":60,"y":807,"width":865,"height":11}},{"id":"7ae90790-9f21-4785-b848-cad36b13e2b1","block_type":"box","text":"Affiliate. It is possible that the Fund could sustain losses during periods in which one or more Affiliates and other","page_number":29,"box":{"x":60,"y":822,"width":834,"height":11}},{"id":"bf10fad4-56ab-4d24-80e8-7bce006fffb4","block_type":"box","text":"accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also possible.","page_number":29,"box":{"x":61,"y":837,"width":815,"height":11}},{"id":"9e3fb588-57d8-47a7-bc86-5f8e667a6a44","block_type":"box","text":"In addition, the Fund may enter into transactions in which BlackRock or an Affiliate or their directors, officers,","page_number":29,"box":{"x":62,"y":859,"width":802,"height":12}},{"id":"32d5acdb-c72f-48cf-9c75-57fd0587f36e","block_type":"box","text":"employees or clients have an adverse interest. The Fund may be adversely impacted by the effects of transactions","page_number":29,"box":{"x":61,"y":874,"width":840,"height":11}},{"id":"77adea7c-d658-4da9-9f9d-f20c1e266a51","block_type":"box","text":"undertaken by BlackRock or an Affiliate or their directors, officers, employees or clients.","page_number":29,"box":{"x":61,"y":889,"width":648,"height":11}},{"id":"264a3fb5-a3c8-496e-a6ce-53b119330e9f","block_type":"box","text":"29","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"5cd85d7e-31e8-4ca7-bf02-7546cfcd2491","block_type":"box","text":"NM1026U-5978633-29/40","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"aefbfb65-b319-4121-a690-a5617e05e3c9","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance","page_number":30,"box":{"x":62,"y":46,"width":854,"height":11}},{"id":"518f4e67-e569-4144-a8f9-87a7697b3325","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":30,"box":{"x":62,"y":262,"width":870,"height":11}},{"id":"f1d9677c-d8ef-4cfd-884f-95b416a59c12","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":30,"box":{"x":60,"y":276,"width":545,"height":12}},{"id":"c723927d-2bb1-45fd-819e-16dbabad1ae8","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":30,"box":{"x":60,"y":299,"width":837,"height":12}},{"id":"c61e1dc2-d0e0-43a8-965e-1940bb9d3d6c","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":30,"box":{"x":61,"y":314,"width":865,"height":11}},{"id":"6b28cf6a-f286-4f4f-9aa8-aebb87226a1c","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":30,"box":{"x":62,"y":329,"width":819,"height":11}},{"id":"85282024-5836-427e-a0a3-3d501bb6e660","block_type":"box","text":"Valuation of Fund Investments","page_number":30,"box":{"x":63,"y":367,"width":271,"height":11}},{"id":"40dd3903-e1dc-4545-bdd5-e8caa6055d5c","block_type":"box","text":"When you buy shares, you pay the net asset value. This is the offering price. Shares are also redeemed at their net","page_number":30,"box":{"x":60,"y":394,"width":849,"height":11}},{"id":"37454f1d-65a0-4387-bd50-a77e960a00c5","block_type":"box","text":"asset value, minus any applicable redemption fee. 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The net asset value of each class of shares","page_number":30,"box":{"x":61,"y":423,"width":821,"height":12}},{"id":"3d8ed7d1-8463-4bcf-8209-63bc2130fd91","block_type":"box","text":"normally is determined once daily Monday through Friday, generally as of the close of regular trading hours of the NYSE","page_number":30,"box":{"x":61,"y":438,"width":875,"height":12}},{"id":"70f7faf8-c962-4666-a9f1-af4ede4ce1c7","block_type":"box","text":"(normally 4:00 p.m., Eastern time), on each day that the NYSE is open for trading, based on prices at the time of","page_number":30,"box":{"x":61,"y":453,"width":832,"height":12}},{"id":"ab9c06de-8c53-40bc-be83-2d4f9a5af304","block_type":"box","text":"closing, provided that any Fund assets or liabilities denominated in currencies other than the U.S. dollar are translated","page_number":30,"box":{"x":61,"y":468,"width":871,"height":11}},{"id":"8cf7d0c5-a95a-43ca-9342-3017d9abf5eb","block_type":"box","text":"into U.S. dollars at the prevailing market rates on the date of valuation as quoted by one or more data service","page_number":30,"box":{"x":62,"y":483,"width":807,"height":11}},{"id":"423b3c98-bacc-49fd-91c5-3c9284b8ac14","block_type":"box","text":"providers. The net asset value of shares is calculated by dividing the value of the net assets of each class of shares","page_number":30,"box":{"x":62,"y":497,"width":854,"height":12}},{"id":"966f2807-60fd-458d-8123-7583215b3ad7","block_type":"box","text":"(i.e., the value of its total assets less total liabilities) by the total number of outstanding shares of the class, generally","page_number":30,"box":{"x":61,"y":512,"width":870,"height":12}},{"id":"23bb86fc-055e-441e-bff4-445c48612d1c","block_type":"box","text":"rounded to the nearest cent.","page_number":30,"box":{"x":61,"y":527,"width":209,"height":9}},{"id":"dc859b30-be5d-4790-a954-a4901311c5f5","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":30,"box":{"x":60,"y":550,"width":844,"height":11}},{"id":"11c4432b-8ceb-4612-9bdc-ccbf98bd14a8","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":30,"box":{"x":60,"y":564,"width":837,"height":12}},{"id":"721d67bb-bea8-491b-8206-152c5555dc15","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":30,"box":{"x":62,"y":579,"width":464,"height":12}},{"id":"264940ca-c16a-4b08-86b2-4dfdc0963575","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":30,"box":{"x":62,"y":602,"width":863,"height":11}},{"id":"206eb54b-f573-4ea1-be0e-91136fe09800","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":30,"box":{"x":60,"y":617,"width":858,"height":11}},{"id":"1928b779-7e51-491e-a5e1-a35ad68f3d3d","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":30,"box":{"x":62,"y":632,"width":863,"height":11}},{"id":"9ad975cd-4ce6-43d2-b387-0bc2ee29c6e4","block_type":"box","text":"or market on which the security or instrument is primarily traded at the time of valuation. Shares of underlying open","page_number":30,"box":{"x":61,"y":646,"width":852,"height":12}},{"id":"7f2eccfd-14b2-4ad4-a419-759739b4bc2f","block_type":"box","text":"end funds that are not traded on an exchange (including money market funds) are valued at net asset value. 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Pricing services may use valuation models that utilize","page_number":30,"box":{"x":61,"y":729,"width":868,"height":11}},{"id":"5e3846a0-be51-4af7-999a-b70ffc860c02","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":30,"box":{"x":61,"y":743,"width":842,"height":12}},{"id":"17e452ce-ea59-40b8-938f-50ea5aa67f82","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":30,"box":{"x":61,"y":758,"width":853,"height":11}},{"id":"07aaba2c-8bb0-4b02-8433-31c05212cb24","block_type":"box","text":"odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots,","page_number":30,"box":{"x":61,"y":773,"width":844,"height":11}},{"id":"1dfcaf5c-7243-4552-bd82-8503087694aa","block_type":"box","text":"and the value ultimately realized when the securities are sold could differ from the prices used by the Fund. The","page_number":30,"box":{"x":61,"y":788,"width":822,"height":11}},{"id":"ae668eee-f0ad-4d8d-9066-3fabc2e8a614","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":30,"box":{"x":61,"y":802,"width":845,"height":12}},{"id":"0bce0091-361a-4713-94c8-fe4590c88d43","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":30,"box":{"x":61,"y":817,"width":733,"height":12}},{"id":"cf2348a5-99b3-4c6f-8424-224227e5617d","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":30,"box":{"x":61,"y":840,"width":829,"height":11}},{"id":"d60a47b6-55cd-40bf-8377-c493d8b0a768","block_type":"box","text":"regular trading hours of the NYSE. The values of such securities used in computing the net asset value of the Fund’s","page_number":30,"box":{"x":61,"y":855,"width":857,"height":11}},{"id":"7430a168-7ab6-402c-a230-3eb30781116a","block_type":"box","text":"shares are determined as of such times. 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BlackRock may conclude that a market","page_number":31,"box":{"x":60,"y":61,"width":858,"height":11}},{"id":"46744011-0199-4289-8376-0c8c77b2f647","block_type":"box","text":"quotation is not readily available or is unreliable if a security or other asset or liability does not have a price source","page_number":31,"box":{"x":61,"y":75,"width":844,"height":12}},{"id":"a6de033b-416f-40c1-8365-68d0cb2f7d25","block_type":"box","text":"due to its lack of trading or other reasons, if a market quotation differs significantly from recent price quotations or","page_number":31,"box":{"x":61,"y":90,"width":845,"height":12}},{"id":"7e7b0a33-4cc2-4647-841c-8a8736e53956","block_type":"box","text":"otherwise no longer appears to reflect fair value, where the security or other asset or liability is thinly traded, when","page_number":31,"box":{"x":61,"y":105,"width":841,"height":12}},{"id":"e496d1fb-41c4-4a01-aecc-285841025893","block_type":"box","text":"there is a significant event subsequent to the most recent market quotation, or if the trading market on which a","page_number":31,"box":{"x":60,"y":120,"width":820,"height":11}},{"id":"278beb7e-77b9-4490-a102-94b6efdcd45c","block_type":"box","text":"security is listed is suspended or closed and no appropriate alternative trading market is available. A “significant","page_number":31,"box":{"x":61,"y":135,"width":828,"height":11}},{"id":"ea0a8a09-2d3f-47b7-bc1a-d7f751922b6b","block_type":"box","text":"event” is deemed to occur if BlackRock determines, in its reasonable business judgment prior to or at the time of","page_number":31,"box":{"x":61,"y":149,"width":836,"height":12}},{"id":"e227eb6b-bccc-444e-8ce8-08b0d83e972c","block_type":"box","text":"pricing the Fund’s assets or liabilities, that the event is likely to cause a material change to the last exchange closing","page_number":31,"box":{"x":62,"y":165,"width":862,"height":11}},{"id":"416552b8-d4ac-4d47-86b0-b582f112db71","block_type":"box","text":"price or closing market price of one or more assets held by, or liabilities of, the Fund.","page_number":31,"box":{"x":62,"y":179,"width":623,"height":12}},{"id":"6237e635-b326-4776-9d3f-f17c0ac7c7f7","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the","page_number":31,"box":{"x":62,"y":202,"width":817,"height":11}},{"id":"fdb18e89-d048-449b-9f80-b6e40289770c","block_type":"box","text":"movement of a proprietary multi-factor model after the relevant foreign markets have closed. 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Valuing the Fund’s investments using fair value","page_number":31,"box":{"x":61,"y":298,"width":847,"height":12}},{"id":"3f0a7c0c-db8d-4220-88a3-eec23b5f05b6","block_type":"box","text":"pricing will result in prices that may differ from current market valuations and that may not be the prices at which","page_number":31,"box":{"x":62,"y":313,"width":829,"height":12}},{"id":"6188c4b8-d153-4af2-9659-f67457a9bfe4","block_type":"box","text":"those investments could have been sold during the period in which the particular fair values were used.","page_number":31,"box":{"x":60,"y":328,"width":760,"height":12}},{"id":"e523b218-608e-4e2c-b6b2-81b7ecd34b99","block_type":"box","text":"The Fund may accept orders from certain authorized Financial Intermediaries or their designees. The Fund will be","page_number":31,"box":{"x":60,"y":351,"width":830,"height":11}},{"id":"36ceaa60-fca3-40ed-94d5-7506274f2e9b","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":31,"box":{"x":61,"y":366,"width":848,"height":11}},{"id":"edb70245-9ec6-4a9d-8317-ef1ea80f8f01","block_type":"box","text":"net asset value next computed by the Fund after such acceptance. 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The Fund","page_number":31,"box":{"x":60,"y":583,"width":871,"height":11}},{"id":"b86a638d-bd98-41c4-9ab0-63bafe910870","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":31,"box":{"x":61,"y":597,"width":862,"height":12}},{"id":"a353fdc8-9ccd-4955-ab1d-54b72a6adddb","block_type":"box","text":"may be reinvested automatically in shares of the Fund at net asset value or may be taken in cash. If you would like to","page_number":31,"box":{"x":61,"y":612,"width":863,"height":12}},{"id":"f23b9977-c97e-4aaa-9a0e-9d0e1c2ad405","block_type":"box","text":"receive dividends in cash, contact your Financial Intermediary or the Fund. 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If you redeem Fund","page_number":31,"box":{"x":60,"y":679,"width":869,"height":12}},{"id":"f18ae4fb-c55c-4c1b-9645-c9a1c4276578","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":31,"box":{"x":61,"y":694,"width":862,"height":12}},{"id":"2c61e239-fb84-4035-b789-a0b77488ecff","block_type":"box","text":"gain on the transaction may be subject to tax. Fund distributions derived from qualified dividend income, which","page_number":31,"box":{"x":60,"y":709,"width":812,"height":11}},{"id":"13e87ee7-6f05-4841-a401-4c40407cae95","block_type":"box","text":"consists of dividends received from U.S. corporations and qualifying foreign corporations, and from long-term capital","page_number":31,"box":{"x":61,"y":724,"width":852,"height":11}},{"id":"4c11162d-7680-46fa-b80b-6c2690efcf5f","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":31,"box":{"x":60,"y":739,"width":849,"height":11}},{"id":"aa236ee4-bf1c-4b14-b9f5-2cb454782054","block_type":"box","text":"exceeds certain threshold amounts, which are adjusted annually for inflation.","page_number":31,"box":{"x":61,"y":753,"width":565,"height":12}},{"id":"50610837-f2d4-4f33-a24d-31a26e73b5cc","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":31,"box":{"x":60,"y":776,"width":803,"height":11}},{"id":"1c9d9882-ff0e-456f-b613-b925ef0023e1","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":31,"box":{"x":61,"y":790,"width":873,"height":12}},{"id":"b4c3c501-9553-4453-b0b2-98a6690b2dff","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":31,"box":{"x":60,"y":806,"width":282,"height":11}},{"id":"f127199e-2371-4924-bec0-70aac4c7fbb3","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":31,"box":{"x":60,"y":828,"width":861,"height":12}},{"id":"ad4b736d-6ec4-4856-a50d-efa4a8802ae6","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":31,"box":{"x":62,"y":843,"width":679,"height":11}},{"id":"258524c1-7e02-472a-a8ae-67d3d6a7be40","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":31,"box":{"x":62,"y":866,"width":827,"height":11}},{"id":"e5149cf6-642e-4283-afee-8c0148fe1680","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":31,"box":{"x":60,"y":880,"width":876,"height":12}},{"id":"6882f5ac-5a59-4d3d-ba26-86623118eb99","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":31,"box":{"x":61,"y":895,"width":846,"height":12}},{"id":"32c9eec7-83a4-4049-ab0d-ae5aa80bf857","block_type":"box","text":"31","page_number":31,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"700e9e16-d395-487e-8368-daae6cb30684","block_type":"box","text":"NM1026U-5978633-31/40","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"24ca6456-3467-435c-85f3-dfc108a442a4","block_type":"box","text":"capital gain dividends, interest-related dividends or short-term capital gain dividends and paid to a foreign shareholder","page_number":32,"box":{"x":61,"y":46,"width":869,"height":11}},{"id":"2669bbbe-cede-41a4-bba3-7dd943344c06","block_type":"box","text":"may be eligible for an exemption from U.S. withholding tax.","page_number":32,"box":{"x":61,"y":60,"width":430,"height":12}},{"id":"e0876120-564c-4914-be6e-4a9569abf71a","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":32,"box":{"x":61,"y":83,"width":868,"height":12}},{"id":"048f45e5-842b-4e12-8ca1-574805ae5ddf","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. 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Other foreign entities will generally either need to provide detailed","page_number":32,"box":{"x":61,"y":172,"width":802,"height":12}},{"id":"df7ea446-3819-47c6-b455-b7d97f06c3dd","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":32,"box":{"x":62,"y":187,"width":639,"height":11}},{"id":"ff18b1be-c329-462f-bfe9-d988c63f3449","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":32,"box":{"x":60,"y":209,"width":855,"height":12}},{"id":"c5787165-f2e1-4d84-9b29-fc5a0982bd50","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":32,"box":{"x":61,"y":224,"width":832,"height":12}},{"id":"00424ba3-23f2-44ae-8470-8c4dfd682b09","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":32,"box":{"x":62,"y":239,"width":383,"height":11}},{"id":"bc029682-a760-40a6-9228-f2e6e5005f98","block_type":"box","text":"32","page_number":32,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"d9a003f9-db15-49ad-9871-9134ff178467","block_type":"box","text":"NM1026U-5978633-32/40","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e8433fff-fdac-4563-8f7e-f1d5255ec497","block_type":"box","text":"The financial highlights table is intended to help investors understand the Fund’s financial performance for the periods","page_number":33,"box":{"x":60,"y":75,"width":873,"height":12}},{"id":"5cbd53d0-ca01-4c98-af2c-be80a629b853","block_type":"box","text":"shown. Certain information reflects financial results for a single share of the Fund. The total returns in the table","page_number":33,"box":{"x":61,"y":90,"width":823,"height":12}},{"id":"5855b21b-733b-476e-8214-99d89fdf2d77","block_type":"box","text":"represent the rate of return that an investor would have earned (or lost) on an investment in the Fund, assuming","page_number":33,"box":{"x":61,"y":105,"width":826,"height":12}},{"id":"a5e69c1f-b58c-40e4-8bd8-67557e4fe2b2","block_type":"box","text":"reinvestment of all dividends and distributions. The information has been audited by Deloitte & Touche LLP whose","page_number":33,"box":{"x":61,"y":120,"width":836,"height":11}},{"id":"54785115-7bb0-47d8-ad0c-63f11331a681","block_type":"box","text":"report, along with the Fund’s audited financial statements, is included in the Fund’s Annual Financial Statements and","page_number":33,"box":{"x":61,"y":135,"width":862,"height":11}},{"id":"52f18138-ab07-423d-9f4b-1b88f0cb3332","block_type":"box","text":"Additional Information for the fiscal year ended May 31, 2026, as filed with the SEC on Form N-CSR, which is available","page_number":33,"box":{"x":60,"y":149,"width":872,"height":12}},{"id":"6f8ab641-00de-4dcb-aeed-83ec0e2a6c9a","block_type":"box","text":"upon request and at www.blackrock.com.","page_number":33,"box":{"x":61,"y":165,"width":300,"height":10}},{"id":"c524f7d3-6640-4302-9a69-41fd0a17faad","block_type":"box","text":"BlackRock Health Sciences Opportunities 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