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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":"4cdc107c-02ca-4b49-bbd5-5d3826f00178","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":"81e6d23e-2da0-4d76-8b03-e2e1a5637087","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":"a517d753-b534-414e-a48c-f15f6ef4db1e","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":"03dc5501-de4b-4c71-bfa6-26c77a2c1d0e","block_type":"box","text":"2","page_number":3,"box":{"x":61,"y":630,"width":3,"height":3}},{"id":"7a57a4c9-2c43-4894-88aa-34203c87c7dc","block_type":"box","text":"The Total Annual Fund Operating Expenses and Other Expenses do not correlate to the ratios of expenses to average net assets given in the","page_number":3,"box":{"x":81,"y":629,"width":824,"height":10}},{"id":"63b36714-46e9-42d8-bd83-21bb23daf83c","block_type":"box","text":"Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses.","page_number":3,"box":{"x":81,"y":640,"width":780,"height":9}},{"id":"f9b8ead4-041a-40e5-8791-5529edb28c92","block_type":"box","text":"Example:","page_number":3,"box":{"x":61,"y":658,"width":74,"height":12}},{"id":"23e9d14f-aa4c-44ff-9621-3e5b5ea4078d","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":674,"width":830,"height":12}},{"id":"b697c1f4-d85d-4be5-b3e3-deafa47e8d58","block_type":"box","text":"mutual funds. 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Although your actual costs may be higher","page_number":3,"box":{"x":61,"y":719,"width":859,"height":11}},{"id":"f277c15f-60e6-4fb9-a519-501f371562f3","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":734,"width":436,"height":11}},{"id":"70d8ecc4-e643-4a3c-ae79-e727736c212c","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":762,"width":292,"height":8}},{"id":"7c6326cd-1602-4f19-97ac-3dc437203991","block_type":"box","text":"Class K Shares $78 $243 $422 $942","page_number":3,"box":{"x":69,"y":779,"width":842,"height":10}},{"id":"d6f1e464-ce6a-4dfb-bd27-1de14ef033b0","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":805,"width":151,"height":10}},{"id":"c51bcf3e-9046-40e7-9f35-0631df0ab76c","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":821,"width":800,"height":11}},{"id":"e417b723-7da4-48c6-bf6d-35958fb4bba1","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":836,"width":850,"height":11}},{"id":"abcdbc22-502d-456b-a78a-d6ee6b4acfcc","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":851,"width":870,"height":11}},{"id":"f9af94f2-b3db-4df2-a04c-ababf02fcd8f","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":866,"width":839,"height":11}},{"id":"552c811a-fad9-4f3f-9810-9340ec93ef24","block_type":"box","text":"49% of the average value of its portfolio.","page_number":3,"box":{"x":61,"y":880,"width":298,"height":12}},{"id":"712acf6f-1630-4123-b96f-1e9c46ddeb8d","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":935,"width":9,"height":9}},{"id":"a3a86bff-14c3-444a-8730-e82d2a095aad","block_type":"box","text":"NM1026U-5978620-3/40","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"13de4a14-d0d2-4ad0-9880-a40749a5ddb0","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":4,"box":{"x":61,"y":46,"width":394,"height":14}},{"id":"0dad6902-e4fe-4ec4-895d-a2fc954de10b","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":"317ce4c7-e105-49bb-a0fe-9dfe9e78daff","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":"ffb6b31d-c2a5-4dcd-aea0-d862d6e842b4","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":"562c8333-203f-4bc4-ab81-f40cebed1090","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":"c4710284-e30c-4082-bc9e-df21a087e265","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":"aa376190-6107-4f05-b1d2-6a20421c19c3","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":"808e8dd2-5f8b-418e-9f39-1eafe951601b","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":"c3650239-e0e4-4828-aaaa-ff2ed93f8af6","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":"c52ffe89-10fa-4a86-9c69-ba450a1ac9ec","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":"e3a949ac-054e-4270-a75a-40a484cc7a9f","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":"7a36fc57-7ec9-42d6-8690-54d2cce9e936","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":"a571fcd3-aba7-427d-b0de-9e1104f072da","block_type":"box","text":"i.e.,","page_number":4,"box":{"x":757,"y":221,"width":26,"height":11}},{"id":"5f9543ff-0a8d-4648-af53-088ee60ce914","block_type":"box","text":"invest more than","page_number":4,"box":{"x":790,"y":221,"width":121,"height":9}},{"id":"8b5135d7-dd3b-4ebf-b8b5-037c4cafe7ad","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":"a8878948-06fe-4818-8697-c09c846c6267","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":"2ab2212d-afa8-4baf-9fc8-03115fd6d3da","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":"acfb75f4-0118-4c33-9e5e-c3e1bac5d286","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":312,"width":354,"height":14}},{"id":"f643dca9-e424-468d-9772-856af2681441","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":"b0570bf1-6542-4282-9260-b8533ea2197e","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":"99fbfb48-3e45-4619-89ea-6d767cdc9fd2","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":"8105841d-62a5-415d-83f4-e1673b685b0a","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":"e259b621-84b2-44de-9b3c-4fd5bf09c6fd","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":"d7b6f772-7850-4747-b225-2fed1def2a8d","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":"6c10d414-881e-4be7-8528-43ccd44a4cb9","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":433,"width":166,"height":11}},{"id":"68a8e688-ce08-4769-9ec8-e6d255a2f79c","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":"d3113bdd-0f47-4974-8f49-5246ad42af10","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":"2aca64b7-677e-4ae3-918d-4ba831f65f02","block_type":"box","text":"Healthcare-Related Securities Risk","page_number":4,"box":{"x":81,"y":467,"width":264,"height":9}},{"id":"ebaaaa1a-ab0b-42a8-b267-c8e5b1c82b68","block_type":"box","text":"—","page_number":4,"box":{"x":350,"y":473,"width":17,"height":0}},{"id":"37df0fd2-ade7-4278-a764-771c8d70845f","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":"3405997d-31b4-4bb4-8536-e9f05ce75e63","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":"7f482265-d893-45c8-9a81-734963c5927d","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":"95e28d43-5b36-4089-8362-1ca3e7a118ea","block_type":"box","text":"Concentration Risk","page_number":4,"box":{"x":81,"y":517,"width":145,"height":9}},{"id":"b0d45f07-04ce-46a1-b692-b74a228d4dda","block_type":"box","text":"—","page_number":4,"box":{"x":231,"y":522,"width":17,"height":1}},{"id":"d3e6e80d-0ffc-40c0-a2ad-8bca866e0a07","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":"6be4c0f2-4b7a-4f22-9c27-1c5f1e294c8f","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":"c2906dbd-5e29-44b2-ac3a-0a8d2264d30c","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":"da76b9dd-020b-4240-8b8b-5b03f66cb5d2","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":"653f3cd4-8d99-431f-89f0-96bce28a017d","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":"5c866fb6-7ae2-4db2-b07b-d7fae55c5d29","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":"1df42dd1-e846-41f1-9a78-61c10b5bc1a4","block_type":"box","text":"Foreign Securities Risk","page_number":4,"box":{"x":81,"y":611,"width":176,"height":11}},{"id":"896a9a55-8957-4cf1-899e-8ca97cb65491","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":"20db37a2-26da-4d87-92f6-4b0d4cfd1a38","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":"b74d0485-c724-493d-9b50-35ef64dd9f93","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":"e3bba6dc-7abb-487d-91f0-9e9dd4f00f0c","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":"261a7956-5fa8-4bd1-9187-33c41044ed03","block_type":"box","text":"oversight.","page_number":4,"box":{"x":101,"y":676,"width":70,"height":11}},{"id":"6b8d1009-a6ea-4c11-ab12-ecc6f541c938","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":"21cc40bb-3fa1-45cf-8b33-5c205f405f7c","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":"fa068e09-286c-47ab-a2d8-bc0fba039a1e","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":"35cef6d7-dbc5-45ca-85ba-2f501a7fb787","block_type":"box","text":"payments position.","page_number":4,"box":{"x":102,"y":745,"width":137,"height":11}},{"id":"ada777de-0fbb-43ad-90e3-78f86d6ab5e8","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":"1f2e93f9-7c0c-4f9f-8758-55f7611f8353","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":"8e27ea44-8dc2-4edc-8203-507da5c1b5f8","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":"019f4330-9e33-4692-8d9d-b122179d6e6c","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":4,"box":{"x":101,"y":810,"width":352,"height":11}},{"id":"493df73c-83ad-4318-9ff3-ff33dd85ed73","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":"2a40ee1e-f509-4955-8610-75434ab7effe","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":"ea165261-7eb7-4ed3-b773-b2e6a35eb14a","block_type":"box","text":"U.S. securities laws.","page_number":4,"box":{"x":102,"y":859,"width":148,"height":9}},{"id":"f684041d-5ff6-45be-8641-af6f6840d02c","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":"8ed5e52b-c1a7-4d36-b654-99e3edacb057","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":"4dcf5a91-2b6d-42bb-8fed-46d7a850566b","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"76470621-1365-45bc-bd03-31153c234fc0","block_type":"box","text":"NM1026U-5978620-4/40","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"e1815005-314c-426c-bf53-8055ddb6dc32","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":"4ca41695-c491-46aa-becb-8b0f1d348518","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":"4b5b8f34-d842-40e9-820b-9eb1e36d25ad","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":"8e18f4af-30fa-4844-8748-2d8c886c9731","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":"563c6df5-ccb6-4c36-b8ce-6f27c8709388","block_type":"box","text":"Geographic Concentration Risk","page_number":5,"box":{"x":81,"y":110,"width":235,"height":11}},{"id":"ab96e67e-b62b-4891-84ae-b8522ca186e9","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":"9a3f0927-7742-411b-be30-bed8d968a763","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":"82ba0934-6a37-4846-8121-229b341d17f8","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":"71851d8f-16cf-4084-bbb7-98e94ae3d87f","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":"29660ec7-91ef-4e0b-a292-5eb1ed75f8de","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":"77d7b72a-a275-473a-992c-4d20faaadbff","block_type":"box","text":"Investment Style Risk","page_number":5,"box":{"x":81,"y":190,"width":166,"height":11}},{"id":"0e7744f4-df07-40b3-9e8d-a29e20c15e9c","block_type":"box","text":"—","page_number":5,"box":{"x":252,"y":195,"width":17,"height":1}},{"id":"746edc1f-5e56-4137-b280-f79f3040bb6f","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":"788c3f7a-e205-4a74-8ece-7ccc22c77653","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":"88df6ff1-98e1-4af3-a183-12c27b9718f3","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":"18170886-66f2-4dcf-8966-ced68d0b022b","block_type":"box","text":"different investment styles.","page_number":5,"box":{"x":81,"y":234,"width":200,"height":11}},{"id":"b0654065-54d3-4e70-97c0-6cb73881d8e2","block_type":"box","text":"Market Risk and Selection Risk","page_number":5,"box":{"x":81,"y":254,"width":240,"height":9}},{"id":"6d70a187-4890-4f3e-96ca-43192ed1ed4d","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":"a302d384-6a95-41f2-9557-dc9f38c93da5","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":"c79e4b9c-6b63-4089-8e03-bdfd03760fe2","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":"19fddb86-0431-407a-ae0d-9670d0ff1182","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":"a04f0aab-6b7e-4545-804f-595b54f34b72","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":"da1d71ba-6a90-475f-a234-0710f7917747","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":"9184fde1-c9fd-43ec-b20a-fa06865f49a1","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":"09a29d05-f18f-4f13-a3ea-4ecaeaed27d1","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":"584a7e3d-dca6-4260-b5cd-147ca6676cef","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":"a3b88658-b0c3-472f-8518-0dd60f5e9060","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":"f7e5ebff-92b2-4a9a-bfa1-969b09e654b3","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":"4b51ac13-7411-44fe-a28d-544fa3ecd56e","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":"2e5edf78-fe30-4b24-96ce-2ef7e9e76e42","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":"00763e98-ae0b-49ba-a353-6eefb9a4d964","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":"90859747-a301-4b0c-b06c-434d3b739203","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":"37a569fd-f706-404b-9a3d-8fb43a2edac1","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":"471c5df9-798b-462e-a963-0aedddf96784","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":"f4901639-3e75-4e28-88be-6d67a78e18d5","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":"e2f9decd-6df3-4cae-8b36-1f4ec20e8586","block_type":"box","text":"the Fund invests.","page_number":5,"box":{"x":80,"y":526,"width":125,"height":9}},{"id":"fb821951-2179-458d-ad25-a88fc5a9516d","block_type":"box","text":"Mid Cap Securities Risk","page_number":5,"box":{"x":81,"y":546,"width":182,"height":11}},{"id":"495982fe-6548-484d-9931-43d8f2881900","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":"8bea8cc8-60da-414e-89cc-d689996dd91a","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":"1dbece32-bb4a-4b9c-bb81-2ada5a66f546","block_type":"box","text":"Operational and Technology Risks","page_number":5,"box":{"x":82,"y":581,"width":254,"height":11}},{"id":"7f0a3fdd-9e28-4029-ac57-d6cb65af7ea1","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":"c1c4ed31-4971-4305-b3d1-36912177f4a4","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":"7f502343-6bf5-4fbc-8e31-a45e5fa40065","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":"3f1efd93-b8c6-46e7-9de6-99bb8687c6f6","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":"8364ce62-075d-4465-89aa-32924a1fd8f4","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":"a583babd-3833-4ab3-9bc0-139549037ba1","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":"2edf5b0a-a29c-486e-90f1-bb4367484d91","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":"76f90812-5723-42ec-9e27-ff904c42b3af","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":"9074bb23-0554-43b2-927f-35566b6d6c3a","block_type":"box","text":"Risk of Investing in the United States","page_number":5,"box":{"x":81,"y":704,"width":283,"height":12}},{"id":"e889d705-2aab-4d96-9c0f-4c4ae948450a","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":"aff46a1b-b934-4898-8689-87e6d224fe84","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":"e27f9774-760b-4356-8f5e-06a541825020","block_type":"box","text":"exposure.","page_number":5,"box":{"x":81,"y":736,"width":70,"height":9}},{"id":"6b8be1d0-bd4c-4e94-9ba0-8b2b7bb96c48","block_type":"box","text":"Small Cap Securities Risk","page_number":5,"box":{"x":81,"y":754,"width":196,"height":11}},{"id":"d0548ef0-b662-4c41-992b-d6314ef46851","block_type":"box","text":"—","page_number":5,"box":{"x":281,"y":759,"width":17,"height":1}},{"id":"49ce4331-a638-44dd-b21c-dd29dd5d48b7","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":"cdcccbd1-3e11-42cc-afc8-192535d6ee86","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":"683c3b00-2f62-4308-82fd-07ccbeb47ac8","block_type":"box","text":"than larger capitalized companies.","page_number":5,"box":{"x":80,"y":784,"width":251,"height":11}},{"id":"5ac39903-e31f-46ac-a1f0-e88d99138850","block_type":"box","text":"Performance Information","page_number":5,"box":{"x":61,"y":823,"width":224,"height":11}},{"id":"690abe33-1ba3-407b-a655-9730855c7a7a","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":"2de7f721-5272-415a-a5f9-d5c4459e4c45","block_type":"box","text":"risks of investing in the Fund. Class K Shares commenced operations on June 8, 2016. As a result, the returns in the","page_number":5,"box":{"x":61,"y":864,"width":866,"height":11}},{"id":"6bca90d4-afbe-49cd-ae4b-bba4016830e4","block_type":"box","text":"chart and table shown below for Class K Shares prior to June 8, 2016 are those of the Fund’s Investor A Shares,","page_number":5,"box":{"x":61,"y":878,"width":831,"height":12}},{"id":"198a99ed-b583-419e-86fb-b8a57f3963ac","block_type":"box","text":"which are not offered in this prospectus, excluding any Investor A Shares front-end sales charges, which are not","page_number":5,"box":{"x":60,"y":893,"width":825,"height":12}},{"id":"379ae3e6-12bc-481e-9334-48f543d9d2c8","block_type":"box","text":"applicable to Class K Shares. The performance of Class K Shares would be substantially similar to Investor A Shares","page_number":5,"box":{"x":61,"y":908,"width":861,"height":12}},{"id":"ad00e7f8-91cb-4bd1-b69a-707f7a98bfff","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"f5bb49fe-0739-4a87-acdd-46370481aa34","block_type":"box","text":"NM1026U-5978620-5/40","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"8d6003dd-8a47-4ae3-b15c-2ae76879f98d","block_type":"box","text":"because Class K Shares and Investor A Shares are invested in the same portfolio of securities and performance","page_number":6,"box":{"x":61,"y":46,"width":828,"height":11}},{"id":"3f586ee9-fede-4a72-8a84-cdcf1ecf3ab1","block_type":"box","text":"would differ only to the extent that Class K Shares and Investor A Shares have different expenses. The actual returns","page_number":6,"box":{"x":60,"y":60,"width":865,"height":12}},{"id":"88f4ee0d-79ca-4ca9-ae93-1c43cbc2dc2b","block_type":"box","text":"of Class K Shares would have been higher than those of Investor A Shares because Class K Shares have lower","page_number":6,"box":{"x":61,"y":75,"width":817,"height":12}},{"id":"66bf17e8-427a-4266-ae1e-d0c3c5745721","block_type":"box","text":"expenses than Investor A Shares. The table compares the Fund’s performance to that of the Russell 3000 Index and","page_number":6,"box":{"x":61,"y":90,"width":860,"height":11}},{"id":"f40f56e2-52af-48ca-bad3-c413e7d68cb0","block_type":"box","text":"the Russell 3000 Health Care Index. The Russell 3000 Health Care Index is relevant to the Fund because it has","page_number":6,"box":{"x":60,"y":105,"width":824,"height":9}},{"id":"c6569b8f-4ae5-42d9-b279-baca5ae94c4e","block_type":"box","text":"characteristics similar to the Fund’s investment strategy. To the extent that dividends and distributions have been paid","page_number":6,"box":{"x":61,"y":120,"width":870,"height":11}},{"id":"d52d7476-8a9c-41ad-ba69-d58147ca9440","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":6,"box":{"x":61,"y":135,"width":857,"height":11}},{"id":"70ff9711-7da0-40b7-8e85-cabe021a0a5f","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":149,"width":874,"height":12}},{"id":"c1a7ed4e-9a8e-45bc-aec1-4f5ccb5c034e","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":164,"width":850,"height":12}},{"id":"1180b490-e475-46c0-9702-19fea6a2bb92","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":179,"width":797,"height":12}},{"id":"f7c84a70-557a-42b7-b87c-f425872acd0b","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":194,"width":766,"height":11}},{"id":"9488cfa8-aa0a-420f-89b9-84c5ee549c04","block_type":"box","text":"www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":6,"box":{"x":60,"y":209,"width":505,"height":11}},{"id":"5f9c89bb-16a8-4ab1-a42a-a73ae6170d61","block_type":"box","text":"Class K Shares","page_number":6,"box":{"x":437,"y":232,"width":124,"height":10}},{"id":"5c6efa01-4cbf-4827-ad20-e76186988728","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":6,"box":{"x":392,"y":248,"width":212,"height":10}},{"id":"4703c448-948e-44e1-85ba-2b590a474bdf","block_type":"box","text":"BlackRock Health Sciences Opportunities Portfolio","page_number":6,"box":{"x":288,"y":264,"width":422,"height":12}},{"id":"a1c2aaa9-2fa3-4555-8ca0-c54373bb9635","block_type":"box","text":"As of 12/31","page_number":6,"box":{"x":447,"y":280,"width":103,"height":12}},{"id":"502ef7df-afc2-4914-b1ee-a0479365dafa","block_type":"box","text":"-5.85%","page_number":6,"box":{"x":293,"y":450,"width":40,"height":7}},{"id":"4f5af6c4-40d7-402e-84b6-2a5f81a06b5e","block_type":"box","text":"25.30%","page_number":6,"box":{"x":339,"y":314,"width":45,"height":7}},{"id":"3951c45b-cd52-406c-b12a-1df18a312528","block_type":"box","text":"8.39%","page_number":6,"box":{"x":391,"y":380,"width":37,"height":7}},{"id":"b4603c93-871b-4db4-9fa6-59fc48932590","block_type":"box","text":"25.73%","page_number":6,"box":{"x":436,"y":312,"width":45,"height":8}},{"id":"de7af5c8-24f7-4d53-b668-4762d5d05d12","block_type":"box","text":"19.91%","page_number":6,"box":{"x":484,"y":335,"width":45,"height":7}},{"id":"249b597a-149a-4acc-8e4b-4f603c126c8d","block_type":"box","text":"12.20%","page_number":6,"box":{"x":532,"y":365,"width":45,"height":7}},{"id":"dbf6ffc0-91e9-40b5-a0e5-c6aa67b786d4","block_type":"box","text":"-5.60%","page_number":6,"box":{"x":582,"y":449,"width":40,"height":7}},{"id":"9af25cad-9565-44dd-ab4b-6f0cce731866","block_type":"box","text":"3.93%","page_number":6,"box":{"x":632,"y":397,"width":37,"height":7}},{"id":"af3f3f58-6690-4596-9588-5e33eefd6c09","block_type":"box","text":"4.22%","page_number":6,"box":{"x":680,"y":396,"width":37,"height":7}},{"id":"3e30a949-ee4f-4e57-90f6-a4d460cb903f","block_type":"box","text":"16.38%","page_number":6,"box":{"x":725,"y":349,"width":45,"height":7}},{"id":"dcc178b7-3913-4b87-8b71-3a327d3bceb0","block_type":"box","text":"-10%","page_number":6,"box":{"x":237,"y":459,"width":28,"height":7}},{"id":"cca31e9d-15b7-487e-acf1-9bdafcabcbf9","block_type":"box","text":"0%","page_number":6,"box":{"x":248,"y":420,"width":17,"height":7}},{"id":"2f4f25bd-aa55-431f-adab-90f6f5995fd3","block_type":"box","text":"10%","page_number":6,"box":{"x":241,"y":381,"width":24,"height":7}},{"id":"3ebfa940-2208-46d9-8b69-1bf88f43afae","block_type":"box","text":"20%","page_number":6,"box":{"x":240,"y":342,"width":25,"height":7}},{"id":"b370a059-d312-4039-8e15-6b6aca6015fb","block_type":"box","text":"30%","page_number":6,"box":{"x":240,"y":303,"width":25,"height":8}},{"id":"bb88c620-2a46-461b-b801-9b38197a4ed5","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":6,"box":{"x":298,"y":468,"width":465,"height":8}},{"id":"c87cb827-37fc-47ec-815d-24085d152e6b","block_type":"box","text":"During the ten-year period shown in the bar chart, the highest return for a quarter was 17.57% (quarter ended","page_number":6,"box":{"x":62,"y":489,"width":806,"height":12}},{"id":"4ff1f281-4c9a-4ed9-acd3-f07d0af1012c","block_type":"box","text":"June 30, 2020) and the lowest return for a quarter was -11.45% (quarter ended March 31, 2020). The year-to-date","page_number":6,"box":{"x":61,"y":504,"width":845,"height":11}},{"id":"72aa8a62-f897-42dd-8a26-aac6833e2ad1","block_type":"box","text":"return as of June 30, 2026 was 4.60%.","page_number":6,"box":{"x":61,"y":519,"width":289,"height":11}},{"id":"e26db20d-cead-4242-bd6f-34a6985ab8ca","block_type":"box","text":"For the periods ended 12/31/25","page_number":6,"box":{"x":70,"y":548,"width":223,"height":10}},{"id":"42fbb120-c99a-4bf1-a253-0874b941b061","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":6,"box":{"x":69,"y":559,"width":854,"height":10}},{"id":"811c9fe3-0e4c-4da0-98d9-945d8ea9880c","block_type":"box","text":"BlackRock Health Sciences Opportunities Portfolio — Class K Shares","page_number":6,"box":{"x":70,"y":577,"width":459,"height":10}},{"id":"6bfbbaf9-1f4c-4754-85b1-542500f91f35","block_type":"box","text":"Return Before Taxes 16.38% 5.95% 9.92%","page_number":6,"box":{"x":85,"y":590,"width":840,"height":8}},{"id":"1bd890b9-5ce3-4ad6-aae6-e78a61fd5efe","block_type":"box","text":"Return After Taxes on Distributions 13.55% 4.02% 8.34%","page_number":6,"box":{"x":85,"y":603,"width":840,"height":8}},{"id":"2ff6ebe3-d75e-4485-8088-40040b8f20e9","block_type":"box","text":"Return After Taxes on Distributions","page_number":6,"box":{"x":85,"y":616,"width":228,"height":8}},{"id":"165a2c94-4b76-4740-b0ee-356e8150cc22","block_type":"box","text":"and Sale of Fund Shares 11.33% 4.40% 7.82%","page_number":6,"box":{"x":85,"y":627,"width":840,"height":9}},{"id":"e645ed1e-8c24-46ef-80a5-c95e6782b15c","block_type":"box","text":"Russell 3000 Index","page_number":6,"box":{"x":70,"y":645,"width":128,"height":9}},{"id":"e10027c7-fdc5-442b-b2cb-db8c460825ec","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":659,"width":856,"height":10}},{"id":"87a921e5-6dc9-4b8c-a986-309eee3cfc1b","block_type":"box","text":"Russell 3000 Health Care Index","page_number":6,"box":{"x":70,"y":677,"width":210,"height":8}},{"id":"7692e491-5eca-4cd8-85dc-48b77568de78","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":690,"width":856,"height":11}},{"id":"31b244cc-8086-4f1e-a64c-17e77943fa0d","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":722,"width":840,"height":12}},{"id":"9a27e5af-0032-4161-b7fd-cf7af1f0afca","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":737,"width":835,"height":12}},{"id":"25248dc0-92aa-4514-9f5e-22a27a5881a9","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":752,"width":851,"height":12}},{"id":"131723f8-5675-4bdf-b4f8-557f4a759016","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":6,"box":{"x":60,"y":767,"width":611,"height":11}},{"id":"5ce4dc12-b3f1-400f-9516-c32782b1aa9c","block_type":"box","text":"Investment Manager","page_number":6,"box":{"x":62,"y":806,"width":187,"height":13}},{"id":"f76c2c68-b621-44ef-8456-c68aff3a7f1c","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":6,"box":{"x":60,"y":832,"width":709,"height":12}},{"id":"671aee48-e47d-4d0c-bb66-330252d5fbfc","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"b90f772a-9612-4947-9f64-98fd47e353d2","block_type":"box","text":"NM1026U-5978620-6/40","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"6b4f78c7-deba-43ce-a965-424d7f28e480","block_type":"box","text":"Portfolio Managers","page_number":7,"box":{"x":61,"y":46,"width":173,"height":14}},{"id":"71354e75-1242-4fc2-aeba-ee843092dbe8","block_type":"box","text":"Portfolio Manager","page_number":7,"box":{"x":70,"y":90,"width":121,"height":11}},{"id":"c7efc691-7e5a-48f8-a46c-f60a7692bb9f","block_type":"box","text":"Portfolio Manager","page_number":7,"box":{"x":362,"y":79,"width":121,"height":10}},{"id":"4a0ba247-34ef-47cc-bcb0-824c670f9051","block_type":"box","text":"of the Fund Since Title","page_number":7,"box":{"x":363,"y":90,"width":427,"height":9}},{"id":"7adfde37-e25f-4d45-a361-a91566ecdb2e","block_type":"box","text":"Erin Xie, PhD 2003 Managing Director of BlackRock, Inc.","page_number":7,"box":{"x":70,"y":108,"width":825,"height":11}},{"id":"3a08e917-1dbb-4320-b1fd-7bc91f51af34","block_type":"box","text":"Xiang Liu, PhD 2020 Managing Director of BlackRock, Inc.","page_number":7,"box":{"x":69,"y":126,"width":826,"height":11}},{"id":"50df14f3-f0f8-46b1-8756-7b2288eb5164","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":7,"box":{"x":61,"y":167,"width":309,"height":11}},{"id":"dd9b7390-2317-4534-933d-4cc4558c472e","block_type":"box","text":"Class K Shares of the Fund are available only to (i) certain employee benefit plans, such as health savings accounts,","page_number":7,"box":{"x":61,"y":193,"width":859,"height":12}},{"id":"318a26dc-facb-4770-95a5-90e766548da4","block_type":"box","text":"and certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively,","page_number":7,"box":{"x":61,"y":208,"width":844,"height":12}},{"id":"c78f424b-879f-4e6f-bb4b-887a9b28e7c1","block_type":"box","text":"“Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies and other pooled","page_number":7,"box":{"x":62,"y":223,"width":791,"height":11}},{"id":"5e33f4b0-9ff7-4875-b23d-cab49d185749","block_type":"box","text":"investment vehicles, each of which may purchase shares of the Fund through a Financial Intermediary that has entered","page_number":7,"box":{"x":62,"y":238,"width":874,"height":11}},{"id":"50a70050-8e39-4e0e-904a-94c0d819b8ae","block_type":"box","text":"into an agreement with the Fund’s distributor to purchase such shares, (iii) “Institutional Investors,” which include, but","page_number":7,"box":{"x":62,"y":253,"width":871,"height":11}},{"id":"f77a38d6-7017-4e5a-a27b-d4570acc5f06","block_type":"box","text":"are not limited to, endowments, foundations, family offices, banks and bank trusts, local, city, and state governmental","page_number":7,"box":{"x":61,"y":267,"width":870,"height":12}},{"id":"06c967da-828b-4325-b333-b11e7a2cc6a9","block_type":"box","text":"institutions, corporations and insurance company separate accounts, each of which may purchase shares of the Fund","page_number":7,"box":{"x":62,"y":282,"width":863,"height":12}},{"id":"bb1c757e-66da-40e1-b214-9c90bcfffc59","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such","page_number":7,"box":{"x":60,"y":297,"width":832,"height":12}},{"id":"09df8b8a-478c-4c3f-b0aa-df1019fca62e","block_type":"box","text":"shares, (iv) clients of private banks that purchase shares of the Fund through a Financial Intermediary that has","page_number":7,"box":{"x":61,"y":312,"width":815,"height":11}},{"id":"97da7407-a6f5-44d9-8832-a0232162db09","block_type":"box","text":"entered into an agreement with the Fund’s distributor to sell such shares, (v) fee-based advisory platforms of a","page_number":7,"box":{"x":61,"y":327,"width":816,"height":11}},{"id":"82f5eed0-95f4-4d75-9751-987cdf01c5df","block_type":"box","text":"Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s distributor and/or","page_number":7,"box":{"x":62,"y":341,"width":867,"height":12}},{"id":"e856d89b-89a2-4802-8630-896a8f120aba","block_type":"box","text":"its affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory clients through an omnibus","page_number":7,"box":{"x":62,"y":356,"width":868,"height":12}},{"id":"d6853b57-1e10-4468-9556-9c1a593403b2","block_type":"box","text":"account held at the Fund or (b) transacts in the Fund’s shares through another intermediary that has executed such an","page_number":7,"box":{"x":61,"y":371,"width":874,"height":12}},{"id":"3d3ac7e8-c52d-4b8f-a810-5d37c31d0a24","block_type":"box","text":"agreement and (vi) any other investors who met the eligibility criteria for BlackRock Shares or Class K Shares prior to","page_number":7,"box":{"x":61,"y":386,"width":859,"height":12}},{"id":"e629647d-bf62-4903-a51b-7694f57fb33d","block_type":"box","text":"August 15, 2016 and have continually held Class K Shares of the Fund in the same account since August 15, 2016.","page_number":7,"box":{"x":60,"y":401,"width":857,"height":11}},{"id":"a3ca1f30-8040-489f-9f4c-b2e9bb1f12e6","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. Purchase orders may","page_number":7,"box":{"x":60,"y":423,"width":874,"height":12}},{"id":"e09ee074-3995-4e14-9403-83519b984230","block_type":"box","text":"also be placed by calling (800) 537-4942, by mail (c/o BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-","page_number":7,"box":{"x":61,"y":438,"width":868,"height":12}},{"id":"e70d17ab-539e-46d5-a5a6-53fad7fcf192","block_type":"box","text":"4429), or online at www.blackrock.com. Institutional Investors are subject to a $5 million minimum initial investment","page_number":7,"box":{"x":61,"y":452,"width":857,"height":12}},{"id":"9014659f-d1d4-4074-b0b3-78318ffe97c1","block_type":"box","text":"requirement. Other investors, including Employer-Sponsored Retirement Plans, have no minimum initial investment","page_number":7,"box":{"x":61,"y":468,"width":842,"height":11}},{"id":"71149a5a-03e9-4bc6-b97c-45bacfe1698b","block_type":"box","text":"requirement. There is no minimum investment amount for additional purchases.","page_number":7,"box":{"x":61,"y":483,"width":586,"height":11}},{"id":"78e5bc37-575c-4307-86bc-c24059ce4db3","block_type":"box","text":"Tax Information","page_number":7,"box":{"x":63,"y":522,"width":138,"height":11}},{"id":"73b111a7-97da-48eb-912f-545efc9bbb52","block_type":"box","text":"Different income tax rules apply depending on whether you are invested through a qualified tax-exempt plan described","page_number":7,"box":{"x":62,"y":548,"width":865,"height":11}},{"id":"1571e4c2-0358-4e57-b000-723cec9a8d10","block_type":"box","text":"in section 401(a) of the Internal Revenue Code of 1986, as amended. If you are invested through such a plan (and","page_number":7,"box":{"x":62,"y":563,"width":842,"height":11}},{"id":"ecbd7b92-1ef5-463c-815f-a6aad26b84fb","block_type":"box","text":"Fund shares are not “debt-financed property” to the plan), then the dividends paid by the Fund and the gain realized","page_number":7,"box":{"x":62,"y":577,"width":850,"height":12}},{"id":"1d38e88e-878f-4e9a-9f2a-bef4efbcb68c","block_type":"box","text":"from a redemption or exchange of Fund shares will generally not be subject to U.S. federal income taxes until you","page_number":7,"box":{"x":60,"y":592,"width":833,"height":12}},{"id":"00e085fe-a5c2-4efb-8cf3-00643023f4f6","block_type":"box","text":"withdraw or receive distributions from the plan. If you are not invested through such a plan, then the Fund’s dividends","page_number":7,"box":{"x":60,"y":607,"width":865,"height":12}},{"id":"727eae1f-1afc-44b8-9f6e-4e4cd4e288b3","block_type":"box","text":"and gain from a redemption or exchange may be subject to U.S. federal income taxes and may be taxed as ordinary","page_number":7,"box":{"x":61,"y":622,"width":851,"height":11}},{"id":"3ac5f1e3-77ab-4fbe-a6f7-0c59bdf66c5e","block_type":"box","text":"income or capital gains, unless you are a tax-exempt investor.","page_number":7,"box":{"x":62,"y":637,"width":451,"height":11}},{"id":"ed1f6c7f-cae5-4419-9ea9-93e358ef919a","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries","page_number":7,"box":{"x":61,"y":676,"width":578,"height":13}},{"id":"fcae17dc-f300-41bb-a761-8c433bdabc27","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":702,"width":848,"height":11}},{"id":"1db1216b-dcc5-4bfa-8725-e7610955bd51","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":717,"width":868,"height":11}},{"id":"f35a3703-29a2-406a-8fe3-643fe414920b","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":731,"width":867,"height":12}},{"id":"d6e856f9-c9c2-4b66-9ce2-5df46bfded59","block_type":"box","text":"professional to recommend the Fund over another investment.","page_number":7,"box":{"x":62,"y":746,"width":455,"height":12}},{"id":"b06e5b08-c5ab-489a-ab44-91cc31d78d1b","block_type":"box","text":"Class K Shares are only available through a Financial Intermediary if the Financial Intermediary will not receive from","page_number":7,"box":{"x":61,"y":769,"width":849,"height":11}},{"id":"e9d8b0ef-8499-42f7-b75a-3ce7258b4d1b","block_type":"box","text":"Fund assets, or the Fund’s distributor’s or an affiliate’s resources, any commission payments, shareholder servicing","page_number":7,"box":{"x":62,"y":784,"width":857,"height":11}},{"id":"36da777e-017f-4c46-973b-cf5d4cfa2a76","block_type":"box","text":"fees (including sub-transfer agent and networking fees), or distribution fees (including Rule 12b-1 fees) with respect to","page_number":7,"box":{"x":60,"y":798,"width":869,"height":12}},{"id":"abef9051-edac-4bce-ba10-1c54ab2e0cc3","block_type":"box","text":"assets invested in Class K Shares.","page_number":7,"box":{"x":61,"y":813,"width":256,"height":10}},{"id":"d47f0306-af61-40e0-a9dc-97288d5769bd","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":836,"width":790,"height":11}},{"id":"c895479c-eca4-4f05-a0d7-31646d92c5bf","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"053e84fb-0491-48dc-87c1-3df26c5edc0e","block_type":"box","text":"NM1026U-5978620-7/40","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"d2e1b80f-78d4-4863-9afd-0e652750d139","block_type":"box","text":"Details About the Fund","page_number":8,"box":{"x":65,"y":82,"width":494,"height":27}},{"id":"4b46def1-6ced-40b0-8c00-4d90e15ca30a","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":"5a2e8a1b-eabe-4f30-924d-ad4ac271e9ec","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":"251dfa50-392f-41d3-9083-3d44b24bddb5","block_type":"box","text":"Funds","page_number":8,"box":{"x":62,"y":176,"width":41,"height":9}},{"id":"838e1421-51ae-422b-9ea6-debe946f6f4e","block_type":"box","text":"SM","page_number":8,"box":{"x":105,"y":176,"width":11,"height":5}},{"id":"bf89df8a-ce00-4098-8245-b445001c118d","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":"e02e1b28-7527-4ec2-99b1-7b7b3e609e6d","block_type":"box","text":"How the Fund Invests","page_number":8,"box":{"x":61,"y":215,"width":196,"height":11}},{"id":"64d951d5-a608-4d58-ac9a-febbd0780bd3","block_type":"box","text":"Investment Objective","page_number":8,"box":{"x":61,"y":241,"width":175,"height":13}},{"id":"ffe802ec-6f37-49aa-80c1-cf4278deb46c","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":"3f3318fb-8a17-4967-b056-1077f8e01827","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":"45c0479d-32b0-452b-9f65-5e763ead28c9","block_type":"box","text":"notice to shareholders.","page_number":8,"box":{"x":61,"y":295,"width":168,"height":9}},{"id":"fff1ee2c-1977-4338-8a2e-91f6df170c73","block_type":"box","text":"Investment Process","page_number":8,"box":{"x":61,"y":318,"width":163,"height":10}},{"id":"af7e87b0-1cca-4a8e-94bb-acb4ef3f580b","block_type":"box","text":"BlackRock Advisors, LLC (“BlackRock”) considers a variety of factors when choosing investments for the Fund, 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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":"e8915028-86af-4d6a-b9fb-2461f3696630","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":"719f79da-4caa-4ad0-86dc-faad3e170618","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":"c0fd43bd-9482-4de5-b563-9315bd5153b2","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":"cb4087b2-1ed1-4d70-963a-28feb1cd58ae","block_type":"box","text":"valuation issues, a need to rebalance the portfolio or a better 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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":"a690ab9d-0494-45d8-8ecb-f2ca62ea5636","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":"73d8dd18-17cb-44a4-8b40-129db28898ba","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":"7948e42d-c3d9-49cd-9ade-d391e1c47d60","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":"ffd6fedb-cd0e-43fd-a768-4c4c20691142","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":"47cec485-b9c0-4e95-9798-2f63babc96b5","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":"ec074175-37c5-4741-944a-5ce64b7ecffe","block_type":"box","text":"i.e.","page_number":8,"box":{"x":757,"y":719,"width":20,"height":9}},{"id":"ae4d7731-95d5-4a3b-92d0-b28bf8f6c894","block_type":"box","text":", invest more than","page_number":8,"box":{"x":780,"y":719,"width":131,"height":10}},{"id":"706bbb82-2da9-4e5c-b5d7-577af7d43f18","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":"bf5b3512-dbf8-40d3-9011-206ebb385864","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":"ded32dab-501a-469b-93e9-adafb0969aa2","block_type":"box","text":"The Fund reserves the right to invest up to 20% of its total assets in other types of securities. 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American Depositary Receipts are receipts","page_number":9,"box":{"x":81,"y":125,"width":829,"height":11}},{"id":"377b988d-bd20-4cd2-a2c6-25c274118b62","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":"233ec07c-e74f-426f-a7c7-464f92d76c3d","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":"29b5a68b-9c66-4944-b3ef-8e43f9f2984c","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":"b8553bf6-ae9f-43fa-a12a-98c4b640a055","block_type":"box","text":"receipts.","page_number":9,"box":{"x":82,"y":184,"width":61,"height":11}},{"id":"b6eb8562-88c5-4cb5-a579-1c33d260d620","block_type":"box","text":"Derivative Transactions","page_number":9,"box":{"x":81,"y":204,"width":177,"height":9}},{"id":"14b26510-db99-456e-b9a2-15c949467103","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":"c9189c30-ad58-4c00-af2e-1450b3400662","block_type":"box","text":"rate and currency risks or to seek to enhance its return. 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An illiquid investment is any","page_number":9,"box":{"x":82,"y":303,"width":811,"height":12}},{"id":"fe45cf0b-4839-411a-8cce-587491f6015e","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":"7ed8d9e7-24bc-4674-8cf9-861320b091a9","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":"a5a2e43d-8461-4190-8117-a2e522f46efd","block_type":"box","text":"Indexed and Inverse Securities","page_number":9,"box":{"x":81,"y":353,"width":232,"height":9}},{"id":"3dec68b3-8b05-4b05-9357-095745dbf6ee","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":"5a0e6809-acef-4444-a26d-ebdef58365f3","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":"c863b5b7-6a48-4949-9ba7-448fe7345eb1","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":"8891027e-e3f2-4ed3-bbc1-887fba535b1a","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":"03a98ebb-4b39-4165-b453-a0615dde6104","block_type":"box","text":"(“inverse securities”). In general, the return on inverse securities will decrease when the underlying index or interest","page_number":9,"box":{"x":81,"y":413,"width":854,"height":11}},{"id":"ce9fa552-2a87-49af-8c70-d8329b85d6ac","block_type":"box","text":"rate goes up and increase when that index or interest rate goes down.","page_number":9,"box":{"x":82,"y":427,"width":514,"height":12}},{"id":"d1081d91-96fb-46ca-b59b-d312e8f31d8d","block_type":"box","text":"Investment Companies","page_number":9,"box":{"x":81,"y":447,"width":172,"height":12}},{"id":"f4e2a915-630b-4a6d-8118-0a8a0fe56c62","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":9,"box":{"x":258,"y":447,"width":643,"height":12}},{"id":"04c261fc-eb9c-43b1-96b6-095cc965848b","block_type":"box","text":"traded funds (“ETFs”), unit investment trusts, and open-end and closed-end funds, subject to the applicable limits","page_number":9,"box":{"x":80,"y":462,"width":837,"height":11}},{"id":"fefe93c6-44cb-4895-8da3-862f4ab3b1c3","block_type":"box","text":"under the Investment Company Act and the rules thereunder. The Fund may invest in affiliated investment","page_number":9,"box":{"x":82,"y":477,"width":777,"height":11}},{"id":"0cb2dc82-3bae-41e8-83ca-ba24d53c270e","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":"067d18cb-14b5-4e6a-b93c-cd2a45c5f542","block_type":"box","text":"Money Market Securities","page_number":9,"box":{"x":81,"y":512,"width":190,"height":11}},{"id":"88bb934a-5ced-440d-a665-a1039f487853","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":"ae9c6f2c-2598-4ec6-8217-1269ed1a2f17","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":"d0d042a8-c002-4ce3-be76-25fed384678a","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":"248b0a29-5956-4821-a498-39ab75499389","block_type":"box","text":"“New Issues”","page_number":9,"box":{"x":83,"y":562,"width":101,"height":9}},{"id":"e957a820-8a9d-4762-b330-134822b39536","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":"5e647bd6-961f-4a22-be56-94f8fce35a7c","block_type":"box","text":"Restricted Securities","page_number":9,"box":{"x":81,"y":581,"width":159,"height":10}},{"id":"aee665bd-f184-4dda-8ce7-042c36c5270c","block_type":"box","text":"—","page_number":9,"box":{"x":245,"y":587,"width":17,"height":0}},{"id":"aedc3eef-d87e-450c-bcb4-52f1c7ddd506","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":"05884dce-7350-48c0-ba72-75b0b6780b7c","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":"8b13fa12-586c-4912-a98b-6f3f980613dc","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":"ab6acadd-5ec2-4e77-aad6-26d8dfbbd0b4","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":"87225894-a92a-43c2-8cd1-a3e6365c37ea","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":"cc337ebb-6e51-46ca-9336-77d0d3bf3924","block_type":"box","text":"Securities Lending","page_number":9,"box":{"x":81,"y":661,"width":140,"height":11}},{"id":"dab3e586-c2ec-4f4e-9b68-906de9cc5d39","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":"7429149b-6b21-4885-9bd9-dfc3366e620f","block_type":"box","text":"1⁄","page_number":9,"box":{"x":622,"y":661,"width":6,"height":5}},{"id":"514aea1e-e980-4281-a725-21b3cae19a36","block_type":"box","text":"1⁄3","page_number":9,"box":{"x":626,"y":661,"width":8,"height":9}},{"id":"5e238c59-89d2-4005-8df5-f227bb575cdd","block_type":"box","text":"⁄3","page_number":9,"box":{"x":632,"y":664,"width":6,"height":6}},{"id":"b714e76d-12cf-4aa1-9147-897bc541f79c","block_type":"box","text":"% of its total assets to financial","page_number":9,"box":{"x":639,"y":661,"width":231,"height":9}},{"id":"261037b1-0cf6-4b6f-8e05-f75470694a0b","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":"a906f521-ec67-4e75-be83-64638a3348e3","block_type":"box","text":"Temporary Defensive Strategies","page_number":9,"box":{"x":82,"y":695,"width":238,"height":12}},{"id":"10dc2ebf-a0fa-48eb-8739-54cce801bf0c","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":"6d18f48b-0913-4c5f-83db-5675ffa1760b","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":"d15405f4-d51f-490f-8f3f-148936aa84e0","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":"ebe35b9b-9ed8-43ec-8095-7afbe6cf11ca","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":"6a964519-fede-44a2-b0e9-22bdd55f0a3a","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":"c12ded76-a72a-4afd-b559-4eaec31d64df","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":"b7a16f36-1cf4-467f-8396-22a33b5b5f0b","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":"414c84d7-5671-4def-ab18-b9052cc78b30","block_type":"box","text":"Warrants","page_number":9,"box":{"x":83,"y":805,"width":66,"height":9}},{"id":"571cff21-a3f7-4d42-b4a9-eddba12081fe","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":"a332a3be-92ec-4309-9bd6-22381b119a3d","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":"5eed2e6a-d187-4bb1-88b1-b1b2c34b4d3d","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":"5f75df71-d7a7-4037-971e-24a8b9c996ca","block_type":"box","text":"9","page_number":9,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"20cb1440-6f9d-4a6c-89dc-9afeb54715b1","block_type":"box","text":"NM1026U-5978620-9/40","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"cc03b683-5adb-4b70-9992-30dcfbe34631","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":"8dc71e27-6b71-42ea-a542-b7076dc6d160","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":"6ee2f941-65f3-45e8-93e7-c0e2a08a7353","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":"a5887e5a-3309-459e-895d-28963c1014c1","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":"1a579170-bad4-4c65-b35b-cbcde5f4a39e","block_type":"box","text":"management team.","page_number":10,"box":{"x":71,"y":121,"width":141,"height":10}},{"id":"9c7726a9-bf0d-4383-bcf1-e8a20c59c3d6","block_type":"box","text":"Investment Risks","page_number":10,"box":{"x":62,"y":172,"width":156,"height":11}},{"id":"97e19a69-d0d8-437c-9872-0ace9dce604e","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":"76421c46-bc74-4bb1-9e58-e5389f8bb69a","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":"b7431541-a4e5-4ace-b340-e8507d1ce556","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":"f5396b03-83ca-4d90-8501-c59b0fdba96e","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":"34e289fa-f948-4e18-ab8d-59370ab30f1b","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":"b761b756-cfea-4647-9a54-5335c1aacb71","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":"52bdfdfe-05ad-47cb-9af3-a0b8d82201c0","block_type":"box","text":"risk factor.","page_number":10,"box":{"x":61,"y":287,"width":76,"height":9}},{"id":"c27d76f4-f29c-45e1-9285-c926e411de0b","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":10,"box":{"x":61,"y":310,"width":322,"height":12}},{"id":"fd0afe80-c6b5-4361-80f6-1c936efbad9f","block_type":"box","text":"Concentration Risk","page_number":10,"box":{"x":81,"y":331,"width":145,"height":9}},{"id":"bdd4b1cd-7d83-48b2-954d-11f8cc05e5fc","block_type":"box","text":"—","page_number":10,"box":{"x":231,"y":337,"width":17,"height":0}},{"id":"fe6c0d1b-14d7-41c6-9df8-1c82eeedaf8e","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":"194acd6d-2403-4e93-9f33-a4f5368261f5","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":"05835505-180c-4415-ba7c-37b90f223784","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":"62e54eeb-d8c9-4744-b5ec-66c1c0bb0b8d","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":"8ee3e966-6dcd-45b0-ad87-eae54ad85d5d","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":"fc2c9163-8451-400d-92c3-dc0a3fe969c2","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":"bde89fd6-9a71-4f5e-a852-c447fab99070","block_type":"box","text":"Equity Securities Risk","page_number":10,"box":{"x":81,"y":425,"width":166,"height":12}},{"id":"9e7061fd-489c-4657-b477-7fe43c67d0ba","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":"1752cd2e-0354-4ddb-afc3-eae9f1ee8756","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":"cf1d8b01-6a0e-4bc8-9f72-c97b5f61279d","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":"d2fd0ad5-8303-48c9-a271-bdadb5e58d73","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":"66ddbb75-03b7-4163-9d92-135777a76cab","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":"3423d8f7-e37d-45b6-b9c2-542e7eee7870","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":"c37f91b8-29fc-4a42-a58c-4671a237889f","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":"20322635-8da3-451e-a819-67ca93591cf9","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":"f63d36ac-164e-4dc1-b508-b96c355d8513","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":"fc20993d-9069-48e1-aead-dd0f89f33cce","block_type":"box","text":"Foreign Securities Risk","page_number":10,"box":{"x":81,"y":564,"width":176,"height":11}},{"id":"a39d8137-d67c-48d9-8176-ac36bfcff9b3","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":"20929bfe-ba82-426e-9a80-dc97a273efae","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":"9c2aced7-81aa-4337-9af7-76665d155907","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":"418c137f-1dc9-4de0-a777-16c32fb36f89","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":"1c1a4bd9-98b7-4ae0-be4c-8f9dadaab667","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":"3d1c5e4d-2719-4fea-8e18-a042031c35a6","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":"b424e224-8c1f-40d9-a4d8-a269598c21e9","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":"b8893187-9ad0-4905-970d-dcb486827121","block_type":"box","text":"— The Fund generally holds its foreign securities","page_number":10,"box":{"x":555,"y":658,"width":358,"height":12}},{"id":"f5bfeeea-4fd7-4a26-9bda-0e2f2e623a99","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":"03df9d3e-626a-428f-b14a-4e502b9eb163","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":"6416b2ad-47e5-4c6e-9aa2-df8656f24635","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":"5d62c32f-1510-406d-a938-e2ec093054bf","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":"c47d12a5-3cec-45ff-bd3a-a55e4ff1daf0","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":"5675d428-21a7-43df-ade4-b80fb6eaa4ab","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":"d384dc75-3893-4b80-a94b-d19b00689a04","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":"c080c545-edc9-4721-9cad-248bafb1a713","block_type":"box","text":"United States.","page_number":10,"box":{"x":82,"y":777,"width":102,"height":9}},{"id":"60afe250-db98-407a-862a-1c11f8103843","block_type":"box","text":"Currency Risk","page_number":10,"box":{"x":82,"y":797,"width":100,"height":11}},{"id":"6bbcc8a5-5e96-47fc-a383-db60952ef1ef","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":"14200772-8c16-4949-9e6f-8c1f07360ce6","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":"aeb74264-ad93-4949-ae5b-1664dc243dd2","block_type":"box","text":"value of the Fund’s portfolio.","page_number":10,"box":{"x":80,"y":826,"width":211,"height":11}},{"id":"6c93e206-87cc-4a40-a680-461c5759caea","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":"1c545974-c14e-46c6-8924-0c764cf5574d","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":"e5e8061a-5b63-4e8e-889f-1b02c3bad8cc","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":"4d6f8247-521f-429c-bc29-a813c559e33b","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":"6e527df4-5c04-4151-b0a5-8494640216b0","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":"3bd28e38-5182-4e53-a922-1b90015ca73a","block_type":"box","text":"10","page_number":10,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"cbdc1ac6-a42d-4a0b-b7dd-299591c176b2","block_type":"box","text":"NM1026U-5978620-10/40","page_number":10,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ea776ee9-2e45-497f-b529-6ee4634ac4c1","block_type":"box","text":"Foreign Economy Risk","page_number":11,"box":{"x":82,"y":46,"width":160,"height":11}},{"id":"3f72d2c8-eda4-4127-83a7-181e010d4983","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":"c828ec68-727d-4a90-9dfa-9afd6bbe1458","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":"1f87f68b-6f94-4883-9b13-b87187a85a5a","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":"048d0725-8187-45ec-aa2b-35b4b28849f3","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":"803b5bc6-4b56-4d56-bb8b-18ea7938a23c","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":"1ebde358-91e4-4afe-990e-4d1f8167d6c3","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":"4e66774a-ef31-47e3-ba89-cca1a9dd2eff","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":"5b61c660-2810-4702-b6da-8c12de5ae749","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":"2326d179-6f31-4523-a073-9542f1584284","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":"926f8c0e-fd8f-4856-930c-360d9119dda7","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":"ed8aad09-e507-4e20-b3a7-4b34d9c33f47","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":"a47a7be8-4f25-4e5c-89eb-4f71ae8222e4","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":"89bb86f9-8fd0-4496-88d8-34f7df5bceb8","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":"22b963b8-f648-424f-8c59-4b3f66c8601e","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":"ef47ded8-18fc-444a-bdb0-0581eb8cf675","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":"fd723fb9-d5f3-44c9-a07a-658de111aa1f","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":"ac7bbcc1-2c79-4e2b-9d63-ef953ad8d2b9","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":"dbe869ac-95b1-4cd8-a6e4-3986ceea5705","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":"83c73088-42b1-4721-af35-5da247fdf864","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":"cc3da60e-c4aa-46b0-b2dc-8dd3769f09e5","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":"cc0c5503-ab4d-4b59-b687-56aff7546fde","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":"fd4b0f4d-036e-43d2-9867-2217cd8012a9","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":"25345883-3142-46b4-b343-69aea92f04e4","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":"bfab9c29-96e7-4d67-ab4a-dae80ebac8bf","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":"be461124-0306-4c2f-9680-51c5c2a6ded2","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":11,"box":{"x":82,"y":412,"width":476,"height":11}},{"id":"e74108d6-e1e9-4601-8ef1-32b9f7b294a6","block_type":"box","text":"— Many foreign governments do not supervise","page_number":11,"box":{"x":563,"y":412,"width":344,"height":11}},{"id":"36b10af3-c7dc-45ab-ad50-d6635c15b288","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":"cf23f4cb-7e28-4bfe-9120-00e7dffe34c6","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":"7153b9a7-b9f4-4fc9-92d2-1a7f53b4312e","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":"ca24490a-c687-4643-9527-b7b56bbd4246","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":"367fc4e0-9c34-4ab4-8d93-5bd4cbb6d041","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":"80a14451-1d69-4f1d-aefa-b67bb2ba8004","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":"14ae1183-1248-45a2-acae-ce5a9123a16d","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":"4e79d77c-483e-40e7-ac46-934516ce866b","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":"0448cbf8-231f-4b2d-a409-fe8240035a20","block_type":"box","text":"accurately determine a company’s financial condition.","page_number":11,"box":{"x":81,"y":545,"width":393,"height":12}},{"id":"14a18f53-4f25-4379-a5a3-27984c81cb67","block_type":"box","text":"Settlement Risk","page_number":11,"box":{"x":82,"y":565,"width":117,"height":9}},{"id":"7c97f5a9-0945-4a2b-beb7-e1d5f7203634","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":"1c86256d-f35f-4c6b-b05c-75ec7a3892eb","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":"c484a795-31cf-4bc8-9916-7c90a7de9a47","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":"c4515552-8f4b-46c5-9d66-6f57a7da3208","block_type":"box","text":"investments.","page_number":11,"box":{"x":82,"y":610,"width":92,"height":9}},{"id":"01d08ddc-256c-4973-9ddd-b3b17717077a","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":"cbf79e05-b6a3-4318-bee0-4a9c0dfc4c1c","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":"5087e5fb-98a5-444f-a796-a12a4bc750fb","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":"984bec99-ecdd-4db0-b8ec-1358b05bc0bb","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":"719c3089-56ea-4073-be6f-2c134c3b5b04","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":"48a1ba8a-772f-4262-ba77-756c03b508ec","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":"77f96566-c523-449d-88db-0c209f7a5d59","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":11,"box":{"x":83,"y":724,"width":221,"height":11}},{"id":"218d9b93-f50b-4943-827f-065a69f70169","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":"a73edcc6-0d0b-4a95-bdd1-9ecfece244a1","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":"61aa456c-db77-4ab8-b1d6-2032191157d9","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":"3f2551df-428a-4078-b2b1-9b2e8dc9c66b","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":"e4a2335a-185c-4f59-8ceb-9313c8affda0","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":"f4027ac8-23f7-409a-b1de-2c185ba1ec55","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":"26dc74d6-fe69-420a-ae07-fa2825b916a8","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":"2df3bfc3-79d7-40e7-9225-518e61b8368f","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":"d0378a57-2bd6-4806-bf9f-c46ee12aa5c9","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":"652749ff-7351-4e85-97ca-84721aad2767","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":"f7a42945-7fcc-43d7-840a-cd79e58bcff3","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":"3fc5a6c5-a7d4-4b15-9caf-92cc6201abc8","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":"3f123324-e0a9-4edd-b0db-a5ac8698f941","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":"dcb45011-dc77-493a-b28a-8a2bc12c5447","block_type":"box","text":"11","page_number":11,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"55e414b6-8065-42c2-adca-9eaf046787f0","block_type":"box","text":"NM1026U-5978620-11/40","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"39d25f2c-1c54-4aec-a2fe-6465f682c42a","block_type":"box","text":"Geographic Concentration Risk","page_number":12,"box":{"x":81,"y":46,"width":235,"height":11}},{"id":"cb5ecc3c-34eb-44f3-bb2f-0e1e2de387f5","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":"57790e1c-5ac0-49ca-a239-7dc8de310b80","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":"c0279978-8cac-4ac6-a577-4b2471343058","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":"3c2e2aba-4992-4e9d-83d8-bd1c7d1d67b4","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":"1da5d69b-2e3b-4636-b04b-b18e5abb9213","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":"ccc19604-34a5-49ef-bacc-d3b89df10227","block_type":"box","text":"Healthcare-Related Securities Risk","page_number":12,"box":{"x":81,"y":125,"width":264,"height":9}},{"id":"48cde795-7703-4620-860e-709557a55751","block_type":"box","text":"—","page_number":12,"box":{"x":350,"y":130,"width":17,"height":1}},{"id":"3a03f218-40c9-4163-9e1d-c55c3c8f969c","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":"7754ae0b-dbe4-47a0-8c61-071beba23d64","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":"d0a7ffca-9f37-42b9-8954-4078edbbd876","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":"da0cc9ce-c0a1-4018-bfd0-4383645b5007","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":"3ee305c4-093f-4202-8f8c-d1b867248e67","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":"1bf47fee-dbdf-496a-9856-2bf8f72a9ff3","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":"ab8b0052-b83e-4795-b185-34333dae56e9","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":"6c2379c9-e7b4-49d2-90a6-82501507f249","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":"8f83bc36-3796-46c3-90a1-1e34b3aa8319","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":"e204a9ef-c60d-4106-b41b-e48e01aa802d","block_type":"box","text":"healthcare-related companies.","page_number":12,"box":{"x":82,"y":259,"width":219,"height":11}},{"id":"366002f8-6208-4818-a637-32c053c384cd","block_type":"box","text":"Investment Style Risk","page_number":12,"box":{"x":81,"y":278,"width":166,"height":12}},{"id":"b62398c6-1ac1-4667-8d52-21b12ff6cbf0","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":"840a4b98-f34e-4983-abc4-c2a609bf459e","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":"f407eb18-e2d7-4461-b39d-3ed157023a7d","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":"9440e5ba-9a6c-4add-afb6-fefaf6d4c752","block_type":"box","text":"different investment styles.","page_number":12,"box":{"x":81,"y":323,"width":200,"height":11}},{"id":"b555fc0c-d455-41ee-a708-1939123bcbfe","block_type":"box","text":"Market Risk and Selection Risk","page_number":12,"box":{"x":81,"y":343,"width":240,"height":9}},{"id":"de748ffa-bb16-4080-accd-df9accb683a2","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":"2869f263-112d-4ccc-b1c8-775aeca47018","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":"9c6a193f-6bb1-4440-b052-92ba613e2bdd","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":"892676c0-8b13-4df4-ae14-aa70d4de47c0","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":"07000cd3-81fd-4eb1-b8eb-c0091cc2fea8","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":"2ada292f-4063-49be-8fd0-987293aa60c8","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":"beb48d81-82f1-4e46-b31b-383e06f1be69","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":"2681e940-2a3f-4ebb-a6cb-22c2d0aad376","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":"406d4f9c-9621-4329-b1f5-6e58bc42d3f2","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":"e0cc5cf9-4154-4105-8158-3334130b3c85","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":"50ba42c1-361e-4826-8703-9081a73c0003","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":"c8464e9d-d729-485e-ae79-9c2f2e11f29f","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":"b87313f3-9a78-473a-9be2-c557a166d14b","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":"352d09d8-4834-4894-9392-e1a09b1d4e39","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":"64761e21-7702-4176-a864-12ce34053380","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":"3b7e9ed3-90ed-4f62-88a8-19e8f9af6c6b","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":"4b568dfc-9aa6-425a-9880-49a3e2e9ec68","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":"68183abc-20fb-43a4-ba88-3a29bfaa252b","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":"dfabb7be-e212-4238-bd26-5748e35fe71b","block_type":"box","text":"the Fund invests.","page_number":12,"box":{"x":80,"y":615,"width":125,"height":9}},{"id":"132ad27a-0489-473e-b01e-e74a25a863c7","block_type":"box","text":"Mid Cap Securities Risk","page_number":12,"box":{"x":81,"y":635,"width":182,"height":11}},{"id":"3b020fb2-f7f3-4fc5-bf22-b6cd792a8956","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":"440b6fc9-b69d-4020-9d9e-335c4ce36be2","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":"77120a09-a889-4773-8162-55ec01b9c520","block_type":"box","text":"Operational and Technology Risks","page_number":12,"box":{"x":82,"y":670,"width":254,"height":11}},{"id":"e578897a-4f50-48d2-b04a-5c1f53a337c2","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":"0364db76-9075-44f6-831e-572c2ae51e3d","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":"e8b7a279-725d-40cd-a99b-e79e787bc309","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":"03032332-a613-45c5-84bc-a73034910c6f","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. 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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":"a9ccae73-5e9b-4e5c-aa76-5a63e8084e0a","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":"d8cfb80c-ee07-442b-ad49-6a26714b4bb7","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":"53834eba-5eab-41f9-ad57-1858e2fd065a","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":"2daa2703-024c-43f6-8466-cad7dacd2db4","block_type":"box","text":"Fund invests, the Fund or any of its service providers. 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Cybersecurity incidents may result in","page_number":12,"box":{"x":82,"y":882,"width":852,"height":12}},{"id":"8f523fdb-c6d2-4616-89d4-d550b0879886","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":"f4727859-9537-4f35-a2e5-c082a65cd55a","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":"e07d5aa0-d442-4816-a0d7-138d8d26a359","block_type":"box","text":"12","page_number":12,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"62d6c5fc-73a4-4310-a8c0-90896f1c0c9b","block_type":"box","text":"NM1026U-5978620-12/40","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3110a8bb-86db-4b52-a263-98c957040806","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":"7467bb8a-7d5a-4be2-bdb8-c66464403bee","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":"175b564f-edf4-493f-a5e9-0177fbe35659","block_type":"box","text":"compensation costs; and other legal and compliance expenses. 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Power outages,","page_number":13,"box":{"x":81,"y":105,"width":829,"height":12}},{"id":"34a45ca9-f7b4-4334-8ccd-ce50c101478b","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":"f155a7e0-a3ee-421d-a7cf-5a5362796b77","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":"c05ad5d3-0a2e-4823-9b7d-e2ebfe165bcb","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":"157bab60-f0e6-455c-bd7c-96034e533f0d","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":"93a6272b-c47a-4f77-b21a-2de94d40d8d0","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":"c6f91c25-8e42-4d86-b2e6-6a384f3cf54f","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":"15d5ba46-779c-47e7-a59f-68fc75d28a5b","block_type":"box","text":"technologies. 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The","page_number":13,"box":{"x":80,"y":238,"width":847,"height":12}},{"id":"45a0e1e8-b91b-4716-ad97-d0b9c5a8203d","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":"c5910176-dca5-4851-8bc3-175e18399bbb","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":"0aaff1d4-7c62-4023-bd9d-24cca9ecdbc6","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":"d78130f8-fa4a-420d-a9d7-de56890fdb5b","block_type":"box","text":"and the associated risks to the Fund.","page_number":13,"box":{"x":81,"y":298,"width":273,"height":9}},{"id":"705724ca-ebd4-4852-a065-8d7f3f80a818","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":"2c090ad2-9403-473f-955f-2db7e0eadd0f","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":"e6896935-dca2-42d6-b1be-49a3427bc039","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":"f05f566c-03bc-434e-83a9-a444a3b9fa3c","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":"cba4dd7a-2d7e-4529-bf04-914b3a3e13a1","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":"5b2ca138-11f9-433d-a181-b0fdaadbc806","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":"e43a2136-bfe8-4a26-948f-7035c3065f50","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":"9e7f4a7b-2b48-4c96-9a34-8a52695dec8b","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":"5ee301f1-7b0c-4ce0-a5f6-582d43a2afbe","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":"ece97491-bbfd-49b6-8a64-16e715172903","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":"b52cbfa7-7024-4f36-bcd8-d02b252bc3f5","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":"fd92347d-fa78-45ff-a365-3756f6c43b1d","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":"cf9b552c-94a7-49f3-bc0b-74c1444a48d9","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":"c59eb2c2-bbad-43de-b153-d1e760e17b28","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":"cb66a02a-1410-42fb-ac19-7cc4638eb6a8","block_type":"box","text":"resources to monitor and implement required changes.","page_number":13,"box":{"x":82,"y":531,"width":402,"height":11}},{"id":"cf30bba6-644d-423e-be9a-373cfc77ca8c","block_type":"box","text":"Risk of Investing in the United States","page_number":13,"box":{"x":81,"y":550,"width":283,"height":12}},{"id":"1eb1cbc8-1194-49b7-b572-1828b4367aa1","block_type":"box","text":"—","page_number":13,"box":{"x":369,"y":556,"width":17,"height":1}},{"id":"ba6a0922-6c2a-4087-a942-5bf0d7b3bc66","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":"83f5d9d0-816f-4f26-a351-4179f8a4223e","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":"3e9ac506-f1a7-4f6e-82d0-7973d8845d0c","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":"8ce0b890-2b50-4c10-a749-ffed5713239a","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":"47588707-37f7-482f-bba6-4d6cb9bef1b0","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":"ba5d2962-7af8-4c0b-93e3-1ff468c5c0d1","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":"aa43059a-5a81-4848-afb0-bc86af301e83","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":"cc01c9f8-eeeb-43e3-9ea3-f8b82720d53d","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":"482e580c-bcc1-44bb-b08c-20bff68f90d1","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":"a49d6d8c-1e16-4c4c-b73a-a004a66c0976","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":"01b2d1d1-de1c-41ee-a11e-b821736eba70","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":"3b204405-c3da-4f62-b9f3-f1cf51efebba","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":"f8ace7a7-ca7a-45c9-b562-7ea629fcd9c7","block_type":"box","text":"Fund invests.","page_number":13,"box":{"x":82,"y":734,"width":95,"height":9}},{"id":"0f61ac2a-ee7a-4ccf-a121-7fbdbd3413a2","block_type":"box","text":"Small Cap Securities Risk","page_number":13,"box":{"x":81,"y":754,"width":196,"height":11}},{"id":"66778942-cb51-4764-8f8f-6d1de69a99bc","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":"baf4011d-b27b-4a77-9c8b-4e8fd3abee83","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":"caa6f0dc-b5b1-4260-8cf2-d526eea78a6f","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":"5700d4ac-4324-4bc8-bc36-5e437d385bc5","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":"c17a1b4a-d06f-4593-8daa-de6530d7da83","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":"5bb2f5ca-58f9-4f2a-80ff-d1214f6b9578","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":"fcabd15c-5df2-438b-ba41-79781687c2a1","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":"88899ecb-1ecf-4c8d-8bb3-e2358599852f","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":"833425b3-4c7f-4211-b5b0-176e35c070c0","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":"262440a1-943b-4327-8e61-cda0ad81497c","block_type":"box","text":"securities requires a longer term view.","page_number":13,"box":{"x":81,"y":892,"width":279,"height":12}},{"id":"90947696-3abb-4d74-84b1-af82576ad9f4","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"4673ce9d-bf0a-4a2e-8e0c-92c97bb23621","block_type":"box","text":"NM1026U-5978620-13/40","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"01e22cd9-7b88-4a5d-b6f6-0e887dfe9616","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":14,"box":{"x":61,"y":46,"width":296,"height":13}},{"id":"4d819d9b-0b43-42c0-a206-48f1c74394dc","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":"f360eb3d-8bcf-4434-b5a4-198c5be179fb","block_type":"box","text":"strategies, including:","page_number":14,"box":{"x":61,"y":77,"width":151,"height":12}},{"id":"51150a14-ea0f-48fb-917f-e6df0cea2285","block_type":"box","text":"Borrowing Risk","page_number":14,"box":{"x":81,"y":97,"width":115,"height":12}},{"id":"668740a4-ef07-42e6-8cc5-8dd0174c51df","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":"105a6fb8-6830-4820-90dd-b849db968ba0","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":"857f52e8-1df8-4acf-a0c3-d444dc321045","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":"19254c51-f9da-47c5-bfc1-65a17e4989d2","block_type":"box","text":"do so to satisfy its obligations.","page_number":14,"box":{"x":81,"y":142,"width":225,"height":11}},{"id":"80cf1145-f2a9-4c1e-94c5-cd410fb1316f","block_type":"box","text":"Convertible Securities Risk","page_number":14,"box":{"x":81,"y":162,"width":206,"height":9}},{"id":"60d91882-b3bf-40d7-a9a0-cec2058f1349","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":"ccc486c3-33a9-403a-abbd-090026bc2c81","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":"c5050b9f-9dba-4d37-bcf2-2547537f95fe","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":"77333cc8-e537-4ddd-b9ac-5b0db3e24594","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":"ded356dc-ebe4-4487-be93-34bd1046d0b8","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":"7eea50a3-bf66-4829-9544-515004d912e5","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":"72447044-92a3-46d8-8da0-21e9b50b99be","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":"ac28d3db-126f-4cc4-a50d-d6e77fbb1bb5","block_type":"box","text":"Depositary Receipts Risk","page_number":14,"box":{"x":81,"y":271,"width":191,"height":11}},{"id":"f99b5ac0-63e1-4c21-a7b6-4db2454164dd","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":"55d87700-8755-4d8f-a1e3-fe5eefe11c37","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":"9499c74d-7a9a-4b49-b816-319b067d1422","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":"9659859f-f2ca-4b46-a503-b23e655cfb6e","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":"74be1e5a-45bd-4044-a324-c8a0dbd8d842","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":"9ca344e0-c669-4b3c-b642-eff3999804c7","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":"e36c6e81-930e-466a-acfc-032a833f80ca","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":"15b65a28-02d9-44a6-9043-accbacc6b31c","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":"2f76b9ba-31c9-436f-b744-a03f1c859e55","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":"4b04d14e-e78f-4558-9860-c784d2611c5f","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":"7645941a-ab32-4859-8495-70d4e8e84ac4","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":"b37de531-bc12-4105-adcf-32bae3f646f1","block_type":"box","text":"Derivatives Risk","page_number":14,"box":{"x":81,"y":439,"width":123,"height":9}},{"id":"88b73e7b-7394-43f9-bd9e-53679863f792","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":"8d888848-e30d-444f-b8d2-576b027ee3f8","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":14,"box":{"x":82,"y":454,"width":469,"height":11}},{"id":"9a472539-e348-4463-9bc8-54a52337ae6a","block_type":"box","text":"Leverage Risk","page_number":14,"box":{"x":82,"y":476,"width":102,"height":12}},{"id":"05aea3eb-13ee-49bb-b2c8-410f781b1989","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":"58ee6010-441b-4589-9b4a-1c53fb702cbd","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":"3f2a88a0-b889-48a2-9035-9dd44c21349b","block_type":"box","text":"exceed the amount originally invested.","page_number":14,"box":{"x":81,"y":506,"width":280,"height":11}},{"id":"98826185-735e-4ddb-8402-5e22be1c3e8a","block_type":"box","text":"Market Risk","page_number":14,"box":{"x":82,"y":529,"width":87,"height":9}},{"id":"d6bde8f3-15d0-4614-81ed-427913c37a6c","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":"973841fc-6960-48ba-b922-38898e4358ce","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":"2fe3b8cc-5173-4c3f-a1e0-7f256b33777d","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":"176e8634-764f-49e8-b4dd-47bf4f7197d5","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":"a0fbf7fe-fc9b-4a97-8bd9-5d871342d25a","block_type":"box","text":"derivatives positions to lose value.","page_number":14,"box":{"x":81,"y":588,"width":253,"height":11}},{"id":"1e936ab1-15c6-43c5-b27a-02b835e48626","block_type":"box","text":"Counterpar ty Risk","page_number":14,"box":{"x":82,"y":610,"width":131,"height":12}},{"id":"80a8f76d-a66f-4a2a-81ad-ee740abbdaaa","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":"b83d40ea-8907-422d-ae38-f7adefeb55a0","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":"6da3e49b-bc38-407f-bf0e-b418d42936ab","block_type":"box","text":"exposure to such a counterparty.","page_number":14,"box":{"x":81,"y":640,"width":240,"height":11}},{"id":"ff9099aa-b0c3-4452-8b4e-156c5bacd191","block_type":"box","text":"Illiquidity Risk —","page_number":14,"box":{"x":82,"y":663,"width":122,"height":11}},{"id":"8bb42b37-b00f-4833-9472-9b63aaeff6d1","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":"29041726-24dc-407e-a7e7-925aced0ba7b","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":"f4c27a52-98f4-487d-bc05-8bb9b9bcee65","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":14,"box":{"x":81,"y":692,"width":293,"height":12}},{"id":"254b2498-e57e-4923-b23f-2cbc3c1f07a1","block_type":"box","text":"Operational Risk","page_number":14,"box":{"x":82,"y":715,"width":120,"height":11}},{"id":"5c2f822a-f233-48cd-af38-1dfc51ea11a5","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":"2fab7e2f-fb5a-4539-902c-bce2f69fb9d5","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":"a28dc8d2-2156-4b02-bdc8-b89afc90c66d","block_type":"box","text":"Legal Risk","page_number":14,"box":{"x":82,"y":752,"width":75,"height":12}},{"id":"943479ad-15ce-416d-9efd-4ec557daa3d1","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":"97c0c579-e983-4f1e-ac79-079b77b109c9","block_type":"box","text":"enforceability of a contract.","page_number":14,"box":{"x":81,"y":767,"width":198,"height":11}},{"id":"9b75190d-ac19-40ce-9629-894bbb530947","block_type":"box","text":"Volatility and Correlation Risk","page_number":14,"box":{"x":83,"y":790,"width":214,"height":11}},{"id":"6bc62c71-757a-47f4-a7f7-c3797b007bf3","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":"c2129b70-1852-4340-8d24-4cddbabca23a","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":"e382a402-c79b-4173-98c5-c51f25ba7b5a","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":"a4ae2669-92e1-40a8-80bd-1514f492c45b","block_type":"box","text":"correlate with the overall securities markets.","page_number":14,"box":{"x":81,"y":834,"width":326,"height":9}},{"id":"efa42234-4702-4e33-8467-0906f8b34c13","block_type":"box","text":"Valuation Risk","page_number":14,"box":{"x":83,"y":857,"width":102,"height":9}},{"id":"16dad886-9db4-4169-a576-de7200e1bea2","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":"5b71d9ae-ff4f-4503-97cc-7a15a795698f","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":"40a11610-cba7-4902-b44a-6a1c5e3d6f2d","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":"16a841ba-a4b5-4d73-8818-b4e2ae5d325e","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":"c8e7841d-112b-4d4a-8243-5ce00e704add","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":"c51f21a4-bfa5-4626-94d6-42305fc59084","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"974533c6-d12b-48e3-9e8f-0765ff23661d","block_type":"box","text":"NM1026U-5978620-14/40","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e3a1c182-d11c-4877-bbc4-ff77aab79ba6","block_type":"box","text":"Hedging Risk","page_number":15,"box":{"x":82,"y":46,"width":95,"height":11}},{"id":"33369419-2083-48dc-a92c-f45534c1d47c","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":"457c1ee7-c026-4209-acb4-3cdcba90b1e0","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":"1cc8fb27-d665-4486-bb99-f6d556d63dd4","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":"d0b9ac4c-06f1-4a0e-97a2-79285fe308ea","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":"a810ef83-580d-4f38-be47-6b80bc1bdca4","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":"a3e4f71c-21a2-4b12-b4fd-2a476a7a701f","block_type":"box","text":"noted below.","page_number":15,"box":{"x":82,"y":120,"width":90,"height":9}},{"id":"bfd7bb1b-ddc3-4012-8ff3-cea1e13a8159","block_type":"box","text":"Tax Risk","page_number":15,"box":{"x":83,"y":143,"width":59,"height":9}},{"id":"e0dc4b59-4782-4606-ac24-29468bb475ed","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":"27396230-3450-4b90-922d-c74b4a8127f2","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":"f8740ceb-b4d5-4955-9130-b34789b8d39f","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":"5f3b878e-bb99-43aa-9346-35c8f6e1faa4","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":"4a794547-177a-4687-8938-359b4fdea7bc","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":"bdef6b37-c57d-4b46-b4c6-a5d61918c4a2","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":"31f3e05f-006f-4e45-9ec9-c1bd513481ce","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":"96fdcda8-b862-450e-bda7-0b897381d7bd","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":"6ed1e8b8-e707-4c58-a512-aa3493ec1659","block_type":"box","text":"Regulatory Risk","page_number":15,"box":{"x":82,"y":269,"width":115,"height":11}},{"id":"22fb8373-9e64-4fcd-baab-9c98a4018c85","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":"187f0982-7bef-43a6-b72b-ff299e758368","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":"5e861e2c-a37e-4e4e-aba7-5830d3a77af3","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":"acbdcaa0-81aa-41b5-b32b-3c5eda4af121","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":"4d41d03e-cfb6-4c6a-ac2a-bb9ff36b970f","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":"c7dfadbc-cc48-4883-8191-31ec7a00e110","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":"06d705ea-566e-44ef-b0c9-528608df51ea","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":"f9aabd02-ec9f-4360-b87b-89c25438e539","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":"69197170-3b94-43a7-bb0d-eab8de312572","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":"2b04ba7e-a592-484c-b482-0c2fb4238771","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":"b0b754ea-e056-4c85-a1b0-9adec4db570a","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":"b785d0c3-5086-41b5-99a3-bb1bbdf95fb8","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":"3a5ca106-7da8-43ad-b9ea-3fb2f6d68890","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":"333aa3a1-caff-413a-b0ba-d120ddeff458","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":"26cd8ea4-877b-4b43-9e0c-1375103848f9","block_type":"box","text":"investors in the Fund.","page_number":15,"box":{"x":82,"y":476,"width":156,"height":9}},{"id":"9270c09a-48db-46c5-b55f-37cea9154e30","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":"c13be6f3-b260-45e3-ad7d-4ae222f2ae44","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":"b136f075-7f2b-45d9-ba7c-2c1304bc66b2","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":"fec39638-e693-4f42-b055-c94f58934f54","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":"3d4ea4c9-7c5f-47b4-a3a7-690b4d1da653","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":"d6ee1567-7123-497e-bc02-9a25445eca1a","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":"f2cbd21b-3dcf-4b4a-ab0a-1a171e45692c","block_type":"box","text":"Swaps","page_number":15,"box":{"x":102,"y":601,"width":47,"height":11}},{"id":"de88f56a-d2cd-4c9e-8f79-0923c2fc93a6","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":"340b3196-27e4-4ffc-a241-f3413bbfd7c3","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":"e5ca33ad-4783-4ee4-bfed-b352340d8591","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":"e2d63df4-0641-4ddd-bdac-d78e74dc4638","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":"c4552884-a125-4999-adb1-d23f26d6879c","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":"c9e56b31-9d08-4351-bdbc-e06eee5df345","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":"5ade71ab-8fea-4a31-9250-22c1603d83b6","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":"b273c9fe-5d09-46aa-81db-d7b7445136b0","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":"80e08d31-ac65-4a28-8ef2-5bb82b4f6838","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":15,"box":{"x":102,"y":725,"width":335,"height":11}},{"id":"a5ffecd5-6144-4044-8e1a-f0705549183e","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":15,"box":{"x":442,"y":724,"width":437,"height":12}},{"id":"ed8a72b0-c2b9-41cd-b6e0-641800d5d9d6","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":"7950416e-cd49-4819-8bca-6b356d4c12cc","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":"3b3b7b82-8784-4d7e-b140-94d5526c4bcd","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":"66b11c56-4854-4964-b06d-f7170d0b0130","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":"b97c2c1f-3bdd-4e33-92ad-1dc8c96aec38","block_type":"box","text":"Futures","page_number":15,"box":{"x":102,"y":804,"width":54,"height":9}},{"id":"9794f221-2305-4307-bcf8-d241d7d4b52d","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":"4a2a0412-f93c-4129-bb9a-18f455e5820f","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":"7d177a32-3d5d-4172-823e-e1bbaf521877","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":"5e84244a-c110-4a2a-97d2-2ae2ccc5400d","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":"44e9a285-7317-4a79-9049-9a9d413260af","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":"64422e6d-7c06-4fa9-84b9-fa3034e2461f","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":"5a825ce4-071d-4aa3-ab10-8c06400419e2","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":"7982781f-cff1-44be-b6a7-82eb6a165dbc","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"7e0b0dde-05f4-4230-8ce4-f9e2a448f172","block_type":"box","text":"NM1026U-5978620-15/40","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ede16ad2-7bd6-4158-b0f7-58a7395c5529","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":"c9d4ebdb-8630-4e0d-9624-f0e22a056a6a","block_type":"box","text":"default in the performance of its obligations.","page_number":16,"box":{"x":101,"y":60,"width":327,"height":12}},{"id":"d388ab26-ac28-4bad-a7ec-56c97252a6a0","block_type":"box","text":"Options","page_number":16,"box":{"x":102,"y":81,"width":55,"height":11}},{"id":"e6b1a785-9994-434a-a84d-1ead3274c6c2","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":"32ff18fe-2450-4d88-abf4-eeea31ab740f","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":"77b27a1b-7696-420e-8792-b48ac490d2f1","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":"975e2286-b631-45db-892e-6bebd0b285cb","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":"aacbce52-eb99-47b2-a151-81a8c98cdf5c","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":"ddff345f-f809-43dd-9329-11f665b9416d","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":"e8dde317-8d59-4b23-a1ce-10936e84aff4","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":"f3814315-6089-4f26-98de-2de3ab1e1e7c","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":"f462cc49-fe6e-4a1b-9f80-09b10fc82aa5","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":"3207c312-ab19-47a3-a83b-7e03e0cf6e5a","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":"04a9b8ee-051e-4280-b3b3-3cb617c4da6e","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":"4e0f5774-11fb-4b02-ad29-ed0c940fe9f5","block_type":"box","text":"Emerging Markets Risk","page_number":16,"box":{"x":81,"y":249,"width":178,"height":11}},{"id":"6bfc262e-ae69-490c-8069-9ab2953710e7","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":"773a70ab-4127-45cf-a634-f8fc436e6863","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":"8ab7f8f0-0fd8-42b7-ae2d-d90ce745bcce","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":"c85285aa-ad29-4234-8f09-77eb795ff588","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":"7d56c72e-cbf0-488b-b703-71e8228d8f3b","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":"467b9bb5-3f39-46ef-8ed6-c04ccdda53cb","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":"44963fb0-ee6d-4391-9929-55cb00ad7cfb","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":"e5a31d81-ef00-441c-af33-a251c7f13749","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":"5c87bed1-c2fe-4077-ab52-02a408472dcf","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":"e97c3ee5-a2de-4384-93b1-3ae873146792","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":"8729a653-a638-4d86-9e73-d04c6ae67696","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":"2e8f436e-6032-4bd8-95d3-3792970052db","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":"019f4deb-c5e2-4d3c-8c45-39286254179f","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":"f429f1b2-2897-4ce6-a44a-5530e3c85db8","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":"769f53fb-b5ab-4ac6-ab00-83f86a1b2470","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":"42c26d8f-01bb-4c9b-8382-047b46350f13","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":"28e4ca3f-2573-46bb-a135-037c6bc6d663","block_type":"box","text":"securities.","page_number":16,"box":{"x":81,"y":486,"width":74,"height":9}},{"id":"f6fc504e-a0d4-413e-ba6d-c7c593f04d73","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":"4590973f-6ad3-425f-9e05-e02444a889d3","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":"b9167e45-20e3-4dc9-9e54-c4f24956b901","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":"a9b98c5d-e486-4db3-8ce1-c704054c7523","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":"aa7768f2-03e6-45a2-98a4-b4d13eb638c3","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":"74774695-2b40-401a-8140-ba9d5da66701","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":"73704e24-3b19-4386-b161-85f0e127a8f5","block_type":"box","text":"investment and economic growth.","page_number":16,"box":{"x":82,"y":595,"width":244,"height":11}},{"id":"557745db-c876-42a3-b261-0c693dc67340","block_type":"box","text":"Expense Risk","page_number":16,"box":{"x":81,"y":615,"width":102,"height":11}},{"id":"c61ad83a-1822-45aa-9e2d-7219a5bfdfea","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":"2e44cdfa-f5da-4d47-be35-fb1e8f597e79","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":"bf1d28d2-20d6-441c-8819-7c3a822fdae0","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":"e438e6a9-bd8f-4b32-9bfb-e4f896c661c8","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":"89eb230e-9535-4796-8e06-d5958392973c","block_type":"box","text":"significant.","page_number":16,"box":{"x":81,"y":674,"width":78,"height":12}},{"id":"67451749-6d97-4e07-98e6-0de2229931b0","block_type":"box","text":"High Portfolio Turnover Risk","page_number":16,"box":{"x":81,"y":694,"width":212,"height":11}},{"id":"c30395d8-9991-4c63-9f0e-07c7c3279ecc","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":"d5852d11-5e36-4d70-bfec-7d1742e56e95","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":"016d9556-b0dc-4d21-8dbf-eb1c7b2bf762","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":"1f1cb683-c51c-4542-9fc2-8c133ebd9df9","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":"0d0a6f34-910b-4036-bc38-e2c84812449d","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":"96fadbcf-d894-4d24-9805-c2f02d62012a","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":"91a037ca-9834-4116-b5dc-58bfe671988b","block_type":"box","text":"Illiquid Investments Risk","page_number":16,"box":{"x":81,"y":788,"width":186,"height":11}},{"id":"fef9c44b-ba2b-4c59-bc0c-f20ca2cafb6a","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":"a1f4fc37-0d3d-433a-96e5-328c76a38227","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":"860b5643-9299-4986-9b90-03513117aedd","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":"6fc763e8-1b86-489d-a094-659506d2d214","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":"804d3fb6-02c9-4880-96a9-0c92fcb38622","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":"25d73528-53a1-4aa9-a993-4e29940ff7e5","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":"c0e2be3c-c979-4a83-8503-16cd7f3d7ce8","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":"2a118ee4-1aa5-4a1e-b56a-5d10a815b0ec","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":"e156fcc3-3b13-4fd6-805b-ae6b6a369b16","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":"7a890b50-e5d6-4dbc-afaa-e03f02ccecd6","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"df550398-65bf-4ca7-8e89-09ce3bd76d02","block_type":"box","text":"NM1026U-5978620-16/40","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3e435914-9e60-49bc-af64-99aee96ed2ae","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":"a5e02e60-3a5f-4fe7-b191-f3a251bc5f5e","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":"02eb5ec2-0a0f-44ac-8181-7fbd91aecf63","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":"61ff22f0-3e4d-4e7f-99b4-259d0714aef8","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":"3453ffc6-c6d3-49a7-8114-3c5d30efcc23","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":"6e9af9ef-15f7-459d-917d-1a9137060499","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":"4618b700-a382-42a9-aa75-a13600edc9a1","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":"45b7bb7b-42c3-43fb-a0a6-e2e90e8949c7","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":"c64ab4d7-3ab3-4471-bfc6-675d6ff2135d","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":"64bd4bd4-18fd-4b1f-8625-e16b36584fdf","block_type":"box","text":"subject to purchase and sale restrictions.","page_number":17,"box":{"x":81,"y":179,"width":304,"height":11}},{"id":"cdb24627-423f-48e7-846f-eba24d811b29","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":17,"box":{"x":81,"y":199,"width":271,"height":9}},{"id":"7048fd4c-b8a8-4ef7-b114-19beb9cc5e62","block_type":"box","text":"—","page_number":17,"box":{"x":356,"y":204,"width":17,"height":1}},{"id":"2bdbed3c-88ed-421a-ac4b-ce4a83b7b934","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":"951180ce-6e5e-487e-bdb8-7e43459a7ff7","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":"4f410548-41d6-4943-98c3-3dc164565c18","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":"eb84a702-7506-469d-be32-c218adb8c712","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":"2edb710c-38d1-482e-b63a-f86f11b532e6","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":"956c12f1-1e9c-4c96-b1d9-945617a9cb65","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":"174f9a61-f0a3-460b-b4ec-57b0af4d3861","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":17,"box":{"x":81,"y":293,"width":366,"height":11}},{"id":"fb16a93f-fc45-4a49-9149-2649a265f34c","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":"9cfbcc92-6f30-4127-8fb1-c7033257d8ce","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":"81fec248-19b9-4d1d-b201-bd0d5495635b","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":"4d9f40db-9f7d-468a-b67a-994cbf0fd6d5","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":"5cfd69b7-f98a-4375-89bf-09f049b16da6","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":"5758bd89-42d6-4644-ae93-935b17cdc1cc","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":"3012fbc1-898f-46fe-ad31-3957f9b66e95","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":17,"box":{"x":81,"y":387,"width":396,"height":12}},{"id":"1b6443b7-0c4f-4e18-a54c-bd952078d42c","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":"dc19acda-4340-441c-981a-69a1a179ede5","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":"63ead573-2d75-4387-9504-6075e5d0cbcf","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":"826bff05-02b0-460d-a355-3828b54b519c","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":"0f3ed060-fbfb-49f3-b49a-c65feb8c5d99","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":"7f1c016f-6ffc-41fe-8123-3eb02188990b","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":"dd4cbc30-e0ee-4a9c-b05f-9e028c30f1fc","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":"c2d17515-1e2d-4d4c-82d0-3fba9df2859e","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":"c2e4d791-aa6d-4cac-a5d3-c98aba564340","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":"3d86e368-f97b-4de2-91ad-aa06b8ab3ba0","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":"74bf4ec8-6329-49cb-b37c-196c8976bf8a","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":"ac594660-8549-45ca-8763-3bf16e209657","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":"8307c0d3-a5a0-463a-9070-86c1339b6999","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":"323e3536-99de-4046-97af-dee897ae1f6a","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":"e505e2ef-f710-4823-9ac8-e5bb7544c614","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":"5ccf0c89-77a4-42a9-9ef2-eccfea815224","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":"866dea4d-6509-462a-9616-13dad1a4fb8c","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":"7065bf34-ee54-4252-a8d6-89da9e39798d","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":"758781c4-439f-4df5-abcc-e41f947dc900","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":"da657249-b692-4da7-841f-47b45a67de2b","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":"866d80fd-559d-4a4d-8c1c-be06bd020699","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":"bb6cda67-836c-455a-9bb5-3799cf81d53c","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":"16a69302-63ee-421a-9b0d-1e51c765f06a","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":"8f0c7c3c-56d1-4cee-bb62-c6811b3d5d79","block_type":"box","text":"Leverage Risk","page_number":17,"box":{"x":81,"y":734,"width":107,"height":11}},{"id":"e74732f8-6509-4ed1-b171-77183ae056a3","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":"33d0ef02-aa85-40d3-9500-97e354f697aa","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":"5eda7aed-f2c7-4058-ab5b-5b0dee2dc8ec","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":"89a88a77-1550-484f-a882-0753e5d68b91","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":"70bd7ca3-7ac1-41e0-925d-10a32c9f3264","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":"a2d6e402-d1b0-4f79-acbe-e16f50978f3d","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":"281b1824-5f52-41b2-b216-a1ace00f2588","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":"ce1c4339-49c1-4bdf-8e0c-dc9b9f685f5e","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":"743956c3-9190-4026-9c78-d8dd59a6d6e8","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":"f6e1bde0-c6bf-4f1c-9970-c8aca5386e56","block_type":"box","text":"“New Issues” Risk","page_number":17,"box":{"x":83,"y":872,"width":139,"height":9}},{"id":"64e54fcc-2685-423a-a7d2-1683ba0fe56d","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":"675af2ad-718f-4fcd-9011-6cbd5a861dd1","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":"48d9777a-072c-4c51-a2a7-42adc693f843","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":"906d03ef-a85c-4533-8e94-76fd8655055e","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":"eb60df51-a5ec-4df0-8eae-4bc995859525","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"65082fc3-0246-411e-95d5-252769ef4c0e","block_type":"box","text":"NM1026U-5978620-17/40","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"58498541-0390-4419-b06d-a4ca8d8c9350","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":"e2f035f5-197f-4840-ad93-08d49c1298c8","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":"665f1cdd-c30a-4bc3-af83-fbe788829e79","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":"bc99234c-d812-43a2-aba7-9a6b675e4158","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":"d7d6087a-8277-47a4-8b88-540541e94004","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":"2ac0e858-1bc2-44c0-b553-7e6efb1c1fcf","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":"23fb6a6b-6d10-4cb7-9f24-8fd834e2bfc8","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":"0e5a43e5-0fdf-4e13-b517-7ab9441a5908","block_type":"box","text":"price as it would like.","page_number":18,"box":{"x":82,"y":150,"width":153,"height":11}},{"id":"e70b6216-5035-4cb6-afda-950b380f20bc","block_type":"box","text":"Ownership Limitations Risk","page_number":18,"box":{"x":82,"y":170,"width":205,"height":11}},{"id":"ffddfba2-aacc-409e-9e00-b7935173eac6","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":"94c9ee34-e6ec-4d3a-adb8-21c5186ca00a","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":"ca912c8f-23f8-4a17-a526-1ac26c38243c","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":"3885fa2b-4706-439e-b4c8-b92cc782bab7","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":"3d3fc5cf-648a-4027-997d-b63e9286a257","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":"c1cf9766-957e-4cf0-a331-f146b2275447","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":"1b050770-a773-4f65-ac7d-42f45c4e098e","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":18,"box":{"x":82,"y":258,"width":331,"height":12}},{"id":"c354238f-d584-4ab8-9442-396032ba7d0c","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":"c32cfb15-36da-491a-9834-036f3ebf6aad","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":"9e36eeac-b9bd-4270-9b1c-c0ef7bb86ee8","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":"3acce279-78b3-475b-bd90-0882852984f6","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":"afc4f276-2ea8-4572-b227-9d4b7ca83f02","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":"7fb2e312-610a-4ec2-838b-c4112dff0de1","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":"44dd4119-6242-4ac7-b694-165658f92e32","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":"b20cd643-f30e-4530-b74f-4cca68cad2aa","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":"f6467998-2fa1-4481-9696-dc6fb6565d6c","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":"70507847-dc31-4a7a-9585-5f585f669da0","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":"2a2eb184-abbd-4845-8d35-478dd11123bc","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":"7eab97af-5455-49ac-a70f-ca42c2bd8e4e","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":"1b89c6b3-fa36-4d80-bd46-74f8d1201cce","block_type":"box","text":"Reliance on Advisor Risk","page_number":18,"box":{"x":81,"y":467,"width":188,"height":9}},{"id":"01c0b1db-ca07-4c02-ac79-040eacb6c61d","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":"6cda1817-5a40-490c-a7cf-f72a8b9c7c00","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":"8037be1f-4a7e-4415-b95b-ba42ef2bbc2d","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":"8bd8b6db-ec3f-4c88-8d5e-6d330ce717aa","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":"48d709e7-9a44-493e-8969-a350a2400c6b","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":"dc2bc624-d121-4667-83a0-e72e486796e6","block_type":"box","text":"Restricted Securities Risk","page_number":18,"box":{"x":81,"y":546,"width":198,"height":9}},{"id":"0b40c0b3-dace-49b3-9233-38d117191bd6","block_type":"box","text":"—","page_number":18,"box":{"x":284,"y":551,"width":17,"height":1}},{"id":"3b58749c-c1da-4641-841d-2df565692fe7","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":"f317421b-ae61-4ada-a5f4-f537803a7cf3","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":"3a74a770-64eb-40b5-9210-01911a523be6","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":"48b57336-505f-427b-aff1-e0eef5c5fab0","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":"4fd0f4d4-fe47-4ecb-a1ab-13ec5685194f","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":"d61fbff2-1549-4b5e-ae79-86b2f8b61fcf","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":"8eb49476-8dd7-4bda-a89d-2f2366ed8853","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":"fa3ca8a3-8a5b-45e2-99bd-2d875e957522","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":"f50655fd-3fad-48bb-aa86-3c5f85a250b3","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":"51e15daf-4183-4bce-b2a1-a21e22ea8890","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":"b946296b-cd01-4379-b1f3-3d6d96538c8f","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":"bc331e11-f49c-4554-bcff-8acacfcd9045","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":"1c96a914-4d71-48f9-93c9-cfc5601e83ff","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":"c5121cbd-1336-441e-9b10-f16e83271b7c","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":"4fa5e3aa-1c4c-493f-aa7d-697267b64b51","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":"483e4004-110a-4020-ad83-d19d1740b0f0","block_type":"box","text":"Securities Lending Risk","page_number":18,"box":{"x":81,"y":773,"width":178,"height":12}},{"id":"0011b775-6999-4387-af17-93acad116be7","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":"1b76fe2e-47c9-443f-9c56-23c15636bbab","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":"18a42673-e162-4dbf-83a1-3adfebe54d18","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":"7069f336-3cc8-467c-abeb-22ef88096318","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":"8c00d5d7-e31f-4b1f-b376-3f5a9226fb9e","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":18,"box":{"x":81,"y":833,"width":292,"height":11}},{"id":"a78326b1-527c-417e-8953-9b540e183da8","block_type":"box","text":"Valuation Risk","page_number":18,"box":{"x":83,"y":853,"width":107,"height":9}},{"id":"4be2e134-0722-4302-b081-cd7ad97e1719","block_type":"box","text":"—","page_number":18,"box":{"x":194,"y":858,"width":17,"height":1}},{"id":"91f4938b-8efb-4f6c-9441-c40ac9115155","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":"fda696f0-c8ef-4a8e-97d2-ac822b2e59a9","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":"a0bae6c2-b9ea-430e-b9a0-f15f749ebe1e","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":"c5a8da0f-11aa-4ab4-8c05-b6412a499ed6","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":"394307dd-b72f-450d-9022-a31f59277984","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":"f62fb549-8b1b-4b15-8e9c-5ddf4a056360","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"51777aae-ac69-4d83-9010-ac913c6952c5","block_type":"box","text":"NM1026U-5978620-18/40","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"63efef4a-a1e2-4f46-b7f6-55876d43e5ba","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":"1aa151be-af04-4309-a02d-74de5ce6c698","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":"e89aae5c-98a2-4103-be93-7fc8b755f3a7","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":"c0c23d02-e83a-4e28-a338-fe17f1f6517d","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":"8adbd50b-f61b-4554-93d3-f173712a89f0","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":"a7804692-797f-4119-bcd3-caab4b94ce3d","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":"bd634d6a-6562-4d13-92c3-d4477c5c42da","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":"6d893217-8822-4896-b84e-774b65319f0d","block_type":"box","text":"Warrants Risk","page_number":19,"box":{"x":83,"y":155,"width":105,"height":9}},{"id":"a9ce0bb0-48ca-4223-b298-b68c84c321c9","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":"804efed7-5c6a-4bf9-af0b-3845ab5e9705","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":"e8d409ca-32a0-4084-a71b-845bee14e29a","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":"0af04312-9b15-47a0-b4e6-e4846cd63da1","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":"2b05eac1-d9fa-4c70-ad71-effcf2257193","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":"83eb37fa-9bf4-48f7-ae6a-bd76dfb614e6","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"4ebd3484-2670-426d-885c-b9a22f3fb786","block_type":"box","text":"NM1026U-5978620-19/40","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"12b10820-54f4-4888-bf95-3e2f3032a016","block_type":"box","text":"Account Information","page_number":20,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"f142aef4-6767-4384-b52a-cc974027e8a8","block_type":"box","text":"Details About the Share Class","page_number":20,"box":{"x":61,"y":156,"width":272,"height":11}},{"id":"306b21bc-efb2-40a0-92ac-838c31c7891e","block_type":"box","text":"The Fund currently offers multiple share classes (Class K Shares in this prospectus), each with its own sales charge","page_number":20,"box":{"x":60,"y":182,"width":858,"height":12}},{"id":"aa2f9ddf-1a94-4f1d-b407-0fbfac2dc4f8","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":"51f50f67-c126-46c5-9ca9-7b1b9bd3370c","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":"fdccf406-31e9-4fad-81b3-7695003fae1d","block_type":"box","text":"consider the size of your investment and how long you plan to hold your shares. Only certain investors are eligible to","page_number":20,"box":{"x":61,"y":227,"width":854,"height":11}},{"id":"35ebe2cc-d239-4f90-b4ee-10c98f002650","block_type":"box","text":"buy Class K Shares. Either your financial professional or your selected securities dealer, broker, investment adviser,","page_number":20,"box":{"x":61,"y":242,"width":850,"height":11}},{"id":"46df87d5-02ac-42ae-bb77-6f53e8469b82","block_type":"box","text":"service provider or industry professional (including BlackRock and its affiliates) (each a “Financial Intermediary”) can","page_number":20,"box":{"x":61,"y":256,"width":859,"height":12}},{"id":"555c7fcf-5fc4-4a4d-8659-8b78dc23ccca","block_type":"box","text":"help you determine whether you are eligible to buy Class K Shares.","page_number":20,"box":{"x":61,"y":271,"width":491,"height":12}},{"id":"dcd9ed2c-3a60-411f-bd12-1771316ccbc2","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":"63429634-0c41-404a-abb5-fa1af6c0931e","block_type":"box","text":"The table below summarizes key features of Class K Shares of the Fund.","page_number":20,"box":{"x":60,"y":316,"width":534,"height":12}},{"id":"f189421a-b3cd-4191-8495-41e7961841d9","block_type":"box","text":"Class K Shares at a Glance","page_number":20,"box":{"x":386,"y":339,"width":225,"height":10}},{"id":"87f6c502-7fee-4556-b990-b88a2ad461f8","block_type":"box","text":"Availability","page_number":20,"box":{"x":60,"y":378,"width":73,"height":10}},{"id":"db9bacfa-9328-480c-94f1-0ae21ced79e9","block_type":"box","text":"Available only to (i) certain employee benefit plans, such as health savings accounts,","page_number":20,"box":{"x":348,"y":378,"width":562,"height":10}},{"id":"98407c2e-dc83-4fd4-82f0-f12960f553ce","block_type":"box","text":"and certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs","page_number":20,"box":{"x":348,"y":392,"width":577,"height":10}},{"id":"e1ce3362-15de-4ac6-bac6-1a05436e314a","block_type":"box","text":"and SARSEPs) (collectively, “Employer-Sponsored Retirement Plans”), (ii) collective trust","page_number":20,"box":{"x":348,"y":405,"width":581,"height":10}},{"id":"5fa55733-6764-40fb-a8c4-a76cdef945df","block_type":"box","text":"funds, investment companies and other pooled investment vehicles, each of which may","page_number":20,"box":{"x":348,"y":418,"width":578,"height":11}},{"id":"b6ba3ea0-cb2a-4a9a-b0ed-31cc7aca4ec9","block_type":"box","text":"purchase shares of the Fund through a Financial Intermediary that has entered into an","page_number":20,"box":{"x":349,"y":432,"width":570,"height":10}},{"id":"cf246eb5-2913-46d8-85a2-f28637406e2c","block_type":"box","text":"agreement with the Distributor to purchase such shares, (iii) “Institutional Investors,”","page_number":20,"box":{"x":348,"y":446,"width":563,"height":10}},{"id":"df0f9bb8-7a75-4eba-a51d-0d4265b2996e","block_type":"box","text":"which include, but are not limited to, endowments, foundations, family offices, banks","page_number":20,"box":{"x":348,"y":459,"width":563,"height":10}},{"id":"42610b13-bb8e-4946-88a4-cad7f519ab40","block_type":"box","text":"and bank trusts, local, city, and state governmental institutions, corporations and","page_number":20,"box":{"x":348,"y":473,"width":537,"height":10}},{"id":"4644d3a9-4f5e-42a7-b475-4154b5d40e76","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund","page_number":20,"box":{"x":349,"y":486,"width":578,"height":10}},{"id":"b9cf68aa-9cac-4100-bbd6-baf75354d43e","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Distributor","page_number":20,"box":{"x":348,"y":500,"width":583,"height":10}},{"id":"db9d344a-a979-4346-9a5e-d450a0d30baa","block_type":"box","text":"to purchase such shares, (iv) clients of private banks that purchase shares of the Fund","page_number":20,"box":{"x":348,"y":513,"width":575,"height":10}},{"id":"c40aeca9-6a9e-40ec-a367-34e890f1a66e","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Distributor","page_number":20,"box":{"x":348,"y":527,"width":583,"height":10}},{"id":"f7e328fd-1bb1-404e-a55c-8818f8df9989","block_type":"box","text":"to sell such shares, (v) fee-based advisory platforms of a Financial Intermediary that","page_number":20,"box":{"x":348,"y":540,"width":558,"height":11}},{"id":"9f23ce06-551c-44e3-88f6-17b052dc7d58","block_type":"box","text":"(a) has specifically acknowledged in a written agreement with the Distributor and/or its","page_number":20,"box":{"x":348,"y":554,"width":573,"height":10}},{"id":"87133d26-4010-4ae4-a4b9-9ce1ccc72da0","block_type":"box","text":"affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory","page_number":20,"box":{"x":348,"y":567,"width":578,"height":11}},{"id":"7c1a6cab-febf-4a63-bc8f-daaf5f178d4d","block_type":"box","text":"clients through an omnibus account held at the Fund or (b) transacts in the Fund’s","page_number":20,"box":{"x":348,"y":581,"width":544,"height":10}},{"id":"74781c2c-fbb2-4cd9-aa61-862679bf4868","block_type":"box","text":"shares through another intermediary that has executed such an agreement and (vi) any","page_number":20,"box":{"x":348,"y":595,"width":578,"height":10}},{"id":"ccd684c3-870e-4c6e-9d65-13637d5fd5e4","block_type":"box","text":"other investors who met the eligibility criteria for BlackRock Shares or Class K Shares","page_number":20,"box":{"x":348,"y":608,"width":566,"height":10}},{"id":"24d6c667-882b-4907-8418-03e967928528","block_type":"box","text":"prior to August 15, 2016 and have continually held Class K Shares of the Fund in the","page_number":20,"box":{"x":349,"y":621,"width":563,"height":11}},{"id":"d176e2ac-5f3a-46e5-bab8-f26eecb99a42","block_type":"box","text":"same account since August 15, 2016.","page_number":20,"box":{"x":348,"y":635,"width":253,"height":10}},{"id":"84ef5ff0-fc13-4c19-a72a-2618a41c0159","block_type":"box","text":"Minimum Investment","page_number":20,"box":{"x":61,"y":667,"width":142,"height":8}},{"id":"610d9ce3-5025-4eb1-b59a-cae30eb91961","block_type":"box","text":"$5 million minimum initial investment for Institutional Investors.","page_number":20,"box":{"x":348,"y":669,"width":421,"height":9}},{"id":"084f2ca5-51fb-4337-a6aa-3c9f00e147b2","block_type":"box","text":"There is no minimum initial investment requirement for any Employer-Sponsored","page_number":20,"box":{"x":348,"y":685,"width":528,"height":11}},{"id":"b0080a36-3314-427c-a22e-5120f7ff2af1","block_type":"box","text":"Retirement Plans or any other eligible investors other than Institutional 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time.","page_number":20,"box":{"x":60,"y":819,"width":620,"height":12}},{"id":"8186f632-9bca-4caa-bd7d-b030e773518c","block_type":"box","text":"When Class K Shares are purchased through a customer’s account in an Employer-Sponsored Retirement Plan through","page_number":20,"box":{"x":60,"y":842,"width":874,"height":11}},{"id":"c2747290-1ca0-45d2-ba2b-e9976d763a56","block_type":"box","text":"procedures established by the Employer-Sponsored Retirement Plan, confirmation of share purchases and","page_number":20,"box":{"x":62,"y":856,"width":778,"height":12}},{"id":"51d86893-5c50-48f0-91f7-bdbe6939f7ac","block_type":"box","text":"redemptions will be sent to the Employer-Sponsored Retirement Plan. A customer’s ownership of shares will be","page_number":20,"box":{"x":61,"y":871,"width":817,"height":12}},{"id":"fd27874d-a325-4054-bf6e-fef7f5cc2cb8","block_type":"box","text":"recorded by the Employer-Sponsored Retirement Plan and reflected in the account statements provided by the","page_number":20,"box":{"x":61,"y":886,"width":807,"height":12}},{"id":"16775514-0e58-4007-89b1-e6abdb54488d","block_type":"box","text":"Employer-Sponsored Retirement Plan to its participants.","page_number":20,"box":{"x":62,"y":901,"width":410,"height":11}},{"id":"3d5fbe0c-93aa-457d-9918-584780630317","block_type":"box","text":"20","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"89beda57-01b5-4724-93f4-78c860ee8242","block_type":"box","text":"NM1026U-5978620-20/40","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5e22caeb-4f23-480a-a129-1419680e3c99","block_type":"box","text":"If you purchased your shares through an Employer-Sponsored Retirement Plan and you transfer your investment from","page_number":21,"box":{"x":62,"y":46,"width":856,"height":11}},{"id":"9aa8bbfa-1d71-4392-9b5d-1ae474cc7533","block_type":"box","text":"an Employer-Sponsored Retirement Plan to a type of account, such as an individual retirement account, that is not an","page_number":21,"box":{"x":61,"y":60,"width":862,"height":12}},{"id":"e4d739e0-0cf0-4d89-aaf4-db1bc52c899d","block_type":"box","text":"eligible Class K Share investor in the Fund, you must liquidate your investment in Class K Shares of the Fund and","page_number":21,"box":{"x":61,"y":75,"width":833,"height":12}},{"id":"c95551cd-903d-4ff5-8ccf-c943975ab72a","block_type":"box","text":"purchase a share class of the Fund or another fund advised by BlackRock or its affiliates that is available for purchase","page_number":21,"box":{"x":62,"y":90,"width":871,"height":12}},{"id":"26f9e483-a876-447f-bf00-22a2b35e60d8","block_type":"box","text":"by that type of account.","page_number":21,"box":{"x":61,"y":105,"width":170,"height":11}},{"id":"9fc969b8-8a11-4a3d-ba0c-e2d516db8780","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored Retirement Plan, please see below for information","page_number":21,"box":{"x":62,"y":127,"width":873,"height":12}},{"id":"1f57ab57-bfda-40ab-933c-11aa7adf8900","block_type":"box","text":"on how to buy, sell, exchange and transfer shares.","page_number":21,"box":{"x":61,"y":142,"width":369,"height":12}},{"id":"3fda7550-b4d6-4b55-baf1-fbc908409824","block_type":"box","text":"Right of Accumulation","page_number":21,"box":{"x":61,"y":165,"width":183,"height":13}},{"id":"965eafbe-d3a4-4037-92c0-22c37f7d2d77","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be combined with the amount of the","page_number":21,"box":{"x":62,"y":182,"width":839,"height":11}},{"id":"bb526429-6c33-44dd-85ad-dc634c9544fb","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":21,"box":{"x":61,"y":196,"width":856,"height":12}},{"id":"578426cb-9839-43f3-a877-ffb863851071","block_type":"box","text":"i. The current value of an investor’s existing Investor A and A1, Investor C, Investor P, Institutional, Class K and","page_number":21,"box":{"x":82,"y":219,"width":821,"height":12}},{"id":"7c37e341-5182-46f5-9cbf-16cd6beafe2e","block_type":"box","text":"Premier Shares in most mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”),","page_number":21,"box":{"x":102,"y":234,"width":823,"height":11}},{"id":"903d1fe7-e4db-49bf-b984-be14872b0ee1","block_type":"box","text":"ii. The current value of an investor’s existing shares of certain unlisted closed-end management investment","page_number":21,"box":{"x":82,"y":256,"width":792,"height":12}},{"id":"20e00b57-0dbd-4d9e-9ee4-be904c496fe8","block_type":"box","text":"companies sponsored and advised by BlackRock or its affiliates and","page_number":21,"box":{"x":101,"y":271,"width":501,"height":12}},{"id":"b10d5fc7-20b2-467c-9c95-a02d64064594","block_type":"box","text":"iii. 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In order to use this right, the investor must alert BlackRock to the existence of","page_number":21,"box":{"x":62,"y":361,"width":854,"height":11}},{"id":"3d6931c0-647a-41f4-bdd1-a80811ae9fa0","block_type":"box","text":"any previously purchased shares.","page_number":21,"box":{"x":61,"y":376,"width":243,"height":11}},{"id":"dfe2efb5-49be-4b3f-8147-321d6832d291","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":21,"box":{"x":61,"y":415,"width":434,"height":13}},{"id":"8e8f2c04-d6a3-4c27-9477-85da3a790b37","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":441,"width":846,"height":11}},{"id":"feb9683b-e32d-42a6-a29b-1b00a9560936","block_type":"box","text":"Intermediary. If you are not purchasing shares through an Employer-Sponsored Retirement Plan, you may also buy, sell,","page_number":21,"box":{"x":62,"y":456,"width":874,"height":11}},{"id":"553361eb-a3ad-402a-8199-06ace2270b99","block_type":"box","text":"exchange and transfer shares through BlackRock if your account is held directly with BlackRock. To learn more about","page_number":21,"box":{"x":61,"y":470,"width":857,"height":12}},{"id":"257393c8-0bb7-418d-ba67-797baa8bc547","block_type":"box","text":"buying, selling, exchanging or transferring shares through BlackRock, call (800) 537-4942. 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Any existing account that is updated to reflect a non-U.S. address will also be","page_number":21,"box":{"x":62,"y":626,"width":857,"height":12}},{"id":"0f0e80b7-8993-4bfc-b4a1-32a70b82d7e1","block_type":"box","text":"restricted from making additional investments.","page_number":21,"box":{"x":61,"y":641,"width":341,"height":12}},{"id":"9e6773ad-edc2-4a12-9376-fd87156fdf18","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":21,"box":{"x":60,"y":664,"width":861,"height":11}},{"id":"1266a1d8-0ab7-459f-ad30-308f4a466135","block_type":"box","text":"for any shareholders and suspend and resume the sale of any share class of the Fund at any time for any reason. In","page_number":21,"box":{"x":60,"y":679,"width":856,"height":11}},{"id":"35a66e92-f44e-4414-84b8-f9fce592ec6d","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":21,"box":{"x":61,"y":693,"width":822,"height":12}},{"id":"aaa67a2c-6800-4fc7-a25e-87b9f6a8a17f","block_type":"box","text":"described below.","page_number":21,"box":{"x":61,"y":709,"width":121,"height":8}},{"id":"39cfbad9-cbce-4d30-a127-ac03a167fc8c","block_type":"box","text":"Under certain circumstances, if no activity occurs in an account within a time period specified by state law, a","page_number":21,"box":{"x":62,"y":731,"width":797,"height":11}},{"id":"d8509aaf-1167-4129-a96d-581e62b75116","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":21,"box":{"x":61,"y":746,"width":487,"height":11}},{"id":"06be3230-e30b-4d2e-9b9f-19dc8f426eba","block_type":"box","text":"How to Buy Shares","page_number":21,"box":{"x":61,"y":769,"width":156,"height":12}},{"id":"264ea470-232a-4b19-98a0-f130611e7c9f","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":21,"box":{"x":213,"y":791,"width":478,"height":9}},{"id":"209f28e9-a2c3-48f0-b8df-ccd4195902ad","block_type":"box","text":"Initial Purchase","page_number":21,"box":{"x":61,"y":808,"width":105,"height":8}},{"id":"7689e272-272a-44bd-a928-30af756ea99c","block_type":"box","text":"Determine the amount of","page_number":21,"box":{"x":214,"y":808,"width":166,"height":8}},{"id":"2d9ec606-06a7-40e9-b7c3-db51d350170f","block_type":"box","text":"your investment","page_number":21,"box":{"x":213,"y":822,"width":105,"height":10}},{"id":"ce264dec-7ff7-42a4-be2d-ebbdf48af863","block_type":"box","text":"There is no minimum initial investment for any Employer-Sponsored","page_number":21,"box":{"x":460,"y":808,"width":444,"height":10}},{"id":"a132c951-291e-4738-9158-a5ac13d7670b","block_type":"box","text":"Retirement Plans or any other investors other than Institutional","page_number":21,"box":{"x":461,"y":822,"width":415,"height":10}},{"id":"bdbb0d05-411a-4b03-b8e0-b1762038c065","block_type":"box","text":"Investors.","page_number":21,"box":{"x":461,"y":835,"width":63,"height":8}},{"id":"9c49b05e-de9a-41f3-948e-7890a5e5ffe8","block_type":"box","text":"For Institutional Investors, there is a $5 million minimum initial","page_number":21,"box":{"x":461,"y":850,"width":414,"height":11}},{"id":"1b32acd9-d7cd-4fc4-b564-c2c52d281661","block_type":"box","text":"investment for all accounts.","page_number":21,"box":{"x":461,"y":864,"width":181,"height":9}},{"id":"70989f20-8df6-45a8-921e-8e9c88a3b18e","block_type":"box","text":"21","page_number":21,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"6a9b1a4a-1bb5-4e3c-bbee-49bf10701ad4","block_type":"box","text":"NM1026U-5978620-21/40","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"71dad8a0-e50d-4856-bdd3-acb643a5d629","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":22,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"ea50ac86-7900-4655-82dc-d52145f88b58","block_type":"box","text":"Initial Purchase","page_number":22,"box":{"x":61,"y":67,"width":105,"height":8}},{"id":"901b406d-059a-47ec-aa6e-10a3988fba1b","block_type":"box","text":"(continued)","page_number":22,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"2eb463eb-4ef5-46ab-957d-d753e364391f","block_type":"box","text":"Have your Financial","page_number":22,"box":{"x":214,"y":67,"width":125,"height":10}},{"id":"88f98838-b6d2-4987-ae90-2dac7851c18c","block_type":"box","text":"Intermediary submit","page_number":22,"box":{"x":214,"y":81,"width":132,"height":10}},{"id":"fac76067-9738-43c3-96ac-ad0655e641da","block_type":"box","text":"your purchase order","page_number":22,"box":{"x":213,"y":94,"width":132,"height":11}},{"id":"d457e1ba-11fe-4a46-a9f3-0eb801495e4a","block_type":"box","text":"The price of your shares is based on the next calculation of the Fund’s","page_number":22,"box":{"x":460,"y":67,"width":466,"height":10}},{"id":"7bdf4600-d978-4f4a-badb-1d4bd8aef056","block_type":"box","text":"net asset value after your order is placed. 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These procedures may vary according to the type of account","page_number":23,"box":{"x":461,"y":404,"width":467,"height":11}},{"id":"2a4fa2e8-cb84-4897-b406-15642edfa6ac","block_type":"box","text":"and the Financial Intermediary involved, and customers should consult","page_number":23,"box":{"x":461,"y":418,"width":466,"height":10}},{"id":"3cc5ab37-1b5b-463c-9ae3-324a357355de","block_type":"box","text":"their Financial Intermediary in this regard. Financial Intermediaries are","page_number":23,"box":{"x":460,"y":432,"width":465,"height":10}},{"id":"e14943c3-237b-4b29-a337-64f701070974","block_type":"box","text":"responsible for transmitting redemption orders and crediting their","page_number":23,"box":{"x":461,"y":445,"width":432,"height":10}},{"id":"d89bda36-7851-4c2d-a455-a74a97e60583","block_type":"box","text":"customers’ accounts with redemption proceeds on a timely basis.","page_number":23,"box":{"x":461,"y":459,"width":434,"height":10}},{"id":"69265c32-59d5-4adb-829e-5e7c877e1097","block_type":"box","text":"Information relating to such redemption services and charges to","page_number":23,"box":{"x":461,"y":472,"width":424,"height":10}},{"id":"f28278b8-3313-4f87-995d-26c9e2c95793","block_type":"box","text":"process a redemption of shares, if any, should be obtained by","page_number":23,"box":{"x":461,"y":485,"width":409,"height":11}},{"id":"3296616f-8e9f-43f7-a209-ad3813f7dc0e","block_type":"box","text":"customers from their Financial Intermediaries.","page_number":23,"box":{"x":461,"y":499,"width":303,"height":8}},{"id":"e3aa2f5c-b962-4470-ba24-e36862fee7d9","block_type":"box","text":"If you did not purchase your shares through an Employer-Sponsored","page_number":23,"box":{"x":461,"y":515,"width":446,"height":11}},{"id":"f613d4dc-5baf-49ff-97d5-b21696c41549","block_type":"box","text":"Retirement Plan, you can make redemption requests through your","page_number":23,"box":{"x":461,"y":529,"width":434,"height":10}},{"id":"2dc31830-e593-483e-90f0-3f8d60819fe9","block_type":"box","text":"Financial Intermediary.","page_number":23,"box":{"x":461,"y":542,"width":147,"height":11}},{"id":"837fe9c9-d78f-46f9-aca1-6d9721aea42a","block_type":"box","text":"The price of Class K Shares is based on the next calculation of the","page_number":23,"box":{"x":460,"y":558,"width":442,"height":10}},{"id":"5f1cf153-4e1e-4e65-903e-893626351d5c","block_type":"box","text":"Fund’s net asset value after your order is placed. For your redemption","page_number":23,"box":{"x":461,"y":572,"width":460,"height":10}},{"id":"f7fdff22-5363-4299-b6d7-783130ad1ec1","block_type":"box","text":"request to be priced at the net asset value on the day of your request,","page_number":23,"box":{"x":461,"y":585,"width":463,"height":11}},{"id":"cc0b24ef-6d6e-4879-aec3-916fb97d1844","block_type":"box","text":"you must submit your request to your Financial Intermediary prior to","page_number":23,"box":{"x":460,"y":599,"width":448,"height":10}},{"id":"6d22fb92-1b1b-4615-8574-c3956eca1156","block_type":"box","text":"that day’s close of business on the NYSE (generally, 4:00 p.m. Eastern","page_number":23,"box":{"x":460,"y":612,"width":470,"height":11}},{"id":"22d82939-276e-488b-9b8a-947a32f47da3","block_type":"box","text":"time). Certain Financial Intermediaries, however, may require","page_number":23,"box":{"x":460,"y":626,"width":402,"height":10}},{"id":"ba6d1621-b932-44fc-9adf-d96baa13a5a4","block_type":"box","text":"submission of orders prior to that time. Any redemption request placed","page_number":23,"box":{"x":461,"y":640,"width":468,"height":10}},{"id":"501c35b7-93ff-4b87-8733-6975711e7636","block_type":"box","text":"after that time will be priced at the net asset value at the close of","page_number":23,"box":{"x":461,"y":653,"width":435,"height":10}},{"id":"87b9f47e-b4ed-452e-a16b-5f3ee4594cd3","block_type":"box","text":"business on the next business day.","page_number":23,"box":{"x":461,"y":667,"width":232,"height":10}},{"id":"bfd4eda3-dceb-4b17-9895-a7f349f29654","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":23,"box":{"x":461,"y":683,"width":437,"height":10}},{"id":"67940ba4-b79b-43a3-8ebc-c81aea2f979f","block_type":"box","text":"redemption proceeds (check or wire), your redemption proceeds","page_number":23,"box":{"x":461,"y":697,"width":421,"height":10}},{"id":"2e95aca1-a524-477c-995d-a783fa879797","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":23,"box":{"x":460,"y":710,"width":465,"height":10}},{"id":"3173eb30-090e-47fe-a48e-3a9125704d80","block_type":"box","text":"but in any event, within seven days.","page_number":23,"box":{"x":461,"y":724,"width":233,"height":10}},{"id":"1cdba1ee-00b6-48ce-b755-da68b03fe1cc","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":23,"box":{"x":461,"y":739,"width":415,"height":11}},{"id":"d4a94916-2cd3-4d44-b03e-22ede68e02ed","block_type":"box","text":"redemption of shares.","page_number":23,"box":{"x":461,"y":753,"width":144,"height":10}},{"id":"896e208c-f769-40ae-9db4-07bad0286975","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":23,"box":{"x":460,"y":769,"width":380,"height":10}},{"id":"c6b4001e-ff54-4d32-bee0-470b7ccbc5c6","block_type":"box","text":"circumstances.","page_number":23,"box":{"x":461,"y":783,"width":98,"height":8}},{"id":"79290a9e-c402-474b-9568-b7e2418d4516","block_type":"box","text":"Selling shares held","page_number":23,"box":{"x":214,"y":801,"width":125,"height":10}},{"id":"ad5201af-7db1-4b38-b3ff-4d38ef63f207","block_type":"box","text":"directly with BlackRock","page_number":23,"box":{"x":214,"y":814,"width":150,"height":11}},{"id":"3e7fa3ea-5f96-46f1-a743-9efd5dfe6c6e","block_type":"box","text":"Methods of Redeeming if You Did Not Purchase Your Shares Through","page_number":23,"box":{"x":461,"y":801,"width":462,"height":10}},{"id":"e814df50-0bbc-4213-a0ac-7d01e1b0a7db","block_type":"box","text":"an Employer-Sponsored Retirement Plan","page_number":23,"box":{"x":460,"y":814,"width":271,"height":10}},{"id":"f8c7c286-e949-427e-90b6-e1bc08722c4b","block_type":"box","text":"Redeem by Telephone","page_number":23,"box":{"x":461,"y":831,"width":146,"height":10}},{"id":"542da04f-d84b-4fe0-a459-ea94cc903387","block_type":"box","text":": You may sell shares held at BlackRock by","page_number":23,"box":{"x":609,"y":831,"width":282,"height":10}},{"id":"ab526f6e-bcfa-4c27-80ed-4236aecb6bf7","block_type":"box","text":"telephone request. Call (800) 537-4942 for details.","page_number":23,"box":{"x":460,"y":844,"width":341,"height":10}},{"id":"fc1200a1-45d4-4de3-b081-7a4e405be089","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":23,"box":{"x":460,"y":860,"width":468,"height":10}},{"id":"d871c256-477a-4ffe-8ad1-4791b802c399","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":23,"box":{"x":461,"y":874,"width":474,"height":10}},{"id":"820a7ce2-9310-4dcb-83cc-f930ff7f0e5e","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":23,"box":{"x":460,"y":887,"width":450,"height":10}},{"id":"1f6d7c9a-89f3-464b-a61b-27f10380f8ba","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":23,"box":{"x":461,"y":901,"width":450,"height":10}},{"id":"5a52149b-2d75-4491-998e-27740cff1cfa","block_type":"box","text":"23","page_number":23,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"0add2fe1-e5e3-4c3e-8ab5-d9cd36a1da5e","block_type":"box","text":"NM1026U-5978620-23/40","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7ded90c1-4baf-4853-a122-d008c40919aa","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":"a34ce01d-cda3-4bcf-8649-bb211b4d5f39","block_type":"box","text":"Full or Partial","page_number":24,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"d1268035-e92e-466a-a112-0491c9b4427e","block_type":"box","text":"Redemption of","page_number":24,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"35f06a7d-db41-4bc3-96d0-c8d9d2695420","block_type":"box","text":"Shares (continued)","page_number":24,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"3404287b-1ab9-4566-9942-2fb7e5566b6d","block_type":"box","text":"Selling shares held","page_number":24,"box":{"x":214,"y":67,"width":125,"height":11}},{"id":"979e1ed1-0169-4ea7-84a6-578476530532","block_type":"box","text":"directly with BlackRock","page_number":24,"box":{"x":214,"y":81,"width":150,"height":10}},{"id":"634e9d07-d863-43a6-9888-5e8f5230d599","block_type":"box","text":"(continued)","page_number":24,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"293e1fc3-7e7a-45bc-a2bd-51e96a95b34a","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":24,"box":{"x":460,"y":67,"width":445,"height":11}},{"id":"bf1436f5-63b3-4ede-8996-4c70a945a761","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":24,"box":{"x":461,"y":81,"width":463,"height":10}},{"id":"918913d1-d2af-4d4e-8176-2ecce216668a","block_type":"box","text":"believes it is advisable to do so.","page_number":24,"box":{"x":461,"y":94,"width":212,"height":9}},{"id":"3c244723-5c8b-4416-b320-ee315353c42f","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":24,"box":{"x":461,"y":110,"width":452,"height":11}},{"id":"e6dc4106-4742-4773-bee2-75502adb2365","block_type":"box","text":"redemptions may be difficult to complete. Please find below alternative","page_number":24,"box":{"x":461,"y":124,"width":470,"height":10}},{"id":"48a4f330-353a-4cf2-90b5-a922ff56c1c5","block_type":"box","text":"redemption methods.","page_number":24,"box":{"x":461,"y":138,"width":139,"height":10}},{"id":"78beb384-89af-438a-a552-c89a083d9408","block_type":"box","text":"Redeem by Internet:","page_number":24,"box":{"x":461,"y":154,"width":136,"height":10}},{"id":"cffe28c9-0218-4a78-a07e-a9a5a9a7c122","block_type":"box","text":"You may redeem in your account by logging onto","page_number":24,"box":{"x":603,"y":154,"width":317,"height":10}},{"id":"9ab0b743-55e8-4fbe-8d24-f6aeea9f7c30","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":24,"box":{"x":460,"y":167,"width":461,"height":8}},{"id":"735816b5-c5f3-49c0-8c23-3f123d428c6c","block_type":"box","text":"redemptions will be sent via wire to the bank account of record.","page_number":24,"box":{"x":461,"y":181,"width":419,"height":10}},{"id":"7bd12173-552d-44c4-b66b-8af9650d6e78","block_type":"box","text":"Redeem in Writing:","page_number":24,"box":{"x":461,"y":197,"width":127,"height":10}},{"id":"3d223adf-dfb8-4d1f-ad32-3a986f65c64f","block_type":"box","text":"Redemption requests may be sent in proper form","page_number":24,"box":{"x":595,"y":197,"width":324,"height":10}},{"id":"329ad51d-03e2-4992-a26f-e11987959ab8","block_type":"box","text":"to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429","page_number":24,"box":{"x":460,"y":210,"width":468,"height":11}},{"id":"eec4f50b-08d7-41ef-8035-b24e09fc4abd","block_type":"box","text":"or for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":24,"box":{"x":461,"y":224,"width":463,"height":10}},{"id":"97908b3e-29e6-4760-93c8-4aeb291ada13","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. Under certain circumstances, a","page_number":24,"box":{"x":461,"y":237,"width":463,"height":11}},{"id":"7c3230b2-42cd-46b1-b7d2-9e71ded941da","block_type":"box","text":"medallion signature guarantee will be required.","page_number":24,"box":{"x":461,"y":251,"width":308,"height":10}},{"id":"80cab992-a54d-462b-aab9-f74da4ab0c0a","block_type":"box","text":"Payment of Redemption Proceeds","page_number":24,"box":{"x":461,"y":267,"width":228,"height":10}},{"id":"b61e21e3-7660-4465-a128-307e1ddeffca","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":24,"box":{"x":461,"y":283,"width":467,"height":10}},{"id":"06a60ae0-6be8-4275-8ebd-bfbc4f6fc882","block_type":"box","text":"banking information on file, by wire transfer.","page_number":24,"box":{"x":461,"y":297,"width":289,"height":10}},{"id":"c1e6dcbf-f0a2-43da-96d8-1583f965cfe1","block_type":"box","text":"Payment by Check:","page_number":24,"box":{"x":461,"y":313,"width":129,"height":10}},{"id":"c3f09617-ef4e-4551-82e1-1d03e5a55f35","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":24,"box":{"x":597,"y":313,"width":329,"height":10}},{"id":"167a6f17-b796-4f3b-b00c-334cce9172d3","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":24,"box":{"x":460,"y":326,"width":430,"height":11}},{"id":"55e556c9-8163-41f7-89d3-118c182282f5","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":24,"box":{"x":461,"y":340,"width":460,"height":10}},{"id":"8482604f-8f08-4873-907c-070596dd662f","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":24,"box":{"x":461,"y":354,"width":468,"height":10}},{"id":"563c6852-e0b0-45b9-8aae-b8046f85974e","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":24,"box":{"x":461,"y":366,"width":467,"height":11}},{"id":"02bb18de-abd0-4050-93e9-98f139094870","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":24,"box":{"x":461,"y":380,"width":467,"height":11}},{"id":"0d9d1f33-ec10-4914-9dc1-779c0423d874","block_type":"box","text":"charges imposed by your bank for this service.","page_number":24,"box":{"x":461,"y":394,"width":307,"height":10}},{"id":"8e443403-76ea-455e-bcf0-90b17c9b5d41","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":24,"box":{"x":460,"y":410,"width":438,"height":11}},{"id":"9d42a992-f2e7-45da-a71f-b6a91379b0f4","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":24,"box":{"x":461,"y":424,"width":429,"height":10}},{"id":"7bdd3366-aa04-4702-80f0-841078f20465","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":24,"box":{"x":461,"y":437,"width":403,"height":10}},{"id":"5b025e9e-90e1-486e-8988-a91f5c797e9d","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":24,"box":{"x":461,"y":451,"width":467,"height":8}},{"id":"fc444cc6-38d7-45d2-ad06-a18e51794796","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":24,"box":{"x":460,"y":464,"width":456,"height":11}},{"id":"9d9dafa3-c7e4-4da9-ad20-02100e715bf6","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":24,"box":{"x":460,"y":478,"width":402,"height":10}},{"id":"3c4a3be3-4fd1-4f5b-905a-d2c8b0bea83b","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":24,"box":{"x":461,"y":491,"width":430,"height":11}},{"id":"c18a0455-a848-4d90-9ca8-24799d784329","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":505,"width":468,"height":10}},{"id":"dae459f7-2c07-433d-9c0f-adc10208bf12","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":24,"box":{"x":461,"y":519,"width":473,"height":8}},{"id":"60148c9d-b8ce-40eb-a4e3-0ccb4e93f51e","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":24,"box":{"x":461,"y":532,"width":456,"height":10}},{"id":"44810291-c70a-4347-b6de-1f065af2bc64","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":24,"box":{"x":461,"y":545,"width":461,"height":11}},{"id":"0fb88506-e799-4921-bf66-51eaf71da1e2","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":24,"box":{"x":460,"y":559,"width":469,"height":10}},{"id":"62a65d68-e126-4c2e-ab8d-a3ca4b536d22","block_type":"box","text":"as of the date of payment of the distribution.","page_number":24,"box":{"x":461,"y":573,"width":295,"height":10}},{"id":"089f63dc-0f63-4fd7-87e4-de0f53d23c98","block_type":"box","text":"Payment by Wire Transfer:","page_number":24,"box":{"x":461,"y":589,"width":177,"height":10}},{"id":"500ffe50-7674-4b10-951b-91a0b647eab6","block_type":"box","text":"Payment for redeemed shares for which a","page_number":24,"box":{"x":644,"y":589,"width":275,"height":10}},{"id":"83c2be0d-5b50-41b6-941c-1466b03c54dc","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":24,"box":{"x":461,"y":602,"width":437,"height":10}},{"id":"e2956abd-b959-44c6-b6db-9d6f9fd4072d","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":24,"box":{"x":461,"y":616,"width":471,"height":10}},{"id":"d4b01fbf-7114-4343-86e5-556411d09db5","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":24,"box":{"x":461,"y":629,"width":417,"height":11}},{"id":"5088b2b5-b2f4-4f90-b7c0-25eb2eebd6c7","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":24,"box":{"x":461,"y":643,"width":449,"height":10}},{"id":"c12284b2-4bfc-4716-b414-02bc07459f3b","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":656,"width":449,"height":11}},{"id":"a094064f-c3a1-405e-b473-45d475f0df5b","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":24,"box":{"x":461,"y":670,"width":433,"height":10}},{"id":"88b535b8-1d16-44a5-b6cc-0e7540931453","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":24,"box":{"x":461,"y":683,"width":449,"height":11}},{"id":"70be7e8c-7266-4711-a865-0740dc4f2371","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":24,"box":{"x":461,"y":697,"width":437,"height":10}},{"id":"fafa1c28-fd90-4fbf-ac8d-80055ebbb695","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":24,"box":{"x":461,"y":710,"width":469,"height":11}},{"id":"fbfdcc39-9921-426e-b720-b248d17d0df6","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":24,"box":{"x":459,"y":724,"width":448,"height":10}},{"id":"e983cb2a-49ee-4191-bab1-19509c383d76","block_type":"box","text":"Fund. Shares can be redeemed by Federal wire transfer to a single","page_number":24,"box":{"x":461,"y":738,"width":439,"height":10}},{"id":"962c3a82-381f-428f-919c-f9c64ee9a804","block_type":"box","text":"previously designated bank account. No charge for wiring redemption","page_number":24,"box":{"x":461,"y":751,"width":455,"height":11}},{"id":"7892a17b-74cc-4a1a-822a-8a3c52182ef7","block_type":"box","text":"payments with respect to Class K Shares is imposed by the Fund. You","page_number":24,"box":{"x":461,"y":765,"width":462,"height":10}},{"id":"ac02eb2c-e345-4cee-ae13-85f03fa0b248","block_type":"box","text":"are responsible for any additional charges imposed by your bank for","page_number":24,"box":{"x":461,"y":778,"width":448,"height":11}},{"id":"32760b03-ec42-49f3-bb8a-b5bfbf2fa97a","block_type":"box","text":"wire transfers.","page_number":24,"box":{"x":460,"y":792,"width":94,"height":8}},{"id":"99999a91-39c3-4157-96ed-9296c4ef215e","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":24,"box":{"x":460,"y":808,"width":425,"height":10}},{"id":"e84a4539-7315-4fc3-802f-ee586be5ff44","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":821,"width":455,"height":11}},{"id":"5e180924-369b-4552-bc08-a6f3e96454bf","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":24,"box":{"x":461,"y":835,"width":476,"height":10}},{"id":"cdd4c1ad-cb52-4b91-88ef-4dc539a3ee79","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":849,"width":455,"height":10}},{"id":"89d8af61-8dae-495c-ae3d-5df6df006433","block_type":"box","text":"the back cover of this prospectus.","page_number":24,"box":{"x":460,"y":862,"width":224,"height":10}},{"id":"5209849f-8f82-46a2-b3fc-f8fee533e9a3","block_type":"box","text":"***","page_number":24,"box":{"x":686,"y":878,"width":25,"height":5}},{"id":"cca0655b-f550-4109-9b16-120ca1275f24","block_type":"box","text":"24","page_number":24,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"868502d0-d0bc-4dff-82e2-2261d28cad62","block_type":"box","text":"NM1026U-5978620-24/40","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"912dc8e1-108e-4258-ae96-cf1a2a89ea58","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":"e3e495f0-cb8f-45d4-934c-458ea5b5e2a9","block_type":"box","text":"Full or Partial","page_number":25,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"d1915e55-8d8a-4d22-a734-b123f6ac4cf9","block_type":"box","text":"Redemption of","page_number":25,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"955758c2-f386-4096-9952-f48728409bec","block_type":"box","text":"Shares (continued)","page_number":25,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"69118813-0de4-4701-a603-c299febd23ff","block_type":"box","text":"Selling shares held","page_number":25,"box":{"x":214,"y":67,"width":125,"height":11}},{"id":"5bdcc7c9-314d-47ec-90b6-2396165b7caf","block_type":"box","text":"directly with BlackRock","page_number":25,"box":{"x":214,"y":81,"width":150,"height":10}},{"id":"26a4ea5b-d834-4fed-a80c-e49af917287c","block_type":"box","text":"(continued)","page_number":25,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"fd597ed2-095d-4d71-98bb-9490262cf85a","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":25,"box":{"x":461,"y":70,"width":423,"height":10}},{"id":"1445c21b-50e6-4bd1-ae71-37d5ee9782a4","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":25,"box":{"x":461,"y":83,"width":456,"height":11}},{"id":"be05f604-b2ea-44b5-b8de-d7a8bea29c0e","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":25,"box":{"x":461,"y":97,"width":352,"height":10}},{"id":"f392e80e-7b24-41bd-b203-6c20374a464a","block_type":"box","text":"Redemption","page_number":25,"box":{"x":61,"y":115,"width":80,"height":10}},{"id":"f1547f06-a1a0-4c23-aba1-1307186fbe88","block_type":"box","text":"Proceeds","page_number":25,"box":{"x":61,"y":127,"width":62,"height":8}},{"id":"3dce8d14-19fb-41a4-bd6c-baa2c7cb6d8c","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":25,"box":{"x":461,"y":118,"width":445,"height":10}},{"id":"492fe5c3-5a25-4e5d-8662-9a7e9252a525","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":25,"box":{"x":461,"y":131,"width":467,"height":10}},{"id":"4c7dec3b-6637-4ad2-a678-986e24877150","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":25,"box":{"x":461,"y":145,"width":455,"height":10}},{"id":"caf6d675-4031-4820-bba5-3eecc6476da3","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":25,"box":{"x":461,"y":158,"width":450,"height":10}},{"id":"07a52078-6f7a-41c4-b0c0-250d222bcdcf","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":25,"box":{"x":461,"y":172,"width":452,"height":10}},{"id":"b3449bd3-e35c-4154-b7af-9fbcfa6dafa8","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":25,"box":{"x":461,"y":185,"width":471,"height":10}},{"id":"6b9b8a32-739b-462f-bb8b-ad0c51cbfb68","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":25,"box":{"x":461,"y":199,"width":471,"height":10}},{"id":"89432f9f-d398-44b1-888e-2f333eec368a","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in kind to you. The","page_number":25,"box":{"x":461,"y":212,"width":454,"height":11}},{"id":"e190d4be-71a4-44c8-a79a-3b3874e495ee","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":25,"box":{"x":461,"y":226,"width":405,"height":8}},{"id":"16eceb82-f50a-4f35-8be5-21a4dde38cd3","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":25,"box":{"x":461,"y":242,"width":408,"height":10}},{"id":"08bd0ebe-1b65-4423-9429-b8ee84b6c720","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":25,"box":{"x":461,"y":255,"width":457,"height":11}},{"id":"5fc3b022-e23f-4465-8dc9-da95bf0ddeda","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":25,"box":{"x":460,"y":269,"width":440,"height":10}},{"id":"d5fa6c60-7439-4151-9d30-e693f286821d","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":25,"box":{"x":460,"y":282,"width":340,"height":11}},{"id":"6d93b314-f404-41cc-9448-0f4c4d80ce64","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":25,"box":{"x":61,"y":321,"width":415,"height":12}},{"id":"abf113c5-79d2-4d8b-82c0-175fac5d9847","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":25,"box":{"x":213,"y":343,"width":478,"height":9}},{"id":"8257ab69-2aac-409c-ada3-01f7dc08d17c","block_type":"box","text":"Exchange Privilege","page_number":25,"box":{"x":61,"y":360,"width":128,"height":10}},{"id":"154492ab-dc54-4635-b48f-702c7d6de2af","block_type":"box","text":"Selling shares of one BlackRock","page_number":25,"box":{"x":214,"y":360,"width":212,"height":10}},{"id":"6c63edf3-b124-45c6-8019-7c0e60aff15d","block_type":"box","text":"Fund to purchase shares of","page_number":25,"box":{"x":214,"y":373,"width":181,"height":10}},{"id":"72c79523-c6ff-40e6-956e-0b4b4fefc221","block_type":"box","text":"another BlackRock Fund","page_number":25,"box":{"x":214,"y":387,"width":158,"height":8}},{"id":"34eb0454-b7ad-4930-a90e-a4bf3201ccc5","block_type":"box","text":"(“exchanging”)","page_number":25,"box":{"x":214,"y":401,"width":95,"height":10}},{"id":"af7ec640-2372-4dbd-a036-36458310b35a","block_type":"box","text":"Class K Shares of the Fund are generally exchangeable for shares of","page_number":25,"box":{"x":461,"y":360,"width":454,"height":10}},{"id":"52e75850-724f-4d88-a7b4-0a8b6545daed","block_type":"box","text":"the same class of another BlackRock Fund, to the extent such shares","page_number":25,"box":{"x":460,"y":373,"width":461,"height":10}},{"id":"cb5eb41b-2c93-4c93-af12-48edac4c33f9","block_type":"box","text":"are offered by your Financial Intermediary. Investors who currently own","page_number":25,"box":{"x":461,"y":387,"width":465,"height":10}},{"id":"29e8664e-2e3f-41a5-abd5-e2dee7623fee","block_type":"box","text":"Class K Shares of the Fund may make exchanges into Class K Shares","page_number":25,"box":{"x":461,"y":400,"width":463,"height":11}},{"id":"73d4cb7d-d9e2-4b27-8445-86a9fef49bc4","block_type":"box","text":"of other BlackRock Funds except for investors holding shares through","page_number":25,"box":{"x":461,"y":414,"width":457,"height":10}},{"id":"4deb9b70-cff5-4356-ab77-1f30f254b109","block_type":"box","text":"certain client accounts at Financial Intermediaries that are omnibus","page_number":25,"box":{"x":461,"y":428,"width":447,"height":8}},{"id":"3d86dcf4-d82f-4cce-92fc-167aed5c1e84","block_type":"box","text":"with the Fund and do not meet applicable minimums. There is no","page_number":25,"box":{"x":460,"y":441,"width":429,"height":10}},{"id":"4034dee4-163b-4a5c-b135-710c4bbfbd40","block_type":"box","text":"required minimum amount with respect to exchanges of Class K","page_number":25,"box":{"x":461,"y":455,"width":423,"height":10}},{"id":"efa55c34-74ff-4b62-a440-f86ee52b9f2c","block_type":"box","text":"Shares. You may only exchange into Class K Shares of a BlackRock","page_number":25,"box":{"x":461,"y":468,"width":446,"height":11}},{"id":"1417a6cc-c0bd-41dd-8417-d1d8c917c6b2","block_type":"box","text":"Fund that is open to new investors or in which you have a current","page_number":25,"box":{"x":461,"y":482,"width":430,"height":10}},{"id":"69f2f351-b291-4009-9873-b54973a74140","block_type":"box","text":"account, if the BlackRock Fund is closed to new investors.","page_number":25,"box":{"x":461,"y":495,"width":383,"height":10}},{"id":"e7dd0337-3ddc-4d40-b1a0-20731bca3cd0","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":25,"box":{"x":460,"y":512,"width":435,"height":10}},{"id":"6e267ca4-43d9-4d6b-a653-78f7e3421e16","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":25,"box":{"x":461,"y":525,"width":406,"height":10}},{"id":"d8ec27a6-4a70-46fb-a6b4-9b7acd89bd76","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":538,"width":468,"height":11}},{"id":"84024a78-eb99-4798-83bf-b7d93bca597c","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":25,"box":{"x":461,"y":552,"width":455,"height":10}},{"id":"789a326a-276c-4c9d-a03e-fca62efb99a2","block_type":"box","text":"your account online at www.blackrock.com or (iii) send a written request","page_number":25,"box":{"x":460,"y":566,"width":475,"height":10}},{"id":"cfe9d5cd-6042-4ed5-97fc-e6c316e92121","block_type":"box","text":"to the Fund at the address on the back cover of this prospectus. Please","page_number":25,"box":{"x":460,"y":579,"width":475,"height":10}},{"id":"6f867459-804f-46f1-b20f-2f00ef0bcc79","block_type":"box","text":"note, if you indicated on your new account application that you did not","page_number":25,"box":{"x":461,"y":592,"width":462,"height":11}},{"id":"03f8b0c2-c62d-4fec-be8c-6dd200513e05","block_type":"box","text":"want the Telephone Exchange Privilege, you will not be able to place","page_number":25,"box":{"x":460,"y":606,"width":448,"height":10}},{"id":"bc59c31d-9e17-45c3-99c0-d611cfa5c19f","block_type":"box","text":"exchanges via the telephone until you update this option either in","page_number":25,"box":{"x":461,"y":620,"width":431,"height":10}},{"id":"aee3ab96-abbb-4230-b263-e935cc76c32f","block_type":"box","text":"writing or by calling (800) 537-4942. The Fund has the right to reject","page_number":25,"box":{"x":460,"y":633,"width":454,"height":11}},{"id":"6311e519-f96b-484b-8d44-b1bf5fe2b90d","block_type":"box","text":"any telephone request for any reason.","page_number":25,"box":{"x":461,"y":647,"width":249,"height":10}},{"id":"3360d82d-1205-4484-818a-61286930eff5","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":25,"box":{"x":460,"y":663,"width":450,"height":10}},{"id":"cde0be33-467c-4a51-b926-d4a561190078","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":25,"box":{"x":460,"y":676,"width":473,"height":11}},{"id":"8701a569-7051-4367-b06a-cc93d937fec8","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":25,"box":{"x":461,"y":690,"width":420,"height":10}},{"id":"0722cd0f-d18b-44ea-a690-b0a3eeeb3173","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":25,"box":{"x":461,"y":703,"width":439,"height":11}},{"id":"76dc8113-d929-43c5-b3fe-ecec3a68c8da","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":25,"box":{"x":461,"y":717,"width":460,"height":10}},{"id":"55cb76e0-7296-4855-8960-92f39d22f4a2","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":25,"box":{"x":461,"y":730,"width":430,"height":11}},{"id":"049a6e7a-fb77-471d-8747-fb14469461cc","block_type":"box","text":"income tax purposes a share exchange is a taxable event and a capital","page_number":25,"box":{"x":461,"y":744,"width":469,"height":10}},{"id":"670c5d01-bb22-4a26-9d17-41ff980db71e","block_type":"box","text":"gain or loss may be realized.","page_number":25,"box":{"x":460,"y":758,"width":188,"height":10}},{"id":"f7735a18-20a5-4a09-bd26-da5b979ce41b","block_type":"box","text":"Please consult your tax adviser or other Financial Intermediary before","page_number":25,"box":{"x":461,"y":774,"width":457,"height":10}},{"id":"83a92acb-ffb7-4eee-8605-a49f0be7f446","block_type":"box","text":"making an exchange request.","page_number":25,"box":{"x":461,"y":787,"width":192,"height":11}},{"id":"017770ca-4e45-4c19-933b-2e0d5c902d32","block_type":"box","text":"Transfer Shares to","page_number":25,"box":{"x":60,"y":805,"width":124,"height":9}},{"id":"6476de75-3898-4dff-87db-9a55d2e106e6","block_type":"box","text":"Another Financial","page_number":25,"box":{"x":60,"y":817,"width":118,"height":8}},{"id":"88d363d2-dfe3-4a20-a89c-975c9fe6a6d5","block_type":"box","text":"Intermediary","page_number":25,"box":{"x":61,"y":829,"width":85,"height":10}},{"id":"883a32af-ec9d-4717-aaba-03a6493fdb93","block_type":"box","text":"Transfer to a participating","page_number":25,"box":{"x":213,"y":805,"width":171,"height":11}},{"id":"f9165d85-7efa-49dc-b19c-20e3d6dad50d","block_type":"box","text":"Financial Intermediary","page_number":25,"box":{"x":214,"y":819,"width":145,"height":10}},{"id":"ecc0c1aa-c2c9-4734-b859-62e7b8ebdf3b","block_type":"box","text":"You may transfer your Class K Shares of the Fund only to another","page_number":25,"box":{"x":460,"y":805,"width":432,"height":11}},{"id":"3f8a5ca8-06f7-4736-8c9d-098be6b67814","block_type":"box","text":"Financial Intermediary that has entered into an agreement with the","page_number":25,"box":{"x":461,"y":819,"width":441,"height":10}},{"id":"f7baf866-cc53-4441-9222-5caddd87759b","block_type":"box","text":"Distributor. Certain shareholder services may not be available for the","page_number":25,"box":{"x":461,"y":832,"width":456,"height":11}},{"id":"9775c781-eaca-410f-a2d7-7bfe4f2eeaff","block_type":"box","text":"transferred shares. All future trading of these assets must be","page_number":25,"box":{"x":460,"y":846,"width":407,"height":10}},{"id":"913ebded-3668-4e96-b980-5a574a119901","block_type":"box","text":"coordinated by the receiving firm. Please contact your Financial","page_number":25,"box":{"x":461,"y":859,"width":415,"height":11}},{"id":"f1a58b4c-4885-4a33-97a2-80a1e93546f8","block_type":"box","text":"Intermediary to accomplish the transfer of your Class K Shares.","page_number":25,"box":{"x":461,"y":873,"width":420,"height":10}},{"id":"abba2161-c754-4eec-803b-804d48dacfa6","block_type":"box","text":"Transfer to a non-participating","page_number":25,"box":{"x":213,"y":891,"width":199,"height":10}},{"id":"4952e5e6-31b6-45bd-b7d4-4deb006cc967","block_type":"box","text":"Financial Intermediary","page_number":25,"box":{"x":214,"y":905,"width":145,"height":10}},{"id":"37e0a024-6d92-4996-ad83-a8f52c3ad4e0","block_type":"box","text":"You must either:","page_number":25,"box":{"x":460,"y":891,"width":107,"height":8}},{"id":"02b88f7c-79bf-4eee-b265-904b4fd34ec0","block_type":"box","text":"•","page_number":25,"box":{"x":464,"y":907,"width":3,"height":3}},{"id":"857e1d41-fbff-478a-a928-1800bac976ef","block_type":"box","text":"Transfer your Class K Shares to an account with the Fund; or","page_number":25,"box":{"x":470,"y":904,"width":402,"height":11}},{"id":"c462751f-b019-401b-bfc7-2c428d1562d1","block_type":"box","text":"25","page_number":25,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"e8f86564-c7d6-43ff-bf1a-535be9eecb27","block_type":"box","text":"NM1026U-5978620-25/40","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"311c66ce-2d4f-4e5e-a2cb-6ff1cdc01412","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":26,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"193a7edd-a410-416c-8e91-1775faa7970f","block_type":"box","text":"Transfer Shares to","page_number":26,"box":{"x":60,"y":67,"width":124,"height":8}},{"id":"d043bd93-ba94-4ce7-b087-82d9b6c1f626","block_type":"box","text":"Another Financial","page_number":26,"box":{"x":60,"y":81,"width":118,"height":8}},{"id":"6155c6a0-1962-4ad8-97b6-c20ae96ef5e7","block_type":"box","text":"Intermediary","page_number":26,"box":{"x":61,"y":94,"width":85,"height":10}},{"id":"87f8baf9-8a00-415e-a150-8aa6229c259c","block_type":"box","text":"(continued)","page_number":26,"box":{"x":61,"y":108,"width":76,"height":10}},{"id":"9a364312-03e6-434c-8354-481b57a74fe5","block_type":"box","text":"Transfer to a non-participating","page_number":26,"box":{"x":213,"y":67,"width":199,"height":11}},{"id":"650a3f15-8b38-469c-9e61-b006eebfdf21","block_type":"box","text":"Financial Intermediary","page_number":26,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"b78d6a5a-0e20-4834-8c79-6e443ec89cb8","block_type":"box","text":"(continued)","page_number":26,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"27876a74-823b-4154-99a6-b170e2cb1292","block_type":"box","text":"•","page_number":26,"box":{"x":464,"y":70,"width":3,"height":3}},{"id":"a344fd45-c720-4167-9988-9c92769a354e","block_type":"box","text":"Sell your Class K Shares.","page_number":26,"box":{"x":471,"y":67,"width":166,"height":10}},{"id":"cdcf6bcc-b465-4380-b64f-721d2490e641","block_type":"box","text":"Please contact your Financial Intermediary to accomplish the transfer of","page_number":26,"box":{"x":461,"y":83,"width":475,"height":11}},{"id":"70bae5af-2fd5-4c52-976c-a2d71edced0d","block_type":"box","text":"your Class K Shares.","page_number":26,"box":{"x":460,"y":97,"width":137,"height":10}},{"id":"fc378614-8296-4ad7-817f-8fd4ef9c585f","block_type":"box","text":"Additional Purchase and Redemption Information Applicable to the Fund if You Are Not Purchasing","page_number":26,"box":{"x":60,"y":132,"width":815,"height":13}},{"id":"3d1deadc-d24d-4ddb-bcf6-bfb6f82e9ef2","block_type":"box","text":"Shares Through an Employer-Sponsored Retirement Plan","page_number":26,"box":{"x":60,"y":149,"width":467,"height":13}},{"id":"e00ccc75-349e-43ea-8c0e-58a5b92eca2d","block_type":"box","text":"If you are not purchasing shares through an Employer-Sponsored Retirement Plan, the Fund may authorize one or more","page_number":26,"box":{"x":62,"y":171,"width":872,"height":11}},{"id":"7ab53d1d-5f38-45a0-8a89-f36444c7beae","block_type":"box","text":"banks, savings and loan associations and other financial institutions (each a “Service Organization”) to accept","page_number":26,"box":{"x":61,"y":185,"width":814,"height":12}},{"id":"47b57af6-d93e-4a4c-b30b-bebbf3014e49","block_type":"box","text":"purchase and redemption orders on its behalf. Such Service Organizations may be authorized to designate other","page_number":26,"box":{"x":62,"y":200,"width":826,"height":12}},{"id":"29cb7538-b28f-40fe-b778-0ccb1c77ca48","block_type":"box","text":"intermediaries to accept purchase and redemption orders on the Fund’s behalf. If you purchase or redeem shares","page_number":26,"box":{"x":62,"y":215,"width":836,"height":12}},{"id":"2910281b-42ef-4325-9c88-ccf2517d2083","block_type":"box","text":"through a Service Organization or its designee, that entity may have its own deadlines for the receipt of the purchase","page_number":26,"box":{"x":60,"y":230,"width":861,"height":12}},{"id":"9c423cfe-9115-4ae2-8c30-95465fc7168b","block_type":"box","text":"or redemption order that may be earlier than those stated in the prospectus. The Fund will be deemed to have received","page_number":26,"box":{"x":61,"y":245,"width":875,"height":11}},{"id":"cb5400df-53ff-40ec-9141-cbf5ea0b364a","block_type":"box","text":"a purchase or redemption order when a Service Organization or, if applicable, that Service Organization’s authorized","page_number":26,"box":{"x":61,"y":260,"width":853,"height":11}},{"id":"3cba3048-85bb-4ee6-8901-ac10a177effe","block_type":"box","text":"designee, accepts the order. These orders will be priced at the Fund’s net asset value per share next calculated after","page_number":26,"box":{"x":61,"y":274,"width":862,"height":12}},{"id":"a97e0081-6984-4ae8-8470-1b0c1a817c9d","block_type":"box","text":"they are so accepted.","page_number":26,"box":{"x":60,"y":290,"width":158,"height":11}},{"id":"a961f241-72ac-42a3-bb0a-0147b1ab889e","block_type":"box","text":"Fund’s Rights","page_number":26,"box":{"x":61,"y":328,"width":124,"height":14}},{"id":"9db5ea94-b4a1-4a13-b4f9-6b337539fad4","block_type":"box","text":"The Fund may:","page_number":26,"box":{"x":60,"y":355,"width":106,"height":11}},{"id":"2b4fae3e-bde0-42cd-b7b4-686001de2c91","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":374,"width":840,"height":12}},{"id":"03313a56-82ea-43b8-8f01-5adba5e17d22","block_type":"box","text":"described in the Investment Company Act;","page_number":26,"box":{"x":81,"y":389,"width":308,"height":12}},{"id":"e4390eb1-644a-4910-ad59-ce97e5031ba9","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":409,"width":789,"height":12}},{"id":"48da306a-0b21-4e7d-94c2-0595195c60c3","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":424,"width":850,"height":12}},{"id":"a776681b-3f3a-4821-8b8f-2652903a7fbe","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":26,"box":{"x":82,"y":439,"width":368,"height":11}},{"id":"baf42eab-d898-4b7f-8655-3f0b40d27be3","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":459,"width":781,"height":11}},{"id":"8bf9fb59-eff7-4275-8e0f-08e6c9a59ae7","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":479,"width":798,"height":11}},{"id":"d691f1ad-6707-4759-a7ca-38c45ca8ed74","block_type":"box","text":"specified level.","page_number":26,"box":{"x":81,"y":494,"width":108,"height":11}},{"id":"8df2df4a-26b4-420a-8ae3-016d09676cad","block_type":"box","text":"Note on Low Balance Accounts.","page_number":26,"box":{"x":61,"y":516,"width":239,"height":9}},{"id":"39c598b4-4e9d-4818-aa5b-c850b4ed6389","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":26,"box":{"x":307,"y":516,"width":600,"height":12}},{"id":"413b9d65-9333-4207-8f54-545c954e21ba","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":530,"width":846,"height":12}},{"id":"fb141db1-10e5-4e99-87b6-01c9097aacfb","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":545,"width":872,"height":12}},{"id":"a40b02b7-695b-4438-b2b4-c7ee1a49fd95","block_type":"box","text":"reason, including market fluctuation.","page_number":26,"box":{"x":61,"y":561,"width":267,"height":11}},{"id":"586b8e59-947a-495e-ab03-883c5d352ce7","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":583,"width":799,"height":12}},{"id":"ac4c52fa-8634-44b7-9d61-0a22ad0ab49a","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":598,"width":796,"height":11}},{"id":"41215c86-3c06-4e1e-b57e-bc4e9a22193d","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":612,"width":800,"height":12}},{"id":"a9141ce8-91a3-48e1-aac6-c5e993c01ef8","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":628,"width":859,"height":11}},{"id":"af5a0f46-2e41-48a6-8628-ecd284c06f72","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":642,"width":868,"height":12}},{"id":"f7852954-93f8-4402-a9e2-e4e5668516ce","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":26,"box":{"x":61,"y":657,"width":420,"height":12}},{"id":"f3fc28b0-4e62-4309-98f3-a92cdf12c12d","block_type":"box","text":"Short-Term Trading Policy","page_number":26,"box":{"x":61,"y":696,"width":232,"height":14}},{"id":"62b3e025-60f4-4dbf-a92f-f4bb00fcb2ac","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":722,"width":790,"height":12}},{"id":"be122d27-d03a-4459-85a6-fd6a26d2f0a9","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":737,"width":853,"height":12}},{"id":"88737c3a-5d41-42e8-b807-a2bd762fd069","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":752,"width":863,"height":12}},{"id":"14eba08a-aadf-404e-8e94-c237b689586c","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":767,"width":828,"height":11}},{"id":"4e27c776-1ce4-4761-a344-b6e88aa4879c","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":782,"width":826,"height":11}},{"id":"5df9ae47-0e7e-4d74-9a1e-bdae6bdc3dc8","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":797,"width":864,"height":11}},{"id":"e44f7456-88f6-4c99-a329-c57dbab48220","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":811,"width":776,"height":12}},{"id":"210e0c8d-3dc6-4942-9ece-1378a8e68f08","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":826,"width":796,"height":12}},{"id":"9fc945cb-df83-481c-b013-377cef302bbd","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":841,"width":831,"height":12}},{"id":"8ac2c563-9077-4efd-b32f-9b6dcc5bb4a8","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":856,"width":811,"height":11}},{"id":"97535336-618f-4178-990b-e6624dcc7e28","block_type":"box","text":"brokerage commissions, can reduce the Fund’s performance.","page_number":26,"box":{"x":61,"y":871,"width":451,"height":11}},{"id":"247acb41-fadc-4cea-800e-11b22a97e8eb","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":893,"width":873,"height":12}},{"id":"4bc1cb1d-bdf7-4cba-9aeb-719214488f8a","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":908,"width":872,"height":12}},{"id":"6926d22b-cc03-482a-b913-abfea8de48b0","block_type":"box","text":"26","page_number":26,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"c354a7c4-0fa9-415b-9f37-9fb775473eff","block_type":"box","text":"NM1026U-5978620-26/40","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7f8015bf-0738-452b-907b-823ee952ce35","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":27,"box":{"x":61,"y":46,"width":865,"height":11}},{"id":"002ab21d-26e4-4ea0-83ba-3b0b20f86021","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":27,"box":{"x":61,"y":60,"width":817,"height":12}},{"id":"07d6a29a-802a-4a94-9537-f7a2465c1671","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":27,"box":{"x":61,"y":75,"width":818,"height":12}},{"id":"a3bcd51e-8fbc-4264-bb89-33101a084350","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":27,"box":{"x":60,"y":90,"width":865,"height":12}},{"id":"1193fc0d-ce4a-45cd-8e90-ca5e4fae06df","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":27,"box":{"x":61,"y":105,"width":829,"height":12}},{"id":"3e359c9e-431c-41e1-8028-39a74ab061d2","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":27,"box":{"x":62,"y":120,"width":671,"height":11}},{"id":"28f7de95-b98f-4c55-adea-b1919dca0d77","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":27,"box":{"x":60,"y":142,"width":869,"height":12}},{"id":"ea6d3ffa-381c-4db5-9c4e-b8655c9af03b","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":27,"box":{"x":60,"y":157,"width":839,"height":12}},{"id":"ce18a769-7aec-4561-a50f-dc613e566ff3","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":27,"box":{"x":61,"y":172,"width":869,"height":12}},{"id":"aa8c8f30-22b9-429b-9d6b-f726c04f6842","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":27,"box":{"x":61,"y":187,"width":870,"height":11}},{"id":"4512cace-b07f-4d1d-b548-4b859f35641e","block_type":"box","text":"Fund or its shareholders.","page_number":27,"box":{"x":62,"y":202,"width":181,"height":9}},{"id":"ff3c5d0c-c25e-4af2-a557-80b5281ebac0","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":27,"box":{"x":62,"y":224,"width":796,"height":12}},{"id":"9374f442-5a5b-461c-ad0e-23a9b3de8398","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":27,"box":{"x":61,"y":239,"width":860,"height":12}},{"id":"6771ac0a-f38d-4d11-9d4a-d2f760915446","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":27,"box":{"x":62,"y":254,"width":871,"height":11}},{"id":"01160ef0-c118-499f-8537-427f6a550a00","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":27,"box":{"x":62,"y":269,"width":858,"height":11}},{"id":"ecbbd631-d98b-457f-bec1-cf1da4ecd94a","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":27,"box":{"x":61,"y":283,"width":866,"height":12}},{"id":"1393b381-b411-4b32-8dc9-17b93e174707","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. 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Certain accounts, such as omnibus accounts and","page_number":27,"box":{"x":61,"y":328,"width":849,"height":11}},{"id":"1c9a470f-6838-41f8-9b86-922d1b6e7660","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":27,"box":{"x":61,"y":343,"width":866,"height":11}},{"id":"03fec1a7-421d-4271-9147-2a92b9ef0552","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":27,"box":{"x":60,"y":358,"width":806,"height":11}},{"id":"8c4ce2a4-261c-4227-adee-f5d6aba45ac3","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":372,"width":804,"height":12}},{"id":"5a4e3636-04d9-4fa0-8e9d-f9055a655aeb","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":387,"width":849,"height":12}},{"id":"ad7d7b97-e44e-45ae-ad10-ee18bcb3e25f","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":402,"width":875,"height":12}},{"id":"bae78cfb-f7e2-4318-b054-0ed449a9ae7a","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":417,"width":869,"height":11}},{"id":"30d83c2a-ddd0-4e14-953c-5cccec62386e","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":432,"width":845,"height":11}},{"id":"e734335a-9a07-4f63-9797-191a4fe1e6d0","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":447,"width":868,"height":11}},{"id":"d0116022-2c09-4aeb-9340-5634b3c63b60","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":462,"width":861,"height":11}},{"id":"6efd1091-8b94-47ec-9d1f-5db291d638e5","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":476,"width":868,"height":12}},{"id":"2f62bb72-7f3f-44f2-af1a-d0fa5245806a","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":491,"width":847,"height":12}},{"id":"89c6d0b6-31bf-487f-aed0-6c8e21199175","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":506,"width":837,"height":11}},{"id":"2c0d04be-a42c-4a44-b8b9-fd72d5788740","block_type":"box","text":"suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":27,"box":{"x":61,"y":521,"width":663,"height":11}},{"id":"aac2975f-e97d-435f-b4d6-82a3c0115fd4","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":544,"width":824,"height":11}},{"id":"76353afa-6c7f-40ed-a4a6-24324317a17a","block_type":"box","text":"deemed abusive.","page_number":27,"box":{"x":61,"y":558,"width":123,"height":9}},{"id":"4aac63d4-4bc3-41e9-bb8f-f9c19f89f3a3","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":581,"width":841,"height":11}},{"id":"7191c0b1-00b8-464b-a58d-cd8f9b01fff2","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":27,"box":{"x":60,"y":596,"width":572,"height":11}},{"id":"c7541518-b5f1-472a-97a8-dff064ea11f7","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"99f18845-c6b6-4f5d-85cc-8f8dd5ba92d8","block_type":"box","text":"NM1026U-5978620-27/40","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"45fb6368-eb3b-4ef0-ab59-885ea912eb9a","block_type":"box","text":"Management of the Fund","page_number":28,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"1a70ca99-49db-4af9-a587-314b8380696a","block_type":"box","text":"BlackRock","page_number":28,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"3dccb9ca-c4fc-4071-b2f8-8d386f9b5adf","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":"7be8fc2a-2b7e-4082-8b4e-57182318de3d","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":"9127d90f-662c-490f-91bb-e4d24d9eb0a0","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":"a3cbac50-1ecd-4c89-b246-8c7df1a03298","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":"3e802074-2d57-410f-924b-f10b5236fd61","block_type":"box","text":"BlackRock, Inc.","page_number":28,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"77a1ce24-af19-47fe-9b1f-cb9e1bed6754","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":"92aa6568-de7e-487e-9e81-e64ef893f160","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":"749ba0e8-bf23-4956-a645-5caba2535d5f","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":"11ea7f5b-6906-4754-bc47-9dde467185e0","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":"23ebd690-b87b-4dcf-992f-6a0d0b4d426c","block_type":"box","text":"Agreement”). Pursuant to the Management Agreement, BlackRock is entitled to fees computed daily and payable","page_number":28,"box":{"x":60,"y":331,"width":829,"height":12}},{"id":"4f7e5189-d392-40da-9106-9000f4b1b063","block_type":"box","text":"monthly.","page_number":28,"box":{"x":61,"y":346,"width":59,"height":11}},{"id":"78994c1c-33f2-41b2-a1e0-52b734a726d3","block_type":"box","text":"The maximum annual management fees that can be paid to BlackRock (as a percentage of average daily net assets)","page_number":28,"box":{"x":60,"y":369,"width":856,"height":11}},{"id":"b5b9dc98-946c-4984-8fb2-c590ece65a47","block_type":"box","text":"are calculated as follows:","page_number":28,"box":{"x":61,"y":383,"width":185,"height":10}},{"id":"cfcb9256-0b91-4789-aa45-3136a22789b4","block_type":"box","text":"Average Daily Net Assets","page_number":28,"box":{"x":69,"y":422,"width":151,"height":9}},{"id":"465fb81f-7d55-4eb5-8dcd-2628428003bf","block_type":"box","text":"Rate of","page_number":28,"box":{"x":844,"y":412,"width":43,"height":7}},{"id":"9812d054-300f-4a98-b2ea-3cb7ee4fb0c4","block_type":"box","text":"Management Fee","page_number":28,"box":{"x":813,"y":422,"width":104,"height":9}},{"id":"eca300af-0fe3-4beb-b35a-b58bd8f3afc0","block_type":"box","text":"First $1 billion","page_number":28,"box":{"x":70,"y":439,"width":92,"height":9}},{"id":"75f2b13a-75d3-42f6-9746-4ad23329bdd6","block_type":"box","text":"0.750%","page_number":28,"box":{"x":845,"y":439,"width":50,"height":8}},{"id":"5aaede23-541d-40e1-896e-4093545ea805","block_type":"box","text":"$1 billion – $2 billion","page_number":28,"box":{"x":70,"y":457,"width":138,"height":9}},{"id":"d467dc62-f9b0-41f0-974d-353d1549b620","block_type":"box","text":"0.700%","page_number":28,"box":{"x":845,"y":457,"width":50,"height":8}},{"id":"285fe6ec-09ce-4452-ac9e-7b29dfd5c31e","block_type":"box","text":"$2 billion – $3 billion","page_number":28,"box":{"x":70,"y":475,"width":138,"height":9}},{"id":"7fce2a36-3d9a-40be-b2ae-eb10b626caa2","block_type":"box","text":"0.675%","page_number":28,"box":{"x":845,"y":475,"width":50,"height":8}},{"id":"03db5c81-0adc-422f-a1b1-9d307a60dabf","block_type":"box","text":"$3 billion – $10 billion","page_number":28,"box":{"x":70,"y":493,"width":147,"height":9}},{"id":"1b6b2e3c-3918-4718-ac37-ecb0b163e348","block_type":"box","text":"0.650%","page_number":28,"box":{"x":845,"y":493,"width":50,"height":9}},{"id":"4896d1f2-c86b-4470-8a9e-decf8f236358","block_type":"box","text":"Greater than $10 billion","page_number":28,"box":{"x":69,"y":511,"width":157,"height":9}},{"id":"23fd96cc-8e05-434a-827a-d77086074f28","block_type":"box","text":"0.640%","page_number":28,"box":{"x":845,"y":511,"width":50,"height":9}},{"id":"36f4e623-85b2-4828-ab40-fe0b35200f16","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets","page_number":28,"box":{"x":62,"y":543,"width":840,"height":12}},{"id":"11abb76d-5d5f-4a01-8bcb-a2dd53088cfc","block_type":"box","text":"estimated to be attributable to investments in other equity and fixed-income mutual funds and ETFs managed by","page_number":28,"box":{"x":61,"y":558,"width":824,"height":12}},{"id":"820c411e-07e3-4234-b1dd-0b8f3924b6bf","block_type":"box","text":"BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition, BlackRock","page_number":28,"box":{"x":62,"y":573,"width":843,"height":11}},{"id":"fca14f7b-0898-4fa4-a492-bc1422d5821b","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":"62565b2d-8dc6-4048-a230-41d147c621f6","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":"c4ed3a52-a4a2-40dc-901c-8787bd6bef7f","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":"b41196c9-d372-49ea-9225-de42aaebb72a","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":"2017b2d4-43e6-470c-80a8-daf01fd5b4f8","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":"0e018d53-b8a8-4816-85ae-faec45a61a50","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":"b8292a60-d8ec-4fbf-9e7b-1df2eb946b62","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":"2c687c19-b858-4dc5-9e01-1cecdd19f514","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":"bfd56c0e-b8c3-4189-a07d-3d1de5526ca8","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":"f4c04162-fc2c-420c-9188-1dedb7c81467","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":"ea5af69a-69f8-4b7a-94ee-89eea51b88aa","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":"af2c01ee-563e-4267-b6f8-67d5e92ce7e7","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":"55301732-99ea-49da-b733-a7873e45ca18","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":"c8e8658c-2443-472f-87fd-0b1ce7f2ecd9","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":"1926b4b8-eff1-40c1-84ee-6640df032dcb","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":"047e4033-5165-4967-9715-ecb76959740b","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"161c8bf2-5ea7-4bde-8eee-714d7e87e5dc","block_type":"box","text":"NM1026U-5978620-28/40","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ea0d01ac-ec61-48f6-8a51-ba16114334ec","block_type":"box","text":"Portfolio Manager Information","page_number":29,"box":{"x":61,"y":46,"width":272,"height":14}},{"id":"5a09982a-d3cf-46fc-91f4-3afd892a95d4","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":"de865d57-282e-4d76-ba13-6ebf16faceb1","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":"a1e035a1-7b6b-40a7-bd32-c3f1c9a54f36","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":"deed1b8a-0507-4151-9fc4-a2f1f93d3f2b","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":"c222ba81-44f3-468c-8e39-724166d6ab8b","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":"2543a06e-c8fd-4a5a-9435-a42350e414c4","block_type":"box","text":"day management of the Fund’s","page_number":29,"box":{"x":252,"y":161,"width":204,"height":11}},{"id":"295a96e3-ca20-4480-9fb0-c8c2dd394f3f","block_type":"box","text":"portfolio, including setting the Fund’s","page_number":29,"box":{"x":253,"y":175,"width":245,"height":10}},{"id":"e989913b-5e36-4466-a978-0f954ad5b96f","block_type":"box","text":"overall investment strategy and","page_number":29,"box":{"x":252,"y":189,"width":206,"height":10}},{"id":"992575aa-024c-4d55-83fa-fcf39376bcc2","block_type":"box","text":"overseeing the management of the","page_number":29,"box":{"x":252,"y":202,"width":230,"height":10}},{"id":"5b890763-c3ff-43b3-b005-7a6d90efee15","block_type":"box","text":"Fund.","page_number":29,"box":{"x":253,"y":216,"width":34,"height":8}},{"id":"997c2dde-4f0d-4182-bf45-f5c3a1d68e64","block_type":"box","text":"2003 Managing Director of BlackRock, Inc. since","page_number":29,"box":{"x":545,"y":148,"width":352,"height":10}},{"id":"f2ce4a66-7c22-4218-88d9-973cce3ced72","block_type":"box","text":"2006.","page_number":29,"box":{"x":615,"y":161,"width":39,"height":9}},{"id":"c3ad3a4e-626a-4826-9025-a48dfccf62f3","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":"4f505ca5-975a-4465-8e15-37cdb86518b8","block_type":"box","text":"the day-to-day management of the","page_number":29,"box":{"x":252,"y":247,"width":223,"height":10}},{"id":"a54ced1d-8440-43ae-9f48-1ae8c6737b99","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":29,"box":{"x":253,"y":261,"width":245,"height":10}},{"id":"ef946230-d6c0-4b17-b2ea-9c67fdbcfa18","block_type":"box","text":"Fund’s overall investment strategy","page_number":29,"box":{"x":253,"y":274,"width":225,"height":10}},{"id":"7ec84aa1-b432-48bf-bb61-7c145ac21c37","block_type":"box","text":"and overseeing the management of","page_number":29,"box":{"x":253,"y":288,"width":233,"height":10}},{"id":"65b7ba4a-f268-424e-a3a7-edb9c9f76bde","block_type":"box","text":"the Fund.","page_number":29,"box":{"x":252,"y":301,"width":60,"height":8}},{"id":"8e211b50-66f1-4820-b4d0-6ee013798cd9","block_type":"box","text":"2020 Managing Director of BlackRock, Inc. since","page_number":29,"box":{"x":545,"y":233,"width":352,"height":11}},{"id":"aced52e7-0946-4eac-97b4-e81f09bfb4bd","block_type":"box","text":"2022.","page_number":29,"box":{"x":615,"y":247,"width":39,"height":8}},{"id":"7a91f950-5e8d-4a7b-92eb-11d56d6b85a7","block_type":"box","text":"Conflicts of Interest","page_number":29,"box":{"x":61,"y":342,"width":181,"height":11}},{"id":"cce8a018-c700-4414-8802-1b9ea5cbfd3b","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":"1f449177-c698-426b-90b1-8966330cad9a","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":"7dfe0bbc-399c-4688-8f83-6f6770a6583c","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":"045d6077-4827-4e81-a391-e57776f8753e","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":"178613ea-adfc-462f-99c6-5c3c48919ff6","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":"c07e5f7b-39b7-4020-a423-e8af66313541","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":"55608a00-03e7-479e-99c6-9a959aa50d74","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":"ca99fb4c-74c5-4208-90c9-b9bcf850a22c","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":"1676c1c3-17e4-4ff9-ac73-228bc2e44dee","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":"2156fa2f-215f-47f9-942e-5984750bb4ef","block_type":"box","text":"indirectly invest.","page_number":29,"box":{"x":62,"y":509,"width":116,"height":12}},{"id":"b9f39a75-e54e-4253-8d24-1b856365ef41","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":"322c6f68-8ef3-476f-a33a-4442d76b4f0f","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":"760cfc25-0154-4c70-b602-0d5ef11b27ea","block_type":"box","text":"similar types of securities, currencies and other assets as are held by the Fund. 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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":"fb98575b-3592-491f-bae5-4f9bb7536723","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":"c992ee22-50d6-439a-a09d-ee03ac61ef04","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":"bf5ede5e-1baf-4cc4-9547-76cace12a032","block_type":"box","text":"significant debt or equity investments or other interests. 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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":"602facdc-67bf-498e-a132-870e87b2127e","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":"6a54cce3-9aee-43cd-8b36-d93f6d5ffb28","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":"3e8808cf-5edd-435a-9927-54decd45218b","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":"37710cb2-c980-4474-a256-ec0e996cc67c","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":"421cbabf-90be-45a1-b8ce-9054dccfdaf9","block_type":"box","text":"Valuation of Fund Investments","page_number":30,"box":{"x":63,"y":367,"width":271,"height":11}},{"id":"c7b24567-dbf2-4592-951e-24a84ba725b6","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":"482b513c-a59c-465d-9bad-5c5e0b1a7c82","block_type":"box","text":"asset value, minus any applicable redemption fee. 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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":"f8b9f401-1d64-4206-88bd-44bd46b2864e","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":"9fa37eb8-78d5-457f-be11-9f4bdaaa2df0","block_type":"box","text":"rounded to the nearest cent.","page_number":30,"box":{"x":61,"y":527,"width":209,"height":9}},{"id":"6e18671f-a238-4367-8682-d3e8dda8a5cd","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":"a26701a6-4605-440a-9aab-00e6535bcd00","block_type":"box","text":"valuation policies and procedures. 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The","page_number":30,"box":{"x":61,"y":788,"width":822,"height":11}},{"id":"b5f3920f-2d25-4462-a19a-8cc1bb4a94c7","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":"d50fd9c5-77a7-4d25-bde8-545e9012912e","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":"404e2520-96b6-43ca-871f-1e38834dbb74","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":"14da7ee5-8553-46ef-99a1-e6e4e3faad16","block_type":"box","text":"regular trading hours of the NYSE. 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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":"fa3df309-fc85-4014-94c7-cac80a204df0","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":"554ccf47-6686-4e37-b6e9-9d5b93d1aa69","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":"302d6ee5-3dd5-43aa-8bab-2a9e4835fbbc","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":"b471b6ce-1cee-4bd3-981d-d39650cc8b48","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":"edcc6f1a-7dba-4d84-8d10-469163f198b4","block_type":"box","text":"net asset value next computed by the Fund after such acceptance. If the payment for a purchase order is not made by","page_number":31,"box":{"x":61,"y":380,"width":868,"height":12}},{"id":"e52f9988-09a4-431e-b170-f135251a17d6","block_type":"box","text":"a designated later time, the order will be canceled and the Financial Intermediary could be held liable for any losses.","page_number":31,"box":{"x":61,"y":395,"width":856,"height":12}},{"id":"903c74d7-b888-4e15-b61f-f1e5c0116110","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":31,"box":{"x":61,"y":434,"width":311,"height":13}},{"id":"9dee42a5-40ba-4fe3-bbd6-4676fb69a6de","block_type":"box","text":"BUYING A DIVIDEND","page_number":31,"box":{"x":423,"y":475,"width":152,"height":9}},{"id":"ce700a99-c884-47a8-997e-2f210928bedd","block_type":"box","text":"Unless your investment is in a tax-deferred account, you may want to avoid buying shares shortly before the Fund","page_number":31,"box":{"x":72,"y":497,"width":831,"height":12}},{"id":"8957ad20-5a66-4f54-9b8f-ba8e4955dc7c","block_type":"box","text":"pays a dividend. The reason? If you buy shares when the Fund has declared but not yet distributed ordinary income","page_number":31,"box":{"x":72,"y":512,"width":845,"height":12}},{"id":"6be33e43-6aa1-4eae-b935-27c7621a69dc","block_type":"box","text":"or capital gains, you will pay the full price for the shares and then receive a portion of the price back in the form of a","page_number":31,"box":{"x":71,"y":527,"width":855,"height":12}},{"id":"06dd555f-6845-48e1-9b6d-ebcb5336810a","block_type":"box","text":"taxable dividend. Before investing you may want to consult your tax adviser.","page_number":31,"box":{"x":70,"y":542,"width":554,"height":12}},{"id":"46da341f-60b4-4ae5-883f-788bf4b6ceb4","block_type":"box","text":"The Fund will distribute net investment income, if any, and net realized capital gains, if any, at least annually. The Fund","page_number":31,"box":{"x":60,"y":583,"width":871,"height":11}},{"id":"bdfbb410-fbc0-40fd-a882-1ab703c4a37c","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":"4d322327-a00a-449a-8998-6f082d202d2e","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":"8603778c-3b8f-4466-8d86-4c44b158455d","block_type":"box","text":"receive dividends in cash, contact your Financial Intermediary or the Fund.","page_number":31,"box":{"x":61,"y":627,"width":543,"height":11}},{"id":"40fc07b0-ece0-4a91-bcc3-ddb58392e882","block_type":"box","text":"Your tax consequences from an investment in the Fund will depend on whether you have invested through a qualified","page_number":31,"box":{"x":60,"y":650,"width":856,"height":11}},{"id":"20c39ece-33ca-4289-afe6-adff0bd4bcb8","block_type":"box","text":"tax-exempt plan described in section 401(a) of the Internal Revenue Code (a “Qualified Plan”).","page_number":31,"box":{"x":60,"y":664,"width":692,"height":12}},{"id":"630f4298-7713-47f2-a528-567d4f75263b","block_type":"box","text":"Investments Through a Qualified Plan","page_number":31,"box":{"x":62,"y":687,"width":272,"height":12}},{"id":"591dedf0-a9f6-4dc3-b1d8-75d8f060098a","block_type":"box","text":"Special tax rules apply to investments made through Qualified Plans. If you are invested through a Qualified Plan (and","page_number":31,"box":{"x":61,"y":710,"width":864,"height":11}},{"id":"156e8752-7434-42e8-8fb9-2c5cfaf92dde","block_type":"box","text":"Fund shares are not “debt-financed property” to the plan), then you will not be subject to U.S. federal income tax on","page_number":31,"box":{"x":62,"y":724,"width":851,"height":12}},{"id":"76529e5c-d63b-47d9-b46b-ca30342cb3dd","block_type":"box","text":"the dividends paid by the Fund or the gain realized from a redemption or exchange of Fund shares until you withdraw or","page_number":31,"box":{"x":60,"y":739,"width":875,"height":12}},{"id":"21f13dc2-8a1c-4a3d-8b4c-17d8a857618c","block_type":"box","text":"receive distributions from the plan. Distributions you receive from the Qualified Plan may be subject to U.S. federal","page_number":31,"box":{"x":61,"y":754,"width":841,"height":11}},{"id":"8308b470-b477-4159-90be-4f5f00d08664","block_type":"box","text":"withholding tax depending on the kind of payment you receive.","page_number":31,"box":{"x":60,"y":769,"width":455,"height":11}},{"id":"09bd801a-c204-4376-9489-766c1be175c2","block_type":"box","text":"Investments Not Made Through Qualified Plans","page_number":31,"box":{"x":62,"y":791,"width":344,"height":12}},{"id":"66229e61-8f81-43a6-923b-ecadbbaed448","block_type":"box","text":"If you are not invested through a Qualified Plan, you will generally pay tax on dividends from the Fund whether you","page_number":31,"box":{"x":62,"y":814,"width":831,"height":12}},{"id":"468cb9b6-a79b-40fd-b9a5-a476b8c6f209","block_type":"box","text":"receive them in cash or additional shares. If you redeem Fund shares or exchange them for shares of another fund,","page_number":31,"box":{"x":61,"y":829,"width":847,"height":11}},{"id":"c280e008-6595-4502-8a2e-49ae94d2ec44","block_type":"box","text":"you generally will be treated as having sold your shares and any gain on the transaction may be subject to tax. Fund","page_number":31,"box":{"x":60,"y":844,"width":851,"height":11}},{"id":"38351e91-67f5-40dd-a8cf-9b8a1441793d","block_type":"box","text":"distributions derived from qualified dividend income, which consists of dividends received from U.S. corporations and","page_number":31,"box":{"x":61,"y":858,"width":859,"height":12}},{"id":"73c08741-718a-46bc-94fa-3e1d142fb922","block_type":"box","text":"qualifying foreign corporations, and long-term capital gains, are eligible for taxation at a maximum rate of 15% or 20%","page_number":31,"box":{"x":61,"y":873,"width":863,"height":12}},{"id":"a8ed797c-5dde-4424-9b53-6a3e93f5f9d3","block_type":"box","text":"for individuals, depending on whether their income exceeds certain threshold amounts, which are adjusted annually for","page_number":31,"box":{"x":60,"y":888,"width":875,"height":12}},{"id":"f7ca8c1c-5d67-4e70-a08a-8955293a4847","block_type":"box","text":"inflation.","page_number":31,"box":{"x":62,"y":903,"width":61,"height":9}},{"id":"56133492-d0c3-41b0-b967-4a1393b79247","block_type":"box","text":"31","page_number":31,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"9ab6b08f-653e-4c5d-8258-3aea71c0a98b","block_type":"box","text":"NM1026U-5978620-31/40","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b4e1cfef-030f-4090-a9a4-268dca3c2b5f","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":32,"box":{"x":60,"y":46,"width":803,"height":11}},{"id":"a9fa4a4e-3fd8-4622-b5f0-f5e30075660d","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":32,"box":{"x":61,"y":60,"width":873,"height":12}},{"id":"a6d107f6-972d-4a1d-83a2-52d2ffd6660c","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":32,"box":{"x":60,"y":75,"width":282,"height":12}},{"id":"1701294f-f5a7-4a7a-9373-168228206513","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":32,"box":{"x":60,"y":98,"width":861,"height":11}},{"id":"0f2cd347-5ee2-40ca-a375-dd2524e221ff","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":32,"box":{"x":62,"y":113,"width":679,"height":11}},{"id":"44e3d0eb-481d-4f54-833f-bf4964a01941","block_type":"box","text":"Special Considerations for Non-U.S. Persons","page_number":32,"box":{"x":62,"y":135,"width":326,"height":11}},{"id":"47cb2427-d42b-40e9-b720-4de04db68303","block_type":"box","text":"If you are not invested through a Qualified Plan and you are neither a tax resident nor a citizen of the United States or","page_number":32,"box":{"x":62,"y":158,"width":864,"height":11}},{"id":"84f1c6e8-f074-4dfb-8da1-09c5f0dc19e9","block_type":"box","text":"if you are a foreign entity (other than a pass-through entity to the extent owned by U.S. persons), the Fund’s ordinary","page_number":32,"box":{"x":62,"y":173,"width":856,"height":11}},{"id":"b80e6f0c-b46e-4f01-8177-2761d6c6efdf","block_type":"box","text":"income dividends will generally be subject to a 30% U.S. withholding tax, unless a lower treaty rate applies. However,","page_number":32,"box":{"x":62,"y":188,"width":857,"height":11}},{"id":"83bf97e6-d2b1-4a98-bbcf-ecde6f4d1489","block_type":"box","text":"certain distributions paid to a foreign shareholder and reported by the Fund as capital gain dividends, interest-related","page_number":32,"box":{"x":61,"y":202,"width":862,"height":12}},{"id":"d04b4214-aeff-4647-ba4d-1cb9c0014e6c","block_type":"box","text":"dividends or short-term capital gain dividends may be eligible for an exemption from U.S. withholding tax.","page_number":32,"box":{"x":61,"y":217,"width":770,"height":12}},{"id":"71d24d86-deb6-4a2e-ac2b-e65b671e2ad7","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":240,"width":868,"height":11}},{"id":"153ee14b-addb-419b-8b0a-bd66bee3a566","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To avoid","page_number":32,"box":{"x":60,"y":254,"width":808,"height":12}},{"id":"dd9c3b3e-47e5-40f1-a587-78d143e7dde1","block_type":"box","text":"withholding, foreign financial institutions and investment funds will generally either need to (a) collect and report to the","page_number":32,"box":{"x":60,"y":269,"width":874,"height":12}},{"id":"7c328cc9-09c6-4b8a-9c81-c61ef8462bc4","block_type":"box","text":"IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due diligence","page_number":32,"box":{"x":62,"y":284,"width":789,"height":12}},{"id":"854667f0-180c-4410-828c-4dcb5d0def44","block_type":"box","text":"procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying foreign entities","page_number":32,"box":{"x":62,"y":299,"width":858,"height":12}},{"id":"664bab0e-3ddf-40e0-9588-86f95d45374e","block_type":"box","text":"and account holders or (b) if an intergovernmental agreement is entered into and implementing legislation is adopted,","page_number":32,"box":{"x":61,"y":314,"width":865,"height":11}},{"id":"ddc41818-dee5-4641-935c-7c75bdd64517","block_type":"box","text":"comply with the agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":32,"box":{"x":61,"y":329,"width":802,"height":11}},{"id":"7e64fb66-457b-4b53-bae6-2f453ee28e71","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":343,"width":639,"height":12}},{"id":"010e78e9-a23f-4e80-b865-c7f6c6af02ac","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":366,"width":855,"height":11}},{"id":"a582cdf6-6393-4ecd-96d5-5cc64b32fc48","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":381,"width":832,"height":11}},{"id":"f4e654ac-47ae-4861-88c0-54ba9f90e590","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":32,"box":{"x":62,"y":396,"width":383,"height":11}},{"id":"fe13293c-f793-4d33-a234-f1eb32c34baa","block_type":"box","text":"32","page_number":32,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"2c146a59-b9be-40db-bba3-d53b5ce0ab1d","block_type":"box","text":"NM1026U-5978620-32/40","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f2eb5126-993d-455e-a84b-6c2a87fa26c5","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":"01a4a3a2-fde2-471c-bc03-9bfac6526b89","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":"17bb133c-782d-4c64-b336-068583281496","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":"8636bd0a-ace4-4735-a7e5-0687ad8b3ae9","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":840,"height":11}},{"id":"26cf452c-a358-4bf7-b743-8a991fc35e78","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":"4fa87e8b-ef62-4651-b1ae-178007c5fa6a","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":"d4672523-2091-425b-8c52-0795d7f9dea5","block_type":"box","text":"upon request and at www.blackrock.com.","page_number":33,"box":{"x":61,"y":165,"width":300,"height":10}},{"id":"f92ca60a-6d67-479c-b832-ca90fe1985b8","block_type":"box","text":"BlackRock Health Sciences Opportunities Portfolio","page_number":33,"box":{"x":533,"y":185,"width":308,"height":9}},{"id":"2d1fa67d-0e1e-448f-b0c3-5fafae378520","block_type":"box","text":"Class K","page_number":33,"box":{"x":664,"y":201,"width":45,"height":7}},{"id":"2097ab0a-67e0-4932-8dff-9599d0282e09","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":33,"box":{"x":69,"y":227,"width":296,"height":9}},{"id":"7a3aba7f-3fe3-4745-aaa4-8ad6aca7f075","block_type":"box","text":"Year Ended","page_number":33,"box":{"x":460,"y":217,"width":66,"height":7}},{"id":"fb57b74b-8156-4c7d-adb6-bade3c553fdc","block_type":"box","text":"05/31/26","page_number":33,"box":{"x":461,"y":227,"width":64,"height":9}},{"id":"03b356b2-4f16-4285-a5b1-199f12d7facd","block_type":"box","text":"Year 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Ended","page_number":33,"box":{"x":847,"y":217,"width":66,"height":7}},{"id":"68d1e452-a032-4005-89dc-64eb976d1ff6","block_type":"box","text":"05/31/22","page_number":33,"box":{"x":848,"y":227,"width":64,"height":9}},{"id":"8b191d07-6866-4a5d-b10b-f1beac4f3b9e","block_type":"box","text":"Net asset value, beginning of year","page_number":33,"box":{"x":69,"y":244,"width":205,"height":9}},{"id":"a61c19fd-a571-4567-a32e-d0eae092d495","block_type":"box","text":"$ 65.23 $ 74.95 $ 68.58 $ 72.21 $ 81.91","page_number":33,"box":{"x":464,"y":244,"width":446,"height":8}},{"id":"b5e6490a-91b7-48fa-96cb-f28e7e513166","block_type":"box","text":"Net investment income","page_number":33,"box":{"x":85,"y":261,"width":134,"height":7}},{"id":"650fc570-6777-4da7-bb0f-baea4a8f5b7e","block_type":"box","text":"(a)","page_number":33,"box":{"x":220,"y":261,"width":7,"height":4}},{"id":"f81725ba-c802-4897-8552-b1c83c4c07c1","block_type":"box","text":"0.40 0.36 0.39 0.40 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