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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":589,"width":832,"height":9}},{"id":"7d6b548e-44c2-44b0-82f2-3eb08d89edde","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":599,"width":847,"height":9}},{"id":"3045620d-bca4-4906-aa2a-9fbed893ff63","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":610,"width":834,"height":9}},{"id":"84047c4b-f678-4ba5-86b9-323fad008d77","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":3,"box":{"x":81,"y":620,"width":330,"height":9}},{"id":"cd89720c-52b5-4619-a980-15e274cd064d","block_type":"box","text":"2","page_number":3,"box":{"x":61,"y":633,"width":3,"height":3}},{"id":"b9e955a5-2147-4a12-bd1f-d90bebe925a0","block_type":"box","text":"Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent Annual","page_number":3,"box":{"x":81,"y":633,"width":838,"height":9}},{"id":"443aebc5-f339-4e96-8c75-a52391c46ac2","block_type":"box","text":"Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses.","page_number":3,"box":{"x":81,"y":643,"width":618,"height":9}},{"id":"3ecdfde9-9371-4b55-9d6a-b3798943fd09","block_type":"box","text":"3","page_number":3,"box":{"x":61,"y":656,"width":3,"height":4}},{"id":"bede4962-8850-42c4-b4fe-c6874f1c3024","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 33, BlackRock has contractually agreed to","page_number":3,"box":{"x":81,"y":656,"width":837,"height":9}},{"id":"aabdf8f8-51f1-47bd-adb6-30758254b21d","block_type":"box","text":"waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense","page_number":3,"box":{"x":80,"y":666,"width":771,"height":10}},{"id":"9edf3fde-5ad6-484c-a1aa-efc19bc20898","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.80%","page_number":3,"box":{"x":81,"y":677,"width":844,"height":9}},{"id":"6b7b0600-ca9a-4a07-99e5-cf456cd2e826","block_type":"box","text":"of average daily net assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non","page_number":3,"box":{"x":81,"y":687,"width":851,"height":9}},{"id":"cc506fb8-2955-4abf-85c1-53b6ba781dd1","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":3,"box":{"x":81,"y":697,"width":617,"height":9}},{"id":"3bd5b699-8680-4a65-9e74-2f3518755beb","block_type":"box","text":"Example:","page_number":3,"box":{"x":61,"y":715,"width":74,"height":13}},{"id":"18bdfd5a-c9a3-48e8-afec-eb9f059123d9","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":731,"width":830,"height":12}},{"id":"d3cf498e-7e16-4a8d-85fa-9dfc40380733","block_type":"box","text":"mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then","page_number":3,"box":{"x":61,"y":746,"width":832,"height":12}},{"id":"f3ecbc11-902c-41e2-ac10-b7aab54c24bb","block_type":"box","text":"redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%","page_number":3,"box":{"x":61,"y":761,"width":832,"height":12}},{"id":"6fa506e0-d9bd-4431-b4b4-f7f93e9b4029","block_type":"box","text":"return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher","page_number":3,"box":{"x":61,"y":776,"width":859,"height":12}},{"id":"29e3b291-2103-46bd-85de-efff4f306f5c","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":791,"width":436,"height":11}},{"id":"80f4c1f7-39ed-462d-8333-026c527f99f6","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":820,"width":292,"height":8}},{"id":"88e63954-b45c-4693-a39e-f25d8614cd4b","block_type":"box","text":"Class K Shares $83 $278 $490 $1,100","page_number":3,"box":{"x":69,"y":837,"width":849,"height":10}},{"id":"b3166737-d98b-424b-9a3c-a15acf23e286","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":862,"width":151,"height":10}},{"id":"37f5b33b-0f6b-4c4a-90e3-08300c152698","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":879,"width":800,"height":11}},{"id":"bbe5afc5-2cf9-4721-aa80-c9973ee42281","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":893,"width":850,"height":12}},{"id":"7dfca152-44c7-44f2-9406-49e5a8a8c8ab","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":908,"width":870,"height":12}},{"id":"0130601d-07ec-4968-9fa0-54aa90e99185","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":935,"width":9,"height":9}},{"id":"04826819-aac4-4bdc-adac-66f1b8899eda","block_type":"box","text":"NM1026U-5988695-3/44","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"ed2677c1-c3af-487f-8c8d-fbc2856a828f","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was","page_number":4,"box":{"x":62,"y":46,"width":839,"height":11}},{"id":"f1b8df37-2837-464c-bd34-4a072eeef154","block_type":"box","text":"153% of the average value of its portfolio.","page_number":4,"box":{"x":62,"y":60,"width":307,"height":12}},{"id":"c510e840-0426-44fb-9c20-9debc2047147","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":4,"box":{"x":61,"y":99,"width":394,"height":14}},{"id":"d8886c6d-ea7e-4145-893e-40d790e1d415","block_type":"box","text":"The Fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of equity securities.","page_number":4,"box":{"x":60,"y":126,"width":861,"height":11}},{"id":"356d6af8-3ebd-4ac1-8ed4-4be08752ccc0","block_type":"box","text":"Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for","page_number":4,"box":{"x":62,"y":140,"width":873,"height":12}},{"id":"9298e070-4bb4-458b-a1d0-c6004944011f","block_type":"box","text":"investment purposes, in equity securities and equity-related instruments, including equity-linked notes. With respect to","page_number":4,"box":{"x":62,"y":155,"width":869,"height":12}},{"id":"42255d30-e39c-4208-bba7-244f12fb021c","block_type":"box","text":"such equity investments, investments in derivatives are counted toward the Fund’s 80% policy to the extent that they","page_number":4,"box":{"x":61,"y":170,"width":860,"height":11}},{"id":"db6d02ca-1c5a-402d-877d-3a95ef65365f","block_type":"box","text":"provide investment exposure to the securities included within that policy or to one or more market risk factors","page_number":4,"box":{"x":62,"y":185,"width":805,"height":11}},{"id":"30c748e6-f7c3-4bc8-a1c7-f5df43dbde4f","block_type":"box","text":"associated with such securities. The Fund may invest in securities of companies with any market capitalization, but will","page_number":4,"box":{"x":61,"y":200,"width":873,"height":11}},{"id":"32f3fc5d-98dc-4f98-b6a7-ba1c03f82082","block_type":"box","text":"generally focus on large cap securities. The Fund may invest up to 50% of its assets in equity-linked notes that provide","page_number":4,"box":{"x":60,"y":214,"width":872,"height":12}},{"id":"577b0b46-664d-4518-bb7b-5ade10b245a8","block_type":"box","text":"exposure to equity securities and covered call options or other types of financial instruments.","page_number":4,"box":{"x":61,"y":229,"width":685,"height":12}},{"id":"4a1409d1-0e59-4b3c-a7fd-069b0d2e644d","block_type":"box","text":"With respect to the Fund’s equity investments, the Fund may invest in common stock, preferred stock and depositary","page_number":4,"box":{"x":60,"y":252,"width":864,"height":11}},{"id":"70b1fa24-e08f-4978-b4c4-c496b0cd5d33","block_type":"box","text":"receipts. The Fund generally intends to invest in dividend paying stocks. From time to time, the Fund may invest in","page_number":4,"box":{"x":61,"y":267,"width":837,"height":11}},{"id":"de6ae1a9-2b62-42d9-9983-345dd8e60ff1","block_type":"box","text":"shares of companies through initial public offerings (“IPOs”). The Fund may invest in securities from any country,","page_number":4,"box":{"x":61,"y":282,"width":828,"height":11}},{"id":"d0d6c39c-7040-4513-91a4-cc2e2bc40b51","block_type":"box","text":"including emerging markets. The Fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar","page_number":4,"box":{"x":62,"y":297,"width":848,"height":11}},{"id":"cb03aeea-bc5b-43b3-8617-00d4b94cfead","block_type":"box","text":"currencies. BlackRock chooses investments for the Fund that it believes will provide current income and current gains.","page_number":4,"box":{"x":61,"y":311,"width":870,"height":12}},{"id":"e6418ee4-8525-4799-a5c1-a71e78b0b339","block_type":"box","text":"The Fund may also purchase convertible securities.","page_number":4,"box":{"x":60,"y":326,"width":377,"height":11}},{"id":"4f9d99f5-c884-4f11-954f-9ea36b921942","block_type":"box","text":"The Fund’s portfolio, in the aggregate, will be structured in a manner designed to deliver high current income while","page_number":4,"box":{"x":60,"y":349,"width":843,"height":11}},{"id":"f486f115-b761-479a-ab28-f0c67c378dbd","block_type":"box","text":"maintaining prospects for capital appreciation.","page_number":4,"box":{"x":61,"y":363,"width":340,"height":12}},{"id":"8e39ef36-8833-45f0-ab0b-ee55dc305643","block_type":"box","text":"The Fund intends to employ a strategy of writing (selling) covered call and put options on common stocks, indices of","page_number":4,"box":{"x":60,"y":386,"width":854,"height":12}},{"id":"5e2263f7-5be0-4b12-b7a4-0dc809499fd0","block_type":"box","text":"securities, sectors of securities and baskets of securities, primarily through structured notes. This option strategy is","page_number":4,"box":{"x":61,"y":401,"width":854,"height":11}},{"id":"336aa73e-df30-4f37-bb74-64ab8abf5ec0","block_type":"box","text":"intended to generate current gains from option premiums as a means to enhance distributions payable to the Fund’s","page_number":4,"box":{"x":62,"y":416,"width":858,"height":11}},{"id":"8b8e79f4-e2ed-45dd-8409-0ab59fdf5563","block_type":"box","text":"shareholders. As the Fund writes more covered call options, its ability to benefit from capital appreciation becomes","page_number":4,"box":{"x":61,"y":430,"width":846,"height":12}},{"id":"df68458c-8c3d-43dc-8a55-4c2ab0c33565","block_type":"box","text":"more limited and the Fund’s total return may deviate more from the returns of the Russell 1000 Value Index, an all","page_number":4,"box":{"x":61,"y":445,"width":843,"height":12}},{"id":"9a81604e-c57f-469b-9fd1-7203eda2d5d7","block_type":"box","text":"equity benchmark. The Fund seeks to produce a high level of current income from dividends and from option writing","page_number":4,"box":{"x":61,"y":460,"width":848,"height":12}},{"id":"3f7eb67e-cd5f-406e-b299-11bdbce08124","block_type":"box","text":"premiums.","page_number":4,"box":{"x":62,"y":475,"width":75,"height":11}},{"id":"ec29d20f-ae47-4467-a942-e49ea2a57b95","block_type":"box","text":"The Fund may invest in master limited partnerships (“MLPs”) that are generally in energy- and financial-related","page_number":4,"box":{"x":60,"y":497,"width":810,"height":12}},{"id":"4eb0ccee-19e4-41f2-9006-e52ff3f11de3","block_type":"box","text":"industries and in U.S. and non-U.S. real estate investment trusts (“REITs”), as well as structured products, including","page_number":4,"box":{"x":62,"y":512,"width":855,"height":12}},{"id":"0be82e2d-28dc-4e5a-86f9-09d5c6b364a6","block_type":"box","text":"equity-linked notes, to maximize the Fund’s current income.","page_number":4,"box":{"x":61,"y":527,"width":436,"height":12}},{"id":"1a33059a-a2bb-4093-a22c-5997b42513d9","block_type":"box","text":"The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.","page_number":4,"box":{"x":60,"y":550,"width":874,"height":11}},{"id":"60e2f5b2-a44d-4cf5-93d8-41b7fb13cc75","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":589,"width":354,"height":13}},{"id":"1c079b09-4672-4115-805a-f559032bfa90","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":615,"width":860,"height":11}},{"id":"a830bdfd-f492-412b-9894-eeecfd50842e","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":630,"width":802,"height":11}},{"id":"075bb114-639a-4445-9f48-7c08d6ba3698","block_type":"box","text":"investment in the Fund or your investment may not perform as well as other similar investments. The following is a","page_number":4,"box":{"x":62,"y":644,"width":842,"height":12}},{"id":"0780bbf0-f52f-4607-96c7-12ad318b39d4","block_type":"box","text":"summary description of the principal risks of investing in the Fund. The relative significance of each risk factor below","page_number":4,"box":{"x":61,"y":659,"width":857,"height":12}},{"id":"976cfd24-6b1c-44bd-924b-d5dba28f5c21","block_type":"box","text":"may change over time and you should review each risk factor carefully.","page_number":4,"box":{"x":61,"y":674,"width":515,"height":12}},{"id":"3863000a-c962-47f0-8855-ef15e0af4649","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":694,"width":166,"height":11}},{"id":"b9520cce-2be6-4481-9403-eebb91c01085","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":694,"width":685,"height":12}},{"id":"dcc07f7d-5765-450c-a55c-98cfc94a8fcc","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":709,"width":550,"height":11}},{"id":"92b50164-dfc8-436a-8e19-8282af7c9119","block_type":"box","text":"Structured Securities Risk","page_number":4,"box":{"x":81,"y":729,"width":200,"height":9}},{"id":"3fc1f3d7-1e1a-426a-8851-6a303c7fbc9b","block_type":"box","text":"— Because structured securities of the type in which the Fund may invest typically","page_number":4,"box":{"x":285,"y":729,"width":605,"height":11}},{"id":"ebcf69d5-c57b-45c4-b696-39f5a24bb981","block_type":"box","text":"involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments,","page_number":4,"box":{"x":82,"y":744,"width":823,"height":11}},{"id":"961796c0-c647-4982-9dce-a95bb9467f31","block_type":"box","text":"index or reference obligation and will also be subject to counterparty risk. The Fund may have the right to receive","page_number":4,"box":{"x":82,"y":759,"width":827,"height":11}},{"id":"6ef3ef8d-f66e-46b3-86da-48cdfffc62ce","block_type":"box","text":"payments only from the structured security, and generally does not have direct rights against the issuer or the entity","page_number":4,"box":{"x":82,"y":773,"width":852,"height":12}},{"id":"697e3445-2dbc-48b9-9060-161b10d1f6f7","block_type":"box","text":"that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed","page_number":4,"box":{"x":80,"y":788,"width":823,"height":12}},{"id":"9d65eebb-48fb-474d-9f7f-7315db7cdee2","block_type":"box","text":"herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions","page_number":4,"box":{"x":82,"y":803,"width":818,"height":12}},{"id":"8699e222-ae95-45e9-a8be-37f97852ef83","block_type":"box","text":"from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may","page_number":4,"box":{"x":81,"y":818,"width":842,"height":11}},{"id":"85e9e826-c7db-4f7f-acb2-9dc569787aa8","block_type":"box","text":"decline in value or default; and the possibility that the structured securities are subordinate to other classes. The","page_number":4,"box":{"x":81,"y":833,"width":834,"height":11}},{"id":"c97c8994-2f61-40f4-8ec2-387a22c5b419","block_type":"box","text":"Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the","page_number":4,"box":{"x":82,"y":847,"width":834,"height":12}},{"id":"62ec235d-450d-41a6-ba8d-b0ed34545416","block_type":"box","text":"right of payment of another class. Subordinated structured securities typically have higher yields and present","page_number":4,"box":{"x":82,"y":862,"width":799,"height":12}},{"id":"9d1642c7-c5ae-477d-b4e3-d4aa811e41eb","block_type":"box","text":"greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement","page_number":4,"box":{"x":81,"y":877,"width":851,"height":12}},{"id":"2e4627cc-bbed-4426-a837-b80eaf40c8e1","block_type":"box","text":"transactions, and there currently is no active trading market for structured securities. Structured securities are","page_number":4,"box":{"x":80,"y":892,"width":814,"height":12}},{"id":"1f65a1d4-cfdb-4ec5-9249-48c310ee0069","block_type":"box","text":"based upon the movement of one or more factors, including currency exchange rates, interest rates, reference","page_number":4,"box":{"x":81,"y":907,"width":812,"height":11}},{"id":"b7088afa-da1d-4d0c-9c94-094583a64310","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"fe795ce6-c69d-40a7-978d-58452ce6402b","block_type":"box","text":"NM1026U-5988695-4/44","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"d115b678-d17a-4522-922f-a01fcdadffc7","block_type":"box","text":"bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price","page_number":5,"box":{"x":81,"y":46,"width":816,"height":11}},{"id":"655f35ad-df2a-4335-a9dc-ec594f89889c","block_type":"box","text":"fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the","page_number":5,"box":{"x":81,"y":60,"width":795,"height":12}},{"id":"2b24cda0-4521-4661-b9bc-b8511a7f7b2c","block_type":"box","text":"structured security to be reduced to zero. Certain issuers of such structured securities may be deemed to be","page_number":5,"box":{"x":81,"y":75,"width":802,"height":12}},{"id":"16d2c49e-6b5f-43cf-b8a7-e547151c81e5","block_type":"box","text":"“investment companies” as defined in the Investment Company Act of 1940, as amended (the “Investment","page_number":5,"box":{"x":82,"y":90,"width":789,"height":12}},{"id":"75be83fb-3cf4-4f70-898b-7ef197c765f1","block_type":"box","text":"Company Act”). As a result, the Fund’s investment in such securities may be limited by certain investment","page_number":5,"box":{"x":81,"y":105,"width":781,"height":11}},{"id":"3f963808-43b4-4de4-99fc-f0cad98530fa","block_type":"box","text":"restrictions contained in the Investment Company Act.","page_number":5,"box":{"x":82,"y":120,"width":395,"height":11}},{"id":"2b4842dd-6326-448d-8234-8bab6c1a449b","block_type":"box","text":"Income Producing Stock Availability Risk","page_number":5,"box":{"x":81,"y":140,"width":310,"height":11}},{"id":"d6aaefb8-3b3c-4254-8b12-230d643afa5e","block_type":"box","text":"—","page_number":5,"box":{"x":396,"y":145,"width":17,"height":1}},{"id":"6f5993aa-10f8-4af7-a7d2-513ac9a1180a","block_type":"box","text":"Depending upon market conditions, income producing common stock","page_number":5,"box":{"x":418,"y":140,"width":507,"height":11}},{"id":"408c900f-9ef1-4f84-bde5-0e07064760ac","block_type":"box","text":"that meets the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a","page_number":5,"box":{"x":80,"y":155,"width":837,"height":11}},{"id":"79512eec-c11e-42b4-a3b4-3c83e8d1c33d","block_type":"box","text":"few market sectors. This may limit the ability of the Fund to produce current income while remaining fully diversified.","page_number":5,"box":{"x":81,"y":169,"width":852,"height":12}},{"id":"ee2bb376-0300-47ad-bce2-7cd3c13f2b14","block_type":"box","text":"Convertible Securities Risk","page_number":5,"box":{"x":81,"y":190,"width":206,"height":9}},{"id":"79ebe7d5-21f1-4826-ab12-913c8180ed62","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":5,"box":{"x":291,"y":189,"width":593,"height":12}},{"id":"badde174-4020-41ec-9ac6-e9cd25bf1bb4","block_type":"box","text":"security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible","page_number":5,"box":{"x":81,"y":204,"width":853,"height":12}},{"id":"61b7829a-41f9-4842-91db-f740634974d1","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":5,"box":{"x":81,"y":219,"width":855,"height":11}},{"id":"85cf281e-3181-4976-b949-5299e9b55791","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":5,"box":{"x":80,"y":234,"width":816,"height":11}},{"id":"19dae1bf-860a-4ec7-95a6-cdbab7e2e3d0","block_type":"box","text":"issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be","page_number":5,"box":{"x":82,"y":249,"width":796,"height":11}},{"id":"7593179f-673c-4d21-8aaa-bdb9f43eb52e","block_type":"box","text":"converted, a convertible security is also subject to the same types of market and issuer risks that apply to the","page_number":5,"box":{"x":81,"y":263,"width":812,"height":12}},{"id":"dbdbd895-cdf3-4910-beb0-46e6b8862895","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":5,"box":{"x":82,"y":278,"width":809,"height":12}},{"id":"77ef9c97-8e52-4c20-b642-3bca612ba650","block_type":"box","text":"Depositary Receipts Risk","page_number":5,"box":{"x":81,"y":298,"width":191,"height":12}},{"id":"347a30ac-3234-424f-88af-299ef39dad27","block_type":"box","text":"— Depositary receipts are generally subject to the same risks as the foreign securities","page_number":5,"box":{"x":276,"y":298,"width":639,"height":12}},{"id":"e6e99faf-e541-47dd-b949-f18a698f6ba3","block_type":"box","text":"that they evidence or into which they may be converted. In addition to investment risks associated with the","page_number":5,"box":{"x":80,"y":313,"width":786,"height":12}},{"id":"62f1c735-952e-442b-87be-a4e594620fa9","block_type":"box","text":"underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms","page_number":5,"box":{"x":82,"y":328,"width":824,"height":12}},{"id":"d5a88cec-c2f1-49c5-a88a-22c9656ad63e","block_type":"box","text":"that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other","page_number":5,"box":{"x":80,"y":343,"width":827,"height":11}},{"id":"95cdc88c-5420-4238-af44-5ea2e6680585","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":5,"box":{"x":82,"y":358,"width":849,"height":11}},{"id":"722a6476-0f8d-4267-9516-2175d3fe9401","block_type":"box","text":"depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that","page_number":5,"box":{"x":81,"y":372,"width":840,"height":12}},{"id":"1a6c9f97-2f21-4410-842c-64e1b11ec775","block_type":"box","text":"is, in the United States, considered material. Therefore, there may be less information available regarding these","page_number":5,"box":{"x":82,"y":387,"width":824,"height":12}},{"id":"07b76e05-721a-432a-84f5-0750418c4d00","block_type":"box","text":"issuers and there may not be a correlation between such information and the market value of the depositary","page_number":5,"box":{"x":82,"y":402,"width":798,"height":12}},{"id":"407a94a9-1021-4fd8-a08d-d2c8f8054f73","block_type":"box","text":"receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their","page_number":5,"box":{"x":82,"y":417,"width":847,"height":11}},{"id":"2968c690-6b2f-4e40-af52-d03d14bc4560","block_type":"box","text":"respective markets and currencies, they continue to be subject to many of the risks associated with investing","page_number":5,"box":{"x":82,"y":432,"width":804,"height":11}},{"id":"c7ada90b-6af6-4dc6-be60-0ff81134121e","block_type":"box","text":"directly in foreign securities, including political, economic, and currency risk.","page_number":5,"box":{"x":81,"y":447,"width":558,"height":11}},{"id":"5c67fb05-a429-412e-8b82-2395550c5367","block_type":"box","text":"Derivatives Risk","page_number":5,"box":{"x":81,"y":467,"width":123,"height":9}},{"id":"e8875930-64b5-4d94-a143-e33cbc80746d","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":5,"box":{"x":207,"y":467,"width":664,"height":11}},{"id":"2e06a2e8-83f1-49ac-bb1f-358cd58f432c","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":5,"box":{"x":82,"y":481,"width":469,"height":12}},{"id":"2844958d-8963-465f-b0a1-31b28d627b44","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":502,"width":102,"height":11}},{"id":"d7fa5abe-a0cb-4873-94d0-491b9d56174b","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":5,"box":{"x":188,"y":501,"width":723,"height":12}},{"id":"d5c93638-5073-4599-b132-f89f6b551f80","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":5,"box":{"x":82,"y":516,"width":832,"height":12}},{"id":"5c4b35d2-004a-425d-bad2-d85e16df811a","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":531,"width":280,"height":12}},{"id":"1b95a29f-efa5-46bb-b881-e1ef011a8aaa","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":551,"width":87,"height":9}},{"id":"280ec94f-06fa-471c-9245-8bea4b8d447f","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":5,"box":{"x":173,"y":551,"width":728,"height":12}},{"id":"9bdf9902-72f3-4852-8835-778619c564ef","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":5,"box":{"x":81,"y":566,"width":834,"height":11}},{"id":"91c7d376-aee4-440b-8322-9784ab3145d3","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":5,"box":{"x":82,"y":581,"width":832,"height":11}},{"id":"b9152c95-ff3b-40bb-8394-92b5f5bfe310","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":5,"box":{"x":80,"y":595,"width":779,"height":12}},{"id":"2fa57516-e0d5-4625-8e8b-27bedc62a96c","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":611,"width":253,"height":11}},{"id":"b6d65003-c0dc-47e9-b49f-aa7cb42ac1cd","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":630,"width":131,"height":12}},{"id":"94c02270-43c0-4e66-93db-1d423a34f47a","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":5,"box":{"x":217,"y":631,"width":697,"height":11}},{"id":"61a09ccf-feea-4c1e-9f33-1db3e2734703","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":5,"box":{"x":80,"y":645,"width":855,"height":12}},{"id":"0a7b7672-8c00-4cac-9441-f89b79ad2b13","block_type":"box","text":"exposure to such a counterparty.","page_number":5,"box":{"x":81,"y":660,"width":240,"height":11}},{"id":"39c70d09-3356-42b6-b3a0-9fbf9bac7630","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":82,"y":680,"width":100,"height":11}},{"id":"c0069d60-3005-4249-9134-cd69bbab44f0","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":5,"box":{"x":186,"y":680,"width":750,"height":11}},{"id":"d3b617bb-246c-4b89-8d1e-ed077fff9c08","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":5,"box":{"x":80,"y":695,"width":839,"height":11}},{"id":"fc4b7c6e-e5e5-4d9d-b009-902ac2150d67","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":5,"box":{"x":81,"y":710,"width":293,"height":11}},{"id":"45791ab2-bc04-4dd3-80b9-0ea3fe28bfb5","block_type":"box","text":"Operational Risk","page_number":5,"box":{"x":82,"y":730,"width":120,"height":11}},{"id":"a893557a-1d26-4421-ba0f-37fb60b7f91e","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":5,"box":{"x":206,"y":730,"width":727,"height":11}},{"id":"dc344eab-c22d-4baa-a0a1-fc9b974837f0","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":5,"box":{"x":82,"y":744,"width":607,"height":12}},{"id":"9c8a6a95-58ec-48a1-8851-0e4efc2c2452","block_type":"box","text":"Legal Risk","page_number":5,"box":{"x":82,"y":765,"width":75,"height":11}},{"id":"f3db77ae-780e-44ff-8cb0-b3e61ecad50d","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":5,"box":{"x":161,"y":764,"width":761,"height":12}},{"id":"4841b0b7-2ac0-411e-af60-6f13248d2fd2","block_type":"box","text":"enforceability of a contract.","page_number":5,"box":{"x":81,"y":779,"width":198,"height":12}},{"id":"e424b2dc-b501-4e94-b84f-0035ae74a470","block_type":"box","text":"Volatility and Correlation Risk","page_number":5,"box":{"x":83,"y":799,"width":214,"height":12}},{"id":"a15ef5d9-51c7-403b-ac9c-fb4bb417dc52","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":5,"box":{"x":300,"y":799,"width":590,"height":12}},{"id":"89fad3ed-c9af-40dc-9015-a90b086c3488","block_type":"box","text":"fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the","page_number":5,"box":{"x":81,"y":814,"width":775,"height":12}},{"id":"ff29c136-6109-4a73-8a5a-a80ba939aa9b","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":5,"box":{"x":81,"y":829,"width":589,"height":11}},{"id":"ed67f65e-91e2-4416-8ce2-75b1dbaa5dbf","block_type":"box","text":"Valuation Risk","page_number":5,"box":{"x":83,"y":849,"width":102,"height":9}},{"id":"54e3cd13-2968-4a47-ad86-7c580202e4d3","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":5,"box":{"x":189,"y":849,"width":747,"height":11}},{"id":"87962956-e363-4845-9454-56996c69d2f5","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":5,"box":{"x":82,"y":864,"width":783,"height":11}},{"id":"48ab5bcf-cffb-4f58-8528-f7928262b606","block_type":"box","text":"instruments or quote prices for them.","page_number":5,"box":{"x":82,"y":878,"width":273,"height":12}},{"id":"7e69c2b1-6cd6-451b-9faf-361899efdc0d","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"b8559a55-8caf-4e16-bcb3-3da5a7f93a9f","block_type":"box","text":"NM1026U-5988695-5/44","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"be6bd01a-2dd3-411f-bdf0-fc8d0e3be79c","block_type":"box","text":"Hedging Risk","page_number":6,"box":{"x":82,"y":46,"width":95,"height":11}},{"id":"aaf6ca82-c01e-4cda-8d41-f52a444c8f27","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":6,"box":{"x":181,"y":46,"width":728,"height":11}},{"id":"ca9f83dd-58f0-4f8d-a695-86c0b9606b07","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":6,"box":{"x":81,"y":60,"width":839,"height":12}},{"id":"4ecaca7c-7541-4b53-b786-819cd48ede0d","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":6,"box":{"x":82,"y":76,"width":354,"height":11}},{"id":"c159becb-d8a9-4a7f-b9d5-75ac037af378","block_type":"box","text":"Tax Risk","page_number":6,"box":{"x":83,"y":96,"width":59,"height":8}},{"id":"b7d7a9ca-657b-48f0-9ff1-c8b29a07e6da","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":6,"box":{"x":145,"y":95,"width":719,"height":12}},{"id":"7780f0d5-148e-4182-8b43-e54b150d9570","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":6,"box":{"x":81,"y":110,"width":801,"height":12}},{"id":"2763f410-5bf5-4c5e-b7e0-ab308d7a107d","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":6,"box":{"x":82,"y":125,"width":802,"height":11}},{"id":"a391df44-0d95-4b41-a2f8-ebebc9fe0f37","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":6,"box":{"x":82,"y":140,"width":830,"height":11}},{"id":"c65ddc35-7091-4e19-affa-75bd23f2ed8c","block_type":"box","text":"realizes from its investments.","page_number":6,"box":{"x":82,"y":155,"width":215,"height":9}},{"id":"48d1eff8-7fc3-43ad-8ad4-3bdb217a7b51","block_type":"box","text":"Emerging Markets Risk","page_number":6,"box":{"x":81,"y":175,"width":178,"height":11}},{"id":"89f5057e-2d7b-4934-b871-6c9ebec13fb0","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":6,"box":{"x":263,"y":175,"width":617,"height":11}},{"id":"9dbbab6e-e558-4f66-803b-c4cf47fc9ee2","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":6,"box":{"x":81,"y":189,"width":825,"height":12}},{"id":"82ea6ddd-21ce-4040-aade-9c7af5d59cb5","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":6,"box":{"x":82,"y":204,"width":822,"height":12}},{"id":"9c545a74-e3a8-44c7-b8f4-04e5c68e0254","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":6,"box":{"x":82,"y":219,"width":816,"height":12}},{"id":"25695841-4559-4105-b5ff-724a09fa6f6f","block_type":"box","text":"liquidity than developed markets.","page_number":6,"box":{"x":82,"y":234,"width":240,"height":11}},{"id":"fcddd6ab-795c-4992-b896-da2772453fe7","block_type":"box","text":"Foreign Securities Risk","page_number":6,"box":{"x":81,"y":254,"width":176,"height":11}},{"id":"20b2a19f-5821-477e-9be7-dc38df4864f9","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":6,"box":{"x":260,"y":254,"width":668,"height":11}},{"id":"c76f74bd-b6e6-4a18-b0c1-051d6b23acd1","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":6,"box":{"x":82,"y":269,"width":531,"height":11}},{"id":"8527e76e-90e3-4f56-b51a-5dd66e59c75a","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":6,"box":{"x":101,"y":289,"width":823,"height":11}},{"id":"bc2a7bd5-ec24-4c89-b02b-94083e077500","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":6,"box":{"x":102,"y":303,"width":823,"height":12}},{"id":"857219de-874b-4417-ae67-890975f8ada4","block_type":"box","text":"oversight.","page_number":6,"box":{"x":101,"y":319,"width":70,"height":11}},{"id":"e1626de3-9cb5-4658-b667-b22b21509660","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.","page_number":6,"box":{"x":101,"y":338,"width":644,"height":12}},{"id":"f426f4cc-a0dc-48cd-b6ca-29fca98ddecd","block_type":"box","text":"The economies of certain foreign markets may not compare favorably with the economy of the United States with","page_number":6,"box":{"x":101,"y":358,"width":830,"height":12}},{"id":"d6b207d8-d9ed-4c71-82b7-c08ff629f848","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":6,"box":{"x":102,"y":373,"width":808,"height":12}},{"id":"3caf1fb0-1714-4694-b472-2a81b2540fa0","block_type":"box","text":"payments position.","page_number":6,"box":{"x":102,"y":388,"width":137,"height":11}},{"id":"56e6b499-1bf2-4d88-98fd-cd1484f86f64","block_type":"box","text":"The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or","page_number":6,"box":{"x":101,"y":408,"width":821,"height":11}},{"id":"13f82dd9-5fa9-447c-a87d-ae1a322edb01","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":6,"box":{"x":102,"y":423,"width":809,"height":11}},{"id":"587410f9-58c9-4020-9652-b582c8455e3b","block_type":"box","text":"markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":6,"box":{"x":102,"y":438,"width":784,"height":11}},{"id":"9696a12d-38d9-4f8c-bce4-96e4d9fe505f","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":6,"box":{"x":101,"y":453,"width":352,"height":11}},{"id":"be556b7b-5496-4aa3-a96b-b02c1e226dd2","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":6,"box":{"x":102,"y":472,"width":823,"height":12}},{"id":"d2636826-1f1b-4e89-b7cc-855d137718f2","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":6,"box":{"x":101,"y":487,"width":811,"height":12}},{"id":"2d1ed042-021b-412a-b177-d428f092b388","block_type":"box","text":"U.S. securities laws.","page_number":6,"box":{"x":102,"y":502,"width":148,"height":9}},{"id":"abaa38e4-99d7-43bc-8510-71d3fd8632eb","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of","page_number":6,"box":{"x":101,"y":522,"width":834,"height":12}},{"id":"e4e167bb-e827-4608-93bd-b1208ac6f960","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":6,"box":{"x":101,"y":537,"width":628,"height":11}},{"id":"2b2bfce6-268d-4800-8aae-cf881491b781","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":6,"box":{"x":101,"y":557,"width":830,"height":11}},{"id":"cea2afbf-3576-4ca4-815b-2149ffa22d8b","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":6,"box":{"x":101,"y":572,"width":831,"height":11}},{"id":"cbb89c39-1354-48ee-a93f-c5400b202d28","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":6,"box":{"x":101,"y":586,"width":813,"height":12}},{"id":"b625870a-e97f-4bd7-aaea-18bb517bb001","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":6,"box":{"x":101,"y":601,"width":395,"height":12}},{"id":"3cb2a588-d570-4320-bfca-484c91e9e346","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":6,"box":{"x":81,"y":621,"width":276,"height":12}},{"id":"957a65a2-6641-446d-b77e-92aaa9bea3e4","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":6,"box":{"x":361,"y":622,"width":573,"height":11}},{"id":"355f03ac-d91e-41df-904b-ffe5bb156aeb","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":6,"box":{"x":81,"y":636,"width":848,"height":12}},{"id":"4936e086-f5a7-4aad-b7f0-8fbd9e0951dd","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":6,"box":{"x":81,"y":651,"width":839,"height":11}},{"id":"3294bbaf-9a78-4aa3-9383-51bdec19c032","block_type":"box","text":"performance of large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":6,"box":{"x":82,"y":666,"width":851,"height":11}},{"id":"2d0110ca-095c-4381-b17c-326bd379934a","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":81,"y":686,"width":107,"height":11}},{"id":"f23e975d-07ee-4762-98f6-22e8cdb0eb02","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":6,"box":{"x":192,"y":686,"width":741,"height":11}},{"id":"a13e4b32-480a-4e72-ae74-832db0494aae","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may","page_number":6,"box":{"x":81,"y":701,"width":853,"height":11}},{"id":"a40c79b2-b8ae-4984-b3fc-3e1ad996c9a8","block_type":"box","text":"cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":6,"box":{"x":81,"y":715,"width":856,"height":12}},{"id":"8dfdd708-ebf0-4809-8110-ad5939eca103","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act and the rules thereunder. Increases and","page_number":6,"box":{"x":80,"y":730,"width":802,"height":12}},{"id":"202be6c7-1a7e-4f73-b7e8-b264de07e6e3","block_type":"box","text":"decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":6,"box":{"x":81,"y":745,"width":686,"height":12}},{"id":"a429b56b-2a6e-4558-b5eb-61a2f433bdb2","block_type":"box","text":"Market Risk and Selection Risk","page_number":6,"box":{"x":81,"y":765,"width":240,"height":9}},{"id":"d337677f-5ef5-4a58-9f1c-8dccb6108244","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":6,"box":{"x":324,"y":765,"width":593,"height":9}},{"id":"c078e465-0906-4b42-a4b0-3b962bbfd122","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":6,"box":{"x":81,"y":780,"width":851,"height":11}},{"id":"99c5d848-13ca-4d48-8760-ed11774dd17e","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":6,"box":{"x":82,"y":795,"width":824,"height":11}},{"id":"1a00f2f3-849d-4bec-8fe6-35af4de176d9","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":6,"box":{"x":82,"y":810,"width":851,"height":11}},{"id":"38b98aa9-67fc-48be-a701-e0c67809f15c","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":6,"box":{"x":82,"y":824,"width":802,"height":12}},{"id":"a25809eb-4c35-4819-b1c3-17006cad17e6","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":6,"box":{"x":81,"y":839,"width":849,"height":12}},{"id":"d7f51f0d-df08-4924-b5c2-cfb0c4cbd19a","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":6,"box":{"x":81,"y":854,"width":843,"height":12}},{"id":"8b98ed2b-81ed-4fde-ac88-dc3ce207c3d3","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":6,"box":{"x":81,"y":869,"width":830,"height":11}},{"id":"cc43084a-eea8-424d-beed-381ebf7cb9ce","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":6,"box":{"x":82,"y":884,"width":840,"height":11}},{"id":"c6cbd048-8d4a-4238-bc53-b12b2f8c97d7","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":6,"box":{"x":81,"y":898,"width":789,"height":12}},{"id":"82f6390e-d820-44e6-b3c1-b79c6640f475","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":6,"box":{"x":81,"y":913,"width":823,"height":12}},{"id":"fdf48db1-b2ec-4bd8-abcd-7fe8968aca5e","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"f28d90d4-d82e-4949-b4a8-c3b590b557af","block_type":"box","text":"NM1026U-5988695-6/44","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"e75b5060-d98b-4bfb-9173-e256c8432de3","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":7,"box":{"x":81,"y":46,"width":784,"height":11}},{"id":"9dc7c042-7c52-477f-8898-ac892f498008","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":7,"box":{"x":81,"y":60,"width":844,"height":12}},{"id":"bb360e92-90ab-4f8a-985a-77fcffaddd7c","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":7,"box":{"x":82,"y":81,"width":818,"height":11}},{"id":"af6c9fb2-1a6e-4d1a-b597-d04d9859da17","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":7,"box":{"x":80,"y":96,"width":819,"height":11}},{"id":"5d65b951-3630-4471-817e-1a79f7c0e0ff","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":7,"box":{"x":81,"y":110,"width":819,"height":12}},{"id":"8f11f7f5-26d9-4144-88f1-23539ab71292","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":7,"box":{"x":81,"y":125,"width":846,"height":11}},{"id":"f74808af-7101-4e42-921b-48c2c2cf78ad","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":7,"box":{"x":81,"y":140,"width":848,"height":11}},{"id":"10b81986-3050-45f1-99bc-fd311d99e539","block_type":"box","text":"the Fund invests.","page_number":7,"box":{"x":80,"y":155,"width":125,"height":9}},{"id":"514a974b-6ace-4d95-9053-cfa2251b375a","block_type":"box","text":"Master Limited Partnerships Risk","page_number":7,"box":{"x":81,"y":175,"width":254,"height":11}},{"id":"e0173396-aa54-443b-949a-61471179659b","block_type":"box","text":"— The common units of an MLP are listed and traded on U.S. securities","page_number":7,"box":{"x":338,"y":175,"width":531,"height":9}},{"id":"486e53d8-62f9-45f8-91dd-273083864b81","block_type":"box","text":"exchanges and their value fluctuates predominantly based on prevailing market conditions and the success of the","page_number":7,"box":{"x":81,"y":189,"width":836,"height":12}},{"id":"e92b0402-61c9-485c-b167-f5409ad9ecfe","block_type":"box","text":"MLP. Unlike owners of common stock of a corporation, owners of common units have limited voting rights and have","page_number":7,"box":{"x":82,"y":204,"width":844,"height":12}},{"id":"26d6a394-f776-416e-a3f2-3cee22eb1544","block_type":"box","text":"no ability to annually elect directors. In the event of liquidation, common units have preference over subordinated","page_number":7,"box":{"x":82,"y":219,"width":830,"height":11}},{"id":"45557780-61ca-43cd-947a-e176ab176d7b","block_type":"box","text":"units, but not over debt or preferred units, to the remaining assets of the MLP.","page_number":7,"box":{"x":82,"y":234,"width":575,"height":11}},{"id":"220086ff-6ebf-442b-a7a8-7f158b31a1d0","block_type":"box","text":"“New Issues” Risk","page_number":7,"box":{"x":83,"y":254,"width":139,"height":9}},{"id":"ee6f53f6-eb41-46c5-b278-23f69fa22299","block_type":"box","text":"—","page_number":7,"box":{"x":227,"y":259,"width":17,"height":1}},{"id":"594f2cb1-44da-45a4-8e29-12301141995b","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":7,"box":{"x":249,"y":254,"width":681,"height":11}},{"id":"a15cdc93-6801-43e3-8858-a6632ab817ba","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":7,"box":{"x":81,"y":269,"width":843,"height":11}},{"id":"fd2153bf-70b4-4d87-9b21-be7f3a5658d7","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shortly after the IPO.","page_number":7,"box":{"x":81,"y":283,"width":517,"height":12}},{"id":"30c8985c-c8ba-4821-ac57-ba6c084defe8","block_type":"box","text":"Operational and Technology Risks","page_number":7,"box":{"x":82,"y":304,"width":254,"height":11}},{"id":"a38c927b-130e-42b5-8638-fa013c45de41","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":7,"box":{"x":340,"y":304,"width":578,"height":11}},{"id":"92b2ea58-4343-482e-9d09-ee3d19474736","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":7,"box":{"x":82,"y":318,"width":779,"height":12}},{"id":"cd81c561-377f-4230-a3de-8ed3d6a23d2c","block_type":"box","text":"cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":7,"box":{"x":81,"y":333,"width":848,"height":12}},{"id":"c22d776f-76e6-457a-87bd-5a02970c7782","block_type":"box","text":"for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are","page_number":7,"box":{"x":81,"y":348,"width":806,"height":11}},{"id":"16cab7e2-c34d-4038-bb47-3803a2cfee2f","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":7,"box":{"x":82,"y":363,"width":807,"height":11}},{"id":"c6579261-4ad6-4c5e-91d6-d5117e6c586b","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":7,"box":{"x":82,"y":378,"width":846,"height":11}},{"id":"dddca3c1-ba07-43a3-9630-9cfda1d15137","block_type":"box","text":"for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and","page_number":7,"box":{"x":81,"y":392,"width":836,"height":12}},{"id":"e37bdf34-8747-40a7-8059-3f677bde1ec2","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":7,"box":{"x":82,"y":408,"width":474,"height":11}},{"id":"14280f08-72ca-4f2d-b15d-7b4c2a6c4908","block_type":"box","text":"Preferred Securities Risk","page_number":7,"box":{"x":81,"y":427,"width":189,"height":9}},{"id":"9d0407ca-19e1-4612-a177-09ec69de3874","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":7,"box":{"x":274,"y":427,"width":636,"height":12}},{"id":"f26aed58-3e04-4423-bdf1-a28836515c3c","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":7,"box":{"x":81,"y":442,"width":824,"height":12}},{"id":"d00d8f27-b7e0-4948-847f-eea7f5ea6721","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":7,"box":{"x":82,"y":457,"width":806,"height":11}},{"id":"4a85ec3f-d3b4-43ba-87fe-779eb283903a","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":7,"box":{"x":81,"y":472,"width":842,"height":11}},{"id":"b1a97936-7ac8-4423-a5f6-440066f3f6f2","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":7,"box":{"x":81,"y":487,"width":781,"height":11}},{"id":"88bd67f9-c059-4941-8d81-1a5b449dab64","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":7,"box":{"x":81,"y":501,"width":812,"height":12}},{"id":"92a88ad3-8c99-4d43-a75f-ecea093870ba","block_type":"box","text":"larger companies.","page_number":7,"box":{"x":82,"y":516,"width":129,"height":12}},{"id":"42379b4e-4fbf-4ec3-8e9a-f7df376e8624","block_type":"box","text":"Real Estate-Related Securities Risk","page_number":7,"box":{"x":81,"y":536,"width":269,"height":9}},{"id":"a41d1372-671f-4379-843d-cb0731d2bde5","block_type":"box","text":"— The main risk of real estate-related securities is that the value of the","page_number":7,"box":{"x":354,"y":536,"width":527,"height":9}},{"id":"514ae405-e168-4def-8f4d-3234d010b10e","block_type":"box","text":"underlying real estate may go down. Many factors may affect real estate values. These factors include both the","page_number":7,"box":{"x":82,"y":551,"width":816,"height":12}},{"id":"9c34d664-20e1-444f-93dc-bdd559142d84","block_type":"box","text":"general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re-lease","page_number":7,"box":{"x":81,"y":566,"width":845,"height":11}},{"id":"9cba176f-65b9-44ca-bb16-4232f793330f","block_type":"box","text":"space under expiring leases on attractive terms, the amount of new construction in a particular area, the laws and","page_number":7,"box":{"x":81,"y":581,"width":841,"height":11}},{"id":"9a2e6529-e730-4b7e-8788-735997bc838a","block_type":"box","text":"regulations (including zoning, environmental and tax laws) affecting real estate and the costs of owning, maintaining","page_number":7,"box":{"x":82,"y":595,"width":852,"height":12}},{"id":"eeeb0f9f-7cc6-4171-93d5-f2034695afbb","block_type":"box","text":"and improving real estate. The availability of mortgage financing and changes in interest rates may also affect real","page_number":7,"box":{"x":81,"y":610,"width":841,"height":12}},{"id":"49acea87-8baa-4732-8f33-582a6a9f2ec4","block_type":"box","text":"estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in one","page_number":7,"box":{"x":81,"y":625,"width":807,"height":12}},{"id":"5fe070d2-42dc-4242-bcaf-cda36600d58e","block_type":"box","text":"property type, the Fund will be particularly subject to the risks associated with that area or property type. Many","page_number":7,"box":{"x":82,"y":640,"width":815,"height":11}},{"id":"8179d21d-d242-46a7-a077-87c748618018","block_type":"box","text":"issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities.","page_number":7,"box":{"x":82,"y":655,"width":845,"height":11}},{"id":"c66a8d3a-5ca9-4460-8b65-46cde117f27c","block_type":"box","text":"The value of the securities the Fund buys will not necessarily track the value of the underlying investments of the","page_number":7,"box":{"x":81,"y":670,"width":828,"height":11}},{"id":"c36f116d-16db-4188-b34f-98939a07d9b5","block_type":"box","text":"issuers of such securities. In addition, certain issuers of real estate-related securities may have developed or","page_number":7,"box":{"x":82,"y":684,"width":805,"height":12}},{"id":"0b34518f-e614-4dc5-ba46-f2f2ce04e352","block_type":"box","text":"commenced development on properties and may develop additional properties in the future. Real estate","page_number":7,"box":{"x":81,"y":699,"width":767,"height":12}},{"id":"0c142d43-a007-42ca-bb75-9699c8c00fa1","block_type":"box","text":"development involves significant risks in addition to those involved in the ownership and operation of established","page_number":7,"box":{"x":81,"y":714,"width":831,"height":12}},{"id":"5ce2ba1b-9115-4aa1-a000-83caf8fc4a38","block_type":"box","text":"properties. Real estate securities may have limited diversification and are, therefore, subject to risks inherent in","page_number":7,"box":{"x":82,"y":729,"width":824,"height":11}},{"id":"4c348b59-0adc-4886-88dd-aadde96437e7","block_type":"box","text":"operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow","page_number":7,"box":{"x":81,"y":744,"width":817,"height":11}},{"id":"79e6cd11-9851-40ba-8187-bf44f76a172a","block_type":"box","text":"dependency and defaults by borrowers or tenants.","page_number":7,"box":{"x":81,"y":759,"width":367,"height":11}},{"id":"e24e8120-791a-4cb8-b903-f64783bf75ea","block_type":"box","text":"REIT Investment Risk","page_number":7,"box":{"x":81,"y":779,"width":163,"height":9}},{"id":"440b2088-da6a-4a11-872e-8f557cf96f3c","block_type":"box","text":"— Investments in REITs involve unique risks. REITs may have limited financial resources, may","page_number":7,"box":{"x":248,"y":778,"width":689,"height":12}},{"id":"fb6046d8-3819-47ec-aaae-aa113e9bddbc","block_type":"box","text":"trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile","page_number":7,"box":{"x":80,"y":793,"width":842,"height":12}},{"id":"24ab962c-c74c-4e7d-9c4d-3941354ae49a","block_type":"box","text":"than other securities. REIT issuers may also fail to maintain their exemptions from investment company registration","page_number":7,"box":{"x":80,"y":808,"width":850,"height":12}},{"id":"481ef4d3-b730-4763-bdf8-6dcb446393d6","block_type":"box","text":"or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code of 1986, as amended (the","page_number":7,"box":{"x":81,"y":823,"width":815,"height":11}},{"id":"a8b0d180-81ca-47a8-987b-55a8985520f2","block_type":"box","text":"“Internal Revenue Code”), which allows REITs to reduce their corporate taxable income for dividends paid to their","page_number":7,"box":{"x":82,"y":838,"width":829,"height":11}},{"id":"b4f2285c-9973-406c-89f7-70de218f5714","block_type":"box","text":"shareholders.","page_number":7,"box":{"x":81,"y":853,"width":99,"height":9}},{"id":"9a2de3f3-4fe4-4dbd-aebb-6caadf3a98fb","block_type":"box","text":"Risk of Investing in the United States","page_number":7,"box":{"x":81,"y":873,"width":283,"height":11}},{"id":"f634b690-1b69-4ae4-8c15-38fdac78fc6b","block_type":"box","text":"— Certain changes in the U.S. economy, such as when the U.S. economy","page_number":7,"box":{"x":368,"y":873,"width":541,"height":11}},{"id":"3f8223fa-cf02-4cde-b322-3756d4a88725","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":7,"box":{"x":80,"y":887,"width":847,"height":12}},{"id":"5f0f1636-653c-4de5-98fa-60ab473ed9d1","block_type":"box","text":"exposure.","page_number":7,"box":{"x":81,"y":905,"width":70,"height":9}},{"id":"35805a45-f1af-4154-9f3e-bfab8fba401a","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"c660cf61-b965-4c2d-a42c-090010928525","block_type":"box","text":"NM1026U-5988695-7/44","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"fe6942e6-7f11-421f-baea-c8d09949d4c0","block_type":"box","text":"Small and Mid-Capitalization Company Risk","page_number":8,"box":{"x":81,"y":46,"width":327,"height":11}},{"id":"d874a855-eeac-4830-acc2-d1cdaa067c2a","block_type":"box","text":"— Companies with small or mid-size market capitalizations will","page_number":8,"box":{"x":412,"y":46,"width":461,"height":11}},{"id":"f5defbfc-d0ff-45ce-a506-d2e93be7018e","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more","page_number":8,"box":{"x":82,"y":60,"width":808,"height":12}},{"id":"f02bb1de-8ca5-4cd5-873e-fd8a21d9f8d0","block_type":"box","text":"limited management group than larger capitalized companies. In addition, it is more difficult to get information on","page_number":8,"box":{"x":82,"y":75,"width":833,"height":12}},{"id":"f1357446-9511-4f68-8eee-ca573025131d","block_type":"box","text":"smaller companies, which tend to be less well known, have shorter operating histories, do not have significant","page_number":8,"box":{"x":81,"y":90,"width":812,"height":12}},{"id":"bab4067b-ac07-483c-bd21-67043191831a","block_type":"box","text":"ownership by large investors and are followed by relatively few securities analysts.","page_number":8,"box":{"x":81,"y":105,"width":603,"height":12}},{"id":"5c1e1b7f-1901-4247-b43e-c34aad68a8f0","block_type":"box","text":"Performance Information","page_number":8,"box":{"x":61,"y":144,"width":224,"height":11}},{"id":"7558b0fb-e125-4601-8505-8315594cf56d","block_type":"box","text":"Effective June 12, 2017, the Fund changed its name, investment objective, investment process and investment","page_number":8,"box":{"x":62,"y":170,"width":820,"height":12}},{"id":"c1a699b1-4f55-49dd-bd57-57197a14b7ee","block_type":"box","text":"strategies. Performance for the periods prior to June 12, 2017 shown below is based on the investment process and","page_number":8,"box":{"x":61,"y":185,"width":861,"height":11}},{"id":"fdb893c4-5d7f-4f12-aaa1-e88aaf9516f3","block_type":"box","text":"investment strategies utilized by the Fund at that time under the name “BlackRock U.S. Opportunities Portfolio.”","page_number":8,"box":{"x":62,"y":200,"width":824,"height":11}},{"id":"3f8291dd-6349-4050-af1d-dbf16206e654","block_type":"box","text":"The information shows you how the Fund’s performance has varied year by year and provides some indication of the","page_number":8,"box":{"x":60,"y":222,"width":855,"height":12}},{"id":"6165a734-6743-4848-878f-5c5951251887","block_type":"box","text":"risks of investing in the Fund. Class K Shares commenced operations on April 21, 2020. As a result, returns shown","page_number":8,"box":{"x":61,"y":237,"width":850,"height":12}},{"id":"2b11e9ea-009d-4c80-b264-e7b09aac057c","block_type":"box","text":"below for Class K Shares prior to April 21, 2020 are those of the Fund’s Institutional Shares, which are not offered in","page_number":8,"box":{"x":61,"y":252,"width":864,"height":11}},{"id":"23a697c0-1ad3-4124-8843-e0a33e5a8d1c","block_type":"box","text":"this prospectus. The performance of Class K Shares would be substantially similar to Institutional Shares because","page_number":8,"box":{"x":60,"y":267,"width":845,"height":11}},{"id":"d9d98f65-37fb-45a5-8658-2e223153f856","block_type":"box","text":"Class K Shares and Institutional Shares are invested in the same portfolio of securities and performance would differ","page_number":8,"box":{"x":61,"y":282,"width":867,"height":11}},{"id":"ee6288b7-3052-48eb-a82e-c345ca015971","block_type":"box","text":"only to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K","page_number":8,"box":{"x":61,"y":296,"width":868,"height":12}},{"id":"a0f3deab-ecc1-4780-a123-20b6ca08fc2b","block_type":"box","text":"Shares would have been higher than those of Institutional Shares because Class K Shares have lower expenses than","page_number":8,"box":{"x":61,"y":311,"width":862,"height":12}},{"id":"7335df94-5d51-491e-8a91-ba4ef9d40d17","block_type":"box","text":"Institutional Shares. The table compares the Fund’s performance to that of the Russell 1000 Index and the Russell","page_number":8,"box":{"x":62,"y":326,"width":848,"height":11}},{"id":"bfab80c8-0588-44a1-a7e3-0863ae20dd90","block_type":"box","text":"1000 Value Index. The Russell 1000 Value Index is relevant to the Fund because it has characteristics similar to the","page_number":8,"box":{"x":62,"y":341,"width":854,"height":9}},{"id":"8d1c3526-fd58-4581-a82e-16c0c1f3b40b","block_type":"box","text":"Fund’s investment strategy. To the extent that dividends and distributions have been paid by the Fund, the","page_number":8,"box":{"x":62,"y":356,"width":778,"height":11}},{"id":"9c8db20f-ef61-49a1-aecc-ed80dba7150e","block_type":"box","text":"performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions.","page_number":8,"box":{"x":62,"y":370,"width":866,"height":12}},{"id":"e6710c5b-8e92-4dd7-ba61-3807bd42df3a","block_type":"box","text":"As with all such investments, past performance (before and after taxes) is not an indication of future results. The table","page_number":8,"box":{"x":60,"y":385,"width":875,"height":12}},{"id":"cc64900f-2a77-47d8-ae9d-224ea60d8e88","block_type":"box","text":"includes all applicable fees. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during","page_number":8,"box":{"x":62,"y":400,"width":869,"height":12}},{"id":"b45dfa56-4c57-40ed-9258-c957f4ef1209","block_type":"box","text":"these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance, including","page_number":8,"box":{"x":60,"y":415,"width":858,"height":12}},{"id":"7a779c95-1d65-4e9c-9eaf-24d04d4daaba","block_type":"box","text":"its current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at","page_number":8,"box":{"x":62,"y":430,"width":779,"height":11}},{"id":"e81b928f-50d5-41c6-b76b-460346867599","block_type":"box","text":"(800) 882-0052.","page_number":8,"box":{"x":61,"y":445,"width":122,"height":11}},{"id":"622e7bde-9677-4a7f-af98-fff4203bb880","block_type":"box","text":"Class K Shares","page_number":8,"box":{"x":437,"y":468,"width":124,"height":10}},{"id":"51b69333-ed61-4cf3-bbc0-70b871ac777f","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":8,"box":{"x":392,"y":484,"width":212,"height":10}},{"id":"a37ad316-4c96-40cc-a460-ce2cb7bda87b","block_type":"box","text":"BlackRock High Equity Income Fund","page_number":8,"box":{"x":349,"y":500,"width":299,"height":12}},{"id":"fb2e9d4c-1da5-43b5-af8b-a55adae354c0","block_type":"box","text":"As of 12/31","page_number":8,"box":{"x":447,"y":516,"width":103,"height":12}},{"id":"230f3f5a-ee45-42bb-a171-57003fc99d71","block_type":"box","text":"7.15%","page_number":8,"box":{"x":295,"y":620,"width":37,"height":8}},{"id":"5ff3e4d6-1497-4bf5-8e8c-9b9eafb15251","block_type":"box","text":"17.53%","page_number":8,"box":{"x":340,"y":580,"width":44,"height":7}},{"id":"50adb667-35d9-4a58-92ea-923321abebbb","block_type":"box","text":"-6.16%","page_number":8,"box":{"x":389,"y":687,"width":41,"height":8}},{"id":"b63d0414-a4cf-4731-b8e4-8d7a273cde0e","block_type":"box","text":"21.98%","page_number":8,"box":{"x":436,"y":563,"width":45,"height":7}},{"id":"009fa387-4f4c-44c4-87ce-0f81cb8f7808","block_type":"box","text":"-0.25%","page_number":8,"box":{"x":486,"y":664,"width":40,"height":8}},{"id":"7dff3b55-705f-4759-baf7-336660fe004e","block_type":"box","text":"23.07%","page_number":8,"box":{"x":532,"y":559,"width":45,"height":7}},{"id":"ff720519-cb2d-4fb6-98c8-04914afd8935","block_type":"box","text":"-1.61%","page_number":8,"box":{"x":582,"y":670,"width":40,"height":7}},{"id":"bc7738e9-1703-4cb7-9378-e019ecf74ca3","block_type":"box","text":"10.05%","page_number":8,"box":{"x":629,"y":609,"width":44,"height":7}},{"id":"de89e3ea-7404-4575-bc15-8a66c456454b","block_type":"box","text":"7.82%","page_number":8,"box":{"x":681,"y":618,"width":36,"height":7}},{"id":"a0ffcb4f-7fd9-4185-b579-52d9df8e256a","block_type":"box","text":"17.10%","page_number":8,"box":{"x":725,"y":582,"width":45,"height":7}},{"id":"f3b40ff5-5fe8-4b08-938e-aa58fd4dede4","block_type":"box","text":"-10%","page_number":8,"box":{"x":237,"y":695,"width":28,"height":7}},{"id":"cfd8f9b6-26d6-400c-915f-8f30ace0b353","block_type":"box","text":"0%","page_number":8,"box":{"x":248,"y":656,"width":17,"height":7}},{"id":"d7a0a147-ae3e-4f25-8ae2-948d68becb8b","block_type":"box","text":"10%","page_number":8,"box":{"x":241,"y":617,"width":24,"height":7}},{"id":"adeb7039-9d32-448b-b5e8-72856b33f65d","block_type":"box","text":"20%","page_number":8,"box":{"x":240,"y":578,"width":25,"height":7}},{"id":"d5bd8e01-eb9a-4ba9-98c9-924a6d5fde6e","block_type":"box","text":"30%","page_number":8,"box":{"x":240,"y":539,"width":25,"height":7}},{"id":"9cdd0fe7-f8b1-477b-bb44-3e176b997c13","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":8,"box":{"x":298,"y":704,"width":465,"height":8}},{"id":"75892f08-f85b-4796-9339-aa871ad67cc3","block_type":"box","text":"During the ten-year period shown in the bar chart, the highest return for a quarter was 16.59% (quarter ended","page_number":8,"box":{"x":62,"y":725,"width":806,"height":12}},{"id":"9f01925f-c474-493b-a183-c5ecd6072f41","block_type":"box","text":"December 31, 2020) and the lowest return for a quarter was -25.93% (quarter ended March 31, 2020). The year-to","page_number":8,"box":{"x":62,"y":740,"width":853,"height":11}},{"id":"62d8203f-6846-4319-af4b-4bcabd856dd4","block_type":"box","text":"date return as of June 30, 2026 was 9.88%.","page_number":8,"box":{"x":61,"y":755,"width":327,"height":10}},{"id":"851954a4-d7d6-456b-bdb6-587a976b232e","block_type":"box","text":"For the periods ended 12/31/25","page_number":8,"box":{"x":70,"y":783,"width":223,"height":10}},{"id":"825cb402-c107-4611-9ee7-338d55dbcef0","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":8,"box":{"x":69,"y":795,"width":854,"height":10}},{"id":"9698ecf8-2750-4700-bee8-5abfa4af6c53","block_type":"box","text":"BlackRock High Equity Income Fund — Class K Shares","page_number":8,"box":{"x":70,"y":813,"width":359,"height":10}},{"id":"ba2be675-dbce-4ef6-9215-686e72b493dd","block_type":"box","text":"Return Before Taxes 17.10% 10.97% 9.24%","page_number":8,"box":{"x":85,"y":826,"width":840,"height":8}},{"id":"7cd71606-b97f-4bfc-bced-c93829914ee6","block_type":"box","text":"Return After Taxes on Distributions 13.49% 7.99% 5.84%","page_number":8,"box":{"x":85,"y":839,"width":840,"height":8}},{"id":"f489b0fa-91b5-487b-898a-dbe03da9e276","block_type":"box","text":"Return After Taxes on Distributions","page_number":8,"box":{"x":85,"y":852,"width":228,"height":8}},{"id":"67972b66-5a06-41f0-a55d-314dcec51142","block_type":"box","text":"and Sale of Fund Shares 10.19% 7.36% 5.95%","page_number":8,"box":{"x":85,"y":863,"width":840,"height":9}},{"id":"c6eb24b5-0072-4788-b45b-c912136f6a8d","block_type":"box","text":"Russell 1000 Index","page_number":8,"box":{"x":70,"y":881,"width":128,"height":9}},{"id":"7ecb5fb4-6714-4209-ab77-f39b0d08dbce","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 17.37% 13.59% 14.59%","page_number":8,"box":{"x":69,"y":895,"width":856,"height":10}},{"id":"63f864b2-9bf3-4d5f-ad89-ca8abdbcc020","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"ad1970e6-112b-4f5c-94c8-913b46b9bc34","block_type":"box","text":"NM1026U-5988695-8/44","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"4b17b2fa-bc41-41f1-b7e8-ef3cf20dcafb","block_type":"box","text":"For the periods ended 12/31/25","page_number":9,"box":{"x":70,"y":51,"width":223,"height":10}},{"id":"76b269fb-df38-42c2-99a6-33c44d3a7f03","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":9,"box":{"x":69,"y":62,"width":854,"height":10}},{"id":"5701e985-831b-4941-8d43-47c8c7b04c7f","block_type":"box","text":"Russell 1000 Value Index","page_number":9,"box":{"x":70,"y":80,"width":168,"height":8}},{"id":"7404db73-e03b-4b5a-b375-0dc16d84b899","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 15.91% 11.33% 10.53%","page_number":9,"box":{"x":69,"y":94,"width":856,"height":10}},{"id":"a783c219-51ea-4678-87d5-b8dede8e33a4","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":9,"box":{"x":60,"y":126,"width":840,"height":11}},{"id":"d8603169-4614-4353-903d-4122382d00fc","block_type":"box","text":"reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may","page_number":9,"box":{"x":61,"y":140,"width":835,"height":12}},{"id":"dff41dc5-48f7-4544-b47a-0c8c26997169","block_type":"box","text":"differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through","page_number":9,"box":{"x":61,"y":155,"width":851,"height":12}},{"id":"28f4ca55-8731-4510-9a2d-6bb9bc00459c","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":9,"box":{"x":60,"y":170,"width":611,"height":12}},{"id":"b7099065-a943-4321-a737-7d4757c8fd9f","block_type":"box","text":"Investment Manager","page_number":9,"box":{"x":62,"y":209,"width":187,"height":14}},{"id":"98fad0a0-a622-41c2-9582-6528dffb7d9a","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":9,"box":{"x":60,"y":235,"width":709,"height":12}},{"id":"f957338c-3a85-440b-8b22-9e134878acde","block_type":"box","text":"Portfolio Managers","page_number":9,"box":{"x":61,"y":274,"width":173,"height":14}},{"id":"f50ca62d-7a0e-48ba-aa8b-89035fb84b3d","block_type":"box","text":"Name","page_number":9,"box":{"x":70,"y":318,"width":37,"height":8}},{"id":"638c8389-063c-4c51-9a54-5141102f2c30","block_type":"box","text":"Portfolio Manager","page_number":9,"box":{"x":375,"y":306,"width":121,"height":11}},{"id":"3fe40606-62ae-4d37-9ff0-e6280d2886d5","block_type":"box","text":"of the Fund Since Title","page_number":9,"box":{"x":376,"y":318,"width":414,"height":8}},{"id":"f5ff8d9c-f675-427a-912c-629a0aadb6cc","block_type":"box","text":"Cem Inal 2025 Managing Director of BlackRock, Inc.","page_number":9,"box":{"x":69,"y":336,"width":826,"height":10}},{"id":"a47e6184-ab65-430f-a47f-dca58af30ba2","block_type":"box","text":"Kyle McClements, CFA 2017 Managing Director of BlackRock, Inc.","page_number":9,"box":{"x":70,"y":354,"width":825,"height":10}},{"id":"4ffedf8c-7199-4a44-a9f6-39761af860fe","block_type":"box","text":"Tom Pierce 2021 Director of BlackRock, Inc.","page_number":9,"box":{"x":69,"y":372,"width":758,"height":10}},{"id":"3d10c8fe-3878-4272-9e0e-2c6f21b6aba9","block_type":"box","text":"David Zhao 2017 Managing Director of BlackRock, Inc.","page_number":9,"box":{"x":70,"y":390,"width":825,"height":11}},{"id":"168e5e3a-2435-4386-affa-ec94b72f998e","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":9,"box":{"x":61,"y":431,"width":309,"height":11}},{"id":"c2e8636c-78f4-4d7a-a07e-94a4fc575945","block_type":"box","text":"Class K Shares of the Fund are available only to (i) certain employee benefit plans, such as health savings accounts,","page_number":9,"box":{"x":61,"y":457,"width":859,"height":11}},{"id":"bcda363f-bcfe-401d-896b-4f94f548b590","block_type":"box","text":"and certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively,","page_number":9,"box":{"x":61,"y":472,"width":844,"height":11}},{"id":"a777d781-108e-495a-a199-03ff55bcb843","block_type":"box","text":"“Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies and other pooled","page_number":9,"box":{"x":62,"y":487,"width":791,"height":11}},{"id":"2efb9b73-1ea4-40d3-a897-ec89ed4d6175","block_type":"box","text":"investment vehicles, each of which may purchase shares of the Fund through a Financial Intermediary that has entered","page_number":9,"box":{"x":62,"y":501,"width":874,"height":12}},{"id":"2a63564f-1dc7-499f-bcb5-77259e9b1810","block_type":"box","text":"into an agreement with the Fund’s distributor to purchase such shares, (iii) “Institutional Investors,” which include, but","page_number":9,"box":{"x":62,"y":516,"width":871,"height":12}},{"id":"a9561d8f-409f-460d-9fea-aee2ef7e2f10","block_type":"box","text":"are not limited to, endowments, foundations, family offices, banks and bank trusts, local, city, and state governmental","page_number":9,"box":{"x":61,"y":531,"width":870,"height":12}},{"id":"7a436e3d-cc5f-4f83-9659-5cddc6d20069","block_type":"box","text":"institutions, corporations and insurance company separate accounts, each of which may purchase shares of the Fund","page_number":9,"box":{"x":62,"y":546,"width":863,"height":11}},{"id":"26afc308-0f01-4961-a4a9-a38e1f447967","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such","page_number":9,"box":{"x":60,"y":561,"width":832,"height":11}},{"id":"3c2f1350-46e0-4f63-adc7-4c5cabad8ff5","block_type":"box","text":"shares, (iv) clients of private banks that purchase shares of the Fund through a Financial Intermediary that has","page_number":9,"box":{"x":61,"y":575,"width":815,"height":12}},{"id":"c7854277-0ace-4c57-b45a-ebc8d4ade2c8","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":9,"box":{"x":61,"y":590,"width":816,"height":12}},{"id":"73bd3b1a-5ce5-4e16-ab5b-d2c0d6d6f473","block_type":"box","text":"Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s distributor and/or","page_number":9,"box":{"x":62,"y":605,"width":867,"height":12}},{"id":"81932582-a920-423c-9856-41376c053434","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":9,"box":{"x":62,"y":620,"width":868,"height":12}},{"id":"dee3aeb0-a9ef-4fc2-be56-7b3cd64386bb","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":9,"box":{"x":61,"y":635,"width":874,"height":11}},{"id":"ad219f21-740f-47f2-a236-6c8f9515e526","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":9,"box":{"x":61,"y":650,"width":859,"height":11}},{"id":"58ccf706-9c63-4e65-a3cd-b09ac3547fe1","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":9,"box":{"x":60,"y":664,"width":857,"height":12}},{"id":"c5dcd0f9-f7d3-4e4e-9c99-667478dd1ff2","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. 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There is no minimum investment amount for additional purchases.","page_number":9,"box":{"x":61,"y":746,"width":586,"height":12}},{"id":"c981b226-bfd7-423c-86d9-8d6a450f09d0","block_type":"box","text":"Tax Information","page_number":9,"box":{"x":63,"y":785,"width":138,"height":11}},{"id":"974cf601-aafa-46ea-9970-263a9a5ca1ea","block_type":"box","text":"Different income tax rules apply depending on whether you are invested through a qualified tax-exempt plan described","page_number":9,"box":{"x":62,"y":811,"width":865,"height":12}},{"id":"abc1d08c-f406-40b1-8d4b-dda4003a4bab","block_type":"box","text":"in section 401(a) of the Internal Revenue Code. 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If you are not invested through such a plan, then the Fund’s dividends and gain from a","page_number":9,"box":{"x":61,"y":871,"width":838,"height":11}},{"id":"5b36311e-34fc-4339-9a70-a2c4670425b0","block_type":"box","text":"redemption or exchange may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital","page_number":9,"box":{"x":61,"y":885,"width":860,"height":12}},{"id":"81a4fd11-c796-441b-b451-2eecc037cae7","block_type":"box","text":"gains, unless you are a tax-exempt investor.","page_number":9,"box":{"x":60,"y":901,"width":322,"height":11}},{"id":"d63f04ac-fec5-496e-9270-ac1837c771c5","block_type":"box","text":"9","page_number":9,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"012abfcd-080d-4c33-96d7-8dfe9e3e2c4d","block_type":"box","text":"NM1026U-5988695-9/44","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"0dcba65c-73fb-4087-be46-88549131ddd7","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries","page_number":10,"box":{"x":61,"y":47,"width":578,"height":13}},{"id":"0f9f5589-1cc2-481e-8269-20f426e1e2df","block_type":"box","text":"If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the","page_number":10,"box":{"x":62,"y":73,"width":848,"height":11}},{"id":"212f13c2-92ce-46c4-8dec-a6ce984f30a9","block_type":"box","text":"Fund’s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services.","page_number":10,"box":{"x":62,"y":88,"width":868,"height":11}},{"id":"b7d62110-5d61-40a3-9f03-050095764739","block_type":"box","text":"These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial","page_number":10,"box":{"x":60,"y":110,"width":867,"height":12}},{"id":"9a804908-961c-4fa5-90cf-776004f19b72","block_type":"box","text":"professional to recommend the Fund over another investment.","page_number":10,"box":{"x":62,"y":125,"width":455,"height":11}},{"id":"0faa5234-aaf9-482a-b8e1-771862fdc92d","block_type":"box","text":"Class K Shares are only available through a Financial Intermediary if the Financial Intermediary will not receive from","page_number":10,"box":{"x":61,"y":147,"width":849,"height":12}},{"id":"fcbfe905-8234-4008-839d-205575a41780","block_type":"box","text":"Fund assets, or the Fund’s distributor’s or an affiliate’s resources, any commission payments, shareholder servicing","page_number":10,"box":{"x":62,"y":162,"width":857,"height":12}},{"id":"de4992c4-354e-40c2-94d2-8a6c761c9c40","block_type":"box","text":"fees (including sub-transfer agent and networking fees), or distribution fees (including Rule 12b-1 fees) with respect to","page_number":10,"box":{"x":60,"y":177,"width":869,"height":12}},{"id":"ac320b7d-0388-4993-b669-ddee00ffea33","block_type":"box","text":"assets invested in Class K 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information,","page_number":11,"box":{"x":62,"y":146,"width":821,"height":12}},{"id":"93be1a94-8951-47c1-8e69-ec60f1c35b8d","block_type":"box","text":"shareholder features of BlackRock High Equity Income Fund (the “Fund”), a series of BlackRock Funds","page_number":11,"box":{"x":61,"y":161,"width":750,"height":12}},{"id":"84f1216c-4624-4a34-851a-0f44fca90d14","block_type":"box","text":"SM","page_number":11,"box":{"x":812,"y":161,"width":11,"height":5}},{"id":"74155954-1828-40c5-9113-4237939839f6","block_type":"box","text":"(the “Trust”),","page_number":11,"box":{"x":830,"y":161,"width":94,"height":11}},{"id":"125a1647-b6ba-45f0-af1d-760bfb241c08","block_type":"box","text":"and your rights as a shareholder.","page_number":11,"box":{"x":61,"y":176,"width":240,"height":11}},{"id":"1f740b0a-fc6c-458a-8db7-0eafbdddf804","block_type":"box","text":"How the Fund Invests","page_number":11,"box":{"x":61,"y":215,"width":196,"height":11}},{"id":"24ea244b-3c00-48be-8d9d-1a3a6e5e2642","block_type":"box","text":"Investment Objective","page_number":11,"box":{"x":61,"y":241,"width":175,"height":13}},{"id":"3260b1dd-278c-4eb1-a238-80de96f957f5","block_type":"box","text":"The investment objective of the Fund is to seek high current income while maintaining prospects for capital","page_number":11,"box":{"x":60,"y":258,"width":786,"height":11}},{"id":"a84603e5-abc5-412e-b6fc-938544b9dba9","block_type":"box","text":"appreciation.","page_number":11,"box":{"x":61,"y":273,"width":93,"height":11}},{"id":"306b5b90-d326-4cc6-a0cd-fa9b712262c8","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":11,"box":{"x":60,"y":295,"width":831,"height":12}},{"id":"dd50436e-55ff-4cfc-b4e4-607c6549dcba","block_type":"box","text":"notice to shareholders.","page_number":11,"box":{"x":61,"y":310,"width":168,"height":9}},{"id":"4b818885-4b0b-429d-adc4-1d12ffd958e7","block_type":"box","text":"Investment Process","page_number":11,"box":{"x":61,"y":333,"width":163,"height":10}},{"id":"7957e425-0513-4804-89f3-061ee123cc81","block_type":"box","text":"BlackRock Advisors, LLC (“BlackRock”) chooses investments for the Fund that it believes will generate high current","page_number":11,"box":{"x":62,"y":349,"width":844,"height":12}},{"id":"0a2c9a85-4e6c-44b1-a086-208b142181b1","block_type":"box","text":"income, while maintaining prospects for an increase in value over the long term. The Fund’s total return consists of","page_number":11,"box":{"x":62,"y":364,"width":847,"height":12}},{"id":"8cdf6dcf-227e-42fd-b0fb-0bb0e3daa04c","block_type":"box","text":"increases in value from both income and capital appreciation. The Fund will focus on issuers that maximize current","page_number":11,"box":{"x":62,"y":379,"width":844,"height":11}},{"id":"4c945280-dc1b-48b2-8dfd-5f080f75e563","block_type":"box","text":"income and may also have good prospects for long-term capital appreciation. In selecting portfolio securities, the Fund","page_number":11,"box":{"x":62,"y":394,"width":870,"height":11}},{"id":"a3e313cb-7a8b-429c-ac40-286eafed3bf9","block_type":"box","text":"will generally employ a value-oriented analysis, but may purchase equity securities based on a growth-oriented analysis","page_number":11,"box":{"x":60,"y":409,"width":873,"height":11}},{"id":"df86c4cc-0efe-4ebf-a9e1-f663032f0661","block_type":"box","text":"when such securities pay dividends.","page_number":11,"box":{"x":60,"y":424,"width":263,"height":11}},{"id":"03b32911-f213-4d80-aed4-f787df7efcf6","block_type":"box","text":"Principal Investment Strategies","page_number":11,"box":{"x":61,"y":446,"width":262,"height":13}},{"id":"0ce0b2dc-ce39-486c-be18-aa73096e251e","block_type":"box","text":"The Fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of equity securities.","page_number":11,"box":{"x":60,"y":463,"width":861,"height":11}},{"id":"6ed09207-f50c-4d94-88f1-59be9786520f","block_type":"box","text":"Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for","page_number":11,"box":{"x":62,"y":477,"width":873,"height":12}},{"id":"2abec5b9-5dec-496b-a6ef-2c50e1bfd7e8","block_type":"box","text":"investment purposes, in equity securities and equity-related instruments, including equity-linked notes. With respect to","page_number":11,"box":{"x":62,"y":493,"width":869,"height":11}},{"id":"b3d9e799-b31f-4ec0-8198-b54edb999c33","block_type":"box","text":"such equity investments, investments in derivatives are counted toward the Fund’s 80% policy to the extent that they","page_number":11,"box":{"x":61,"y":507,"width":860,"height":12}},{"id":"deea5589-904b-4197-ab06-c7f6f525fa0c","block_type":"box","text":"provide investment exposure to the securities included within that policy or to one or more market risk factors","page_number":11,"box":{"x":62,"y":522,"width":805,"height":11}},{"id":"76ba5ba1-5136-4433-93ad-4b06d0b2e1aa","block_type":"box","text":"associated with such securities. This policy is a non-fundamental policy of the Fund and may not be changed without","page_number":11,"box":{"x":61,"y":537,"width":855,"height":11}},{"id":"e37f5f6d-9b60-44c1-80b4-0498c0d34566","block_type":"box","text":"60 days’ prior notice to shareholders. The Fund may invest in securities of companies with any market capitalization,","page_number":11,"box":{"x":61,"y":552,"width":857,"height":11}},{"id":"643887cd-2055-420f-a44e-49cc062632d8","block_type":"box","text":"but will generally focus on large cap securities. The Fund may invest up to 50% of its assets in equity-linked notes that","page_number":11,"box":{"x":61,"y":566,"width":870,"height":12}},{"id":"3515a844-5559-4f0f-bdd3-bbf09122d856","block_type":"box","text":"provide exposure to equity securities and covered call options or other types of financial instruments.","page_number":11,"box":{"x":62,"y":581,"width":742,"height":12}},{"id":"17de7b27-c225-4c99-9fbf-9aff7954b127","block_type":"box","text":"With respect to the Fund’s equity investments, the Fund may invest in common stock, preferred stock and depositary","page_number":11,"box":{"x":60,"y":604,"width":864,"height":11}},{"id":"5434325c-006e-404f-b314-bd330fad5147","block_type":"box","text":"receipts. The Fund generally intends to invest in dividend paying stocks. From time to time, the Fund may invest in","page_number":11,"box":{"x":61,"y":619,"width":837,"height":11}},{"id":"6b7ec1bc-e0c0-4825-a20c-a47af350f484","block_type":"box","text":"shares of companies through initial public offerings (“IPOs”). The Fund may invest in securities from any country,","page_number":11,"box":{"x":61,"y":633,"width":828,"height":12}},{"id":"a9269009-0133-4caf-9d62-511ad8567411","block_type":"box","text":"including emerging markets. The Fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar","page_number":11,"box":{"x":62,"y":648,"width":848,"height":12}},{"id":"950843d8-21d1-43c0-b19f-f3145d08e6fb","block_type":"box","text":"currencies. BlackRock chooses investments for the Fund that it believes will provide current income and current gains.","page_number":11,"box":{"x":61,"y":663,"width":870,"height":12}},{"id":"eaa9b702-44e4-45a3-b093-c6c3c1829a00","block_type":"box","text":"The Fund may also purchase convertible securities.","page_number":11,"box":{"x":60,"y":678,"width":377,"height":11}},{"id":"1a8391c8-f989-4568-a6fb-454438f2863a","block_type":"box","text":"The Fund’s portfolio, in the aggregate, will be structured in a manner designed to deliver high current income while","page_number":11,"box":{"x":60,"y":701,"width":843,"height":11}},{"id":"faf0f550-e2eb-4574-a19a-a9bc53cd3701","block_type":"box","text":"maintaining prospects for capital appreciation.","page_number":11,"box":{"x":61,"y":715,"width":340,"height":12}},{"id":"571e393c-71a1-4e46-b28a-ad839cb2931a","block_type":"box","text":"The Fund intends to employ a strategy of writing (selling) covered call and put options on common stocks, indices of","page_number":11,"box":{"x":60,"y":738,"width":854,"height":11}},{"id":"00219be2-18a9-4536-9c6c-6051c2d3754d","block_type":"box","text":"securities, sectors of securities and baskets of securities, primarily through structured notes. This option strategy is","page_number":11,"box":{"x":61,"y":753,"width":854,"height":11}},{"id":"6ee5c344-7a2c-49af-b13e-d27fd1690fc2","block_type":"box","text":"intended to generate current gains from option premiums as a means to enhance distributions payable to the Fund’s","page_number":11,"box":{"x":62,"y":768,"width":858,"height":11}},{"id":"74ec212a-dc9e-4e14-9daf-2605893ce0c6","block_type":"box","text":"shareholders. As the Fund writes more covered call options, its ability to benefit from capital appreciation becomes","page_number":11,"box":{"x":61,"y":782,"width":846,"height":12}},{"id":"3b776857-9907-4078-88a8-c3ce8d35ff30","block_type":"box","text":"more limited and the Fund’s total return may deviate more from the returns of the Russell 1000 Value Index, an all","page_number":11,"box":{"x":61,"y":797,"width":843,"height":12}},{"id":"ec91701a-7ec0-4842-baa0-6561d5045045","block_type":"box","text":"equity benchmark. The Fund seeks to produce a high level of current income from dividends and from option writing","page_number":11,"box":{"x":61,"y":812,"width":848,"height":12}},{"id":"081645c7-dad8-4b9d-bfab-a88521fc6d8c","block_type":"box","text":"premiums.","page_number":11,"box":{"x":62,"y":827,"width":75,"height":11}},{"id":"602ca377-f149-4382-9b41-26e2c6a62468","block_type":"box","text":"The Fund may invest in master limited partnerships (“MLPs”) that are generally in energy- and financial-related","page_number":11,"box":{"x":60,"y":849,"width":810,"height":12}},{"id":"31c4d387-9b52-4f2b-8421-946f71e6f71a","block_type":"box","text":"industries and in U.S. and non-U.S. real estate investment trusts (“REITs”), as well as structured products, including","page_number":11,"box":{"x":62,"y":864,"width":855,"height":12}},{"id":"25fbf6c6-c1b2-4e1b-92af-11718a1dbe39","block_type":"box","text":"equity-linked notes, to maximize the Fund’s current income.","page_number":11,"box":{"x":61,"y":879,"width":436,"height":11}},{"id":"6ccf31de-5992-4131-b7ed-dd6c705d7b5b","block_type":"box","text":"11","page_number":11,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"7ce26688-fdc3-4acd-9150-f50eb23e8bcd","block_type":"box","text":"NM1026U-5988695-11/44","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"dba6d99f-f9e5-4a6a-8c42-47a8fe3f8f1e","block_type":"box","text":"The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.","page_number":12,"box":{"x":60,"y":46,"width":874,"height":11}},{"id":"c6c6d34e-cbd8-483f-8b72-90ca5e3d4e08","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":12,"box":{"x":272,"y":102,"width":453,"height":10}},{"id":"691378fc-6612-4ec6-aef5-da161513c965","block_type":"box","text":"The Fund is managed by a team of financial professionals. Cem Inal, Kyle McClements, CFA, Tom Pierce and David","page_number":12,"box":{"x":70,"y":125,"width":842,"height":11}},{"id":"d1bf5988-8faa-4d21-8588-28abc9f11e5c","block_type":"box","text":"Zhao are the portfolio managers and are jointly and primarily responsible for the day-to-day management of the","page_number":12,"box":{"x":71,"y":140,"width":813,"height":11}},{"id":"686af6eb-873f-4126-8fc2-837404ce04fa","block_type":"box","text":"Fund. Please see “Management of the Fund — Portfolio Manager Information” for additional information about the","page_number":12,"box":{"x":72,"y":155,"width":840,"height":11}},{"id":"86acc40f-49ee-40f0-a841-8ebbd7965984","block_type":"box","text":"portfolio management team.","page_number":12,"box":{"x":72,"y":169,"width":207,"height":12}},{"id":"e850ada9-16ce-4d91-88df-4c95962510d5","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":12,"box":{"x":61,"y":205,"width":327,"height":13}},{"id":"827709c1-45d7-49eb-9c91-56382f0d5192","block_type":"box","text":"In addition to the principal investment strategies discussed above, the Fund may also invest or engage in the following","page_number":12,"box":{"x":62,"y":227,"width":870,"height":11}},{"id":"316335b1-9e59-4634-bc89-1cb0bc34d769","block_type":"box","text":"investments/strategies:","page_number":12,"box":{"x":62,"y":242,"width":173,"height":11}},{"id":"069644dd-e485-4bed-b4e2-0770673dafc2","block_type":"box","text":"Borrowing","page_number":12,"box":{"x":81,"y":262,"width":78,"height":11}},{"id":"724d3ec4-9a3e-47cd-84e2-ae66ea75fd55","block_type":"box","text":"— The Fund may borrow for temporary or emergency purposes, including to meet redemptions, for the","page_number":12,"box":{"x":162,"y":262,"width":751,"height":11}},{"id":"e941c34d-f4ad-4213-b145-90dd17041b01","block_type":"box","text":"payment of dividends, for share repurchases or for the clearance of transactions, subject to the limits set forth","page_number":12,"box":{"x":82,"y":276,"width":815,"height":12}},{"id":"1ec99a6e-d771-4299-b2ce-24cc9ec2f5cc","block_type":"box","text":"under the Investment Company Act of 1940, as amended (the “Investment Company Act”), the rules and","page_number":12,"box":{"x":82,"y":291,"width":769,"height":12}},{"id":"a08d3bb5-6183-4eb2-96b8-48d1116cf8f8","block_type":"box","text":"regulations thereunder and any applicable exemptive relief.","page_number":12,"box":{"x":82,"y":306,"width":432,"height":12}},{"id":"34e77511-37b4-45bc-a154-d0df391750de","block_type":"box","text":"Derivative Transactions—","page_number":12,"box":{"x":81,"y":326,"width":177,"height":9}},{"id":"f3d70844-c4bd-4c29-a7a1-1ae0d8625398","block_type":"box","text":"s— The Fund may use derivatives to hedge its investment portfolio against market, interest","page_number":12,"box":{"x":257,"y":326,"width":666,"height":12}},{"id":"f8adf96c-5a7a-4394-beda-dc62684c5311","block_type":"box","text":"rate and currency risks or to seek to enhance its return. The derivatives that the Fund may use include options,","page_number":12,"box":{"x":82,"y":341,"width":816,"height":11}},{"id":"80816dae-d4e6-4295-b7ef-504bae526035","block_type":"box","text":"futures, swaps and forward foreign exchange transactions.","page_number":12,"box":{"x":81,"y":356,"width":431,"height":11}},{"id":"23e71901-8a9d-40c9-81ff-be191a781725","block_type":"box","text":"Illiquid Investments","page_number":12,"box":{"x":81,"y":376,"width":148,"height":11}},{"id":"8c0b27e7-9493-4144-880f-77139743f883","block_type":"box","text":"— The Fund may not acquire an illiquid investment if, immediately after the acquisition, the","page_number":12,"box":{"x":233,"y":376,"width":670,"height":11}},{"id":"6873b0c3-08cc-47c3-a4fc-237a47814ac1","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":12,"box":{"x":82,"y":390,"width":811,"height":12}},{"id":"8c8a091c-6144-44ea-add5-0acc9d5de2be","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":12,"box":{"x":82,"y":405,"width":831,"height":12}},{"id":"55d9359f-4d0f-44cb-9760-1440318489f7","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":12,"box":{"x":81,"y":420,"width":811,"height":12}},{"id":"a75ed28a-4474-4213-81bf-2e1eccbfb2d5","block_type":"box","text":"Indexed and Inverse Securities","page_number":12,"box":{"x":81,"y":440,"width":232,"height":9}},{"id":"2956af2c-7615-44ca-a925-4c39eb7e6691","block_type":"box","text":"— The Fund may invest in securities the potential return of which is based on the","page_number":12,"box":{"x":317,"y":440,"width":598,"height":12}},{"id":"12b0f389-aaa0-47af-8e28-abbc206d1849","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":12,"box":{"x":81,"y":455,"width":823,"height":12}},{"id":"aba944f2-6f5f-4062-8292-cbd0dc5718b0","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":12,"box":{"x":81,"y":470,"width":843,"height":11}},{"id":"658a482d-50d5-4c75-9d13-ac7eff004a82","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":12,"box":{"x":81,"y":485,"width":810,"height":11}},{"id":"bb1d253d-31d8-4d69-9039-7c9316ee8ef4","block_type":"box","text":"(“inverse securities”). In general, the return on inverse securities will decrease when the underlying index or interest","page_number":12,"box":{"x":81,"y":500,"width":854,"height":11}},{"id":"07512c47-31e1-466d-acf1-85b2f96a6908","block_type":"box","text":"rate goes up and increase when that index or interest rate goes down.","page_number":12,"box":{"x":82,"y":515,"width":514,"height":11}},{"id":"a0e8cc69-e404-40fe-be35-a1041ed5b3f5","block_type":"box","text":"Investment Companies","page_number":12,"box":{"x":81,"y":534,"width":172,"height":12}},{"id":"c7531dfa-32a8-4f42-ab1e-c77ea12f184e","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":12,"box":{"x":258,"y":534,"width":643,"height":12}},{"id":"c01fd330-b690-4317-b16a-40b105e1e8a3","block_type":"box","text":"traded funds (“ETFs”), unit investment trusts, and open-end and closed-end funds, subject to the applicable limits","page_number":12,"box":{"x":80,"y":549,"width":837,"height":11}},{"id":"47d6efe5-06f5-464f-b9c8-ba195dd4e2b6","block_type":"box","text":"under the Investment Company Act, and the rules thereunder. The Fund may invest in affiliated investment","page_number":12,"box":{"x":82,"y":564,"width":782,"height":11}},{"id":"5cf491f4-f794-4edd-9524-dac02cded2fd","block_type":"box","text":"companies, including affiliated money market funds and affiliated ETFs.","page_number":12,"box":{"x":81,"y":579,"width":525,"height":11}},{"id":"85ae292f-37be-45cc-9cf6-bc485ac9e79a","block_type":"box","text":"Money Market Securities","page_number":12,"box":{"x":81,"y":599,"width":190,"height":11}},{"id":"d5e9e19b-60cd-4137-a3dd-0dcc5fe0972b","block_type":"box","text":"— The Fund may invest in high quality money market securities pending investments or","page_number":12,"box":{"x":276,"y":599,"width":641,"height":11}},{"id":"33277578-b254-452a-8fbc-e51a39966124","block_type":"box","text":"when it expects to need cash to pay redeeming shareholders. The Fund will not be deemed to deviate from its","page_number":12,"box":{"x":80,"y":613,"width":808,"height":12}},{"id":"d0b0a9c4-b5d9-457c-8770-2a2949695238","block_type":"box","text":"normal strategies if it holds these securities pending investments.","page_number":12,"box":{"x":82,"y":628,"width":485,"height":12}},{"id":"a87d9c4f-5d4b-4fb8-9ecf-6c084d98a093","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts","page_number":12,"box":{"x":81,"y":648,"width":442,"height":12}},{"id":"adfe5644-b1cd-494e-b12e-dea9aea10313","block_type":"box","text":"—","page_number":12,"box":{"x":528,"y":654,"width":17,"height":1}},{"id":"208cdd2b-54e3-4d91-8e37-ce5b9e9687ba","block_type":"box","text":"The Fund may enter into certain types of repurchase","page_number":12,"box":{"x":549,"y":648,"width":384,"height":12}},{"id":"bd81db5c-bdc4-499e-970c-836ba1da3623","block_type":"box","text":"agreements or purchase and sale contracts. Under a repurchase agreement, the seller agrees to repurchase a","page_number":12,"box":{"x":81,"y":663,"width":813,"height":12}},{"id":"4d6ea582-02a7-430c-96ca-85423f037cc4","block_type":"box","text":"security at a mutually agreed-upon time and price. A purchase and sale contract is similar to a repurchase","page_number":12,"box":{"x":81,"y":678,"width":779,"height":12}},{"id":"e3bc8702-f8c8-4f5e-ab33-42238cb273df","block_type":"box","text":"agreement, but purchase and sale contracts also provide that the purchaser receives any interest on the security","page_number":12,"box":{"x":81,"y":693,"width":832,"height":11}},{"id":"ea589948-8c1a-471d-9109-887be2911de5","block_type":"box","text":"paid during the period.","page_number":12,"box":{"x":82,"y":708,"width":162,"height":11}},{"id":"482e56c4-1ff4-422d-acc0-664d3de937d3","block_type":"box","text":"Restricted Securities","page_number":12,"box":{"x":81,"y":728,"width":159,"height":9}},{"id":"befecea2-5eeb-4665-827d-780f2080b5e6","block_type":"box","text":"—","page_number":12,"box":{"x":245,"y":733,"width":17,"height":1}},{"id":"39d11498-eef7-4254-8acf-8a812973f2f1","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":12,"box":{"x":268,"y":728,"width":602,"height":11}},{"id":"7673650f-507e-40ad-aea8-138732fb4d8b","block_type":"box","text":"registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their","page_number":12,"box":{"x":82,"y":743,"width":820,"height":11}},{"id":"459d8dac-5874-4489-980b-c57a0a4ba295","block_type":"box","text":"resale. They may include Rule 144A securities, which are privately placed securities that can be resold to qualified","page_number":12,"box":{"x":82,"y":757,"width":839,"height":12}},{"id":"8d0ddaa0-3e2a-44d2-80df-c2511c41f8f8","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":12,"box":{"x":82,"y":772,"width":837,"height":12}},{"id":"991edac4-d89c-4317-aba4-15d9ebf9e8a6","block_type":"box","text":"to Regulation S under the Securities Act of 1933, as amended, and securities of private companies.","page_number":12,"box":{"x":80,"y":787,"width":736,"height":11}},{"id":"41eba1e2-38a8-471f-812d-65c76d921f09","block_type":"box","text":"Securities Lending","page_number":12,"box":{"x":81,"y":807,"width":140,"height":11}},{"id":"a358ea30-b7ab-4536-91c1-793633fe0e0e","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":12,"box":{"x":225,"y":807,"width":396,"height":11}},{"id":"67414970-00fa-4966-a19a-0301f968af72","block_type":"box","text":"1⁄","page_number":12,"box":{"x":622,"y":807,"width":6,"height":6}},{"id":"ab853be0-c953-45e0-9275-2480c99b2d7a","block_type":"box","text":"1⁄3","page_number":12,"box":{"x":626,"y":807,"width":8,"height":9}},{"id":"2c5d787d-ef3b-4f9d-a908-0b92d307da42","block_type":"box","text":"⁄3","page_number":12,"box":{"x":632,"y":811,"width":6,"height":5}},{"id":"638e20b8-3fc9-466f-9d2f-713760a7d4fa","block_type":"box","text":"% of its total assets to financial","page_number":12,"box":{"x":639,"y":807,"width":231,"height":9}},{"id":"2d4f3ba7-aad3-4684-9997-7339f893cf70","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":12,"box":{"x":82,"y":822,"width":748,"height":11}},{"id":"afa03513-a425-4577-a67e-515af413b71c","block_type":"box","text":"Temporary Defensive Strategies","page_number":12,"box":{"x":82,"y":842,"width":238,"height":11}},{"id":"c07ffaa8-4ac3-4734-9229-5775a0adb709","block_type":"box","text":"—","page_number":12,"box":{"x":325,"y":847,"width":17,"height":1}},{"id":"7804e865-1a8b-45be-a297-6a8ce11a3574","block_type":"box","text":"For temporary defensive purposes, for example, to respond to adverse market,","page_number":12,"box":{"x":348,"y":842,"width":577,"height":11}},{"id":"a9ae7613-b73b-43bb-9590-40886ed59b65","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":12,"box":{"x":81,"y":856,"width":802,"height":12}},{"id":"0e8171a6-2c84-4ad5-86ca-e40ba430305e","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":12,"box":{"x":82,"y":872,"width":833,"height":11}},{"id":"bca6c6e7-2a28-4d62-9b30-f866353bc21f","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":12,"box":{"x":81,"y":886,"width":796,"height":12}},{"id":"8232dc08-d3a5-4a54-a723-689c028be767","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":12,"box":{"x":81,"y":901,"width":802,"height":12}},{"id":"4750b55d-76ca-4163-9309-14a31ba2b65f","block_type":"box","text":"12","page_number":12,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"6c6c3182-0425-47fc-9526-84e84e3e85df","block_type":"box","text":"NM1026U-5988695-12/44","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5a70fea9-a282-4e45-ae3a-a8fb272ad8e2","block_type":"box","text":"unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed income","page_number":13,"box":{"x":82,"y":46,"width":778,"height":11}},{"id":"5748b3c6-1833-4a4c-80b0-d2b6fc736c9a","block_type":"box","text":"securities. Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":13,"box":{"x":81,"y":60,"width":781,"height":12}},{"id":"63e5f1f3-df60-4e95-ae4f-5dd036c15d7e","block_type":"box","text":"Warrants","page_number":13,"box":{"x":83,"y":81,"width":66,"height":9}},{"id":"c6e17557-7193-4a4a-a1bb-27d356e2aab0","block_type":"box","text":"— A warrant gives the Fund the right to buy stock. The warrant specifies the amount of underlying stock,","page_number":13,"box":{"x":153,"y":80,"width":767,"height":12}},{"id":"c040791f-ff04-4752-8d16-45b3533371c4","block_type":"box","text":"the purchase (or “exercise”) price and the date the warrant expires. The Fund has no obligation to exercise the","page_number":13,"box":{"x":80,"y":96,"width":815,"height":11}},{"id":"ca7d0c37-ee17-4b35-89d2-602581e759c5","block_type":"box","text":"warrant and buy the stock. A warrant has value only if the Fund is able to exercise it or sell it before it expires.","page_number":13,"box":{"x":80,"y":110,"width":810,"height":12}},{"id":"ec84d11d-35bd-456a-ad84-2b66347f720e","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":13,"box":{"x":83,"y":130,"width":545,"height":11}},{"id":"f5101767-0203-46a6-8858-61db0197e8e9","block_type":"box","text":"— The purchase or sale of securities on","page_number":13,"box":{"x":632,"y":130,"width":295,"height":11}},{"id":"e81db559-b9c1-4faf-887f-a8268407c17d","block_type":"box","text":"a when-issued basis, on a delayed delivery basis or through a forward commitment involves the purchase or sale of","page_number":13,"box":{"x":81,"y":145,"width":851,"height":11}},{"id":"dfb4b296-f568-468f-b300-9addf8bcce18","block_type":"box","text":"securities by the Fund at an established price with payment and delivery taking place in the future. The Fund enters","page_number":13,"box":{"x":81,"y":160,"width":847,"height":11}},{"id":"01d7a925-93bf-41a0-9c67-395b86bd70ab","block_type":"box","text":"into these transactions to obtain what is considered an advantageous price to the Fund at the time of entering into","page_number":13,"box":{"x":82,"y":175,"width":842,"height":11}},{"id":"a9064290-ff30-45f5-b245-89fc297f399d","block_type":"box","text":"the transaction.","page_number":13,"box":{"x":80,"y":190,"width":115,"height":9}},{"id":"430adeaf-0f24-4611-adfd-707806f5bb5b","block_type":"box","text":"Investment Risks","page_number":13,"box":{"x":62,"y":228,"width":156,"height":11}},{"id":"14162585-5451-4f09-b956-a8a43a8b45e4","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objective and","page_number":13,"box":{"x":60,"y":254,"width":811,"height":12}},{"id":"7efefda7-8ab9-498d-95d7-619838de2649","block_type":"box","text":"Policies” section in the Statement of Additional Information (“SAI”) also includes more information about the Fund, its","page_number":13,"box":{"x":61,"y":269,"width":866,"height":12}},{"id":"4bffb04d-00f4-4c0b-b876-d29140b0bf07","block_type":"box","text":"investments and the related risks. As with any fund, there can be no guarantee that the Fund will meet its investment","page_number":13,"box":{"x":62,"y":284,"width":863,"height":12}},{"id":"191a6068-c673-41b0-99f1-c2c8f1833176","block_type":"box","text":"objective or that the Fund’s performance will be positive for any period of time. An investment in the Fund is not a","page_number":13,"box":{"x":61,"y":299,"width":836,"height":11}},{"id":"26bc229f-0907-43ad-8854-b17593ae6e23","block_type":"box","text":"deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or","page_number":13,"box":{"x":61,"y":314,"width":856,"height":11}},{"id":"aa30dad5-4bec-453d-935a-af1fb19f9eee","block_type":"box","text":"governmental agency. The order of the below risk factors does not indicate the significance of any particular risk factor.","page_number":13,"box":{"x":60,"y":329,"width":875,"height":11}},{"id":"1e3cbb87-7654-4a49-ade0-6e4816ef77c1","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":13,"box":{"x":61,"y":352,"width":322,"height":12}},{"id":"c155b089-2639-4988-9199-c5cd7f14b45e","block_type":"box","text":"Convertible Securities Risk","page_number":13,"box":{"x":81,"y":373,"width":206,"height":9}},{"id":"0ca6ef66-07b2-4818-9014-2fea391b9f8b","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":13,"box":{"x":291,"y":373,"width":593,"height":12}},{"id":"0109423e-7ab1-4196-9b40-358ecd6f8381","block_type":"box","text":"security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible","page_number":13,"box":{"x":81,"y":388,"width":853,"height":11}},{"id":"8fb53032-57c7-4627-9362-1b0fd01d8fcf","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":13,"box":{"x":81,"y":403,"width":855,"height":11}},{"id":"5693bd79-4df8-47a4-bba3-a019858ef501","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":13,"box":{"x":80,"y":418,"width":816,"height":11}},{"id":"05ac90d1-d6ab-423e-bca0-74c40ebcad58","block_type":"box","text":"issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be","page_number":13,"box":{"x":82,"y":432,"width":796,"height":12}},{"id":"0c4b724e-acdb-4226-b785-5bb58b1d3c22","block_type":"box","text":"converted, a convertible security is also subject to the same types of market and issuer risks that apply to the","page_number":13,"box":{"x":81,"y":447,"width":812,"height":12}},{"id":"1cb3ae4e-a8ab-4d1f-9c9c-fc4b7339f007","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":13,"box":{"x":82,"y":462,"width":809,"height":12}},{"id":"95d9f090-dc1c-4213-af5d-ec32de4acabb","block_type":"box","text":"Depositary Receipts Risk","page_number":13,"box":{"x":81,"y":482,"width":191,"height":11}},{"id":"76552722-8fb0-404f-bda6-d76af240741d","block_type":"box","text":"— Depositary receipts are generally subject to the same risks as the foreign securities","page_number":13,"box":{"x":276,"y":482,"width":639,"height":12}},{"id":"22b6de00-4ec7-4e43-9440-bbb841397023","block_type":"box","text":"that they evidence or into which they may be converted. In addition to investment risks associated with the","page_number":13,"box":{"x":80,"y":497,"width":786,"height":11}},{"id":"67621295-2937-45c9-a18a-726ce4fb865b","block_type":"box","text":"underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms","page_number":13,"box":{"x":82,"y":512,"width":824,"height":11}},{"id":"edad850a-68c5-4619-be4e-c4f1211a648f","block_type":"box","text":"that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other","page_number":13,"box":{"x":80,"y":527,"width":827,"height":11}},{"id":"bca738ba-8a5b-4cdd-97cf-2550adcbc185","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":13,"box":{"x":82,"y":541,"width":849,"height":12}},{"id":"09dcde56-d961-4a90-be78-eb2e3ab39e3d","block_type":"box","text":"depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that","page_number":13,"box":{"x":81,"y":556,"width":840,"height":12}},{"id":"b98788a4-ecb2-4aca-bb40-ed34bb98df9a","block_type":"box","text":"is, in the United States, considered material. Therefore, there may be less information available regarding these","page_number":13,"box":{"x":82,"y":571,"width":824,"height":12}},{"id":"35a2ff4c-afbb-4eb0-987e-880be0eff82a","block_type":"box","text":"issuers and there may not be a correlation between such information and the market value of the depositary","page_number":13,"box":{"x":82,"y":586,"width":798,"height":11}},{"id":"fa64ccad-b91f-4560-a5a9-37bd30c1d3a7","block_type":"box","text":"receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their","page_number":13,"box":{"x":82,"y":601,"width":847,"height":11}},{"id":"bfb36a22-136a-432c-9b6c-f15be1600c28","block_type":"box","text":"respective markets and currencies, they continue to be subject to many of the risks associated with investing","page_number":13,"box":{"x":82,"y":615,"width":804,"height":12}},{"id":"a00ee0be-79f0-40e4-b50c-697f49fbffb5","block_type":"box","text":"directly in foreign securities, including political, economic, and currency risk.","page_number":13,"box":{"x":81,"y":630,"width":558,"height":12}},{"id":"9d765d37-4832-4ce0-a9e4-1c5f6366a51d","block_type":"box","text":"Derivatives Risk","page_number":13,"box":{"x":81,"y":650,"width":123,"height":9}},{"id":"8c331224-1c4d-4a9a-948f-69b9a74fa459","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":13,"box":{"x":207,"y":650,"width":664,"height":12}},{"id":"423047ae-e0d3-47f3-a75a-636ea7a30936","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":13,"box":{"x":82,"y":665,"width":469,"height":12}},{"id":"463cd331-36d9-4ab6-bbf1-0720383233fc","block_type":"box","text":"Leverage Risk","page_number":13,"box":{"x":82,"y":688,"width":102,"height":11}},{"id":"202af4da-1641-441c-a1c8-745560d3d8e5","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":13,"box":{"x":188,"y":688,"width":723,"height":11}},{"id":"5465f763-d326-4b55-9018-30052ff4ebb9","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":13,"box":{"x":82,"y":702,"width":832,"height":12}},{"id":"4525c908-1c7d-4078-99d1-d6ed894a8487","block_type":"box","text":"exceed the amount originally invested.","page_number":13,"box":{"x":81,"y":718,"width":280,"height":11}},{"id":"086528a6-e570-439f-97ed-0e125639c83d","block_type":"box","text":"Market Risk","page_number":13,"box":{"x":82,"y":740,"width":87,"height":9}},{"id":"ebd6ae2e-8080-440b-9b97-829469e3aac5","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":13,"box":{"x":173,"y":740,"width":728,"height":11}},{"id":"14e7ff72-8b8b-4168-952c-35ab2bab6b25","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":13,"box":{"x":81,"y":755,"width":834,"height":11}},{"id":"2936ab24-c3de-4dc3-8b01-59aabb825307","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":13,"box":{"x":82,"y":770,"width":832,"height":11}},{"id":"445f888f-97f0-452a-887d-48153cc87ec8","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":13,"box":{"x":80,"y":784,"width":779,"height":12}},{"id":"f80c7060-b0f3-4d5d-9e20-890e46f2ca34","block_type":"box","text":"derivatives positions to lose value.","page_number":13,"box":{"x":81,"y":799,"width":253,"height":11}},{"id":"10823601-064c-43e4-84d9-46825917e5b3","block_type":"box","text":"Counterpar ty Risk","page_number":13,"box":{"x":82,"y":822,"width":131,"height":11}},{"id":"9818b4c7-7434-46c5-a68c-a790e27bd870","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":13,"box":{"x":217,"y":822,"width":697,"height":11}},{"id":"22b7426f-dbee-443a-b8e4-977c7647bb23","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":13,"box":{"x":80,"y":837,"width":855,"height":11}},{"id":"68b8ff14-0f38-4c4f-80b0-8d096435a7cc","block_type":"box","text":"exposure to such a counterparty.","page_number":13,"box":{"x":81,"y":852,"width":240,"height":11}},{"id":"b5f9814b-cbde-4789-b0ce-b43848c7ffd1","block_type":"box","text":"Illiquidity Risk —","page_number":13,"box":{"x":82,"y":874,"width":122,"height":11}},{"id":"f1916633-5176-401c-aa3e-fe98ec8b9833","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":13,"box":{"x":208,"y":874,"width":728,"height":11}},{"id":"99b0f406-d225-456e-941a-06f680bcd8b8","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":13,"box":{"x":80,"y":889,"width":839,"height":11}},{"id":"80f1c926-bdb1-4b7d-9b6c-f6746516dc8c","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":13,"box":{"x":81,"y":904,"width":293,"height":11}},{"id":"82eb00f4-4746-477f-a8fe-05d5a26e1194","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"e7adbc72-a164-432c-93fb-78cd5d4273cc","block_type":"box","text":"NM1026U-5988695-13/44","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"69eff4ab-b769-4e74-bab8-3155a1dddb00","block_type":"box","text":"Operational Risk","page_number":14,"box":{"x":82,"y":46,"width":120,"height":11}},{"id":"7f0806bc-0bad-4016-be4b-08c26eaf5b5a","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":14,"box":{"x":206,"y":46,"width":727,"height":11}},{"id":"3f3886b8-d37a-45f8-9685-05db163b8b3a","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":14,"box":{"x":82,"y":60,"width":607,"height":12}},{"id":"f2ee4d96-8a80-4ade-afa7-f237bae8a4a4","block_type":"box","text":"Legal Risk","page_number":14,"box":{"x":82,"y":83,"width":75,"height":12}},{"id":"7c594147-1e1c-43e2-bcf4-7ed367a5083f","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":83,"width":761,"height":12}},{"id":"c8c82089-96df-4dc7-b5ac-f7d5a864652b","block_type":"box","text":"enforceability of a contract.","page_number":14,"box":{"x":81,"y":98,"width":198,"height":11}},{"id":"b7559861-b2cd-4457-9a80-78c75ff5afd3","block_type":"box","text":"Volatility and Correlation Risk","page_number":14,"box":{"x":83,"y":121,"width":214,"height":11}},{"id":"94f77afe-b90b-4767-bed3-02092fde85f8","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":120,"width":590,"height":12}},{"id":"eebeb966-7ac2-4b5f-9a47-97afb1dda62e","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":135,"width":855,"height":12}},{"id":"c0fd5672-5a4f-466c-a792-24dfc9a86033","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":150,"width":820,"height":11}},{"id":"39677330-219f-4f92-b6c1-1dc92172d305","block_type":"box","text":"correlate with the overall securities markets.","page_number":14,"box":{"x":81,"y":165,"width":326,"height":9}},{"id":"73d0793b-e8cb-4020-bdb9-ed562d1188ab","block_type":"box","text":"Valuation Risk","page_number":14,"box":{"x":83,"y":188,"width":102,"height":9}},{"id":"0b54bffd-0387-4338-b702-0a4890707533","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":187,"width":747,"height":12}},{"id":"a84baebd-7abd-493b-b581-1a8216ed01cc","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":202,"width":783,"height":12}},{"id":"ee04cd39-3559-4b04-845e-45d20e2c6d56","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":217,"width":837,"height":12}},{"id":"61a88793-7a19-4a86-8149-ab2b8f25038c","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":232,"width":826,"height":11}},{"id":"50915238-6b86-4af0-a8ad-fc5d3c372532","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":14,"box":{"x":80,"y":247,"width":405,"height":11}},{"id":"99978c4a-c8ec-4938-a712-bf2e00aaeced","block_type":"box","text":"Hedging Risk","page_number":14,"box":{"x":82,"y":270,"width":95,"height":11}},{"id":"788e876e-f993-475a-b70a-8b023b491258","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":14,"box":{"x":181,"y":270,"width":752,"height":11}},{"id":"3be5e0fe-6029-434a-b1bd-d696d9103685","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":14,"box":{"x":80,"y":284,"width":820,"height":12}},{"id":"db206db8-c21f-4e62-8afc-5f03154101ba","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":14,"box":{"x":82,"y":299,"width":823,"height":12}},{"id":"67904f4f-5a76-46c3-8ed5-1043feae165c","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":14,"box":{"x":82,"y":314,"width":813,"height":11}},{"id":"38f131b1-d1ab-4fa3-b55d-79f8aafaf925","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":14,"box":{"x":82,"y":329,"width":832,"height":11}},{"id":"ff070323-db0e-42d5-afaf-a20b3b4e5d07","block_type":"box","text":"noted below.","page_number":14,"box":{"x":82,"y":344,"width":90,"height":9}},{"id":"dce8a12e-9991-4d67-a768-46f1f5ecd41e","block_type":"box","text":"Tax Risk","page_number":14,"box":{"x":83,"y":366,"width":59,"height":9}},{"id":"5eab442f-e054-417c-9024-d994e6a0ee26","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":14,"box":{"x":145,"y":366,"width":766,"height":11}},{"id":"aaec01ae-8074-4a7a-ad80-85f7ac1d829b","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":14,"box":{"x":82,"y":381,"width":826,"height":11}},{"id":"4a797922-cf1f-4372-b9fb-fe6ca8c35f17","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":14,"box":{"x":82,"y":396,"width":846,"height":11}},{"id":"adc5cbd4-997c-49cf-84f9-7bbc8316eed9","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":14,"box":{"x":81,"y":410,"width":817,"height":12}},{"id":"2c4e0a06-3fc5-4abe-a3bc-ed46c29d1ab2","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could","page_number":14,"box":{"x":82,"y":425,"width":835,"height":12}},{"id":"abfde750-20a4-4301-a8bf-6b076ce3738b","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":14,"box":{"x":81,"y":440,"width":840,"height":12}},{"id":"3f7aafdb-d995-4fd0-ab14-81056b7624bc","block_type":"box","text":"certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or","page_number":14,"box":{"x":81,"y":455,"width":750,"height":12}},{"id":"9a6c708f-1ffc-4512-81f6-0044d3ef4ac6","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":14,"box":{"x":81,"y":470,"width":611,"height":11}},{"id":"207e741e-0c18-418c-9995-704808bdaed3","block_type":"box","text":"Regulatory Risk","page_number":14,"box":{"x":82,"y":493,"width":115,"height":11}},{"id":"466edeb5-a1f4-4d29-b14f-43e6d899047f","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":14,"box":{"x":201,"y":492,"width":688,"height":12}},{"id":"caec38fa-67ba-40d0-9322-d36b5839da8a","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":14,"box":{"x":81,"y":507,"width":851,"height":12}},{"id":"5bbcb3b4-e504-4fb9-93db-c3b889de2758","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":14,"box":{"x":81,"y":522,"width":811,"height":11}},{"id":"fbbd4d59-535e-47b9-85f3-867ed6114b49","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":14,"box":{"x":82,"y":537,"width":850,"height":11}},{"id":"e496091c-5992-4fbd-9bab-543612b0a893","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":14,"box":{"x":81,"y":552,"width":850,"height":11}},{"id":"69072b4d-fcc5-4c80-93c4-3df926bd77c9","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":14,"box":{"x":81,"y":566,"width":838,"height":12}},{"id":"a9f17590-87d7-410c-aacc-20c7353f2c50","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":14,"box":{"x":81,"y":582,"width":807,"height":11}},{"id":"b6de4560-7c4f-47f2-a5bf-115dcb249c83","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":14,"box":{"x":81,"y":596,"width":787,"height":12}},{"id":"2ce3cd80-df00-47cc-8d8a-00ff467c6c12","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":14,"box":{"x":82,"y":611,"width":837,"height":11}},{"id":"457b6d2c-7b8d-4206-9768-febe60b934b8","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":14,"box":{"x":80,"y":626,"width":804,"height":11}},{"id":"ae658abf-5c66-451f-8f90-0a183cf69420","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":14,"box":{"x":81,"y":641,"width":781,"height":11}},{"id":"641c52bf-0d1f-46cb-a44d-85c9a067b8f5","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":14,"box":{"x":82,"y":655,"width":773,"height":12}},{"id":"a80d0c44-fd71-4347-b119-6f27220cd0ad","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":14,"box":{"x":82,"y":670,"width":836,"height":12}},{"id":"73f00c6e-2dc0-4b33-9a26-19d9dc8152c5","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":14,"box":{"x":82,"y":685,"width":814,"height":12}},{"id":"e38123bd-dddb-4ad3-8da5-09c7267fdd72","block_type":"box","text":"investors in the Fund.","page_number":14,"box":{"x":82,"y":700,"width":156,"height":9}},{"id":"c039e426-a301-49d0-9fe2-6685e1ee7f55","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":14,"box":{"x":82,"y":723,"width":823,"height":11}},{"id":"a9dccf78-ba31-47e3-883a-357bbbdb948e","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":14,"box":{"x":82,"y":737,"width":827,"height":12}},{"id":"873549c0-77a3-47cd-bb89-5c20b1ed6ed3","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":14,"box":{"x":80,"y":752,"width":849,"height":12}},{"id":"03426348-35b9-4b12-9216-20fef3856166","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":14,"box":{"x":81,"y":767,"width":846,"height":11}},{"id":"1bf0c7d7-7cc1-42e5-bbfb-9bfbaa542d36","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":14,"box":{"x":81,"y":782,"width":509,"height":11}},{"id":"cffe7bc2-a142-426b-83da-16d9f77079f2","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":14,"box":{"x":82,"y":804,"width":399,"height":12}},{"id":"164f4c87-d076-423e-9231-67f03a4e2584","block_type":"box","text":"Swaps","page_number":14,"box":{"x":102,"y":824,"width":47,"height":12}},{"id":"a9dd7908-d445-4acd-b260-112895ae2df5","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":14,"box":{"x":154,"y":824,"width":775,"height":12}},{"id":"e3cf1599-0f73-418d-aa5c-7c54eb01b992","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":14,"box":{"x":101,"y":839,"width":829,"height":12}},{"id":"7efbc26b-bcea-440b-b4ab-0deb58e3aef2","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":14,"box":{"x":101,"y":854,"width":807,"height":12}},{"id":"3ad5a9ea-19f0-454b-9c0e-2783e925090a","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":14,"box":{"x":102,"y":869,"width":811,"height":11}},{"id":"124c78df-8ea4-43db-91fd-e3736ab21a26","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":14,"box":{"x":101,"y":884,"width":820,"height":11}},{"id":"5cd1b366-839a-4403-9c17-6e5fd2693802","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":14,"box":{"x":102,"y":898,"width":791,"height":12}},{"id":"2cc7f1d2-eec8-4480-8727-f4cd84b3cd99","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"4f13e5f4-b30b-46ce-aec0-8f7a5f22cc25","block_type":"box","text":"NM1026U-5988695-14/44","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7a7ac96c-93eb-485d-b8b6-cbe0e196594f","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":46,"width":789,"height":11}},{"id":"9a51d58f-4df3-4a3c-9964-ead6630cf46e","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":61,"width":796,"height":11}},{"id":"98f5b848-5160-4eff-87e5-e15f591d8bfa","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":15,"box":{"x":102,"y":81,"width":335,"height":11}},{"id":"7fc145b9-0a1a-4246-8c35-976122ee92df","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":15,"box":{"x":442,"y":80,"width":437,"height":12}},{"id":"ccef7d87-b037-4816-bac5-98a1aab24fe1","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":95,"width":820,"height":12}},{"id":"7c83d6a9-e5e1-4bf4-8145-9980544cc801","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":110,"width":801,"height":12}},{"id":"565865c8-8ead-4dfb-a07e-6c209ce6fa98","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":125,"width":824,"height":11}},{"id":"3cc7fcc1-ec65-48b6-9d5b-9251ba560b64","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":140,"width":831,"height":11}},{"id":"d3bc5430-39fb-4ee9-b5eb-6eb33a3fec1e","block_type":"box","text":"Futures","page_number":15,"box":{"x":102,"y":160,"width":54,"height":9}},{"id":"b2264bf9-a0fa-4f9e-a6b7-d2b8afb1ebe4","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":160,"width":765,"height":11}},{"id":"b1e13b73-0379-4df2-9822-7b8b5a831ec9","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":175,"width":786,"height":11}},{"id":"429171b6-7377-4dd2-be12-f12dd262a840","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":189,"width":769,"height":12}},{"id":"f1e97c24-adbf-4f8a-8725-058697e9c755","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":204,"width":822,"height":12}},{"id":"c0bf7de2-5881-44fc-b6cf-0bf706b76f26","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":219,"width":832,"height":12}},{"id":"1ad59ebf-39cc-4b89-9a37-6c9f0049e858","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":234,"width":806,"height":11}},{"id":"c7cc4d3e-042a-43ff-a4a0-bd4d78b82475","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":249,"width":793,"height":11}},{"id":"fcd47091-f955-4d80-a38f-0bcad91a1938","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":15,"box":{"x":102,"y":263,"width":787,"height":12}},{"id":"3f7de7d1-11bc-4057-80ce-f0f2a6a9b6c7","block_type":"box","text":"default in the performance of its obligations.","page_number":15,"box":{"x":101,"y":278,"width":327,"height":12}},{"id":"209f0f36-d283-447a-b321-b251f5a204bf","block_type":"box","text":"Options","page_number":15,"box":{"x":102,"y":298,"width":55,"height":12}},{"id":"1b400cca-68d5-402a-bf71-5f03e8924dcc","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":15,"box":{"x":162,"y":298,"width":772,"height":12}},{"id":"bab618c8-74ac-4288-9d07-e0df6c0f6505","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":15,"box":{"x":101,"y":313,"width":812,"height":12}},{"id":"f4813c5d-a314-490f-b6ba-7fb78965b181","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":15,"box":{"x":101,"y":328,"width":827,"height":12}},{"id":"adca2dd5-43f5-4305-9220-bb19164643a0","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":15,"box":{"x":101,"y":343,"width":781,"height":11}},{"id":"3c9538e7-a2ab-4368-85a3-bdc214db8799","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":15,"box":{"x":102,"y":358,"width":785,"height":11}},{"id":"413b52ba-f77d-4200-b303-b595a2463a25","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":15,"box":{"x":101,"y":372,"width":831,"height":12}},{"id":"646e8220-53bc-4ae6-9339-d8b1b6b77d5d","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":15,"box":{"x":101,"y":387,"width":814,"height":12}},{"id":"005db728-5f33-4226-9bab-deabac355262","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":15,"box":{"x":101,"y":402,"width":826,"height":12}},{"id":"76894c30-9c32-4fed-b94a-0b7374de089f","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":15,"box":{"x":101,"y":417,"width":822,"height":11}},{"id":"cc308489-6872-4c5b-b5ec-0d923f868f28","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":15,"box":{"x":101,"y":432,"width":816,"height":11}},{"id":"1145c559-08a5-4db7-a253-639a5f85c1a5","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":15,"box":{"x":101,"y":447,"width":442,"height":11}},{"id":"bc932ba6-6f5d-4ba5-8381-6b6c23d23b3b","block_type":"box","text":"Emerging Markets Risk","page_number":15,"box":{"x":81,"y":467,"width":178,"height":11}},{"id":"152bdc4f-8f0d-4667-8433-a8e520dc3259","block_type":"box","text":"— The risks of foreign investments are usually much greater for emerging markets.","page_number":15,"box":{"x":263,"y":467,"width":610,"height":11}},{"id":"23ddc363-eefc-4c9f-a2c3-c857fb61530b","block_type":"box","text":"Investments in emerging markets may be considered speculative. Emerging markets may include those in countries","page_number":15,"box":{"x":82,"y":482,"width":848,"height":11}},{"id":"2bfa3770-a8b3-4828-afcc-09c1351c7de6","block_type":"box","text":"considered emerging or developing by the World Bank, the International Finance Corporation or the United Nations.","page_number":15,"box":{"x":81,"y":496,"width":842,"height":12}},{"id":"f37e3000-fc77-4b57-bbc9-58119a8c4f7d","block_type":"box","text":"Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never","page_number":15,"box":{"x":82,"y":511,"width":838,"height":12}},{"id":"3cb40bdf-c32e-4621-a336-b27ff8c4e2ea","block_type":"box","text":"fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":15,"box":{"x":81,"y":526,"width":825,"height":11}},{"id":"696dbe18-b83a-42f2-8e26-83d58dd27680","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":15,"box":{"x":82,"y":541,"width":847,"height":11}},{"id":"94452051-1c01-4cea-bd41-5902c9c924b3","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":15,"box":{"x":81,"y":555,"width":853,"height":12}},{"id":"c38f6d2b-cc77-4113-b13f-e650070afee0","block_type":"box","text":"changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few","page_number":15,"box":{"x":81,"y":570,"width":823,"height":12}},{"id":"5294961f-afd6-42e3-ad5d-df25c3a0f425","block_type":"box","text":"large investors. In addition, traditional measures of investment value used in the United States, such as price to","page_number":15,"box":{"x":82,"y":585,"width":825,"height":12}},{"id":"0be921f9-f2c9-4ba5-8b8c-8e29d565784a","block_type":"box","text":"earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about","page_number":15,"box":{"x":81,"y":600,"width":855,"height":12}},{"id":"77b872d0-1f7e-4dbb-a4d5-d5f5ef52c21e","block_type":"box","text":"issuers in emerging markets than would be available about issuers in more developed capital markets, and such","page_number":15,"box":{"x":82,"y":615,"width":827,"height":11}},{"id":"d7557bc6-dd08-433b-96e8-c408897d363a","block_type":"box","text":"issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable","page_number":15,"box":{"x":82,"y":630,"width":843,"height":11}},{"id":"d18c0286-9621-4d2f-8a74-8ac5a7ffd32e","block_type":"box","text":"to those to which U.S. companies are subject.","page_number":15,"box":{"x":80,"y":645,"width":339,"height":11}},{"id":"363701d0-ab2b-4b75-afc2-d85139a27084","block_type":"box","text":"Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their","page_number":15,"box":{"x":82,"y":664,"width":802,"height":12}},{"id":"b4481857-6df1-48fa-a7e6-7b9afbfc4e5a","block_type":"box","text":"governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign","page_number":15,"box":{"x":81,"y":679,"width":774,"height":12}},{"id":"7b4fcfca-d404-4b0d-b5b8-9e20632bd724","block_type":"box","text":"investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high","page_number":15,"box":{"x":82,"y":694,"width":830,"height":12}},{"id":"2edbac05-f941-43a8-bced-05123ec5ca81","block_type":"box","text":"rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have","page_number":15,"box":{"x":82,"y":709,"width":769,"height":11}},{"id":"80cae7d3-1b63-4a32-a1ba-cd4420022374","block_type":"box","text":"expropriated substantial amounts of private property, and most claims of the property owners have never been fully","page_number":15,"box":{"x":81,"y":724,"width":849,"height":11}},{"id":"6edefdfa-34e2-4215-9b04-20b74543c114","block_type":"box","text":"settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that the","page_number":15,"box":{"x":81,"y":739,"width":820,"height":11}},{"id":"884362df-7256-44fe-a965-05ffc8e83852","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. Some countries have pervasive","page_number":15,"box":{"x":82,"y":753,"width":779,"height":12}},{"id":"aca116a7-7679-4a92-988c-a54bcbaefc8c","block_type":"box","text":"corruption and crime that may hinder investments. Certain emerging markets may also face other significant","page_number":15,"box":{"x":81,"y":768,"width":798,"height":12}},{"id":"dd153b3e-fe41-4f4d-8816-8202fdc8563a","block_type":"box","text":"internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition,","page_number":15,"box":{"x":82,"y":783,"width":755,"height":12}},{"id":"192702ab-5027-44af-a204-b3f4673c623e","block_type":"box","text":"governments in many emerging market countries participate to a significant degree in their economies and","page_number":15,"box":{"x":81,"y":798,"width":783,"height":11}},{"id":"a6ff80a5-4cf7-4341-a87a-aa5ca3ae275f","block_type":"box","text":"securities markets, which may impair investment and economic growth. National policies that may limit the Fund’s","page_number":15,"box":{"x":81,"y":813,"width":839,"height":11}},{"id":"d82a1e42-5455-4a49-8f11-bcd4e195e5d8","block_type":"box","text":"investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national","page_number":15,"box":{"x":82,"y":828,"width":827,"height":11}},{"id":"db9af1fc-d683-4b01-9bf9-cc57721c91bc","block_type":"box","text":"interests.","page_number":15,"box":{"x":82,"y":843,"width":67,"height":9}},{"id":"cf002881-4c74-41c6-a35a-55527a59f2ab","block_type":"box","text":"Emerging markets may also have differing legal systems and the existence or possible imposition of exchange","page_number":15,"box":{"x":82,"y":862,"width":809,"height":12}},{"id":"631ef6de-ce3c-4eb0-86d0-912a56326745","block_type":"box","text":"controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such","page_number":15,"box":{"x":81,"y":877,"width":783,"height":12}},{"id":"a3ab13bf-dafc-479f-a5bc-059c99ba604e","block_type":"box","text":"investments may adversely affect the Fund’s performance. Sometimes, they may lack or be in the relatively early","page_number":15,"box":{"x":82,"y":892,"width":829,"height":11}},{"id":"8aa40d4b-ac73-4268-9f42-07a0c7090b64","block_type":"box","text":"development of legal structures governing private and foreign investments and private property. Many emerging","page_number":15,"box":{"x":81,"y":907,"width":818,"height":11}},{"id":"c5a4793b-800b-4dd2-8182-12694eb9895d","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"4faf23aa-7ad0-4b7a-8d40-69f9417f1570","block_type":"box","text":"NM1026U-5988695-15/44","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6e062d9f-9847-4d42-a6e7-ff1307bb4c04","block_type":"box","text":"markets do not have income tax treaties with the United States, and as a result, investments by the Fund may be","page_number":16,"box":{"x":82,"y":46,"width":833,"height":11}},{"id":"9e210ab7-d84e-4bde-92c2-e7beffa927d5","block_type":"box","text":"subject to higher withholding taxes in such countries. In addition, some countries with emerging markets may","page_number":16,"box":{"x":81,"y":61,"width":803,"height":11}},{"id":"6da9a9c7-b2f3-4054-81ab-e45c7dc3fd5d","block_type":"box","text":"impose differential capital gains taxes on foreign investors. Foreign companies with securities listed on U.S.","page_number":16,"box":{"x":82,"y":75,"width":793,"height":12}},{"id":"de677ce7-56b4-4edb-8548-ae07e1c6f7b1","block_type":"box","text":"exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which","page_number":16,"box":{"x":81,"y":90,"width":855,"height":12}},{"id":"2f0faf42-6ec7-43b3-b41a-e1b968bd3db4","block_type":"box","text":"may significantly decrease the liquidity and value of the securities.","page_number":16,"box":{"x":82,"y":105,"width":485,"height":12}},{"id":"3f85ceae-fdaf-4c0b-a555-2afcf49fc150","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in","page_number":16,"box":{"x":81,"y":125,"width":843,"height":11}},{"id":"f9ebce78-0868-43c1-a06c-dacf6638b034","block_type":"box","text":"developed markets, in part because the Fund will need to use brokers and counterparties that are less well","page_number":16,"box":{"x":81,"y":140,"width":790,"height":11}},{"id":"1651ff2c-0665-4f51-82ec-b42f42b14655","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":16,"box":{"x":81,"y":155,"width":823,"height":11}},{"id":"d20f6ee6-bc67-4fc2-bfbf-9cc86e241102","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":16,"box":{"x":82,"y":169,"width":843,"height":12}},{"id":"2b7aaf46-c1da-41fa-a3fd-37f190561f06","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would","page_number":16,"box":{"x":82,"y":184,"width":845,"height":12}},{"id":"a9ad7dfc-366c-4af9-a2f6-a5ecdebea32d","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation. In","page_number":16,"box":{"x":81,"y":199,"width":837,"height":12}},{"id":"c85e1288-430d-4c5e-9fdb-3d0dfe0a3f8e","block_type":"box","text":"addition, communications between the United States and emerging market countries may be unreliable, increasing","page_number":16,"box":{"x":81,"y":214,"width":844,"height":11}},{"id":"919d969c-6779-46de-98bc-8b7a28b98207","block_type":"box","text":"the risk of delayed settlements or losses of security certificates.","page_number":16,"box":{"x":80,"y":229,"width":474,"height":11}},{"id":"489a07d4-460c-4862-85d3-52260c65a62c","block_type":"box","text":"Equity Securities Risk","page_number":16,"box":{"x":81,"y":249,"width":166,"height":11}},{"id":"727ec850-58c8-45a0-9177-df37c08dbd06","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":16,"box":{"x":251,"y":249,"width":666,"height":11}},{"id":"f39a1486-f3ae-414b-b7cb-723ec6ef6137","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":16,"box":{"x":81,"y":263,"width":850,"height":12}},{"id":"d03b7584-5352-4a6f-b5a6-4e93c8bb90f3","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":16,"box":{"x":82,"y":278,"width":802,"height":12}},{"id":"601a3b91-0f03-48ca-b32a-833a1268171f","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":16,"box":{"x":81,"y":293,"width":854,"height":12}},{"id":"0f496337-a05e-477f-b992-a5a96e1a5c72","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":16,"box":{"x":81,"y":308,"width":848,"height":12}},{"id":"fdde7880-4694-4c57-b3bb-39e95d2996d2","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":16,"box":{"x":81,"y":323,"width":824,"height":11}},{"id":"3cc7d346-aa4c-4c19-af7e-d8aa7d28c3be","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":16,"box":{"x":81,"y":338,"width":782,"height":11}},{"id":"5325e92d-ab2c-476b-ba60-7b83f4c05324","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":16,"box":{"x":82,"y":352,"width":849,"height":12}},{"id":"faeb4e5d-01c7-4acc-b5e3-e0627a6f2cbc","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":16,"box":{"x":82,"y":368,"width":482,"height":11}},{"id":"7217ba00-8ae1-4b54-9a17-b69d869cfede","block_type":"box","text":"Foreign Securities Risk","page_number":16,"box":{"x":81,"y":387,"width":176,"height":12}},{"id":"9eb2420b-1f09-4f70-9ea9-5915f4bb98b7","block_type":"box","text":"— Securities traded in foreign markets have often (though not always) performed differently","page_number":16,"box":{"x":260,"y":387,"width":677,"height":12}},{"id":"5a536e47-a583-4d6d-8175-348af7c51473","block_type":"box","text":"from securities traded in the United States. However, such investments often involve special risks not present in","page_number":16,"box":{"x":81,"y":402,"width":827,"height":11}},{"id":"667d709d-084e-4478-9b75-d8d3570929f3","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":16,"box":{"x":82,"y":417,"width":837,"height":11}},{"id":"2273873d-67d5-472a-8e87-2b90e0c03d62","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":16,"box":{"x":80,"y":432,"width":849,"height":11}},{"id":"849b9d40-e40c-44c8-ade3-9a16b55b9c56","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":16,"box":{"x":81,"y":447,"width":841,"height":11}},{"id":"3b810f1a-0058-4f2e-a0c2-9e19161b1605","block_type":"box","text":"foreign securities may go up and down more than prices of securities traded in the United States.","page_number":16,"box":{"x":81,"y":461,"width":716,"height":12}},{"id":"694aeacc-d8af-4a73-88f0-c1fb0f1dd061","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States","page_number":16,"box":{"x":82,"y":481,"width":468,"height":12}},{"id":"e2aed758-d722-456a-ad0f-33d8bca016df","block_type":"box","text":"— The Fund generally holds its foreign securities","page_number":16,"box":{"x":555,"y":481,"width":358,"height":12}},{"id":"dbc0453f-1ed1-4047-b1d9-35a0b57c3adf","block_type":"box","text":"and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be","page_number":16,"box":{"x":81,"y":496,"width":813,"height":12}},{"id":"dc99f4aa-17e9-49c9-9596-3e6cfe407503","block_type":"box","text":"recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory","page_number":16,"box":{"x":82,"y":511,"width":791,"height":12}},{"id":"05af7cbb-6999-4ede-94c1-818d9c221ad7","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":16,"box":{"x":81,"y":526,"width":818,"height":11}},{"id":"505d6576-8edf-4dd0-a01c-2d63bd38dc3f","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":16,"box":{"x":81,"y":541,"width":833,"height":11}},{"id":"97fcdaec-e2ab-43bb-be50-22bc394e9e98","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":16,"box":{"x":81,"y":555,"width":816,"height":12}},{"id":"5d128d49-326e-40a2-b50a-187bb764606b","block_type":"box","text":"increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments and","page_number":16,"box":{"x":82,"y":570,"width":827,"height":12}},{"id":"de297a74-e147-425e-914d-4b6c10f94cd7","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":16,"box":{"x":80,"y":585,"width":848,"height":12}},{"id":"59a3de63-9af5-4b6c-906b-c9374c60514a","block_type":"box","text":"United States.","page_number":16,"box":{"x":82,"y":600,"width":102,"height":9}},{"id":"e198c7c3-e36b-4770-b689-89d0e084c823","block_type":"box","text":"Currency Risk","page_number":16,"box":{"x":82,"y":620,"width":100,"height":11}},{"id":"6d5e0311-24d0-4619-a0c6-3ae78277aef6","block_type":"box","text":"— Securities and other instruments in which the Fund invests may be denominated or quoted in","page_number":16,"box":{"x":186,"y":620,"width":706,"height":11}},{"id":"5df08967-3bcf-45d8-9a29-ce7f3a07edac","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":16,"box":{"x":81,"y":635,"width":823,"height":11}},{"id":"129f3b4e-88e0-4355-b0a8-5ef90f76e81e","block_type":"box","text":"value of the Fund’s portfolio.","page_number":16,"box":{"x":80,"y":650,"width":211,"height":11}},{"id":"3362f2bd-38b2-4834-b821-22209e0d194a","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":16,"box":{"x":81,"y":670,"width":823,"height":11}},{"id":"b6f64a9c-9476-4f1f-bcd1-7ee577770b32","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":16,"box":{"x":82,"y":684,"width":834,"height":12}},{"id":"23a4de87-697a-469a-950a-781b46c9d3db","block_type":"box","text":"against a foreign currency, a security denominated in that currency gains value because the currency is worth more","page_number":16,"box":{"x":81,"y":699,"width":846,"height":12}},{"id":"f9041e7e-6e39-49c7-9582-ec1263b26648","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":16,"box":{"x":82,"y":714,"width":826,"height":12}},{"id":"22caf50c-b36c-4bb5-afc1-5f8b6081fc57","block_type":"box","text":"U.S. investors while a weak U.S. dollar will increase those returns.","page_number":16,"box":{"x":82,"y":729,"width":486,"height":9}},{"id":"4ce8dd23-9408-441d-a8a7-912c93b0e694","block_type":"box","text":"Foreign Economy Risk","page_number":16,"box":{"x":82,"y":749,"width":160,"height":11}},{"id":"d689845f-3416-4270-97fa-4e9f54b1353f","block_type":"box","text":"— The economies of certain foreign markets may not compare favorably with the economy of","page_number":16,"box":{"x":246,"y":749,"width":685,"height":11}},{"id":"c5a7a5af-a796-47d4-8383-4ee4b039bed4","block_type":"box","text":"the United States with respect to such issues as growth of gross national product, reinvestment of capital,","page_number":16,"box":{"x":80,"y":764,"width":785,"height":11}},{"id":"8afc5a50-6b60-49f3-a3bc-33db1b5931e5","block_type":"box","text":"resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or","page_number":16,"box":{"x":82,"y":778,"width":845,"height":12}},{"id":"37d0743b-e2ae-4178-9ee6-745ccb840518","block_type":"box","text":"foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a","page_number":16,"box":{"x":81,"y":793,"width":853,"height":12}},{"id":"c4337d0a-5ddf-4aa0-aa56-594fd52fb0de","block_type":"box","text":"particular country or countries, changes in international trading patterns, trade barriers and other protectionist or","page_number":16,"box":{"x":82,"y":808,"width":831,"height":12}},{"id":"b33070ed-f07d-4b61-92f1-447aceafbdbd","block_type":"box","text":"retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such","page_number":16,"box":{"x":82,"y":823,"width":846,"height":12}},{"id":"1887ab95-ce45-4650-8bf4-54ce769e8190","block_type":"box","text":"as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the","page_number":16,"box":{"x":81,"y":838,"width":808,"height":11}},{"id":"b0fc32ec-684e-4533-8cc7-10f22ffb886a","block_type":"box","text":"imposition of punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest","page_number":16,"box":{"x":82,"y":853,"width":851,"height":11}},{"id":"0de10f56-046f-4d4c-8a2f-abb08cf34361","block_type":"box","text":"rates, political events, military action and other conditions may, without prior warning, lead to the governments of","page_number":16,"box":{"x":82,"y":867,"width":832,"height":12}},{"id":"ec437dfb-67b2-46e6-a249-a2e9a86f6fe3","block_type":"box","text":"certain countries, or the U.S. Government with respect to certain countries, prohibiting or imposing substantial","page_number":16,"box":{"x":81,"y":882,"width":814,"height":12}},{"id":"e8f987db-e55b-441a-808d-92b9177085d8","block_type":"box","text":"restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain","page_number":16,"box":{"x":82,"y":897,"width":805,"height":12}},{"id":"7dde0a2e-a1c3-485f-8ccd-a9a2065c668c","block_type":"box","text":"industries in those countries. Capital controls and/or sanctions may include the prohibition of, or restrictions on,","page_number":16,"box":{"x":82,"y":912,"width":827,"height":11}},{"id":"06432ac9-aae7-429c-88b8-8047d825135c","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"f22d93f2-16c8-46eb-af00-bf0285599e9d","block_type":"box","text":"NM1026U-5988695-16/44","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"357b35a9-a71a-4089-92cf-2e6d4f3b9e41","block_type":"box","text":"the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory","page_number":17,"box":{"x":80,"y":46,"width":801,"height":11}},{"id":"a5a8db0f-aba0-49a4-8012-e8ed529bf57b","block_type":"box","text":"actions of one government against another government, such as seizure of assets. Any of these actions could","page_number":17,"box":{"x":81,"y":60,"width":809,"height":12}},{"id":"4953f3dd-005f-4372-9bdc-7efbe545ddd4","block_type":"box","text":"severely impair the Fund’s ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign","page_number":17,"box":{"x":81,"y":75,"width":849,"height":12}},{"id":"b964eace-fa36-401d-a3d5-d51fce52e80a","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":17,"box":{"x":81,"y":90,"width":848,"height":12}},{"id":"2c29b475-40e1-466e-9b68-04f9b5618baa","block_type":"box","text":"could negatively impact the value and/or liquidity of such assets or otherwise adversely affect the Fund’s","page_number":17,"box":{"x":81,"y":105,"width":774,"height":12}},{"id":"303684d1-1064-42bc-9275-7edb427ee4ef","block_type":"box","text":"operations, causing the Fund to decline in value.","page_number":17,"box":{"x":81,"y":120,"width":355,"height":11}},{"id":"75c1d9bb-6276-4702-9bb7-2b0a62b6042e","block_type":"box","text":"Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on","page_number":17,"box":{"x":81,"y":140,"width":838,"height":11}},{"id":"75a927b2-442a-4955-8972-ae7cf9595517","block_type":"box","text":"foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social","page_number":17,"box":{"x":81,"y":155,"width":815,"height":11}},{"id":"4e453d5d-25de-45c7-825c-c4d88be9e63e","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":17,"box":{"x":82,"y":170,"width":827,"height":11}},{"id":"b2f608d7-cfc5-4d64-9bea-2bac2c3abd2f","block_type":"box","text":"regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets,","page_number":17,"box":{"x":82,"y":184,"width":832,"height":12}},{"id":"703b4d1f-03ac-472e-b0a0-9136b2714250","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":17,"box":{"x":81,"y":199,"width":781,"height":11}},{"id":"04eabd49-71f2-4323-a44d-dee701ac8907","block_type":"box","text":"impossible, to predict and take into account with respect to the Fund’s investments.","page_number":17,"box":{"x":82,"y":214,"width":617,"height":11}},{"id":"a6bea7ef-5a02-483e-bd0e-fc447c3c324b","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":17,"box":{"x":82,"y":234,"width":476,"height":11}},{"id":"cc0c1af2-b31b-4943-bdbf-d93fd30421ea","block_type":"box","text":"— Many foreign governments do not supervise","page_number":17,"box":{"x":563,"y":234,"width":344,"height":11}},{"id":"7d0765e6-6b4a-4530-91e3-0d8149139b51","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":17,"box":{"x":81,"y":249,"width":827,"height":11}},{"id":"e2fbc2ad-62b8-455b-9639-821c524162bc","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":17,"box":{"x":80,"y":264,"width":855,"height":11}},{"id":"6032ca7e-40a6-4ac8-a603-03f099e741d0","block_type":"box","text":"example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a","page_number":17,"box":{"x":81,"y":278,"width":831,"height":12}},{"id":"b1066e76-d632-4e20-af1a-ba4a043cb8c4","block_type":"box","text":"person buys or sells a company’s securities based on material non-public information about that company. In","page_number":17,"box":{"x":82,"y":293,"width":800,"height":12}},{"id":"09e4a510-c06e-4bff-b588-8d14391cc577","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":17,"box":{"x":81,"y":308,"width":829,"height":12}},{"id":"d29c92cd-8f23-4e5d-9b69-ce647eead208","block_type":"box","text":"shareholder rights, and pursue legal remedies with respect to its foreign investments. Accounting standards in other","page_number":17,"box":{"x":81,"y":323,"width":856,"height":11}},{"id":"8d94bb4e-3fe0-431f-872a-57290892915e","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":17,"box":{"x":81,"y":338,"width":834,"height":11}},{"id":"99895166-3f7e-4b39-afbf-dc9134405923","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":17,"box":{"x":82,"y":352,"width":844,"height":12}},{"id":"e4ad8b43-dc2c-4a05-8776-e652418b5369","block_type":"box","text":"accurately determine a company’s financial condition.","page_number":17,"box":{"x":81,"y":367,"width":393,"height":12}},{"id":"c1865497-2a40-4563-a2a9-21ac8c63d0d5","block_type":"box","text":"Settlement Risk","page_number":17,"box":{"x":82,"y":387,"width":117,"height":9}},{"id":"127b9728-9061-4c32-9875-015082e81852","block_type":"box","text":"— Settlement and clearance procedures in certain foreign markets differ significantly from those in","page_number":17,"box":{"x":203,"y":387,"width":730,"height":12}},{"id":"520088e9-e053-4af2-a068-cf1079c75b24","block_type":"box","text":"the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks","page_number":17,"box":{"x":80,"y":402,"width":856,"height":12}},{"id":"1d940884-7f97-4156-84b3-528daad74573","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":17,"box":{"x":81,"y":417,"width":784,"height":11}},{"id":"d793d240-5ef7-4d97-a3ac-50d45fc5a56e","block_type":"box","text":"investments.","page_number":17,"box":{"x":82,"y":432,"width":92,"height":9}},{"id":"4b657191-fb96-4ea1-9133-805eceb3a65b","block_type":"box","text":"At times, settlements in certain foreign countries have not kept pace with the number of securities transactions.","page_number":17,"box":{"x":81,"y":452,"width":825,"height":11}},{"id":"1cd0a434-be61-4c57-b3c4-71e9816b76d4","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":17,"box":{"x":81,"y":467,"width":839,"height":11}},{"id":"5b6bc095-2b8e-47de-ad82-cef167f0ad8b","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":17,"box":{"x":82,"y":481,"width":854,"height":12}},{"id":"7abca47b-eb4c-49b5-8571-e4321591f97e","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":17,"box":{"x":82,"y":496,"width":839,"height":12}},{"id":"30a62574-4e39-456d-a824-2e0e0b1b8a24","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":17,"box":{"x":81,"y":511,"width":841,"height":11}},{"id":"60fcbddf-a923-487a-80db-47b06ee1176d","block_type":"box","text":"to another party, the Fund could be liable for any losses incurred.","page_number":17,"box":{"x":80,"y":526,"width":480,"height":11}},{"id":"d896f75d-3ae3-46c9-af2f-96c1ce8e648a","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":17,"box":{"x":83,"y":546,"width":221,"height":11}},{"id":"89ba6d3e-bb28-4542-9218-09291e44cda0","block_type":"box","text":"— The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":17,"box":{"x":308,"y":546,"width":589,"height":11}},{"id":"8c2796b8-b2f5-46e4-897e-e2913e5b34a6","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":17,"box":{"x":82,"y":561,"width":838,"height":11}},{"id":"bb33963a-4f08-4b1f-a65c-fb27b03adeff","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding tax","page_number":17,"box":{"x":81,"y":576,"width":834,"height":11}},{"id":"15ecaba6-6cc2-45ce-b828-57cb8d88509f","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":17,"box":{"x":82,"y":590,"width":836,"height":12}},{"id":"30e99247-5435-42e1-a74f-d379b807140e","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":17,"box":{"x":80,"y":605,"width":854,"height":12}},{"id":"8a006339-b464-4dbe-898f-b7bd23f10ca2","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":17,"box":{"x":80,"y":620,"width":831,"height":12}},{"id":"03a146f5-80b8-4369-819a-c43b11d48d5d","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":17,"box":{"x":82,"y":635,"width":852,"height":11}},{"id":"1baa1d3e-c7fc-41a8-8ca2-356facd7240d","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":17,"box":{"x":81,"y":650,"width":848,"height":11}},{"id":"b6072b33-ee61-4820-a569-096a1e29123e","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":17,"box":{"x":81,"y":664,"width":831,"height":12}},{"id":"34d685d7-2806-4be8-b06e-f06168dfe3fd","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":17,"box":{"x":80,"y":679,"width":830,"height":12}},{"id":"8776a475-72ec-490f-9e35-77c8c10faf62","block_type":"box","text":"previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting","page_number":17,"box":{"x":82,"y":694,"width":832,"height":12}},{"id":"437c7f3d-1b5e-4007-abd8-8d0f68a286e0","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":17,"box":{"x":82,"y":709,"width":836,"height":11}},{"id":"f8c2229c-004e-429b-9263-ce31451defe5","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":17,"box":{"x":81,"y":724,"width":325,"height":9}},{"id":"b5c8974e-94e2-44d1-9a22-9a323b81bbdd","block_type":"box","text":"Income Producing Stock Availability Risk","page_number":17,"box":{"x":81,"y":744,"width":310,"height":11}},{"id":"dd33f3ee-bbe5-445e-979b-ca520b3cca8d","block_type":"box","text":"—","page_number":17,"box":{"x":396,"y":749,"width":17,"height":1}},{"id":"e9ec54fd-09bb-4829-9fc4-f43d8b5505a3","block_type":"box","text":"Depending upon market conditions, income producing common stock","page_number":17,"box":{"x":418,"y":744,"width":507,"height":11}},{"id":"e51e3e8c-999c-4270-a050-4e8ebf1a8f83","block_type":"box","text":"that meets the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a","page_number":17,"box":{"x":80,"y":759,"width":837,"height":11}},{"id":"ae6c4ec3-435c-4bf6-9c74-db45b9a1ac9e","block_type":"box","text":"few market sectors. This may limit the ability of the Fund to produce current income while remaining fully diversified.","page_number":17,"box":{"x":81,"y":773,"width":852,"height":12}},{"id":"97beedbc-84c1-4962-88a8-bdae96c534a2","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":17,"box":{"x":81,"y":793,"width":276,"height":12}},{"id":"c62da4c7-0ee4-4780-aeec-c9c49b383410","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":17,"box":{"x":361,"y":794,"width":573,"height":11}},{"id":"767fbec4-e6ce-4b6d-bb7d-b13861e83691","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":17,"box":{"x":81,"y":808,"width":848,"height":12}},{"id":"917931a9-3cc2-4e45-a9ed-408c32ff265b","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":17,"box":{"x":81,"y":823,"width":839,"height":12}},{"id":"47eecc7d-18e2-4d4f-802a-7c6a62b82398","block_type":"box","text":"performance of large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":17,"box":{"x":82,"y":838,"width":851,"height":11}},{"id":"2948805f-f637-48e2-ac6d-53204040e863","block_type":"box","text":"Leverage Risk","page_number":17,"box":{"x":81,"y":858,"width":107,"height":11}},{"id":"807ddcf8-45c6-4771-8ba7-438186aef70e","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":858,"width":741,"height":11}},{"id":"b1d4289e-aaf9-40e8-b314-6442217c869f","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":873,"width":787,"height":11}},{"id":"b56014a0-baf5-4465-a550-2af607fcac1b","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":887,"width":825,"height":12}},{"id":"5c354cae-57c7-446b-bd0e-c50d77713b5e","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":902,"width":796,"height":12}},{"id":"62c2c68b-cdc2-444f-b959-276875a972d2","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":917,"width":834,"height":12}},{"id":"cceb78ac-a68e-4bc1-b0c1-cd82d55114b9","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"8afdd70c-bee1-48a2-8f3a-62e2fc2fa1ad","block_type":"box","text":"NM1026U-5988695-17/44","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b4d0c54c-eae9-4896-bda4-4c66e29c2ce8","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":18,"box":{"x":80,"y":46,"width":850,"height":11}},{"id":"5e11f8ab-9d91-4ce2-b9f4-467009999285","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":18,"box":{"x":82,"y":60,"width":819,"height":12}},{"id":"e7af61fb-9a06-4798-9760-85a281216cc0","block_type":"box","text":"requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the value of the","page_number":18,"box":{"x":82,"y":75,"width":850,"height":12}},{"id":"a4fd8c81-3ca7-41a6-8559-6abb0d9f9e88","block_type":"box","text":"Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":18,"box":{"x":82,"y":90,"width":465,"height":12}},{"id":"25b52d6d-d4ff-4315-a16a-a22138f987f5","block_type":"box","text":"Market Risk and Selection Risk","page_number":18,"box":{"x":81,"y":110,"width":240,"height":9}},{"id":"0bad67ec-d430-4aa4-b56a-558d86b32bc2","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":18,"box":{"x":324,"y":110,"width":593,"height":9}},{"id":"e91ee5da-e442-4b4d-a6ed-be93e2dfc87a","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":18,"box":{"x":81,"y":125,"width":851,"height":11}},{"id":"aa8e42b1-04e1-43e0-bfc7-86a2619a08fd","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":18,"box":{"x":82,"y":140,"width":824,"height":11}},{"id":"74adc68f-6ae6-4856-83c4-17362815cfa0","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":18,"box":{"x":82,"y":155,"width":851,"height":11}},{"id":"73e6fddf-899d-4c79-98b9-076dce49f816","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":18,"box":{"x":82,"y":169,"width":802,"height":12}},{"id":"319c307f-a2bd-48ca-b09d-215f7d3df4e4","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":18,"box":{"x":81,"y":184,"width":849,"height":12}},{"id":"552eb22f-036e-4edf-b6be-4450c1808985","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":18,"box":{"x":81,"y":199,"width":843,"height":12}},{"id":"a269a7d2-7e96-4501-a2cf-edf8a839fa93","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":18,"box":{"x":81,"y":214,"width":830,"height":11}},{"id":"c3a9ab91-e12e-4915-ab11-c96617fe28c9","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":18,"box":{"x":82,"y":229,"width":840,"height":11}},{"id":"dbf1bed2-6fe5-4736-8210-987aef28e9d1","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":18,"box":{"x":81,"y":244,"width":789,"height":11}},{"id":"3355d9bf-39cf-4c2c-9608-edea80fd0846","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":18,"box":{"x":81,"y":258,"width":823,"height":12}},{"id":"27123e00-229d-4ddc-be0c-ea196764571c","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":18,"box":{"x":81,"y":273,"width":784,"height":12}},{"id":"d70f00ba-507a-49f7-aee7-37907c0946a1","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":18,"box":{"x":81,"y":288,"width":844,"height":11}},{"id":"7c5b1f0d-83e2-4ba8-8bdc-5f226e4e226e","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":18,"box":{"x":82,"y":308,"width":818,"height":12}},{"id":"09efa247-f3e3-431a-a56e-c2662c26af80","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":18,"box":{"x":80,"y":323,"width":819,"height":11}},{"id":"df6c4ea7-6e7e-46c5-85b3-b1ca09826cd3","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":18,"box":{"x":81,"y":338,"width":819,"height":11}},{"id":"6fbc494d-edbe-42e3-921f-1ee300d01fa0","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":18,"box":{"x":81,"y":352,"width":846,"height":12}},{"id":"8c787d4c-6211-4de0-aac6-ef7d93a22221","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":18,"box":{"x":81,"y":367,"width":848,"height":12}},{"id":"a0cce2fc-4486-447c-ac0f-8452e25949ab","block_type":"box","text":"the Fund invests.","page_number":18,"box":{"x":80,"y":382,"width":125,"height":9}},{"id":"f53e14ea-c4a4-408e-a85e-05b0b55f3fe8","block_type":"box","text":"Master Limited Partnerships Risk","page_number":18,"box":{"x":81,"y":402,"width":254,"height":11}},{"id":"ad3c0488-f846-4d5d-aaa3-1bd28264208d","block_type":"box","text":"— The common units of an MLP are listed and traded on U.S. securities","page_number":18,"box":{"x":338,"y":402,"width":531,"height":9}},{"id":"78b43a63-ca36-4ecb-9950-d8eb40a9fa61","block_type":"box","text":"exchanges and their value fluctuates predominantly based on prevailing market conditions and the success of the","page_number":18,"box":{"x":81,"y":417,"width":836,"height":11}},{"id":"1ba07ad5-fbdc-4bb6-bb06-edc19adfcbe1","block_type":"box","text":"MLP. Unlike owners of common stock of a corporation, owners of common units have limited voting rights and have","page_number":18,"box":{"x":82,"y":432,"width":844,"height":11}},{"id":"398faa88-35fa-4c8d-b6fd-8e72049ade04","block_type":"box","text":"no ability to annually elect directors. In the event of liquidation, common units have preference over subordinated","page_number":18,"box":{"x":82,"y":447,"width":830,"height":11}},{"id":"4d3120e9-b088-4ca3-a8d7-e9c3ff3b986a","block_type":"box","text":"units, but not over debt or preferred units, to the remaining assets of the MLP.","page_number":18,"box":{"x":82,"y":461,"width":575,"height":12}},{"id":"8d215d8d-8a86-4964-b135-2161b104edbf","block_type":"box","text":"“New Issues” Risk","page_number":18,"box":{"x":83,"y":482,"width":139,"height":9}},{"id":"ab7a577f-4383-4c6d-9674-a728f0d920da","block_type":"box","text":"— “New issues” are IPOs of equity securities. Investments in companies that have recently","page_number":18,"box":{"x":226,"y":481,"width":673,"height":12}},{"id":"fc3e0e50-cf4f-417f-bb44-31c867987505","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":18,"box":{"x":81,"y":496,"width":833,"height":12}},{"id":"95e5d6bf-0bee-44d1-9568-86b05944ec36","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":18,"box":{"x":82,"y":511,"width":853,"height":12}},{"id":"87fb8fce-5751-452d-b0e7-c2e375e3613e","block_type":"box","text":"of future performance. The investment performance of the Fund during periods when it is unable to invest","page_number":18,"box":{"x":81,"y":526,"width":778,"height":11}},{"id":"3baa4a79-dc8d-4ebe-b4ab-6a48be9b9928","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":541,"width":827,"height":11}},{"id":"969ef122-1dba-41e0-8086-3f51214b3a67","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":555,"width":838,"height":12}},{"id":"30c157ed-399b-4b7d-baa1-64c0e26db8a1","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":570,"width":776,"height":12}},{"id":"1b5c0091-f4a3-43dd-a780-a45920e905cb","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":585,"width":830,"height":12}},{"id":"0c0a371b-fc2c-42de-aed8-789079a22508","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":600,"width":834,"height":12}},{"id":"55e84937-2295-4cd9-bf9b-df4f8fb6f8fd","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":615,"width":844,"height":11}},{"id":"61220038-6560-4df0-adea-f9c30536d697","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":630,"width":840,"height":11}},{"id":"3510b0de-81bb-4bf0-a618-3b6df49d4658","block_type":"box","text":"price as it would like.","page_number":18,"box":{"x":82,"y":645,"width":153,"height":11}},{"id":"069ca034-168c-439a-b3d8-97d2902bf9fb","block_type":"box","text":"Operational and Technology Risks","page_number":18,"box":{"x":82,"y":665,"width":254,"height":11}},{"id":"345d83fe-4816-4dc8-ab44-a709fc6099e0","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":18,"box":{"x":340,"y":665,"width":549,"height":11}},{"id":"893cbe85-5b40-4c4a-9f41-64d440358b7e","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":18,"box":{"x":81,"y":680,"width":790,"height":11}},{"id":"78febe66-aae4-4f73-992a-3d9b1da985a0","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":18,"box":{"x":81,"y":694,"width":837,"height":12}},{"id":"5b2880a4-1ca7-49ad-aa60-ca09a59020b4","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":18,"box":{"x":82,"y":709,"width":845,"height":11}},{"id":"e4d2d18c-e821-4608-a540-ededd367b9c3","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":18,"box":{"x":81,"y":724,"width":832,"height":11}},{"id":"4488a211-564d-44bb-971b-b34c33f01270","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":18,"box":{"x":82,"y":739,"width":763,"height":11}},{"id":"18aa84b1-38f8-4600-8fd9-a461f9615d87","block_type":"box","text":"counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and","page_number":18,"box":{"x":81,"y":753,"width":825,"height":12}},{"id":"dbe8cdb9-9326-482e-8cc9-39ba41904536","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":18,"box":{"x":81,"y":768,"width":842,"height":12}},{"id":"73250dde-410a-4301-a3a4-a8070ddeb39d","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":18,"box":{"x":81,"y":783,"width":852,"height":11}},{"id":"2fda785f-dbee-43e8-a6df-a721ed749a3c","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":18,"box":{"x":82,"y":798,"width":827,"height":11}},{"id":"d938a9d4-4dbe-4e6f-ad2e-b2912c7422fd","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":18,"box":{"x":81,"y":818,"width":821,"height":11}},{"id":"8c012ef7-00b3-4509-a044-295dd3640110","block_type":"box","text":"Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized","page_number":18,"box":{"x":82,"y":833,"width":814,"height":11}},{"id":"198a6e9c-13ae-4bb4-8a23-f7e79aafab68","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":18,"box":{"x":81,"y":847,"width":824,"height":12}},{"id":"a02dc3f2-5223-48fc-a4ed-e5fcd9ace11f","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":18,"box":{"x":81,"y":862,"width":791,"height":12}},{"id":"c5a3a4ca-b9d8-4091-a58b-687b3bd36fad","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":18,"box":{"x":82,"y":877,"width":852,"height":12}},{"id":"18ae1377-7294-404e-b463-be992529a264","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its net asset value (“NAV”);","page_number":18,"box":{"x":81,"y":892,"width":825,"height":12}},{"id":"8929d38b-dfb7-49e1-a496-d1026607abb4","block_type":"box","text":"disclosure of confidential information; impediments to trading; submission of erroneous trades by the Fund or","page_number":18,"box":{"x":81,"y":907,"width":807,"height":11}},{"id":"c9554cab-d507-4dc5-9f68-eb31f5c9bf33","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"58dc5328-757d-4113-89a8-9e4079681dc2","block_type":"box","text":"NM1026U-5988695-18/44","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"dfdd6a04-498a-45d4-a6e7-5d74e439973d","block_type":"box","text":"erroneous subscription or redemption orders; the inability of the Fund or its service providers to transact business;","page_number":19,"box":{"x":81,"y":46,"width":844,"height":11}},{"id":"c0938000-9173-485a-bbb2-4a4a3d0af196","block_type":"box","text":"violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or","page_number":19,"box":{"x":80,"y":60,"width":842,"height":12}},{"id":"b1ac7fe6-4fd3-4587-9cd6-4eab256c4bbb","block_type":"box","text":"other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may","page_number":19,"box":{"x":81,"y":76,"width":820,"height":11}},{"id":"bd9b08a8-e17e-45f0-a50e-cc394ccb3fae","block_type":"box","text":"render records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":19,"box":{"x":82,"y":90,"width":850,"height":12}},{"id":"e0431cf3-0222-45d4-9093-9d62300d367b","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":19,"box":{"x":81,"y":105,"width":829,"height":12}},{"id":"0da31bc0-cb65-4476-b2a3-a588ffe6003c","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":19,"box":{"x":82,"y":120,"width":846,"height":11}},{"id":"218e84d1-3f03-4eee-b1c8-948607d7e6ac","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":19,"box":{"x":82,"y":135,"width":846,"height":11}},{"id":"f41ab35b-a64e-43f4-a7e4-d39c5d810f40","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":19,"box":{"x":81,"y":149,"width":838,"height":12}},{"id":"82048a04-a9ec-4333-a79e-4594d897d1b9","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":19,"box":{"x":80,"y":165,"width":770,"height":11}},{"id":"15ff0c2e-c8a3-4284-9191-025d6172019c","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":19,"box":{"x":80,"y":179,"width":792,"height":12}},{"id":"dee280a6-c8cb-4d01-b675-ec48cad8e959","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":19,"box":{"x":82,"y":194,"width":845,"height":11}},{"id":"1aac15fb-45bc-489b-b8ad-dc7208ec67af","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":19,"box":{"x":80,"y":209,"width":840,"height":11}},{"id":"0d9d0120-e545-4d2d-ac32-193161ced4dd","block_type":"box","text":"or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are generated. AI","page_number":19,"box":{"x":81,"y":224,"width":841,"height":11}},{"id":"3ca1a93a-5e19-4f26-884a-f9400b99d91b","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":19,"box":{"x":80,"y":238,"width":847,"height":12}},{"id":"4de30f7f-00c1-42cb-9f34-8f43cbc67d27","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":19,"box":{"x":82,"y":253,"width":838,"height":12}},{"id":"b5809eff-1908-4734-9316-dae7d3b21a59","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":19,"box":{"x":81,"y":268,"width":847,"height":12}},{"id":"bd87f025-923d-44c2-901e-788b34a58033","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":19,"box":{"x":81,"y":283,"width":845,"height":11}},{"id":"7afc2cc5-12d4-4d6e-ab99-e46e7aa7e8e7","block_type":"box","text":"and the associated risks to the Fund.","page_number":19,"box":{"x":81,"y":298,"width":273,"height":9}},{"id":"11df1b72-370c-47fc-a158-0ef015eb5f92","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":19,"box":{"x":81,"y":318,"width":769,"height":11}},{"id":"0d7171c0-3209-4c69-b47c-be93ae3dec20","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":19,"box":{"x":81,"y":332,"width":855,"height":12}},{"id":"4bb7c0d7-8f41-46d4-ae72-20ab6af759ce","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":19,"box":{"x":80,"y":347,"width":848,"height":12}},{"id":"fe1d3639-55ca-4ad0-bacc-07178de320cb","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":19,"box":{"x":81,"y":362,"width":777,"height":12}},{"id":"7fc98b57-d548-4be2-954f-52a83ece112f","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":19,"box":{"x":81,"y":377,"width":824,"height":12}},{"id":"39f55209-4523-480e-a87e-c200a023dfcc","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":19,"box":{"x":81,"y":392,"width":785,"height":11}},{"id":"516a317c-c4a2-4abc-b300-490058c81d33","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":19,"box":{"x":82,"y":407,"width":853,"height":11}},{"id":"6f15d70f-a0c2-49b0-9302-a955baabb364","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":19,"box":{"x":82,"y":421,"width":855,"height":12}},{"id":"a6b8a7a6-8499-4d3e-ad51-28a160146965","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":19,"box":{"x":82,"y":436,"width":813,"height":12}},{"id":"35d262c2-8d73-42cf-83c8-dec6e23dcf96","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":19,"box":{"x":81,"y":451,"width":806,"height":12}},{"id":"406f7657-7711-4132-8aad-032a0a88f086","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":19,"box":{"x":82,"y":466,"width":602,"height":11}},{"id":"9861dd32-fb37-4601-b666-9d957eb065e0","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":19,"box":{"x":82,"y":486,"width":794,"height":11}},{"id":"b3564d84-17bc-4cc4-bd91-121992fd682d","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":19,"box":{"x":81,"y":501,"width":840,"height":11}},{"id":"964f8133-f6e4-48b7-a0f9-be429c430a55","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":19,"box":{"x":81,"y":516,"width":801,"height":11}},{"id":"143759dd-d9a5-4dda-ba4e-c68d702d9854","block_type":"box","text":"resources to monitor and implement required changes.","page_number":19,"box":{"x":82,"y":531,"width":402,"height":11}},{"id":"7c1b4f98-2ddd-4eed-9648-db8307d4d4d0","block_type":"box","text":"Preferred Securities Risk","page_number":19,"box":{"x":81,"y":550,"width":189,"height":10}},{"id":"7f483eff-1c64-4ba1-866d-87a280ec4a9d","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":19,"box":{"x":274,"y":550,"width":636,"height":12}},{"id":"e17bc040-c9f6-481f-91c9-9222f9e17ea5","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":19,"box":{"x":81,"y":565,"width":824,"height":12}},{"id":"b4e57670-7c85-4e29-ba23-fc5ee9c90305","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":19,"box":{"x":82,"y":580,"width":806,"height":12}},{"id":"4578bd63-2867-4484-92cf-418614048772","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":19,"box":{"x":81,"y":595,"width":842,"height":11}},{"id":"19f6ce78-6ced-48cd-a2e7-93df5ee5044a","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":19,"box":{"x":81,"y":610,"width":781,"height":11}},{"id":"24de2dac-ca2b-46ca-9b9b-cd81eb8a9c10","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":19,"box":{"x":81,"y":624,"width":812,"height":12}},{"id":"fae43835-cff7-4ac8-80bc-3fffeddd359d","block_type":"box","text":"larger companies.","page_number":19,"box":{"x":82,"y":640,"width":129,"height":11}},{"id":"dc4afa03-d3cf-46c9-b7e2-75bf3f256a9d","block_type":"box","text":"Real Estate-Related Securities Risk","page_number":19,"box":{"x":81,"y":659,"width":269,"height":9}},{"id":"a5c59e18-e664-4410-96fc-233437a3e5c1","block_type":"box","text":"— The main risk of real estate-related securities is that the value of the","page_number":19,"box":{"x":354,"y":659,"width":527,"height":9}},{"id":"30151965-b2c9-4703-a103-65373da6f65e","block_type":"box","text":"underlying real estate may go down. Many factors may affect real estate values. These factors include both the","page_number":19,"box":{"x":82,"y":674,"width":816,"height":12}},{"id":"08d17ab7-abc5-4209-b3be-92089fe8aade","block_type":"box","text":"general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re-lease","page_number":19,"box":{"x":81,"y":689,"width":845,"height":11}},{"id":"455af7ef-0d6e-4789-bd3c-f647c4c6e14c","block_type":"box","text":"space under expiring leases on attractive terms, the amount of new construction in a particular area, the laws and","page_number":19,"box":{"x":81,"y":704,"width":841,"height":11}},{"id":"f40443bc-1796-459a-b268-8b8962f64e7f","block_type":"box","text":"regulations (including zoning, environmental and tax laws) affecting real estate and the costs of owning, maintaining","page_number":19,"box":{"x":82,"y":719,"width":852,"height":11}},{"id":"3498a04c-eeed-46e1-a3e3-02014ad3a3e0","block_type":"box","text":"and improving real estate. The availability of mortgage financing and changes in interest rates may also affect real","page_number":19,"box":{"x":81,"y":733,"width":841,"height":12}},{"id":"b1c2c563-5eab-414b-a81c-6fb7a347c2f3","block_type":"box","text":"estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in one","page_number":19,"box":{"x":81,"y":748,"width":807,"height":12}},{"id":"53bffba6-0b94-4f35-b469-f707850a3368","block_type":"box","text":"property type, the Fund will be particularly subject to the risks associated with that area or property type. Many","page_number":19,"box":{"x":82,"y":763,"width":815,"height":11}},{"id":"d7459c6f-e566-4b5f-8612-1d39e75395bb","block_type":"box","text":"issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities.","page_number":19,"box":{"x":82,"y":778,"width":845,"height":11}},{"id":"0c5c49a5-b64d-4d66-b770-5d4ba8005bb0","block_type":"box","text":"The value of the securities the Fund buys will not necessarily track the value of the underlying investments of the","page_number":19,"box":{"x":81,"y":793,"width":828,"height":11}},{"id":"1e13cb7e-5239-4602-a5d2-34751ff80bdf","block_type":"box","text":"issuers of such securities. In addition, certain issuers of real estate-related securities may have developed or","page_number":19,"box":{"x":82,"y":808,"width":805,"height":11}},{"id":"77c4d564-d541-4ae3-91bb-fd32536b4118","block_type":"box","text":"commenced development on properties and may develop additional properties in the future. Real estate","page_number":19,"box":{"x":81,"y":822,"width":767,"height":12}},{"id":"ddb81194-f8c0-4402-89c2-56ac5fd094fd","block_type":"box","text":"development involves significant risks in addition to those involved in the ownership and operation of established","page_number":19,"box":{"x":81,"y":837,"width":831,"height":12}},{"id":"668c83e2-f5c1-49a0-8f1d-5ecfe2b99619","block_type":"box","text":"properties. Real estate securities may have limited diversification and are, therefore, subject to risks inherent in","page_number":19,"box":{"x":82,"y":852,"width":824,"height":11}},{"id":"6f6b0fcd-29f1-403f-b186-5abfdf2b7aa3","block_type":"box","text":"operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow","page_number":19,"box":{"x":81,"y":867,"width":817,"height":11}},{"id":"1ea54212-5f1f-4d83-8998-b364c7101dd4","block_type":"box","text":"dependency and defaults by borrowers or tenants.","page_number":19,"box":{"x":81,"y":882,"width":367,"height":11}},{"id":"09be6c9d-8803-45b4-8b0c-96fc22e95f8a","block_type":"box","text":"REIT Investment Risk","page_number":19,"box":{"x":81,"y":902,"width":163,"height":9}},{"id":"179bcfee-c52b-45df-b7a3-5ea8318fe54b","block_type":"box","text":"— In addition to the risks facing real estate-related securities, such as a decline in property","page_number":19,"box":{"x":248,"y":902,"width":676,"height":11}},{"id":"dde7a06d-e9f9-4044-a224-faef3a31d48b","block_type":"box","text":"values due to increasing vacancies, a decline in rents resulting from unanticipated economic, legal or technological","page_number":19,"box":{"x":80,"y":916,"width":846,"height":12}},{"id":"1ae2917d-82d3-4b0f-9fc0-37c77815c9f5","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"4707454a-c2af-4f80-bb6d-6d98e7eb7b45","block_type":"box","text":"NM1026U-5988695-19/44","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e7ebf575-bbca-4762-a80d-7d46b2c4cfd2","block_type":"box","text":"developments or a decline in the price of securities of real estate companies due to a failure of borrowers to pay","page_number":20,"box":{"x":81,"y":46,"width":829,"height":11}},{"id":"40fe12d7-be82-4341-95c1-3a167d7caf7c","block_type":"box","text":"their loans or poor management, investments in REITs involve unique risks. REITs may have limited financial","page_number":20,"box":{"x":80,"y":60,"width":793,"height":12}},{"id":"95effe62-6172-44a6-a6bb-421396a6d087","block_type":"box","text":"resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may","page_number":20,"box":{"x":82,"y":75,"width":836,"height":12}},{"id":"5a67f20e-0200-4e99-9bb2-58729562e6d7","block_type":"box","text":"be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment","page_number":20,"box":{"x":81,"y":90,"width":814,"height":12}},{"id":"af7f1f45-b97a-40ab-b258-f93528622210","block_type":"box","text":"company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code, which","page_number":20,"box":{"x":81,"y":105,"width":825,"height":12}},{"id":"630a8a00-6a05-4de5-997c-21a65344347b","block_type":"box","text":"allows REITs to reduce their corporate taxable income for dividends paid to their shareholders. Ordinary REIT","page_number":20,"box":{"x":81,"y":120,"width":797,"height":11}},{"id":"31818f66-2516-4dca-a52e-8d949d1d9d0a","block_type":"box","text":"dividends received by the Fund and distributed to the Fund’s shareholders will generally be taxable as ordinary","page_number":20,"box":{"x":81,"y":135,"width":812,"height":11}},{"id":"f5dbba35-1206-4f8c-8c66-29304057da04","block_type":"box","text":"income and will not constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT","page_number":20,"box":{"x":82,"y":149,"width":838,"height":12}},{"id":"f3c5acd7-16c2-45c5-964f-9b30e3d4eb2b","block_type":"box","text":"shareholder may claim a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated","page_number":20,"box":{"x":81,"y":164,"width":832,"height":12}},{"id":"7c89e8bc-0f48-47ac-8478-98d9f0f1e585","block_type":"box","text":"investment company may report dividends as eligible for this deduction to the extent the regulated investment","page_number":20,"box":{"x":82,"y":179,"width":809,"height":12}},{"id":"38fec6ad-a074-4901-bd3e-dc38260f30dc","block_type":"box","text":"company’s income is derived from ordinary REIT dividends (reduced by allocable regulated investment company","page_number":20,"box":{"x":81,"y":194,"width":819,"height":11}},{"id":"55b309b5-8715-4962-a974-0fa40fd202c7","block_type":"box","text":"expenses). A shareholder may treat the dividends as such provided the regulated investment company and the","page_number":20,"box":{"x":81,"y":209,"width":813,"height":11}},{"id":"f8732714-92b7-410c-8ab6-0fe5979614a2","block_type":"box","text":"shareholder satisfy applicable holding period requirements.","page_number":20,"box":{"x":81,"y":224,"width":434,"height":11}},{"id":"f0e4bcb1-c4d3-4b37-a20a-b782fdc6d10c","block_type":"box","text":"Risk of Investing in the United States","page_number":20,"box":{"x":81,"y":244,"width":283,"height":11}},{"id":"c202aaac-3b98-4820-b9a1-154d4711837b","block_type":"box","text":"—","page_number":20,"box":{"x":369,"y":249,"width":17,"height":1}},{"id":"bcecbd4d-d4c1-49b2-a85d-2675bf5fa568","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations, tariffs,","page_number":20,"box":{"x":390,"y":244,"width":519,"height":11}},{"id":"a92a84e1-a9d9-4509-bec1-61ebce27d7ac","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":20,"box":{"x":82,"y":258,"width":790,"height":12}},{"id":"f658c565-b214-4b27-8df1-49a15cc86d52","block_type":"box","text":"economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the","page_number":20,"box":{"x":81,"y":273,"width":835,"height":12}},{"id":"4e904bbc-e024-4622-90c7-378b6152a0b8","block_type":"box","text":"United States are changing many aspects of financial, commercial, public health, environmental, and other","page_number":20,"box":{"x":82,"y":288,"width":784,"height":12}},{"id":"015e59df-d5f7-4de5-b8f0-c3c267b33b31","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":20,"box":{"x":82,"y":303,"width":849,"height":11}},{"id":"cf80026f-1232-4a70-9443-962027db2b89","block_type":"box","text":"Governmental agencies project that the United States will continue to maintain elevated public debt levels for the","page_number":20,"box":{"x":81,"y":318,"width":832,"height":11}},{"id":"53248a9f-cf5f-46ad-919f-5ad003d50a0c","block_type":"box","text":"foreseeable future. Although elevated debt levels do not necessarily indicate or cause economic problems, elevated","page_number":20,"box":{"x":81,"y":332,"width":851,"height":12}},{"id":"13c96cc4-162d-4295-8ee0-5652ec7baceb","block_type":"box","text":"public debt service costs may constrain future economic growth.","page_number":20,"box":{"x":82,"y":347,"width":471,"height":12}},{"id":"f21727b3-6dee-40af-9b52-126da87ef9c6","block_type":"box","text":"The United States has developed increasingly strained relations with a number of foreign countries. If relations with","page_number":20,"box":{"x":81,"y":367,"width":847,"height":12}},{"id":"dcccad24-8351-46b2-a5fb-7bec9ad69255","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":20,"box":{"x":81,"y":382,"width":810,"height":12}},{"id":"5e2fe1bd-0819-47e1-8b67-8a237ef68b57","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and political discord. If","page_number":20,"box":{"x":82,"y":397,"width":832,"height":11}},{"id":"99efc85b-81c8-42db-823a-dcbe80c3d154","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":20,"box":{"x":80,"y":412,"width":826,"height":11}},{"id":"ca4f5c49-853c-43a2-815c-2780ec389f60","block_type":"box","text":"Fund invests.","page_number":20,"box":{"x":82,"y":427,"width":95,"height":9}},{"id":"b5220206-a3eb-496d-baa3-786cb09eb07f","block_type":"box","text":"Small and Mid-Capitalization Company Risk","page_number":20,"box":{"x":81,"y":447,"width":327,"height":11}},{"id":"ebfebddb-e039-4615-a565-bf1fd97b1623","block_type":"box","text":"— Companies with small or mid-size market capitalizations will","page_number":20,"box":{"x":412,"y":447,"width":461,"height":11}},{"id":"8ce378d9-ca4c-4d81-be94-28ef361d514a","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more","page_number":20,"box":{"x":82,"y":461,"width":808,"height":12}},{"id":"9ed83275-7a9c-4a4f-895b-96552a2a5943","block_type":"box","text":"limited management group than larger capitalized companies. In addition, it is more difficult to get information on","page_number":20,"box":{"x":82,"y":476,"width":833,"height":12}},{"id":"7d25619a-7e32-41ab-b8a5-9f10ab2854da","block_type":"box","text":"smaller companies, which tend to be less well known, have shorter operating histories, do not have significant","page_number":20,"box":{"x":81,"y":491,"width":812,"height":12}},{"id":"80349ff8-3869-4907-94a3-e074f26615fc","block_type":"box","text":"ownership by large investors and are followed by relatively few securities analysts.","page_number":20,"box":{"x":81,"y":506,"width":603,"height":11}},{"id":"32030188-021f-433b-868c-03abd6052dcb","block_type":"box","text":"Structured Securities Risk","page_number":20,"box":{"x":81,"y":526,"width":200,"height":9}},{"id":"6ca83a7c-76b4-413e-834a-97e7bafe2621","block_type":"box","text":"— Because structured securities of the type in which the Fund may invest typically","page_number":20,"box":{"x":285,"y":526,"width":605,"height":11}},{"id":"ddd498eb-7bd4-4f48-a25f-473243bb0409","block_type":"box","text":"involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments,","page_number":20,"box":{"x":82,"y":541,"width":823,"height":11}},{"id":"ad3a05a3-dbf3-479d-950a-47d3d18a9515","block_type":"box","text":"index or reference obligation and will also be subject to counterparty risk. The Fund may have the right to receive","page_number":20,"box":{"x":82,"y":555,"width":827,"height":12}},{"id":"4dedfddf-d3d5-4513-bfa6-24a5b7e502c9","block_type":"box","text":"payments only from the structured security, and generally does not have direct rights against the issuer or the entity","page_number":20,"box":{"x":82,"y":570,"width":852,"height":12}},{"id":"34b8224c-2537-47cb-a82e-d35cfc4074c4","block_type":"box","text":"that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed","page_number":20,"box":{"x":80,"y":585,"width":823,"height":12}},{"id":"bafcd1d6-e504-42ad-aaaa-be1cf3c2e4b5","block_type":"box","text":"herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions","page_number":20,"box":{"x":82,"y":600,"width":818,"height":12}},{"id":"8c72dcbf-a0b5-4003-b2ca-ed40e6fa2232","block_type":"box","text":"from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may","page_number":20,"box":{"x":81,"y":615,"width":842,"height":11}},{"id":"8303d1fa-5419-408a-84c1-0e268348b11e","block_type":"box","text":"decline in value or default; and the possibility that the structured securities are subordinate to other classes. The","page_number":20,"box":{"x":81,"y":630,"width":834,"height":11}},{"id":"8fe3242b-5860-4c1f-b9ec-f2e5738413ad","block_type":"box","text":"Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the","page_number":20,"box":{"x":82,"y":644,"width":834,"height":12}},{"id":"6f153a00-f851-4888-8c8a-a24ff60ae0a2","block_type":"box","text":"right of payment of another class. Subordinated structured securities typically have higher yields and present","page_number":20,"box":{"x":82,"y":659,"width":799,"height":12}},{"id":"a67ebe22-8bc2-486b-9b30-4a09ff7a5e57","block_type":"box","text":"greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement","page_number":20,"box":{"x":81,"y":674,"width":851,"height":12}},{"id":"f99f897e-7d8a-4f0c-8220-a6240a1a5dcc","block_type":"box","text":"transactions, and there currently is no active trading market for structured securities. Structured securities are","page_number":20,"box":{"x":80,"y":689,"width":814,"height":11}},{"id":"7f46e617-17e4-40e7-b891-b4a43808cf05","block_type":"box","text":"based upon the movement of one or more factors, including currency exchange rates, interest rates, reference","page_number":20,"box":{"x":81,"y":704,"width":812,"height":11}},{"id":"23971501-41ef-4cbf-b203-dbbb272147a4","block_type":"box","text":"bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price","page_number":20,"box":{"x":81,"y":719,"width":816,"height":11}},{"id":"7ce44036-ecf8-40f2-9655-ad5ad6d0ab56","block_type":"box","text":"fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the","page_number":20,"box":{"x":81,"y":733,"width":795,"height":12}},{"id":"530a9db7-4f07-45fa-9ed8-55267c7f3552","block_type":"box","text":"structured security to be reduced to zero. Certain issuers of such structured securities may be deemed to be","page_number":20,"box":{"x":81,"y":748,"width":802,"height":12}},{"id":"a8fa54ec-d47b-4a7b-864f-ddcf03d99f6b","block_type":"box","text":"“investment companies” as defined in the Investment Company Act. As a result, the Fund’s investment in such","page_number":20,"box":{"x":82,"y":763,"width":816,"height":11}},{"id":"113321fe-8c42-479a-a14c-f1959e8a8c1f","block_type":"box","text":"securities may be limited by certain investment restrictions contained in the Investment Company Act.","page_number":20,"box":{"x":81,"y":778,"width":749,"height":11}},{"id":"39355b9a-9843-4459-8b2c-148a95758752","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":20,"box":{"x":61,"y":801,"width":296,"height":12}},{"id":"4a9e949e-d70b-4723-93cb-a79435ca72a6","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":20,"box":{"x":60,"y":817,"width":832,"height":12}},{"id":"56869632-9179-4425-8b97-38df8e0589f2","block_type":"box","text":"strategies, including:","page_number":20,"box":{"x":61,"y":832,"width":151,"height":12}},{"id":"564e292c-7305-4475-b976-7fe9b607b4fe","block_type":"box","text":"Borrowing Risk","page_number":20,"box":{"x":81,"y":852,"width":115,"height":11}},{"id":"6cd10807-33af-4ef7-a87f-6890a0c55ca0","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":20,"box":{"x":200,"y":852,"width":711,"height":12}},{"id":"7726aa29-4b56-429f-bbbe-f3f011fe36a8","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":20,"box":{"x":80,"y":867,"width":813,"height":11}},{"id":"df20117a-d771-406f-bac9-5215eca35842","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":20,"box":{"x":82,"y":882,"width":846,"height":11}},{"id":"7f6c2440-9353-47ac-bc40-82b350f2cced","block_type":"box","text":"do so to satisfy its obligations.","page_number":20,"box":{"x":81,"y":896,"width":225,"height":12}},{"id":"df07224d-02ec-4afd-a258-32cd244c5d65","block_type":"box","text":"20","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"43a0a0ac-00bb-497e-919a-e941bbe527e5","block_type":"box","text":"NM1026U-5988695-20/44","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0fdbd37f-e19c-4826-919b-4e12315e5b90","block_type":"box","text":"Expense Risk","page_number":21,"box":{"x":81,"y":46,"width":102,"height":11}},{"id":"68d4e465-aad6-4018-b51d-9f0a7ffe0b5d","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":21,"box":{"x":187,"y":46,"width":734,"height":11}},{"id":"dbaafe36-3821-41dc-b56e-4dfe8d2911d4","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":21,"box":{"x":81,"y":61,"width":855,"height":11}},{"id":"8f9db001-bb37-4f6f-875e-1da0af2b9e4c","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":21,"box":{"x":82,"y":75,"width":842,"height":12}},{"id":"b18ccdca-9eaa-468b-bf34-ecfa5c33e634","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":21,"box":{"x":82,"y":90,"width":808,"height":12}},{"id":"235c3f6d-1e87-4bbf-98f4-a0fd832b9ded","block_type":"box","text":"significant.","page_number":21,"box":{"x":81,"y":105,"width":78,"height":12}},{"id":"2514f6fd-9a6d-4be2-88e1-0414b4b60592","block_type":"box","text":"High Portfolio Turnover Risk","page_number":21,"box":{"x":81,"y":125,"width":212,"height":11}},{"id":"eccaa9a8-4d2b-4e94-8a2b-e0d8663d4966","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":21,"box":{"x":297,"y":125,"width":629,"height":11}},{"id":"713bb60e-7446-4438-9f0a-7bcae14f04f5","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":21,"box":{"x":82,"y":140,"width":812,"height":11}},{"id":"52449b8c-af75-4afb-b133-2be04b54b258","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":21,"box":{"x":81,"y":155,"width":817,"height":11}},{"id":"f0c45bb9-ab03-41d5-8911-697dba13f8eb","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":21,"box":{"x":81,"y":169,"width":760,"height":12}},{"id":"1517bb01-a9a1-49d8-a168-c56f859734ce","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":21,"box":{"x":81,"y":184,"width":852,"height":12}},{"id":"74367b33-4a77-45e5-a7fe-ed4463ed1b58","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":21,"box":{"x":81,"y":199,"width":589,"height":12}},{"id":"6f1edf19-c2be-416d-87cd-4b2dc6d469a0","block_type":"box","text":"Illiquid Investments Risk","page_number":21,"box":{"x":81,"y":219,"width":186,"height":11}},{"id":"5a408137-ac0e-4cf2-a7a9-7a442850786b","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":21,"box":{"x":271,"y":219,"width":648,"height":11}},{"id":"0b0282a9-210f-48f6-8ed2-dc08caf4233e","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":21,"box":{"x":80,"y":234,"width":841,"height":11}},{"id":"131cd1ef-1635-4f0c-a4b0-772963efc777","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":21,"box":{"x":82,"y":249,"width":831,"height":11}},{"id":"d6617e37-b488-4e85-a283-1d92d4f38d59","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":21,"box":{"x":81,"y":263,"width":811,"height":12}},{"id":"8872c9a4-da7a-4e8f-a4aa-0e19af503bf8","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":21,"box":{"x":82,"y":278,"width":825,"height":12}},{"id":"6f2b739d-117d-4bc2-8d2e-c5d918cdebc0","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":21,"box":{"x":81,"y":293,"width":837,"height":12}},{"id":"83b25091-6418-42df-8884-8babc7932041","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":21,"box":{"x":80,"y":308,"width":851,"height":12}},{"id":"a2653fb2-51dd-4630-851c-7eb0c25ac3b2","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":21,"box":{"x":82,"y":323,"width":835,"height":11}},{"id":"2a086a45-5bb8-43af-bfd5-19c58a438285","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":21,"box":{"x":82,"y":338,"width":835,"height":11}},{"id":"d53e95de-819e-4d2d-a1c5-b68c9bb36f22","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":21,"box":{"x":81,"y":352,"width":791,"height":12}},{"id":"8e159ed2-72ba-42a6-9ac9-4407592ce11d","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":21,"box":{"x":81,"y":368,"width":846,"height":11}},{"id":"5b7b0745-b52c-47d0-a89c-bc27c1076e61","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":21,"box":{"x":81,"y":382,"width":835,"height":12}},{"id":"8a7fd0ae-9d3d-4745-b839-757098441fd6","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":21,"box":{"x":82,"y":397,"width":839,"height":12}},{"id":"791b5a76-360a-4717-9e5e-b23bd45105ef","block_type":"box","text":"the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":21,"box":{"x":80,"y":412,"width":834,"height":11}},{"id":"b3eb37d6-15b6-43e1-80c1-d0f31af7c6b1","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":21,"box":{"x":81,"y":427,"width":815,"height":11}},{"id":"51268052-9ce1-43a3-911c-a46c8f1c51b9","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":21,"box":{"x":82,"y":441,"width":835,"height":12}},{"id":"b6993bfd-3328-47bd-92ec-630dd5459b03","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":21,"box":{"x":82,"y":456,"width":827,"height":12}},{"id":"93ef599b-cecc-46f3-a9db-08894a2a0390","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":21,"box":{"x":80,"y":471,"width":831,"height":11}},{"id":"a803b248-1a00-4aaf-b224-a50eb01febf8","block_type":"box","text":"subject to purchase and sale restrictions.","page_number":21,"box":{"x":81,"y":486,"width":304,"height":11}},{"id":"481bc0d7-0fae-4144-bfbc-9c7eebc5a354","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":21,"box":{"x":81,"y":506,"width":271,"height":9}},{"id":"e4fa1d8b-9506-4101-b16e-e50412db30f7","block_type":"box","text":"—","page_number":21,"box":{"x":356,"y":511,"width":17,"height":1}},{"id":"99a99cec-abd1-4755-bbc6-6d014fac02ca","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":21,"box":{"x":379,"y":506,"width":499,"height":11}},{"id":"0204d089-2998-42d2-8333-3008964208e9","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":21,"box":{"x":82,"y":521,"width":839,"height":11}},{"id":"07e46451-79a5-4f8b-b617-9e485665cb03","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":21,"box":{"x":80,"y":535,"width":799,"height":12}},{"id":"939ec042-2793-42b2-8c53-ea23c950e3e0","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":21,"box":{"x":82,"y":551,"width":796,"height":11}},{"id":"e458ecec-ace0-49d8-8159-6fcbe2f09c6b","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":21,"box":{"x":81,"y":565,"width":855,"height":12}},{"id":"ddbf7cf1-afd3-4528-98a0-34c454da4512","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":21,"box":{"x":82,"y":580,"width":441,"height":12}},{"id":"8f2e0da0-55b2-4ebf-8861-0ea5d8407762","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":21,"box":{"x":81,"y":600,"width":366,"height":11}},{"id":"d99c1026-3cdb-4e04-9ce3-d8ea3bde4cfa","block_type":"box","text":"— As with other investments, investments in other investment","page_number":21,"box":{"x":450,"y":600,"width":459,"height":11}},{"id":"ef695ba3-be1d-48ea-9c02-fc8b6ea5f3f9","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":21,"box":{"x":81,"y":615,"width":815,"height":11}},{"id":"f3ab72a4-a14c-4157-aa65-cef48e023a65","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":21,"box":{"x":82,"y":630,"width":844,"height":11}},{"id":"7cfa97ff-4040-45bd-a576-26019be73631","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":21,"box":{"x":81,"y":644,"width":822,"height":12}},{"id":"9485b511-54b0-4042-82f3-176f43571ff3","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":21,"box":{"x":81,"y":659,"width":829,"height":12}},{"id":"f74a99b9-6456-4f3f-aad7-33cbf2f4258b","block_type":"box","text":"fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":21,"box":{"x":81,"y":674,"width":628,"height":12}},{"id":"f97da299-cd0e-421c-854c-f32fc70e9db9","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":21,"box":{"x":81,"y":694,"width":396,"height":11}},{"id":"2e5f243c-351a-4b4d-bfe9-98b9b8f6b988","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":21,"box":{"x":481,"y":694,"width":440,"height":12}},{"id":"5fa9ac5d-7f8a-4702-b5b8-af2cc532038d","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":21,"box":{"x":82,"y":709,"width":801,"height":11}},{"id":"04a15f75-c8e4-486b-a19b-e1e2d1f34f57","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":21,"box":{"x":81,"y":724,"width":825,"height":11}},{"id":"6e4ab794-0940-4566-9b54-cf871e590696","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":21,"box":{"x":82,"y":739,"width":816,"height":11}},{"id":"f71c76a7-7dd2-4ccb-a7d3-c0fd5f8f4a35","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":21,"box":{"x":82,"y":753,"width":818,"height":12}},{"id":"b8b9dfeb-abe4-412f-ba1b-c448e83ebbc5","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":21,"box":{"x":80,"y":768,"width":835,"height":12}},{"id":"66ca0699-db98-4342-8c80-58e3c1dc4ebe","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":21,"box":{"x":80,"y":783,"width":807,"height":11}},{"id":"b5b93f3c-a194-4194-aa55-7f0fd5f18f61","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":21,"box":{"x":82,"y":798,"width":841,"height":11}},{"id":"1e648406-aeab-4027-991f-4c0d631ca4df","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":21,"box":{"x":80,"y":813,"width":855,"height":11}},{"id":"72162ad7-64b3-4e1a-9b70-8d0ada74ff6b","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":21,"box":{"x":81,"y":828,"width":751,"height":10}},{"id":"e4559269-11aa-4bf1-a436-a60bfce36c7d","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":21,"box":{"x":81,"y":843,"width":785,"height":11}},{"id":"20cc400f-42c9-46cc-b3aa-7994206b0bf1","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":21,"box":{"x":81,"y":857,"width":841,"height":12}},{"id":"52b113b8-a128-4c4a-9c56-b6804d0cc40d","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":21,"box":{"x":80,"y":872,"width":824,"height":12}},{"id":"ca460b03-8999-4938-9a2d-0a97ea4f6bf8","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":21,"box":{"x":81,"y":887,"width":822,"height":11}},{"id":"39982e6e-2662-403d-a17f-b7deaa720b8e","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":21,"box":{"x":81,"y":902,"width":801,"height":11}},{"id":"4a8c3915-c5b3-4aeb-9f5a-62e182006ae5","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":21,"box":{"x":80,"y":917,"width":765,"height":11}},{"id":"1ccdf28b-7cd8-4ad3-8614-e4ea182e64c2","block_type":"box","text":"21","page_number":21,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"042bf72f-9f66-496b-98a6-c0c794b6ec4a","block_type":"box","text":"NM1026U-5988695-21/44","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2ab50cec-d89c-416f-b6e5-f0e7ef900b60","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":22,"box":{"x":82,"y":46,"width":852,"height":11}},{"id":"f4a34c63-7b0c-4abd-b25a-ce7045de93a9","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":22,"box":{"x":82,"y":61,"width":847,"height":11}},{"id":"56272532-60ae-4ce6-a679-d4ec6a740db9","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":22,"box":{"x":80,"y":75,"width":847,"height":12}},{"id":"76fe0abf-61b1-476f-9005-f95074cc3634","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":22,"box":{"x":81,"y":90,"width":845,"height":12}},{"id":"03d694e4-06bd-4e49-9e26-31bf3e3234a8","block_type":"box","text":"in kind, subject to certain conditions. See “How to Buy, Sell, Exchange and Transfer Shares - Redemption Proceeds -","page_number":22,"box":{"x":82,"y":105,"width":854,"height":12}},{"id":"e62a2e87-ffbe-4b92-a26b-3d84651934d8","block_type":"box","text":"Redemptions in Kind” below. In addition, large purchases of Fund shares may adversely affect the Fund’s","page_number":22,"box":{"x":82,"y":120,"width":774,"height":11}},{"id":"9d6fdfc8-6d0a-423d-82b4-1d97f06c59b9","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":22,"box":{"x":82,"y":135,"width":839,"height":11}},{"id":"3dc81368-9981-4331-901c-91df73887d02","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":22,"box":{"x":82,"y":150,"width":461,"height":11}},{"id":"48cca111-a52b-4383-a221-d5fc7dc8fb35","block_type":"box","text":"Money Market Securities Risk","page_number":22,"box":{"x":81,"y":170,"width":229,"height":11}},{"id":"8651b20c-49eb-4969-a024-50c26d369094","block_type":"box","text":"— If market conditions improve while the Fund has invested some or all of its","page_number":22,"box":{"x":314,"y":169,"width":570,"height":12}},{"id":"b8c1822f-475c-4c15-9107-8e0bedfac972","block_type":"box","text":"assets in high quality money market securities, this strategy could result in reducing the potential gain from the","page_number":22,"box":{"x":81,"y":184,"width":819,"height":12}},{"id":"7f273e85-860d-43e1-8798-da3c25913166","block_type":"box","text":"market upswing, thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":22,"box":{"x":82,"y":199,"width":657,"height":12}},{"id":"86dec2aa-9e55-48dc-8433-4b108794d93d","block_type":"box","text":"Ownership Limitations Risk","page_number":22,"box":{"x":82,"y":219,"width":205,"height":11}},{"id":"9e9faadd-9a37-4a4c-bfd4-2761f7edaf30","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":22,"box":{"x":291,"y":219,"width":610,"height":12}},{"id":"7e6703bc-1eb6-4ad4-afa7-7d9e4c6b9377","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":22,"box":{"x":80,"y":234,"width":849,"height":11}},{"id":"9e7c9e35-a0bc-4a89-aa04-4162f33bab25","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":22,"box":{"x":81,"y":249,"width":798,"height":11}},{"id":"5fb93f10-9632-4637-9693-4c7e80184364","block_type":"box","text":"purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law,","page_number":22,"box":{"x":82,"y":263,"width":833,"height":12}},{"id":"f5815a39-702d-4e07-a9de-91e1b33949c2","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":22,"box":{"x":82,"y":278,"width":851,"height":12}},{"id":"22fe01e3-d044-4bee-b62f-f3d58a969aee","block_type":"box","text":"be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and","page_number":22,"box":{"x":81,"y":293,"width":813,"height":12}},{"id":"67cff193-e78f-4ae1-84ce-268342221041","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":22,"box":{"x":82,"y":308,"width":331,"height":12}},{"id":"566216b8-edbc-483f-b5f4-684e938860dc","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":22,"box":{"x":82,"y":328,"width":826,"height":12}},{"id":"4c9a1466-6f1f-4f9c-9c0a-da9da250565c","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":22,"box":{"x":81,"y":343,"width":848,"height":11}},{"id":"b5eac429-82f4-4d82-bd3a-ec6a5862f304","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":22,"box":{"x":81,"y":358,"width":799,"height":11}},{"id":"ad862d56-1859-42bb-9b18-0475d8972c5f","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":22,"box":{"x":81,"y":372,"width":828,"height":12}},{"id":"ee0832b1-e089-487e-9aa6-996dd4b283e4","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":22,"box":{"x":81,"y":387,"width":828,"height":12}},{"id":"46573666-5bea-4d52-bb1c-bf8a99e324fe","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":22,"box":{"x":80,"y":402,"width":837,"height":12}},{"id":"480e8622-f36c-4756-b1a4-ffde874e310f","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":22,"box":{"x":80,"y":417,"width":837,"height":11}},{"id":"f9dfa857-e2b3-4df1-9947-d74cc2cee40a","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":22,"box":{"x":82,"y":432,"width":800,"height":11}},{"id":"ed20bdab-7dfa-48ac-848d-3f89a118d531","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":22,"box":{"x":81,"y":447,"width":678,"height":11}},{"id":"94f68fd2-02fc-4b39-9b9c-70b32a270f50","block_type":"box","text":"Ownership limitations are highly complex. 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BlackRock is not required to devote its full time to the business of","page_number":22,"box":{"x":80,"y":531,"width":830,"height":11}},{"id":"b5256dcb-97d3-4e4f-970b-a68d9b733172","block_type":"box","text":"the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock","page_number":22,"box":{"x":80,"y":546,"width":856,"height":11}},{"id":"9c75935b-6a5f-4aec-815a-37bdb184c51c","block_type":"box","text":"will allocate a substantial portion of his or her time to the Fund. The loss of, or changes in, BlackRock’s personnel","page_number":22,"box":{"x":80,"y":561,"width":841,"height":11}},{"id":"52bb87ca-f004-4d42-9be7-4e6936c63705","block_type":"box","text":"could have a negative effect on the performance or the continued operation of the Fund.","page_number":22,"box":{"x":81,"y":575,"width":649,"height":12}},{"id":"776ba5e8-0c5c-4c3b-a176-a0415f019e84","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts Risk","page_number":22,"box":{"x":81,"y":596,"width":481,"height":11}},{"id":"35dd6b97-af07-4c61-9fec-f243a9946c47","block_type":"box","text":"— If the other party to a repurchase agreement or","page_number":22,"box":{"x":565,"y":595,"width":370,"height":12}},{"id":"c471c1fe-06e3-4f13-8278-46825f77738f","block_type":"box","text":"purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur","page_number":22,"box":{"x":82,"y":610,"width":827,"height":12}},{"id":"9e75d0cd-b700-4ec5-aab5-716915a01932","block_type":"box","text":"costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in","page_number":22,"box":{"x":81,"y":625,"width":816,"height":12}},{"id":"49f265dd-35dc-45dd-93cd-a2457c7051dd","block_type":"box","text":"either situation and the market value of the security declines, the Fund may lose money.","page_number":22,"box":{"x":81,"y":640,"width":647,"height":11}},{"id":"89a7448a-67a5-4864-869f-97dd849039a4","block_type":"box","text":"Restricted Securities Risk","page_number":22,"box":{"x":81,"y":660,"width":198,"height":9}},{"id":"cc1b2f1b-beb7-4a14-b785-e325afa5670d","block_type":"box","text":"—","page_number":22,"box":{"x":284,"y":665,"width":17,"height":1}},{"id":"886ad78a-244c-4899-b3be-06d2fdad21bf","block_type":"box","text":"Limitations on the resale, including any required lock-up or holding periods, of","page_number":22,"box":{"x":306,"y":660,"width":571,"height":11}},{"id":"4e1ef907-498b-494c-b89e-bf5cd4c052ff","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity, and may prevent the Fund","page_number":22,"box":{"x":82,"y":675,"width":843,"height":11}},{"id":"ed6aeeb0-b6a5-4295-bba1-0a148a9a459a","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":22,"box":{"x":81,"y":690,"width":813,"height":11}},{"id":"84513d0e-24f5-45c5-9902-e43faf1c267b","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":22,"box":{"x":81,"y":705,"width":851,"height":11}},{"id":"359ad329-355f-474a-af3b-6a57cabebcef","block_type":"box","text":"bear the expense of registering the securities for resale and the risk of substantial delays in effecting the","page_number":22,"box":{"x":81,"y":719,"width":774,"height":12}},{"id":"369062fa-fd78-44b7-9306-d26dc4beb2cd","block_type":"box","text":"registration. Other transaction costs may be higher for restricted securities than unrestricted securities. Restricted","page_number":22,"box":{"x":82,"y":734,"width":839,"height":12}},{"id":"2d364403-a5dd-480f-ac0b-025834976b3b","block_type":"box","text":"securities may be difficult to value because market quotations may not be readily available, there may be limited","page_number":22,"box":{"x":81,"y":749,"width":828,"height":11}},{"id":"73a98c11-a6f1-4855-9f6d-f14005c8885d","block_type":"box","text":"other information regarding the investment’s market or fair value, and the securities’ values may have significant","page_number":22,"box":{"x":81,"y":764,"width":830,"height":11}},{"id":"a0a32465-c0d9-438f-99f8-1daba0a9c160","block_type":"box","text":"volatility. Also, the Fund may get only limited information about the issuer of a given restricted security, and","page_number":22,"box":{"x":80,"y":778,"width":787,"height":12}},{"id":"fab100a1-16b1-40c8-a0c0-1fd3720440f4","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":22,"box":{"x":80,"y":793,"width":838,"height":12}},{"id":"a20c9b0a-9d54-48b2-9fe4-f692c48eefb1","block_type":"box","text":"as for other issuers for which more information is available. Certain restricted securities may involve a high degree","page_number":22,"box":{"x":81,"y":808,"width":843,"height":12}},{"id":"fef6ca43-7c23-4088-a5d3-1e278e692d81","block_type":"box","text":"of business and financial risk and may result in substantial losses to the Fund. Certain restricted securities may","page_number":22,"box":{"x":81,"y":823,"width":827,"height":11}},{"id":"bb4cd46e-17d7-479e-8d5a-023701912bb8","block_type":"box","text":"represent limited investment opportunities and each shareholder’s proportionate investment exposure to such","page_number":22,"box":{"x":82,"y":838,"width":812,"height":11}},{"id":"7a5d6430-5e63-46df-9fb5-088255e7568c","block_type":"box","text":"limited investment opportunities may be reduced proportionately as the Fund’s net assets grow from new or","page_number":22,"box":{"x":82,"y":853,"width":795,"height":11}},{"id":"35ea4027-7b32-4c85-9ea8-76c3a703ef70","block_type":"box","text":"additional investments made in the Fund by other shareholders.","page_number":22,"box":{"x":81,"y":868,"width":468,"height":11}},{"id":"448ff63b-b780-421c-b37b-66c4df086226","block_type":"box","text":"Securities Lending Risk","page_number":22,"box":{"x":81,"y":888,"width":178,"height":11}},{"id":"6e01301e-f84d-410a-a179-ff678408a5b5","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":22,"box":{"x":263,"y":888,"width":661,"height":11}},{"id":"faae34bb-078d-4648-b0cb-d812d6c68ea2","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":22,"box":{"x":82,"y":902,"width":852,"height":12}},{"id":"e24c08ea-3694-43e5-883b-d07fc1109bf5","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":22,"box":{"x":81,"y":917,"width":811,"height":12}},{"id":"b9e7af16-8319-4db5-bc26-e2ad307063cc","block_type":"box","text":"22","page_number":22,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"724dd919-c1fb-4a19-82cf-f77d56e05fc7","block_type":"box","text":"NM1026U-5988695-22/44","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"76cc9777-10c0-45a5-9153-a8d9c89770c9","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":23,"box":{"x":81,"y":46,"width":829,"height":11}},{"id":"bfd0222a-56e9-4a00-8e48-5c3802c05b3b","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":23,"box":{"x":81,"y":60,"width":292,"height":12}},{"id":"117a6d69-ba9a-4f44-b463-6f40defe3589","block_type":"box","text":"Valuation Risk","page_number":23,"box":{"x":83,"y":81,"width":107,"height":9}},{"id":"7fc7d410-6ce7-4771-b646-cbb521919686","block_type":"box","text":"—","page_number":23,"box":{"x":194,"y":86,"width":17,"height":1}},{"id":"01b7bc94-9b28-42f2-86b9-c895b6d89a8b","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":23,"box":{"x":215,"y":80,"width":700,"height":12}},{"id":"0770e489-7f9c-45ad-9d53-36ee5ac53293","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":23,"box":{"x":81,"y":95,"width":835,"height":12}},{"id":"0985a5ed-d276-4a6d-940d-ad65935095de","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":23,"box":{"x":81,"y":110,"width":848,"height":12}},{"id":"06fdd72d-eb60-4d1f-b635-802ade176307","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":23,"box":{"x":82,"y":125,"width":845,"height":11}},{"id":"6a7b637e-f4ac-44e0-8021-25dc15a24db1","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":23,"box":{"x":82,"y":140,"width":840,"height":11}},{"id":"c1bbc3c6-6899-447a-82f0-679e8350bb7c","block_type":"box","text":"that value fixed-income securities generally utilize a range of market-based and security-specific inputs and","page_number":23,"box":{"x":80,"y":155,"width":783,"height":11}},{"id":"52d6a1a5-d169-4d5d-b920-24c806703691","block_type":"box","text":"assumptions, as well as considerations about general market conditions, to establish a price. Pricing services","page_number":23,"box":{"x":81,"y":170,"width":810,"height":11}},{"id":"c060d856-eb68-40c0-a455-2faff4a85249","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund","page_number":23,"box":{"x":81,"y":184,"width":847,"height":12}},{"id":"cfba1d3f-9a32-4203-ad42-f78b1c4e40a5","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":23,"box":{"x":82,"y":199,"width":848,"height":11}},{"id":"c2767d05-dfeb-4a73-bdea-4d61f493ecd1","block_type":"box","text":"trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold","page_number":23,"box":{"x":80,"y":214,"width":819,"height":11}},{"id":"8ebfadb7-0295-478f-93f8-8092fa6c5282","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":23,"box":{"x":81,"y":229,"width":837,"height":11}},{"id":"cbeff4f4-41d6-4dc5-b027-1123eaa0f4e6","block_type":"box","text":"technological issues and/or errors by pricing services or other third-party service providers.","page_number":23,"box":{"x":80,"y":244,"width":672,"height":11}},{"id":"f06184d0-117b-4c8a-80d6-053a584a0cb2","block_type":"box","text":"Warrants Risk","page_number":23,"box":{"x":83,"y":264,"width":105,"height":9}},{"id":"cfddb578-1bdd-4f3e-ab82-a2eca282bcfd","block_type":"box","text":"— If the price of the underlying stock does not rise above the exercise price before the warrant","page_number":23,"box":{"x":192,"y":263,"width":698,"height":12}},{"id":"1f757fc1-5d29-4f99-ae60-0aad27614fd7","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":23,"box":{"x":81,"y":278,"width":830,"height":12}},{"id":"6c9657be-f1d8-446d-b011-b3dd915e8f91","block_type":"box","text":"Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants","page_number":23,"box":{"x":81,"y":293,"width":821,"height":12}},{"id":"e2f28f46-979f-4f4a-a0b6-758326e9f3b7","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":23,"box":{"x":82,"y":308,"width":822,"height":12}},{"id":"cbc623c6-deb3-43b2-a1eb-b91b52e81d64","block_type":"box","text":"move with the price of the underlying stock.","page_number":23,"box":{"x":82,"y":323,"width":317,"height":11}},{"id":"cc1c0911-0267-499b-9ba1-546392b7fc31","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":23,"box":{"x":83,"y":343,"width":584,"height":11}},{"id":"b6c2c83c-0400-4cfe-b97f-1f77171de60e","block_type":"box","text":"— When-issued and delayed","page_number":23,"box":{"x":671,"y":343,"width":208,"height":11}},{"id":"e8b81967-6586-41e6-a0ca-af69f792351e","block_type":"box","text":"delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to","page_number":23,"box":{"x":81,"y":358,"width":843,"height":11}},{"id":"5b56d949-2412-435b-8ad4-4031b86f7d4f","block_type":"box","text":"its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will","page_number":23,"box":{"x":82,"y":373,"width":830,"height":11}},{"id":"e23d89fa-1c71-4ddf-a323-79c24d8e6c5b","block_type":"box","text":"not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside","page_number":23,"box":{"x":82,"y":387,"width":849,"height":12}},{"id":"ea4264dd-8b60-4bb3-9a20-20bb4a2115cc","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":23,"box":{"x":80,"y":402,"width":425,"height":12}},{"id":"56e4bcc4-5338-4ee7-be1a-5cb0bf455f9e","block_type":"box","text":"23","page_number":23,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"019981b2-c28b-44dd-846c-5afe6fc6eb59","block_type":"box","text":"NM1026U-5988695-23/44","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"419008a3-06a3-4767-bced-a0d07261feb8","block_type":"box","text":"Account Information","page_number":24,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"ba772cda-919a-4515-9a5b-e5a50cd60bbd","block_type":"box","text":"Details About the Share Class","page_number":24,"box":{"x":61,"y":156,"width":272,"height":11}},{"id":"2613606b-f5ea-4fe0-8085-ad3cf5ce7a49","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":24,"box":{"x":60,"y":182,"width":858,"height":12}},{"id":"717cf73c-fea5-443a-903d-078048633b85","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":24,"box":{"x":61,"y":197,"width":851,"height":12}},{"id":"e35fe83b-3f7b-42b3-951f-0a216ca78c3f","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":24,"box":{"x":61,"y":212,"width":850,"height":11}},{"id":"5901e9f2-29a5-4aa9-8c70-7f979aff3841","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":24,"box":{"x":61,"y":227,"width":854,"height":11}},{"id":"fdcb4a45-01b1-4ce6-864e-115f1c0ec775","block_type":"box","text":"buy Class K Shares. Either your financial professional or your selected securities dealer, broker, investment adviser,","page_number":24,"box":{"x":61,"y":242,"width":850,"height":11}},{"id":"0a294934-212f-4bf6-a556-e7a3df49860c","block_type":"box","text":"service provider or industry professional (including BlackRock and its affiliates) (each a “Financial Intermediary”) can","page_number":24,"box":{"x":61,"y":256,"width":859,"height":12}},{"id":"1f5e4cca-d5df-4261-8953-edba8970b8f1","block_type":"box","text":"help you determine whether you are eligible to buy Class K Shares.","page_number":24,"box":{"x":61,"y":271,"width":491,"height":12}},{"id":"910eaef6-cc58-4e0d-95b0-83940899358d","block_type":"box","text":"The Fund’s shares are distributed by BlackRock Investments, LLC (the “Distributor”), an affiliate of BlackRock.","page_number":24,"box":{"x":60,"y":294,"width":811,"height":11}},{"id":"e4e35588-a6d1-4ca7-a4c9-23445d653268","block_type":"box","text":"The table below summarizes key features of Class K Shares of the Fund.","page_number":24,"box":{"x":60,"y":316,"width":534,"height":12}},{"id":"601804ac-6deb-4831-8c1f-f76a0cc59b8f","block_type":"box","text":"Class K Shares at a Glance","page_number":24,"box":{"x":386,"y":339,"width":225,"height":10}},{"id":"a1b89e3d-c6ee-45b1-940a-8147f826b22d","block_type":"box","text":"Availability","page_number":24,"box":{"x":60,"y":378,"width":73,"height":10}},{"id":"813ff24b-b1f3-40fe-98e5-7ba4e9e8a13a","block_type":"box","text":"Available only to (i) certain employee benefit plans, such as health savings accounts,","page_number":24,"box":{"x":348,"y":378,"width":562,"height":10}},{"id":"535ee501-84f8-400b-942e-60b357520fcd","block_type":"box","text":"and certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs","page_number":24,"box":{"x":348,"y":392,"width":577,"height":10}},{"id":"a49cc7a5-017f-4146-b95a-01f4ee95311d","block_type":"box","text":"and SARSEPs) (collectively, “Employer-Sponsored Retirement Plans”), (ii) collective trust","page_number":24,"box":{"x":348,"y":405,"width":581,"height":10}},{"id":"72796a92-582b-4e0c-b9de-93fdd6ae710e","block_type":"box","text":"funds, investment companies and other pooled investment vehicles, each of which may","page_number":24,"box":{"x":348,"y":418,"width":578,"height":11}},{"id":"21c2d0e0-94fd-4960-b2a5-a84a920b4364","block_type":"box","text":"purchase shares of the Fund through a Financial Intermediary that has entered into an","page_number":24,"box":{"x":349,"y":432,"width":570,"height":10}},{"id":"deae9451-7532-4dc8-b69f-99ca71dbdcdd","block_type":"box","text":"agreement with the Distributor to purchase such shares, (iii) “Institutional Investors,”","page_number":24,"box":{"x":348,"y":446,"width":563,"height":10}},{"id":"f3ac0c35-59d1-4ae9-bfcf-088fd94cd968","block_type":"box","text":"which include, but are not limited to, endowments, foundations, family offices, banks","page_number":24,"box":{"x":348,"y":459,"width":563,"height":10}},{"id":"a37e83be-c7fc-408b-8655-9c9dd297f6be","block_type":"box","text":"and bank trusts, local, city, and state governmental institutions, corporations and","page_number":24,"box":{"x":348,"y":473,"width":537,"height":10}},{"id":"35c71585-64a4-41db-93f2-30241cd80815","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund","page_number":24,"box":{"x":349,"y":486,"width":578,"height":10}},{"id":"e73eed2c-d818-4f52-b16d-073ff6f70129","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Distributor","page_number":24,"box":{"x":348,"y":500,"width":583,"height":10}},{"id":"b9fafff3-c753-448f-9751-358a450fc1be","block_type":"box","text":"to purchase such shares, (iv) clients of private banks that purchase shares of the Fund","page_number":24,"box":{"x":348,"y":513,"width":575,"height":10}},{"id":"fa4bc38f-5f99-4493-8756-399d50fda516","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Distributor","page_number":24,"box":{"x":348,"y":527,"width":583,"height":10}},{"id":"b1eff6b8-a3b3-4f60-bf8f-761b24d57a2f","block_type":"box","text":"to sell such shares, (v) fee-based advisory platforms of a Financial Intermediary that","page_number":24,"box":{"x":348,"y":540,"width":558,"height":11}},{"id":"189df3e2-bdf3-490f-afe9-37f76c2b3384","block_type":"box","text":"(a) has specifically acknowledged in a written agreement with the Distributor and/or its","page_number":24,"box":{"x":348,"y":554,"width":573,"height":10}},{"id":"5390d73e-c3dc-4dae-adda-e394ad108148","block_type":"box","text":"affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory","page_number":24,"box":{"x":348,"y":567,"width":578,"height":11}},{"id":"62a5c92f-827f-4a27-ae7c-6b14f9ad71fb","block_type":"box","text":"clients through an omnibus account held at the Fund or (b) transacts in the Fund’s","page_number":24,"box":{"x":348,"y":581,"width":544,"height":10}},{"id":"95c68d3b-f533-4ad9-8671-b5e95cf4bc0e","block_type":"box","text":"shares through another intermediary that has executed such an agreement and (vi) any","page_number":24,"box":{"x":348,"y":595,"width":578,"height":10}},{"id":"e393d0e9-fd72-4a6b-9c2c-1be7086ccd3b","block_type":"box","text":"other investors who met the eligibility criteria for BlackRock Shares or Class K Shares","page_number":24,"box":{"x":348,"y":608,"width":566,"height":10}},{"id":"17f7a3f4-23de-406f-80dd-ec25d341c727","block_type":"box","text":"prior to August 15, 2016 and have continually held Class K Shares of the Fund in the","page_number":24,"box":{"x":349,"y":621,"width":563,"height":11}},{"id":"ef919aa3-b768-48ff-8549-12be55883b45","block_type":"box","text":"same account since August 15, 2016.","page_number":24,"box":{"x":348,"y":635,"width":253,"height":10}},{"id":"3623dfda-9f4d-48e4-ad25-b5a4b79adccb","block_type":"box","text":"Minimum Investment","page_number":24,"box":{"x":61,"y":667,"width":142,"height":8}},{"id":"5f781fb1-4d8e-47a1-b949-50bef21f2a66","block_type":"box","text":"$5 million minimum initial investment for Institutional Investors.","page_number":24,"box":{"x":348,"y":666,"width":421,"height":10}},{"id":"48a67095-e9d9-4dac-915e-c5dee914c077","block_type":"box","text":"There is no minimum initial investment requirement for any Employer-Sponsored","page_number":24,"box":{"x":348,"y":685,"width":528,"height":11}},{"id":"b2efad6d-e736-429c-b47b-380697022c8a","block_type":"box","text":"Retirement Plans or any other eligible investors other than Institutional 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time.","page_number":24,"box":{"x":60,"y":822,"width":620,"height":11}},{"id":"fda0eff3-1b21-4ce1-a062-ef0aef5cc614","block_type":"box","text":"When Class K Shares are purchased through a customer’s account in an Employer-Sponsored Retirement Plan through","page_number":24,"box":{"x":60,"y":844,"width":874,"height":12}},{"id":"9ec3cab6-ad64-4ca3-8d9f-a23f2bc1fd30","block_type":"box","text":"procedures established by the Employer-Sponsored Retirement Plan, confirmation of share purchases and","page_number":24,"box":{"x":62,"y":859,"width":778,"height":12}},{"id":"6512bdb4-f9e4-4027-941d-a0a02e97418e","block_type":"box","text":"redemptions will be sent to the Employer-Sponsored Retirement Plan. A customer’s ownership of shares will be","page_number":24,"box":{"x":61,"y":874,"width":817,"height":11}},{"id":"06a03d25-d288-4a61-9f95-ff1604ef5271","block_type":"box","text":"recorded by the Employer-Sponsored Retirement Plan and reflected in the account statements provided by the","page_number":24,"box":{"x":61,"y":889,"width":807,"height":11}},{"id":"023a5ba3-70e0-4c20-9fb6-7981b7596edd","block_type":"box","text":"Employer-Sponsored Retirement Plan to its participants.","page_number":24,"box":{"x":62,"y":904,"width":410,"height":11}},{"id":"f3cafced-1414-4a9b-8f78-2fb85aedfcc5","block_type":"box","text":"24","page_number":24,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"a59384b2-9942-4f7e-9953-87acb430dfee","block_type":"box","text":"NM1026U-5988695-24/44","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ebe843c7-4d0a-465d-a849-e989153e84f3","block_type":"box","text":"If you purchased your shares through an Employer-Sponsored Retirement Plan and you transfer your investment from","page_number":25,"box":{"x":62,"y":46,"width":856,"height":11}},{"id":"0e3d75b6-277c-4249-9117-6e9937128849","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":25,"box":{"x":61,"y":60,"width":862,"height":12}},{"id":"ed5755cb-c378-40ba-a655-726404aafc07","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":25,"box":{"x":61,"y":75,"width":833,"height":12}},{"id":"d6a80b3d-a104-463a-b7b8-2062cf01b89d","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":25,"box":{"x":62,"y":90,"width":871,"height":12}},{"id":"9739b8c9-4676-49e7-946b-15fb192bcdd3","block_type":"box","text":"by that type of account.","page_number":25,"box":{"x":61,"y":105,"width":170,"height":11}},{"id":"8bbd95d8-0962-4c52-bcb2-35f25f269acd","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored Retirement Plan, please see below for information","page_number":25,"box":{"x":62,"y":127,"width":873,"height":12}},{"id":"ec2bc181-a9bc-42fe-a033-21f228600674","block_type":"box","text":"on how to buy, sell, exchange and transfer shares.","page_number":25,"box":{"x":61,"y":142,"width":369,"height":12}},{"id":"8b969bb4-d740-4305-8378-52d5e84791d6","block_type":"box","text":"Right of Accumulation","page_number":25,"box":{"x":61,"y":165,"width":183,"height":13}},{"id":"73ec61f8-0ad6-4915-816b-3060d56f5ded","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":25,"box":{"x":62,"y":182,"width":839,"height":11}},{"id":"bf17b16d-75e2-4448-9418-498ae36ac0d0","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":25,"box":{"x":61,"y":196,"width":856,"height":12}},{"id":"5777140f-eb32-4d64-9119-ab9a2f76faa5","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":25,"box":{"x":82,"y":219,"width":821,"height":12}},{"id":"718fcff9-7f03-4bb1-998f-eedd084f0595","block_type":"box","text":"Premier Shares in most mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”),","page_number":25,"box":{"x":102,"y":234,"width":823,"height":11}},{"id":"e5bc7f10-ddc6-4bdd-aba9-7f4b4e0400c6","block_type":"box","text":"ii. The current value of an investor’s existing shares of certain unlisted closed-end management investment","page_number":25,"box":{"x":82,"y":256,"width":792,"height":12}},{"id":"2d87ab3c-5489-4fc4-ad7c-a57386291e03","block_type":"box","text":"companies sponsored and advised by BlackRock or its affiliates and","page_number":25,"box":{"x":101,"y":271,"width":501,"height":12}},{"id":"bd51bc25-3146-4414-a63b-1407b5bba558","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":25,"box":{"x":62,"y":361,"width":854,"height":11}},{"id":"d44228e2-9fb3-42a7-9661-e37545320f3e","block_type":"box","text":"any previously purchased shares.","page_number":25,"box":{"x":61,"y":376,"width":243,"height":11}},{"id":"8ed70401-0f64-41e1-862b-8a3eb62c9c46","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":25,"box":{"x":61,"y":415,"width":434,"height":13}},{"id":"aea9b7f0-9369-46e8-b3ec-15cab3b507e3","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":25,"box":{"x":60,"y":441,"width":846,"height":11}},{"id":"7e57da2b-9816-4f8d-a8b8-62e1ddd859b6","block_type":"box","text":"Intermediary. If you are not purchasing shares through an Employer-Sponsored Retirement Plan, you may also buy, sell,","page_number":25,"box":{"x":62,"y":456,"width":874,"height":11}},{"id":"72789d57-15b7-40af-a9bc-d391eff28844","block_type":"box","text":"exchange and transfer shares through BlackRock if your account is held directly with BlackRock. To learn more about","page_number":25,"box":{"x":61,"y":470,"width":857,"height":12}},{"id":"91ab4c88-f3aa-4771-8dcd-bdf8cd3028f9","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":25,"box":{"x":62,"y":626,"width":857,"height":12}},{"id":"f5ce6e85-d15e-43fa-ac3a-f8291223c5b1","block_type":"box","text":"restricted from making additional investments.","page_number":25,"box":{"x":61,"y":641,"width":341,"height":12}},{"id":"bf9f2f1d-ab33-4b7c-8691-a5149a6a380a","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":25,"box":{"x":60,"y":664,"width":861,"height":11}},{"id":"1b33fe0e-c003-4da3-9687-d800c5bdf95c","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":25,"box":{"x":60,"y":679,"width":856,"height":11}},{"id":"eebf1e8a-e528-4068-b532-02a6bf239abb","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":25,"box":{"x":61,"y":693,"width":822,"height":12}},{"id":"fc3b9176-298d-4c07-9d39-c872d5f2626a","block_type":"box","text":"described below.","page_number":25,"box":{"x":61,"y":709,"width":121,"height":8}},{"id":"f8048755-cddf-47a6-8885-b570bdf8d0c8","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":25,"box":{"x":62,"y":731,"width":797,"height":11}},{"id":"5311fa89-4e68-47ea-8dd6-6a13c421d99a","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":25,"box":{"x":61,"y":746,"width":487,"height":11}},{"id":"93791b32-1abe-4812-b25f-7e526ba16a16","block_type":"box","text":"How to Buy Shares","page_number":25,"box":{"x":61,"y":769,"width":156,"height":12}},{"id":"379e4c15-d746-4d54-9a48-539093776762","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":25,"box":{"x":213,"y":791,"width":478,"height":9}},{"id":"b1313ec1-3795-4fbf-922a-7ec309b83242","block_type":"box","text":"Initial Purchase","page_number":25,"box":{"x":61,"y":808,"width":105,"height":8}},{"id":"3c8a50d5-0e1c-4d42-a876-9e1991ddf796","block_type":"box","text":"Determine the amount of your","page_number":25,"box":{"x":214,"y":808,"width":197,"height":10}},{"id":"f88c9a75-dc1e-40f6-93fa-df587d11bfa5","block_type":"box","text":"investment","page_number":25,"box":{"x":214,"y":822,"width":72,"height":8}},{"id":"0ffa0e74-55f5-432c-bd58-c9560d776703","block_type":"box","text":"There is no minimum initial investment for any Employer-Sponsored","page_number":25,"box":{"x":460,"y":808,"width":444,"height":10}},{"id":"c4eb020e-51b7-4c61-afde-755035a3c2dc","block_type":"box","text":"Retirement Plans or any other investors other than Institutional","page_number":25,"box":{"x":461,"y":822,"width":415,"height":10}},{"id":"54c677c5-34c1-426f-98fe-4f46b26df772","block_type":"box","text":"Investors.","page_number":25,"box":{"x":461,"y":835,"width":63,"height":8}},{"id":"e2e8f499-c13d-492f-81de-36023a00befc","block_type":"box","text":"For Institutional Investors, there is a $5 million minimum initial","page_number":25,"box":{"x":461,"y":850,"width":414,"height":11}},{"id":"adf56cef-616d-43ff-82b6-56a3445fdcf9","block_type":"box","text":"investment for all accounts.","page_number":25,"box":{"x":461,"y":864,"width":181,"height":9}},{"id":"e3a1c144-d4dc-4267-94a7-df5850f3a9ee","block_type":"box","text":"25","page_number":25,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"a225a7f6-8c4b-4595-8188-0c6cd9138aa5","block_type":"box","text":"NM1026U-5988695-25/44","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"48f1025f-f355-4337-85b5-a91cc12aa6c8","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":"7b6604b4-5584-4eb8-8d2c-8a55041862cf","block_type":"box","text":"Initial Purchase","page_number":26,"box":{"x":61,"y":67,"width":105,"height":8}},{"id":"e58dfba2-fbca-4a98-a8db-c8dfbff4d9a1","block_type":"box","text":"(continued)","page_number":26,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"953cb78c-4af3-43fd-b04e-9445edd9f365","block_type":"box","text":"Have your Financial","page_number":26,"box":{"x":214,"y":67,"width":125,"height":10}},{"id":"4464bc10-9269-4443-8534-27a07b5a8406","block_type":"box","text":"Intermediary submit your","page_number":26,"box":{"x":214,"y":81,"width":164,"height":10}},{"id":"21b94ef6-68eb-487f-b53f-7af1032efe34","block_type":"box","text":"purchase order","page_number":26,"box":{"x":214,"y":94,"width":99,"height":10}},{"id":"80daea11-07ff-4a95-9cd0-58a31974ab88","block_type":"box","text":"The price of your shares is based on the next calculation of the Fund’s","page_number":26,"box":{"x":460,"y":67,"width":466,"height":10}},{"id":"8ff12d3e-31ae-4813-a7e8-1f8981808f58","block_type":"box","text":"net asset value after your order is placed. Any purchase orders placed","page_number":26,"box":{"x":461,"y":81,"width":463,"height":10}},{"id":"af8baea2-1fe8-48bd-a356-6d5c54eaf999","block_type":"box","text":"prior to the close of business on the New York Stock Exchange (the","page_number":26,"box":{"x":461,"y":94,"width":443,"height":11}},{"id":"e68f9fe1-054f-418b-8d13-f7d0120a8380","block_type":"box","text":"“NYSE”) (generally 4:00 p.m. Eastern time) will be priced at the net","page_number":26,"box":{"x":461,"y":108,"width":445,"height":10}},{"id":"bc1472fb-b596-4609-8d45-fcbe134e9782","block_type":"box","text":"asset value determined that day. Certain Financial Intermediaries,","page_number":26,"box":{"x":461,"y":121,"width":435,"height":11}},{"id":"eead1fd0-09aa-4f09-837f-52a5dd793150","block_type":"box","text":"however, may require submission of orders prior to that time. 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A broker-dealer or financial","page_number":26,"box":{"x":461,"y":162,"width":428,"height":10}},{"id":"f4eaa797-c33a-47c4-801b-96704069e0ff","block_type":"box","text":"institution maintaining the account in which you hold shares may","page_number":26,"box":{"x":461,"y":176,"width":427,"height":10}},{"id":"7852d0f2-bdd6-4bbf-bb47-28b4a05b5adc","block_type":"box","text":"charge a separate account, service or transaction fee on the purchase","page_number":26,"box":{"x":461,"y":189,"width":466,"height":10}},{"id":"89151c21-c872-40f7-ba80-2a621d6e1615","block_type":"box","text":"or sale of Fund shares that would be in addition to the fees and","page_number":26,"box":{"x":461,"y":203,"width":420,"height":8}},{"id":"5d75663e-4226-445d-96ec-d803f2f761cb","block_type":"box","text":"expenses shown in the Fund’s “Fees and Expenses” table.","page_number":26,"box":{"x":461,"y":216,"width":387,"height":10}},{"id":"16cf2fea-c46e-4cdb-b5a9-9d22ca8a2de8","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":26,"box":{"x":460,"y":232,"width":473,"height":10}},{"id":"fe26c78b-eaa9-4e78-aba7-5bfa6efeb9fc","block_type":"box","text":"of shares at any time. 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The Fund has the right to reject any","page_number":26,"box":{"x":460,"y":454,"width":449,"height":10}},{"id":"4f491274-6b64-4065-9b85-9b0146063936","block_type":"box","text":"telephone request for any reason.","page_number":26,"box":{"x":460,"y":467,"width":223,"height":11}},{"id":"d61cfda2-8641-4602-a0a9-eeb3308c59f7","block_type":"box","text":"Purchase by Internet","page_number":26,"box":{"x":461,"y":484,"width":140,"height":10}},{"id":"7ae03e34-fdac-41ff-b55a-7d01f64a9482","block_type":"box","text":": You may purchase your shares, and view activity","page_number":26,"box":{"x":603,"y":484,"width":326,"height":10}},{"id":"816b5910-cddc-4aee-8497-2238cc6c6caf","block_type":"box","text":"in your account, by logging onto the BlackRock website at","page_number":26,"box":{"x":461,"y":497,"width":379,"height":11}},{"id":"8e8442bb-15cd-43a1-86c1-7ef7a9cacf1c","block_type":"box","text":"www.blackrock.com. 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Contact your","page_number":26,"box":{"x":461,"y":565,"width":417,"height":10}},{"id":"bb1d1c41-1a74-4c8f-a278-021c220444d7","block_type":"box","text":"Financial Intermediary or BlackRock for further information. Limits on","page_number":26,"box":{"x":461,"y":578,"width":456,"height":11}},{"id":"0b66d7fe-2ac8-4af0-9504-9980e7de2657","block_type":"box","text":"amounts that may be purchased via Internet may vary. For additional","page_number":26,"box":{"x":461,"y":592,"width":452,"height":10}},{"id":"3bb23051-1f92-4b3b-8308-3b6943bf6d31","block_type":"box","text":"information call BlackRock at (800) 537-4942.","page_number":26,"box":{"x":461,"y":605,"width":307,"height":11}},{"id":"77250977-8a16-48c5-8aea-411c19eba4e3","block_type":"box","text":"Please read the On-Line Services Disclosure Statement and User","page_number":26,"box":{"x":461,"y":622,"width":430,"height":8}},{"id":"0e377f20-08fc-4c5d-b885-a901473f76e0","block_type":"box","text":"Agreement, the Terms and Conditions page and the Consent to","page_number":26,"box":{"x":460,"y":635,"width":417,"height":10}},{"id":"962d39f7-85ec-4c36-a247-9fbb2a674b19","block_type":"box","text":"Electronic Delivery Agreement (if you consent to electronic delivery),","page_number":26,"box":{"x":461,"y":649,"width":448,"height":10}},{"id":"61f30a6d-21dd-438d-840e-eaa7f6c061e9","block_type":"box","text":"before attempting to transact online.","page_number":26,"box":{"x":461,"y":662,"width":240,"height":11}},{"id":"ab30eabf-e61b-4048-80e4-c3e17cf52c51","block_type":"box","text":"The Fund employs reasonable procedures to confirm that transactions","page_number":26,"box":{"x":460,"y":678,"width":464,"height":11}},{"id":"8f44050e-a2f4-44f9-9c7d-123003e57ebb","block_type":"box","text":"entered over the Internet are genuine. 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These procedures may vary according to the type of account","page_number":27,"box":{"x":461,"y":404,"width":467,"height":11}},{"id":"e607d461-0c58-425d-9138-912128fe036a","block_type":"box","text":"and the Financial Intermediary involved, and customers should consult","page_number":27,"box":{"x":461,"y":418,"width":466,"height":10}},{"id":"47f4a6de-c93d-453a-ad6a-5c262095254b","block_type":"box","text":"their Financial Intermediary in this regard. Financial Intermediaries are","page_number":27,"box":{"x":460,"y":432,"width":465,"height":10}},{"id":"f5b4c3c4-417f-41a8-8acb-2f50dab70e11","block_type":"box","text":"responsible for transmitting redemption orders and crediting their","page_number":27,"box":{"x":461,"y":445,"width":432,"height":10}},{"id":"03c76454-d52e-4d9f-a91d-659c1ee52171","block_type":"box","text":"customers’ accounts with redemption proceeds on a timely basis.","page_number":27,"box":{"x":461,"y":459,"width":434,"height":10}},{"id":"57e20daa-10af-45d9-a895-7ca1bd565694","block_type":"box","text":"Information relating to such redemption services and charges to","page_number":27,"box":{"x":461,"y":472,"width":424,"height":10}},{"id":"ca69c6ea-b768-43bb-b178-529b0e1d2830","block_type":"box","text":"process a redemption of shares, if any, should be obtained by","page_number":27,"box":{"x":461,"y":485,"width":409,"height":11}},{"id":"f04ee929-a6c2-4969-a36a-9757d04a86f6","block_type":"box","text":"customers from their Financial Intermediaries.","page_number":27,"box":{"x":461,"y":499,"width":303,"height":8}},{"id":"397f03c7-84e0-4731-9398-d7d3db51a152","block_type":"box","text":"If you did not purchase your shares through an Employer-Sponsored","page_number":27,"box":{"x":461,"y":515,"width":446,"height":11}},{"id":"5076477d-543d-4b12-8ea8-89748670ca5d","block_type":"box","text":"Retirement Plan, you can make redemption requests through your","page_number":27,"box":{"x":461,"y":529,"width":434,"height":10}},{"id":"5092c5a3-3306-4da5-acf3-5af815b8b20d","block_type":"box","text":"Financial Intermediary.","page_number":27,"box":{"x":461,"y":542,"width":147,"height":11}},{"id":"1ccae101-ab01-44ac-b9d4-a29b24b6e6ee","block_type":"box","text":"The price of Class K Shares is based on the next calculation of the","page_number":27,"box":{"x":460,"y":558,"width":442,"height":10}},{"id":"fdb2efea-74a9-4b3d-ac99-f0a169bdf905","block_type":"box","text":"Fund’s net asset value after your order is placed. For your redemption","page_number":27,"box":{"x":461,"y":572,"width":460,"height":10}},{"id":"c4ee5295-ab64-4c19-b2e0-99155f452025","block_type":"box","text":"request to be priced at the net asset value on the day of your request,","page_number":27,"box":{"x":461,"y":585,"width":463,"height":11}},{"id":"c0146b9d-19f6-461c-be82-0a0f40a4f735","block_type":"box","text":"you must submit your request to your Financial Intermediary prior to","page_number":27,"box":{"x":460,"y":599,"width":448,"height":10}},{"id":"170e4dc1-4a79-43b2-8cf5-a7c3a5528f85","block_type":"box","text":"that day’s close of business on the NYSE (generally 4:00 p.m. Eastern","page_number":27,"box":{"x":460,"y":612,"width":467,"height":11}},{"id":"dc61355b-1202-4187-a62d-9f5c8466a6af","block_type":"box","text":"time). Certain Financial Intermediaries, however, may require","page_number":27,"box":{"x":460,"y":626,"width":402,"height":10}},{"id":"c46f19ef-f12e-4f28-8d58-9c2c040ae85f","block_type":"box","text":"submission of orders prior to that time. Any redemption request placed","page_number":27,"box":{"x":461,"y":640,"width":468,"height":10}},{"id":"67faa027-61e7-4fec-8b23-ad0b5e9f30c6","block_type":"box","text":"after that time will be priced at the net asset value at the close of","page_number":27,"box":{"x":461,"y":653,"width":435,"height":10}},{"id":"750cc53d-2a9c-45c3-80ab-bbf08510797b","block_type":"box","text":"business on the next business day.","page_number":27,"box":{"x":461,"y":667,"width":232,"height":10}},{"id":"ff98cc08-0512-4d26-899d-344c187f2fd6","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":27,"box":{"x":461,"y":683,"width":437,"height":10}},{"id":"d0ff1ca6-5a7d-4617-ab45-a0e497dab274","block_type":"box","text":"redemption proceeds (check or wire), your redemption proceeds","page_number":27,"box":{"x":461,"y":697,"width":421,"height":10}},{"id":"a6cc0a48-869c-46c6-aabe-9ee84295ba9e","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":27,"box":{"x":460,"y":710,"width":465,"height":10}},{"id":"b3f70bf6-ae38-4a85-b7b5-9054d1bd6971","block_type":"box","text":"but in any event, within seven days.","page_number":27,"box":{"x":461,"y":724,"width":233,"height":10}},{"id":"7782f644-aad9-4907-a58a-2bf4c655368c","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":27,"box":{"x":461,"y":739,"width":415,"height":11}},{"id":"6a7f7674-ceb1-4497-9ff7-719a6e971c28","block_type":"box","text":"redemption of shares.","page_number":27,"box":{"x":461,"y":753,"width":144,"height":10}},{"id":"c9715827-480b-4d31-8abe-f64e5a6601cf","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":27,"box":{"x":460,"y":769,"width":380,"height":10}},{"id":"0528b1a6-41f2-47b0-b696-059f353b61f0","block_type":"box","text":"circumstances.","page_number":27,"box":{"x":461,"y":783,"width":98,"height":8}},{"id":"020ddcce-5de5-496c-909d-75f3496a2ed3","block_type":"box","text":"Selling shares held directly with","page_number":27,"box":{"x":214,"y":801,"width":207,"height":10}},{"id":"f4686ade-22a0-474a-b6b8-15ee49dac03f","block_type":"box","text":"BlackRock","page_number":27,"box":{"x":214,"y":814,"width":67,"height":9}},{"id":"7adb732e-c575-4341-aea6-7664f0e61ee6","block_type":"box","text":"Methods of Redeeming if You Did Not Purchase Your Shares Through","page_number":27,"box":{"x":461,"y":801,"width":462,"height":10}},{"id":"df8edd03-61e6-494a-a1ad-4b776d0507ef","block_type":"box","text":"an Employer-Sponsored Retirement Plan","page_number":27,"box":{"x":460,"y":814,"width":271,"height":10}},{"id":"65bbb830-910f-4593-a19e-82d01ff4d0ac","block_type":"box","text":"Redeem by Telephone:","page_number":27,"box":{"x":461,"y":831,"width":150,"height":10}},{"id":"cdb0f285-dca2-4b2f-acee-2770a7586a8e","block_type":"box","text":"You may sell shares held at BlackRock by","page_number":27,"box":{"x":617,"y":831,"width":274,"height":10}},{"id":"fa6be57d-508a-4a7a-8eb6-6bcdd6b411ab","block_type":"box","text":"telephone request. Call (800) 537-4942 for details.","page_number":27,"box":{"x":460,"y":844,"width":341,"height":10}},{"id":"9982b449-eec2-4256-a9dd-84fc5138f354","block_type":"box","text":"The Fund, its administrator and the Distributor will employ reasonable","page_number":27,"box":{"x":460,"y":860,"width":460,"height":10}},{"id":"8f832cb3-95c8-4ac1-a7d0-ee9008d2e9c5","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":27,"box":{"x":461,"y":874,"width":474,"height":10}},{"id":"369b4450-6f2c-453d-bb84-d9cb3c92897e","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":27,"box":{"x":460,"y":887,"width":450,"height":10}},{"id":"901b903f-433e-4d8c-9d1e-17ff50b5a46b","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":27,"box":{"x":461,"y":901,"width":450,"height":10}},{"id":"5b19ce06-03c3-472a-9378-5b93b1c2ceea","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"0ea50a7b-792d-4b3b-8a16-7022e6058b8d","block_type":"box","text":"NM1026U-5988695-27/44","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"484cffc3-71a9-44f6-bd15-a097b2a786ff","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":28,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"e7a0ee1f-100d-497e-b0a1-c8481d66c147","block_type":"box","text":"Full or Partial","page_number":28,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"64f68f1d-cf4c-4f54-9f8e-f7721b8e382d","block_type":"box","text":"Redemption of","page_number":28,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"e7005dfc-6dc9-4592-ad60-c05252c2b05c","block_type":"box","text":"Shares (continued)","page_number":28,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"5ad653d6-e396-4056-9cd6-d0112e2ed951","block_type":"box","text":"Selling shares held directly with","page_number":28,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"74b61041-0d86-41c1-b4b6-17132daaa9cc","block_type":"box","text":"BlackRock (continued)","page_number":28,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"f29ce517-a6c9-4164-8ba7-83f75291d43c","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":28,"box":{"x":460,"y":67,"width":445,"height":11}},{"id":"94d1931e-f34b-4404-8d58-2fc442eb06fc","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":28,"box":{"x":461,"y":81,"width":463,"height":10}},{"id":"f8b36976-b333-4393-82b4-4c2d91d1bb36","block_type":"box","text":"believes it is advisable to do so.","page_number":28,"box":{"x":461,"y":94,"width":212,"height":9}},{"id":"4ae22777-03c1-4849-a4b5-1fd22a33a318","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":28,"box":{"x":461,"y":110,"width":452,"height":11}},{"id":"50ed5bf8-96df-4d4d-81e3-f1f913f6d640","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":28,"box":{"x":461,"y":124,"width":427,"height":10}},{"id":"fa54b22d-9327-4702-88d5-f87e5464ef7a","block_type":"box","text":"redemption methods below.","page_number":28,"box":{"x":461,"y":138,"width":181,"height":10}},{"id":"7122708b-033b-4909-affb-2be795054ec8","block_type":"box","text":"Redeem by Internet:","page_number":28,"box":{"x":461,"y":154,"width":136,"height":10}},{"id":"a98d17cd-d6d1-495f-8e6d-dea9c637451f","block_type":"box","text":"You may redeem in your account by logging onto","page_number":28,"box":{"x":603,"y":154,"width":317,"height":10}},{"id":"211527f5-b1bb-4372-ab30-aa5f30febd94","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":28,"box":{"x":460,"y":167,"width":461,"height":8}},{"id":"f6dd3209-f727-4d94-81d7-289cf112eb76","block_type":"box","text":"redemptions will be sent via wire to the bank account of record.","page_number":28,"box":{"x":461,"y":181,"width":419,"height":10}},{"id":"175a2faa-b2ec-4522-96c6-7edcf44e71ed","block_type":"box","text":"Redeem in Writing:","page_number":28,"box":{"x":461,"y":197,"width":127,"height":10}},{"id":"aacc4796-c7a5-4473-afca-bca91a74d68a","block_type":"box","text":"Redemption requests may be sent in proper form","page_number":28,"box":{"x":595,"y":197,"width":324,"height":10}},{"id":"f250da7a-e23f-4123-b235-cf38029062c6","block_type":"box","text":"to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429","page_number":28,"box":{"x":460,"y":210,"width":468,"height":11}},{"id":"2c7df45e-5b46-452e-9142-122c6bf14a5c","block_type":"box","text":"or for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":28,"box":{"x":461,"y":224,"width":463,"height":10}},{"id":"ecaf3c10-998a-46f7-b1af-aaa9517f06bd","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. Under certain circumstances, a","page_number":28,"box":{"x":461,"y":237,"width":463,"height":11}},{"id":"f89aa11c-b98e-48e6-a386-9729efdf3c26","block_type":"box","text":"medallion signature guarantee will be required.","page_number":28,"box":{"x":461,"y":251,"width":308,"height":10}},{"id":"3ee1568e-938f-4809-9e9e-edf7dae2e345","block_type":"box","text":"Payment of Redemption Proceeds","page_number":28,"box":{"x":461,"y":267,"width":228,"height":10}},{"id":"d3fee32e-1269-46b6-9e3c-a8d39a37044c","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":28,"box":{"x":461,"y":281,"width":467,"height":10}},{"id":"0bc42c56-d681-4fea-b943-cd847f8b3911","block_type":"box","text":"banking information on file, by wire transfer.","page_number":28,"box":{"x":461,"y":294,"width":289,"height":10}},{"id":"f1a9d0c1-d55e-4795-ac68-84103d656cc3","block_type":"box","text":"Payment by Check:","page_number":28,"box":{"x":461,"y":310,"width":129,"height":10}},{"id":"83db7dc7-55a5-4f9e-b703-559081d90895","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":28,"box":{"x":597,"y":310,"width":329,"height":10}},{"id":"44cf8003-b34a-49b6-879d-09592dc51e77","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":28,"box":{"x":460,"y":324,"width":430,"height":10}},{"id":"d8d3b2e2-9443-4ac3-a50d-e12124dc65f5","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":28,"box":{"x":461,"y":337,"width":460,"height":11}},{"id":"727dd464-967d-495d-b49f-34ef0edaf3a9","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":28,"box":{"x":461,"y":351,"width":468,"height":10}},{"id":"f1ae171d-44f3-4b18-b576-dc347679a719","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":28,"box":{"x":461,"y":364,"width":467,"height":11}},{"id":"36705593-0675-41e9-8b93-25e9d67dddaf","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":28,"box":{"x":461,"y":378,"width":467,"height":10}},{"id":"855ea9f0-eb2d-4781-8b43-f46600237174","block_type":"box","text":"charges imposed by your bank for this service.","page_number":28,"box":{"x":461,"y":391,"width":307,"height":11}},{"id":"ece61764-4c46-48a7-8e08-2682d32af539","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":28,"box":{"x":460,"y":408,"width":438,"height":10}},{"id":"a22bfdc5-f022-4d29-9d3b-8a1badd6ef4e","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":28,"box":{"x":461,"y":421,"width":429,"height":10}},{"id":"26b4eb6d-825c-495f-93f7-7f0885647aa4","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":28,"box":{"x":461,"y":435,"width":403,"height":10}},{"id":"2e776c5f-ab2c-4385-ad56-fb9ce5a4c388","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":28,"box":{"x":461,"y":448,"width":467,"height":8}},{"id":"e3f7a02a-386b-45c5-9a13-829f5652ce1c","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":28,"box":{"x":460,"y":462,"width":456,"height":10}},{"id":"9baf3317-e00f-42db-9a91-851021039c97","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":28,"box":{"x":460,"y":475,"width":402,"height":10}},{"id":"b0a27872-b9f1-43e9-8a40-207d3485d6d6","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":28,"box":{"x":461,"y":489,"width":430,"height":10}},{"id":"0d782cee-aa8b-4850-95e0-ed4084381068","block_type":"box","text":"amounts are subject to the risk of loss like any Fund investment. If you","page_number":28,"box":{"x":461,"y":502,"width":468,"height":11}},{"id":"10711af9-f066-43f4-ac79-b79ec157d68a","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":28,"box":{"x":461,"y":516,"width":473,"height":8}},{"id":"91d0da4f-db43-4a11-b85b-9a5bf77e7444","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":28,"box":{"x":461,"y":529,"width":456,"height":11}},{"id":"af0c407b-9b74-4ab2-8ab5-e1dbdfaa604e","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":28,"box":{"x":461,"y":543,"width":461,"height":10}},{"id":"c8b1c4da-4179-4e17-bda4-09d7815d5c94","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":28,"box":{"x":460,"y":557,"width":469,"height":10}},{"id":"d4ddf613-168e-4f88-bc8b-0604381603d2","block_type":"box","text":"as of the date of payment of the distribution.","page_number":28,"box":{"x":461,"y":570,"width":295,"height":10}},{"id":"6206c0cf-8906-46eb-b556-a71ef8dd2300","block_type":"box","text":"Payment by Wire Transfer:","page_number":28,"box":{"x":461,"y":586,"width":177,"height":10}},{"id":"d35828d0-83c8-4cf4-a2bd-28d983e23929","block_type":"box","text":"Payment for redeemed shares for which a","page_number":28,"box":{"x":644,"y":586,"width":275,"height":10}},{"id":"e78d8fec-8620-4c70-b47e-e7e82dea3851","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":28,"box":{"x":461,"y":600,"width":437,"height":10}},{"id":"268796b0-11c2-45b5-aa8f-ca2c9f7e8297","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":28,"box":{"x":461,"y":613,"width":471,"height":11}},{"id":"cdc8d027-5b03-4d30-807f-cbe03ec6a228","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":28,"box":{"x":461,"y":627,"width":417,"height":10}},{"id":"6b692b77-6a5e-4bd9-a39b-ffc05c3b8bdb","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":28,"box":{"x":461,"y":640,"width":449,"height":11}},{"id":"b884c671-446d-417a-b6cc-34b98f3009d4","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":28,"box":{"x":461,"y":654,"width":449,"height":10}},{"id":"b1ff0a5f-3ac7-4dbc-8837-d16709cc75ea","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":28,"box":{"x":461,"y":667,"width":433,"height":11}},{"id":"12743944-c88a-4bd5-a11f-4c10665b6855","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":28,"box":{"x":461,"y":681,"width":449,"height":10}},{"id":"7de10def-fd19-4640-b77a-c823c9f81af0","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":28,"box":{"x":461,"y":694,"width":437,"height":11}},{"id":"a4d5ca65-23b0-4635-b754-0777475d3e8a","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":28,"box":{"x":461,"y":708,"width":469,"height":10}},{"id":"c80eedbd-dfd0-40ec-b918-3185e28840b6","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":28,"box":{"x":459,"y":721,"width":448,"height":11}},{"id":"46a5abaa-4bf0-40e3-90be-ca1974ab65fc","block_type":"box","text":"Fund. Shares can be redeemed by Federal wire transfer to a single","page_number":28,"box":{"x":461,"y":735,"width":439,"height":10}},{"id":"720b799e-c8c7-487e-ae74-6670924528a3","block_type":"box","text":"previously designated bank account. No charge for wiring redemption","page_number":28,"box":{"x":461,"y":748,"width":455,"height":11}},{"id":"4b7b523b-ff79-4038-95ef-58e3a7eb36bb","block_type":"box","text":"payments with respect to Class K Shares is imposed by the Fund. You","page_number":28,"box":{"x":461,"y":762,"width":462,"height":10}},{"id":"47d15d3e-a7a2-418a-9d63-acb3c502414d","block_type":"box","text":"are responsible for any additional charges imposed by your bank for","page_number":28,"box":{"x":461,"y":776,"width":448,"height":10}},{"id":"aa0fd68b-3528-4374-ab30-263c85e8d92c","block_type":"box","text":"wire transfers.","page_number":28,"box":{"x":460,"y":789,"width":94,"height":8}},{"id":"a10b52bf-61eb-47ae-8857-8cda632c60a4","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":28,"box":{"x":460,"y":805,"width":425,"height":11}},{"id":"c4b8cf02-e5a2-418d-a4c9-5daba7ae863f","block_type":"box","text":"system or the shareholder’s firm or bank. 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This delay will usually not exceed ten days.","page_number":29,"box":{"x":461,"y":97,"width":352,"height":10}},{"id":"ea7a1cc5-b2a8-412b-97c6-739892e8b623","block_type":"box","text":"Redemption","page_number":29,"box":{"x":61,"y":115,"width":80,"height":10}},{"id":"f26a95ae-a768-4ffe-ae8b-3174c67fb87a","block_type":"box","text":"Proceeds","page_number":29,"box":{"x":61,"y":127,"width":62,"height":8}},{"id":"9e4a2686-a996-48fa-b4f2-95247449699c","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":29,"box":{"x":461,"y":118,"width":445,"height":10}},{"id":"128a7774-cf6d-4001-9f68-1f1e29755cd9","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":29,"box":{"x":461,"y":131,"width":467,"height":10}},{"id":"23da0f35-fe00-4935-a075-299c6dff0b42","block_type":"box","text":"portfolio assets to generate cash. The Fund reserves the right to pay","page_number":29,"box":{"x":461,"y":145,"width":456,"height":10}},{"id":"0ce4620e-c0fd-4b1a-a2aa-fa3a8f8e53a4","block_type":"box","text":"redemption proceeds with securities from the Fund’s portfolio rather","page_number":29,"box":{"x":461,"y":158,"width":452,"height":10}},{"id":"800834c8-740f-45b3-8d97-5fd03bc90dc2","block_type":"box","text":"than in cash (“redemptions in kind”), as described below. Redemptions","page_number":29,"box":{"x":460,"y":172,"width":471,"height":10}},{"id":"dc3b1a73-f160-47d0-9fe6-aefc6bd5d823","block_type":"box","text":"in kind may be used in certain circumstances if the relevant","page_number":29,"box":{"x":461,"y":185,"width":396,"height":10}},{"id":"5eccc510-8d8d-4c8d-90f2-1a2e540ebb73","block_type":"box","text":"shareholder is able to accept securities in kind, and may also be used","page_number":29,"box":{"x":461,"y":199,"width":464,"height":10}},{"id":"2dbca3c3-3a56-48e3-ad4c-84194a1b174a","block_type":"box","text":"in stressed market conditions. 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The SAI includes more information about the","page_number":29,"box":{"x":461,"y":293,"width":455,"height":11}},{"id":"6fd65ccf-4f59-492b-bc9e-767ef0a26cfa","block_type":"box","text":"Fund’s line of credit.","page_number":29,"box":{"x":461,"y":307,"width":133,"height":8}},{"id":"17af716b-bdd5-448e-9f07-08231a6f4380","block_type":"box","text":"Redemptions in Kind:","page_number":29,"box":{"x":461,"y":323,"width":142,"height":10}},{"id":"6146b37d-ce03-4eae-b304-e76f564d1b3c","block_type":"box","text":"The Fund reserves the right to honor any request","page_number":29,"box":{"x":609,"y":323,"width":323,"height":10}},{"id":"08b5ba3c-8c31-4d9f-95f8-5fc5f841f085","block_type":"box","text":"for redemption by making payment in whole or in part by delivering","page_number":29,"box":{"x":460,"y":337,"width":440,"height":10}},{"id":"f46d4773-31ab-4432-96eb-2609706e4b47","block_type":"box","text":"securities valued in the same way as they would be valued for purposes","page_number":29,"box":{"x":461,"y":350,"width":474,"height":10}},{"id":"e1fa92b2-f932-4e1b-ad8b-9971d8783a7d","block_type":"box","text":"of computing a Fund’s NAV, except that the Fund is obligated to redeem","page_number":29,"box":{"x":461,"y":364,"width":472,"height":10}},{"id":"02a6b00a-e0c8-40a5-b6be-dc445942393e","block_type":"box","text":"shares solely in cash up to the lesser of $250,000 or 1% of the Fund’s","page_number":29,"box":{"x":461,"y":377,"width":470,"height":11}},{"id":"3eac9da3-5fc4-4cdb-95e8-dcd64095bff9","block_type":"box","text":"NAV during any 90-day period for any one shareholder. Redemptions in","page_number":29,"box":{"x":461,"y":391,"width":464,"height":10}},{"id":"d601e489-7b4e-41fd-90f3-4f55e3c4b055","block_type":"box","text":"excess of those amounts will normally be paid in cash but may be paid","page_number":29,"box":{"x":461,"y":404,"width":467,"height":11}},{"id":"31206c3d-b9fb-49ae-9ac4-d00da9c6227f","block_type":"box","text":"wholly or partly by a distribution in kind of securities.","page_number":29,"box":{"x":460,"y":418,"width":347,"height":10}},{"id":"5ccf6612-af64-474c-b698-a0786bf92134","block_type":"box","text":"The specific security or securities to be distributed will be determined","page_number":29,"box":{"x":460,"y":439,"width":459,"height":10}},{"id":"2b5faf75-700f-4126-9596-fb7cb801ed22","block_type":"box","text":"by BlackRock and could include a pro-rata representation of the Fund’s","page_number":29,"box":{"x":461,"y":453,"width":467,"height":10}},{"id":"e437b239-3dd8-477a-9ef0-3cccc33d1d72","block_type":"box","text":"portfolio or a non-pro-rata representation of the Fund’s portfolio","page_number":29,"box":{"x":461,"y":466,"width":420,"height":10}},{"id":"5b019784-8e3a-4ec2-8842-1c44c6ea9453","block_type":"box","text":"depending upon various circumstances and subject to the Fund’s","page_number":29,"box":{"x":461,"y":480,"width":430,"height":10}},{"id":"d7471ca1-7cdf-49ad-b525-b57b10888ea9","block_type":"box","text":"policies and procedures and any applicable laws or regulations. In","page_number":29,"box":{"x":461,"y":493,"width":435,"height":11}},{"id":"798bdf95-8773-4787-9757-d3f69a336065","block_type":"box","text":"effecting such redemptions in kind, BlackRock may select securities to","page_number":29,"box":{"x":461,"y":507,"width":468,"height":10}},{"id":"efbc3115-c61d-4826-939c-5a9846f526c5","block_type":"box","text":"distribute to the redeeming shareholder by considering certain factors,","page_number":29,"box":{"x":461,"y":520,"width":465,"height":11}},{"id":"192596f4-a8a5-4bc3-8e61-c562726291a9","block_type":"box","text":"including, without limitation, the portfolio management team’s model or","page_number":29,"box":{"x":461,"y":534,"width":474,"height":10}},{"id":"044e2a4d-5e66-4819-a675-10b2051599e7","block_type":"box","text":"optimal portfolio, risk management considerations, compliance","page_number":29,"box":{"x":461,"y":547,"width":417,"height":11}},{"id":"cf80ca6f-ebea-4204-b128-1f91cbe3910a","block_type":"box","text":"considerations, the active positioning of the Fund post-redemption, the","page_number":29,"box":{"x":461,"y":561,"width":467,"height":10}},{"id":"9dbeeeff-7bd8-4ab7-8284-63cd82ed2f99","block_type":"box","text":"liquidity of the securities, and the tax basis of the securities.","page_number":29,"box":{"x":461,"y":574,"width":400,"height":11}},{"id":"4cb53312-0c67-42e4-960d-84655bcb0a60","block_type":"box","text":"The Funds may effect redemptions in kind in an effort to, among other","page_number":29,"box":{"x":460,"y":596,"width":467,"height":10}},{"id":"862b2cee-b5c6-4697-a703-1b36baacc70c","block_type":"box","text":"considerations: (a) manage the portfolio efficiently or for any other","page_number":29,"box":{"x":461,"y":609,"width":439,"height":11}},{"id":"ffbc48b5-ed9a-4338-9b72-966050ad016b","block_type":"box","text":"portfolio management purpose, and (b) externalize certain transaction","page_number":29,"box":{"x":461,"y":623,"width":463,"height":10}},{"id":"4d171164-998e-4e6f-b61d-a12f08b9edbb","block_type":"box","text":"costs that would otherwise be borne by a Fund in connection with","page_number":29,"box":{"x":461,"y":637,"width":432,"height":10}},{"id":"deee52be-e154-4618-9774-3f8023fdb56c","block_type":"box","text":"redemption activity or portfolio turnover. 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However, there can be no","page_number":29,"box":{"x":460,"y":718,"width":430,"height":10}},{"id":"db5889ec-6632-4e96-99e6-69833ba8d700","block_type":"box","text":"assurance that redemptions in kind can or will be effected when they","page_number":29,"box":{"x":461,"y":731,"width":456,"height":10}},{"id":"e55012cd-df9b-4e2f-a434-f855f0b89385","block_type":"box","text":"would be beneficial to the Fund, and it may be impractical or impossible","page_number":29,"box":{"x":460,"y":745,"width":475,"height":10}},{"id":"5fd796e3-69c5-481f-b7f3-829a069b6f46","block_type":"box","text":"to effect redemptions in kind with many or substantially all of a Fund’s","page_number":29,"box":{"x":460,"y":758,"width":466,"height":10}},{"id":"93fbf081-1254-447c-9395-6c7d02e7f758","block_type":"box","text":"shareholders because of, among other things, how they hold their Fund","page_number":29,"box":{"x":461,"y":772,"width":470,"height":10}},{"id":"ee411e92-6380-4c98-9f15-f4a30f05e4ae","block_type":"box","text":"shares or the small value of the redemptions.","page_number":29,"box":{"x":461,"y":785,"width":300,"height":10}},{"id":"4e3a1699-37bf-47c9-ba1a-5faca82b4470","block_type":"box","text":"In some circumstances, in order to meet Fund liquidity needs, for","page_number":29,"box":{"x":461,"y":807,"width":431,"height":10}},{"id":"ec105327-df26-4777-8433-bf4438d4c907","block_type":"box","text":"optimization of the Fund’s portfolio, or a combination thereof, the Fund","page_number":29,"box":{"x":461,"y":820,"width":468,"height":10}},{"id":"b59c356a-9392-48ac-82bb-c77dbc15b2e7","block_type":"box","text":"in its discretion may accept large purchase orders from one or more","page_number":29,"box":{"x":461,"y":834,"width":450,"height":10}},{"id":"a7366e0f-a91a-42cb-a1f9-528b284d84fc","block_type":"box","text":"financial institutions that are willing, upon redemption of their","page_number":29,"box":{"x":460,"y":847,"width":407,"height":11}},{"id":"c80acf5a-b685-4d05-acaf-3616b2de6f1f","block_type":"box","text":"investment in the Fund, to receive their redemption proceeds in kind","page_number":29,"box":{"x":461,"y":861,"width":450,"height":10}},{"id":"4444fded-4d4c-4e2c-a30d-dac7065512c6","block_type":"box","text":"rather than in cash. A Fund’s ability to pay these redemption proceeds","page_number":29,"box":{"x":461,"y":874,"width":464,"height":10}},{"id":"4263e079-fa1f-461d-92ef-acf39170cece","block_type":"box","text":"in kind relieves the Fund of the need to sell the securities that are","page_number":29,"box":{"x":461,"y":888,"width":437,"height":8}},{"id":"8097a3ec-ad09-4578-9131-a2ba63842e70","block_type":"box","text":"distributed in kind and incur brokerage and other transaction costs","page_number":29,"box":{"x":461,"y":902,"width":440,"height":10}},{"id":"7e54587a-f0e5-43fd-bfb6-19983eb85b0d","block_type":"box","text":"29","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"f18b7c06-962d-41fb-84be-3a6ceffb71fb","block_type":"box","text":"NM1026U-5988695-29/44","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f232fd94-a642-4463-a7d0-a8db10a132d5","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":30,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"6baab58b-b8b9-4f87-8cfa-2048a4d6b1b2","block_type":"box","text":"Redemption","page_number":30,"box":{"x":61,"y":67,"width":80,"height":10}},{"id":"c78bea8b-f202-4fc4-8c32-08d3ba2f07e3","block_type":"box","text":"Proceeds","page_number":30,"box":{"x":61,"y":81,"width":62,"height":8}},{"id":"ed2f1457-77f3-454e-927a-1f77de7498ab","block_type":"box","text":"(continued)","page_number":30,"box":{"x":61,"y":94,"width":76,"height":10}},{"id":"3ae298cf-f7b4-4c7e-afda-2adaf0b8810a","block_type":"box","text":"(continued) associated with such sale and may have the effect of reducing the","page_number":30,"box":{"x":214,"y":67,"width":686,"height":11}},{"id":"05c2de6f-7ab1-4b7c-90e8-32554514a341","block_type":"box","text":"amount of taxable gains the Fund would otherwise be required to","page_number":30,"box":{"x":461,"y":81,"width":429,"height":10}},{"id":"8aa5ad53-1606-465c-b744-7cc08f391d8a","block_type":"box","text":"distribute to shareholders. The Fund’s short-term trading policy, as","page_number":30,"box":{"x":461,"y":94,"width":440,"height":11}},{"id":"bff22aa0-a79b-433a-81f9-67f2e6d08ab4","block_type":"box","text":"described below, shall not apply to the transactions described in this","page_number":30,"box":{"x":461,"y":108,"width":454,"height":10}},{"id":"023040b3-7334-4f0f-bc20-aaa3e836a041","block_type":"box","text":"sub-section.","page_number":30,"box":{"x":461,"y":122,"width":78,"height":8}},{"id":"8b961dad-9018-4185-ab96-b9104f4ba2e1","block_type":"box","text":"If you receive securities through a redemption in kind, and desire to","page_number":30,"box":{"x":461,"y":143,"width":446,"height":10}},{"id":"ead16410-ffa9-411b-9b64-ec8f42390342","block_type":"box","text":"convert them to cash, you may pay taxes and brokerage and other","page_number":30,"box":{"x":461,"y":156,"width":438,"height":11}},{"id":"cda60e31-fbb7-4a64-89fe-b46850f5c966","block_type":"box","text":"transaction costs to dispose of the securities. You may receive less for","page_number":30,"box":{"x":460,"y":170,"width":470,"height":10}},{"id":"b9007168-068d-4afc-8711-c0657978a360","block_type":"box","text":"the securities than the price at which they were valued for purposes of","page_number":30,"box":{"x":460,"y":183,"width":467,"height":10}},{"id":"b4780e73-619c-473a-b577-94bca150e490","block_type":"box","text":"effecting the redemption. There may also be a risk that redemption in","page_number":30,"box":{"x":461,"y":197,"width":459,"height":10}},{"id":"a03c42ba-e08a-4765-a556-7d2f024d7129","block_type":"box","text":"kind activity could negatively impact the market value of the securities","page_number":30,"box":{"x":461,"y":210,"width":462,"height":11}},{"id":"850cd6eb-4aa8-4fe5-b276-92889d961bce","block_type":"box","text":"distributed in kind and, in turn, the NAV of the Fund.","page_number":30,"box":{"x":461,"y":224,"width":342,"height":9}},{"id":"66a0cb45-8fc3-4f84-ba7f-990ba8463189","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":30,"box":{"x":61,"y":265,"width":415,"height":12}},{"id":"76288d5e-21f4-4087-ba78-604ea38467e2","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":30,"box":{"x":213,"y":287,"width":478,"height":9}},{"id":"bd20b672-e8f0-4e58-8ade-a89848eb2f2e","block_type":"box","text":"Exchange Privilege","page_number":30,"box":{"x":61,"y":304,"width":128,"height":10}},{"id":"f382d4d5-5644-4fb6-a735-6f7a57128785","block_type":"box","text":"Selling shares of one BlackRock","page_number":30,"box":{"x":214,"y":304,"width":212,"height":10}},{"id":"8490d938-a61d-4f37-a793-9a29934d5038","block_type":"box","text":"Fund to purchase shares of","page_number":30,"box":{"x":214,"y":317,"width":181,"height":10}},{"id":"a6b7caf5-c172-4b85-a0bc-41abd0c14eca","block_type":"box","text":"another BlackRock Fund","page_number":30,"box":{"x":214,"y":331,"width":158,"height":8}},{"id":"44d66649-025a-4088-aa00-6a0d81fd58c5","block_type":"box","text":"(“exchanging”)","page_number":30,"box":{"x":214,"y":345,"width":95,"height":10}},{"id":"4a90d91f-81a7-4967-b2d9-17cfb8f02c25","block_type":"box","text":"Class K Shares of the Fund are generally exchangeable for shares of","page_number":30,"box":{"x":461,"y":304,"width":454,"height":10}},{"id":"42ebf873-0f67-45f6-841b-fd9a6894cb80","block_type":"box","text":"the same class of another BlackRock Fund, to the extent such shares","page_number":30,"box":{"x":460,"y":317,"width":461,"height":10}},{"id":"4f836cb6-c5d1-4409-b135-cdaadf8ade12","block_type":"box","text":"are offered by your Financial Intermediary. Investors who currently own","page_number":30,"box":{"x":461,"y":331,"width":465,"height":10}},{"id":"bfef9355-b846-4bcc-8598-a612d527e4c0","block_type":"box","text":"Class K Shares of the Fund may make exchanges into Class K Shares","page_number":30,"box":{"x":461,"y":344,"width":463,"height":11}},{"id":"20e3d2d8-b244-464e-95ee-db03b296ab99","block_type":"box","text":"of other BlackRock Funds except for investors holding shares through","page_number":30,"box":{"x":461,"y":358,"width":457,"height":10}},{"id":"3e109b56-cea5-4537-8c24-644ba3a9e220","block_type":"box","text":"certain client accounts at Financial Intermediaries that are omnibus","page_number":30,"box":{"x":461,"y":372,"width":447,"height":8}},{"id":"842d7c59-cf97-4929-8773-8541580de805","block_type":"box","text":"with the Fund and do not meet applicable minimums. There is no","page_number":30,"box":{"x":460,"y":385,"width":429,"height":10}},{"id":"6153a0d6-1e7a-41f3-a0dd-5347bdf50350","block_type":"box","text":"required minimum amount with respect to exchanges of Class K","page_number":30,"box":{"x":461,"y":398,"width":423,"height":11}},{"id":"cb47919f-92a5-4de7-b1f8-6ab34f16c1b6","block_type":"box","text":"Shares. You may only exchange into Class K Shares of a BlackRock","page_number":30,"box":{"x":461,"y":412,"width":446,"height":10}},{"id":"2908ed9a-51dd-404f-b03d-628e217b5411","block_type":"box","text":"Fund that is open to new investors or in which you have a current","page_number":30,"box":{"x":461,"y":426,"width":430,"height":10}},{"id":"9fdad123-3cda-4681-b5bf-043174777646","block_type":"box","text":"account, if the BlackRock Fund is closed to new investors.","page_number":30,"box":{"x":461,"y":439,"width":383,"height":10}},{"id":"d0c4a096-3cab-438b-9371-e3595aab1bfe","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":30,"box":{"x":460,"y":457,"width":435,"height":10}},{"id":"9a2b4415-5762-470b-a863-6243d0759ba2","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":30,"box":{"x":461,"y":470,"width":406,"height":10}},{"id":"b8e11f68-7452-4cfd-9c81-a3c3ec6daaa9","block_type":"box","text":"BlackRock, you may: (i) call (800) 537-4942 and speak with one of our","page_number":30,"box":{"x":461,"y":484,"width":468,"height":10}},{"id":"0cc4a622-a2a6-4a51-8c4e-10e55b84fb79","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":30,"box":{"x":461,"y":497,"width":455,"height":11}},{"id":"fadf6ef2-951b-4189-9d1d-300e14f647ea","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":30,"box":{"x":460,"y":511,"width":423,"height":10}},{"id":"9575488b-5079-4f8a-b6af-7fb7e7f726af","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":30,"box":{"x":461,"y":524,"width":398,"height":10}},{"id":"87b301dc-ea40-4f26-8f40-a1d99e21851d","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":30,"box":{"x":461,"y":538,"width":409,"height":10}},{"id":"c53f7711-9177-43a6-879a-88471a1a28e8","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":30,"box":{"x":461,"y":551,"width":469,"height":11}},{"id":"9bd9d1a1-7ff2-44ba-a84e-b916402236cf","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":30,"box":{"x":460,"y":565,"width":461,"height":10}},{"id":"97916b70-b80d-4ce6-abae-31e8cdd44ff8","block_type":"box","text":"this option either in writing or by calling (800) 537-4942. The Fund has","page_number":30,"box":{"x":460,"y":578,"width":469,"height":11}},{"id":"58f6b2ae-d0fb-4b7d-afb7-5cdbd416a12f","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":30,"box":{"x":460,"y":592,"width":368,"height":10}},{"id":"f056f328-9eb7-43eb-af31-98086822da87","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":30,"box":{"x":460,"y":609,"width":450,"height":11}},{"id":"30159d07-e8d6-4fa5-a744-62f4a531a726","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated","page_number":30,"box":{"x":460,"y":623,"width":454,"height":10}},{"id":"24d3cb6d-7b3e-4122-a7ab-761ba7857254","block_type":"box","text":"at any time in the future. The Fund may suspend or terminate your","page_number":30,"box":{"x":461,"y":636,"width":438,"height":11}},{"id":"b3700a9c-4bc8-4d87-bcb9-cbf8aa6e2b4b","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":30,"box":{"x":461,"y":650,"width":439,"height":10}},{"id":"fcc680a8-17ae-48c5-898c-43d6668301ad","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":30,"box":{"x":461,"y":664,"width":460,"height":10}},{"id":"387cbe53-4254-4082-b203-af7cb6fc7550","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":30,"box":{"x":461,"y":677,"width":430,"height":10}},{"id":"f5e5fcc6-41ab-4b5c-baa0-47d07ad28335","block_type":"box","text":"income tax purposes a share exchange is a taxable event and a capital","page_number":30,"box":{"x":461,"y":691,"width":469,"height":10}},{"id":"a1185713-f1ba-4aae-9b07-c0f79b8de4b0","block_type":"box","text":"gain or loss may be realized. Please consult your tax adviser or other","page_number":30,"box":{"x":460,"y":704,"width":456,"height":10}},{"id":"9e2820d5-65b2-4d7f-a487-8b0ac7390127","block_type":"box","text":"Financial Intermediary before making an exchange request.","page_number":30,"box":{"x":461,"y":718,"width":390,"height":10}},{"id":"e5dc5b49-ee24-4a47-966b-eb83540ee2f4","block_type":"box","text":"Transfer Shares to","page_number":30,"box":{"x":60,"y":736,"width":124,"height":8}},{"id":"255f2982-0782-4a3a-b7ee-b22c020f5d8c","block_type":"box","text":"Another Financial","page_number":30,"box":{"x":60,"y":747,"width":118,"height":9}},{"id":"b0b1e1c4-d8b9-4f2f-be27-dfda6c0fbc27","block_type":"box","text":"Intermediary","page_number":30,"box":{"x":61,"y":759,"width":85,"height":10}},{"id":"f9e81860-c532-40ee-b18b-460852b7f081","block_type":"box","text":"Transfer to a participating","page_number":30,"box":{"x":213,"y":736,"width":171,"height":10}},{"id":"5e16aa45-ecfd-42d8-b523-2db4ae7a4988","block_type":"box","text":"Financial Intermediary","page_number":30,"box":{"x":214,"y":749,"width":145,"height":10}},{"id":"60d89400-80d2-4b37-8d17-a5abd8706e3e","block_type":"box","text":"You may transfer your Class K Shares of the Fund only to another","page_number":30,"box":{"x":460,"y":736,"width":432,"height":10}},{"id":"e07a2ea9-8efe-46c3-bf10-be17709c69e5","block_type":"box","text":"Financial Intermediary that has entered into an agreement with the","page_number":30,"box":{"x":461,"y":749,"width":441,"height":11}},{"id":"1d03681f-3c72-438d-9ec4-3537f81291d9","block_type":"box","text":"Distributor. Certain shareholder services may not be available for the","page_number":30,"box":{"x":461,"y":763,"width":456,"height":10}},{"id":"33f80e06-2fcb-4409-9a92-c346fb357330","block_type":"box","text":"transferred shares. All future trading of these assets must be","page_number":30,"box":{"x":460,"y":776,"width":407,"height":11}},{"id":"b20a0bf9-b6be-425c-b636-db5f1df36bd9","block_type":"box","text":"coordinated by the receiving firm.","page_number":30,"box":{"x":461,"y":790,"width":218,"height":10}},{"id":"b2d9a196-acdf-4a98-b442-aa178ad2c7cd","block_type":"box","text":"Please contact your Financial Intermediary to accomplish the transfer of","page_number":30,"box":{"x":461,"y":806,"width":475,"height":10}},{"id":"858762ab-9825-42db-a2fa-cc29d8e66afd","block_type":"box","text":"your Class K Shares.","page_number":30,"box":{"x":460,"y":820,"width":137,"height":10}},{"id":"5920db10-99e0-4596-a741-8ea50f411ba5","block_type":"box","text":"Transfer to a non-participating","page_number":30,"box":{"x":213,"y":837,"width":199,"height":11}},{"id":"e7c66182-fafe-476a-b63b-90997370395b","block_type":"box","text":"Financial Intermediary","page_number":30,"box":{"x":214,"y":851,"width":145,"height":10}},{"id":"2eb6e44f-b039-45e6-aeee-aa179333f475","block_type":"box","text":"You must either:","page_number":30,"box":{"x":460,"y":838,"width":107,"height":8}},{"id":"ec2ab941-234b-4627-8e51-971f7e245db9","block_type":"box","text":"•","page_number":30,"box":{"x":464,"y":854,"width":3,"height":3}},{"id":"fc2213f6-8d33-4821-b62f-dcc70a06fed4","block_type":"box","text":"Transfer your Class K Shares to an account with the Fund; or","page_number":30,"box":{"x":470,"y":851,"width":402,"height":10}},{"id":"abf7eee7-7d8c-43e3-8aa5-4e8f928353ed","block_type":"box","text":"•","page_number":30,"box":{"x":464,"y":867,"width":3,"height":3}},{"id":"60c12b20-1fad-4e2e-883f-0c872611f287","block_type":"box","text":"Sell your Class K Shares.","page_number":30,"box":{"x":471,"y":865,"width":166,"height":10}},{"id":"287d7ef5-7111-4790-b25e-609c805fc3d0","block_type":"box","text":"Please contact your Financial Intermediary to accomplish the transfer of","page_number":30,"box":{"x":461,"y":881,"width":475,"height":10}},{"id":"f435a148-66f6-493e-98d8-35c25e466d45","block_type":"box","text":"your Class K Shares.","page_number":30,"box":{"x":460,"y":894,"width":137,"height":10}},{"id":"4dc3a51c-0311-4c5a-bb3b-bf43e2c7e306","block_type":"box","text":"30","page_number":30,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"37ee07f1-5843-4416-85aa-99d1bc9ea1fb","block_type":"box","text":"NM1026U-5988695-30/44","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"86c7eeae-22d7-4655-b8d0-dc771e9f31f2","block_type":"box","text":"Additional Purchase and Redemption Information Applicable to the Fund if You Are Not Purchasing","page_number":31,"box":{"x":60,"y":46,"width":815,"height":13}},{"id":"71b9b96d-6105-405c-9c0c-0a1ae8e5a8eb","block_type":"box","text":"Shares Through an Employer-Sponsored Retirement Plan","page_number":31,"box":{"x":60,"y":63,"width":467,"height":12}},{"id":"83f58d70-d2f5-4fc8-82c2-513ef41b149e","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":31,"box":{"x":62,"y":79,"width":872,"height":12}},{"id":"9ff1c66e-47bd-4be5-beb2-7c4fbf7d280b","block_type":"box","text":"banks, savings and loan associations and other financial institutions (each a “Service Organization”) to accept","page_number":31,"box":{"x":61,"y":94,"width":814,"height":12}},{"id":"c5cbdec5-6d7e-4955-a84e-4e541d98fd4e","block_type":"box","text":"purchase and redemption orders on its behalf. Such Service Organizations may be authorized to designate other","page_number":31,"box":{"x":62,"y":109,"width":826,"height":11}},{"id":"604a511a-0737-4120-ae82-9228f9becd9e","block_type":"box","text":"intermediaries to accept purchase and redemption orders on the Fund’s behalf. If you purchase or redeem shares","page_number":31,"box":{"x":62,"y":124,"width":836,"height":11}},{"id":"2156f7ab-7b3e-41f1-b8d1-c298b5fa475a","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":31,"box":{"x":60,"y":138,"width":861,"height":12}},{"id":"a26082df-e3f5-4442-8b92-2b0be9031bb1","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":31,"box":{"x":61,"y":154,"width":875,"height":11}},{"id":"e6a623cb-1444-443e-8d41-993894a1f1b6","block_type":"box","text":"a purchase or redemption order when a Service Organization or, if applicable, that Service Organization’s authorized","page_number":31,"box":{"x":61,"y":168,"width":853,"height":12}},{"id":"2eaa0bb0-8b9d-4e84-93c0-b9d1c45b581a","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":31,"box":{"x":61,"y":183,"width":862,"height":12}},{"id":"88d33e6f-dc77-42aa-a898-9724c30666eb","block_type":"box","text":"they are so accepted.","page_number":31,"box":{"x":60,"y":198,"width":158,"height":11}},{"id":"c9403f97-219c-4a18-97cc-bf053ae6ca62","block_type":"box","text":"Fund’s Rights","page_number":31,"box":{"x":61,"y":237,"width":124,"height":13}},{"id":"3f41604e-446b-478b-9489-0ad458ce5ee2","block_type":"box","text":"The Fund may:","page_number":31,"box":{"x":60,"y":263,"width":106,"height":11}},{"id":"80d65a43-0fa4-4a5a-904e-c0664e06cec0","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":31,"box":{"x":81,"y":283,"width":840,"height":11}},{"id":"9bb9c196-843c-418b-8b99-26b816f70d9d","block_type":"box","text":"described in the Investment Company Act;","page_number":31,"box":{"x":81,"y":298,"width":308,"height":11}},{"id":"4e21ef3a-5d5f-4b15-9f2b-6a7aca989097","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":31,"box":{"x":81,"y":318,"width":789,"height":11}},{"id":"f1f4f984-65f9-407f-a05b-30e4e7b874f1","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":31,"box":{"x":81,"y":332,"width":850,"height":12}},{"id":"932d24a8-7eb1-4bc0-8118-15b741d93a4f","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":31,"box":{"x":82,"y":347,"width":368,"height":12}},{"id":"123503b8-b8e3-4e79-8db4-3d256c314314","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":31,"box":{"x":82,"y":367,"width":781,"height":12}},{"id":"abd7ea9c-e37c-4b66-81a6-ffdb848b0e56","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":31,"box":{"x":82,"y":387,"width":798,"height":12}},{"id":"50453dd4-ac8b-42ab-b8aa-ff515a43d651","block_type":"box","text":"specified level.","page_number":31,"box":{"x":81,"y":402,"width":108,"height":11}},{"id":"d78cae4f-04b8-4b36-a913-62467abd3482","block_type":"box","text":"Note on Low Balance Accounts.","page_number":31,"box":{"x":61,"y":425,"width":239,"height":9}},{"id":"71b52f63-e8fb-4fae-a1cd-e60045588d1b","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":31,"box":{"x":307,"y":425,"width":600,"height":11}},{"id":"c6e8b6bc-1956-443e-a815-f2350e41db82","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":31,"box":{"x":61,"y":439,"width":846,"height":12}},{"id":"433d3351-2aa6-44f1-83e5-c137521cb570","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":31,"box":{"x":61,"y":454,"width":872,"height":12}},{"id":"e0a861ba-4a9b-42db-9a83-0537766b155f","block_type":"box","text":"reason, including market fluctuation.","page_number":31,"box":{"x":61,"y":469,"width":267,"height":12}},{"id":"4f5b5078-7745-4345-814f-51061483e3a3","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":31,"box":{"x":60,"y":492,"width":799,"height":11}},{"id":"fc5fe400-95d1-46d1-bf60-a3536667813a","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":31,"box":{"x":62,"y":506,"width":796,"height":12}},{"id":"54532fb4-d116-4653-b258-809cad087f7b","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":31,"box":{"x":62,"y":521,"width":800,"height":12}},{"id":"ce28f740-121e-48bb-a3b4-f38b0d0d036c","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":31,"box":{"x":61,"y":536,"width":859,"height":12}},{"id":"1570178d-18bd-493c-88f5-e92d140cc893","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":31,"box":{"x":61,"y":551,"width":868,"height":12}},{"id":"332956f6-e539-447f-90ab-5d8770b8b489","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":31,"box":{"x":61,"y":566,"width":420,"height":11}},{"id":"c67d52b3-06db-46db-9dde-416f213fc9e3","block_type":"box","text":"Short-Term Trading Policy","page_number":31,"box":{"x":61,"y":605,"width":232,"height":13}},{"id":"53a90b87-24c2-4cf9-af8f-2a93283e9e88","block_type":"box","text":"The Board of Trustees (the “Board”) has determined that the interests of long-term shareholders and the Fund’s ability","page_number":31,"box":{"x":60,"y":631,"width":875,"height":11}},{"id":"a1a0117c-985e-48a2-89d9-9cfdc42c3300","block_type":"box","text":"to manage its investments may be adversely affected when shares are repeatedly bought, sold or exchanged in","page_number":31,"box":{"x":60,"y":646,"width":819,"height":11}},{"id":"ce454c8d-f583-4693-8442-695d14a08184","block_type":"box","text":"response to short-term market fluctuations — also known as “market timing.” The Fund is not designed for market","page_number":31,"box":{"x":61,"y":661,"width":845,"height":11}},{"id":"dd6cfbb7-ec1c-4fa3-817e-e0a9c5cc7285","block_type":"box","text":"timing organizations or other entities using programmed or frequent purchases and sales or exchanges. The exchange","page_number":31,"box":{"x":60,"y":675,"width":869,"height":12}},{"id":"9dadee18-14e7-4edd-8456-9cdf4ecac200","block_type":"box","text":"privilege is not intended as a vehicle for short-term trading. Excessive purchase and sale or exchange activity may","page_number":31,"box":{"x":62,"y":690,"width":836,"height":12}},{"id":"efa34ad7-ba03-4f3c-9340-e8b0743bcc4a","block_type":"box","text":"interfere with portfolio management, increase expenses and taxes and may have an adverse effect on the","page_number":31,"box":{"x":62,"y":705,"width":780,"height":12}},{"id":"55999234-8d43-4d21-a66c-29bc5e8e7bd2","block_type":"box","text":"performance of the Fund and its returns to shareholders. For example, large flows of cash into and out of the Fund","page_number":31,"box":{"x":62,"y":720,"width":842,"height":11}},{"id":"0f5cf531-1230-4ece-b570-3408414b8d2e","block_type":"box","text":"may require the management team to allocate a significant amount of assets to cash or other short-term investments","page_number":31,"box":{"x":61,"y":735,"width":866,"height":11}},{"id":"2737b751-8a99-454f-bc1e-542535dc3ec5","block_type":"box","text":"or sell securities, rather than maintaining such assets in securities selected to achieve the Fund’s investment","page_number":31,"box":{"x":61,"y":750,"width":808,"height":11}},{"id":"64b42079-4a01-4338-b881-791e3aff82c9","block_type":"box","text":"objective. Frequent trading may cause the Fund to sell securities at less favorable prices, and transaction costs, such","page_number":31,"box":{"x":61,"y":764,"width":864,"height":12}},{"id":"93f491b9-ebd8-4f8a-86ad-83bb12620836","block_type":"box","text":"as brokerage commissions, can reduce the Fund’s performance.","page_number":31,"box":{"x":61,"y":779,"width":474,"height":12}},{"id":"90139677-6bf7-428f-ae54-e4c5dba410a2","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":31,"box":{"x":60,"y":802,"width":873,"height":11}},{"id":"17498c51-bab1-4d2a-ae95-6384f87457b6","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":31,"box":{"x":61,"y":817,"width":872,"height":11}},{"id":"30a4ad2e-cc88-4bb7-bad0-3dfa9fe9015b","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":31,"box":{"x":61,"y":831,"width":865,"height":12}},{"id":"efad9d31-8cda-4419-9905-abc2f10d891c","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":31,"box":{"x":61,"y":846,"width":817,"height":11}},{"id":"a4ab2f89-2099-463f-ba10-ba8b99ce707e","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":31,"box":{"x":61,"y":861,"width":818,"height":12}},{"id":"595520e0-49be-455e-aeb0-931c3a21a44a","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":31,"box":{"x":60,"y":876,"width":865,"height":11}},{"id":"dbf9de15-ebf5-45c2-983e-397d2ddc6e63","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":31,"box":{"x":61,"y":891,"width":829,"height":11}},{"id":"169a8d71-8b83-4dcf-8898-2ad9146e0ad3","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":31,"box":{"x":62,"y":905,"width":671,"height":12}},{"id":"756162a4-4a6e-4b93-b788-afb1fddafa90","block_type":"box","text":"31","page_number":31,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"a7813b93-e70d-4ccb-8509-ea03a6f7d503","block_type":"box","text":"NM1026U-5988695-31/44","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b71451ec-2d43-4179-a11d-350c5c91a506","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":32,"box":{"x":60,"y":46,"width":869,"height":11}},{"id":"0fd29a86-0f80-4662-9a83-aa7f1e26b7ad","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":32,"box":{"x":60,"y":61,"width":839,"height":11}},{"id":"4dccf33d-b209-4142-b651-14d11b7ccb1a","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":32,"box":{"x":61,"y":75,"width":869,"height":12}},{"id":"38877136-7749-4df8-932a-45525466472a","block_type":"box","text":"on purchases, sales and exchanges of Fund shares. These policies do not restrict transactions by a shareholder that","page_number":32,"box":{"x":61,"y":90,"width":860,"height":12}},{"id":"5d4c441d-c81e-4b2f-8528-5f776927eca5","block_type":"box","text":"BlackRock has determined are in the best interests of the Fund, including redemptions in kind.","page_number":32,"box":{"x":62,"y":105,"width":695,"height":12}},{"id":"250140dd-d839-4f6f-8fc3-51abf6b016e9","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":32,"box":{"x":62,"y":127,"width":796,"height":12}},{"id":"cbce3ba2-b572-4628-8077-4b3ea0a9e190","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":32,"box":{"x":61,"y":143,"width":860,"height":11}},{"id":"658dec02-46ab-4685-baf2-94e05599357f","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":32,"box":{"x":62,"y":157,"width":871,"height":12}},{"id":"aec6134e-ff4e-4423-ba3a-788b39f82929","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":32,"box":{"x":62,"y":172,"width":858,"height":12}},{"id":"8dc45189-ec8e-46e2-aa11-a980d8283fd9","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":32,"box":{"x":61,"y":187,"width":866,"height":11}},{"id":"d23e2186-8bbe-468c-9777-99a0148b8105","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions","page_number":32,"box":{"x":61,"y":202,"width":829,"height":11}},{"id":"285b2dcf-38ac-48d9-8fa3-b252f6b81aa4","block_type":"box","text":"placed through the same Financial Intermediary on an omnibus basis may be deemed part of a group for the purpose","page_number":32,"box":{"x":62,"y":216,"width":862,"height":12}},{"id":"445b50ac-b7b3-4c23-afeb-c77b16f4aa2a","block_type":"box","text":"of this policy and may be rejected in whole or in part by the Fund. Certain accounts, such as omnibus accounts and","page_number":32,"box":{"x":61,"y":231,"width":849,"height":12}},{"id":"92a90c63-a302-4773-812b-fb0209f9824f","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":32,"box":{"x":61,"y":246,"width":866,"height":12}},{"id":"1ab82af0-a047-4ea2-9bef-7a3d9c88eaf9","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":32,"box":{"x":60,"y":261,"width":806,"height":11}},{"id":"31ba157b-f13a-4233-a6a4-2ffaa859e420","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":32,"box":{"x":61,"y":276,"width":804,"height":11}},{"id":"36af713e-7ba1-4aad-8b51-e3df49d5bcea","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":32,"box":{"x":61,"y":291,"width":849,"height":11}},{"id":"3a581c9c-0086-4a14-993f-f2942dd5cf5f","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":32,"box":{"x":61,"y":305,"width":875,"height":12}},{"id":"e0ccb34a-7111-4be6-bc29-81cab0b07e90","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":32,"box":{"x":62,"y":320,"width":869,"height":12}},{"id":"874fc191-bc1a-4e6d-b9cc-d19c13583c7f","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":32,"box":{"x":61,"y":335,"width":845,"height":12}},{"id":"223819be-06c3-44fe-a192-96342389ff92","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":32,"box":{"x":62,"y":350,"width":868,"height":11}},{"id":"7a4077c8-7822-4e34-a94d-b0d112bac040","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":32,"box":{"x":61,"y":365,"width":861,"height":11}},{"id":"96b6c538-63c8-45ee-b5e1-283c92fb63a4","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":32,"box":{"x":61,"y":380,"width":868,"height":11}},{"id":"013fe66b-6a9a-4452-819b-bf737f4c9845","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":32,"box":{"x":60,"y":395,"width":847,"height":11}},{"id":"d78c5b11-29a7-46fb-8166-3622fbd139cf","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Distributor,","page_number":32,"box":{"x":60,"y":409,"width":837,"height":12}},{"id":"d82bdc05-6af0-4222-8d30-55ba22c1efda","block_type":"box","text":"suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":32,"box":{"x":61,"y":424,"width":663,"height":12}},{"id":"99023a56-ca46-48ee-a8b6-820bd7ae17aa","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":32,"box":{"x":60,"y":447,"width":824,"height":11}},{"id":"1283751e-6e16-44cd-b461-8fa233671575","block_type":"box","text":"deemed abusive.","page_number":32,"box":{"x":61,"y":462,"width":123,"height":9}},{"id":"1191b3f0-c6ae-4ddf-889a-7e2c612762dc","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":32,"box":{"x":60,"y":484,"width":841,"height":12}},{"id":"9853f327-f85a-45d2-9df5-2d340906d62e","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":32,"box":{"x":60,"y":499,"width":572,"height":11}},{"id":"d5d8507e-f8df-4c7c-a9ee-3a6f4ff1f6fe","block_type":"box","text":"32","page_number":32,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"5bf81d2f-93e1-4361-b1b4-fcde3d222777","block_type":"box","text":"NM1026U-5988695-32/44","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a8462189-6908-4c52-9795-0e847ad42c3e","block_type":"box","text":"Management of the Fund","page_number":33,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"5b266088-f9ce-43e4-89e4-9b9f9e8ed5db","block_type":"box","text":"BlackRock","page_number":33,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"5c1f6e2a-bc1a-4dee-833e-a9e673f918ec","block_type":"box","text":"BlackRock, the Fund’s investment adviser, manages the Fund’s investments and its business operations subject to","page_number":33,"box":{"x":62,"y":183,"width":846,"height":11}},{"id":"3ca5880a-77e1-417c-9803-093feb87e529","block_type":"box","text":"the oversight of the Board. While BlackRock is ultimately responsible for the management of the Fund, it is able to","page_number":33,"box":{"x":60,"y":197,"width":841,"height":12}},{"id":"ee38ea68-a442-4e49-a179-e085dccb367b","block_type":"box","text":"draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":33,"box":{"x":61,"y":212,"width":796,"height":12}},{"id":"f3de7261-b5ad-4ea0-8895-6f82ffd9039b","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":33,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"2007b156-cad4-4e73-b384-499346d9cb61","block_type":"box","text":"BlackRock, Inc.","page_number":33,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"3e0c859f-c517-459c-8eb4-f9a1dae8ba0a","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":33,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"841ceb37-58d8-43c7-807e-d9b89a18bdbb","block_type":"box","text":"companies. BlackRock and its affiliates had approximately $15.3 trillion in investment company and other portfolio","page_number":33,"box":{"x":61,"y":278,"width":845,"height":12}},{"id":"ce19e6bc-0a11-48d6-8b65-382d2a4fc487","block_type":"box","text":"assets under management as of June 30, 2026.","page_number":33,"box":{"x":61,"y":294,"width":357,"height":11}},{"id":"2985b3bc-4110-49a5-becd-67779291cce2","block_type":"box","text":"BlackRock serves as manager to the Fund pursuant to an investment advisory agreement (the “Management","page_number":33,"box":{"x":62,"y":317,"width":800,"height":11}},{"id":"06f8c95b-39b4-4d51-addf-b5f25c09263e","block_type":"box","text":"Agreement”). Pursuant to the Management Agreement, BlackRock is entitled to fees computed daily and payable","page_number":33,"box":{"x":60,"y":331,"width":829,"height":12}},{"id":"ebcddae5-6b47-4ae9-b08a-81c3d4cc8c0b","block_type":"box","text":"monthly.","page_number":33,"box":{"x":61,"y":346,"width":59,"height":11}},{"id":"9c7c395a-7b64-45b6-8db5-da1b47f35f1d","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":33,"box":{"x":60,"y":369,"width":856,"height":11}},{"id":"03b3faa4-9ad2-4290-8ae2-5a1dc02d372b","block_type":"box","text":"are calculated as follows:","page_number":33,"box":{"x":61,"y":383,"width":185,"height":10}},{"id":"d4aa8dd6-4c73-49e3-930a-afc2dfc02584","block_type":"box","text":"Average Daily Net Assets","page_number":33,"box":{"x":69,"y":422,"width":151,"height":9}},{"id":"fffc8ee0-96c0-4dcc-8aea-c4629ae2c242","block_type":"box","text":"Rate of","page_number":33,"box":{"x":844,"y":412,"width":43,"height":7}},{"id":"d521ce8b-abda-4f6d-95c5-30da4ae508aa","block_type":"box","text":"Management Fee","page_number":33,"box":{"x":813,"y":422,"width":104,"height":9}},{"id":"1e3fb90f-bf04-435b-b80c-082dfbf1eb1b","block_type":"box","text":"First $1 billion","page_number":33,"box":{"x":70,"y":439,"width":92,"height":9}},{"id":"19701ae0-8338-4b83-b894-7acfa93d5ca9","block_type":"box","text":"0.81%","page_number":33,"box":{"x":849,"y":439,"width":42,"height":8}},{"id":"ddcc6f56-809d-45ef-a150-c3760938d7c8","block_type":"box","text":"$1 billion — $3 billion","page_number":33,"box":{"x":70,"y":457,"width":145,"height":9}},{"id":"ef6752d3-811e-43c3-9802-0ad5046dffed","block_type":"box","text":"0.76%","page_number":33,"box":{"x":849,"y":457,"width":42,"height":8}},{"id":"596d71c8-b780-49d9-98f3-e125c4042d38","block_type":"box","text":"$3 billion — $5 billion","page_number":33,"box":{"x":70,"y":475,"width":145,"height":9}},{"id":"4d18a48d-d49d-47ff-bae2-3f07f13d1edf","block_type":"box","text":"0.73%","page_number":33,"box":{"x":849,"y":475,"width":42,"height":8}},{"id":"d055cf70-0a36-4dad-beee-99a2c2792460","block_type":"box","text":"$5 billion — $10 billion","page_number":33,"box":{"x":70,"y":493,"width":154,"height":9}},{"id":"a0ec4d3f-f528-4d24-9ea6-78a178d1d19a","block_type":"box","text":"0.70%","page_number":33,"box":{"x":849,"y":493,"width":42,"height":9}},{"id":"41576a4b-1e74-4160-a1b2-aa591a39a343","block_type":"box","text":"Greater than $10 billion","page_number":33,"box":{"x":69,"y":511,"width":157,"height":9}},{"id":"d1169233-1f82-438e-9af8-dbc7b8e05f07","block_type":"box","text":"0.68%","page_number":33,"box":{"x":849,"y":511,"width":42,"height":9}},{"id":"c855f22f-07cb-47ff-b47a-e65cdd16bc29","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":33,"box":{"x":62,"y":543,"width":840,"height":12}},{"id":"9e9a8813-3121-426c-935d-4a8db3c308dd","block_type":"box","text":"estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds","page_number":33,"box":{"x":61,"y":558,"width":861,"height":12}},{"id":"e4c73a88-a41b-4557-907d-2516b75b0c99","block_type":"box","text":"managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. 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The Fund also may invest in securities of, or engage in other transactions with, entities for which an Affiliate","page_number":35,"box":{"x":61,"y":407,"width":866,"height":12}},{"id":"aab37583-2f01-4644-a0c0-c23941839c92","block_type":"box","text":"provides or may provide research coverage or other analysis.","page_number":35,"box":{"x":62,"y":422,"width":444,"height":12}},{"id":"19bcf614-571b-408e-bfd0-aa52bcbbd624","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others","page_number":35,"box":{"x":60,"y":445,"width":862,"height":11}},{"id":"e28a9aa1-e0b2-446d-b095-c441f622c51b","block_type":"box","text":"who recommend the Fund or who engage in transactions with or for the Fund.","page_number":35,"box":{"x":60,"y":459,"width":567,"height":12}},{"id":"bbef25d8-ae8a-4816-92d3-b584a689b8c1","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with","page_number":35,"box":{"x":62,"y":482,"width":851,"height":12}},{"id":"4a53849c-0c65-4dfd-b0b4-abeea553210e","block_type":"box","text":"the Fund. 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The opposite result is also possible.","page_number":35,"box":{"x":61,"y":541,"width":815,"height":12}},{"id":"e76ccdb3-43c4-41fc-8f50-c563de7ee891","block_type":"box","text":"In addition, the Fund may enter into transactions in which BlackRock or an Affiliate or their directors, officers,","page_number":35,"box":{"x":62,"y":564,"width":802,"height":11}},{"id":"dc403d4f-2f98-4874-b801-6ca36acdd441","block_type":"box","text":"employees or clients have an adverse interest. The Fund may be adversely impacted by the effects of transactions","page_number":35,"box":{"x":61,"y":579,"width":840,"height":11}},{"id":"886798f6-1781-4246-b6c0-13832ec29539","block_type":"box","text":"undertaken by BlackRock or an Affiliate or their directors, officers, employees or clients.","page_number":35,"box":{"x":61,"y":594,"width":648,"height":11}},{"id":"fdcb5590-94fb-40b8-bdde-6b989878635a","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance","page_number":35,"box":{"x":62,"y":616,"width":854,"height":12}},{"id":"5d2ffcc8-2f7a-4bef-85b0-e33e2ddb3189","block_type":"box","text":"with applicable law, purchase and hold shares of the Fund. 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In addition, one or more Affiliates may be among the entities to which the Fund may lend its","page_number":35,"box":{"x":60,"y":765,"width":841,"height":12}},{"id":"1c201b5f-3927-455f-8f3d-e7eb9480f226","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":35,"box":{"x":62,"y":780,"width":415,"height":11}},{"id":"751aab16-d0b3-4a71-b0b4-8e7f0095423f","block_type":"box","text":"BlackRock and its Affiliates may benefit from a fund using a BlackRock index by creating increasing acceptance in the","page_number":35,"box":{"x":62,"y":802,"width":864,"height":12}},{"id":"90d09e72-bbbd-4e3f-a4e1-98b4f4b08581","block_type":"box","text":"marketplace for such indexes. BlackRock and its Affiliates are not obligated to license an index to a fund, and no fund","page_number":35,"box":{"x":61,"y":817,"width":868,"height":12}},{"id":"fa6b5812-e183-4928-8302-7052984db446","block_type":"box","text":"is under an obligation to use a BlackRock index. The terms of a fund’s index licensing agreement with BlackRock or its","page_number":35,"box":{"x":62,"y":832,"width":870,"height":12}},{"id":"1d8670cf-22e9-4c5a-859f-0171a41ec16f","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":35,"box":{"x":60,"y":847,"width":545,"height":11}},{"id":"55a4b60f-ec2f-47e6-b6f6-2508cc42b5bc","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":35,"box":{"x":60,"y":869,"width":837,"height":12}},{"id":"ed20d712-2bb3-451c-b2a9-5ca13c976d96","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":35,"box":{"x":61,"y":884,"width":865,"height":12}},{"id":"78bce2ea-0fe7-4160-a1e9-836755bc8729","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":35,"box":{"x":62,"y":899,"width":819,"height":12}},{"id":"eea24d1a-2733-4f35-a5a9-8ab927022554","block_type":"box","text":"35","page_number":35,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"8138c7ad-7cae-4986-a563-e1ce6d29114b","block_type":"box","text":"NM1026U-5988695-35/44","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7170f1bc-33d3-40f0-973d-444637c2b287","block_type":"box","text":"Valuation of Fund Investments","page_number":36,"box":{"x":63,"y":46,"width":271,"height":11}},{"id":"d79fa270-c19c-4d02-b0c8-74735210157c","block_type":"box","text":"When you buy shares, you pay the net asset value. This is the offering price. 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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":36,"box":{"x":62,"y":176,"width":854,"height":12}},{"id":"0883f828-da3d-4dc5-a61e-270bf8a32b43","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":36,"box":{"x":61,"y":191,"width":870,"height":12}},{"id":"61a23ddd-6f7d-4ff1-a55c-389749cb0c31","block_type":"box","text":"rounded to the nearest cent.","page_number":36,"box":{"x":61,"y":206,"width":209,"height":9}},{"id":"abc71732-0ce4-49b8-b05b-220755b8aaeb","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":36,"box":{"x":60,"y":229,"width":844,"height":11}},{"id":"ec45c4de-4f6f-4808-8464-9b499fd2cb6f","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":36,"box":{"x":60,"y":244,"width":837,"height":11}},{"id":"69f363aa-f0b7-4f1d-8319-c5f247504c29","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":36,"box":{"x":62,"y":258,"width":464,"height":12}},{"id":"29c5ba5b-8d4d-445e-8b03-dcef228e9ce0","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":36,"box":{"x":62,"y":281,"width":863,"height":11}},{"id":"8be5b154-e37f-48ea-ac66-e88d32759e23","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":36,"box":{"x":60,"y":296,"width":858,"height":11}},{"id":"45051269-0870-4a77-afe3-c1714215e6dc","block_type":"box","text":"last reported official closing price or, if a reported closing price is not available, the last traded price on the exchange","page_number":36,"box":{"x":62,"y":311,"width":863,"height":11}},{"id":"174d14e7-1ffe-404a-bca4-913ce7b0b792","block_type":"box","text":"or market on which the security or instrument is primarily traded at the time of valuation. Shares of underlying open","page_number":36,"box":{"x":61,"y":325,"width":852,"height":12}},{"id":"004ae78a-2403-496c-aefd-c5783fd878f5","block_type":"box","text":"end funds that are not traded on an exchange (including money market funds) are valued at net asset value. 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Pricing services may use valuation models that utilize","page_number":36,"box":{"x":61,"y":408,"width":868,"height":11}},{"id":"34d685f2-1bde-4f85-a951-a47e22425ba8","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":36,"box":{"x":61,"y":422,"width":842,"height":12}},{"id":"262429e8-8452-4503-81d1-2941501a8454","block_type":"box","text":"orderly transactions of an institutional round lot size, but the Fund may hold or transact in such securities in smaller","page_number":36,"box":{"x":61,"y":437,"width":853,"height":11}},{"id":"233e540a-a15f-4158-bcad-9a5b919d5ac0","block_type":"box","text":"odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots,","page_number":36,"box":{"x":61,"y":452,"width":844,"height":11}},{"id":"d4250fe2-9268-41a9-b2d6-a1d27abae33c","block_type":"box","text":"and the value ultimately realized when the securities are sold could differ from the prices used by the Fund. The","page_number":36,"box":{"x":61,"y":467,"width":822,"height":11}},{"id":"f92ae86f-4d99-48a8-84c5-be7684d46bc0","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":36,"box":{"x":61,"y":481,"width":845,"height":12}},{"id":"9b9c41c5-5138-40be-bd5d-e7b84701729f","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":36,"box":{"x":61,"y":496,"width":733,"height":12}},{"id":"0c6d9315-52a1-4063-b6d1-fae51ad0eb1b","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":36,"box":{"x":61,"y":519,"width":829,"height":11}},{"id":"dc8e4987-d4be-4bf0-9c2d-31ea829b0d80","block_type":"box","text":"regular trading hours of the NYSE. The values of such securities used in computing the net asset value of the Fund’s","page_number":36,"box":{"x":61,"y":534,"width":857,"height":11}},{"id":"bb8d88db-6c00-4838-86ec-cd1c69082fa5","block_type":"box","text":"shares are determined as of such times. 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A “significant","page_number":36,"box":{"x":61,"y":675,"width":828,"height":11}},{"id":"7e4e528a-7690-42a7-b7e0-6174d171fad1","block_type":"box","text":"event” is deemed to occur if BlackRock determines, in its reasonable business judgment prior to or at the time of","page_number":36,"box":{"x":61,"y":690,"width":836,"height":11}},{"id":"306d31fb-9f42-49b6-91f9-91d6291e283c","block_type":"box","text":"pricing the Fund’s assets or liabilities, that the event is likely to cause a material change to the last exchange closing","page_number":36,"box":{"x":62,"y":705,"width":862,"height":11}},{"id":"4bfe134a-8653-49ae-b178-f6c10ccb9ccd","block_type":"box","text":"price or closing market price of one or more assets held by, or liabilities of, the Fund.","page_number":36,"box":{"x":62,"y":719,"width":623,"height":12}},{"id":"16f6205e-312e-4c22-8b12-066d1700aeee","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the","page_number":36,"box":{"x":62,"y":742,"width":817,"height":11}},{"id":"f098c157-875c-47d9-8c94-6f88bbd2a911","block_type":"box","text":"movement of a proprietary multi-factor model after the relevant foreign markets have closed. 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The fair value of an asset or","page_number":36,"box":{"x":62,"y":809,"width":825,"height":11}},{"id":"5c6a996f-dcb7-4667-a732-67946a5b7e50","block_type":"box","text":"liability held by the Fund is the amount the Fund might reasonably expect to receive from the current sale of that asset","page_number":36,"box":{"x":62,"y":824,"width":871,"height":11}},{"id":"fbe1382f-511b-420e-a877-ce3b149dae21","block_type":"box","text":"or the cost to extinguish that liability in an arm’s-length transaction. Valuing the Fund’s investments using fair value","page_number":36,"box":{"x":61,"y":838,"width":847,"height":12}},{"id":"9c13ebb5-59d1-4d89-b4ec-9e6ab3f4b661","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":36,"box":{"x":62,"y":853,"width":829,"height":12}},{"id":"c1b2bd16-839f-46c8-8081-9d783a545b30","block_type":"box","text":"those investments could have been sold during the period in which the particular fair values were used.","page_number":36,"box":{"x":60,"y":868,"width":760,"height":12}},{"id":"700e457f-b29f-4d3c-9179-6745bb80993f","block_type":"box","text":"The Fund may accept orders from certain authorized Financial Intermediaries or their designees. The Fund will be","page_number":36,"box":{"x":60,"y":891,"width":830,"height":11}},{"id":"766a4cc9-30eb-4ec7-bc0d-2b97bc2fe006","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":36,"box":{"x":61,"y":906,"width":848,"height":11}},{"id":"74217670-bb7c-48d0-b638-ebbc4b37e9bc","block_type":"box","text":"36","page_number":36,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"11a4a945-1aac-4222-a623-c38a2a8b381b","block_type":"box","text":"NM1026U-5988695-36/44","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2bc8ad7e-b095-48e5-acd9-d13cb0cda9c1","block_type":"box","text":"net asset value next computed by the Fund after such acceptance. If the payment for a purchase order is not made by","page_number":37,"box":{"x":61,"y":46,"width":868,"height":11}},{"id":"63275c34-4611-4f3f-8054-32bfe4175512","block_type":"box","text":"a designated later time, the order will be canceled and the Financial Intermediary could be held liable for any losses.","page_number":37,"box":{"x":61,"y":60,"width":856,"height":12}},{"id":"5bade39e-615b-4f32-96b4-c365d55b187f","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":37,"box":{"x":61,"y":99,"width":311,"height":14}},{"id":"dfbd0e19-99f8-4049-9b24-2a255a52ac55","block_type":"box","text":"BUYING A DIVIDEND","page_number":37,"box":{"x":423,"y":141,"width":152,"height":9}},{"id":"f046a706-68c1-406c-9371-a9cd9795387c","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":37,"box":{"x":72,"y":163,"width":831,"height":12}},{"id":"a8b62c37-8782-4024-84f0-7ab64c73aa13","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":37,"box":{"x":72,"y":178,"width":845,"height":11}},{"id":"e57bdc29-5081-4e5a-a63c-e6b827e345d1","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":37,"box":{"x":71,"y":193,"width":855,"height":11}},{"id":"6ae55254-cf3c-479b-bff9-e245d866cf2e","block_type":"box","text":"taxable dividend. Before investing you may want to consult your tax adviser.","page_number":37,"box":{"x":70,"y":207,"width":554,"height":12}},{"id":"5e87497f-e34c-4267-a434-39ad6a1c81fd","block_type":"box","text":"The Fund will distribute net investment income, if any, monthly and net realized capital gains, if any, at least annually.","page_number":37,"box":{"x":60,"y":248,"width":861,"height":12}},{"id":"29db9aa0-c849-4578-8a4f-d22dcef3b8d7","block_type":"box","text":"The Fund may also pay a special distribution at the end of the calendar year to comply with federal tax requirements.","page_number":37,"box":{"x":60,"y":263,"width":857,"height":11}},{"id":"1c2ea8a7-b609-4e9b-b58e-5b45e9a738b0","block_type":"box","text":"Dividends may be reinvested automatically in shares of the Fund at net asset value or may be taken in cash. If you","page_number":37,"box":{"x":62,"y":278,"width":841,"height":11}},{"id":"934ba480-e1c1-4015-959b-023f10ac90a6","block_type":"box","text":"would like to receive dividends in cash, contact your Financial Intermediary or the Fund.","page_number":37,"box":{"x":60,"y":293,"width":642,"height":11}},{"id":"da37077c-8e3f-4b3d-bb78-e129e8cb3b08","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":37,"box":{"x":60,"y":315,"width":856,"height":12}},{"id":"03f6e7b4-2897-4573-9a46-9a0ad1784067","block_type":"box","text":"tax-exempt plan described in section 401(a) of the Internal Revenue Code (a “Qualified Plan”).","page_number":37,"box":{"x":60,"y":330,"width":692,"height":11}},{"id":"cfdf4493-4ca9-4b16-aba9-4a7506e37384","block_type":"box","text":"Investments Through a Qualified Plan","page_number":37,"box":{"x":62,"y":352,"width":272,"height":12}},{"id":"22f8f6cd-dae8-4b7b-a698-48ccd4a05ced","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":37,"box":{"x":61,"y":375,"width":864,"height":12}},{"id":"2994b459-e960-4eec-a1f5-f04849d02a8d","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":37,"box":{"x":62,"y":390,"width":851,"height":11}},{"id":"c35110e3-770e-4350-a4e9-77ddf905e377","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":37,"box":{"x":60,"y":405,"width":875,"height":11}},{"id":"ff3f9091-2eb2-4e7c-9c0c-4c2b6b443dc6","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":37,"box":{"x":61,"y":419,"width":841,"height":12}},{"id":"b872c4f1-9071-4e00-b63b-fee3c6bca43d","block_type":"box","text":"withholding tax depending on the kind of payment you receive.","page_number":37,"box":{"x":60,"y":434,"width":455,"height":12}},{"id":"b18109e4-a440-4fe6-afae-b6940029732a","block_type":"box","text":"Investments Not Made Through Qualified Plans","page_number":37,"box":{"x":62,"y":457,"width":344,"height":11}},{"id":"8f9daacb-a424-4295-86a9-2294341abd27","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":37,"box":{"x":62,"y":479,"width":831,"height":12}},{"id":"b8a48e4d-2c01-483e-a519-a8ee87664b50","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":37,"box":{"x":61,"y":494,"width":847,"height":12}},{"id":"42f56fa4-c244-4417-9a2f-ffbfba33585f","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":37,"box":{"x":60,"y":509,"width":851,"height":12}},{"id":"5d297132-871f-444c-9d53-9860f8f88af8","block_type":"box","text":"distributions derived from qualified dividend income, which consists of dividends received from U.S. corporations and","page_number":37,"box":{"x":61,"y":524,"width":859,"height":11}},{"id":"ce0ea74e-a7a4-4b83-9eac-c8f4e95ca47e","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":37,"box":{"x":61,"y":539,"width":863,"height":11}},{"id":"dea7cbe7-c115-4211-a55b-cc436bea7315","block_type":"box","text":"for individuals, depending on whether their income exceeds certain threshold amounts, which are adjusted annually for","page_number":37,"box":{"x":60,"y":554,"width":875,"height":11}},{"id":"3ee934ca-ea9a-44c7-a196-c3eb2088f271","block_type":"box","text":"inflation.","page_number":37,"box":{"x":62,"y":568,"width":61,"height":10}},{"id":"f60bac4f-ce18-4f2e-8e84-5ea05159df72","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":37,"box":{"x":60,"y":591,"width":803,"height":11}},{"id":"8a4fc650-342f-46b3-9e81-c3a6067c3ab3","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":37,"box":{"x":61,"y":605,"width":873,"height":12}},{"id":"2b92460e-e1b2-471f-973d-1fa40f6585fd","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":37,"box":{"x":60,"y":621,"width":282,"height":11}},{"id":"cfcec3ee-831a-41be-a5ef-43cb2ddaea35","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":37,"box":{"x":60,"y":643,"width":861,"height":12}},{"id":"6fe3ff56-5a67-4f80-b18b-b98db4dcf04b","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":37,"box":{"x":62,"y":658,"width":679,"height":11}},{"id":"02fff1af-1bad-4433-8f18-85cb3374e146","block_type":"box","text":"Special Considerations for Non-U.S. Persons","page_number":37,"box":{"x":62,"y":681,"width":326,"height":11}},{"id":"94fe0003-93e7-4465-b844-2c1ff9dbae01","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":37,"box":{"x":62,"y":703,"width":864,"height":12}},{"id":"2293387a-7dfe-4369-adbf-e2e00135c899","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":37,"box":{"x":62,"y":718,"width":856,"height":11}},{"id":"0e432a69-cb55-463e-895d-a5b586785361","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":37,"box":{"x":62,"y":733,"width":857,"height":11}},{"id":"8a34e13d-8d23-4150-b76a-7bbb1aaa38c7","block_type":"box","text":"certain distributions paid to a foreign shareholder and reported by the Fund as capital gain dividends, interest-related","page_number":37,"box":{"x":61,"y":748,"width":862,"height":11}},{"id":"daef98fe-a6c0-4404-ad34-2de7f9cd369d","block_type":"box","text":"dividends or short-term capital gain dividends may be eligible for an exemption from U.S. withholding tax.","page_number":37,"box":{"x":61,"y":762,"width":770,"height":12}},{"id":"cf64e1aa-8e65-4cef-83af-d5387af7cdeb","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":37,"box":{"x":61,"y":785,"width":868,"height":12}},{"id":"2215c578-623d-4d03-a4f2-bcc2855c7c8a","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To avoid","page_number":37,"box":{"x":60,"y":800,"width":808,"height":11}},{"id":"ea40a6ae-d0af-403e-9719-fd914b570fae","block_type":"box","text":"withholding, foreign financial institutions and investment funds will generally either need to (a) collect and report to the","page_number":37,"box":{"x":60,"y":815,"width":874,"height":11}},{"id":"50a7245a-ef37-4976-b7d8-e3dc98c1bacc","block_type":"box","text":"IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due diligence","page_number":37,"box":{"x":62,"y":829,"width":789,"height":12}},{"id":"9ba43f50-f297-471c-98f5-25fcabc81567","block_type":"box","text":"procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying foreign entities","page_number":37,"box":{"x":62,"y":844,"width":858,"height":12}},{"id":"fc00159c-8abb-44a2-8a3d-4738b289b5be","block_type":"box","text":"and account holders or (b) if an intergovernmental agreement is entered into and implementing legislation is adopted,","page_number":37,"box":{"x":61,"y":859,"width":865,"height":12}},{"id":"27909395-253c-48bd-8a27-5ba498c4a2a4","block_type":"box","text":"comply with the agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":37,"box":{"x":61,"y":874,"width":802,"height":11}},{"id":"f99ff6b3-0fc1-4b35-b7aa-45b602c0e35b","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":37,"box":{"x":62,"y":889,"width":639,"height":11}},{"id":"04623f0a-b028-4c29-adf1-a97c0ddb4ea0","block_type":"box","text":"37","page_number":37,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"3919855c-20e4-4976-be46-6f5ea76f003c","block_type":"box","text":"NM1026U-5988695-37/44","page_number":37,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0989e130-e752-402e-9903-6148e3056c3d","block_type":"box","text":"This section summarizes some of the consequences under current federal tax law of an investment in the Fund. It is","page_number":38,"box":{"x":60,"y":46,"width":855,"height":11}},{"id":"6717f84d-048d-4cfd-97b7-c44e7d0444be","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":38,"box":{"x":61,"y":60,"width":832,"height":12}},{"id":"635c2c70-40a6-421b-bd52-60d00452d015","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":38,"box":{"x":62,"y":76,"width":383,"height":11}},{"id":"27b4938d-dae8-4938-afc0-c7ec8dcd9116","block_type":"box","text":"38","page_number":38,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"58285530-2702-4dc2-8912-a22344f1c7c7","block_type":"box","text":"NM1026U-5988695-38/44","page_number":38,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"590df5dc-0392-4d67-84a6-6bf7b9b73451","block_type":"box","text":"The financial highlights table is intended to help investors understand the Fund’s financial performance for the periods","page_number":39,"box":{"x":60,"y":75,"width":873,"height":12}},{"id":"0182bced-5fd1-49da-aaf0-220ad30ab3c0","block_type":"box","text":"shown. Certain information reflects financial results for a single share of the Fund. The total returns in the table","page_number":39,"box":{"x":61,"y":90,"width":823,"height":12}},{"id":"0626c54a-833a-459b-aedb-fa14da2c3c16","block_type":"box","text":"represent the rate of return that an investor would have earned (or lost) on an investment in the Fund, assuming","page_number":39,"box":{"x":61,"y":105,"width":826,"height":12}},{"id":"16715909-d43c-4d19-8bdd-624aca6b81d8","block_type":"box","text":"reinvestment of all dividends and distributions. The information has been audited by Deloitte & Touche LLP whose","page_number":39,"box":{"x":61,"y":120,"width":836,"height":11}},{"id":"c8c6b131-a87d-4740-890e-d83ace3b415b","block_type":"box","text":"report, along with the Fund’s audited financial statements, is included in the Fund’s Annual Financial Statements and","page_number":39,"box":{"x":61,"y":135,"width":862,"height":11}},{"id":"e152d4f5-804a-43dc-845b-246d990d3a57","block_type":"box","text":"Additional Information for the fiscal year ended May 31, 2026, as filed with the SEC on Form N-CSR, which is available","page_number":39,"box":{"x":60,"y":149,"width":872,"height":12}},{"id":"4cd0a726-9ed0-42e9-bc57-50fb0009a0a8","block_type":"box","text":"upon request and at www.blackrock.com.","page_number":39,"box":{"x":61,"y":165,"width":300,"height":10}},{"id":"ebc02f5c-830d-4d2a-ab34-86d5ee16f907","block_type":"box","text":"BlackRock High Equity Income Fund","page_number":39,"box":{"x":581,"y":185,"width":218,"height":9}},{"id":"5f941ac6-4e1a-43c1-ad20-505655086ae9","block_type":"box","text":"Class K","page_number":39,"box":{"x":668,"y":201,"width":45,"height":7}},{"id":"457e56f3-d36e-470c-9703-503243474c5b","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":39,"box":{"x":69,"y":227,"width":296,"height":9}},{"id":"ea2a77c2-e564-4a47-880e-90e47bc6be14","block_type":"box","text":"Year Ended","page_number":39,"box":{"x":463,"y":217,"width":66,"height":7}},{"id":"9b007212-55c6-440e-a43f-31d09c0355a0","block_type":"box","text":"05/31/26","page_number":39,"box":{"x":465,"y":227,"width":63,"height":9}},{"id":"d69f5344-6478-47e2-bc5a-ed3166ea3375","block_type":"box","text":"Year 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Ended","page_number":39,"box":{"x":850,"y":217,"width":66,"height":7}},{"id":"4e1d065a-8a9f-44e4-8e5b-67b5ac209180","block_type":"box","text":"05/31/22","page_number":39,"box":{"x":852,"y":227,"width":63,"height":9}},{"id":"f12286d5-2801-49d9-a6c5-dc55a62fec8a","block_type":"box","text":"Net asset value, beginning of year","page_number":39,"box":{"x":69,"y":244,"width":205,"height":9}},{"id":"d6f48897-ceb5-4b26-8563-d2bad6eb7a37","block_type":"box","text":"$ 27.84 $ 28.99 $ 26.21 $ 29.53 $30.00","page_number":39,"box":{"x":467,"y":244,"width":438,"height":8}},{"id":"a30e1966-f2cd-437c-b709-7dc6a06ceb3a","block_type":"box","text":"Net investment income","page_number":39,"box":{"x":85,"y":261,"width":134,"height":7}},{"id":"b6718b31-78ef-4fd3-8bea-f244b5075de0","block_type":"box","text":"(a)","page_number":39,"box":{"x":220,"y":261,"width":7,"height":4}},{"id":"90b8c83e-0751-44cd-b767-a6afb3dfa7bb","block_type":"box","text":"2.42 2.32 1.91 1.87 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