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The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or","page_number":3,"box":{"x":81,"y":606,"width":847,"height":10}},{"id":"d68ce037-ac0a-4e87-bfdc-bd559f73d3a1","block_type":"box","text":"by a vote of a majority of the outstanding voting securities of the Fund.","page_number":3,"box":{"x":81,"y":617,"width":413,"height":9}},{"id":"20d71649-c210-4bf9-96bd-680e5d660775","block_type":"box","text":"2","page_number":3,"box":{"x":61,"y":630,"width":3,"height":3}},{"id":"4b351976-d58e-423c-a697-e06b0e45962f","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 31, BlackRock has contractually agreed to","page_number":3,"box":{"x":81,"y":629,"width":837,"height":10}},{"id":"3c7eeef7-a555-43eb-a12c-19dc0e25ea2b","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":640,"width":771,"height":9}},{"id":"1943add8-1be9-4d2f-bfd1-73661577392a","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.45%","page_number":3,"box":{"x":81,"y":650,"width":844,"height":9}},{"id":"268d60df-16f2-44fa-abf8-f304aaaa0635","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":660,"width":851,"height":10}},{"id":"bdc16a14-27cb-4cf6-860e-291c51035fd4","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":671,"width":617,"height":9}},{"id":"9aede11d-15bf-4d63-ad54-32775f1ea75a","block_type":"box","text":"Example:","page_number":3,"box":{"x":61,"y":689,"width":74,"height":12}},{"id":"0c8c8d2a-d5fc-476d-8725-23dd396cb407","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":705,"width":830,"height":12}},{"id":"dd8ab0f3-95c6-4d3c-94dc-0497a20f89f7","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":719,"width":832,"height":12}},{"id":"34320e1c-451e-40a1-b0b7-9b031fae6402","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":735,"width":832,"height":11}},{"id":"93daa496-533e-425e-84ff-9c8a8436f05b","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":750,"width":859,"height":11}},{"id":"a89fdc60-d781-4c0f-9e2f-b42fef3c70bf","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":765,"width":436,"height":11}},{"id":"4e31d79a-a9ab-457c-9824-f61ad42c1253","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":793,"width":292,"height":8}},{"id":"1d826643-b26d-47f0-8303-6faf0fd6aa33","block_type":"box","text":"Class K Shares $46 $155 $275 $623","page_number":3,"box":{"x":69,"y":810,"width":843,"height":10}},{"id":"524b817a-238c-43d3-9065-e151e443e12e","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":836,"width":151,"height":10}},{"id":"df5f53ef-9013-4f7c-833d-466a6137b860","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":852,"width":800,"height":11}},{"id":"e2293f14-57d3-408b-baa6-1827977ed778","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":867,"width":850,"height":11}},{"id":"aa9cb75e-ff52-47c7-bb25-93b5cbcf1aa2","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":882,"width":870,"height":11}},{"id":"188295a8-6045-4adf-bcef-a1c2af4f2635","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was","page_number":3,"box":{"x":62,"y":896,"width":839,"height":12}},{"id":"f31db28b-d7cd-410a-9142-cbe81f1ff86a","block_type":"box","text":"99% of the average value of its portfolio.","page_number":3,"box":{"x":61,"y":911,"width":298,"height":12}},{"id":"623a8bcf-502d-4329-98c1-b8e36ae766d5","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":935,"width":9,"height":9}},{"id":"e85f790e-2b5e-4b7e-bdc5-7c236328b5b4","block_type":"box","text":"NM1026U-5978939-3/44","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"e8daabdd-c0fe-46d2-9201-3063a5ce60ad","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":4,"box":{"x":61,"y":46,"width":394,"height":14}},{"id":"e15a45d8-6c7f-44d2-8130-4ed96a02bad3","block_type":"box","text":"Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any","page_number":4,"box":{"x":62,"y":73,"width":798,"height":11}},{"id":"3b672fb0-2a8d-4221-9d2d-e1d0e99672f4","block_type":"box","text":"borrowings for investment purposes in non-U.S. equity securities and equity-like instruments of companies that are","page_number":4,"box":{"x":61,"y":88,"width":843,"height":11}},{"id":"4f40f258-bba0-4001-9528-96e110a22f69","block_type":"box","text":"components of, or have characteristics similar to, the companies included in the MSCI EAFE","page_number":4,"box":{"x":61,"y":102,"width":676,"height":12}},{"id":"1d260d18-a95f-41ac-ae85-32cceb66c9d1","block_type":"box","text":"®","page_number":4,"box":{"x":737,"y":103,"width":6,"height":4}},{"id":"c4d9e940-7a41-4e64-aa6c-cb9d8eebc178","block_type":"box","text":"Index (the “MSCI EAFE","page_number":4,"box":{"x":750,"y":102,"width":164,"height":12}},{"id":"b179d995-fa15-4bfc-99ea-a1627e2829b3","block_type":"box","text":"Index”) and derivatives that are tied economically to securities of the MSCI EAFE Index. 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The MSCI EAFE Index is a","page_number":4,"box":{"x":60,"y":147,"width":834,"height":11}},{"id":"7d2e4521-ba06-4dce-93db-f6f7903a0cd0","block_type":"box","text":"capitalization-weighted index from a broad range of industries chosen for market size, liquidity and industry group","page_number":4,"box":{"x":61,"y":162,"width":831,"height":11}},{"id":"c95c898a-5045-49e7-a814-9cd44d673d02","block_type":"box","text":"representation.","page_number":4,"box":{"x":61,"y":177,"width":110,"height":11}},{"id":"9ed71fca-1fd7-43a0-91c8-7cc68162c28f","block_type":"box","text":"Equity securities include common stock and preferred stock. The Fund primarily seeks to buy common stock and may","page_number":4,"box":{"x":62,"y":199,"width":861,"height":11}},{"id":"db957ebc-4938-404c-a021-0fc2bd664a64","block_type":"box","text":"also invest in preferred stock. From time to time, the Fund may invest in shares of companies through “new issues” or","page_number":4,"box":{"x":61,"y":214,"width":873,"height":11}},{"id":"840eeb95-9936-4454-ae9c-0b10982e5950","block_type":"box","text":"initial public offerings (“IPOs”). The Fund may also purchase convertible securities.","page_number":4,"box":{"x":62,"y":229,"width":607,"height":11}},{"id":"8ca285b8-3ed2-4287-82c3-81e57d3c6086","block_type":"box","text":"The Fund will invest in securities of non-U.S. issuers that can be U.S. dollar based or non-U.S. dollar based on a","page_number":4,"box":{"x":60,"y":251,"width":823,"height":9}},{"id":"760f6b54-9916-442f-a79e-4eb3b08c09ec","block_type":"box","text":"hedged or unhedged basis. The Fund may enter into currency transactions on a hedged or unhedged basis in order to","page_number":4,"box":{"x":61,"y":266,"width":862,"height":12}},{"id":"3b49ad80-cf57-492b-bc76-9c86037fb3cb","block_type":"box","text":"seek total return.","page_number":4,"box":{"x":61,"y":281,"width":125,"height":9}},{"id":"ec19f975-c716-49eb-83c2-cc1531731cc9","block_type":"box","text":"The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps, some","page_number":4,"box":{"x":60,"y":303,"width":875,"height":12}},{"id":"e3cde525-4b40-424f-85ab-d1a4762fd92a","block_type":"box","text":"of which may be referred to as contracts for difference) and forward contracts, both to seek to increase the return of","page_number":4,"box":{"x":61,"y":318,"width":859,"height":12}},{"id":"0fa077c3-852a-4b45-9594-d9b082a14ad2","block_type":"box","text":"the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates,","page_number":4,"box":{"x":60,"y":333,"width":839,"height":12}},{"id":"6f1d1a58-8db5-4396-b9e3-255b76e67776","block_type":"box","text":"interest rates and movements in the securities markets. In order to manage cash flows into or out of the Fund","page_number":4,"box":{"x":62,"y":348,"width":808,"height":12}},{"id":"11c9c048-5549-4495-b312-b2f39bbb69e5","block_type":"box","text":"effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial","page_number":4,"box":{"x":61,"y":363,"width":872,"height":11}},{"id":"9cae25f2-8d91-4e4b-83a0-566f7dd832be","block_type":"box","text":"instruments whose value is derived from another security, a currency or an index, including but not limited to the MSCI","page_number":4,"box":{"x":62,"y":378,"width":868,"height":11}},{"id":"52abd2fa-12da-4d17-8980-23416537f2de","block_type":"box","text":"EAFE Index. The use of options, futures, swaps (including, but not limited to, total return swaps, some of which may be","page_number":4,"box":{"x":62,"y":392,"width":873,"height":12}},{"id":"cca5299c-8e53-42bf-897e-9d54a42c525e","block_type":"box","text":"referred to as contracts for difference) and forward contracts can be effective in protecting or enhancing the value of","page_number":4,"box":{"x":61,"y":407,"width":859,"height":12}},{"id":"7a8cf2ea-09d0-458c-8a4c-18047bed97be","block_type":"box","text":"the Fund’s assets.","page_number":4,"box":{"x":60,"y":422,"width":136,"height":9}},{"id":"fb78aa72-b3ef-4089-be95-e8ffb0603cae","block_type":"box","text":"The Fund seeks to pursue its investment objective by investing in securities in a disciplined manner, by using","page_number":4,"box":{"x":60,"y":445,"width":802,"height":11}},{"id":"49d52915-9cbd-4519-97e4-f7f3e8384f62","block_type":"box","text":"proprietary return forecast models that incorporate quantitative analysis. These forecast models are designed to","page_number":4,"box":{"x":62,"y":459,"width":826,"height":12}},{"id":"352bf5f7-e1cf-4a1f-b68e-6df0d14fddf2","block_type":"box","text":"identify aspects of mispricing across stocks which the Fund can seek to capture by over- and under-weighting particular","page_number":4,"box":{"x":62,"y":474,"width":874,"height":12}},{"id":"eedbb46e-7acb-4c53-8ccb-ca6a66f50b3d","block_type":"box","text":"equity securities while seeking to control incremental risk. BlackRock then constructs and rebalances the portfolio by","page_number":4,"box":{"x":61,"y":489,"width":862,"height":12}},{"id":"94f16a4a-f348-45c8-862e-6fa004663c6a","block_type":"box","text":"integrating its investment insights with the model-based optimization process.","page_number":4,"box":{"x":62,"y":504,"width":570,"height":12}},{"id":"4a77779f-69b5-4314-883f-6def549887e4","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":543,"width":354,"height":13}},{"id":"c4ec4640-3fde-4e90-89a2-54d91a363164","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":569,"width":860,"height":12}},{"id":"22dca54b-390e-488f-8593-194df2633f1a","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":584,"width":802,"height":11}},{"id":"55018106-b074-4088-a4e4-7a280c11fa2b","block_type":"box","text":"investment in the Fund or your investment may not perform as well as other similar investments. An investment in the","page_number":4,"box":{"x":62,"y":599,"width":866,"height":11}},{"id":"40fb9c3f-c3d2-46ea-b6cd-d867589cd6ce","block_type":"box","text":"Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other","page_number":4,"box":{"x":62,"y":614,"width":869,"height":11}},{"id":"eb7f247c-d923-41fb-a9fc-e9811324d222","block_type":"box","text":"government agency. The following is a summary description of the principal risks of investing in the Fund. The relative","page_number":4,"box":{"x":60,"y":628,"width":864,"height":12}},{"id":"0fdd84b8-b7fe-4330-a0cb-91da50a86737","block_type":"box","text":"significance of each risk factor below may change over time and you should review each risk factor carefully.","page_number":4,"box":{"x":61,"y":643,"width":793,"height":12}},{"id":"2430ac7a-316f-4650-a681-74da518466f9","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":663,"width":166,"height":12}},{"id":"ea5d26ad-7e8a-4465-836c-08a3d826e343","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":663,"width":685,"height":12}},{"id":"1b2bf923-6d98-49d5-86e5-208bae2a2db0","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":678,"width":550,"height":11}},{"id":"e6fb33cc-42fb-4e3b-990f-baee8cf45242","block_type":"box","text":"Foreign Securities Risk","page_number":4,"box":{"x":81,"y":698,"width":176,"height":11}},{"id":"4b299b8f-4cd6-46f8-8b31-781cb2d4ffd9","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":4,"box":{"x":260,"y":698,"width":668,"height":12}},{"id":"3a5941a8-a25a-43c5-853a-c8c19ba60086","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":4,"box":{"x":82,"y":713,"width":531,"height":11}},{"id":"3ab78d75-c519-4c91-a4b7-c584eee29c73","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":4,"box":{"x":101,"y":733,"width":823,"height":11}},{"id":"45fe30a1-d772-4c86-b0da-84b9fce0062b","block_type":"box","text":"be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory","page_number":4,"box":{"x":102,"y":748,"width":823,"height":11}},{"id":"36d4b68f-dcd0-4e63-8035-192641b9050e","block_type":"box","text":"oversight.","page_number":4,"box":{"x":101,"y":763,"width":70,"height":11}},{"id":"3921c0bb-37f7-469c-a3e3-ce508de8d46a","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.","page_number":4,"box":{"x":101,"y":782,"width":644,"height":12}},{"id":"07b80020-c336-43b1-85db-fdeab1f10e09","block_type":"box","text":"The economies of certain foreign markets may not compare favorably with the economy of the United States with","page_number":4,"box":{"x":101,"y":802,"width":830,"height":12}},{"id":"6f27f4db-1292-4800-ae04-9865f9aa515e","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":4,"box":{"x":102,"y":817,"width":808,"height":12}},{"id":"f9c27bd7-c54b-419b-acf7-7853c17f3901","block_type":"box","text":"payments position.","page_number":4,"box":{"x":102,"y":832,"width":137,"height":11}},{"id":"48f7d1c1-7834-493f-bbae-fc844e6056b0","block_type":"box","text":"The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or","page_number":4,"box":{"x":101,"y":852,"width":821,"height":12}},{"id":"a04d0ad2-94a4-4775-8256-186f3efbe70a","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":4,"box":{"x":102,"y":867,"width":809,"height":11}},{"id":"2aed893b-8e98-4649-ae2f-444c15e0a749","block_type":"box","text":"markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":4,"box":{"x":102,"y":882,"width":784,"height":11}},{"id":"28d7d4c6-b655-44af-9d8c-3b0effb283f1","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":4,"box":{"x":101,"y":897,"width":352,"height":11}},{"id":"dd8d55bd-742f-4e96-bdc4-be001a0862d8","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"407d8f6f-4f39-4e9b-889d-d333b07f7f48","block_type":"box","text":"NM1026U-5978939-4/44","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"f76372c3-8189-40af-9b64-133638c2edfb","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":5,"box":{"x":102,"y":46,"width":823,"height":11}},{"id":"5327a648-1704-4150-98f6-8ae83fe52df7","block_type":"box","text":"the same extent as does the United States and may not have laws to protect investors that are comparable to","page_number":5,"box":{"x":101,"y":61,"width":811,"height":11}},{"id":"cb8cf963-c9cf-44d6-8e11-c92d1c13764b","block_type":"box","text":"U.S. securities laws.","page_number":5,"box":{"x":102,"y":75,"width":148,"height":10}},{"id":"b995ec35-13f1-4f74-b356-4aa0ef5cc44b","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of","page_number":5,"box":{"x":101,"y":95,"width":834,"height":12}},{"id":"08fb9d07-2078-4055-b9ef-f60d8a9e61f6","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":5,"box":{"x":101,"y":110,"width":628,"height":12}},{"id":"f7699b2b-0dd4-4057-bed1-14055ad92947","block_type":"box","text":"The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of","page_number":5,"box":{"x":101,"y":130,"width":830,"height":12}},{"id":"489893dd-4e97-4994-ba40-aadc1500dd04","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":5,"box":{"x":101,"y":145,"width":831,"height":11}},{"id":"da8e67de-d3f1-4bd5-935e-98c66a0e96f4","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full,","page_number":5,"box":{"x":101,"y":160,"width":813,"height":11}},{"id":"a0014a0a-5811-4559-a4a4-f085863bcccd","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":5,"box":{"x":101,"y":175,"width":395,"height":11}},{"id":"27a99e80-791b-410b-87a2-cd4893fcc1b5","block_type":"box","text":"Model Risk","page_number":5,"box":{"x":81,"y":195,"width":85,"height":9}},{"id":"f70a8b3b-ca7a-4173-a072-f738a9d0f532","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":5,"box":{"x":170,"y":195,"width":722,"height":11}},{"id":"566fe7a2-fab0-4000-b131-994b8e6c0602","block_type":"box","text":"quantitative analysis. Investments selected using these models may perform differently than as forecasted due to","page_number":5,"box":{"x":81,"y":209,"width":840,"height":12}},{"id":"65668a06-052c-4139-8fca-d6f418900fe6","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, changes from historical trends, and","page_number":5,"box":{"x":80,"y":224,"width":807,"height":12}},{"id":"1acc0276-2663-4df4-956f-0e937cf29401","block_type":"box","text":"issues in the construction and implementation of the models (including, but not limited to, software issues, issues","page_number":5,"box":{"x":82,"y":239,"width":842,"height":12}},{"id":"73315a78-aa9d-4a95-8175-5123a7894590","block_type":"box","text":"related to the use of artificial intelligence and machine learning (“AI”) and other technological issues). There is no","page_number":5,"box":{"x":82,"y":254,"width":836,"height":11}},{"id":"dbccd147-dfb5-4aa2-a84f-0fe7edec35be","block_type":"box","text":"guarantee that BlackRock’s use of these models will result in effective investment decisions for the Fund.","page_number":5,"box":{"x":81,"y":269,"width":777,"height":11}},{"id":"46f1eed7-a96a-48a2-96e3-378b530d594e","block_type":"box","text":"The information and data used in the models may be supplied by third parties. Inaccurate or incomplete data may","page_number":5,"box":{"x":81,"y":289,"width":837,"height":11}},{"id":"fb9eb5be-8cc1-45eb-98a1-836f8fa21c1c","block_type":"box","text":"limit the effectiveness of the models. In addition, some of the data that BlackRock uses may be historical data,","page_number":5,"box":{"x":82,"y":303,"width":819,"height":12}},{"id":"3f2ac589-947c-4fec-a0ab-e8e450141c17","block_type":"box","text":"which may not accurately predict future market movement. There is a risk that the models will not be successful in","page_number":5,"box":{"x":80,"y":318,"width":843,"height":12}},{"id":"3be1e2d6-0514-4eaa-a274-1cfb431d9bfe","block_type":"box","text":"selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve","page_number":5,"box":{"x":81,"y":333,"width":834,"height":12}},{"id":"84c4f6ff-cbbd-4a44-a72b-7d69ce13b59c","block_type":"box","text":"its investment objective.","page_number":5,"box":{"x":82,"y":348,"width":176,"height":11}},{"id":"6e122543-e483-4636-bd6a-bd9719b9475d","block_type":"box","text":"Convertible Securities Risk","page_number":5,"box":{"x":81,"y":368,"width":206,"height":9}},{"id":"b9d8cc06-1efd-4df8-810e-3470be21a0cd","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":368,"width":593,"height":11}},{"id":"a9eac6ec-5116-44aa-963f-c46d9bb00863","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":383,"width":853,"height":11}},{"id":"70f6d303-c57e-4bbf-b693-0e3f6ed0ac99","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":398,"width":855,"height":11}},{"id":"a77d9df9-bb46-4788-8312-f97520b37bee","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":412,"width":816,"height":12}},{"id":"d9d2b6a0-20c3-453b-b9b9-89bc2d46ea28","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":427,"width":796,"height":12}},{"id":"e9fc0366-9f02-423b-a17b-cb01fd460c6f","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":442,"width":812,"height":11}},{"id":"b8168f53-9424-4ea8-abfd-f31aecd337f2","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":457,"width":809,"height":11}},{"id":"4e2e9c29-f140-4aac-a902-1d3e610061d9","block_type":"box","text":"Derivatives Risk","page_number":5,"box":{"x":81,"y":477,"width":123,"height":9}},{"id":"08f95f9f-31fa-4f26-a97b-4c1feaa0c272","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":477,"width":664,"height":11}},{"id":"5735bdf2-ab22-471d-be8e-6575b343711c","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":5,"box":{"x":82,"y":492,"width":469,"height":11}},{"id":"c59bddb7-ad69-4161-9f60-43d65b9b9419","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":512,"width":102,"height":11}},{"id":"b0a0fc82-0fb5-4934-8415-5614bb81c174","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":512,"width":723,"height":11}},{"id":"b3c2a446-e335-481b-ab33-f017fe7db269","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":526,"width":832,"height":12}},{"id":"4f88fac2-67e9-4211-94ac-28b523a9f9b2","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":542,"width":280,"height":11}},{"id":"2c3dd900-01dc-4249-a412-fb488a22c4b0","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":562,"width":87,"height":9}},{"id":"2e2ebc2d-6633-4893-ae09-a08a08b100df","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":561,"width":728,"height":12}},{"id":"25355953-207b-42fb-ac6a-d1b81b372d83","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":576,"width":834,"height":11}},{"id":"8194271c-55a5-4a47-b429-0c9c4e26e8db","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":591,"width":832,"height":11}},{"id":"67aa138f-07e1-4ec1-87ca-55443cf47d62","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":606,"width":779,"height":11}},{"id":"3ff93a08-3d3a-47f6-9f1f-768c7f1ecce6","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":621,"width":253,"height":11}},{"id":"92ba0d74-8a4c-41c0-ad86-d318fbd06754","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":641,"width":131,"height":11}},{"id":"d551a971-9a5d-4bc1-994c-fd22e64da331","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":641,"width":697,"height":11}},{"id":"2223f0aa-85b4-4d5e-b880-063dbc655999","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":655,"width":855,"height":12}},{"id":"02106421-d335-4b12-b752-fb55706e8df6","block_type":"box","text":"exposure to such a counterparty.","page_number":5,"box":{"x":81,"y":670,"width":240,"height":12}},{"id":"9df4c05a-9376-41f5-8214-44002ac00e80","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":82,"y":690,"width":100,"height":12}},{"id":"018ef66a-a89e-45ba-8ea0-e93821e9c5bf","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":690,"width":750,"height":12}},{"id":"9762b44b-b103-43d3-89ae-3086ce5637e2","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":705,"width":839,"height":11}},{"id":"8df0bdd3-4a19-42eb-9c03-57caee2d31f5","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":5,"box":{"x":81,"y":720,"width":293,"height":11}},{"id":"82256211-d4d6-47cd-b5c7-6385ecbf398b","block_type":"box","text":"Operational Risk","page_number":5,"box":{"x":82,"y":740,"width":120,"height":11}},{"id":"b6e7be77-3133-43ba-8c5a-cdf9e74254c3","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":5,"box":{"x":206,"y":740,"width":727,"height":11}},{"id":"6c13b501-8abc-4dda-91c2-f86b6fec1f4c","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":5,"box":{"x":82,"y":755,"width":607,"height":11}},{"id":"74073337-786d-4e46-8efd-fa86b3c9dc40","block_type":"box","text":"Legal Risk","page_number":5,"box":{"x":82,"y":775,"width":75,"height":11}},{"id":"579f87c7-6f76-4784-9f5e-d9a20350253d","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":775,"width":761,"height":11}},{"id":"219dd072-8e3d-465c-abea-224499e84251","block_type":"box","text":"enforceability of a contract.","page_number":5,"box":{"x":81,"y":789,"width":198,"height":12}},{"id":"d9728253-84c7-46e6-91f4-43574c9f4f5a","block_type":"box","text":"Volatility and Correlation Risk","page_number":5,"box":{"x":83,"y":810,"width":214,"height":11}},{"id":"4df79103-f628-4813-9ffc-c1ae807d6269","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":809,"width":590,"height":12}},{"id":"d9ed937d-8363-483d-b096-f52084ec9fe7","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":824,"width":775,"height":12}},{"id":"bbcf62e3-2b74-4554-bc2b-e732f4ce8d83","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":5,"box":{"x":81,"y":839,"width":589,"height":12}},{"id":"d73054f7-2346-4c3a-80fa-55298853b434","block_type":"box","text":"Valuation Risk","page_number":5,"box":{"x":83,"y":859,"width":102,"height":9}},{"id":"a14da6f9-b4f9-404e-869f-deb837bcd97b","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":859,"width":747,"height":12}},{"id":"99439c57-649c-4639-be23-9490b5869942","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":874,"width":783,"height":11}},{"id":"f6084780-e61a-4b7c-9a64-922fed906b7e","block_type":"box","text":"instruments or quote prices for them.","page_number":5,"box":{"x":82,"y":889,"width":273,"height":11}},{"id":"76a716e6-de3f-410b-ba1a-3dc2ec758587","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"cf0aac0e-21a6-4f72-8fb1-10cd4bcb12d5","block_type":"box","text":"NM1026U-5978939-5/44","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"ae5e776c-3cca-477c-b7f0-cb8ec474dc28","block_type":"box","text":"Hedging Risk","page_number":6,"box":{"x":82,"y":46,"width":95,"height":11}},{"id":"190c3d43-dacb-4cf5-8d0c-8f6d0e3fa78d","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":"0099eca4-9d49-4777-92b9-a2fc4bb8d56e","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":"e628a140-3e27-4d13-971b-9261820ca181","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":6,"box":{"x":82,"y":76,"width":354,"height":11}},{"id":"161ac2b1-c955-4efb-b42e-c63e2d504dcf","block_type":"box","text":"Tax Risk","page_number":6,"box":{"x":83,"y":96,"width":59,"height":8}},{"id":"6b42d87f-8d19-4f9d-bb20-a2f349041ae1","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":"8dad5ad9-e53d-4c25-a92f-a7faa79ff300","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":"e093dfd0-4c27-4554-bbc6-06188da556c9","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":"9473f3d2-2c2f-4508-8477-f01bade5dcc7","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":"80a98332-b3f9-4e51-b539-99663f6713bb","block_type":"box","text":"realizes from its investments.","page_number":6,"box":{"x":82,"y":155,"width":215,"height":9}},{"id":"55b54e95-fbea-4140-bcc1-b0ca6f2e7492","block_type":"box","text":"High Portfolio Turnover Risk","page_number":6,"box":{"x":81,"y":175,"width":212,"height":11}},{"id":"04ac65cf-2435-4526-827c-4a5743858fca","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":6,"box":{"x":297,"y":175,"width":629,"height":11}},{"id":"16a6a0db-bcb4-430a-bb3b-9e81dcc2b7af","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":6,"box":{"x":82,"y":189,"width":812,"height":12}},{"id":"c765c71f-13bf-4a20-86b2-dc40eab31536","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":6,"box":{"x":81,"y":204,"width":817,"height":11}},{"id":"87d14351-036d-4bca-b061-59c706476ef0","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":6,"box":{"x":81,"y":219,"width":760,"height":11}},{"id":"85355d80-d288-4b3a-a21f-238a2cd319ce","block_type":"box","text":"shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects","page_number":6,"box":{"x":81,"y":234,"width":852,"height":11}},{"id":"efeb79bb-5f7d-4d03-bf8f-1c532c31ab44","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":6,"box":{"x":81,"y":249,"width":589,"height":11}},{"id":"dffac132-8732-4c28-b602-b8ef5b76a90e","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":81,"y":269,"width":107,"height":11}},{"id":"5d588338-145c-421d-b616-0fedd78226e6","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":269,"width":741,"height":11}},{"id":"ff47926d-8f5b-4a15-ac81-bc7320e1115d","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":283,"width":853,"height":12}},{"id":"fac3bcc4-bc9f-4e54-b297-817e51f053b4","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":298,"width":856,"height":12}},{"id":"46ddfbe6-ce21-4664-836e-55887ef8576d","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules","page_number":6,"box":{"x":80,"y":313,"width":775,"height":12}},{"id":"75e4410a-fa44-4e2d-b652-afabaff0b9c4","block_type":"box","text":"thereunder. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses","page_number":6,"box":{"x":80,"y":328,"width":814,"height":12}},{"id":"b141f93d-b710-4abf-8e4d-1317268c79fa","block_type":"box","text":"leverage.","page_number":6,"box":{"x":82,"y":343,"width":63,"height":11}},{"id":"c98de95d-6829-4bab-bd44-060570695c8a","block_type":"box","text":"Market Risk and Selection Risk","page_number":6,"box":{"x":81,"y":363,"width":240,"height":9}},{"id":"653101a9-46a9-4cc6-935b-b7563a040065","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":363,"width":593,"height":9}},{"id":"a5534071-f6f5-4773-81de-40a0ba2ddfdf","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":378,"width":851,"height":11}},{"id":"446ebf01-ed02-45f6-8fb1-d7d78455004b","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":392,"width":824,"height":12}},{"id":"32e39d0f-aea5-45b3-9162-41273c0e0604","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":407,"width":851,"height":12}},{"id":"e7c40238-d4a7-4630-bc11-b788b3d4edb3","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":422,"width":802,"height":11}},{"id":"5494481b-27e4-4eec-817a-73ba87a8d98b","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":437,"width":849,"height":11}},{"id":"a368a818-8b77-44b0-a2c5-bf5b63221c0e","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":452,"width":843,"height":11}},{"id":"28be52e4-ea47-478e-9943-c6d05f81961e","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":467,"width":830,"height":11}},{"id":"42a9ecf2-1195-437d-92cf-188b1b1e8c62","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":481,"width":840,"height":12}},{"id":"b2cac938-fc59-43e5-ae33-dd3b2adcd635","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":496,"width":789,"height":12}},{"id":"c0b1d04f-edf3-41ff-832f-70cbdc3eadbb","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":511,"width":823,"height":12}},{"id":"f19f28b5-0500-4f6d-91f8-7d6efd1a98d6","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":6,"box":{"x":81,"y":526,"width":784,"height":11}},{"id":"6daf74a7-a48d-47ed-8199-14f2fd4bb884","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":6,"box":{"x":81,"y":541,"width":844,"height":11}},{"id":"9e5e1d31-1252-49df-8814-780f3eb3f155","block_type":"box","text":"The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis","page_number":6,"box":{"x":81,"y":556,"width":855,"height":11}},{"id":"a1fdb051-1b23-4eae-b559-aeb497bdd959","block_type":"box","text":"and is subject to “Model Risk” as described above.","page_number":6,"box":{"x":81,"y":571,"width":376,"height":11}},{"id":"0d0f94e7-5ec4-4da5-a7a3-a2c15d4a5deb","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":6,"box":{"x":82,"y":590,"width":818,"height":12}},{"id":"419e936f-358d-4e5a-809e-3b74d8281d96","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":6,"box":{"x":80,"y":605,"width":819,"height":12}},{"id":"a2e409d5-bb65-4995-9b7b-aea3cedd227e","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":6,"box":{"x":81,"y":620,"width":819,"height":12}},{"id":"e06037b2-12a9-4f39-a02c-afdc7cda7d9b","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":6,"box":{"x":81,"y":635,"width":846,"height":11}},{"id":"de54dfff-036b-43d2-afda-70b7f3007fef","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":6,"box":{"x":81,"y":650,"width":848,"height":11}},{"id":"3eaacbb6-632b-4783-aa72-4042dda5eff5","block_type":"box","text":"the Fund invests.","page_number":6,"box":{"x":80,"y":665,"width":125,"height":9}},{"id":"8edef12d-b8ae-44e2-ac61-9b7e5543cec9","block_type":"box","text":"Mid Cap Securities Risk","page_number":6,"box":{"x":81,"y":685,"width":182,"height":11}},{"id":"b96853a7-f647-4630-86aa-f3814a874f27","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":6,"box":{"x":267,"y":684,"width":665,"height":12}},{"id":"38b65840-3e3d-4201-a4c2-39c306171c51","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":6,"box":{"x":81,"y":699,"width":789,"height":12}},{"id":"f68b9772-e162-4ff0-9c06-d7d40d7ff943","block_type":"box","text":"“New Issues” Risk","page_number":6,"box":{"x":83,"y":719,"width":139,"height":9}},{"id":"3d2c4620-4444-49f2-bf14-3990c8c7d5cf","block_type":"box","text":"—","page_number":6,"box":{"x":227,"y":725,"width":17,"height":0}},{"id":"c45b7c22-07c8-45af-b77f-3f45d799bd37","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":6,"box":{"x":249,"y":719,"width":681,"height":12}},{"id":"e3c99674-6025-44f6-8499-05b368204516","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":6,"box":{"x":81,"y":734,"width":843,"height":11}},{"id":"ae22cc74-0419-42c4-a074-b67f13d4e5e3","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shortly after the IPO.","page_number":6,"box":{"x":81,"y":749,"width":517,"height":11}},{"id":"4eea36f2-de24-4942-9dc6-4f46f5081d86","block_type":"box","text":"Operational and Technology Risks","page_number":6,"box":{"x":82,"y":769,"width":254,"height":11}},{"id":"a55ae663-ba9d-4969-b40d-7666ac413a63","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":6,"box":{"x":340,"y":769,"width":578,"height":11}},{"id":"ef54ca68-2cca-4092-aa4a-6f87d2658837","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":6,"box":{"x":82,"y":784,"width":779,"height":11}},{"id":"82b1e254-83a9-4296-80e4-fb02f1b6d2b6","block_type":"box","text":"cybersecurity incidents, and the use of AI, which may result in losses for the Fund and its shareholders or may","page_number":6,"box":{"x":81,"y":798,"width":811,"height":12}},{"id":"9a85f4e1-b89b-48fc-b514-8384c2189829","block_type":"box","text":"impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":6,"box":{"x":82,"y":814,"width":806,"height":11}},{"id":"68d3deb7-1d88-4a62-baff-847ba647669b","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management","page_number":6,"box":{"x":82,"y":828,"width":853,"height":12}},{"id":"a8289ffa-356c-449b-ac73-b34c2af7cbe2","block_type":"box","text":"may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could","page_number":6,"box":{"x":82,"y":843,"width":841,"height":12}},{"id":"56da744d-85f2-4f54-9faa-d4dfc1234d90","block_type":"box","text":"also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":6,"box":{"x":81,"y":858,"width":808,"height":11}},{"id":"c16b2b88-994c-4f1b-a908-f307299ab0c0","block_type":"box","text":"issuers to lose value.","page_number":6,"box":{"x":82,"y":873,"width":155,"height":9}},{"id":"61ff716f-2cd7-4c50-977b-a97310d55963","block_type":"box","text":"Preferred Securities Risk","page_number":6,"box":{"x":81,"y":893,"width":189,"height":9}},{"id":"3e842207-45a6-4cd9-8b40-e14ef6900fca","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":6,"box":{"x":274,"y":893,"width":636,"height":11}},{"id":"4eacf9ab-34df-4606-9ace-ff17912343fb","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":6,"box":{"x":81,"y":907,"width":824,"height":12}},{"id":"7fdc0f90-5285-475e-abce-d2ace732dbe7","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"c5ade504-4e0e-46a4-b3f9-d0be86ac1617","block_type":"box","text":"NM1026U-5978939-6/44","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"cdbbd08a-ef87-4906-a5b2-91cb82bc51da","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":46,"width":806,"height":11}},{"id":"da746c91-43dc-411d-a47e-a27a99a1ec66","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":60,"width":842,"height":12}},{"id":"cf83cf8d-e2d8-454c-8197-00d092af86ef","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":75,"width":781,"height":12}},{"id":"f35fdbf1-7215-4862-b94e-a8eb2e30d0be","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":90,"width":812,"height":12}},{"id":"f61abc86-6ae1-45f8-8771-76df93564087","block_type":"box","text":"larger companies.","page_number":7,"box":{"x":82,"y":105,"width":129,"height":12}},{"id":"bc9825f9-3597-43bc-898e-24f5c7e8e9a8","block_type":"box","text":"Performance Information","page_number":7,"box":{"x":61,"y":144,"width":224,"height":11}},{"id":"891a5f99-8012-406c-abc9-94ab59368787","block_type":"box","text":"Effective June 12, 2017, the Fund changed its name, investment process and investment strategies. Performance for","page_number":7,"box":{"x":62,"y":170,"width":867,"height":12}},{"id":"11f9cf60-92e0-4fed-b45e-0d2226400983","block_type":"box","text":"the periods prior to June 12, 2017 shown below is based on the investment process and investment strategies utilized","page_number":7,"box":{"x":60,"y":185,"width":876,"height":11}},{"id":"88a4a65c-7a8a-4030-81bf-69db3a14a0a1","block_type":"box","text":"by the Fund at that time under the name “BlackRock Global Opportunities Portfolio.”","page_number":7,"box":{"x":61,"y":200,"width":619,"height":11}},{"id":"9600246b-9050-4cbd-a0ea-64153e12f20b","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":7,"box":{"x":60,"y":222,"width":855,"height":12}},{"id":"3cd6ad95-7245-45e8-a79a-ee6c19c43118","block_type":"box","text":"risks of investing in the Fund. Class K Shares commenced operations on January 25, 2018. 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The performance of Class K Shares would be substantially similar to Institutional Shares","page_number":7,"box":{"x":61,"y":267,"width":853,"height":11}},{"id":"c5af1881-8efb-4260-819a-44f307ac23ad","block_type":"box","text":"because Class K Shares and Institutional Shares are invested in the same portfolio of securities and performance","page_number":7,"box":{"x":61,"y":282,"width":842,"height":11}},{"id":"27e4bc8b-6cf1-46c3-aa0b-96228457a59c","block_type":"box","text":"would differ only to the extent that Institutional Shares and Class K Shares have different expenses. The actual","page_number":7,"box":{"x":60,"y":296,"width":820,"height":12}},{"id":"cf7a0336-7c28-4492-9c3d-34049d097819","block_type":"box","text":"returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have","page_number":7,"box":{"x":61,"y":311,"width":873,"height":12}},{"id":"33cce74b-60d1-47ad-80ab-02a81ce9cf1c","block_type":"box","text":"lower expenses than the Institutional Shares. The table compares the Fund’s performance to that of the MSCI EAFE","page_number":7,"box":{"x":62,"y":326,"width":851,"height":11}},{"id":"08105843-9d8f-4411-a398-aa4b3a8a59c3","block_type":"box","text":"Index (Net). To the extent that dividends and distributions have been paid by the Fund, the performance information for","page_number":7,"box":{"x":62,"y":341,"width":873,"height":11}},{"id":"0ebc5116-ff93-4167-a16e-e1491c2cad0c","block_type":"box","text":"the Fund in the chart and table assumes reinvestment of the dividends and distributions. As with all such investments,","page_number":7,"box":{"x":60,"y":356,"width":875,"height":10}},{"id":"b418e0c0-0a11-4bc9-8e75-8f512d1bb995","block_type":"box","text":"past performance (before and after taxes) is not an indication of future results. The table includes all applicable fees.","page_number":7,"box":{"x":62,"y":370,"width":863,"height":12}},{"id":"9132d0f9-607a-4552-b69f-ae2e270672e2","block_type":"box","text":"If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s","page_number":7,"box":{"x":62,"y":385,"width":852,"height":12}},{"id":"6da86612-0e3b-4e52-b10e-293db9efdc30","block_type":"box","text":"returns would have been lower. Updated information on the Fund’s performance, including its current net asset value,","page_number":7,"box":{"x":61,"y":400,"width":865,"height":12}},{"id":"49f36c95-0afb-476d-9a9a-ae853acd0d69","block_type":"box","text":"can be obtained by visiting www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":7,"box":{"x":61,"y":415,"width":705,"height":12}},{"id":"4e38e6e2-7673-4711-8f96-28b55206d2af","block_type":"box","text":"Class K Shares","page_number":7,"box":{"x":437,"y":438,"width":124,"height":10}},{"id":"fdf58e9d-0895-4c47-8227-9afeaf184755","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":7,"box":{"x":392,"y":454,"width":212,"height":10}},{"id":"8daf3283-22b9-4459-aa0f-3647485a7941","block_type":"box","text":"BlackRock Advantage International Fund","page_number":7,"box":{"x":330,"y":470,"width":338,"height":13}},{"id":"642ab59e-cc4d-4ee8-abcb-195099d79b52","block_type":"box","text":"As of 12/31","page_number":7,"box":{"x":447,"y":486,"width":103,"height":13}},{"id":"979dded0-3d70-4d1a-a075-8eac744fe8a6","block_type":"box","text":"3.23%","page_number":7,"box":{"x":295,"y":597,"width":37,"height":7}},{"id":"697937e1-e775-430f-9532-636ebbee3bb0","block_type":"box","text":"24.20%","page_number":7,"box":{"x":339,"y":543,"width":45,"height":7}},{"id":"e11e6bee-678f-4efe-aa15-f07b87d440d0","block_type":"box","text":"-15.06%","page_number":7,"box":{"x":385,"y":660,"width":49,"height":7}},{"id":"8c2ec795-7ef2-4a4f-845c-8b1c6c61c809","block_type":"box","text":"21.75%","page_number":7,"box":{"x":436,"y":549,"width":45,"height":8}},{"id":"c855534e-2417-4508-9a59-818e04d02baa","block_type":"box","text":"7.41%","page_number":7,"box":{"x":488,"y":586,"width":37,"height":8}},{"id":"c5989b6d-5b95-4278-8eca-2d54663fc806","block_type":"box","text":"13.08%","page_number":7,"box":{"x":532,"y":572,"width":45,"height":7}},{"id":"da1bd9d2-c3cb-4158-9c3f-621ec65c82a2","block_type":"box","text":"-13.42%","page_number":7,"box":{"x":578,"y":655,"width":49,"height":8}},{"id":"aeb1978f-48d4-4eae-a251-ef78dc5dd8b5","block_type":"box","text":"19.49%","page_number":7,"box":{"x":629,"y":555,"width":44,"height":7}},{"id":"cf0d7acb-a97a-4c4e-982d-4d3e9fea6b32","block_type":"box","text":"6.81%","page_number":7,"box":{"x":681,"y":588,"width":36,"height":7}},{"id":"d5c01fa3-6194-47cb-90fa-dfde1cdc5450","block_type":"box","text":"32.51%","page_number":7,"box":{"x":725,"y":521,"width":45,"height":8}},{"id":"69766683-bd1f-4f77-81bf-3894127ba7b5","block_type":"box","text":"-20%","page_number":7,"box":{"x":237,"y":665,"width":28,"height":7}},{"id":"23b641da-c222-4252-b463-338db208e70c","block_type":"box","text":"-10%","page_number":7,"box":{"x":237,"y":639,"width":28,"height":7}},{"id":"a129ca56-b903-491b-bdd1-35bae6d81467","block_type":"box","text":"0%","page_number":7,"box":{"x":248,"y":613,"width":17,"height":7}},{"id":"c4d9f53e-9f6b-435a-9d0f-9e1609f3ce48","block_type":"box","text":"10%","page_number":7,"box":{"x":241,"y":587,"width":24,"height":8}},{"id":"51d102d5-0d8d-4c35-b401-2cb2bc82551e","block_type":"box","text":"20%","page_number":7,"box":{"x":240,"y":561,"width":25,"height":8}},{"id":"65277c03-7dd1-44b3-a0c6-16f6fd7938ec","block_type":"box","text":"30%","page_number":7,"box":{"x":240,"y":535,"width":25,"height":8}},{"id":"9a227308-3c53-4648-abaf-2dcdf2def4c3","block_type":"box","text":"40%","page_number":7,"box":{"x":240,"y":509,"width":25,"height":8}},{"id":"c18b381d-a7ff-443e-8667-1d65b6fab4b2","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":7,"box":{"x":298,"y":675,"width":465,"height":7}},{"id":"be56ae7b-879b-46fb-9e87-563afdf959d8","block_type":"box","text":"During the ten-year period shown in the bar chart, the highest return for a quarter was 18.30% (quarter ended","page_number":7,"box":{"x":62,"y":695,"width":806,"height":12}},{"id":"6723eefa-7458-4280-86a1-f169ebbac4f7","block_type":"box","text":"December 31, 2022) and the lowest return for a quarter was -24.53% (quarter ended March 31, 2020). The year-to","page_number":7,"box":{"x":62,"y":710,"width":853,"height":12}},{"id":"0390b01b-fedd-4a85-b35b-8f701f1ecc60","block_type":"box","text":"date return as of June 30, 2026 was 11.16%.","page_number":7,"box":{"x":61,"y":725,"width":337,"height":11}},{"id":"4bf7068f-c1cc-467b-9c7d-5bb22d746505","block_type":"box","text":"For the periods ended 12/31/25","page_number":7,"box":{"x":70,"y":754,"width":223,"height":10}},{"id":"7e438273-f97d-47f9-92c8-7c64114ea220","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":7,"box":{"x":69,"y":765,"width":854,"height":11}},{"id":"5d8888d9-1b1f-446e-8688-49cc832f8a57","block_type":"box","text":"BlackRock Advantage International Fund — Class K Shares","page_number":7,"box":{"x":70,"y":783,"width":389,"height":11}},{"id":"0f492c08-6840-482a-b5e4-d7f8e8678a3e","block_type":"box","text":"Return Before Taxes 32.51% 10.61% 8.96%","page_number":7,"box":{"x":85,"y":796,"width":835,"height":8}},{"id":"b1009e05-58c9-4685-80c9-03b80ad6afde","block_type":"box","text":"Return After Taxes on Distributions 29.48% 9.09% 8.02%","page_number":7,"box":{"x":85,"y":809,"width":835,"height":8}},{"id":"be1ebefd-18b4-47a9-8d23-6eb1a2a83c01","block_type":"box","text":"Return After Taxes on Distributions","page_number":7,"box":{"x":85,"y":822,"width":228,"height":8}},{"id":"eeed64c6-e3e5-49cc-9cd3-347b9f0e66e8","block_type":"box","text":"and Sale of Fund Shares 19.92% 7.96% 7.08%","page_number":7,"box":{"x":85,"y":834,"width":835,"height":8}},{"id":"32108fa2-e024-4ba3-8fd5-7958b1c63525","block_type":"box","text":"MSCI EAFE Index (Net)","page_number":7,"box":{"x":70,"y":852,"width":146,"height":10}},{"id":"65a525e5-6a7e-40bf-96bf-2983a9c71f23","block_type":"box","text":"1","page_number":7,"box":{"x":218,"y":852,"width":3,"height":4}},{"id":"47c810d1-e35b-4d04-a719-4c01a2c1d6da","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes, except for withholding","page_number":7,"box":{"x":69,"y":865,"width":486,"height":11}},{"id":"9ca0c273-554b-4b8f-abde-9f03148c92dc","block_type":"box","text":"taxes on reinvested dividends) 31.22% 8.92% 8.18%","page_number":7,"box":{"x":69,"y":879,"width":851,"height":10}},{"id":"488c4143-6055-44fd-abd7-7f6fd992d066","block_type":"box","text":"1","page_number":7,"box":{"x":61,"y":898,"width":3,"height":4}},{"id":"1a606db0-e6f8-4a5d-b260-7d19bdaa14af","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":7,"box":{"x":65,"y":898,"width":819,"height":10}},{"id":"5eb47a2e-b906-4d8d-ba36-2081425fa4f9","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":7,"box":{"x":61,"y":909,"width":870,"height":9}},{"id":"63d059d3-21bf-42e2-9cdf-74ab05db58f7","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"29e6d99c-7a3f-4c5e-87d4-6bb45b8fe601","block_type":"box","text":"NM1026U-5978939-7/44","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"fdd5ad72-7db1-4546-a701-378966100013","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":8,"box":{"x":60,"y":46,"width":862,"height":9}},{"id":"01657e3f-baee-41b7-acdc-806fff76112a","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":8,"box":{"x":60,"y":56,"width":674,"height":10}},{"id":"df69ea14-2fa5-47c0-bebf-bf86a7f16ea7","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":8,"box":{"x":60,"y":82,"width":840,"height":11}},{"id":"2eccf475-e25c-4a37-92d4-051461a91798","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":8,"box":{"x":61,"y":97,"width":835,"height":11}},{"id":"515f40c0-e682-436e-8d36-46bbabaf61ea","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":8,"box":{"x":61,"y":111,"width":851,"height":12}},{"id":"91de1b97-b6fb-4e9e-9bbf-81970a32e322","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":8,"box":{"x":60,"y":126,"width":611,"height":12}},{"id":"b70a25f5-aed7-4188-9c03-0695c81a8a63","block_type":"box","text":"Investment Manager","page_number":8,"box":{"x":62,"y":165,"width":187,"height":14}},{"id":"e3967dc9-522f-446f-86e4-be024e5cfc34","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":8,"box":{"x":60,"y":191,"width":709,"height":12}},{"id":"91776106-8c3a-4ebf-8ec9-108f01b94ff2","block_type":"box","text":"Portfolio Managers","page_number":8,"box":{"x":61,"y":230,"width":173,"height":14}},{"id":"337a6cff-e0ef-49de-ba2b-292865622de2","block_type":"box","text":"Portfolio Manager","page_number":8,"box":{"x":70,"y":274,"width":121,"height":10}},{"id":"0ff7e32d-3f72-42f1-8754-6f7d764bfee6","block_type":"box","text":"Portfolio Manager","page_number":8,"box":{"x":340,"y":263,"width":121,"height":10}},{"id":"b25c8d2a-c632-4f3a-8d72-d1f0acfb7844","block_type":"box","text":"of the Fund Since Title","page_number":8,"box":{"x":341,"y":274,"width":425,"height":8}},{"id":"86ae0516-a556-4718-b36b-10f26cbc0571","block_type":"box","text":"Raffaele Savi 2017 Senior Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":70,"y":292,"width":825,"height":11}},{"id":"c40cb547-ac67-485d-8217-c52d243e1513","block_type":"box","text":"Kevin Franklin 2017 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":70,"y":310,"width":802,"height":11}},{"id":"285e73dc-eeba-4c12-b35e-19e1b868bd3e","block_type":"box","text":"Richard Mathieson 2017 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":70,"y":328,"width":802,"height":11}},{"id":"82cb7d4a-7fa8-478a-8a5c-77711d32d975","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":8,"box":{"x":61,"y":369,"width":309,"height":11}},{"id":"a479653e-eb86-4a85-850c-05113cc624de","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":8,"box":{"x":61,"y":395,"width":859,"height":12}},{"id":"c6b5f3f5-3615-460a-a09c-3db9cf34ef10","block_type":"box","text":"and certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively,","page_number":8,"box":{"x":61,"y":410,"width":844,"height":11}},{"id":"49de69b9-8e5b-4ded-8dc2-6507bf3f32e9","block_type":"box","text":"“Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies and other pooled","page_number":8,"box":{"x":62,"y":425,"width":791,"height":11}},{"id":"3500f50f-58fd-4ba1-87f7-978a33d5f9e8","block_type":"box","text":"investment vehicles, each of which may purchase shares of the Fund through a Financial Intermediary that has entered","page_number":8,"box":{"x":62,"y":439,"width":874,"height":12}},{"id":"587e9f40-f7f6-4369-8e08-82c7cc8b8b44","block_type":"box","text":"into an agreement with the Fund’s distributor to purchase such shares, (iii) “Institutional Investors,” which include, but","page_number":8,"box":{"x":62,"y":455,"width":871,"height":11}},{"id":"6c9546c8-5752-4b08-8ebf-dff95843a099","block_type":"box","text":"are not limited to, endowments, foundations, family offices, banks and bank trusts, local, city, and state governmental","page_number":8,"box":{"x":61,"y":469,"width":870,"height":12}},{"id":"16e5da73-901a-4fa8-95ec-bfe74435f608","block_type":"box","text":"institutions, corporations and insurance company separate accounts, each of which may purchase shares of the Fund","page_number":8,"box":{"x":62,"y":484,"width":863,"height":11}},{"id":"e08d835b-692f-4ee6-bdcf-bc146771c74a","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such","page_number":8,"box":{"x":60,"y":499,"width":832,"height":11}},{"id":"bc2c4a25-e4ab-494b-93da-687c3c28b598","block_type":"box","text":"shares, (iv) clients of private banks that purchase shares of the Fund through a Financial Intermediary that has","page_number":8,"box":{"x":61,"y":514,"width":815,"height":11}},{"id":"94fe22db-abaf-4dc3-abb3-d891dee9fe57","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":8,"box":{"x":61,"y":528,"width":816,"height":12}},{"id":"2342f6cc-3949-4f06-a4e6-3e69b1620e0b","block_type":"box","text":"Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s distributor and/or","page_number":8,"box":{"x":62,"y":543,"width":867,"height":12}},{"id":"b7a4e784-e313-43e3-a699-44ec3ca98cdd","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":8,"box":{"x":62,"y":558,"width":868,"height":12}},{"id":"411c590b-9751-4ae5-bbf1-4faa249a3489","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":8,"box":{"x":61,"y":573,"width":874,"height":11}},{"id":"06bc6846-5996-46d4-b974-6d52b983e5ff","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":8,"box":{"x":61,"y":588,"width":859,"height":11}},{"id":"f0ef4601-36e6-4baa-b29f-291a29488929","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":8,"box":{"x":60,"y":603,"width":857,"height":11}},{"id":"24c0a6be-6dab-42a7-8ed3-8473886d9318","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. Purchase orders may","page_number":8,"box":{"x":60,"y":625,"width":874,"height":12}},{"id":"d74e52ac-6496-48bf-9e71-e4a84e58f812","block_type":"box","text":"also be placed by calling (800) 537-4942, by mail (c/o BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-","page_number":8,"box":{"x":61,"y":640,"width":868,"height":12}},{"id":"9e5fd8d6-5375-46ec-bb89-cc3981e20672","block_type":"box","text":"4429), or online at www.blackrock.com. Institutional Investors are subject to a $5 million minimum initial investment","page_number":8,"box":{"x":61,"y":654,"width":857,"height":12}},{"id":"76f0a610-06ca-4d25-95a4-3ff47a9af88f","block_type":"box","text":"requirement. Other investors, including Employer-Sponsored Retirement Plans, have no minimum initial investment","page_number":8,"box":{"x":61,"y":670,"width":842,"height":11}},{"id":"4e9acc12-885d-4eda-95bb-00879219a653","block_type":"box","text":"requirement. There is no minimum investment amount for additional purchases.","page_number":8,"box":{"x":61,"y":684,"width":586,"height":12}},{"id":"5c4deeba-d5a1-4ff9-a278-af49a67a741c","block_type":"box","text":"Tax Information","page_number":8,"box":{"x":63,"y":723,"width":138,"height":11}},{"id":"34cd562d-5205-42fc-aef4-ab4ada102fcc","block_type":"box","text":"Different income tax rules apply depending on whether you are invested through a qualified tax-exempt plan described","page_number":8,"box":{"x":62,"y":749,"width":865,"height":12}},{"id":"e72dfb44-59f2-45a7-b88d-784ec4d52dec","block_type":"box","text":"in section 401(a) of the Internal Revenue Code of 1986, as amended. If you are invested through such a plan (and","page_number":8,"box":{"x":62,"y":764,"width":842,"height":12}},{"id":"f32e18db-9b7d-4532-8e3e-75a294c77a37","block_type":"box","text":"Fund shares are not “debt-financed property” to the plan), then the dividends paid by the Fund and the gain realized","page_number":8,"box":{"x":62,"y":779,"width":850,"height":12}},{"id":"a5240e6b-5e38-4293-aecf-a05eb7274c42","block_type":"box","text":"from a redemption or exchange of Fund shares will generally not be subject to U.S. federal income taxes until you","page_number":8,"box":{"x":60,"y":794,"width":833,"height":12}},{"id":"e21dadb9-c8df-43e1-8871-168c0f419a2c","block_type":"box","text":"withdraw or receive distributions from the plan. If you are not invested through such a plan, then the Fund’s dividends","page_number":8,"box":{"x":60,"y":809,"width":865,"height":11}},{"id":"0038b9a9-2b52-4fa0-bb89-6acef4627876","block_type":"box","text":"and gain from a redemption or exchange may be subject to U.S. federal income taxes and may be taxed as ordinary","page_number":8,"box":{"x":61,"y":824,"width":851,"height":11}},{"id":"771b7b44-6fc9-473a-a610-dd41face1b2c","block_type":"box","text":"income or capital gains, unless you are a tax-exempt investor.","page_number":8,"box":{"x":62,"y":839,"width":451,"height":11}},{"id":"a6734794-063e-4a8d-941c-9a9e8d5cf9a7","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries","page_number":8,"box":{"x":61,"y":877,"width":578,"height":14}},{"id":"ba3f6c6a-e8cc-4fa0-a58b-e53ee62dc5e7","block_type":"box","text":"If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the","page_number":8,"box":{"x":62,"y":904,"width":848,"height":11}},{"id":"b61768ef-3659-4c20-97b1-e3579edb87c3","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":8,"box":{"x":62,"y":918,"width":868,"height":12}},{"id":"5d0cc40e-f2e6-450c-8131-019d3b50bb2c","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"8597e5a0-7e65-487b-a4cf-cf783ebb8c6f","block_type":"box","text":"NM1026U-5978939-8/44","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"9dddf3af-bd9c-4f6e-8d4f-ba9b573b9486","block_type":"box","text":"These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial","page_number":9,"box":{"x":60,"y":46,"width":867,"height":11}},{"id":"70cc3281-f026-43aa-a738-6bdb4778b461","block_type":"box","text":"professional to recommend the Fund over another investment.","page_number":9,"box":{"x":62,"y":60,"width":455,"height":12}},{"id":"872f5f8a-f3ae-4fa0-a6ad-38a6615ca8e6","block_type":"box","text":"Class K Shares are only available through a Financial Intermediary if the Financial Intermediary will not receive from","page_number":9,"box":{"x":61,"y":83,"width":849,"height":12}},{"id":"ff609c4d-9f60-4418-ac26-23a6a5f1fa5c","block_type":"box","text":"Fund assets, or the Fund’s distributor’s or an affiliate’s resources, any commission payments, shareholder servicing","page_number":9,"box":{"x":62,"y":98,"width":857,"height":11}},{"id":"96f7cee4-d4dd-4064-b1ef-6df4f5f89e0f","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":9,"box":{"x":60,"y":113,"width":869,"height":11}},{"id":"9b05320c-7825-457c-b3f5-d791cc5513b8","block_type":"box","text":"assets invested in Class K Shares.","page_number":9,"box":{"x":61,"y":128,"width":256,"height":9}},{"id":"b43a967c-e91c-498d-9467-e514b7530ba5","block_type":"box","text":"Ask your individual financial professional or visit your Financial Intermediary’s website for more information.","page_number":9,"box":{"x":60,"y":150,"width":790,"height":11}},{"id":"d21c50f3-a014-4c33-8c31-3d7c65f99aca","block_type":"box","text":"9","page_number":9,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"581ee625-7de9-4e72-9515-e3e7a50ef1ab","block_type":"box","text":"NM1026U-5978939-9/44","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"83c52898-db1e-44a9-91cc-77049f04d3e0","block_type":"box","text":"Details About the Fund","page_number":10,"box":{"x":65,"y":82,"width":494,"height":27}},{"id":"6734d2e6-936d-40c3-943a-c25d9c7fba65","block_type":"box","text":"Included in this prospectus are sections that tell you about buying and selling shares, management information,","page_number":10,"box":{"x":62,"y":146,"width":821,"height":12}},{"id":"a77d670a-5168-4995-858a-1e89b7034015","block_type":"box","text":"shareholder features of BlackRock Advantage International Fund (the “Fund”), a series of BlackRock Funds","page_number":10,"box":{"x":61,"y":161,"width":781,"height":12}},{"id":"1fdd0672-35da-45bf-86ae-ac885ad7689d","block_type":"box","text":"SM","page_number":10,"box":{"x":843,"y":161,"width":11,"height":5}},{"id":"301f72db-d7f6-4368-9325-8af5545acd56","block_type":"box","text":"(the","page_number":10,"box":{"x":861,"y":161,"width":27,"height":11}},{"id":"c89db4ab-9f7b-4dc0-9b86-491d0be49978","block_type":"box","text":"“Trust”), and your rights as a shareholder.","page_number":10,"box":{"x":62,"y":176,"width":306,"height":11}},{"id":"c91b4479-e040-4aee-a57a-3d830d786059","block_type":"box","text":"How the Fund 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Process","page_number":10,"box":{"x":61,"y":318,"width":163,"height":10}},{"id":"42c21398-f646-4a5b-91c7-2feb660d0156","block_type":"box","text":"The Fund seeks to pursue its investment objective by investing in international securities in a disciplined manner, by","page_number":10,"box":{"x":60,"y":335,"width":855,"height":11}},{"id":"fef240c8-4d30-4e31-8365-604e4f9233c6","block_type":"box","text":"using proprietary return forecast models that incorporate quantitative analysis. 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The Fund has no stated minimum holding period for investments and may buy or sell","page_number":10,"box":{"x":61,"y":409,"width":832,"height":11}},{"id":"60716f22-551e-4347-91ad-8f7a45e7d36b","block_type":"box","text":"securities whenever Fund management sees an appropriate opportunity. The Fund may engage in active and frequent","page_number":10,"box":{"x":61,"y":423,"width":861,"height":12}},{"id":"4552f894-bd26-42cd-b339-f7ad64ce48df","block_type":"box","text":"trading of its investments.","page_number":10,"box":{"x":60,"y":438,"width":191,"height":12}},{"id":"aed5c064-09b2-466f-9bad-1b0e602dc1b8","block_type":"box","text":"The investment process leverages fundamentally informed and data-driven insights, which may use a range of factors","page_number":10,"box":{"x":60,"y":461,"width":862,"height":11}},{"id":"07afe3fc-4895-48e0-ac35-3ea238e1951d","block_type":"box","text":"to generate investment ideas, including macroeconomic inputs, company fundamentals, machine learning and artificial","page_number":10,"box":{"x":60,"y":476,"width":873,"height":11}},{"id":"55229aa6-cf4e-4698-9a96-12b2cdab611f","block_type":"box","text":"intelligence methods including large language models, sentiment analysis, factor and thematic insights, and measures","page_number":10,"box":{"x":62,"y":490,"width":871,"height":12}},{"id":"8a4908d3-24f3-460e-acd5-d34a456105eb","block_type":"box","text":"of whether a security is over- or under-valued.","page_number":10,"box":{"x":61,"y":505,"width":331,"height":12}},{"id":"8406eb70-a587-4ab4-9363-637ab28ab578","block_type":"box","text":"Principal Investment Strategies","page_number":10,"box":{"x":61,"y":528,"width":262,"height":13}},{"id":"df553ec1-128c-485f-a0e3-e9140296bf6d","block_type":"box","text":"Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any","page_number":10,"box":{"x":62,"y":545,"width":798,"height":11}},{"id":"926e21ed-bd24-4abb-a9af-7cd5d2768023","block_type":"box","text":"borrowings for investment purposes in non-U.S. equity securities and equity-like instruments of companies that are","page_number":10,"box":{"x":61,"y":559,"width":843,"height":12}},{"id":"e6a882e0-6108-49b5-9248-0f4ef738ffa6","block_type":"box","text":"components of, or have characteristics similar to, the companies included in the MSCI EAFE","page_number":10,"box":{"x":61,"y":574,"width":676,"height":11}},{"id":"517d22d5-3828-469a-9e88-79330ab84530","block_type":"box","text":"®","page_number":10,"box":{"x":737,"y":575,"width":6,"height":4}},{"id":"1fc13ea3-9d86-4938-a1cb-f53a888c90ea","block_type":"box","text":"Index (the “MSCI EAFE","page_number":10,"box":{"x":750,"y":574,"width":164,"height":11}},{"id":"904e47fc-c674-4674-aa53-edc75f1cc133","block_type":"box","text":"Index”) and derivatives that are tied economically to securities of the MSCI EAFE Index. Investments in derivatives are","page_number":10,"box":{"x":62,"y":589,"width":864,"height":11}},{"id":"65a3ca8d-6374-4bf8-b048-17ab1596a491","block_type":"box","text":"counted toward the Fund’s 80% policy to the extent that they provide investment exposure to the securities included","page_number":10,"box":{"x":61,"y":604,"width":853,"height":11}},{"id":"9ea71dce-108f-4368-a8a9-20e2a87c4897","block_type":"box","text":"within that policy or to one or more market risk factors associated with such securities. This policy is a non","page_number":10,"box":{"x":60,"y":619,"width":791,"height":11}},{"id":"3b06527c-c851-4c61-b52f-f2eb59aa82c8","block_type":"box","text":"fundamental policy of the Fund and may not be changed without 60 days’ prior notice to shareholders. The MSCI EAFE","page_number":10,"box":{"x":60,"y":633,"width":869,"height":12}},{"id":"8fadfcb1-eed8-407f-8032-dfdb8bb9241e","block_type":"box","text":"Index is a capitalization-weighted index from a broad range of industries chosen for market size, liquidity and industry","page_number":10,"box":{"x":62,"y":648,"width":861,"height":12}},{"id":"bbcf65f9-fade-43e7-932d-9546436f3ce6","block_type":"box","text":"group representation.","page_number":10,"box":{"x":60,"y":663,"width":157,"height":12}},{"id":"c30e25a9-b21d-46fd-b29f-3d491d4f1c93","block_type":"box","text":"Equity securities include common stock and preferred stock. The Fund primarily seeks to buy common stock and may","page_number":10,"box":{"x":62,"y":686,"width":861,"height":11}},{"id":"b2a27a34-122b-4dc1-b839-36022a0f5df4","block_type":"box","text":"also invest in preferred stock. From time to time, the Fund may invest in shares of companies through “new issues” or","page_number":10,"box":{"x":61,"y":701,"width":873,"height":11}},{"id":"c3755b12-d54c-4b44-91d5-c31180cb2583","block_type":"box","text":"initial public offerings (“IPOs”). The Fund may also purchase convertible securities.","page_number":10,"box":{"x":62,"y":715,"width":607,"height":12}},{"id":"74345cdc-64f9-4a5d-8eca-afe92e72a9eb","block_type":"box","text":"The Fund will invest in securities of non-U.S. issuers that can be U.S. dollar based or non-U.S. dollar based on a","page_number":10,"box":{"x":60,"y":738,"width":823,"height":9}},{"id":"d3631e20-4355-4482-9ad7-d2adc718cc97","block_type":"box","text":"hedged or unhedged basis. The Fund may enter into currency transactions on a hedged or unhedged basis in order to","page_number":10,"box":{"x":61,"y":753,"width":862,"height":11}},{"id":"e5cbbfcf-bbc2-4842-9133-ed42e0a034d4","block_type":"box","text":"seek total return.","page_number":10,"box":{"x":61,"y":768,"width":125,"height":9}},{"id":"51330677-09c0-40b6-af81-6c40fe177aaf","block_type":"box","text":"The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps, some","page_number":10,"box":{"x":60,"y":790,"width":875,"height":12}},{"id":"b6efd5ed-0d9e-4b46-9af9-f7987c2565a2","block_type":"box","text":"of which may be referred to as contracts for difference) and forward contracts, both to seek to increase the return of","page_number":10,"box":{"x":61,"y":805,"width":859,"height":11}},{"id":"acede2ce-e5c8-4a4c-91dc-24eed6b751c7","block_type":"box","text":"the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates,","page_number":10,"box":{"x":60,"y":820,"width":839,"height":11}},{"id":"5ef408d5-95c1-472a-98c8-e8c00f019be1","block_type":"box","text":"interest rates and movements in the securities markets. In order to manage cash flows into or out of the Fund","page_number":10,"box":{"x":62,"y":835,"width":808,"height":11}},{"id":"2ade18bc-f825-4e31-806b-c0fe1708834a","block_type":"box","text":"effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial","page_number":10,"box":{"x":61,"y":849,"width":872,"height":12}},{"id":"e2a9e476-e7d3-43bd-b10a-1d3406316dfe","block_type":"box","text":"instruments whose value is derived from another security, a currency or an index, including but not limited to the MSCI","page_number":10,"box":{"x":62,"y":864,"width":868,"height":12}},{"id":"7840accd-06b8-431b-8278-16247b10daeb","block_type":"box","text":"EAFE Index. The use of options, futures, swaps (including, but not limited to, total return swaps, some of which may be","page_number":10,"box":{"x":62,"y":879,"width":873,"height":12}},{"id":"06148832-db0b-43de-bfb2-efc2c467f0cf","block_type":"box","text":"referred to as contracts for difference) and forward contracts can be effective in protecting or enhancing the value of","page_number":10,"box":{"x":61,"y":894,"width":859,"height":11}},{"id":"b8efaac1-2308-4245-8856-39bb65e31591","block_type":"box","text":"the Fund’s assets.","page_number":10,"box":{"x":60,"y":909,"width":136,"height":9}},{"id":"c5b7576c-bbb0-4c98-a769-5b9448d60b7c","block_type":"box","text":"10","page_number":10,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"67b81389-c223-468e-8395-d9ef53b340eb","block_type":"box","text":"NM1026U-5978939-10/44","page_number":10,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9c4a2cca-2401-4556-b4a7-35cec40edc22","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":11,"box":{"x":61,"y":46,"width":327,"height":13}},{"id":"72aba3d3-4567-49e6-ab2e-d81ba499455e","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":11,"box":{"x":62,"y":62,"width":870,"height":12}},{"id":"8a7516ff-46f9-4f62-995c-71c92bf71ac7","block_type":"box","text":"investments/strategies:","page_number":11,"box":{"x":62,"y":77,"width":173,"height":12}},{"id":"8ab64cfc-b191-4837-a0d2-f2dfd1630433","block_type":"box","text":"Depositary Receipts","page_number":11,"box":{"x":81,"y":97,"width":152,"height":12}},{"id":"260f58b4-7429-498d-8eaa-f55e7172218c","block_type":"box","text":"— The Fund may invest in securities of foreign issuers in the form of depositary receipts or","page_number":11,"box":{"x":238,"y":97,"width":671,"height":12}},{"id":"6e12b05d-23bc-4354-ad92-809d8dbe9dc2","block_type":"box","text":"other securities that are convertible into securities of foreign issuers. American Depositary Receipts are receipts","page_number":11,"box":{"x":81,"y":112,"width":829,"height":12}},{"id":"25e7665f-137c-4280-b9ae-dbbb1970c9b9","block_type":"box","text":"typically issued by an American bank or trust company that evidence underlying securities issued by a foreign","page_number":11,"box":{"x":80,"y":127,"width":802,"height":11}},{"id":"1e103623-3932-4fd4-99d8-57ef6c9d3940","block_type":"box","text":"corporation. European Depositary Receipts (issued in Europe) and Global Depositary Receipts (issued throughout","page_number":11,"box":{"x":81,"y":142,"width":833,"height":11}},{"id":"948fe113-19ca-47cd-991b-ac7c27bcd8ff","block_type":"box","text":"the world) each evidence a similar ownership arrangement. The Fund may invest in unsponsored depositary","page_number":11,"box":{"x":80,"y":157,"width":791,"height":11}},{"id":"0e2e3082-8a15-4a3e-aadc-fff3fbea58a2","block_type":"box","text":"receipts.","page_number":11,"box":{"x":82,"y":172,"width":61,"height":11}},{"id":"58634db4-e81b-4a88-ad80-28929606b9fe","block_type":"box","text":"Emerging Markets Issuers","page_number":11,"box":{"x":81,"y":191,"width":198,"height":12}},{"id":"73a70afa-2a05-4ecb-9c22-96d6b8009c34","block_type":"box","text":"— The Fund may also invest a portion of its assets in securities of issuers located in","page_number":11,"box":{"x":283,"y":191,"width":626,"height":12}},{"id":"787f731a-b554-401a-8c1e-8efc407eec1f","block_type":"box","text":"emerging markets.","page_number":11,"box":{"x":81,"y":206,"width":136,"height":12}},{"id":"3f4cb990-6839-42ae-9527-86e7fd4a188a","block_type":"box","text":"Illiquid Investments","page_number":11,"box":{"x":81,"y":226,"width":148,"height":11}},{"id":"0bbc17d2-3ce0-4c32-bb82-315dd7517d14","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":11,"box":{"x":233,"y":226,"width":677,"height":12}},{"id":"70ce0a20-9a5f-4a35-8b8a-65690f93689c","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":11,"box":{"x":82,"y":241,"width":811,"height":11}},{"id":"3c8873a9-b908-4acc-a6bc-5ff83e967624","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":11,"box":{"x":82,"y":256,"width":831,"height":11}},{"id":"1447349b-1b2a-46a1-9e66-11f2bd773b6d","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":11,"box":{"x":81,"y":271,"width":811,"height":11}},{"id":"a2f9ecd8-7039-4166-bdf0-2cd5a8b4a3cc","block_type":"box","text":"Investment Companies","page_number":11,"box":{"x":81,"y":291,"width":172,"height":11}},{"id":"d70b4d3f-6d3a-460c-ab5b-5ab08dda6dc2","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":11,"box":{"x":258,"y":291,"width":643,"height":11}},{"id":"38d0ba4c-903a-494d-a41a-6267c8734d42","block_type":"box","text":"traded funds, unit investment trusts, and open-end and closed-end funds, subject to the applicable limits under the","page_number":11,"box":{"x":80,"y":305,"width":848,"height":12}},{"id":"333129f5-9aeb-4024-bfb4-74bdd0e4bd85","block_type":"box","text":"Investment Company Act of 1940, as amended (the “Investment Company Act”), and the rules thereunder. The","page_number":11,"box":{"x":82,"y":320,"width":814,"height":12}},{"id":"fd9acc5f-cb83-48d7-a290-25e3fb5107f4","block_type":"box","text":"Fund may invest in affiliated investment companies, including affiliated money market funds and affiliated Exchange","page_number":11,"box":{"x":82,"y":335,"width":853,"height":12}},{"id":"4a6b4362-b260-4a9b-a5f6-47a40856e91b","block_type":"box","text":"Traded Funds (“ETFs”).","page_number":11,"box":{"x":81,"y":350,"width":166,"height":11}},{"id":"d39ed8f8-1df3-416f-be1a-ea4194de9405","block_type":"box","text":"Money Market Securities","page_number":11,"box":{"x":81,"y":370,"width":190,"height":11}},{"id":"bd501f1a-2c38-4691-a6a6-ac83412bc707","block_type":"box","text":"— The Fund may invest in money market securities or commercial paper.","page_number":11,"box":{"x":276,"y":370,"width":534,"height":11}},{"id":"dcd30d9b-053e-43ed-ba5f-aac1835bca1b","block_type":"box","text":"Real Estate Investment Trusts (“REITs”)","page_number":11,"box":{"x":81,"y":390,"width":305,"height":11}},{"id":"44e36c6e-0222-4e90-a885-505c77d22497","block_type":"box","text":"— The Fund may invest in REITs. REITs are companies that own interests","page_number":11,"box":{"x":391,"y":390,"width":537,"height":11}},{"id":"a1cbccc9-95fc-4d9a-9dc3-d6509008d6ad","block_type":"box","text":"in real estate or in real estate-related loans or other interests, and have revenue primarily consisting of rent derived","page_number":11,"box":{"x":82,"y":405,"width":848,"height":11}},{"id":"311f4c0c-1a95-4932-875a-75841ef1e3f3","block_type":"box","text":"from owned, income producing real estate properties and capital gains from the sale of such properties. REITs can","page_number":11,"box":{"x":81,"y":419,"width":844,"height":12}},{"id":"1d0e759d-eedd-4098-8c32-d93a2dcc5ec6","block_type":"box","text":"generally be classified as equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest the majority of their","page_number":11,"box":{"x":81,"y":434,"width":826,"height":12}},{"id":"e531425e-7d72-4e48-a28e-59f035f71f67","block_type":"box","text":"assets directly in real property and derive their income primarily from rents. Equity REITs can also realize capital","page_number":11,"box":{"x":81,"y":449,"width":821,"height":12}},{"id":"88a6b3d7-b01c-4e32-9b87-e68cbcc79047","block_type":"box","text":"gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real","page_number":11,"box":{"x":81,"y":464,"width":847,"height":12}},{"id":"08dc96d6-ffe4-475d-9d63-757c80561736","block_type":"box","text":"estate mortgages and derive their income primarily from interest payments. Hybrid REITs combine the","page_number":11,"box":{"x":81,"y":479,"width":746,"height":11}},{"id":"9b6bd1da-1abf-429b-ae72-01e4630dd8e9","block_type":"box","text":"characteristics of both equity REITs and mortgage REITs. REITs are not taxed on income distributed to shareholders","page_number":11,"box":{"x":81,"y":494,"width":846,"height":11}},{"id":"ee4416cd-f3a8-4574-83f6-b1c85613a3ce","block_type":"box","text":"provided they comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal","page_number":11,"box":{"x":82,"y":508,"width":804,"height":12}},{"id":"ae36cf55-89c2-4f25-9044-049bb6b6860d","block_type":"box","text":"Revenue Code”).","page_number":11,"box":{"x":82,"y":523,"width":121,"height":12}},{"id":"b4cbba76-36b8-4317-91bc-a1b6bb53a201","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts","page_number":11,"box":{"x":81,"y":543,"width":442,"height":12}},{"id":"cc8c0fee-17a4-4ca5-99cc-d2d4c74c90b0","block_type":"box","text":"—","page_number":11,"box":{"x":528,"y":549,"width":17,"height":0}},{"id":"e98d4fc2-085a-48c9-aa68-90f0e252283e","block_type":"box","text":"The Fund may enter into certain types of repurchase","page_number":11,"box":{"x":549,"y":543,"width":384,"height":12}},{"id":"b24c5200-bd51-4da1-8a66-6f1cdfd02fb6","block_type":"box","text":"agreements or purchase and sale contracts. 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A purchase and sale contract is similar to a repurchase","page_number":11,"box":{"x":81,"y":573,"width":779,"height":11}},{"id":"1386195b-09d3-419c-8ded-732685ab1ecb","block_type":"box","text":"agreement, but purchase and sale contracts also provide that the purchaser receives any interest on the security","page_number":11,"box":{"x":81,"y":588,"width":832,"height":11}},{"id":"708d1119-0373-45e4-ad4e-dc6a64eb7674","block_type":"box","text":"paid during the period.","page_number":11,"box":{"x":82,"y":603,"width":162,"height":11}},{"id":"25c88581-9d0e-401a-8c9c-f3f10f8a7f83","block_type":"box","text":"Restricted Securities","page_number":11,"box":{"x":81,"y":623,"width":159,"height":9}},{"id":"b51579a3-e41f-412c-8882-6ea703cddd93","block_type":"box","text":"—","page_number":11,"box":{"x":245,"y":628,"width":17,"height":1}},{"id":"a03af281-9f4f-4b71-aa75-7de757b6c685","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":11,"box":{"x":268,"y":623,"width":602,"height":11}},{"id":"3f63e596-c3d0-42e3-ac5f-43b210200f44","block_type":"box","text":"registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their","page_number":11,"box":{"x":82,"y":638,"width":820,"height":11}},{"id":"f2ef94da-e1dc-4ffa-8795-2c05f2230c65","block_type":"box","text":"resale. 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Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":11,"box":{"x":81,"y":875,"width":781,"height":12}},{"id":"58eb3006-43f5-43e8-9ea6-a0dbbda6a068","block_type":"box","text":"11","page_number":11,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"e45fcafc-9c69-40c2-8671-1a626c5d4005","block_type":"box","text":"NM1026U-5978939-11/44","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a30217fa-8f54-4a93-b80f-2f4fa68e8da1","block_type":"box","text":"Warrants","page_number":12,"box":{"x":83,"y":46,"width":66,"height":9}},{"id":"f0b539f2-18d2-4e87-9c47-e2afbfb4630e","block_type":"box","text":"— A warrant gives the Fund the right to buy stock. The warrant specifies the amount of underlying stock,","page_number":12,"box":{"x":153,"y":46,"width":767,"height":11}},{"id":"bb99c8c0-6073-4e82-b61c-64c9a0f1d72f","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":12,"box":{"x":80,"y":61,"width":815,"height":11}},{"id":"e85ae5d9-999b-4962-b838-f153fb812fda","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":12,"box":{"x":80,"y":75,"width":810,"height":12}},{"id":"86882683-5d5f-4bed-9ed5-c94ec6c9bedf","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":12,"box":{"x":83,"y":95,"width":545,"height":12}},{"id":"654a3aac-d0d2-45b8-98f8-29bab86ed793","block_type":"box","text":"— The purchase or sale of securities on","page_number":12,"box":{"x":632,"y":95,"width":295,"height":12}},{"id":"2901d3fe-3a58-4ff5-99e2-7e4e06db28ac","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":12,"box":{"x":81,"y":110,"width":851,"height":12}},{"id":"6bddc0dd-5e1a-4bcd-9026-b2253605dac9","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":12,"box":{"x":81,"y":125,"width":847,"height":11}},{"id":"0b5781d6-0d09-4007-881c-ab34226091d0","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":12,"box":{"x":82,"y":140,"width":842,"height":11}},{"id":"d1737fc7-bcea-4df5-af5f-e61a48dc00fa","block_type":"box","text":"the transaction.","page_number":12,"box":{"x":80,"y":155,"width":115,"height":9}},{"id":"2008a9bc-d931-41f2-995c-c72d0148f629","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":12,"box":{"x":272,"y":211,"width":453,"height":10}},{"id":"6881b966-9f44-451e-b712-568f58a3eeb2","block_type":"box","text":"The Fund is managed by a team of financial professionals. Raffaele Savi, Kevin Franklin and Richard Mathieson are","page_number":12,"box":{"x":70,"y":234,"width":848,"height":11}},{"id":"a42765d0-8041-4278-87f2-d826288236b2","block_type":"box","text":"the portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund. Please","page_number":12,"box":{"x":70,"y":249,"width":844,"height":11}},{"id":"e13a6c9b-8dc5-473f-9de4-c5390c11e339","block_type":"box","text":"see “Management of the Fund — Portfolio Manager Information” for additional information about the portfolio","page_number":12,"box":{"x":71,"y":263,"width":808,"height":12}},{"id":"f5477b96-ea09-45d1-8662-8e8d929ba159","block_type":"box","text":"management team.","page_number":12,"box":{"x":71,"y":279,"width":141,"height":11}},{"id":"a7b3c9b9-52e7-4af2-b923-a0c6af7df0ae","block_type":"box","text":"Investment Risks","page_number":12,"box":{"x":62,"y":330,"width":156,"height":11}},{"id":"1323bc30-2069-4cdd-a48a-960f9aa4d3b4","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objective and","page_number":12,"box":{"x":60,"y":356,"width":811,"height":12}},{"id":"d8e1e0a1-e573-48f6-b928-61eac89df170","block_type":"box","text":"Policies” section in the Statement of Additional Information (“SAI”) also includes more information about the Fund, its","page_number":12,"box":{"x":61,"y":371,"width":866,"height":11}},{"id":"6f2ef7ab-853c-4cf1-8524-48947d9b48bf","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":12,"box":{"x":62,"y":386,"width":863,"height":12}},{"id":"45ca2f46-cdaf-4423-bebf-a119def9e98d","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":12,"box":{"x":61,"y":401,"width":836,"height":11}},{"id":"dc4c384a-60be-41e5-ad41-ab3295585b82","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":12,"box":{"x":61,"y":416,"width":856,"height":11}},{"id":"1f9cb8df-2da2-4cf9-83f6-3168e0b3aa94","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":12,"box":{"x":60,"y":430,"width":875,"height":12}},{"id":"05c4d5a5-6574-4d9e-8593-fc7207a6b525","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":12,"box":{"x":61,"y":453,"width":322,"height":13}},{"id":"a9510804-5810-4fef-bfb8-a3e7fa19c585","block_type":"box","text":"Convertible Securities Risk","page_number":12,"box":{"x":81,"y":475,"width":206,"height":9}},{"id":"4de0e02d-74fe-43bb-bdf4-0bb024d436f5","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":12,"box":{"x":291,"y":475,"width":593,"height":11}},{"id":"1583974e-9de4-4f3d-9763-793a9e1eeee3","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":12,"box":{"x":81,"y":490,"width":853,"height":11}},{"id":"cc34ac39-c15d-4124-b8cb-66332a0d66e0","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":12,"box":{"x":81,"y":505,"width":855,"height":11}},{"id":"653c43b9-19fa-47c1-a6b0-52e7d5fbb5a6","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":12,"box":{"x":80,"y":519,"width":816,"height":12}},{"id":"2888823f-3ad4-4adb-9ded-5551ca09d151","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":12,"box":{"x":82,"y":534,"width":796,"height":12}},{"id":"26ad2b2b-64ce-4b56-8f6d-1c1cd6db052d","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":12,"box":{"x":81,"y":549,"width":812,"height":11}},{"id":"abd527a4-1ca0-46f2-a0bc-83026ab84746","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":12,"box":{"x":82,"y":564,"width":809,"height":11}},{"id":"09f9540c-c293-4501-915c-3c667a6a2c92","block_type":"box","text":"Derivatives Risk","page_number":12,"box":{"x":81,"y":584,"width":123,"height":9}},{"id":"ee237a03-10ee-4ed1-bb5b-85a6f3d2cec4","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":12,"box":{"x":207,"y":584,"width":664,"height":11}},{"id":"f2b74d72-eefc-4bab-b414-c8b54f2515e0","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":12,"box":{"x":82,"y":599,"width":469,"height":11}},{"id":"822e0f77-adae-44af-93c2-1e49af9b0af4","block_type":"box","text":"Leverage Risk","page_number":12,"box":{"x":82,"y":622,"width":102,"height":11}},{"id":"a0d317d7-408a-415a-b35f-c0c506ad446c","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":12,"box":{"x":188,"y":621,"width":723,"height":12}},{"id":"8a1d4839-fb52-468d-8da5-6fd3046c7f89","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":12,"box":{"x":82,"y":636,"width":832,"height":12}},{"id":"dfd60715-5a1c-452f-9200-473ccff46a39","block_type":"box","text":"exceed the amount originally invested.","page_number":12,"box":{"x":81,"y":651,"width":280,"height":11}},{"id":"451be32f-4022-4b69-b755-93a2aa335f58","block_type":"box","text":"Market Risk","page_number":12,"box":{"x":82,"y":674,"width":87,"height":9}},{"id":"c27b8073-0eaa-441c-9ddb-696556e55ee5","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":12,"box":{"x":173,"y":673,"width":728,"height":12}},{"id":"e4543a01-9209-4df4-9eb9-11f61d4f5336","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":12,"box":{"x":81,"y":688,"width":834,"height":12}},{"id":"8a1bd4ba-a65b-4e3e-b2e4-fc383527d075","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":12,"box":{"x":82,"y":703,"width":832,"height":12}},{"id":"10534db2-6817-400f-93f3-97997608b224","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":12,"box":{"x":80,"y":718,"width":779,"height":11}},{"id":"960082f0-6f84-417b-b150-99e63370c7c5","block_type":"box","text":"derivatives positions to lose value.","page_number":12,"box":{"x":81,"y":733,"width":253,"height":11}},{"id":"52b1f66d-dabf-4220-9f0d-f9227f21aa29","block_type":"box","text":"Counterpar ty Risk","page_number":12,"box":{"x":82,"y":755,"width":131,"height":12}},{"id":"597d87f3-43a0-493d-abc7-999c574def61","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":12,"box":{"x":217,"y":756,"width":697,"height":11}},{"id":"8ad9abad-316d-464d-93b0-e58ef4804bf5","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":12,"box":{"x":80,"y":770,"width":855,"height":12}},{"id":"ba65ce7a-92ee-45b4-ad14-3fd0ce946a1f","block_type":"box","text":"exposure to such a counterparty.","page_number":12,"box":{"x":81,"y":785,"width":240,"height":11}},{"id":"e3441d18-9e41-4234-a9d7-37db5f87d889","block_type":"box","text":"Illiquidity Risk —","page_number":12,"box":{"x":82,"y":808,"width":122,"height":11}},{"id":"0ca8b18a-4e44-4b46-88ec-173dc128c07e","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":12,"box":{"x":208,"y":808,"width":728,"height":11}},{"id":"bf49075a-b151-43de-ae36-c4738685efe0","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":12,"box":{"x":80,"y":823,"width":839,"height":11}},{"id":"8fadfbfe-473f-4edc-baf1-6ca363e96986","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":12,"box":{"x":81,"y":837,"width":293,"height":12}},{"id":"a656ac42-50c9-4747-baf5-eefa2cbd1d5b","block_type":"box","text":"Operational Risk","page_number":12,"box":{"x":82,"y":860,"width":120,"height":11}},{"id":"e1c51ee5-9e38-428f-abb0-c69464668584","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":12,"box":{"x":206,"y":860,"width":727,"height":11}},{"id":"1bd6e441-b898-4421-8890-f86ce24572f9","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":12,"box":{"x":82,"y":875,"width":607,"height":11}},{"id":"7569a349-cb7e-4704-8c60-4fc1e88263a5","block_type":"box","text":"Legal Risk","page_number":12,"box":{"x":82,"y":897,"width":75,"height":12}},{"id":"a7c8cba9-9448-480b-bff6-bb3464bb7e7f","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":12,"box":{"x":161,"y":897,"width":761,"height":12}},{"id":"6f9acd04-5b2b-4b4e-8f7e-3a55b2081444","block_type":"box","text":"enforceability of a contract.","page_number":12,"box":{"x":81,"y":912,"width":198,"height":11}},{"id":"f67f5911-5abe-454d-aaa7-7b12ea221666","block_type":"box","text":"12","page_number":12,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"a282d9e6-d50e-4664-a8cb-5f4bf30afb20","block_type":"box","text":"NM1026U-5978939-12/44","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3342676f-011a-405e-8309-f23fe126d374","block_type":"box","text":"Volatility and Correlation Risk","page_number":13,"box":{"x":83,"y":46,"width":214,"height":11}},{"id":"77409a22-a67b-43b8-bece-1fdc99506ed1","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":13,"box":{"x":300,"y":46,"width":590,"height":11}},{"id":"7b7274fe-9869-4fc5-be7a-a9204145d04c","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":13,"box":{"x":80,"y":60,"width":855,"height":12}},{"id":"2eec8910-b4fd-4e13-8ac9-d4cea84ce3ae","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":13,"box":{"x":80,"y":75,"width":820,"height":12}},{"id":"6bb594b1-2170-4757-8a13-76844c6b95a1","block_type":"box","text":"correlate with the overall securities markets.","page_number":13,"box":{"x":81,"y":90,"width":326,"height":9}},{"id":"a2a4984f-b800-42dd-83c2-11e1ee4dcc2f","block_type":"box","text":"Valuation Risk","page_number":13,"box":{"x":83,"y":113,"width":102,"height":9}},{"id":"9e0ae42d-890d-47c2-92d2-ce945a38aed1","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":13,"box":{"x":189,"y":113,"width":747,"height":11}},{"id":"44e35bad-f2c1-4475-ae4d-65b8e6f0cd25","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":13,"box":{"x":82,"y":127,"width":783,"height":12}},{"id":"d742a689-94ec-40d3-a09b-606af04f4dd1","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":13,"box":{"x":82,"y":142,"width":837,"height":12}},{"id":"80f83efb-0781-4d8e-b7f2-23eb98fdc241","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":13,"box":{"x":81,"y":157,"width":826,"height":12}},{"id":"84786ee7-bc00-4718-a850-3129783a42ea","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":13,"box":{"x":80,"y":172,"width":405,"height":12}},{"id":"d78f7cff-4d47-4c28-9fdb-4e6036c18d81","block_type":"box","text":"Hedging Risk","page_number":13,"box":{"x":82,"y":195,"width":95,"height":11}},{"id":"ac52aa59-dec7-4e85-8ec9-8a7822be31b3","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":13,"box":{"x":181,"y":195,"width":752,"height":11}},{"id":"d22ffbca-6d2d-4421-aa43-bd4228c5dd3d","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":13,"box":{"x":80,"y":209,"width":820,"height":12}},{"id":"26bc1945-38c8-4d5f-831a-d5a43f26fe63","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":13,"box":{"x":82,"y":224,"width":823,"height":12}},{"id":"90537248-383c-469b-b576-ee9514f52b00","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":13,"box":{"x":82,"y":239,"width":813,"height":12}},{"id":"4b3ff3ff-fd5f-4ed6-8a94-df1758c393be","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":13,"box":{"x":82,"y":254,"width":832,"height":11}},{"id":"221d17cf-aedc-4b12-ba95-18582c00fc96","block_type":"box","text":"noted below.","page_number":13,"box":{"x":82,"y":269,"width":90,"height":9}},{"id":"dd0d0415-da92-45cd-b429-61314a7110b6","block_type":"box","text":"Tax Risk","page_number":13,"box":{"x":83,"y":291,"width":59,"height":9}},{"id":"92ebd97c-4c4c-4c8f-bc3f-0276ab633ce4","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":13,"box":{"x":145,"y":291,"width":766,"height":12}},{"id":"ed7315ad-4408-4a41-9ff8-b74349d7fbbe","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":13,"box":{"x":82,"y":306,"width":826,"height":12}},{"id":"8108108a-40b0-416c-8bcf-ce93e2d3bb79","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":13,"box":{"x":82,"y":321,"width":846,"height":11}},{"id":"83da4a05-aae8-42d9-99d1-f3091eebbafb","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":13,"box":{"x":81,"y":336,"width":817,"height":11}},{"id":"0e89f452-a364-4460-8a8b-d7058e9b1ed9","block_type":"box","text":"Revenue Code. If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable","page_number":13,"box":{"x":82,"y":351,"width":845,"height":11}},{"id":"d5191ee7-9e01-4b39-81b2-8ab3d5f080bd","block_type":"box","text":"dividends paid by the Fund. In addition, the tax treatment of certain derivatives, such as swaps, is unsettled and","page_number":13,"box":{"x":81,"y":365,"width":827,"height":12}},{"id":"540770ac-63d8-48ce-adcd-8ac182bfca04","block_type":"box","text":"may be subject to future legislation, regulation or administrative pronouncements issued by the Internal Revenue","page_number":13,"box":{"x":82,"y":380,"width":828,"height":12}},{"id":"1fd4bb65-0bd1-4638-8939-acacbc73f41b","block_type":"box","text":"Service (the “IRS”).","page_number":13,"box":{"x":81,"y":395,"width":142,"height":11}},{"id":"0154f08d-e895-490e-8ecc-074ef4a37768","block_type":"box","text":"Regulatory Risk","page_number":13,"box":{"x":82,"y":418,"width":115,"height":11}},{"id":"43009c66-f73f-4322-8073-be7fa5fb722c","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":13,"box":{"x":201,"y":418,"width":688,"height":11}},{"id":"656a5201-f1a8-4119-87f4-2620db7a9600","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":13,"box":{"x":81,"y":433,"width":851,"height":11}},{"id":"b713b077-39e4-40c8-a03d-bcb6c02fd4ab","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":13,"box":{"x":81,"y":447,"width":811,"height":12}},{"id":"430edb46-c0c7-43fe-9105-6c60195b767c","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":13,"box":{"x":82,"y":462,"width":850,"height":12}},{"id":"ee6d86b0-85ef-4121-afa9-e3e3b0daac71","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":13,"box":{"x":81,"y":477,"width":850,"height":11}},{"id":"30a545e3-ccc5-49d4-be49-db8dc4c3076e","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":13,"box":{"x":81,"y":492,"width":838,"height":11}},{"id":"d6f554e0-a2b5-4d47-b086-fc4eca09d880","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":13,"box":{"x":81,"y":507,"width":807,"height":11}},{"id":"51f90a53-4e71-4d28-bb29-c93a941d0f48","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":13,"box":{"x":81,"y":521,"width":787,"height":12}},{"id":"68d5012f-a7d1-4145-afd4-46f2ab543878","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":13,"box":{"x":82,"y":536,"width":837,"height":12}},{"id":"29edbb90-bd2e-4a14-8955-af179b8d41e6","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":13,"box":{"x":80,"y":551,"width":804,"height":12}},{"id":"80aadc92-3537-4d75-8932-613bf3ab03cf","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":13,"box":{"x":81,"y":566,"width":781,"height":11}},{"id":"812980b5-b05b-4dbc-af18-f699b8c78ae8","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":13,"box":{"x":82,"y":581,"width":773,"height":11}},{"id":"c33ccc98-e675-42f9-8417-61c9da7b7b89","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":13,"box":{"x":82,"y":595,"width":836,"height":12}},{"id":"4ddea873-eddb-4502-b095-0f8991443a0d","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":13,"box":{"x":82,"y":610,"width":814,"height":12}},{"id":"478e313f-f8c9-4ffd-8324-268147710761","block_type":"box","text":"investors in the Fund.","page_number":13,"box":{"x":82,"y":625,"width":156,"height":9}},{"id":"d7cbc0fe-3a61-4e36-9f44-839c95f93e3f","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":13,"box":{"x":82,"y":648,"width":823,"height":11}},{"id":"8874641e-6ceb-46bb-831a-2a7443ea021d","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":13,"box":{"x":82,"y":662,"width":827,"height":12}},{"id":"197d5a4d-69ee-4600-aff2-a627a98a7692","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":13,"box":{"x":80,"y":677,"width":849,"height":12}},{"id":"c181d49b-0626-455f-833f-534146cad2f3","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":13,"box":{"x":81,"y":692,"width":846,"height":12}},{"id":"040b53d2-5870-4c56-ad25-1cc264888ab4","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":13,"box":{"x":81,"y":707,"width":509,"height":11}},{"id":"1febd3a0-16f8-4e75-bb19-271d9f31abb9","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":13,"box":{"x":82,"y":730,"width":399,"height":11}},{"id":"34c58077-c597-4f18-8afe-4d1ed7da6c52","block_type":"box","text":"Swaps","page_number":13,"box":{"x":102,"y":750,"width":47,"height":11}},{"id":"afea2aef-c582-4d7b-83a7-f8527fd30446","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":13,"box":{"x":154,"y":749,"width":775,"height":12}},{"id":"b4fe83ae-c7d5-4479-802b-39c32512863b","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":13,"box":{"x":101,"y":764,"width":829,"height":12}},{"id":"411119d8-4c4d-400a-b4a3-5729391cc9cb","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":13,"box":{"x":101,"y":779,"width":807,"height":12}},{"id":"94f736f1-54e0-43c1-ab12-443a22dd845d","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":13,"box":{"x":102,"y":794,"width":811,"height":12}},{"id":"8d919780-7bd3-44f2-a9d0-586690215fb8","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":13,"box":{"x":101,"y":809,"width":820,"height":11}},{"id":"0b20f6a4-44a3-4a07-aa97-bfa7852ae997","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":13,"box":{"x":102,"y":824,"width":791,"height":11}},{"id":"a16c4621-faae-40b5-b844-a953bf066e87","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":13,"box":{"x":101,"y":838,"width":789,"height":12}},{"id":"3c4805f9-aaba-4a2e-8e26-43e7fe29e4ad","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":13,"box":{"x":101,"y":854,"width":796,"height":11}},{"id":"e4391f1f-603a-4e48-902d-bc5c07229b27","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":13,"box":{"x":102,"y":873,"width":335,"height":12}},{"id":"91e6d4f3-6cb9-4eb9-8bcf-e69c23058e26","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":13,"box":{"x":442,"y":873,"width":437,"height":12}},{"id":"f246acdd-cb5f-493f-a674-4de68ce1933c","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":13,"box":{"x":101,"y":888,"width":820,"height":12}},{"id":"0db9c1c1-73d9-4cfc-9288-79a75af97c9b","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":13,"box":{"x":101,"y":903,"width":801,"height":11}},{"id":"18801827-7725-4792-bb55-69a7ef3e4bfb","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"c8526189-4561-4239-8210-2204b9843df1","block_type":"box","text":"NM1026U-5978939-13/44","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f15c3e31-ba8d-459e-83f9-355b7dd06a16","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":14,"box":{"x":101,"y":46,"width":824,"height":11}},{"id":"82d40b40-6977-423e-9642-86a8f3f5f7ba","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":14,"box":{"x":101,"y":60,"width":831,"height":12}},{"id":"37301309-7d91-4b4a-9dbf-42925cd4fd44","block_type":"box","text":"Futures —","page_number":14,"box":{"x":102,"y":81,"width":76,"height":9}},{"id":"e73a5604-2e57-42ea-a0ea-0a27ad096cb4","block_type":"box","text":"Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":14,"box":{"x":184,"y":81,"width":742,"height":11}},{"id":"bf3b40a1-b385-4566-b3d2-3659f6b53fa9","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":14,"box":{"x":101,"y":95,"width":786,"height":12}},{"id":"6176aefc-5f8f-4261-9253-7a4d931d36de","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":14,"box":{"x":102,"y":110,"width":769,"height":12}},{"id":"abcfe80e-3482-423f-9a38-cf31947b344c","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":14,"box":{"x":102,"y":125,"width":822,"height":11}},{"id":"df0c22b1-0728-4439-90fb-87c23486769d","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":14,"box":{"x":101,"y":140,"width":832,"height":11}},{"id":"fdc21a60-74bf-4b22-9172-f8d2fe66bf93","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":14,"box":{"x":101,"y":155,"width":806,"height":11}},{"id":"8f260710-7d79-46c1-8bcc-3eecd3b87df5","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":14,"box":{"x":102,"y":169,"width":793,"height":12}},{"id":"3c0640be-2016-4f94-a94c-76c4981ad83a","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":14,"box":{"x":102,"y":184,"width":787,"height":12}},{"id":"8573f194-6b31-42ac-8687-ab33692fe541","block_type":"box","text":"default in the performance of its obligations.","page_number":14,"box":{"x":101,"y":199,"width":327,"height":12}},{"id":"2ff2a6e2-dc22-4058-9701-fa94532b9f2e","block_type":"box","text":"Options","page_number":14,"box":{"x":102,"y":219,"width":55,"height":11}},{"id":"6731c372-f1b9-4dad-b6d1-b1ae5893e620","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":14,"box":{"x":162,"y":219,"width":772,"height":12}},{"id":"03fcd841-1d02-46e8-b38a-9b419d3ae506","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":14,"box":{"x":101,"y":234,"width":812,"height":11}},{"id":"2d2c551e-9829-478c-994f-a44c4f5625e7","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":14,"box":{"x":101,"y":249,"width":827,"height":11}},{"id":"541598e3-c826-4cba-a422-e911db12060b","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":14,"box":{"x":101,"y":263,"width":781,"height":12}},{"id":"264e9e9a-ad5e-4198-96db-27366a8a0321","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":14,"box":{"x":102,"y":278,"width":785,"height":12}},{"id":"a541faf3-bf8d-4912-8d27-5ce3146560d2","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":14,"box":{"x":101,"y":293,"width":831,"height":12}},{"id":"c0d98109-f3a9-451b-ae11-7998b36ab6c7","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":14,"box":{"x":101,"y":308,"width":814,"height":11}},{"id":"31f059db-b09e-4ab1-b70f-5a6b9c28928b","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":14,"box":{"x":101,"y":323,"width":826,"height":11}},{"id":"26fe8061-88f3-49d0-88fc-23a45c1e87b6","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":14,"box":{"x":101,"y":338,"width":822,"height":11}},{"id":"66aba319-4a13-480f-a627-2f243093d900","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":14,"box":{"x":101,"y":352,"width":816,"height":12}},{"id":"cc06746f-1b95-4c42-ae06-b20ccf5ce914","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":14,"box":{"x":101,"y":368,"width":442,"height":11}},{"id":"4ac64d4e-7fd6-4a32-b1a8-2169e6d14b6e","block_type":"box","text":"Equity Securities Risk","page_number":14,"box":{"x":81,"y":387,"width":166,"height":12}},{"id":"d82ce2c5-a3d3-4c16-b93b-1c8a9fcabcc6","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":14,"box":{"x":251,"y":387,"width":666,"height":12}},{"id":"780016c1-5396-4cc0-9fa7-94c0897d30ff","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":14,"box":{"x":81,"y":402,"width":850,"height":12}},{"id":"cde9626f-e8cf-432b-8b5e-44344794824c","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":14,"box":{"x":82,"y":417,"width":802,"height":11}},{"id":"b9b95f39-e03b-438e-86c3-622e6c3d5300","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":14,"box":{"x":81,"y":432,"width":854,"height":11}},{"id":"604034da-b45e-4d23-9595-78a1feb9006b","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":14,"box":{"x":81,"y":447,"width":848,"height":11}},{"id":"09d5c2c5-2a87-4b04-85f0-87143f893a74","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":14,"box":{"x":81,"y":462,"width":824,"height":11}},{"id":"5a895f35-b07b-408e-aa51-54d599543ffb","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":14,"box":{"x":81,"y":476,"width":782,"height":12}},{"id":"b2327ab7-59e3-4d68-b93f-b381c6a4d2e5","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":14,"box":{"x":82,"y":491,"width":849,"height":12}},{"id":"d9b437ae-e99a-4aeb-86fe-e7abded75d61","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":14,"box":{"x":82,"y":506,"width":482,"height":11}},{"id":"a1ad9c95-3cb3-4b3c-984a-58e6f499b077","block_type":"box","text":"Foreign Securities Risk","page_number":14,"box":{"x":81,"y":526,"width":176,"height":11}},{"id":"e4d3a442-19d4-458d-bfe1-8764afe02339","block_type":"box","text":"— Securities traded in foreign markets have often (though not always) performed differently","page_number":14,"box":{"x":260,"y":526,"width":677,"height":11}},{"id":"1be29d4a-28d6-4b91-b1a3-7366367aec8c","block_type":"box","text":"from securities traded in the United States. However, such investments often involve special risks not present in","page_number":14,"box":{"x":81,"y":541,"width":827,"height":11}},{"id":"75be63be-8942-4fad-be35-9dc97e842f76","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":14,"box":{"x":82,"y":556,"width":837,"height":11}},{"id":"8ac68d2d-5907-4ec3-911f-ee25586b7961","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":14,"box":{"x":80,"y":570,"width":849,"height":12}},{"id":"741d6178-9ef5-47a2-9f3c-a2ad55263dd2","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":14,"box":{"x":81,"y":585,"width":841,"height":12}},{"id":"b621f90d-369b-4677-9090-8f0b70ac5212","block_type":"box","text":"foreign securities may go up and down more than prices of securities traded in the United States.","page_number":14,"box":{"x":81,"y":600,"width":716,"height":12}},{"id":"9e5db582-1a31-458c-9a20-780ae94abfb0","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States","page_number":14,"box":{"x":82,"y":620,"width":468,"height":12}},{"id":"e499b220-47d8-4203-9ccd-4476eea15e43","block_type":"box","text":"— The Fund generally holds its foreign securities","page_number":14,"box":{"x":555,"y":620,"width":358,"height":12}},{"id":"1d5755fa-033c-4226-a6f2-2197ef18d594","block_type":"box","text":"and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be","page_number":14,"box":{"x":81,"y":635,"width":813,"height":11}},{"id":"a7d1d0a7-fb02-401e-b592-7a8e8c9cc2dd","block_type":"box","text":"recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory","page_number":14,"box":{"x":82,"y":650,"width":791,"height":11}},{"id":"ccb82751-6fdb-43f3-b55c-8ea0f5ddfb13","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":14,"box":{"x":81,"y":664,"width":818,"height":12}},{"id":"f6987c8b-2762-42c4-acc4-6e1ac517d3ee","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":14,"box":{"x":81,"y":679,"width":833,"height":12}},{"id":"30fc72a0-568c-46ec-b06b-92a186e79ba2","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":14,"box":{"x":81,"y":694,"width":816,"height":12}},{"id":"c11fc2a9-8f2f-4176-b8a2-8db6f769091b","block_type":"box","text":"increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments and","page_number":14,"box":{"x":82,"y":709,"width":827,"height":11}},{"id":"c6c1034d-3215-418f-b031-0880d2082b06","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":14,"box":{"x":80,"y":724,"width":848,"height":11}},{"id":"2c19bfb3-15c5-4d7e-a086-9f6e7638f67a","block_type":"box","text":"United States.","page_number":14,"box":{"x":82,"y":739,"width":102,"height":9}},{"id":"036ceb55-7d55-407c-8e07-c3fdb37da2f1","block_type":"box","text":"Currency Risk","page_number":14,"box":{"x":82,"y":759,"width":100,"height":11}},{"id":"2ef5859b-9ac7-4d1a-92f7-1bd3ee309402","block_type":"box","text":"— Securities and other instruments in which the Fund invests may be denominated or quoted in","page_number":14,"box":{"x":186,"y":759,"width":706,"height":11}},{"id":"d31baee5-cda1-4f47-8b14-572393cb6e45","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":14,"box":{"x":81,"y":773,"width":823,"height":12}},{"id":"2a6f6664-1f5c-4fb7-b8f8-dfdbcd3aecd1","block_type":"box","text":"value of the Fund’s portfolio.","page_number":14,"box":{"x":80,"y":788,"width":211,"height":11}},{"id":"60f47bd5-7943-41af-b855-18f8f71abf59","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":14,"box":{"x":81,"y":808,"width":823,"height":12}},{"id":"fdf12a16-ba1a-448b-b950-ef263462bae6","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":14,"box":{"x":82,"y":823,"width":834,"height":11}},{"id":"3e5c9888-46b5-4ba1-8648-49e9db2e154c","block_type":"box","text":"against a foreign currency, a security denominated in that currency gains value because the currency is worth more","page_number":14,"box":{"x":81,"y":838,"width":846,"height":11}},{"id":"e6aaa80b-cdee-4c1c-96bf-278bfb22a50c","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":14,"box":{"x":82,"y":853,"width":826,"height":11}},{"id":"b80f0754-bb02-4c03-803d-0e0630b36b85","block_type":"box","text":"U.S. investors while a weak U.S. dollar will increase those returns.","page_number":14,"box":{"x":82,"y":868,"width":486,"height":9}},{"id":"89dcab19-19e6-43f3-bb0f-217567912dba","block_type":"box","text":"Foreign Economy Risk","page_number":14,"box":{"x":82,"y":888,"width":160,"height":11}},{"id":"33743ed8-7aba-4746-99d9-7ae60d569b47","block_type":"box","text":"— The economies of certain foreign markets may not compare favorably with the economy of","page_number":14,"box":{"x":246,"y":887,"width":685,"height":12}},{"id":"d78e42ce-a344-471d-bb39-9279508e60a4","block_type":"box","text":"the United States with respect to such issues as growth of gross national product, reinvestment of capital,","page_number":14,"box":{"x":80,"y":902,"width":785,"height":12}},{"id":"917a7ebc-6dfa-412f-9976-145e0357213c","block_type":"box","text":"resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or","page_number":14,"box":{"x":82,"y":917,"width":845,"height":12}},{"id":"60916849-5cd2-410c-81a0-ff27eddcb3ad","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"fa8ea085-3e10-471e-a61c-f7bf0e27445b","block_type":"box","text":"NM1026U-5978939-14/44","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"48c8df1d-79ac-4a05-99ab-0577d9444b50","block_type":"box","text":"foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a","page_number":15,"box":{"x":81,"y":46,"width":853,"height":11}},{"id":"8c4bf70e-6ee4-4ce7-89f6-cdba1509be7e","block_type":"box","text":"particular country or countries, changes in international trading patterns, trade barriers and other protectionist or","page_number":15,"box":{"x":82,"y":61,"width":831,"height":11}},{"id":"ed84b421-cb39-4db8-8a96-3c39f3d91a27","block_type":"box","text":"retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such","page_number":15,"box":{"x":82,"y":75,"width":846,"height":12}},{"id":"360f6127-3b17-4d9d-81d4-674b17334727","block_type":"box","text":"as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the","page_number":15,"box":{"x":81,"y":90,"width":808,"height":11}},{"id":"504c2292-adc0-4497-9e72-5d83ad2e057b","block_type":"box","text":"imposition of punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest","page_number":15,"box":{"x":82,"y":105,"width":851,"height":12}},{"id":"f392a9eb-2dd9-4ce4-86df-00abf03c3756","block_type":"box","text":"rates, political events, military action and other conditions may, without prior warning, lead to the governments of","page_number":15,"box":{"x":82,"y":120,"width":832,"height":11}},{"id":"075ee49a-39cd-4247-9943-2c8d2acc883c","block_type":"box","text":"certain countries, or the U.S. Government with respect to certain countries, prohibiting or imposing substantial","page_number":15,"box":{"x":81,"y":135,"width":814,"height":11}},{"id":"d75f7a1a-efc8-41dd-a950-6f1173b070ed","block_type":"box","text":"restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain","page_number":15,"box":{"x":82,"y":149,"width":805,"height":12}},{"id":"8abec9ec-e7f3-4933-9977-1248fc04483d","block_type":"box","text":"industries in those countries. Capital controls and/or sanctions may include the prohibition of, or restrictions on,","page_number":15,"box":{"x":82,"y":164,"width":827,"height":12}},{"id":"7c35e026-ed9f-4f54-9544-2cf543297217","block_type":"box","text":"the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory","page_number":15,"box":{"x":80,"y":179,"width":801,"height":11}},{"id":"7a436dc1-0e2b-4986-a96d-31fedefe9e0e","block_type":"box","text":"actions of one government against another government, such as seizure of assets. Any of these actions could","page_number":15,"box":{"x":81,"y":194,"width":809,"height":11}},{"id":"1d5fd9ea-3954-4ab2-8983-072256e1cde2","block_type":"box","text":"severely impair the Fund’s ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign","page_number":15,"box":{"x":81,"y":209,"width":849,"height":11}},{"id":"5e972ea5-d5d8-494b-80ca-a2fbe86016c0","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":15,"box":{"x":81,"y":224,"width":848,"height":11}},{"id":"fcea676d-fc20-43ad-8134-1156d5bdcadd","block_type":"box","text":"could negatively impact the value and/or liquidity of such assets or otherwise adversely affect the Fund’s","page_number":15,"box":{"x":81,"y":238,"width":774,"height":12}},{"id":"7f64bf4b-675e-4f83-96fd-2380bebb7856","block_type":"box","text":"operations, causing the Fund to decline in value.","page_number":15,"box":{"x":81,"y":253,"width":355,"height":12}},{"id":"856e91d0-3fdd-4cd0-9818-cdb15094a5b7","block_type":"box","text":"Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on","page_number":15,"box":{"x":81,"y":273,"width":838,"height":12}},{"id":"9f2d970d-742e-4285-b102-05d0bacd3665","block_type":"box","text":"foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social","page_number":15,"box":{"x":81,"y":288,"width":815,"height":12}},{"id":"7b7895c9-b539-41a4-bc1d-19f12f419684","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":15,"box":{"x":82,"y":303,"width":827,"height":11}},{"id":"97d0e0cc-c9ae-44b8-ae57-f90a4da70a6a","block_type":"box","text":"regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets,","page_number":15,"box":{"x":82,"y":318,"width":832,"height":11}},{"id":"7b3c1bb8-ef2f-46ee-aea7-4c855e80f574","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":15,"box":{"x":81,"y":332,"width":781,"height":12}},{"id":"7843e7e6-f8d9-43f6-a5b5-2bf39346d8c1","block_type":"box","text":"impossible, to predict and take into account with respect to the Fund’s investments.","page_number":15,"box":{"x":82,"y":348,"width":617,"height":11}},{"id":"9d344b1b-29de-4de9-9477-054e85dbd71a","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":15,"box":{"x":82,"y":367,"width":476,"height":12}},{"id":"2db5b49f-5e83-4be6-8e7b-ef469583739a","block_type":"box","text":"— Many foreign governments do not supervise","page_number":15,"box":{"x":563,"y":367,"width":344,"height":12}},{"id":"35cc9f55-b9be-4352-9599-138cce4f43a3","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":15,"box":{"x":81,"y":382,"width":827,"height":12}},{"id":"0f0d2d08-d092-46cb-b178-621c3a2a8381","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":15,"box":{"x":80,"y":397,"width":855,"height":11}},{"id":"e9041f10-d71d-4356-a394-683427357a5a","block_type":"box","text":"example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a","page_number":15,"box":{"x":81,"y":412,"width":831,"height":11}},{"id":"8e62c792-f395-4ebd-b6e6-ed7df9a8afc8","block_type":"box","text":"person buys or sells a company’s securities based on material non-public information about that company. In","page_number":15,"box":{"x":82,"y":427,"width":800,"height":11}},{"id":"8612f06b-9a51-4c99-a7d5-f4ab15034b7d","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":15,"box":{"x":81,"y":441,"width":829,"height":12}},{"id":"58227832-e546-45df-9dd8-cadaf2bd5860","block_type":"box","text":"shareholder rights, and pursue legal remedies with respect to its foreign investments. Accounting standards in other","page_number":15,"box":{"x":81,"y":456,"width":856,"height":12}},{"id":"e6fa12c2-ef8c-413a-adb5-c3ea0f849d85","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":15,"box":{"x":81,"y":471,"width":834,"height":12}},{"id":"ef1a743a-a162-4b9f-b2fe-bcd5ccf818c1","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":15,"box":{"x":82,"y":486,"width":844,"height":11}},{"id":"cf921550-80c0-4a10-8d30-79922dfd29a1","block_type":"box","text":"accurately determine a company’s financial condition.","page_number":15,"box":{"x":81,"y":501,"width":393,"height":11}},{"id":"a800d201-fe3d-4b48-98ab-da49b0b6570b","block_type":"box","text":"Settlement Risk","page_number":15,"box":{"x":82,"y":521,"width":117,"height":9}},{"id":"d55508ba-91a4-4398-98ed-97291bc5fabe","block_type":"box","text":"— Settlement and clearance procedures in certain foreign markets differ significantly from those in","page_number":15,"box":{"x":203,"y":521,"width":730,"height":11}},{"id":"5df52522-9550-4a21-a587-761c6eca3bf3","block_type":"box","text":"the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks","page_number":15,"box":{"x":80,"y":536,"width":856,"height":11}},{"id":"7808f9fe-24e8-4696-98e2-bd61dc78a7b8","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":15,"box":{"x":81,"y":550,"width":784,"height":12}},{"id":"5b0211a4-cea0-446f-9485-1c91e589c5aa","block_type":"box","text":"investments.","page_number":15,"box":{"x":82,"y":565,"width":92,"height":9}},{"id":"a1c79f04-a631-41c9-94ee-96b3ecafb565","block_type":"box","text":"At times, settlements in certain foreign countries have not kept pace with the number of securities transactions.","page_number":15,"box":{"x":81,"y":585,"width":825,"height":12}},{"id":"67be7a39-4b51-4ecc-bef6-87f7eb2b1387","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":15,"box":{"x":81,"y":600,"width":839,"height":11}},{"id":"61201b97-818f-4e4d-853b-831133989105","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":15,"box":{"x":82,"y":615,"width":854,"height":11}},{"id":"166273e7-438c-4143-ac60-980993e3747d","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":15,"box":{"x":82,"y":630,"width":839,"height":11}},{"id":"5dc67b55-1e7a-470b-8176-5707464d8aa4","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":15,"box":{"x":81,"y":644,"width":841,"height":12}},{"id":"738e8407-df50-475d-821b-c68fd386267c","block_type":"box","text":"to another party, the Fund could be liable for any losses incurred.","page_number":15,"box":{"x":80,"y":659,"width":480,"height":12}},{"id":"41810565-6bd1-46e2-9789-a0a11655718c","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":15,"box":{"x":83,"y":680,"width":221,"height":11}},{"id":"381db2ac-4ec3-4dbb-9266-b7d957e34cb6","block_type":"box","text":"— The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":15,"box":{"x":308,"y":679,"width":589,"height":12}},{"id":"4c38dfa3-2921-436c-b99c-30332f8574cd","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":15,"box":{"x":82,"y":694,"width":838,"height":12}},{"id":"550ef570-89a5-4768-a088-3a5a7b5aa2fc","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding tax","page_number":15,"box":{"x":81,"y":709,"width":834,"height":11}},{"id":"b7f4e7ca-8613-494f-8af8-b9e7361aa421","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":15,"box":{"x":82,"y":724,"width":836,"height":11}},{"id":"edb4e011-e25f-4730-8b9e-c4b37d393018","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":15,"box":{"x":80,"y":739,"width":854,"height":11}},{"id":"a6a405f3-43e3-4d21-9cbb-c06efbc8fa4a","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":15,"box":{"x":80,"y":753,"width":831,"height":12}},{"id":"f5274f14-e194-4af0-87dc-744b7d4da5e3","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":15,"box":{"x":82,"y":768,"width":852,"height":12}},{"id":"06a18c0b-c9a6-421a-a98f-094d41e9ca52","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":15,"box":{"x":81,"y":783,"width":848,"height":11}},{"id":"de10cdb9-b3a4-4302-be49-979c60bcb937","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":15,"box":{"x":81,"y":798,"width":831,"height":11}},{"id":"95f2da3c-7a98-4e9e-9b12-f5d6343f0477","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":15,"box":{"x":80,"y":813,"width":830,"height":11}},{"id":"8695668a-3829-4ac8-8894-57354087cd75","block_type":"box","text":"previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting","page_number":15,"box":{"x":82,"y":827,"width":832,"height":12}},{"id":"7e692272-ed9e-4f52-ba40-fb6cf4f52385","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":15,"box":{"x":82,"y":842,"width":836,"height":12}},{"id":"37bbfe82-6734-4f9d-8ca3-1c0f68132dbc","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":15,"box":{"x":81,"y":857,"width":325,"height":9}},{"id":"7a54165d-8903-4dda-a0be-414610063473","block_type":"box","text":"High Portfolio Turnover Risk","page_number":15,"box":{"x":81,"y":877,"width":212,"height":12}},{"id":"869ade0c-e0d9-4cdf-9b6d-d4651d621763","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":15,"box":{"x":297,"y":877,"width":629,"height":12}},{"id":"a7139337-78f7-4e86-973c-1cf76426f0b2","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":15,"box":{"x":82,"y":892,"width":812,"height":12}},{"id":"e59e8f51-5a85-4eec-a37e-eb3e248afa58","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":15,"box":{"x":81,"y":907,"width":817,"height":11}},{"id":"74a5fb0f-5c9f-4a87-8d71-6fb39bb7279f","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"fcf48f61-7d64-453c-b729-07f775164987","block_type":"box","text":"NM1026U-5978939-15/44","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a83ad26f-5cc6-4efe-9a9a-0094df4e4c41","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":16,"box":{"x":81,"y":46,"width":760,"height":11}},{"id":"fc09b5fc-3dca-481c-ae5e-b8803ad13f6c","block_type":"box","text":"shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects","page_number":16,"box":{"x":81,"y":60,"width":852,"height":12}},{"id":"935de5a8-8adf-49a8-ab05-c734811c2368","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":16,"box":{"x":81,"y":75,"width":589,"height":12}},{"id":"df093e91-d32c-4fb3-a2d9-a74c5454ec2e","block_type":"box","text":"Leverage Risk","page_number":16,"box":{"x":81,"y":95,"width":107,"height":12}},{"id":"5418ada7-05fd-4cf1-9fff-5a48a7332e07","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":16,"box":{"x":192,"y":95,"width":741,"height":12}},{"id":"749b9238-6e66-4ce0-b51c-188474285359","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":16,"box":{"x":81,"y":110,"width":787,"height":12}},{"id":"7a44b66d-62b8-4e20-b2d5-1121fc5f7295","block_type":"box","text":"investment company registered with the Securities and Exchange Commission, the Fund is subject to the federal","page_number":16,"box":{"x":82,"y":125,"width":825,"height":11}},{"id":"4e1cd7dc-40c4-468d-a329-ceabb03e3e49","block_type":"box","text":"securities laws, including the Investment Company Act and the rules thereunder. Under Rule 18f-4 under the","page_number":16,"box":{"x":81,"y":140,"width":796,"height":11}},{"id":"453ca482-6059-4afe-bf1e-24b084a0b73a","block_type":"box","text":"Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or comply","page_number":16,"box":{"x":82,"y":155,"width":834,"height":11}},{"id":"3663ce9e-173c-4d0e-b86a-831c1fe0b3ca","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":16,"box":{"x":80,"y":169,"width":850,"height":12}},{"id":"32361eb2-60ce-4c9e-9c2e-73e25893f75a","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":16,"box":{"x":82,"y":184,"width":819,"height":12}},{"id":"09c39a05-6d75-492b-b911-b1af1789ddba","block_type":"box","text":"requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the value of the","page_number":16,"box":{"x":82,"y":199,"width":850,"height":11}},{"id":"05936fdb-0514-4b44-976c-f7bd835c620e","block_type":"box","text":"Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":16,"box":{"x":82,"y":214,"width":465,"height":11}},{"id":"fb907feb-50fa-4db2-a0f9-d4a7ce894751","block_type":"box","text":"Market Risk and Selection Risk","page_number":16,"box":{"x":81,"y":234,"width":240,"height":9}},{"id":"06151c78-977b-4faa-a53a-35b18e1955e8","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":16,"box":{"x":324,"y":234,"width":593,"height":9}},{"id":"e4e7e7ea-1409-477b-aae5-474c4bb56a1f","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":16,"box":{"x":81,"y":249,"width":851,"height":11}},{"id":"30acd54a-527f-412b-a4e3-4890ffbf3ad2","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":16,"box":{"x":82,"y":263,"width":824,"height":12}},{"id":"09c6cc40-8cbb-4b33-9085-348474870b6e","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":16,"box":{"x":82,"y":278,"width":851,"height":12}},{"id":"2e9646f3-b7a4-47f9-b607-ba7a4e669281","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":16,"box":{"x":82,"y":293,"width":802,"height":12}},{"id":"5fd7001d-0dd1-4989-bdf1-9bc5a2057ca8","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":16,"box":{"x":81,"y":308,"width":849,"height":12}},{"id":"ae678b90-12a6-47ae-a4e1-02c93a5e893f","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":16,"box":{"x":81,"y":323,"width":843,"height":11}},{"id":"ec93d879-6479-435d-a055-839660e1c717","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":16,"box":{"x":81,"y":338,"width":830,"height":11}},{"id":"a04ec7c2-117c-4f0b-be87-59215ea8c8b4","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":16,"box":{"x":82,"y":352,"width":840,"height":12}},{"id":"d277f9ef-81af-4525-8cc8-3ccd8510c1b5","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":16,"box":{"x":81,"y":367,"width":789,"height":12}},{"id":"9532540a-4477-49d7-9bea-10247c47492b","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":16,"box":{"x":81,"y":382,"width":823,"height":12}},{"id":"a03da23a-18e5-4350-99c6-78857339a63c","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":16,"box":{"x":81,"y":397,"width":784,"height":12}},{"id":"759530f9-b71f-423d-b52a-69421fcfca66","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":16,"box":{"x":81,"y":412,"width":844,"height":11}},{"id":"42fdd573-9dee-47b3-a80c-b7c846a2fe45","block_type":"box","text":"The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis","page_number":16,"box":{"x":81,"y":427,"width":855,"height":11}},{"id":"840bf207-b631-463b-b7b1-12a7b444a06f","block_type":"box","text":"and is subject to “Model Risk” as described below.","page_number":16,"box":{"x":81,"y":442,"width":373,"height":11}},{"id":"fbb95651-bd35-46f4-b1ba-0e5212d0e257","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":16,"box":{"x":82,"y":462,"width":818,"height":11}},{"id":"c05f35b6-c39f-4740-8223-bcf022051a9c","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":16,"box":{"x":80,"y":476,"width":819,"height":12}},{"id":"c763a442-0212-45a2-818f-c2fd14a221be","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":16,"box":{"x":81,"y":491,"width":819,"height":12}},{"id":"71206626-34fe-4b87-81b1-b9a526658742","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":16,"box":{"x":81,"y":506,"width":846,"height":11}},{"id":"dc01a43d-da52-4f94-ab9b-7570d0f72b90","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":16,"box":{"x":81,"y":521,"width":848,"height":11}},{"id":"f33ce0e2-86ba-443f-9933-81af722250f1","block_type":"box","text":"the Fund invests.","page_number":16,"box":{"x":80,"y":536,"width":125,"height":9}},{"id":"0d86a5dc-8cec-4426-89cb-cfa104c5e444","block_type":"box","text":"Mid Cap Securities Risk","page_number":16,"box":{"x":81,"y":556,"width":182,"height":11}},{"id":"315fe6f2-773a-46c7-b014-a97b78bb509e","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":16,"box":{"x":267,"y":555,"width":665,"height":12}},{"id":"7f9bd097-d730-46e0-a14d-7072b1f1c638","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":16,"box":{"x":81,"y":570,"width":789,"height":12}},{"id":"26294cee-939a-4c43-9a78-c7097ffe0612","block_type":"box","text":"Model Risk","page_number":16,"box":{"x":81,"y":590,"width":85,"height":10}},{"id":"b43c7bf8-34c8-4348-a510-4ea8edf54783","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":16,"box":{"x":170,"y":591,"width":722,"height":11}},{"id":"1eaccc33-f882-46f4-826b-74052f19cfc0","block_type":"box","text":"quantitative analysis. Investments selected using these models may perform differently than as forecasted due to","page_number":16,"box":{"x":81,"y":605,"width":840,"height":12}},{"id":"ae2263cf-1640-4d81-8419-7e116bb67df3","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, as well as the level and scope of changes","page_number":16,"box":{"x":80,"y":620,"width":854,"height":12}},{"id":"470df3ec-3139-4b03-8739-82e5f6698738","block_type":"box","text":"from historical trends. In addition, issues in the construction and implementation of the models, including software","page_number":16,"box":{"x":81,"y":635,"width":845,"height":11}},{"id":"b1fd0c07-51b2-4548-931f-013b876fd5d4","block_type":"box","text":"or hardware malfunction, power loss, software bugs, malicious code, viruses, system crashes, issues related to the","page_number":16,"box":{"x":81,"y":650,"width":852,"height":11}},{"id":"7216ba65-b7df-4bc3-abe4-b05256cfdd3c","block_type":"box","text":"use of artificial intelligence and machine learning (“AI”) and other technological failures or various other events or","page_number":16,"box":{"x":82,"y":664,"width":835,"height":12}},{"id":"3bbdd4ec-9646-4a44-b22d-c2c2149f9606","block_type":"box","text":"circumstances within or beyond the control of BlackRock, may adversely impact the Fund. Please see also","page_number":16,"box":{"x":81,"y":679,"width":779,"height":12}},{"id":"e203c751-138c-4be4-9b14-de091e6732a8","block_type":"box","text":"“Operational and Technology Risks” below. There is no guarantee that BlackRock’s use of these models will result","page_number":16,"box":{"x":82,"y":694,"width":838,"height":12}},{"id":"faf3afc3-2901-4987-a2a6-903f0b43dea7","block_type":"box","text":"in effective investment decisions for the Fund.","page_number":16,"box":{"x":82,"y":709,"width":338,"height":9}},{"id":"994605ea-dd1d-4a7f-9229-391649812f69","block_type":"box","text":"Some of the models used by BlackRock rely on historical data and may not accurately predict future market","page_number":16,"box":{"x":81,"y":729,"width":789,"height":11}},{"id":"f1babbf1-06b6-4ec5-8a3b-47cfefe25de2","block_type":"box","text":"movements. The Fund bears the risk that the models used by BlackRock will not be successful in forecasting","page_number":16,"box":{"x":82,"y":744,"width":800,"height":11}},{"id":"bbedc998-155c-45cb-ba29-3963dbe70c32","block_type":"box","text":"movements in the market or in determining the size, direction, and/or weighting of investment positions that will","page_number":16,"box":{"x":82,"y":759,"width":824,"height":11}},{"id":"12b7b464-0feb-4c07-adea-7e3fdbe7a9d4","block_type":"box","text":"enable the Fund to achieve its investment objective. In addition, the models may not be reliable in the event of","page_number":16,"box":{"x":81,"y":773,"width":814,"height":12}},{"id":"d511e617-e5d4-4301-8a18-304760d1b2d2","block_type":"box","text":"unusual or disruptive events that cause market movements, which may be inconsistent with the historical","page_number":16,"box":{"x":82,"y":788,"width":774,"height":12}},{"id":"1b8dbb80-a06b-488a-8298-f4727bc05749","block_type":"box","text":"performance of individual markets. In such instances, the models may produce unexpected results, which can","page_number":16,"box":{"x":82,"y":803,"width":808,"height":11}},{"id":"3d0da6dd-1cbc-4352-bdce-f8058119f5ad","block_type":"box","text":"result in losses for the Fund. Furthermore, because predictive models may be constructed based on data supplied","page_number":16,"box":{"x":82,"y":818,"width":840,"height":11}},{"id":"aa9b7532-6a2a-411a-8b00-d2bc8f5de059","block_type":"box","text":"by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of such","page_number":16,"box":{"x":81,"y":833,"width":834,"height":11}},{"id":"fbee3a3c-81b6-4698-b231-74f2652f8b52","block_type":"box","text":"data.","page_number":16,"box":{"x":81,"y":848,"width":36,"height":9}},{"id":"b851421b-6a97-4373-85f8-936016d0bb98","block_type":"box","text":"“New Issues” Risk","page_number":16,"box":{"x":83,"y":868,"width":139,"height":9}},{"id":"f3e24733-0f1e-4a25-923a-e89579e9448d","block_type":"box","text":"— “New issues” are IPOs of equity securities. Investments in companies that have recently","page_number":16,"box":{"x":226,"y":867,"width":673,"height":12}},{"id":"cdc1363c-c185-4adf-a855-9dfa0259e109","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":16,"box":{"x":81,"y":882,"width":833,"height":12}},{"id":"3121947b-7873-4765-bc06-7b0819813319","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":16,"box":{"x":82,"y":897,"width":853,"height":12}},{"id":"89de5a3c-0802-4c8b-8fe3-76c237c9733b","block_type":"box","text":"of future performance. The investment performance of the Fund during periods when it is unable to invest","page_number":16,"box":{"x":81,"y":912,"width":778,"height":12}},{"id":"81ae848b-856d-4037-9f7d-b8f030675a0d","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"63fdfe18-e562-44c9-a519-5eee33f4d952","block_type":"box","text":"NM1026U-5978939-16/44","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b1b3aa55-c50f-4762-95c6-98b7def6cd90","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":17,"box":{"x":81,"y":46,"width":827,"height":11}},{"id":"3968c606-45e4-4aa2-ad85-5212056e299c","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":17,"box":{"x":82,"y":60,"width":838,"height":12}},{"id":"0d6db513-d0f3-406f-85b2-56bbe7114435","block_type":"box","text":"IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":17,"box":{"x":82,"y":75,"width":776,"height":12}},{"id":"154043e9-e7a2-4fa6-b443-2590ee53b3bc","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":17,"box":{"x":81,"y":90,"width":830,"height":12}},{"id":"b35ee50f-7082-42a7-8556-e49243f21284","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":17,"box":{"x":82,"y":105,"width":834,"height":12}},{"id":"f4f90003-6d69-4e5a-b83a-8f1f89098127","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":17,"box":{"x":80,"y":120,"width":844,"height":11}},{"id":"0d56efd4-9555-4d0a-9064-69f32431cce6","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":17,"box":{"x":81,"y":135,"width":840,"height":11}},{"id":"15d5e6fd-dec8-4633-99fd-a25e716b64f1","block_type":"box","text":"price as it would like.","page_number":17,"box":{"x":82,"y":150,"width":153,"height":11}},{"id":"dcd0d3b1-aef6-44ab-8ce6-4c28eebdf3e0","block_type":"box","text":"Operational and Technology Risks","page_number":17,"box":{"x":82,"y":170,"width":254,"height":11}},{"id":"74f048cd-98ef-46f4-b889-257f62c04160","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":17,"box":{"x":340,"y":170,"width":549,"height":11}},{"id":"28805c37-f50b-4cfa-be09-752b3e25770f","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":17,"box":{"x":81,"y":184,"width":790,"height":12}},{"id":"df18a0a6-249e-4f76-9aec-778c4b751f6d","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of AI, which may result in losses for","page_number":17,"box":{"x":81,"y":199,"width":833,"height":11}},{"id":"2290f274-f74e-4fdd-83e9-994aa52ed043","block_type":"box","text":"the Fund and its shareholders or impair the Fund’s operations. These entities include, but are not limited to, the","page_number":17,"box":{"x":80,"y":214,"width":826,"height":11}},{"id":"a38b94aa-6bea-41e5-bfb8-a33adb5196f3","block_type":"box","text":"Fund’s adviser, administrator, distributor, other service providers (e.g., index and benchmark providers,","page_number":17,"box":{"x":82,"y":229,"width":754,"height":11}},{"id":"79ec77fa-35c3-4822-81c2-10c75c9429b9","block_type":"box","text":"accountants, custodians, and transfer agents), financial intermediaries, counterparties, market makers, authorized","page_number":17,"box":{"x":81,"y":244,"width":845,"height":11}},{"id":"288e05d9-b981-4c33-8f34-c6c4a05256f0","block_type":"box","text":"participants, listing exchanges, other financial market operators, and governmental authorities, as applicable.","page_number":17,"box":{"x":82,"y":258,"width":805,"height":12}},{"id":"b021ce52-d2a1-4817-b1ab-40ddfffe12d3","block_type":"box","text":"Operational and technology risks for the issuers in which the Fund invests could also result in material adverse","page_number":17,"box":{"x":81,"y":273,"width":815,"height":12}},{"id":"bea2353f-181f-40c1-90b4-302ebe2d5f91","block_type":"box","text":"consequences for such issuers and may cause the Fund’s investments in such issuers to lose value. The Fund may","page_number":17,"box":{"x":81,"y":288,"width":850,"height":11}},{"id":"b79b6306-c6c3-4e30-9e81-c7cd09b496ad","block_type":"box","text":"incur substantial costs in order to mitigate operational and technology risks.","page_number":17,"box":{"x":82,"y":303,"width":558,"height":11}},{"id":"0bd99f0f-e3a7-4e75-af00-1937e3ccf84a","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":17,"box":{"x":81,"y":323,"width":821,"height":11}},{"id":"bd3a9088-1240-4f08-847d-88d9287a0bc4","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":17,"box":{"x":82,"y":338,"width":814,"height":11}},{"id":"3b94b2fb-e501-4b42-9b4f-5fcfc9df8040","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":17,"box":{"x":81,"y":352,"width":824,"height":12}},{"id":"fbdcae5f-14ee-44a1-8118-b3756019397b","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":17,"box":{"x":81,"y":367,"width":791,"height":12}},{"id":"0d03f4b0-9e3d-4f2b-aa1a-e66b312f7eb2","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":17,"box":{"x":82,"y":382,"width":852,"height":12}},{"id":"60d7c60d-bcd9-4b1a-b019-45dbfa120b87","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":17,"box":{"x":81,"y":397,"width":784,"height":12}},{"id":"0f7b436c-81e8-4b80-a1b9-e6694fb8f897","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":17,"box":{"x":81,"y":412,"width":787,"height":11}},{"id":"34daa4a0-f535-4b8b-b15e-2fe2d33b4d9b","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations","page_number":17,"box":{"x":81,"y":427,"width":840,"height":11}},{"id":"50f47854-bcd1-4a8c-8500-7c282e0309d3","block_type":"box","text":"of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":17,"box":{"x":81,"y":441,"width":809,"height":12}},{"id":"8d20aa24-a3c4-43c2-92e8-0cb824548442","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":17,"box":{"x":81,"y":456,"width":829,"height":12}},{"id":"b473376d-5ef2-4177-b228-7fa648356e98","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":17,"box":{"x":82,"y":471,"width":798,"height":12}},{"id":"24ce4c8a-4113-4b81-a3b2-0b2586fb09e8","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":17,"box":{"x":81,"y":486,"width":829,"height":11}},{"id":"62e41eed-8da1-4fc4-a402-2c78bbd42793","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":17,"box":{"x":82,"y":501,"width":846,"height":11}},{"id":"0fec2620-68ed-4931-8d11-4d96905581e7","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":17,"box":{"x":82,"y":516,"width":846,"height":11}},{"id":"0639ba19-11f9-41a3-bbcd-9c49c81ff930","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":17,"box":{"x":81,"y":530,"width":838,"height":12}},{"id":"7d2e806e-53bf-490f-9816-6b05ed1a70cd","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":17,"box":{"x":80,"y":545,"width":770,"height":12}},{"id":"35d565a6-fea7-48dc-bbe2-cab35a7547c9","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":17,"box":{"x":80,"y":560,"width":792,"height":12}},{"id":"20814ac9-4d16-422b-a45d-cd30b73d7878","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":17,"box":{"x":82,"y":575,"width":845,"height":11}},{"id":"dde54d47-bc35-474c-a228-2695983c003e","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":17,"box":{"x":80,"y":590,"width":840,"height":11}},{"id":"46e1ecc9-5a7d-4319-9990-ac3815ad0819","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":17,"box":{"x":81,"y":605,"width":841,"height":11}},{"id":"c395641b-7024-4033-86a3-d6540b812d07","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":17,"box":{"x":80,"y":619,"width":847,"height":12}},{"id":"dac4b844-54f6-4451-85bb-9e93c1cb701b","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":17,"box":{"x":82,"y":634,"width":838,"height":12}},{"id":"3ec115ff-0c02-4009-b871-c8e38f312bd7","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":17,"box":{"x":81,"y":649,"width":847,"height":12}},{"id":"b48e9b01-2a42-4864-8b6a-3416ff657272","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":17,"box":{"x":81,"y":664,"width":845,"height":11}},{"id":"c07eb949-1d77-49ba-9ccb-ec64f159973d","block_type":"box","text":"and the associated risks to the Fund.","page_number":17,"box":{"x":81,"y":679,"width":273,"height":9}},{"id":"bd31ae66-24f3-4e79-bb75-bd2416f8c35c","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":17,"box":{"x":81,"y":699,"width":769,"height":11}},{"id":"c83b38f1-85d8-49c4-a145-3284c8b14959","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":17,"box":{"x":81,"y":713,"width":855,"height":12}},{"id":"88ca5f75-1c04-4d1a-a9dc-888645d07780","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":17,"box":{"x":80,"y":728,"width":848,"height":12}},{"id":"7000dc7f-e82b-44c7-a197-5d114a23d2c8","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":17,"box":{"x":81,"y":743,"width":777,"height":12}},{"id":"169bf942-80b4-4e9f-b04f-62cb516d0a21","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":17,"box":{"x":81,"y":758,"width":824,"height":11}},{"id":"97ddac7a-cf5c-489d-ab6e-aeccb1b51544","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":17,"box":{"x":81,"y":773,"width":785,"height":11}},{"id":"c38fb2d1-f940-469b-aded-3350f33f1738","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":17,"box":{"x":82,"y":788,"width":853,"height":11}},{"id":"7d62ab1e-f01b-4879-b1bd-6a8e5f092ba7","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":17,"box":{"x":82,"y":802,"width":855,"height":12}},{"id":"e92b0d98-333f-40de-b128-c8a76a926e16","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":17,"box":{"x":82,"y":817,"width":813,"height":12}},{"id":"b0f18284-b217-4112-80c1-0805663fd760","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":17,"box":{"x":81,"y":832,"width":806,"height":11}},{"id":"5bb5d685-5cd8-4b26-9103-a6f9a74288d6","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":17,"box":{"x":82,"y":847,"width":602,"height":11}},{"id":"7a61bd5c-29cc-4ece-afe1-cf796250859b","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":17,"box":{"x":82,"y":867,"width":794,"height":11}},{"id":"95f694f5-e169-4cb0-a38a-7f78575707bf","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":17,"box":{"x":81,"y":882,"width":840,"height":11}},{"id":"669333a3-60d0-4b1c-9188-2820337bfc41","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":17,"box":{"x":81,"y":897,"width":801,"height":11}},{"id":"c3096e62-d159-4d53-ace2-ad6346c65fcf","block_type":"box","text":"resources to monitor and implement required changes.","page_number":17,"box":{"x":82,"y":912,"width":402,"height":11}},{"id":"541ebe8a-85d5-4f02-947c-803b7c7cc7d3","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"ab0f5842-251c-464f-9773-2a8415dc7c38","block_type":"box","text":"NM1026U-5978939-17/44","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"71da8f89-2b08-4161-986b-573e5225e698","block_type":"box","text":"Preferred Securities Risk","page_number":18,"box":{"x":81,"y":46,"width":189,"height":9}},{"id":"8ba15345-6fa8-473b-92d9-2d31f979dc1e","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":18,"box":{"x":274,"y":46,"width":636,"height":11}},{"id":"2e2fa0e4-f6fe-42e1-a4a8-bb2d90786e8d","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":18,"box":{"x":81,"y":60,"width":824,"height":12}},{"id":"72e74591-bd33-4b19-9324-63d2efd6e43c","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":18,"box":{"x":82,"y":75,"width":806,"height":12}},{"id":"9014899e-40e9-4925-b83e-ff191183aedd","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":18,"box":{"x":81,"y":90,"width":842,"height":12}},{"id":"a03876d6-75ce-4f35-9f3a-ed5c4ad5c4dc","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":18,"box":{"x":81,"y":105,"width":781,"height":12}},{"id":"27362818-48da-47cb-81d1-ce465b0d0ebc","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":18,"box":{"x":81,"y":120,"width":812,"height":11}},{"id":"fa307be4-1f0d-40f2-8bd4-407bd385eca7","block_type":"box","text":"larger companies.","page_number":18,"box":{"x":82,"y":135,"width":129,"height":11}},{"id":"a8d2a22a-3359-42f7-9f40-80d816ada779","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":18,"box":{"x":61,"y":158,"width":296,"height":12}},{"id":"27108d0d-6e73-4063-87ad-9abde5529d40","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":18,"box":{"x":60,"y":174,"width":832,"height":11}},{"id":"424fa7d8-82a1-4726-91f5-1734b0646578","block_type":"box","text":"strategies, including:","page_number":18,"box":{"x":61,"y":189,"width":151,"height":11}},{"id":"622bc237-9dc3-4578-9520-2908753260ca","block_type":"box","text":"Borrowing Risk","page_number":18,"box":{"x":81,"y":209,"width":115,"height":11}},{"id":"9d41c90f-4502-42e6-a0b4-e3599d313eaf","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":18,"box":{"x":200,"y":209,"width":711,"height":11}},{"id":"b6f7b4da-413d-4362-b2f5-76d33f577016","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":18,"box":{"x":80,"y":224,"width":813,"height":11}},{"id":"fec8fc2a-5a4c-4489-a0f2-d42e10cf4f49","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":18,"box":{"x":82,"y":239,"width":846,"height":11}},{"id":"f2d32da4-1e7d-4970-b4e7-73e6e3a66563","block_type":"box","text":"do so to satisfy its obligations.","page_number":18,"box":{"x":81,"y":253,"width":225,"height":12}},{"id":"ae18c413-1dfa-46bb-b5f4-8d46540a9d9f","block_type":"box","text":"Depositary Receipts Risk","page_number":18,"box":{"x":81,"y":273,"width":191,"height":12}},{"id":"5a4bff64-bb04-4f6b-96d2-57d3bb6a4cc4","block_type":"box","text":"— Depositary receipts are generally subject to the same risks as the foreign securities","page_number":18,"box":{"x":276,"y":273,"width":639,"height":12}},{"id":"4164beda-c3e6-42d2-8689-f5b8bde9559f","block_type":"box","text":"that they evidence or into which they may be converted. In addition to investment risks associated with the","page_number":18,"box":{"x":80,"y":288,"width":786,"height":11}},{"id":"e13b0dd1-1072-4e9a-bb79-388b00c6d0d2","block_type":"box","text":"underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms","page_number":18,"box":{"x":82,"y":303,"width":824,"height":11}},{"id":"cb3797ab-8f05-4b8f-9061-3e4b543e7baf","block_type":"box","text":"that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other","page_number":18,"box":{"x":80,"y":318,"width":827,"height":11}},{"id":"4870faa7-64a9-4749-95a6-c65c1fd894b4","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":18,"box":{"x":82,"y":332,"width":849,"height":12}},{"id":"d4a96e7b-dd59-46b8-b57e-4d911ea79aa2","block_type":"box","text":"depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that","page_number":18,"box":{"x":81,"y":347,"width":840,"height":12}},{"id":"4550709e-74d6-445d-b774-bf5fcbeabb6f","block_type":"box","text":"is, in the United States, considered material. Therefore, there may be less information available regarding these","page_number":18,"box":{"x":82,"y":362,"width":824,"height":12}},{"id":"745ebbc0-5d22-4af1-bb1f-a5d394551dd0","block_type":"box","text":"issuers and there may not be a correlation between such information and the market value of the depositary","page_number":18,"box":{"x":82,"y":377,"width":798,"height":11}},{"id":"57e95362-2082-4262-8edc-46bb3f50a03f","block_type":"box","text":"receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their","page_number":18,"box":{"x":82,"y":392,"width":847,"height":11}},{"id":"fe43e5a4-6e93-4b31-b729-ffbf5644cb05","block_type":"box","text":"respective markets and currencies, they continue to be subject to many of the risks associated with investing","page_number":18,"box":{"x":82,"y":407,"width":804,"height":11}},{"id":"a6a25ecc-1532-4b62-a4a0-0039ff808363","block_type":"box","text":"directly in foreign securities, including political, economic, and currency risk.","page_number":18,"box":{"x":81,"y":421,"width":558,"height":12}},{"id":"85c9fc8a-b415-472c-af90-48322c23b1d6","block_type":"box","text":"Emerging Markets Risk","page_number":18,"box":{"x":81,"y":442,"width":178,"height":11}},{"id":"b5446440-5e61-4ca3-8fc3-119c5d9a0b66","block_type":"box","text":"— The risks of foreign investments are usually much greater for emerging markets.","page_number":18,"box":{"x":263,"y":441,"width":610,"height":12}},{"id":"039eebff-1b61-4c1e-911e-b36461958c08","block_type":"box","text":"Investments in emerging markets may be considered speculative. Emerging markets may include those in countries","page_number":18,"box":{"x":82,"y":456,"width":848,"height":12}},{"id":"7871f291-5fa3-4543-854b-0773a94f76a3","block_type":"box","text":"considered emerging or developing by the World Bank, the International Finance Corporation or the United Nations.","page_number":18,"box":{"x":81,"y":471,"width":842,"height":12}},{"id":"5d7c835d-6041-4862-bb9a-0f9d2ac560d5","block_type":"box","text":"Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never","page_number":18,"box":{"x":82,"y":486,"width":838,"height":11}},{"id":"628f866b-867e-4b55-92b1-535c88b6910e","block_type":"box","text":"fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":18,"box":{"x":81,"y":501,"width":825,"height":11}},{"id":"9010ccc2-bd22-4262-a3aa-2a17213f72f7","block_type":"box","text":"returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than","page_number":18,"box":{"x":82,"y":516,"width":847,"height":11}},{"id":"cb7c90c9-97e0-4f1a-be1b-32c6ade1a7d0","block_type":"box","text":"developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price","page_number":18,"box":{"x":81,"y":530,"width":853,"height":12}},{"id":"52e4ac87-7c74-4f6b-a41b-593b44016995","block_type":"box","text":"changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few","page_number":18,"box":{"x":81,"y":545,"width":823,"height":12}},{"id":"6521d63c-0b25-4d80-827c-fa2d46eec08e","block_type":"box","text":"large investors. In addition, traditional measures of investment value used in the United States, such as price to","page_number":18,"box":{"x":82,"y":560,"width":825,"height":12}},{"id":"3e485973-4a2e-4dbc-a2d0-99839df7570c","block_type":"box","text":"earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about","page_number":18,"box":{"x":81,"y":575,"width":855,"height":11}},{"id":"49cb4214-45fb-4265-9b99-2a69fbbf3a82","block_type":"box","text":"issuers in emerging markets than would be available about issuers in more developed capital markets, and such","page_number":18,"box":{"x":82,"y":590,"width":827,"height":11}},{"id":"2c6baa34-f049-4921-9aaa-56fa72ee9bbd","block_type":"box","text":"issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable","page_number":18,"box":{"x":82,"y":604,"width":843,"height":12}},{"id":"d1fd8412-f851-4682-b260-d8900eb5d7ec","block_type":"box","text":"to those to which U.S. companies are subject. Communications between the United States and emerging market","page_number":18,"box":{"x":80,"y":619,"width":830,"height":12}},{"id":"34e079c9-ba92-40e7-b379-9b951e787ee3","block_type":"box","text":"countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. In addition,","page_number":18,"box":{"x":81,"y":634,"width":854,"height":12}},{"id":"2d1c5789-1649-4382-9d2a-49144a1785b2","block_type":"box","text":"foreign companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting","page_number":18,"box":{"x":81,"y":649,"width":820,"height":12}},{"id":"8e361d11-a098-41ca-892d-54bff2a7bc16","block_type":"box","text":"standards and auditor oversight requirements, which may significantly decrease the liquidity and value of the","page_number":18,"box":{"x":81,"y":664,"width":798,"height":11}},{"id":"20911ff6-9f27-4866-8a74-4eeb1b8a17a8","block_type":"box","text":"securities.","page_number":18,"box":{"x":81,"y":679,"width":74,"height":9}},{"id":"0c973b52-b9cc-4dd3-8030-572013c570ac","block_type":"box","text":"Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their","page_number":18,"box":{"x":82,"y":699,"width":802,"height":11}},{"id":"498c37da-3eaa-4b10-b1f8-ba913f551818","block_type":"box","text":"governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign","page_number":18,"box":{"x":81,"y":713,"width":774,"height":12}},{"id":"f57de60f-8cf5-41de-b628-6382033ad07e","block_type":"box","text":"investment than those of more developed countries. Some countries have pervasive corruption and crime that may","page_number":18,"box":{"x":82,"y":728,"width":845,"height":12}},{"id":"2dab2c44-bc79-4df6-9c98-f24832c2597b","block_type":"box","text":"hinder investments. Certain emerging markets may also face other significant internal or external risks, including","page_number":18,"box":{"x":82,"y":743,"width":830,"height":12}},{"id":"d3cb97f7-aad0-42c5-86ee-3ff942ee7101","block_type":"box","text":"the risk of war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market","page_number":18,"box":{"x":80,"y":758,"width":790,"height":11}},{"id":"b32e0e4a-c146-40db-aac7-ef18f0afaadb","block_type":"box","text":"countries participate to a significant degree in their economies and securities markets, which may impair","page_number":18,"box":{"x":81,"y":773,"width":772,"height":11}},{"id":"f733ee56-b63b-42b9-a00b-dc6e2241534d","block_type":"box","text":"investment and economic growth.","page_number":18,"box":{"x":82,"y":788,"width":244,"height":11}},{"id":"4ab4e438-8db3-4cca-97f1-213f4cddecaa","block_type":"box","text":"Expense Risk","page_number":18,"box":{"x":81,"y":808,"width":102,"height":11}},{"id":"41eb6d15-79d9-42ed-a147-a2c29bad9815","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":18,"box":{"x":187,"y":808,"width":734,"height":11}},{"id":"41b5b630-b22e-4f98-87a2-24797866581a","block_type":"box","text":"Accordingly, actual expenses may be greater or less than those indicated. For example, to the extent that the Fund’s","page_number":18,"box":{"x":81,"y":823,"width":855,"height":11}},{"id":"8d944963-f44b-4ea9-80f3-7f526a715a89","block_type":"box","text":"net assets decrease due to market declines or redemptions, the Fund’s expenses will increase as a percentage of","page_number":18,"box":{"x":82,"y":837,"width":842,"height":12}},{"id":"036d513c-e718-49bb-8f84-74cc9268ef57","block_type":"box","text":"Fund net assets. During periods of high market volatility, these increases in the Fund’s expense ratio could be","page_number":18,"box":{"x":82,"y":852,"width":808,"height":12}},{"id":"3bf88ece-3faa-4a1a-bf2f-30c5c0faee01","block_type":"box","text":"significant.","page_number":18,"box":{"x":81,"y":867,"width":78,"height":11}},{"id":"5ec9859e-38a7-4af2-997a-880e1c1331e3","block_type":"box","text":"Illiquid Investments Risk","page_number":18,"box":{"x":81,"y":887,"width":186,"height":11}},{"id":"cde5b186-a526-47cf-af17-39a320b34365","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":18,"box":{"x":271,"y":887,"width":648,"height":11}},{"id":"593ff9fd-93d1-4068-afeb-c101586cd4c5","block_type":"box","text":"the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":18,"box":{"x":80,"y":902,"width":841,"height":11}},{"id":"ce83a61e-ecb5-46a9-813b-df1641dce8c8","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":18,"box":{"x":82,"y":916,"width":831,"height":12}},{"id":"91283da7-e42e-43f6-a5c0-67b62aa49e82","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"5454b1a5-9006-471c-8eb9-8e5cf51e6822","block_type":"box","text":"NM1026U-5978939-18/44","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"39c57b5a-57bf-4588-81f8-d2ea66463fea","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":19,"box":{"x":81,"y":46,"width":811,"height":11}},{"id":"c1eb2db3-0b75-485f-9ec0-c150b0f837aa","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":19,"box":{"x":82,"y":60,"width":825,"height":12}},{"id":"9fc010ea-fdef-4f52-968b-694ef6d16406","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":19,"box":{"x":81,"y":76,"width":837,"height":11}},{"id":"89e56ceb-a795-4ef5-a722-a3703005e58c","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":19,"box":{"x":80,"y":90,"width":851,"height":12}},{"id":"e374a911-125e-41ad-8c93-a17cc2bdd5a2","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":19,"box":{"x":82,"y":105,"width":835,"height":12}},{"id":"239f1c3e-b76c-4333-9fb9-c037bca0fa53","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":19,"box":{"x":82,"y":120,"width":835,"height":11}},{"id":"4a7107b3-6d71-4a3f-b319-14dc433d65bd","block_type":"box","text":"or price. In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when","page_number":19,"box":{"x":81,"y":135,"width":791,"height":11}},{"id":"a5fcacfc-f5a6-4c1e-bed9-2042e51ed3d0","block_type":"box","text":"shareholders are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to","page_number":19,"box":{"x":81,"y":150,"width":846,"height":11}},{"id":"d0210ae5-3dc9-41a1-be5e-113bb3e587ef","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":19,"box":{"x":81,"y":164,"width":835,"height":12}},{"id":"bf9dae3e-0b72-4ad7-aa1d-71e0b4caef94","block_type":"box","text":"Fund’s holdings. An investment may be illiquid due to, among other things, the lack of an active trading market. To","page_number":19,"box":{"x":82,"y":179,"width":839,"height":12}},{"id":"14798c1d-0d13-4f21-8e0d-dc6f05683ab2","block_type":"box","text":"the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":19,"box":{"x":80,"y":194,"width":834,"height":11}},{"id":"419d0644-cf04-4ddd-93da-18eaa4139d9c","block_type":"box","text":"and/or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments.","page_number":19,"box":{"x":81,"y":209,"width":815,"height":11}},{"id":"d9b88189-7753-4408-bd52-d8c12d8cee0a","block_type":"box","text":"Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these","page_number":19,"box":{"x":82,"y":224,"width":835,"height":11}},{"id":"551c8ea3-9567-4027-b63d-aa2cd489c128","block_type":"box","text":"investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. In addition, when","page_number":19,"box":{"x":82,"y":238,"width":827,"height":12}},{"id":"00f0f7a2-1dfe-4294-b220-9d4c284ba9d9","block_type":"box","text":"there is illiquidity in the market for certain securities, the Fund, due to limitations on illiquid investments, may be","page_number":19,"box":{"x":80,"y":253,"width":831,"height":12}},{"id":"a1440505-e825-45ec-9710-18906d4bc401","block_type":"box","text":"subject to purchase and sale restrictions.","page_number":19,"box":{"x":81,"y":268,"width":304,"height":11}},{"id":"b9384b6c-ac6e-4506-97f8-4fc40123e561","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":19,"box":{"x":81,"y":288,"width":366,"height":11}},{"id":"47137c47-c044-40c8-9bc6-43c017b9be50","block_type":"box","text":"— As with other investments, investments in other investment","page_number":19,"box":{"x":450,"y":288,"width":459,"height":11}},{"id":"4c78bb66-31ca-4969-9360-09928f8589e4","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":19,"box":{"x":81,"y":303,"width":815,"height":11}},{"id":"0d1b5373-58fd-4d59-b5a3-6b2131a71a2e","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":19,"box":{"x":82,"y":318,"width":844,"height":11}},{"id":"7d88d88a-1fca-48ca-9311-3a55fdac54dc","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":19,"box":{"x":81,"y":332,"width":822,"height":12}},{"id":"f43ef925-84a5-4980-a153-1ddc094aabb5","block_type":"box","text":"companies (to the extent not offset by BlackRock through waivers). To the extent the Fund is held by an affiliated","page_number":19,"box":{"x":81,"y":347,"width":829,"height":12}},{"id":"e33fb66b-87e5-40d7-90cb-13f41b80371b","block_type":"box","text":"fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":19,"box":{"x":81,"y":362,"width":628,"height":12}},{"id":"18a0a671-50b9-434b-9673-91bd12c5ddbe","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":19,"box":{"x":81,"y":382,"width":396,"height":12}},{"id":"ac0ea99c-1e70-467b-8227-938279f83ff9","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":19,"box":{"x":481,"y":382,"width":440,"height":12}},{"id":"30098122-7467-4d69-840a-d01089bf7982","block_type":"box","text":"Fund’s adviser or an affiliate of the Fund’s adviser, or another entity, may from time to time own or manage a","page_number":19,"box":{"x":82,"y":397,"width":801,"height":11}},{"id":"ab7cbb76-2006-4f65-bc8e-1911e9ebb5b7","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":19,"box":{"x":81,"y":412,"width":825,"height":11}},{"id":"9339f787-1b69-49c1-b2cd-457441053ade","block_type":"box","text":"may invest in the Fund and hold its investment for a limited period of time. There can be no assurance that any","page_number":19,"box":{"x":82,"y":427,"width":816,"height":11}},{"id":"8178b2d1-6dee-4514-8e8a-debc03fb70af","block_type":"box","text":"large shareholder or large group of shareholders would not redeem their investment or that the size of the Fund","page_number":19,"box":{"x":82,"y":441,"width":818,"height":12}},{"id":"92c0cf51-8da3-4bca-b60f-85b2b43aa87d","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":19,"box":{"x":80,"y":456,"width":835,"height":12}},{"id":"5255df9c-0aae-48c7-a874-b7a8c55fccc2","block_type":"box","text":"the Fund’s liquidity and net assets. These redemptions may force the Fund to sell portfolio securities to meet","page_number":19,"box":{"x":80,"y":471,"width":807,"height":11}},{"id":"d3dad5d0-dcec-4571-addf-68037c4dc517","block_type":"box","text":"redemption requests when it might not otherwise do so, which may negatively impact the Fund’s NAV and increase","page_number":19,"box":{"x":82,"y":486,"width":841,"height":11}},{"id":"4763b6fb-bcfc-4eac-8de7-07a6b3f11130","block_type":"box","text":"the Fund’s brokerage costs and/or accelerate the realization of taxable income and cause the Fund to make taxable","page_number":19,"box":{"x":80,"y":501,"width":855,"height":11}},{"id":"d1fb90af-947c-4da6-894c-77b239af7670","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":19,"box":{"x":81,"y":516,"width":751,"height":10}},{"id":"2834ab96-0935-4c25-bc3e-f58dc3ab34aa","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":19,"box":{"x":81,"y":531,"width":785,"height":11}},{"id":"623f12fa-6c18-4a30-a49f-c8938e959c83","block_type":"box","text":"distribution during or with respect to such tax year. The effects of taxable income and/or gains resulting from such","page_number":19,"box":{"x":81,"y":545,"width":841,"height":12}},{"id":"93e63f02-4579-46c4-b6fd-ed2da09a0625","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":19,"box":{"x":80,"y":560,"width":824,"height":12}},{"id":"43dd5b08-737b-4174-8575-b9ea6f709106","block_type":"box","text":"401(k) plan or other tax-advantaged plan. To the extent that such transactions result in short-term capital gains,","page_number":19,"box":{"x":81,"y":575,"width":822,"height":11}},{"id":"864c0e51-6dbb-4992-b1b6-fb6f7db08f93","block_type":"box","text":"such gains will generally be taxed at the ordinary income tax rate for shareholders who hold Fund shares in a","page_number":19,"box":{"x":81,"y":590,"width":801,"height":11}},{"id":"709ff455-c3ce-4c7a-afa3-d1c712fcc811","block_type":"box","text":"taxable account. The Fund also may be required to sell its more liquid Fund investments to meet a large","page_number":19,"box":{"x":80,"y":605,"width":765,"height":11}},{"id":"f4e7531b-7ee2-4d1e-9d78-0c2a46b2e49d","block_type":"box","text":"redemption, in which case the Fund’s remaining assets may be less liquid, more volatile, and more difficult to price.","page_number":19,"box":{"x":82,"y":619,"width":852,"height":12}},{"id":"89ec6e4a-fd25-4e26-8ba8-cc3bf82b1d6e","block_type":"box","text":"In addition, large redemptions can result in the Fund’s current expenses being allocated over a smaller asset base,","page_number":19,"box":{"x":82,"y":634,"width":847,"height":12}},{"id":"3cba73d4-7078-45be-80cf-39f8bfb2336b","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":19,"box":{"x":80,"y":649,"width":847,"height":12}},{"id":"2d4ea620-94fd-4446-83fd-1545b610ee49","block_type":"box","text":"a portfolio manager’s ability to implement a fund’s investment strategy, the Fund also reserves the right to redeem","page_number":19,"box":{"x":81,"y":664,"width":845,"height":11}},{"id":"29cdebb2-94f3-42ff-aa4d-0da07a834985","block_type":"box","text":"in-kind, subject to certain conditions. In addition, large purchases of Fund shares may adversely affect the Fund’s","page_number":19,"box":{"x":82,"y":679,"width":835,"height":11}},{"id":"ea4b46d4-146b-44e2-ade9-45c1b30d2d2f","block_type":"box","text":"performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash","page_number":19,"box":{"x":82,"y":693,"width":839,"height":12}},{"id":"c33dada8-b9b2-403b-b0c1-5ad431240a90","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":19,"box":{"x":82,"y":709,"width":461,"height":11}},{"id":"c5a39041-eafe-4e02-94fd-b7b17b322c91","block_type":"box","text":"Money Market Securities Risk","page_number":19,"box":{"x":81,"y":728,"width":229,"height":12}},{"id":"05ffbf4a-247e-4564-a6ab-4211d5a5bc43","block_type":"box","text":"— If market conditions improve while the Fund has invested some or all of its","page_number":19,"box":{"x":314,"y":728,"width":570,"height":11}},{"id":"dec05afe-dd3e-450c-a297-60aed656b024","block_type":"box","text":"assets in high quality money market securities, this strategy could result in reducing the potential gain from the","page_number":19,"box":{"x":81,"y":743,"width":819,"height":12}},{"id":"2cdde253-6789-4e77-96dd-5da949e82794","block_type":"box","text":"market upswing, thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":19,"box":{"x":82,"y":758,"width":657,"height":11}},{"id":"22305368-fe1f-44c9-8a96-2ee8d3cd55d2","block_type":"box","text":"Ownership Limitations Risk","page_number":19,"box":{"x":82,"y":778,"width":205,"height":11}},{"id":"77e940fb-c5d0-4e7a-9fe1-e3d1ea5d0fe5","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":19,"box":{"x":291,"y":778,"width":610,"height":11}},{"id":"6c3cfaa7-ac1a-4ee4-b039-e13b0d5f36d5","block_type":"box","text":"transactions undertaken by BlackRock Advisors, LLC (“BlackRock”), its affiliates or the Fund, or as a result of third","page_number":19,"box":{"x":80,"y":793,"width":849,"height":11}},{"id":"9e9be021-1119-4cc1-96f6-3c8cafbacb15","block_type":"box","text":"party transactions or actions by an issuer or regulator, the ability of BlackRock and its affiliates on behalf of clients","page_number":19,"box":{"x":82,"y":808,"width":845,"height":11}},{"id":"9f3257a0-fa47-44a3-aab7-27e918f5e7ee","block_type":"box","text":"(including the Fund) to purchase or dispose of investments, exercise rights or undertake business transactions may","page_number":19,"box":{"x":81,"y":822,"width":851,"height":12}},{"id":"a1b9da04-7038-415d-a892-fd35cb655ff3","block_type":"box","text":"be restricted by law, regulation or rule or otherwise impaired. The capacity of the Fund to invest in certain securities","page_number":19,"box":{"x":81,"y":837,"width":851,"height":12}},{"id":"b4cb87cf-9c93-4dbf-b05d-8468efc7c59c","block_type":"box","text":"or other assets may be affected by the relevant threshold limits, and such limitations may have adverse effects on","page_number":19,"box":{"x":81,"y":852,"width":843,"height":11}},{"id":"907b1932-01ce-459b-b40a-e6fea3f73b88","block_type":"box","text":"the liquidity and performance of the Fund’s portfolio holdings.","page_number":19,"box":{"x":80,"y":867,"width":455,"height":11}},{"id":"abd4e0e2-5729-4098-9101-deaa01772684","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":19,"box":{"x":82,"y":887,"width":826,"height":11}},{"id":"1e761b73-f532-46b8-a2a9-16d0639a9836","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":19,"box":{"x":81,"y":902,"width":848,"height":11}},{"id":"27a0256e-af4d-4b1b-b05d-65d8e5b28694","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":19,"box":{"x":81,"y":916,"width":799,"height":12}},{"id":"c6322962-bb6a-4ea4-9ed8-fe40457a1f6c","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"94aac223-4d14-441c-b3f1-d3078f5af399","block_type":"box","text":"NM1026U-5978939-19/44","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a367cca1-98f5-4135-9275-60f9e0025159","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":20,"box":{"x":81,"y":46,"width":828,"height":11}},{"id":"cc34fbc5-b30a-48f5-9a57-00681d5c9ccf","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":20,"box":{"x":81,"y":60,"width":828,"height":12}},{"id":"82417a1b-82f9-4048-8c85-3605cc4e3efa","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":20,"box":{"x":80,"y":75,"width":837,"height":12}},{"id":"2b2eb520-47f2-492c-a490-9bb849c7cdf9","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":20,"box":{"x":80,"y":90,"width":837,"height":12}},{"id":"94be756d-717b-477b-a870-0b60ab410f82","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":20,"box":{"x":82,"y":105,"width":800,"height":12}},{"id":"5d90341e-1419-4bbb-9450-78be72df78eb","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":20,"box":{"x":81,"y":120,"width":678,"height":11}},{"id":"aa23cabf-4df3-4c6f-bf14-dddbe3a79236","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or be","page_number":20,"box":{"x":81,"y":140,"width":842,"height":11}},{"id":"45c31d90-5893-42d9-9659-83bdbbf55c0f","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":20,"box":{"x":81,"y":155,"width":833,"height":11}},{"id":"a345b96a-a796-4aae-8782-7b774298dc97","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":20,"box":{"x":82,"y":169,"width":582,"height":12}},{"id":"9b7e1872-6b31-43b8-9798-aa6a363f2200","block_type":"box","text":"REIT Investment Risk","page_number":20,"box":{"x":81,"y":190,"width":163,"height":9}},{"id":"3c8a4c5d-fde6-4c5b-9d2f-0344f8cb9de3","block_type":"box","text":"—","page_number":20,"box":{"x":248,"y":194,"width":17,"height":2}},{"id":"75f797bd-bc67-4576-a4fb-9d5ac52785f5","block_type":"box","text":"In addition to the risks facing real estate-related securities, such as a decline in property","page_number":20,"box":{"x":271,"y":189,"width":653,"height":12}},{"id":"9066ca06-c801-451d-9189-52541127d555","block_type":"box","text":"values due to increasing vacancies, a decline in rents resulting from unanticipated economic, legal or technological","page_number":20,"box":{"x":80,"y":204,"width":846,"height":12}},{"id":"8f5a821a-4946-4f30-bfe2-a6fb85315b1b","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":219,"width":829,"height":11}},{"id":"dc6dec79-fd49-4e8d-a73f-741cffb539df","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":234,"width":793,"height":11}},{"id":"7f14edfb-96c1-4b5a-a326-ddf0b8324c27","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":249,"width":836,"height":11}},{"id":"159ffab6-9791-4253-a364-94ee32208325","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":263,"width":814,"height":12}},{"id":"ec37ccf7-3ee6-4b2b-b748-df6f007fc745","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":278,"width":825,"height":12}},{"id":"4a97a118-8371-4190-bb2b-c20634c10a74","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":293,"width":797,"height":12}},{"id":"2441cfcc-9aa5-4e16-9e2f-41c5821a2a1b","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":308,"width":812,"height":12}},{"id":"61d6d429-a68d-478a-9fff-e293e1e08d69","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":323,"width":838,"height":11}},{"id":"6c4236e4-e289-434d-ac4d-868ffd181e06","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":338,"width":832,"height":11}},{"id":"5de60c5c-b25a-4096-9ee2-c79dd150d709","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":352,"width":809,"height":12}},{"id":"cb1ec4a3-5490-4d11-948a-a30664ae853d","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":367,"width":819,"height":12}},{"id":"1d1770cf-edab-48db-8a4a-e20650333aa7","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":382,"width":813,"height":12}},{"id":"1365d392-c196-451d-b746-591b118770d5","block_type":"box","text":"shareholder satisfy applicable holding period requirements.","page_number":20,"box":{"x":81,"y":397,"width":434,"height":12}},{"id":"4b6e902f-2cc9-4714-bea6-03afde171e6b","block_type":"box","text":"Reliance on Advisor Risk","page_number":20,"box":{"x":81,"y":417,"width":188,"height":9}},{"id":"5249b343-4ae1-4e37-88e9-7b5e730cf094","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":20,"box":{"x":273,"y":417,"width":614,"height":11}},{"id":"5ce70124-740c-4d0f-8649-464251db83e2","block_type":"box","text":"therefore BlackRock’s parent, BlackRock, Inc. BlackRock is not required to devote its full time to the business of","page_number":20,"box":{"x":80,"y":432,"width":830,"height":11}},{"id":"a36f8bef-9f65-4356-bfa6-89d980e9fd5e","block_type":"box","text":"the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock","page_number":20,"box":{"x":80,"y":447,"width":856,"height":11}},{"id":"5035591c-9110-4f64-bc26-494ef668c0f9","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":20,"box":{"x":80,"y":461,"width":841,"height":12}},{"id":"f060cc63-e0f5-4d4d-a2a0-fa7ac45b1c5f","block_type":"box","text":"could have a negative effect on the performance or the continued operation of the Fund.","page_number":20,"box":{"x":81,"y":476,"width":649,"height":12}},{"id":"2bbad3f1-4131-464c-a998-6667a510e5f4","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts Risk","page_number":20,"box":{"x":81,"y":496,"width":481,"height":12}},{"id":"299a8937-b863-4147-b88d-16dbcf38277b","block_type":"box","text":"— If the other party to a repurchase agreement or","page_number":20,"box":{"x":565,"y":496,"width":370,"height":12}},{"id":"0ac03c4f-e137-4544-939a-1def36733487","block_type":"box","text":"purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur","page_number":20,"box":{"x":82,"y":511,"width":827,"height":12}},{"id":"14ec128a-416e-4b17-ac0f-af0601dbcbb7","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":20,"box":{"x":81,"y":526,"width":816,"height":11}},{"id":"9329c511-3d8f-4cd7-99e7-eb8299b4e402","block_type":"box","text":"either situation and the market value of the security declines, the Fund may lose money.","page_number":20,"box":{"x":81,"y":541,"width":647,"height":11}},{"id":"22134cc9-8cc4-4e5b-a83d-4aa733f1753e","block_type":"box","text":"Restricted Securities Risk","page_number":20,"box":{"x":81,"y":561,"width":198,"height":9}},{"id":"9b6f0522-2701-42f8-b685-6f80950e3b80","block_type":"box","text":"—","page_number":20,"box":{"x":284,"y":566,"width":17,"height":1}},{"id":"55cb089b-c3cf-4333-8124-e02b26147dc6","block_type":"box","text":"Limitations on the resale, including any required lock-up or holding periods, of","page_number":20,"box":{"x":306,"y":561,"width":571,"height":11}},{"id":"5851f98e-7fa7-429c-af42-071e426980b6","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity, and may prevent the Fund","page_number":20,"box":{"x":82,"y":575,"width":843,"height":12}},{"id":"6e13ba1d-213b-4f85-97e6-5bf0c2d3b98f","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":20,"box":{"x":81,"y":590,"width":813,"height":12}},{"id":"3360869e-a315-4ec8-b18d-3adc6cb5c04b","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":20,"box":{"x":81,"y":605,"width":851,"height":12}},{"id":"3ca4d1b0-2978-47b9-b274-629c3bc9674c","block_type":"box","text":"bear the expense of registering the securities for resale and the risk of substantial delays in effecting the","page_number":20,"box":{"x":81,"y":620,"width":774,"height":12}},{"id":"9ba81af7-aa04-469f-88c1-130e611d9052","block_type":"box","text":"registration. Other transaction costs may be higher for restricted securities than unrestricted securities. Restricted","page_number":20,"box":{"x":82,"y":635,"width":839,"height":11}},{"id":"9c9eaa6e-ec69-46ff-b39b-61a0217f9c03","block_type":"box","text":"securities may be difficult to value because market quotations may not be readily available, there may be limited","page_number":20,"box":{"x":81,"y":650,"width":828,"height":11}},{"id":"a64014e7-3113-4740-a1d5-759d3b3bffec","block_type":"box","text":"other information regarding the investment’s market or fair value, and the securities’ values may have significant","page_number":20,"box":{"x":81,"y":664,"width":830,"height":12}},{"id":"b5b146f6-398c-4ce3-b97e-877ee24f76b8","block_type":"box","text":"volatility. Also, the Fund may get only limited information about the issuer of a given restricted security, and","page_number":20,"box":{"x":80,"y":679,"width":787,"height":12}},{"id":"cbb6476d-db44-40b1-885b-d836839b6e33","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":20,"box":{"x":80,"y":694,"width":838,"height":12}},{"id":"e3898981-9050-40bf-b929-f7476b51e004","block_type":"box","text":"as for other issuers for which more information is available. Certain restricted securities may involve a high degree","page_number":20,"box":{"x":81,"y":709,"width":843,"height":11}},{"id":"cca17359-d99e-4de1-8407-f3f0dbfd4a6c","block_type":"box","text":"of business and financial risk and may result in substantial losses to the Fund. Certain restricted securities may","page_number":20,"box":{"x":81,"y":724,"width":827,"height":11}},{"id":"459943b9-33f1-45e6-ba7a-a004d65fc9e0","block_type":"box","text":"represent limited investment opportunities and each shareholder’s proportionate investment exposure to such","page_number":20,"box":{"x":82,"y":739,"width":812,"height":11}},{"id":"ac1817d5-bc3d-4cba-a3f3-d950a17be49b","block_type":"box","text":"limited investment opportunities may be reduced proportionately as the Fund’s net assets grow from new or","page_number":20,"box":{"x":82,"y":753,"width":795,"height":12}},{"id":"1d81d641-3dd8-414e-8bac-549471ee8bbc","block_type":"box","text":"additional investments made in the Fund by other shareholders.","page_number":20,"box":{"x":81,"y":768,"width":468,"height":12}},{"id":"2101c7dc-bd16-4091-8a2f-d59e2f5b544b","block_type":"box","text":"Rights Risk","page_number":20,"box":{"x":81,"y":788,"width":88,"height":12}},{"id":"5799cca5-68dc-4d43-8250-10c56536c242","block_type":"box","text":"—","page_number":20,"box":{"x":173,"y":794,"width":17,"height":0}},{"id":"30d24569-8614-4b92-8f3f-ef54956c51ce","block_type":"box","text":"The failure to exercise subscription rights to purchase common stock would result in the dilution of","page_number":20,"box":{"x":194,"y":788,"width":728,"height":12}},{"id":"6d1bb364-1689-40e4-8c11-473a44875615","block_type":"box","text":"the Fund’s interest in the issuing company. The market for such rights is not well developed, and, accordingly, the","page_number":20,"box":{"x":80,"y":803,"width":836,"height":12}},{"id":"a81a5413-7ecb-40c0-86fa-8f7acbd63368","block_type":"box","text":"Fund may not always realize full value on the sale of rights.","page_number":20,"box":{"x":82,"y":818,"width":431,"height":11}},{"id":"95dbfede-2ffb-4b47-9472-63d8410245fd","block_type":"box","text":"Securities Lending Risk","page_number":20,"box":{"x":81,"y":838,"width":178,"height":11}},{"id":"d737bafc-954a-4c05-9366-6052aa23aab3","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":20,"box":{"x":263,"y":838,"width":661,"height":11}},{"id":"cc6d3cf5-99ed-43c8-a51f-c7e59ead5266","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":20,"box":{"x":82,"y":853,"width":852,"height":11}},{"id":"43570219-48d3-4872-9527-c607335b1348","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":20,"box":{"x":81,"y":867,"width":811,"height":12}},{"id":"de23b11c-0f9d-40cb-b272-900ee517f4e5","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":20,"box":{"x":81,"y":882,"width":829,"height":12}},{"id":"f9df322e-2bf8-4d58-9844-9afac273b1b3","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":20,"box":{"x":81,"y":897,"width":292,"height":11}},{"id":"5db7be80-5e65-407e-b2e7-acdcf1fbd28c","block_type":"box","text":"20","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"95514dc9-61f3-40cb-a8c2-b5de24cfe4fe","block_type":"box","text":"NM1026U-5978939-20/44","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f756a50a-167f-4d1b-a458-21124339d979","block_type":"box","text":"Valuation Risk","page_number":21,"box":{"x":83,"y":46,"width":107,"height":9}},{"id":"3c8f45f4-bc20-4b7a-927e-dc98d33ab9c6","block_type":"box","text":"—","page_number":21,"box":{"x":194,"y":51,"width":17,"height":1}},{"id":"342e3d54-fa82-444c-a065-ebd8f6885f05","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":21,"box":{"x":215,"y":46,"width":700,"height":11}},{"id":"82e4d0c4-6877-4dc2-83ec-27c3dcba086b","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":21,"box":{"x":81,"y":60,"width":835,"height":12}},{"id":"92060574-5a9d-4bc3-8911-36f154acfb65","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":21,"box":{"x":81,"y":75,"width":848,"height":12}},{"id":"1d2a9cb5-2930-45d7-9eed-190be6ac4dbf","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":21,"box":{"x":82,"y":90,"width":845,"height":12}},{"id":"56cdadf5-aa70-4d5b-b783-e45247587adb","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":21,"box":{"x":82,"y":105,"width":840,"height":12}},{"id":"15ae8d51-c5fc-4f34-9f6e-9632fa3f55e5","block_type":"box","text":"that value fixed-income securities generally utilize a range of market-based and security-specific inputs and","page_number":21,"box":{"x":80,"y":120,"width":783,"height":11}},{"id":"78597227-df8c-4839-8026-ddf932b60f2c","block_type":"box","text":"assumptions, as well as considerations about general market conditions, to establish a price. Pricing services","page_number":21,"box":{"x":81,"y":135,"width":810,"height":11}},{"id":"9d9da51b-b879-41c5-95ba-aa42018ece25","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund","page_number":21,"box":{"x":81,"y":149,"width":847,"height":12}},{"id":"9f31d305-fb8d-4d5d-ae7c-21b701c95cff","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":21,"box":{"x":82,"y":164,"width":848,"height":12}},{"id":"b3a5ae80-1c5f-4e14-89cd-110732934ccb","block_type":"box","text":"trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold","page_number":21,"box":{"x":80,"y":179,"width":819,"height":11}},{"id":"35bbec26-3602-4d5e-8680-6e4987dc4110","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":21,"box":{"x":81,"y":194,"width":837,"height":11}},{"id":"67809923-1fd5-485d-b084-53e38aa15532","block_type":"box","text":"technological issues and/or errors by pricing services or other third-party service providers.","page_number":21,"box":{"x":80,"y":209,"width":672,"height":11}},{"id":"8bf03d4e-8587-4896-8f45-69f95315aca5","block_type":"box","text":"Warrants Risk","page_number":21,"box":{"x":83,"y":229,"width":105,"height":9}},{"id":"51a4a17e-a4d8-487f-9a6a-ce48e7b3b3e9","block_type":"box","text":"— If the price of the underlying stock does not rise above the exercise price before the warrant","page_number":21,"box":{"x":192,"y":229,"width":698,"height":11}},{"id":"cfd7bc1f-f300-4850-b7ce-309a57fefb78","block_type":"box","text":"expires, the warrant generally expires without any value and the Fund will lose any amount it paid for the warrant.","page_number":21,"box":{"x":81,"y":244,"width":830,"height":11}},{"id":"6db0bf90-76f2-405f-8999-d9b0a58fa57a","block_type":"box","text":"Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants","page_number":21,"box":{"x":81,"y":259,"width":821,"height":11}},{"id":"8d11e437-0513-4e9b-8c03-7d1a331d6ee0","block_type":"box","text":"may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily","page_number":21,"box":{"x":82,"y":273,"width":822,"height":12}},{"id":"8b00fffe-94fc-44da-9ad7-9a515e810577","block_type":"box","text":"move with the price of the underlying stock.","page_number":21,"box":{"x":82,"y":288,"width":317,"height":12}},{"id":"2e58547a-680c-4d5d-92b4-0fb69826253a","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":21,"box":{"x":83,"y":308,"width":584,"height":11}},{"id":"580c85a8-88d3-44a6-8f28-a3393e155918","block_type":"box","text":"— When-issued and delayed","page_number":21,"box":{"x":671,"y":308,"width":208,"height":11}},{"id":"ed5ebbfb-8259-4ecb-932a-78210d793467","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":21,"box":{"x":81,"y":323,"width":843,"height":11}},{"id":"43dfd992-88aa-4f94-bdee-8582e68494a8","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":21,"box":{"x":82,"y":338,"width":830,"height":11}},{"id":"fbc72877-8dda-4ed2-b50d-f5f3cd34ae45","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":21,"box":{"x":82,"y":352,"width":849,"height":12}},{"id":"e58c96d4-359c-44bf-a440-edec96786fb0","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":21,"box":{"x":80,"y":367,"width":425,"height":12}},{"id":"3f53886d-8b57-4791-b314-17d5ff1f1957","block_type":"box","text":"21","page_number":21,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"a8b28855-bfc1-48c9-ad6a-9c155726d5ed","block_type":"box","text":"NM1026U-5978939-21/44","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2fa2a64d-0650-4af1-a910-f576d39014f7","block_type":"box","text":"Account Information","page_number":22,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"97aa845b-0590-48ff-b9df-c5a0d4106e09","block_type":"box","text":"Details About the Share Class","page_number":22,"box":{"x":61,"y":156,"width":272,"height":11}},{"id":"2e07a066-b680-4ea2-9f45-2fe1acb112d6","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":22,"box":{"x":60,"y":182,"width":858,"height":12}},{"id":"6a8cd78c-e39e-4c4b-b1ce-6132021d2fc6","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":22,"box":{"x":61,"y":197,"width":851,"height":12}},{"id":"437a0b77-113a-49ba-961c-e24e50172ea9","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":22,"box":{"x":61,"y":212,"width":850,"height":11}},{"id":"4c1d9a49-d6bb-439a-9a18-15e599657cda","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":22,"box":{"x":61,"y":227,"width":854,"height":11}},{"id":"7b591f6a-74a3-4cc4-9d0d-752e55089fc2","block_type":"box","text":"buy Class K Shares. Either your financial professional or your selected securities dealer, broker, investment adviser,","page_number":22,"box":{"x":61,"y":242,"width":850,"height":11}},{"id":"4b3a0f82-788a-461e-a287-8dc9fbbd7300","block_type":"box","text":"service provider or industry professional (including BlackRock and its affiliates) (each a “Financial Intermediary”) can","page_number":22,"box":{"x":61,"y":256,"width":859,"height":12}},{"id":"9d0fd338-ce65-4e0f-87a3-870f427cd5b4","block_type":"box","text":"help you determine whether you are eligible to buy Class K Shares.","page_number":22,"box":{"x":61,"y":271,"width":491,"height":12}},{"id":"c22d19bf-b8cc-4dd2-8ae9-2d37a8a60c33","block_type":"box","text":"The Fund’s shares are distributed by BlackRock Investments, LLC (the “Distributor”), an affiliate of BlackRock.","page_number":22,"box":{"x":60,"y":294,"width":811,"height":11}},{"id":"b46946ea-8116-4397-a7b9-8a8f8af3a21a","block_type":"box","text":"The table below summarizes key features of Class K Shares of the Fund.","page_number":22,"box":{"x":60,"y":316,"width":534,"height":12}},{"id":"dce01a58-d003-4dab-9864-82e7dfe28b81","block_type":"box","text":"Class K Shares at a Glance","page_number":22,"box":{"x":386,"y":339,"width":225,"height":10}},{"id":"6cd0aa7f-f9f5-4b38-9314-0974fd4c9a68","block_type":"box","text":"Availability","page_number":22,"box":{"x":60,"y":378,"width":73,"height":10}},{"id":"24ae99ec-2179-4bc6-aabe-a513a433d279","block_type":"box","text":"Available only to (i) certain employee benefit plans, such as health savings accounts,","page_number":22,"box":{"x":348,"y":378,"width":562,"height":10}},{"id":"ddba41a5-1cbf-4c28-bd7a-780d7f51ec67","block_type":"box","text":"and certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs","page_number":22,"box":{"x":348,"y":392,"width":577,"height":10}},{"id":"2bb4fda8-c8e5-45e5-bcc1-0fcfb54945f8","block_type":"box","text":"and SARSEPs) (collectively, “Employer-Sponsored Retirement Plans”), (ii) collective trust","page_number":22,"box":{"x":348,"y":405,"width":581,"height":10}},{"id":"525304f7-1680-4562-9221-0f1cb6409b88","block_type":"box","text":"funds, investment companies and other pooled investment vehicles, each of which may","page_number":22,"box":{"x":348,"y":418,"width":578,"height":11}},{"id":"381d5994-5b45-465e-adc7-8603ea0a11ee","block_type":"box","text":"purchase shares of the Fund through a Financial Intermediary that has entered into an","page_number":22,"box":{"x":349,"y":432,"width":570,"height":10}},{"id":"0a8cee55-8639-4bd7-b14a-75c56cd5545b","block_type":"box","text":"agreement with the Distributor to purchase such shares, (iii) “Institutional Investors,”","page_number":22,"box":{"x":348,"y":446,"width":563,"height":10}},{"id":"5a9ae0a1-9119-4172-bbec-622fb49363fe","block_type":"box","text":"which include, but are not limited to, endowments, foundations, family offices, banks","page_number":22,"box":{"x":348,"y":459,"width":563,"height":10}},{"id":"9919226d-1093-4222-9193-bfa4696f4f9e","block_type":"box","text":"and bank trusts, local, city, and state governmental institutions, corporations and","page_number":22,"box":{"x":348,"y":473,"width":537,"height":10}},{"id":"15f27dea-29ac-4f37-81e0-d8949f2541dc","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund","page_number":22,"box":{"x":349,"y":486,"width":578,"height":10}},{"id":"36eac285-171f-499a-86e6-7e558c8e27f8","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Distributor","page_number":22,"box":{"x":348,"y":500,"width":583,"height":10}},{"id":"bc2a5b2c-3d1a-4c79-945c-0319fbda9d07","block_type":"box","text":"to purchase such shares, (iv) clients of private banks that purchase shares of the Fund","page_number":22,"box":{"x":348,"y":513,"width":575,"height":10}},{"id":"f248fefd-779d-4b9f-bbdc-c2f7da594022","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Fund’s","page_number":22,"box":{"x":348,"y":527,"width":558,"height":10}},{"id":"88b40063-2d1d-493c-85b0-e26d382e3cd3","block_type":"box","text":"distributor to sell such shares; (v) fee-based advisory platforms of a Financial","page_number":22,"box":{"x":348,"y":540,"width":510,"height":11}},{"id":"dc9cc905-4450-498d-bf66-902f05aa4992","block_type":"box","text":"Intermediary that (a) has specifically acknowledged in a written agreement with the","page_number":22,"box":{"x":349,"y":554,"width":547,"height":10}},{"id":"f25831e1-7da8-47ab-bda5-400d6ffb8518","block_type":"box","text":"Distributor and/or its affiliate(s) that the Financial Intermediary shall offer such shares","page_number":22,"box":{"x":349,"y":567,"width":574,"height":11}},{"id":"b3da695c-ae8f-4410-a8e2-44cc96a260a9","block_type":"box","text":"to fee-based advisory clients through an omnibus account held at the Fund or","page_number":22,"box":{"x":348,"y":581,"width":512,"height":10}},{"id":"03046fdf-0fbf-49d6-81ce-5cfc9e12fb17","block_type":"box","text":"(b) transacts in the Fund’s shares through another intermediary that has executed such","page_number":22,"box":{"x":348,"y":595,"width":579,"height":10}},{"id":"7c82184e-0b03-4835-8020-4adcfab61428","block_type":"box","text":"an agreement and (vi) any other investors who met the eligibility criteria for BlackRock","page_number":22,"box":{"x":348,"y":608,"width":567,"height":10}},{"id":"ecdb8046-52b8-4a8f-861e-a56d106b0fc9","block_type":"box","text":"Shares or Class K Shares prior to August 15, 2016 and have continually held Class K","page_number":22,"box":{"x":348,"y":622,"width":567,"height":10}},{"id":"25064a26-d837-483b-bd98-f1c94f71bb0b","block_type":"box","text":"Shares of the Fund in the same account since August 15, 2016.","page_number":22,"box":{"x":348,"y":635,"width":426,"height":10}},{"id":"39071ba0-ebef-4602-896f-2003d6cecd46","block_type":"box","text":"Minimum Investment","page_number":22,"box":{"x":61,"y":667,"width":142,"height":8}},{"id":"672f0ecb-8ddb-4fef-a37f-2b4a9e7813ff","block_type":"box","text":"$5 million minimum initial investment for Institutional Investors.","page_number":22,"box":{"x":348,"y":666,"width":421,"height":10}},{"id":"e0288676-82b7-466a-8e29-c6db43975897","block_type":"box","text":"There is no minimum initial investment requirement for any Employer-Sponsored","page_number":22,"box":{"x":348,"y":685,"width":528,"height":11}},{"id":"6e07009b-428f-43ba-8034-0b2a15cb848f","block_type":"box","text":"Retirement Plans or any other eligible investors other than Institutional Investors.","page_number":22,"box":{"x":349,"y":699,"width":535,"height":10}},{"id":"38c5a43e-c978-445b-820b-a43f54e5c36c","block_type":"box","text":"There is no minimum investment amount for additional purchases.","page_number":22,"box":{"x":348,"y":718,"width":439,"height":10}},{"id":"01c79cbb-ef71-43a2-bff1-d6cf47f0ac15","block_type":"box","text":"Initial Sales Charge?","page_number":22,"box":{"x":61,"y":736,"width":140,"height":10}},{"id":"324b975b-44ac-4a54-8746-eeea210166bd","block_type":"box","text":"No. Entire purchase price is invested in shares of the Fund.","page_number":22,"box":{"x":349,"y":736,"width":391,"height":10}},{"id":"0a4584c6-22a7-4eea-8f1d-1361d39e02cc","block_type":"box","text":"Deferred Sales Charge?","page_number":22,"box":{"x":61,"y":754,"width":159,"height":10}},{"id":"5cde5a24-897c-4490-a19d-5763ed7a72fd","block_type":"box","text":"No.","page_number":22,"box":{"x":349,"y":754,"width":20,"height":8}},{"id":"ffbc794d-486b-48c9-8aaa-5437cffc0a12","block_type":"box","text":"Distribution and Service (12b-1) Fees?","page_number":22,"box":{"x":61,"y":772,"width":261,"height":10}},{"id":"87c0acb1-c676-4df8-bce1-7843b092da7f","block_type":"box","text":"No.","page_number":22,"box":{"x":349,"y":772,"width":20,"height":8}},{"id":"428837dc-ebeb-471c-9579-11aa69c5bbe6","block_type":"box","text":"Redemption Fees?","page_number":22,"box":{"x":61,"y":790,"width":125,"height":10}},{"id":"b7e0cffd-151c-4009-a270-f527f90ced93","block_type":"box","text":"No.","page_number":22,"box":{"x":349,"y":790,"width":20,"height":8}},{"id":"1478b1c3-f67b-4a7c-890a-8a9120f7a537","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":22,"box":{"x":60,"y":822,"width":620,"height":11}},{"id":"e86897b2-d5d7-4c0e-b4ea-da267882601d","block_type":"box","text":"When Class K Shares are purchased through a customer’s account in an Employer-Sponsored Retirement Plan through","page_number":22,"box":{"x":60,"y":844,"width":874,"height":12}},{"id":"d8e2bbc2-3308-4f90-a497-0cb22b41f50c","block_type":"box","text":"procedures established by the Employer-Sponsored Retirement Plan, confirmation of share purchases and","page_number":22,"box":{"x":62,"y":859,"width":778,"height":12}},{"id":"e5ab5965-fa16-4240-a9b1-c4267dbbfb92","block_type":"box","text":"redemptions will be sent to the Employer-Sponsored Retirement Plan. A customer’s ownership of shares will be","page_number":22,"box":{"x":61,"y":874,"width":817,"height":11}},{"id":"83d265b8-3c45-4903-9afc-62f5410ce75c","block_type":"box","text":"recorded by the Employer-Sponsored Retirement Plan and reflected in the account statements provided by the","page_number":22,"box":{"x":61,"y":889,"width":807,"height":11}},{"id":"d5241c9c-3f8e-42c1-9197-17b624a7ae1d","block_type":"box","text":"Employer-Sponsored Retirement Plan to its participants.","page_number":22,"box":{"x":62,"y":904,"width":410,"height":11}},{"id":"be5e67ba-f673-402a-9814-35fbbd2fca62","block_type":"box","text":"22","page_number":22,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"64cb6b16-66e4-42b6-97a1-e71f7caeefe2","block_type":"box","text":"NM1026U-5978939-22/44","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b858227d-f87c-4576-bbb4-120127dc11ab","block_type":"box","text":"If you purchased your shares through an Employer-Sponsored Retirement Plan and you transfer your investment from","page_number":23,"box":{"x":62,"y":46,"width":856,"height":11}},{"id":"f4e41c2d-2fa5-4efd-98cb-047fb6a8d30a","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":23,"box":{"x":61,"y":60,"width":862,"height":12}},{"id":"ac7c41f6-458f-4d90-94ef-a9bd18afc0f5","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":23,"box":{"x":61,"y":75,"width":833,"height":12}},{"id":"6d7dc7a7-0999-4cc6-b571-7a7a6c561aa9","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":23,"box":{"x":62,"y":90,"width":871,"height":12}},{"id":"f4ebb963-98dd-41a5-ad27-aad9ef7d10ce","block_type":"box","text":"by that type of account.","page_number":23,"box":{"x":61,"y":105,"width":170,"height":11}},{"id":"c56c17a9-cf1c-494c-b2eb-04898d039346","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored Retirement Plan, please see below for information","page_number":23,"box":{"x":62,"y":127,"width":873,"height":12}},{"id":"96347e77-bc33-4d3b-a302-5887bb48e4ff","block_type":"box","text":"on how to buy, sell, exchange and transfer shares.","page_number":23,"box":{"x":61,"y":142,"width":369,"height":12}},{"id":"578a4dc1-d2a4-4c15-b436-f504f016cac0","block_type":"box","text":"Right of Accumulation","page_number":23,"box":{"x":61,"y":165,"width":183,"height":13}},{"id":"33b14046-8f78-41f5-b634-6956b76f1ade","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":23,"box":{"x":62,"y":182,"width":839,"height":11}},{"id":"883d7a38-8257-477a-ab2d-78b9f85ae47d","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":23,"box":{"x":61,"y":196,"width":856,"height":12}},{"id":"a31ac225-cf46-465f-a2e5-69386f3d05d5","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":23,"box":{"x":82,"y":219,"width":821,"height":12}},{"id":"e1914b6d-5acb-46ae-b4d7-dbeb9461ecf0","block_type":"box","text":"Premier Shares in most mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”),","page_number":23,"box":{"x":102,"y":234,"width":823,"height":11}},{"id":"550590b5-8ace-46c4-b729-7201e8d7f4f5","block_type":"box","text":"ii. The current value of an investor’s existing shares of certain unlisted closed-end management investment","page_number":23,"box":{"x":82,"y":256,"width":792,"height":12}},{"id":"1491d8f4-d7f8-4497-8597-6b61c3aa59bc","block_type":"box","text":"companies sponsored and advised by BlackRock or its affiliates and","page_number":23,"box":{"x":101,"y":271,"width":501,"height":12}},{"id":"272f07bc-8a83-4214-ba36-5653490a50dc","block_type":"box","text":"iii. The investment in the BlackRock CollegeAdvantage 529 Program by the investor or by or on behalf of the","page_number":23,"box":{"x":82,"y":294,"width":788,"height":11}},{"id":"e80535e7-ced3-45f0-91a4-58e88ba403dd","block_type":"box","text":"investor’s spouse and children.","page_number":23,"box":{"x":102,"y":309,"width":228,"height":11}},{"id":"08d36a30-bee0-4d49-94a2-096802abc8fd","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":23,"box":{"x":62,"y":331,"width":866,"height":12}},{"id":"46e6211f-93ab-46c2-bdf5-f5deb23ea79a","block_type":"box","text":"an investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same Financial","page_number":23,"box":{"x":61,"y":346,"width":866,"height":12}},{"id":"afb6d767-1ce0-46f5-8934-b2dd3064b5e5","block_type":"box","text":"Intermediary will be treated similarly. In order to use this right, the investor must alert BlackRock to the existence of","page_number":23,"box":{"x":62,"y":361,"width":854,"height":11}},{"id":"5562e026-6def-4812-9786-e2f25ab23c93","block_type":"box","text":"any previously purchased shares.","page_number":23,"box":{"x":61,"y":376,"width":243,"height":11}},{"id":"a6d27d55-756b-4825-b53b-7275de3c11ab","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":23,"box":{"x":61,"y":415,"width":434,"height":13}},{"id":"9c829d46-d399-46b1-a18f-a9ec2f205e22","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":23,"box":{"x":60,"y":441,"width":846,"height":11}},{"id":"daa7b445-8f55-41d9-bd7a-cb8636c8d1ee","block_type":"box","text":"Intermediary. If you are not purchasing shares through an Employer-Sponsored Retirement Plan, you may also buy, sell,","page_number":23,"box":{"x":62,"y":456,"width":874,"height":11}},{"id":"eb88a77a-0f7c-491d-829b-058b709dff8f","block_type":"box","text":"exchange and transfer shares through BlackRock if your account is held directly with BlackRock. To learn more about","page_number":23,"box":{"x":61,"y":470,"width":857,"height":12}},{"id":"8b0643a8-dafa-4cd2-bd32-8e92049bc4d3","block_type":"box","text":"buying, selling, exchanging or transferring shares through BlackRock, call (800) 537-4942. Because the selection of a","page_number":23,"box":{"x":61,"y":485,"width":867,"height":12}},{"id":"2d868822-fb89-499b-9731-fadf823d7a54","block_type":"box","text":"mutual fund involves many considerations, your Financial Intermediary may help you with this decision.","page_number":23,"box":{"x":61,"y":500,"width":754,"height":11}},{"id":"94378e19-e203-43c5-b46a-a182bfd9b71a","block_type":"box","text":"With certain limited exceptions, the Fund is generally available only to investors residing in the United States and may","page_number":23,"box":{"x":60,"y":523,"width":867,"height":11}},{"id":"8282c7fe-e9b6-468f-8426-d15b6ad8b1d2","block_type":"box","text":"not be distributed by a foreign Financial Intermediary. Under this policy, in order to accept new accounts or additional","page_number":23,"box":{"x":61,"y":537,"width":858,"height":12}},{"id":"b6021fa3-126a-462d-bff3-1d480bd84c6f","block_type":"box","text":"investments (including by way of exchange from another BlackRock Fund) into existing accounts, the Fund generally","page_number":23,"box":{"x":62,"y":552,"width":845,"height":12}},{"id":"c973ea80-66a2-4358-bbf2-87bafb019401","block_type":"box","text":"requires that (i) a shareholder that is a natural person be a U.S. citizen or resident alien, in each case residing within","page_number":23,"box":{"x":61,"y":567,"width":860,"height":12}},{"id":"7492ad9c-5ead-4684-bdb2-d16ad4ca8143","block_type":"box","text":"the United States or a U.S. territory (including APO/FPO/DPO addresses), and have a valid U.S. taxpayer identification","page_number":23,"box":{"x":60,"y":582,"width":868,"height":11}},{"id":"78bc4eba-f69b-4b07-ac06-87a80925943b","block_type":"box","text":"number, and (ii) a Financial Intermediary or a shareholder that is an entity be domiciled in the United States and have","page_number":23,"box":{"x":61,"y":597,"width":863,"height":11}},{"id":"a8cff0be-a2f0-424d-b554-bfa4467598b8","block_type":"box","text":"a valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S. taxpayer","page_number":23,"box":{"x":61,"y":612,"width":787,"height":11}},{"id":"53d54ae3-c4b5-4644-8e17-d4b898ca258c","block_type":"box","text":"identification number or IRS Form W-8. Any existing account that is updated to reflect a non-U.S. address will also be","page_number":23,"box":{"x":62,"y":626,"width":857,"height":12}},{"id":"4ab8acce-4438-4aa4-b2fa-f855c6c59236","block_type":"box","text":"restricted from making additional investments.","page_number":23,"box":{"x":61,"y":641,"width":341,"height":12}},{"id":"c8f7b26c-934c-4d47-a3f0-a29d48505d7c","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":23,"box":{"x":60,"y":664,"width":861,"height":11}},{"id":"b9740d9c-e5d3-4261-bfc6-a1a10f1afb9c","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. 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Any purchase orders placed","page_number":24,"box":{"x":461,"y":81,"width":463,"height":10}},{"id":"feb5670a-a933-4dfb-bc3e-00338102a30b","block_type":"box","text":"prior to the close of business on the New York Stock Exchange (the","page_number":24,"box":{"x":461,"y":94,"width":443,"height":11}},{"id":"24516635-7b11-4e67-940c-8f2d2764c5c8","block_type":"box","text":"“NYSE”) (generally, 4:00 p.m. Eastern time) will be priced at the net","page_number":24,"box":{"x":461,"y":108,"width":449,"height":10}},{"id":"bd2db7c5-af7f-4d48-afd5-68a42b9e5ce2","block_type":"box","text":"asset value determined that day. Certain Financial Intermediaries,","page_number":24,"box":{"x":461,"y":121,"width":435,"height":11}},{"id":"7cc50ef0-95ea-486e-a815-ba0bdd9abb0e","block_type":"box","text":"however, may require submission of orders prior to that time. Purchase","page_number":24,"box":{"x":461,"y":135,"width":469,"height":10}},{"id":"2e93b01b-55cd-49f4-94c5-50505c689209","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":24,"box":{"x":461,"y":148,"width":429,"height":11}},{"id":"b2a53029-cc1f-451b-a249-3ec4395c6375","block_type":"box","text":"determined on the next business day. A broker-dealer or financial","page_number":24,"box":{"x":461,"y":162,"width":428,"height":10}},{"id":"ceb29774-7f3b-493d-803b-887415451c55","block_type":"box","text":"institution maintaining the account in which you hold shares may","page_number":24,"box":{"x":461,"y":176,"width":427,"height":10}},{"id":"04dfc45a-10c9-4130-8b4e-09878ec1e765","block_type":"box","text":"charge a separate account, service or transaction fee on the purchase","page_number":24,"box":{"x":461,"y":189,"width":466,"height":10}},{"id":"9c682001-f66f-49b1-8e27-e97eafb08f1e","block_type":"box","text":"or sale of Fund shares that would be in addition to the fees and","page_number":24,"box":{"x":461,"y":203,"width":420,"height":8}},{"id":"2d1f2cc1-a2a8-4614-b1d2-c4d8d2521ea0","block_type":"box","text":"expenses shown in the Fund’s “Fees and Expenses” table.","page_number":24,"box":{"x":461,"y":216,"width":387,"height":10}},{"id":"de25e48a-7927-48cf-9abc-603c28400d3c","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":24,"box":{"x":460,"y":232,"width":473,"height":10}},{"id":"8d8fa2b0-268f-49c1-bcd0-80c269ed792e","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":24,"box":{"x":461,"y":246,"width":453,"height":10}},{"id":"946b4c61-d580-4567-94a0-1fb0f3c22796","block_type":"box","text":"processing fee to confirm a purchase.","page_number":24,"box":{"x":461,"y":259,"width":249,"height":11}},{"id":"57069726-665d-4543-9f89-aba2ba69ed92","block_type":"box","text":"Or contact BlackRock (for","page_number":24,"box":{"x":214,"y":277,"width":167,"height":10}},{"id":"1531ed04-ddee-4287-a4c4-65e1493f8bab","block_type":"box","text":"accounts held directly with","page_number":24,"box":{"x":214,"y":291,"width":173,"height":10}},{"id":"d528e516-0533-4075-9477-aad4585a69a7","block_type":"box","text":"BlackRock)","page_number":24,"box":{"x":214,"y":305,"width":71,"height":10}},{"id":"d8c806a1-6088-4ccd-b6d4-d5d7317466f2","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored","page_number":24,"box":{"x":461,"y":277,"width":450,"height":11}},{"id":"3624e269-fe4f-41bf-b23d-f2d08e470398","block_type":"box","text":"Retirement Plan, to purchase shares directly from BlackRock, call","page_number":24,"box":{"x":461,"y":291,"width":432,"height":10}},{"id":"6f723bc1-beb8-4776-aa37-2c5d948c8141","block_type":"box","text":"(800) 537-4942 and request a new account application.","page_number":24,"box":{"x":461,"y":305,"width":370,"height":10}},{"id":"dee4923e-8a5b-4815-93f7-0b7882f5b254","block_type":"box","text":"Add to Your","page_number":24,"box":{"x":60,"y":323,"width":78,"height":8}},{"id":"65ec1770-a13b-49f0-a67e-ef374039ed0c","block_type":"box","text":"Investment","page_number":24,"box":{"x":61,"y":334,"width":75,"height":8}},{"id":"772259ef-2f9b-4131-8ed4-6c847a6d1b21","block_type":"box","text":"Purchase additional shares There is no minimum investment amount for additional purchases.","page_number":24,"box":{"x":214,"y":322,"width":685,"height":11}},{"id":"68014820-c6b2-4336-946d-028482f4b408","block_type":"box","text":"Have your Financial","page_number":24,"box":{"x":214,"y":352,"width":125,"height":10}},{"id":"d66470ca-ec0d-4eba-9fc5-f6d61c8c177c","block_type":"box","text":"Intermediary submit your","page_number":24,"box":{"x":214,"y":366,"width":164,"height":10}},{"id":"31f82b0c-1392-466f-883e-36fd343c7713","block_type":"box","text":"purchase order for additional","page_number":24,"box":{"x":214,"y":379,"width":189,"height":10}},{"id":"512ee289-fa58-4d3b-b85b-cfcc0f44d078","block_type":"box","text":"shares","page_number":24,"box":{"x":214,"y":393,"width":44,"height":8}},{"id":"63884732-f7f2-43bc-837f-ba3a5af2ba02","block_type":"box","text":"To purchase additional shares, you may contact your Financial","page_number":24,"box":{"x":460,"y":352,"width":409,"height":10}},{"id":"7dd91a3d-f7a0-4b73-8ffb-cbd5d85c130d","block_type":"box","text":"Intermediary or Employer-Sponsored Retirement Plan.","page_number":24,"box":{"x":461,"y":366,"width":353,"height":10}},{"id":"ce2e9e98-c50b-4718-8c3b-5f5a6a351e0b","block_type":"box","text":"Or contact BlackRock (for","page_number":24,"box":{"x":214,"y":411,"width":167,"height":10}},{"id":"6d6d3379-38c7-4d0b-aece-d504c66675c9","block_type":"box","text":"accounts held directly with","page_number":24,"box":{"x":214,"y":425,"width":173,"height":10}},{"id":"495833aa-281e-4d7b-b5f6-aa430a0d2934","block_type":"box","text":"BlackRock)","page_number":24,"box":{"x":214,"y":438,"width":71,"height":10}},{"id":"7b1c57e6-23cf-484b-98c7-15d6a457e5b4","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored","page_number":24,"box":{"x":461,"y":411,"width":460,"height":10}},{"id":"d9769889-2242-4525-80df-a945b7165f72","block_type":"box","text":"Retirement Plan","page_number":24,"box":{"x":461,"y":424,"width":108,"height":9}},{"id":"f13143f1-d52a-41ab-9b29-ed7dda4be0c0","block_type":"box","text":":","page_number":24,"box":{"x":572,"y":427,"width":1,"height":5}},{"id":"53c34c74-44c2-4938-a95b-bbfccb34dc31","block_type":"box","text":"Purchase by Telephone","page_number":24,"box":{"x":461,"y":441,"width":154,"height":10}},{"id":"7ab5acc6-30e5-4e1c-a45b-ac7ee7212936","block_type":"box","text":": Call the Fund at (800) 537-4942 and speak","page_number":24,"box":{"x":617,"y":441,"width":298,"height":10}},{"id":"6e2ecf47-3f61-4c2b-9f50-f27488503523","block_type":"box","text":"with one of our representatives. The Fund has the right to reject any","page_number":24,"box":{"x":460,"y":454,"width":449,"height":10}},{"id":"c894dc03-1580-4683-8bbb-db403c91e5c9","block_type":"box","text":"telephone request for any reason.","page_number":24,"box":{"x":460,"y":467,"width":223,"height":11}},{"id":"e83344a6-2f2d-4403-ba0c-b4e673c84394","block_type":"box","text":"Purchase by Internet","page_number":24,"box":{"x":461,"y":484,"width":140,"height":10}},{"id":"ca5bbfa6-58a4-48f1-bf6d-db460d542d6f","block_type":"box","text":": You may purchase your shares, and view activity","page_number":24,"box":{"x":603,"y":484,"width":326,"height":10}},{"id":"16159555-1986-450a-bfca-d1b1bc543926","block_type":"box","text":"in your account, by logging onto the BlackRock website at","page_number":24,"box":{"x":461,"y":497,"width":379,"height":11}},{"id":"3119e6e9-cce6-439f-ac49-309b53e320a5","block_type":"box","text":"www.blackrock.com. Purchases made on the Internet using the","page_number":24,"box":{"x":460,"y":511,"width":416,"height":10}},{"id":"951ab454-fac7-409b-9094-0e77adee8136","block_type":"box","text":"Automated Clearing House (“ACH”) will have a trade date that is the","page_number":24,"box":{"x":460,"y":524,"width":450,"height":11}},{"id":"901956ac-7c83-447d-9271-e45c097c7e0c","block_type":"box","text":"day after the purchase is made. Certain institutional clients’ purchase","page_number":24,"box":{"x":461,"y":538,"width":463,"height":10}},{"id":"4043f34b-b35a-49c7-a466-d38c4d0c6c14","block_type":"box","text":"orders placed by wire prior to the close of business on the NYSE will be","page_number":24,"box":{"x":461,"y":551,"width":471,"height":11}},{"id":"ef2d9b38-2b52-4cd1-95dd-8339774a6bb3","block_type":"box","text":"priced at the net asset value determined that day. Contact your","page_number":24,"box":{"x":461,"y":565,"width":417,"height":10}},{"id":"c687a9fe-f893-4afa-999f-e5104c17afec","block_type":"box","text":"Financial Intermediary or BlackRock for further information. Limits on","page_number":24,"box":{"x":461,"y":578,"width":456,"height":11}},{"id":"2818da5f-0c72-40cc-9044-e7613ef0f8f2","block_type":"box","text":"amounts that may be purchased via Internet may vary. For additional","page_number":24,"box":{"x":461,"y":592,"width":452,"height":10}},{"id":"40bce0a5-56fa-41d4-bdec-4ca8ea92074d","block_type":"box","text":"information call BlackRock at (800) 537-4942.","page_number":24,"box":{"x":461,"y":605,"width":307,"height":11}},{"id":"92b8de2e-adb4-4df8-8e10-6312791ccd42","block_type":"box","text":"Please read the On-Line Services Disclosure Statement and User","page_number":24,"box":{"x":461,"y":622,"width":430,"height":8}},{"id":"ca13f92d-ea08-4348-8100-dfdd4f915845","block_type":"box","text":"Agreement, the Terms and Conditions page and the Consent to","page_number":24,"box":{"x":460,"y":635,"width":417,"height":10}},{"id":"f8dd58a7-9165-4914-8cfa-68c126d64b6b","block_type":"box","text":"Electronic Delivery Agreement (if you consent to electronic delivery),","page_number":24,"box":{"x":461,"y":649,"width":448,"height":10}},{"id":"4be03ac6-4ebe-4626-a592-eb94b2eeff9c","block_type":"box","text":"before attempting to transact online.","page_number":24,"box":{"x":461,"y":662,"width":240,"height":11}},{"id":"8aeeabf9-c685-45d1-917e-9b5b5c4c4cd9","block_type":"box","text":"The Fund employs reasonable procedures to confirm that transactions","page_number":24,"box":{"x":460,"y":678,"width":464,"height":11}},{"id":"155639c8-8fd8-4c9a-b788-ec50e5d0297d","block_type":"box","text":"entered over the Internet are genuine. By entering into the User","page_number":24,"box":{"x":461,"y":692,"width":419,"height":10}},{"id":"0c3fb2a0-be7b-49ff-8aac-f1928f91b34e","block_type":"box","text":"Agreement with the Fund in order to open an account through the","page_number":24,"box":{"x":460,"y":706,"width":431,"height":10}},{"id":"aa4b73c3-aa9a-436d-b6df-53239846f14b","block_type":"box","text":"website, the shareholder waives any right to reclaim any losses from","page_number":24,"box":{"x":460,"y":719,"width":453,"height":10}},{"id":"24239908-8fa8-40e3-8ef8-0fb3b148be6e","block_type":"box","text":"the Fund or any of its affiliates incurred through fraudulent activity.","page_number":24,"box":{"x":460,"y":732,"width":440,"height":11}},{"id":"ca56c144-b8fe-4e5d-8d75-34dcc0bef2f1","block_type":"box","text":"Acquire additional shares by","page_number":24,"box":{"x":213,"y":751,"width":187,"height":10}},{"id":"2f8c434e-4583-466a-b0fd-3ce0da91ea97","block_type":"box","text":"reinvesting dividends and capital","page_number":24,"box":{"x":214,"y":764,"width":214,"height":10}},{"id":"e281b4e1-bb81-4cc4-aeff-c6cae9388b65","block_type":"box","text":"gains","page_number":24,"box":{"x":213,"y":778,"width":35,"height":10}},{"id":"96cf6d8b-0b55-4570-aa51-83f5d07a3edb","block_type":"box","text":"All dividends and capital gains distributions are automatically","page_number":24,"box":{"x":460,"y":751,"width":405,"height":10}},{"id":"051367a5-a0c0-40c7-b560-1bd54ae74474","block_type":"box","text":"reinvested in shares of the Fund at net asset value. To make any","page_number":24,"box":{"x":461,"y":764,"width":429,"height":10}},{"id":"5b766453-37fb-4ea6-ba90-7a73034e88e4","block_type":"box","text":"changes to your dividend and/or capital gains distributions options,","page_number":24,"box":{"x":461,"y":778,"width":445,"height":10}},{"id":"daa9d2dc-758a-4bdc-966f-e58fa0bec88e","block_type":"box","text":"please call BlackRock at (800) 537-4942 (for investors who are not","page_number":24,"box":{"x":461,"y":791,"width":447,"height":10}},{"id":"27c907b9-a5a9-4ef9-be8f-dc91b2369555","block_type":"box","text":"purchasing shares through an Employer-Sponsored Retirement Plan) or","page_number":24,"box":{"x":461,"y":805,"width":468,"height":10}},{"id":"68a63938-ea61-4247-a815-f1ab1105f93c","block_type":"box","text":"contact your Financial Intermediary.","page_number":24,"box":{"x":461,"y":818,"width":233,"height":10}},{"id":"7ae9eaaa-fc4b-4faa-ada8-10b855e81b72","block_type":"box","text":"24","page_number":24,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"856d923d-4c04-4c39-b4a9-3bcdeee0b5be","block_type":"box","text":"NM1026U-5978939-24/44","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"15bb2ddd-5b01-44f1-bdf9-638dc11a1fa0","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":25,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"39400385-4e1a-4027-8dc2-0d04998e69c3","block_type":"box","text":"How to Pay for","page_number":25,"box":{"x":61,"y":67,"width":99,"height":10}},{"id":"38f2c0fd-70da-42f7-a62c-e50567cbd9d0","block_type":"box","text":"Shares","page_number":25,"box":{"x":60,"y":79,"width":46,"height":8}},{"id":"04a127b3-cf13-48d9-b03d-7ff83d9ca8d3","block_type":"box","text":"Making payment for purchases If you are purchasing shares through an Employer-Sponsored","page_number":25,"box":{"x":214,"y":67,"width":648,"height":11}},{"id":"8a0649a8-7f82-47f9-93ca-68710e0bb02c","block_type":"box","text":"Retirement Plan, payment for an order must be made in Federal funds","page_number":25,"box":{"x":461,"y":81,"width":462,"height":10}},{"id":"00a2e3d2-e069-4913-a731-617b87716a95","block_type":"box","text":"or other immediately available funds by the time specified by your","page_number":25,"box":{"x":461,"y":94,"width":433,"height":11}},{"id":"cd096620-e596-450f-9a6a-35988fbcd845","block_type":"box","text":"Financial Intermediary, but in no event later than 4:00 p.m. (Eastern","page_number":25,"box":{"x":461,"y":108,"width":449,"height":10}},{"id":"16917f3a-d34f-429c-b6d9-ef67913fa77b","block_type":"box","text":"time) on the first business day following the receipt of the order. If","page_number":25,"box":{"x":460,"y":121,"width":439,"height":11}},{"id":"dd3b42e2-076e-4844-a3d8-221291a471fe","block_type":"box","text":"payment is not received by this time, the order will be canceled and","page_number":25,"box":{"x":461,"y":135,"width":445,"height":10}},{"id":"84d332ce-9523-429c-955a-68a7f9bfa1c5","block_type":"box","text":"you and your Financial Intermediary will be responsible for any loss to","page_number":25,"box":{"x":460,"y":148,"width":460,"height":11}},{"id":"8d283684-78e2-4c4a-ba9b-b2e51060ba29","block_type":"box","text":"the Fund.","page_number":25,"box":{"x":460,"y":162,"width":61,"height":8}},{"id":"0c482050-f0f8-4bf6-b1d7-33309b9bb02e","block_type":"box","text":"If you are not purchasing shares through an Employer-Sponsored","page_number":25,"box":{"x":461,"y":178,"width":427,"height":10}},{"id":"6e464fe9-5759-4b09-b047-ec73945f39d9","block_type":"box","text":"Retirement Plan, payment for shares must normally be made in Federal","page_number":25,"box":{"x":461,"y":192,"width":470,"height":10}},{"id":"03b79f7e-d214-450d-8dac-70e22434eccb","block_type":"box","text":"funds or other immediately available funds by the time specified by your","page_number":25,"box":{"x":460,"y":205,"width":475,"height":10}},{"id":"2182f6f9-c9cd-49e6-abb2-0af5f2de6aba","block_type":"box","text":"Financial Intermediary but in no event later than 4:00 p.m. (Eastern","page_number":25,"box":{"x":461,"y":219,"width":446,"height":10}},{"id":"f0db1a1f-b24b-4ccf-b2c0-23dc68cc6e13","block_type":"box","text":"time) on the first business day following receipt of the order. Payment","page_number":25,"box":{"x":460,"y":232,"width":460,"height":11}},{"id":"7f7455a6-5228-4da0-801a-182c3ac18262","block_type":"box","text":"may also, at the discretion of the Fund, be made in the form of","page_number":25,"box":{"x":461,"y":246,"width":416,"height":10}},{"id":"71ec52c0-9cd0-4fd5-ab6c-00f5beb94ce3","block_type":"box","text":"securities that are permissible investments for the respective fund. If","page_number":25,"box":{"x":461,"y":259,"width":458,"height":10}},{"id":"d5a04f68-4f25-4ef1-91d0-45fc8c8ff8c0","block_type":"box","text":"payment is not received by this time, the order will be canceled and you","page_number":25,"box":{"x":461,"y":273,"width":472,"height":10}},{"id":"9166f369-0d84-4aae-8551-5730e9f55666","block_type":"box","text":"and your Financial Intermediary will be responsible for any loss to the","page_number":25,"box":{"x":461,"y":286,"width":458,"height":11}},{"id":"a4335ed6-1c66-459c-b264-5b7ca63ca1d0","block_type":"box","text":"Fund.","page_number":25,"box":{"x":461,"y":300,"width":34,"height":8}},{"id":"391269a7-5c55-4d4d-94ab-31d4abd45dbd","block_type":"box","text":"How to Sell Shares","page_number":25,"box":{"x":61,"y":325,"width":156,"height":10}},{"id":"e369e08b-d861-4754-a8af-50e410ee3ee5","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":25,"box":{"x":213,"y":347,"width":478,"height":9}},{"id":"09cad1a7-b698-49ed-ab96-54b2639790a4","block_type":"box","text":"Full or Partial","page_number":25,"box":{"x":61,"y":364,"width":90,"height":8}},{"id":"e578c628-07b9-4a69-a5e4-f1809bf5863a","block_type":"box","text":"Redemption of","page_number":25,"box":{"x":61,"y":375,"width":98,"height":10}},{"id":"f67a5505-6fdc-48c0-9ca4-3c4d8e53dfd1","block_type":"box","text":"Shares","page_number":25,"box":{"x":60,"y":387,"width":46,"height":8}},{"id":"5d728acc-5f3e-4386-823f-aa3be861035a","block_type":"box","text":"Have your Financial","page_number":25,"box":{"x":214,"y":364,"width":125,"height":10}},{"id":"ac855c68-3d4c-485b-bb9d-ff2bdd1b49ae","block_type":"box","text":"Intermediary submit your sales","page_number":25,"box":{"x":214,"y":377,"width":204,"height":10}},{"id":"417b37aa-1152-4928-a75a-03ae1148d2ef","block_type":"box","text":"order","page_number":25,"box":{"x":214,"y":391,"width":34,"height":8}},{"id":"36654200-089d-4a0e-9467-fae5dc1dca14","block_type":"box","text":"If you purchased shares through an Employer-Sponsored Retirement","page_number":25,"box":{"x":461,"y":364,"width":450,"height":10}},{"id":"0e72521f-8147-4e93-9993-c4c18bf539a3","block_type":"box","text":"Plan, you can make redemption requests through your Financial","page_number":25,"box":{"x":461,"y":377,"width":418,"height":11}},{"id":"33b4752c-c819-4ef6-9e91-01c1bdcefd22","block_type":"box","text":"Intermediary in accordance with the procedures applicable to your","page_number":25,"box":{"x":461,"y":391,"width":436,"height":10}},{"id":"4014d3df-1e03-491d-9dff-cd984f48248c","block_type":"box","text":"accounts. These procedures may vary according to the type of account","page_number":25,"box":{"x":461,"y":404,"width":467,"height":11}},{"id":"c9256c04-3a4a-4f8a-bcaa-02eb0057f844","block_type":"box","text":"and the Financial Intermediary involved, and customers should consult","page_number":25,"box":{"x":461,"y":418,"width":466,"height":10}},{"id":"0a90574b-aeaa-41fd-929f-b2fa760d109e","block_type":"box","text":"their Financial Intermediary in this regard. Financial Intermediaries are","page_number":25,"box":{"x":460,"y":432,"width":465,"height":10}},{"id":"89b933c6-9714-40a9-86bb-642640746505","block_type":"box","text":"responsible for transmitting redemption orders and crediting their","page_number":25,"box":{"x":461,"y":445,"width":432,"height":10}},{"id":"6bed66af-ddf8-43b0-bf9a-5142dbb9abe5","block_type":"box","text":"customers’ accounts with redemption proceeds on a timely basis.","page_number":25,"box":{"x":461,"y":459,"width":434,"height":10}},{"id":"6e13edf0-05d7-4a78-aaa8-5f42dba4335d","block_type":"box","text":"Information relating to such redemption services and charges to","page_number":25,"box":{"x":461,"y":472,"width":424,"height":10}},{"id":"56188d49-c66a-480a-a5cb-103553c70a67","block_type":"box","text":"process a redemption of shares, if any, should be obtained by","page_number":25,"box":{"x":461,"y":485,"width":409,"height":11}},{"id":"ef0dab52-45ee-4e27-b8d5-2a04251416e3","block_type":"box","text":"customers from their Financial Intermediaries.","page_number":25,"box":{"x":461,"y":499,"width":303,"height":8}},{"id":"b6c9f28d-b1f4-4276-abc7-103c714b25e4","block_type":"box","text":"If you did not purchase your shares through an Employer-Sponsored","page_number":25,"box":{"x":461,"y":515,"width":446,"height":11}},{"id":"da472663-3279-4101-88f9-26e08ee00d96","block_type":"box","text":"Retirement Plan, you can make redemption requests through your","page_number":25,"box":{"x":461,"y":529,"width":434,"height":10}},{"id":"d4e6c12b-96be-4407-99e8-3feb27ed6503","block_type":"box","text":"Financial Intermediary.","page_number":25,"box":{"x":461,"y":542,"width":147,"height":11}},{"id":"eab33c81-8d9b-45b4-b28b-9645dc9cc435","block_type":"box","text":"The price of Class K Shares is based on the next calculation of the","page_number":25,"box":{"x":460,"y":558,"width":442,"height":10}},{"id":"575e81d3-a2a9-4924-a99a-2c2546e22103","block_type":"box","text":"Fund’s net asset value after your order is placed. For your redemption","page_number":25,"box":{"x":461,"y":572,"width":460,"height":10}},{"id":"f5ec4999-a181-421a-8038-963377334985","block_type":"box","text":"request to be priced at the net asset value on the day of your request,","page_number":25,"box":{"x":461,"y":585,"width":463,"height":11}},{"id":"6e68d5ab-fefd-47cc-82f4-cc64e2edc97b","block_type":"box","text":"you must submit your request to your Financial Intermediary prior to","page_number":25,"box":{"x":460,"y":599,"width":448,"height":10}},{"id":"215c84a0-404a-4722-9f9a-b7717fa0733d","block_type":"box","text":"that day’s close of business on the NYSE (generally 4:00 p.m. Eastern","page_number":25,"box":{"x":460,"y":612,"width":467,"height":11}},{"id":"b806c285-db78-478e-8705-ddfe506a578d","block_type":"box","text":"time). Certain Financial Intermediaries, however, may require","page_number":25,"box":{"x":460,"y":626,"width":402,"height":10}},{"id":"766df6cf-5190-4405-827a-8079e3b8da7f","block_type":"box","text":"submission of orders prior to that time. Any redemption request placed","page_number":25,"box":{"x":461,"y":640,"width":468,"height":10}},{"id":"646f0f65-a99a-4ca6-a98b-2d793b54aa28","block_type":"box","text":"after that time will be priced at the net asset value at the close of","page_number":25,"box":{"x":461,"y":653,"width":435,"height":10}},{"id":"587c85c0-d447-4d02-b857-b1f8eeaee497","block_type":"box","text":"business on the next business day.","page_number":25,"box":{"x":461,"y":667,"width":232,"height":10}},{"id":"9daca482-fd6d-4491-9736-3f498119a80a","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":25,"box":{"x":461,"y":683,"width":437,"height":10}},{"id":"c7c967e3-372e-441f-8ba5-2c3ae0843756","block_type":"box","text":"redemption proceeds (check or wire), your redemption proceeds","page_number":25,"box":{"x":461,"y":697,"width":421,"height":10}},{"id":"36b04b71-d445-4d2b-bd6b-742a678804a4","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":25,"box":{"x":460,"y":710,"width":465,"height":10}},{"id":"3ae39b8a-a680-49c9-b7f0-088fdeb436ed","block_type":"box","text":"but in any event, within seven days.","page_number":25,"box":{"x":461,"y":724,"width":233,"height":10}},{"id":"d036aa1a-db14-414b-91e8-e1ff14a46e84","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":25,"box":{"x":461,"y":739,"width":415,"height":11}},{"id":"d15c3611-ed27-436f-bfcb-20bd65ffeff6","block_type":"box","text":"redemption of shares.","page_number":25,"box":{"x":461,"y":753,"width":144,"height":10}},{"id":"0c6b7216-2e77-464b-81f5-e2854b175b11","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":25,"box":{"x":460,"y":769,"width":380,"height":10}},{"id":"563cf70a-987b-4031-ac7d-352849c2d14b","block_type":"box","text":"circumstances.","page_number":25,"box":{"x":461,"y":783,"width":98,"height":8}},{"id":"9a258608-fc98-42b1-9c1f-5119fc9202d7","block_type":"box","text":"Selling shares held directly with","page_number":25,"box":{"x":214,"y":801,"width":207,"height":10}},{"id":"36936864-813c-4611-abc4-bd1f83368be1","block_type":"box","text":"BlackRock","page_number":25,"box":{"x":214,"y":814,"width":67,"height":9}},{"id":"ff0f3ecb-45e0-41fe-9b8c-661149341050","block_type":"box","text":"Methods of Redeeming if You Did Not Purchase Your Shares Through","page_number":25,"box":{"x":461,"y":801,"width":462,"height":10}},{"id":"81293819-11c6-496d-91a0-58be53b46c87","block_type":"box","text":"an Employer-Sponsored Retirement Plan","page_number":25,"box":{"x":460,"y":814,"width":271,"height":10}},{"id":"996854fc-2d42-4d52-8374-6f26b01fa140","block_type":"box","text":"Redeem by Telephone:","page_number":25,"box":{"x":461,"y":831,"width":150,"height":10}},{"id":"e25a7831-b83c-491b-83f5-fa63a7c51b82","block_type":"box","text":"You may sell shares held at BlackRock by","page_number":25,"box":{"x":617,"y":831,"width":274,"height":10}},{"id":"6e6f5694-ce6d-416a-a012-96318fe07af4","block_type":"box","text":"telephone request. Call (800) 537-4942 for details.","page_number":25,"box":{"x":460,"y":844,"width":341,"height":10}},{"id":"e0762f97-e53e-4031-9ab0-63f671add82e","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":25,"box":{"x":460,"y":860,"width":468,"height":10}},{"id":"d3c36a64-e7c6-495e-abfa-0c1b5ba07d72","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":25,"box":{"x":461,"y":874,"width":474,"height":10}},{"id":"21ec0400-a4e2-440e-b486-65187d394cbb","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":25,"box":{"x":460,"y":887,"width":450,"height":10}},{"id":"0cb34f7e-0544-4ac7-98b7-73914cea7cef","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":25,"box":{"x":461,"y":901,"width":450,"height":10}},{"id":"17358215-b01a-488c-a7fc-00e98780bd4e","block_type":"box","text":"25","page_number":25,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"4f9e4457-4795-4cf8-9d4e-d838a4ece5ec","block_type":"box","text":"NM1026U-5978939-25/44","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"255ec4c3-01dc-448c-96e1-28188400fb09","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":"fb859392-d858-459e-846d-5830aff59361","block_type":"box","text":"Full or Partial","page_number":26,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"45c68728-24c8-4da7-bc77-354b1072558e","block_type":"box","text":"Redemption of","page_number":26,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"4793cfe3-e12e-4c93-aadd-a0951ec88465","block_type":"box","text":"Shares (continued)","page_number":26,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"26890a22-f16f-4f21-bba8-d72e07803956","block_type":"box","text":"Selling shares held directly with","page_number":26,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"606cd960-dba8-4cd1-aa19-f1648411e804","block_type":"box","text":"BlackRock (continued)","page_number":26,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"ea4e8ea8-023b-426d-9080-4712a4bb66ef","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":26,"box":{"x":460,"y":67,"width":445,"height":11}},{"id":"ca17f0d6-94c4-46c7-94ba-abf3563444bf","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":26,"box":{"x":461,"y":81,"width":463,"height":10}},{"id":"ade37930-d4ed-4940-936f-71bc5b04e44f","block_type":"box","text":"believes it is advisable to do so.","page_number":26,"box":{"x":461,"y":94,"width":212,"height":9}},{"id":"d4e76758-2835-4fca-8545-d3e783f91f4e","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":26,"box":{"x":461,"y":110,"width":452,"height":11}},{"id":"5bf2449b-f671-46b1-8cd4-3af2bbaa5378","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":26,"box":{"x":461,"y":124,"width":427,"height":10}},{"id":"99e58fa2-bb4e-46bb-8fb0-4f532a8a2d42","block_type":"box","text":"redemption methods below.","page_number":26,"box":{"x":461,"y":138,"width":181,"height":10}},{"id":"340dd605-b8fb-4c0b-98d2-8d0d59fd6336","block_type":"box","text":"Redeem by Internet:","page_number":26,"box":{"x":461,"y":154,"width":136,"height":10}},{"id":"c0633907-bdff-4caf-b2d4-006b4b0bc931","block_type":"box","text":"You may redeem in your account by logging onto","page_number":26,"box":{"x":603,"y":154,"width":317,"height":10}},{"id":"37801779-0845-4f2a-b88e-709fa2b354ee","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":26,"box":{"x":460,"y":167,"width":461,"height":8}},{"id":"93067ea2-88dc-4f3f-86c9-177042f85be0","block_type":"box","text":"redemptions will be sent via wire to the bank account of record.","page_number":26,"box":{"x":461,"y":181,"width":419,"height":10}},{"id":"52098c26-6139-4531-b6a5-5ebd256a8248","block_type":"box","text":"Redeem in Writing:","page_number":26,"box":{"x":461,"y":197,"width":127,"height":10}},{"id":"758a6367-fef2-4485-b7ea-13f67da302f4","block_type":"box","text":"Redemption requests may be sent in proper form","page_number":26,"box":{"x":595,"y":197,"width":324,"height":10}},{"id":"3b502ec6-b487-48a9-905f-13ac6344651e","block_type":"box","text":"to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429","page_number":26,"box":{"x":460,"y":210,"width":468,"height":11}},{"id":"5cd5d73c-94b6-45d1-8b66-92f82961262e","block_type":"box","text":"or for overnight delivery, Attention: 534429, 1350 Penn Avenue Suite","page_number":26,"box":{"x":461,"y":224,"width":458,"height":10}},{"id":"142a94f8-4c2b-48d4-85d5-1c1c5a872a25","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. Under certain circumstances, a","page_number":26,"box":{"x":461,"y":237,"width":463,"height":11}},{"id":"34fafc58-564a-4b9f-b40f-1dcf51fb8d05","block_type":"box","text":"medallion signature guarantee will be required.","page_number":26,"box":{"x":461,"y":251,"width":308,"height":10}},{"id":"7347c049-5ba7-43d4-a22b-0f2b7aeeb2df","block_type":"box","text":"Payment of Redemption Proceeds","page_number":26,"box":{"x":461,"y":267,"width":228,"height":10}},{"id":"ddb978b4-79b7-4fc5-b6d5-e565806dbc41","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":26,"box":{"x":461,"y":281,"width":467,"height":10}},{"id":"c8fe53b9-eeec-4168-a8cf-2f671cf6681d","block_type":"box","text":"banking information on file, by wire transfer.","page_number":26,"box":{"x":461,"y":294,"width":289,"height":10}},{"id":"d0d09ad3-8693-45fe-b1b6-abe847c3a9b2","block_type":"box","text":"Payment by Check:","page_number":26,"box":{"x":461,"y":310,"width":129,"height":10}},{"id":"406bedc2-d70f-4eeb-922f-e996ff2b0dfd","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":26,"box":{"x":597,"y":310,"width":329,"height":10}},{"id":"9912bcc7-27d2-41de-b636-880286bb0d85","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":26,"box":{"x":460,"y":324,"width":430,"height":10}},{"id":"f7076ef2-8556-4d29-b8a9-e437de2e2fc0","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":26,"box":{"x":461,"y":337,"width":460,"height":11}},{"id":"3d8db351-3de8-44fe-ae85-702ea668df05","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":26,"box":{"x":461,"y":351,"width":468,"height":10}},{"id":"1326c5b7-d5cd-43e3-a981-5c8844d78b3c","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":26,"box":{"x":461,"y":364,"width":467,"height":11}},{"id":"e00e4b43-30ea-4511-be8e-1c9ba8d31716","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":26,"box":{"x":461,"y":378,"width":467,"height":10}},{"id":"d43e1a52-965b-492b-8778-e9cf69391ef7","block_type":"box","text":"charges imposed by your bank for this service.","page_number":26,"box":{"x":461,"y":391,"width":307,"height":11}},{"id":"42e9da6a-ae34-4f36-97f4-532c8b1cd3bf","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":26,"box":{"x":460,"y":408,"width":438,"height":10}},{"id":"c1f21a14-b5e8-4340-b908-a029f8f4ca43","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":26,"box":{"x":461,"y":421,"width":429,"height":10}},{"id":"812c0c2f-e1fb-4f5e-b62f-4fee147c54fa","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":26,"box":{"x":461,"y":435,"width":403,"height":10}},{"id":"e6668ef1-2639-4f92-89b3-bfab1aff5212","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":26,"box":{"x":461,"y":448,"width":467,"height":8}},{"id":"716dbdba-147d-4589-a3ff-9ba193aacff5","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":26,"box":{"x":460,"y":462,"width":456,"height":10}},{"id":"f0aa5f6e-ab56-49a0-92dc-ee294b30c839","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":26,"box":{"x":460,"y":475,"width":402,"height":10}},{"id":"a5fb1477-63db-417a-9b39-25cb6ae1e6f0","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":26,"box":{"x":461,"y":489,"width":430,"height":10}},{"id":"6122fcd3-d124-4807-a1ff-cf9528037931","block_type":"box","text":"amounts are subject to the risk of loss like any fund investment. If you","page_number":26,"box":{"x":461,"y":502,"width":465,"height":11}},{"id":"a9af567e-0c5b-408f-9bf0-f6e3378eb10b","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":26,"box":{"x":461,"y":516,"width":473,"height":8}},{"id":"645dda54-3f40-432e-a012-532217c91e90","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":26,"box":{"x":461,"y":529,"width":456,"height":11}},{"id":"7316de3c-5a7b-440c-b881-ed7b7731e34a","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":26,"box":{"x":461,"y":543,"width":461,"height":10}},{"id":"e1b1085c-bfb3-42b0-a160-a08a8caecec2","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":26,"box":{"x":460,"y":557,"width":469,"height":10}},{"id":"4855e00c-35d9-47bc-9e41-7a3c0417c2b6","block_type":"box","text":"as of the date of payment of the distribution.","page_number":26,"box":{"x":461,"y":570,"width":295,"height":10}},{"id":"7cd7a487-57bb-445e-b8d1-b7278080ed6a","block_type":"box","text":"Payment by Wire Transfer:","page_number":26,"box":{"x":461,"y":586,"width":177,"height":10}},{"id":"75494179-50c4-43be-ab5e-07c9a5976949","block_type":"box","text":"Payment for redeemed shares for which a","page_number":26,"box":{"x":644,"y":586,"width":275,"height":10}},{"id":"75bf6552-987e-4559-8ef4-3368cc19a5c0","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":26,"box":{"x":461,"y":600,"width":437,"height":10}},{"id":"22dd24f7-c818-4201-829d-785595492bef","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":26,"box":{"x":461,"y":613,"width":471,"height":11}},{"id":"11201b39-5a87-4058-9402-b60cabaeaf32","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":26,"box":{"x":461,"y":627,"width":417,"height":10}},{"id":"2c039c6a-2fbd-40f2-8882-2de1fa7ef8d7","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":26,"box":{"x":461,"y":640,"width":449,"height":11}},{"id":"bedd0858-049b-44ee-8607-a6154f8c7362","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":26,"box":{"x":461,"y":654,"width":449,"height":10}},{"id":"69e7df49-f7a4-41d9-aff0-3babca5e1318","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":26,"box":{"x":461,"y":667,"width":433,"height":11}},{"id":"146807aa-0005-4bb7-99e8-e5782b291c49","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":26,"box":{"x":461,"y":681,"width":449,"height":10}},{"id":"5be5b657-8a3b-4038-817f-55cd0a916348","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":26,"box":{"x":461,"y":694,"width":437,"height":11}},{"id":"f28476c8-7ea6-4d15-97ef-858df884a7ab","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":26,"box":{"x":461,"y":708,"width":469,"height":10}},{"id":"b90351f3-5ae6-401b-b385-49f1b6d14f7d","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":26,"box":{"x":459,"y":721,"width":448,"height":11}},{"id":"40c1587d-4d25-4fe8-9d4c-b9b58735fbb8","block_type":"box","text":"Fund. Shares can be redeemed by Federal wire transfer to a single","page_number":26,"box":{"x":461,"y":735,"width":439,"height":10}},{"id":"3a57b0c7-caeb-4e96-a342-c62ede3d07cf","block_type":"box","text":"previously designated bank account. No charge for wiring redemption","page_number":26,"box":{"x":461,"y":748,"width":455,"height":11}},{"id":"856fb9d2-c5ae-47d4-80e7-c40884bbc1e1","block_type":"box","text":"payments with respect to Class K Shares is imposed by the Fund. You","page_number":26,"box":{"x":461,"y":762,"width":462,"height":10}},{"id":"821affc6-36e9-40ba-a359-1a65fe5ec72b","block_type":"box","text":"are responsible for any additional charges imposed by your bank for","page_number":26,"box":{"x":461,"y":776,"width":448,"height":10}},{"id":"4a4abe6c-57df-4651-a802-8a2b2b8b65c8","block_type":"box","text":"wire transfers.","page_number":26,"box":{"x":460,"y":789,"width":94,"height":8}},{"id":"8f1385c5-6a37-4ac4-ac93-0c74c6de0e15","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":26,"box":{"x":460,"y":805,"width":425,"height":11}},{"id":"fa63be11-6269-410b-a10d-1054cf12f4ac","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":26,"box":{"x":461,"y":819,"width":455,"height":10}},{"id":"bcb69f61-82d3-402f-94f6-352f99f61d70","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":26,"box":{"x":461,"y":833,"width":476,"height":10}},{"id":"993ffe32-ebe8-4c46-8400-5ab891b1f935","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":26,"box":{"x":461,"y":846,"width":455,"height":10}},{"id":"c51ebdf5-d26d-4f11-8419-5965ebfc26c5","block_type":"box","text":"the back cover of this prospectus.","page_number":26,"box":{"x":460,"y":859,"width":224,"height":10}},{"id":"b0f476f7-c957-4053-b13f-830197686cb7","block_type":"box","text":"***","page_number":26,"box":{"x":686,"y":876,"width":25,"height":5}},{"id":"a027354c-3a0c-4461-b12f-92c01cb72325","block_type":"box","text":"26","page_number":26,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"2d84f081-2765-48f4-a520-28a5d415cc94","block_type":"box","text":"NM1026U-5978939-26/44","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e98bc9c7-4c25-423e-95bc-1fc215da8ecc","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":27,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"84192799-f849-4e49-9bf1-c2ef4955223c","block_type":"box","text":"Full or Partial","page_number":27,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"8b70020e-8d44-4de9-9591-b3717ce26d47","block_type":"box","text":"Redemption of","page_number":27,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"764edf4f-7906-4e3d-955c-566aff3d8716","block_type":"box","text":"Shares (continued)","page_number":27,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"4b173924-76c7-4109-975c-76b311df56a8","block_type":"box","text":"Selling shares held directly with","page_number":27,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"b008231a-2473-4c17-a569-22f864f9d63f","block_type":"box","text":"BlackRock (continued)","page_number":27,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"da3e6361-4576-446d-bc92-742e71f8a804","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":27,"box":{"x":461,"y":70,"width":423,"height":10}},{"id":"b8b61ab1-e614-4274-b1d4-60420fc28252","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":27,"box":{"x":461,"y":83,"width":456,"height":11}},{"id":"7b1029d1-e8ff-4be5-b9bb-7f2b0d1393fd","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":27,"box":{"x":461,"y":97,"width":352,"height":10}},{"id":"b400a678-434f-4755-9fbd-775554e0c496","block_type":"box","text":"Redemption","page_number":27,"box":{"x":61,"y":115,"width":80,"height":10}},{"id":"6b5cb12e-0420-4c27-8aaf-87f010d07cb1","block_type":"box","text":"Proceeds","page_number":27,"box":{"x":61,"y":127,"width":62,"height":8}},{"id":"88229268-c91c-4e83-9508-9301e5812222","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":27,"box":{"x":461,"y":118,"width":445,"height":10}},{"id":"4f3d16ae-2241-429e-a902-26e440248c71","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":27,"box":{"x":461,"y":131,"width":467,"height":10}},{"id":"02d5e6fb-933b-4778-ae8c-404808207eb8","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":27,"box":{"x":461,"y":145,"width":455,"height":10}},{"id":"31e79c24-8ea0-4e5e-ad41-49890f43413e","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":27,"box":{"x":461,"y":158,"width":450,"height":10}},{"id":"b4949789-1f54-4a90-b49a-9ba65cd0cd44","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":27,"box":{"x":461,"y":172,"width":452,"height":10}},{"id":"75b5a0ff-f5fe-4e59-b9eb-25354fccec82","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":27,"box":{"x":461,"y":185,"width":471,"height":10}},{"id":"421616dc-600e-4b7c-9834-9fb7f2c03ced","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":27,"box":{"x":461,"y":199,"width":471,"height":10}},{"id":"6b7a6fa2-a33b-466b-a6b9-bff54cc1e1c5","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in-kind to you. The","page_number":27,"box":{"x":461,"y":212,"width":453,"height":11}},{"id":"2d12f6ec-b8ea-4f8f-b314-45dbe137177c","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":27,"box":{"x":461,"y":226,"width":405,"height":8}},{"id":"c640e5da-cf3e-4a0f-81ab-0d4d89ddd3ca","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":27,"box":{"x":461,"y":242,"width":408,"height":10}},{"id":"78641a5c-e68f-494c-ab56-7956509bf9cc","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":27,"box":{"x":461,"y":255,"width":457,"height":11}},{"id":"12f7f724-43db-45fc-9b84-f743cfddf737","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":27,"box":{"x":460,"y":269,"width":440,"height":10}},{"id":"2ecb1059-0864-4e11-b85b-3cb970589404","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":27,"box":{"x":460,"y":282,"width":340,"height":11}},{"id":"54df54b6-8300-44c8-a142-8da21c8ee367","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":27,"box":{"x":61,"y":307,"width":415,"height":13}},{"id":"603c64db-f5be-4d73-853f-bd0e23a0b04c","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":27,"box":{"x":213,"y":329,"width":478,"height":9}},{"id":"2efdb6ce-3d2e-4378-8636-6aa896298c85","block_type":"box","text":"Exchange Privilege","page_number":27,"box":{"x":61,"y":346,"width":128,"height":11}},{"id":"42081b21-3756-403f-bcb8-51b381b7c73c","block_type":"box","text":"Selling shares of one BlackRock","page_number":27,"box":{"x":214,"y":346,"width":212,"height":11}},{"id":"b7194b4b-d7ff-4d34-b121-e9b4b007a0b1","block_type":"box","text":"Fund to purchase shares of","page_number":27,"box":{"x":214,"y":360,"width":181,"height":10}},{"id":"30cf4018-1b8c-490c-9dc7-eb9dce17848c","block_type":"box","text":"another BlackRock Fund","page_number":27,"box":{"x":214,"y":374,"width":158,"height":8}},{"id":"cbc55153-62bd-460e-925d-6ef24278252a","block_type":"box","text":"(“exchanging”)","page_number":27,"box":{"x":214,"y":387,"width":95,"height":10}},{"id":"2719dea7-f2ec-4ae0-9d7f-02b43f10c5a4","block_type":"box","text":"Class K Shares of the Fund are generally exchangeable for shares of","page_number":27,"box":{"x":461,"y":346,"width":454,"height":11}},{"id":"5032de3e-a070-4b6d-9664-5138473c98b0","block_type":"box","text":"the same class of another BlackRock Fund, to the extent such shares","page_number":27,"box":{"x":460,"y":360,"width":461,"height":9}},{"id":"ab41ba68-4d67-4984-8838-450cea5995b6","block_type":"box","text":"are offered by your Financial Intermediary. Investors who currently own","page_number":27,"box":{"x":461,"y":373,"width":465,"height":11}},{"id":"587fc1df-1248-49c9-9bab-af2dfd56f725","block_type":"box","text":"Class K Shares of the Fund may make exchanges into Class K Shares","page_number":27,"box":{"x":461,"y":387,"width":463,"height":10}},{"id":"0f817f91-bd33-4d19-9ab8-b4311f4cc3d0","block_type":"box","text":"of other BlackRock Funds except for investors holding shares through","page_number":27,"box":{"x":461,"y":400,"width":457,"height":11}},{"id":"69044fc6-ca9b-4537-9ecb-fc43537419c5","block_type":"box","text":"certain client accounts at Financial Intermediaries that are omnibus","page_number":27,"box":{"x":461,"y":414,"width":447,"height":8}},{"id":"94fff77e-4937-4b8c-a77d-1cf4b275b270","block_type":"box","text":"with the Fund and do not meet applicable minimums. There is no","page_number":27,"box":{"x":460,"y":428,"width":429,"height":10}},{"id":"702cb4ed-dcec-44bd-881a-3b3897c79601","block_type":"box","text":"required minimum amount with respect to exchanges of Class K","page_number":27,"box":{"x":461,"y":441,"width":423,"height":10}},{"id":"78aa0830-b53f-43f4-a7ac-78a0da81fb44","block_type":"box","text":"Shares. You may only exchange into Class K Shares of a BlackRock","page_number":27,"box":{"x":461,"y":455,"width":446,"height":10}},{"id":"60ec71a4-a1ee-4d36-a577-0ecf8618d6e2","block_type":"box","text":"Fund that is open to new investors or in which you have a current","page_number":27,"box":{"x":461,"y":468,"width":430,"height":10}},{"id":"59ca31b2-cbda-45ae-b33e-a1ab17a36dd9","block_type":"box","text":"account, if the BlackRock Fund is closed to new investors.","page_number":27,"box":{"x":461,"y":482,"width":383,"height":9}},{"id":"bd2bdccc-d5a8-449b-89df-aebd5bc290af","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":27,"box":{"x":460,"y":499,"width":435,"height":10}},{"id":"0b4e6594-8a7a-4774-8a6f-067eb8b5b834","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":27,"box":{"x":461,"y":513,"width":406,"height":10}},{"id":"9f8a5b8b-08d9-4521-9832-5ce06cc3562d","block_type":"box","text":"BlackRock, you may: (i) call (800) 537-4942 and speak with one of our","page_number":27,"box":{"x":461,"y":526,"width":468,"height":10}},{"id":"0c5a3cf3-6a31-4168-8adf-158b7073b7e1","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":27,"box":{"x":461,"y":540,"width":455,"height":10}},{"id":"4d906ae2-4adf-4cd3-aa3d-4213521f7c96","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":27,"box":{"x":460,"y":553,"width":423,"height":10}},{"id":"7988c754-9d27-4b22-95a4-0e2b57ad2b5a","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":27,"box":{"x":461,"y":567,"width":398,"height":10}},{"id":"607ddf9f-ffaf-42ae-9189-c3dfdf16262e","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":27,"box":{"x":461,"y":580,"width":409,"height":11}},{"id":"9fa298c4-2ed3-40bc-a791-30ebced242f9","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":27,"box":{"x":461,"y":594,"width":469,"height":10}},{"id":"c8aef1e8-404f-4ec4-ba71-66709f2970a7","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":27,"box":{"x":460,"y":608,"width":461,"height":10}},{"id":"9207b03e-0284-4706-a6e1-bbc415f0e2c5","block_type":"box","text":"this option either in writing or by calling (800) 537-4942. The Fund has","page_number":27,"box":{"x":460,"y":621,"width":469,"height":10}},{"id":"2faa3465-45df-4a34-8c66-1438c484a50c","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":27,"box":{"x":460,"y":634,"width":368,"height":11}},{"id":"606f4986-8422-4ffd-be64-7d902f58faa7","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":27,"box":{"x":460,"y":652,"width":450,"height":10}},{"id":"70166327-c814-4f78-9db7-81ac722d1a4d","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated","page_number":27,"box":{"x":460,"y":665,"width":454,"height":11}},{"id":"506e5807-fe98-4b57-8b37-476d88c5600b","block_type":"box","text":"at any time in the future. The Fund may suspend or terminate your","page_number":27,"box":{"x":461,"y":679,"width":438,"height":10}},{"id":"9cea2388-9d9c-49b9-85a9-c7198bd1a5bf","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":27,"box":{"x":461,"y":692,"width":439,"height":11}},{"id":"d7747140-088c-4961-864b-fbeaf257cf5a","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":27,"box":{"x":461,"y":706,"width":460,"height":10}},{"id":"c8436b8b-7142-4fa2-9a2c-4c9518a40dda","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":27,"box":{"x":461,"y":719,"width":430,"height":11}},{"id":"3d64ac37-2c91-4f45-bfd7-36ad4bc9bc23","block_type":"box","text":"income tax purposes a share exchange is a taxable event and a capital","page_number":27,"box":{"x":461,"y":733,"width":469,"height":10}},{"id":"696326e6-5f9b-4543-90a0-64e2986ba3bf","block_type":"box","text":"gain or loss may be realized. Please consult your tax adviser or other","page_number":27,"box":{"x":460,"y":747,"width":456,"height":10}},{"id":"12074ddf-9167-441e-b6cb-e5adef068c29","block_type":"box","text":"Financial Intermediary before making an exchange request.","page_number":27,"box":{"x":461,"y":760,"width":390,"height":11}},{"id":"bf9e9f44-5fdd-473c-b562-8b0c6f2d9da6","block_type":"box","text":"Transfer Shares to","page_number":27,"box":{"x":60,"y":778,"width":124,"height":8}},{"id":"961bf06e-3c08-477b-8102-4528f3333e7f","block_type":"box","text":"Another Financial","page_number":27,"box":{"x":60,"y":790,"width":118,"height":8}},{"id":"c36182b0-478f-4f17-b897-1bfd0ae7b017","block_type":"box","text":"Intermediary","page_number":27,"box":{"x":61,"y":801,"width":85,"height":11}},{"id":"f2adfb52-def1-4c31-9ef3-0eb3e904b736","block_type":"box","text":"Transfer to a participating","page_number":27,"box":{"x":213,"y":778,"width":171,"height":11}},{"id":"e87047fc-e53f-4b43-b6d5-e675bd3c674e","block_type":"box","text":"Financial Intermediary","page_number":27,"box":{"x":214,"y":792,"width":145,"height":10}},{"id":"0b1bd5ac-b1b3-49d6-9624-cb94046292c6","block_type":"box","text":"You may transfer your Class K Shares of the Fund only to another","page_number":27,"box":{"x":460,"y":778,"width":432,"height":10}},{"id":"612d2127-a9a0-4b82-a703-81e5c1535cdf","block_type":"box","text":"Financial Intermediary that has entered into an agreement with the","page_number":27,"box":{"x":461,"y":792,"width":441,"height":10}},{"id":"20b6d908-a997-41df-a388-5b4becd04f94","block_type":"box","text":"Distributor. Certain shareholder services may not be available for the","page_number":27,"box":{"x":461,"y":805,"width":456,"height":11}},{"id":"989c551f-e304-48d7-87c2-c733d45a0f0a","block_type":"box","text":"transferred shares. All future trading of these assets must be","page_number":27,"box":{"x":460,"y":819,"width":407,"height":10}},{"id":"a4a81fc3-6816-460e-8f92-f4ad713648fb","block_type":"box","text":"coordinated by the receiving firm.","page_number":27,"box":{"x":461,"y":832,"width":218,"height":11}},{"id":"8e57cfff-d3f8-4484-af89-5a9f78d9c16f","block_type":"box","text":"Please contact your Financial Intermediary to accomplish the transfer of","page_number":27,"box":{"x":461,"y":848,"width":475,"height":11}},{"id":"e3aec384-46da-430e-bb48-0fac958ededc","block_type":"box","text":"your Class K Shares.","page_number":27,"box":{"x":460,"y":862,"width":137,"height":10}},{"id":"8c9b7621-32b4-4d0a-ad72-f8f4cc7b0f5d","block_type":"box","text":"Transfer to a non-participating","page_number":27,"box":{"x":213,"y":880,"width":199,"height":10}},{"id":"668037f0-147e-49a2-9856-7c7b3ea6d82e","block_type":"box","text":"Financial Intermediary","page_number":27,"box":{"x":214,"y":894,"width":145,"height":10}},{"id":"684f2482-2f4c-443e-a334-5f9c03c112d8","block_type":"box","text":"You must either:","page_number":27,"box":{"x":460,"y":880,"width":107,"height":8}},{"id":"082c50aa-7515-4f82-9b4c-248527173479","block_type":"box","text":"•","page_number":27,"box":{"x":464,"y":896,"width":3,"height":3}},{"id":"e49ebcba-b491-41b8-83e7-1dccfe272643","block_type":"box","text":"Transfer your Class K Shares to an account with the Fund; or","page_number":27,"box":{"x":470,"y":894,"width":402,"height":10}},{"id":"8917f9df-1b87-4605-ba18-97dec7051672","block_type":"box","text":"•","page_number":27,"box":{"x":464,"y":910,"width":3,"height":3}},{"id":"d7b0922a-730d-4e9e-a5b5-5e2db6404681","block_type":"box","text":"Sell your Class K Shares.","page_number":27,"box":{"x":471,"y":907,"width":166,"height":10}},{"id":"9528a72e-1896-478f-8c11-c2380167e464","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"05a921c7-d9dd-4041-8ee2-73fcf9ef728b","block_type":"box","text":"NM1026U-5978939-27/44","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5900f66d-83cf-4ecf-aa22-c836efa5fd0c","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":"f56deb67-25e9-4741-a0c1-5554265128b1","block_type":"box","text":"(continued)","page_number":28,"box":{"x":61,"y":67,"width":76,"height":10}},{"id":"4e76391d-cd26-4d5a-9e7d-81bfc734929f","block_type":"box","text":"Transfer to a non-participating","page_number":28,"box":{"x":213,"y":67,"width":199,"height":11}},{"id":"f79ee10b-51cb-4db9-9b67-3ba842ea10b8","block_type":"box","text":"Financial Intermediary","page_number":28,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"1813967a-b2be-448e-9272-7fb6942f1b22","block_type":"box","text":"(continued)","page_number":28,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"87da36b7-5039-4768-b25d-828ab29ccc0b","block_type":"box","text":"Please contact your Financial Intermediary to accomplish the transfer of","page_number":28,"box":{"x":461,"y":70,"width":475,"height":10}},{"id":"2a2dc6cb-503c-41bd-af6d-6f217637ee82","block_type":"box","text":"your Class K Shares.","page_number":28,"box":{"x":460,"y":83,"width":137,"height":11}},{"id":"023b7f9c-6a7c-4e2d-8480-716be1fc7e61","block_type":"box","text":"Additional Purchase and Redemption Information Applicable to the Fund if You Are Not Purchasing","page_number":28,"box":{"x":60,"y":119,"width":815,"height":12}},{"id":"40b77a49-6a32-45f9-9176-86efdd87938f","block_type":"box","text":"Shares Through an Employer-Sponsored Retirement Plan","page_number":28,"box":{"x":60,"y":136,"width":467,"height":12}},{"id":"d41c7e02-90a1-4eef-82fd-7d9f031f4abf","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":28,"box":{"x":62,"y":152,"width":872,"height":12}},{"id":"62049b0a-1eac-485f-a99f-ab7a24eb10a1","block_type":"box","text":"banks, savings and loan associations and other financial institutions (each a “Service Organization”) to accept","page_number":28,"box":{"x":61,"y":167,"width":814,"height":11}},{"id":"f9eaba15-df72-4fc6-a648-26e1c85d2681","block_type":"box","text":"purchase and redemption orders on its behalf. Such Service Organizations may be authorized to designate other","page_number":28,"box":{"x":62,"y":182,"width":826,"height":11}},{"id":"7e3706e9-c09e-4210-8cfc-580efabcce7d","block_type":"box","text":"intermediaries to accept purchase and redemption orders on the Fund’s behalf. If you purchase or redeem shares","page_number":28,"box":{"x":62,"y":196,"width":836,"height":12}},{"id":"8a990b68-659c-4f39-91a7-020e47072e49","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":28,"box":{"x":60,"y":211,"width":861,"height":12}},{"id":"3f031bb1-df9f-462f-a970-df0b43f946ac","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":28,"box":{"x":61,"y":226,"width":875,"height":12}},{"id":"0e70ce75-59f6-4551-8780-d78c2478fe01","block_type":"box","text":"a purchase or redemption order when a Service Organization or, if applicable, that Service Organization’s authorized","page_number":28,"box":{"x":61,"y":241,"width":853,"height":12}},{"id":"3005946f-d011-4c1e-93c3-b81da0a3416b","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":28,"box":{"x":61,"y":256,"width":862,"height":11}},{"id":"1fc079a1-1b74-40e7-836d-5295a91ceb3c","block_type":"box","text":"they are so accepted.","page_number":28,"box":{"x":60,"y":271,"width":158,"height":11}},{"id":"23089465-3730-4bbe-b185-96d00e45eb48","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"d0d1eb7e-1207-4e62-ac07-310d11320fa0","block_type":"box","text":"NM1026U-5978939-28/44","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"346c942c-1771-4570-9bfc-7800f7d14dac","block_type":"box","text":"Fund’s Rights","page_number":29,"box":{"x":61,"y":47,"width":124,"height":13}},{"id":"03e3073f-8064-4c40-bf51-652464cc8e24","block_type":"box","text":"The Fund may:","page_number":29,"box":{"x":60,"y":73,"width":106,"height":11}},{"id":"959d7aff-ac32-4f7b-bdef-e852fea5025f","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":29,"box":{"x":81,"y":93,"width":840,"height":11}},{"id":"50f9ba88-819b-4d6f-8e54-022e4717e360","block_type":"box","text":"described in the Investment Company Act;","page_number":29,"box":{"x":81,"y":108,"width":308,"height":11}},{"id":"07b35fb9-020d-41ca-ad04-11216c333f58","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":29,"box":{"x":81,"y":127,"width":789,"height":12}},{"id":"3f4f6b0e-1beb-4b41-9d8c-d04af4cc849b","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":29,"box":{"x":81,"y":142,"width":850,"height":12}},{"id":"8012088b-e660-4987-9585-4dc155b229cb","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":29,"box":{"x":82,"y":157,"width":368,"height":12}},{"id":"75bc0b81-f8a8-4734-aaba-5e68a64b4d7c","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":29,"box":{"x":82,"y":177,"width":781,"height":12}},{"id":"1c5319bf-986b-4570-be8a-9407c5ee566c","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":29,"box":{"x":82,"y":197,"width":798,"height":12}},{"id":"fa4ccff8-8c19-44fa-97ca-3d672aa8f782","block_type":"box","text":"specified level.","page_number":29,"box":{"x":81,"y":212,"width":108,"height":11}},{"id":"67f0d798-4d38-4aaa-af00-8181f09c9c6c","block_type":"box","text":"Note on Low Balance Accounts.","page_number":29,"box":{"x":61,"y":235,"width":239,"height":9}},{"id":"5f9d812b-b48b-4807-b7c4-2734c322d86d","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":29,"box":{"x":307,"y":234,"width":600,"height":12}},{"id":"cd014c3a-9f63-4b0f-9eb4-90b6f756c574","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":29,"box":{"x":61,"y":249,"width":846,"height":12}},{"id":"410a340e-2612-445e-88a9-78c892ce3405","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":29,"box":{"x":61,"y":263,"width":872,"height":13}},{"id":"2d7a6d4d-675a-416e-857d-c5133d40145b","block_type":"box","text":"reason, including market fluctuation.","page_number":29,"box":{"x":61,"y":279,"width":267,"height":12}},{"id":"75752ddc-be5f-4ea3-8ae3-a30d0902cc04","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":29,"box":{"x":60,"y":302,"width":799,"height":11}},{"id":"df368b29-03f1-4226-8cd2-8708cf198bda","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":29,"box":{"x":62,"y":316,"width":796,"height":12}},{"id":"2d5418c0-7485-4c8c-8a84-e6041ba0c5c8","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":29,"box":{"x":62,"y":331,"width":800,"height":12}},{"id":"44fad6e7-d1be-4962-97de-202db466de9d","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":29,"box":{"x":61,"y":346,"width":859,"height":12}},{"id":"bd86e7f7-dffb-4c75-80c6-54417e09e69c","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":29,"box":{"x":61,"y":361,"width":868,"height":11}},{"id":"af15c33b-3cca-43ef-8b8f-d628c591b32d","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":29,"box":{"x":61,"y":376,"width":420,"height":11}},{"id":"865a9381-5d6e-4419-9b6e-80e65f11efc2","block_type":"box","text":"Short-Term Trading Policy","page_number":29,"box":{"x":61,"y":415,"width":232,"height":13}},{"id":"5953c5c5-b500-487b-9e6e-66647251493d","block_type":"box","text":"The Trust’s Board of Trustees (the “Board”) has determined that the interests of long-term shareholders and the","page_number":29,"box":{"x":60,"y":441,"width":828,"height":11}},{"id":"5b09cf7f-6237-4672-a6bb-f2ad60ad8f80","block_type":"box","text":"Fund’s ability to manage its investments may be adversely affected when shares are repeatedly bought, sold or","page_number":29,"box":{"x":62,"y":456,"width":819,"height":11}},{"id":"40ea7928-c384-4b36-9127-356c45cb726f","block_type":"box","text":"exchanged in response to short-term market fluctuations — also known as “market timing.” The Fund is not designed","page_number":29,"box":{"x":61,"y":470,"width":865,"height":12}},{"id":"2d5bcbbd-5e5f-4356-b642-a595202418aa","block_type":"box","text":"for market timing organizations or other entities using programmed or frequent purchases and sales or exchanges. The","page_number":29,"box":{"x":60,"y":485,"width":875,"height":12}},{"id":"56642bd8-a330-4896-951c-2bcf30e06be4","block_type":"box","text":"exchange privilege is not intended as a vehicle for short-term trading. Excessive purchase and sale or exchange activity","page_number":29,"box":{"x":61,"y":500,"width":876,"height":12}},{"id":"092d06a3-3a7c-443f-8de0-51acde16fb07","block_type":"box","text":"may interfere with portfolio management, increase expenses and taxes and may have an adverse effect on the","page_number":29,"box":{"x":61,"y":515,"width":816,"height":11}},{"id":"c0707796-e666-4702-b94c-5bd9494c2d3d","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":29,"box":{"x":62,"y":530,"width":842,"height":11}},{"id":"9da13600-1366-4c27-9e1c-4b7f929299f0","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":29,"box":{"x":61,"y":545,"width":866,"height":11}},{"id":"51d4bc8b-0bfa-45b3-a28f-e85e3222a3d7","block_type":"box","text":"or sell securities, rather than maintaining such assets in securities selected to achieve the Fund’s investment","page_number":29,"box":{"x":61,"y":560,"width":808,"height":11}},{"id":"3e422010-5047-47d8-8331-a78ce55bd3ab","block_type":"box","text":"objective. Frequent trading may cause the Fund to sell securities at less favorable prices, and transaction costs, such","page_number":29,"box":{"x":61,"y":574,"width":864,"height":12}},{"id":"ecfbd48f-ae91-4ed2-91bd-139e2208541a","block_type":"box","text":"as brokerage commissions, can reduce the Fund’s performance.","page_number":29,"box":{"x":61,"y":589,"width":474,"height":12}},{"id":"c67e32a7-85a0-4a2d-b019-a161a893d497","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":29,"box":{"x":60,"y":612,"width":873,"height":11}},{"id":"f227c105-5869-427a-b611-ce2df525b8d1","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":29,"box":{"x":61,"y":626,"width":872,"height":12}},{"id":"032444b0-c864-489f-a8c4-df1aea66295c","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":29,"box":{"x":61,"y":641,"width":865,"height":12}},{"id":"5d43aaeb-be11-427a-8335-e683d8cadc02","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":29,"box":{"x":61,"y":656,"width":817,"height":11}},{"id":"58effb7e-584d-4a5b-bde2-da175233c731","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":29,"box":{"x":61,"y":671,"width":818,"height":11}},{"id":"40f56bcf-2a51-41cf-907a-a4b8daa64010","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":29,"box":{"x":60,"y":686,"width":865,"height":11}},{"id":"39100531-af8c-4bd6-874f-2c2eafc25a31","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":29,"box":{"x":61,"y":701,"width":829,"height":11}},{"id":"476ad9c1-f50b-4af8-90d5-1a3f93412e96","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":29,"box":{"x":62,"y":715,"width":671,"height":12}},{"id":"1c2de70b-2ce1-4d3d-a196-dec86e61e458","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":29,"box":{"x":60,"y":738,"width":869,"height":11}},{"id":"22c15c3c-755a-4cdb-88da-60ddac6204c9","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":29,"box":{"x":60,"y":753,"width":839,"height":11}},{"id":"7e97f51b-6fe4-49fa-b2b0-6e2868083313","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":29,"box":{"x":61,"y":768,"width":869,"height":11}},{"id":"1566ba54-cb11-42ab-8e39-9aca4256ed4a","block_type":"box","text":"on purchases, sales and exchanges of Fund shares because certain legitimate strategies will not result in harm to the","page_number":29,"box":{"x":61,"y":782,"width":870,"height":12}},{"id":"28150513-78b1-4ba1-b1f8-45cb66036738","block_type":"box","text":"Fund or its shareholders.","page_number":29,"box":{"x":62,"y":797,"width":181,"height":9}},{"id":"6ddff097-02ae-426e-8d4b-14a8f488524d","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":29,"box":{"x":62,"y":820,"width":796,"height":11}},{"id":"0d46b0db-7eff-4d61-84bd-2c59f7f6f64a","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":29,"box":{"x":61,"y":835,"width":860,"height":11}},{"id":"7ed11e44-fa0a-4154-9d9f-c3410ec69e19","block_type":"box","text":"in market timing activity, it reserves the right to reject any specific purchase or exchange order. 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Transactions","page_number":29,"box":{"x":61,"y":894,"width":829,"height":11}},{"id":"9a4d4e4d-ed50-47d4-8b26-538f45a7f9c7","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":29,"box":{"x":62,"y":909,"width":862,"height":11}},{"id":"9893e4a1-d3fa-43e1-80d8-54870ecb779e","block_type":"box","text":"29","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"d26ab59a-902c-468d-abca-a0d5408f566b","block_type":"box","text":"NM1026U-5978939-29/44","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"560bd7f4-b1a6-4026-8a4a-06dbc4c3532c","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":30,"box":{"x":61,"y":46,"width":849,"height":11}},{"id":"95b0a952-e879-4184-90ae-3b8bb01ee6bc","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":30,"box":{"x":61,"y":61,"width":866,"height":11}},{"id":"0a43e116-fc96-4f73-8a19-d9b17fad8852","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":30,"box":{"x":60,"y":76,"width":806,"height":11}},{"id":"0d18704d-b79e-47d0-8a72-75c1bc9d0861","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":30,"box":{"x":61,"y":90,"width":804,"height":12}},{"id":"8e24f84b-46ca-4da9-a9c9-78467445cf26","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":30,"box":{"x":61,"y":105,"width":849,"height":12}},{"id":"cf610ac8-c448-4182-94d4-052de489da44","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":30,"box":{"x":61,"y":120,"width":875,"height":11}},{"id":"5fbd461e-797b-46c8-8dd7-2b0c22dfc156","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":30,"box":{"x":62,"y":135,"width":869,"height":11}},{"id":"6ceec097-22d3-4c32-9e04-b5624d2c2901","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":30,"box":{"x":61,"y":149,"width":845,"height":12}},{"id":"3dfea9ca-c840-44fc-a918-c10ff4d270dc","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":30,"box":{"x":62,"y":165,"width":868,"height":11}},{"id":"1de113e7-4c4e-4951-91ac-1bdf72a832da","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":30,"box":{"x":61,"y":179,"width":861,"height":12}},{"id":"e0dd16a5-d661-4850-b31d-394f9fc18f09","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":30,"box":{"x":61,"y":194,"width":868,"height":11}},{"id":"226a918c-97d5-4d81-9f4f-ab589330f319","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":30,"box":{"x":60,"y":209,"width":847,"height":11}},{"id":"42f8f474-3cac-4031-a175-e63329de078c","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Distributor,","page_number":30,"box":{"x":60,"y":224,"width":837,"height":11}},{"id":"95b24b9f-4092-431e-92e8-ccb9d3a40c1e","block_type":"box","text":"suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":30,"box":{"x":61,"y":239,"width":663,"height":11}},{"id":"891fef9a-0964-4e62-879d-1990b5971c85","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":30,"box":{"x":60,"y":261,"width":824,"height":11}},{"id":"c367222e-4b40-47f4-8ea4-ef1318bee549","block_type":"box","text":"deemed abusive.","page_number":30,"box":{"x":61,"y":276,"width":123,"height":9}},{"id":"88d235e6-1d1e-449f-96e8-2dfea6854d8f","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":30,"box":{"x":60,"y":298,"width":841,"height":12}},{"id":"ec7fc09f-4bca-4d3a-8af3-f1a81eb05dfa","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":30,"box":{"x":60,"y":313,"width":572,"height":12}},{"id":"edd5e711-b242-4bf0-991d-783a3411f050","block_type":"box","text":"30","page_number":30,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"5ac1054d-104d-4e7c-b3e6-73bf4b87f930","block_type":"box","text":"NM1026U-5978939-30/44","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c42acb30-aa8a-41fd-9706-a38aecc4f723","block_type":"box","text":"Management of the Fund","page_number":31,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"8b04f163-2a12-43cc-9983-2205e3633893","block_type":"box","text":"BlackRock","page_number":31,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"8220abca-4658-4462-b7dd-e42b88455aa7","block_type":"box","text":"BlackRock manages the Fund’s investments and its business operations subject to the oversight of the Trust’s Board.","page_number":31,"box":{"x":62,"y":182,"width":867,"height":12}},{"id":"f8a5dc0f-66e5-4509-9418-be28dc8457d2","block_type":"box","text":"While BlackRock is ultimately responsible for the management of the Fund, it is able to draw upon the trading,","page_number":31,"box":{"x":60,"y":197,"width":809,"height":12}},{"id":"ecf1f8e1-dccf-45ec-ad4b-ab249cf39757","block_type":"box","text":"research and expertise of its asset management affiliates for portfolio decisions and management with respect to","page_number":31,"box":{"x":61,"y":212,"width":841,"height":12}},{"id":"c45d6380-c02f-4f08-a202-56d897aab44c","block_type":"box","text":"certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":31,"box":{"x":61,"y":227,"width":715,"height":11}},{"id":"7b6c0f74-f5d0-432a-a8bc-41d50300ff05","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":31,"box":{"x":62,"y":249,"width":821,"height":12}},{"id":"ba528fc6-5e94-41cc-a2eb-b303dde318d8","block_type":"box","text":"companies. BlackRock and its affiliates had approximately $15.3 trillion in investment company and other portfolio","page_number":31,"box":{"x":61,"y":263,"width":845,"height":13}},{"id":"61f48c5b-6cc7-4978-a622-f5a3478e087d","block_type":"box","text":"assets under management as of June 30, 2026.","page_number":31,"box":{"x":61,"y":279,"width":357,"height":12}},{"id":"2afeeea5-6140-473a-b719-7edce7d5378f","block_type":"box","text":"BlackRock serves as manager to the Fund pursuant to an investment advisory agreement (the “Management","page_number":31,"box":{"x":62,"y":302,"width":800,"height":11}},{"id":"34ee33f7-bfce-449d-bf99-531188b63fcf","block_type":"box","text":"Agreement”). 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In addition, BlackRock","page_number":31,"box":{"x":62,"y":558,"width":843,"height":12}},{"id":"b79252f3-965b-4887-ab3a-6c16571cabad","block_type":"box","text":"has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to","page_number":31,"box":{"x":61,"y":573,"width":851,"height":11}},{"id":"58689077-2c12-425c-9e27-0b3f42062d4c","block_type":"box","text":"BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates (the","page_number":31,"box":{"x":62,"y":588,"width":808,"height":11}},{"id":"1461ea34-7729-4f48-91e4-0a77892e8caa","block_type":"box","text":"“affiliated money market fund waiver”), through June 30, 2028. 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As a result, an Affiliate may compete with the Fund for appropriate investment opportunities. The results of","page_number":33,"box":{"x":60,"y":418,"width":864,"height":11}},{"id":"cfb7a906-fd04-416d-aabe-5aeb62f9ed28","block_type":"box","text":"the Fund’s investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by an","page_number":33,"box":{"x":60,"y":432,"width":865,"height":12}},{"id":"63f1e558-36f8-4e19-bc41-2021ddf581c0","block_type":"box","text":"Affiliate. It is possible that the Fund could sustain losses during periods in which one or more Affiliates and other","page_number":33,"box":{"x":60,"y":447,"width":834,"height":12}},{"id":"c61f68bf-d2b0-4983-8606-357a016c36cf","block_type":"box","text":"accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also possible.","page_number":33,"box":{"x":61,"y":462,"width":815,"height":12}},{"id":"f547eaf4-ce68-4460-a9cf-3460f959ab5d","block_type":"box","text":"In addition, the Fund may enter into transactions in which BlackRock or an Affiliate or their directors, officers,","page_number":33,"box":{"x":62,"y":485,"width":802,"height":11}},{"id":"a6838ae9-0ba1-4464-9b91-cb760bb9d52c","block_type":"box","text":"employees or clients have an adverse interest. The Fund may be adversely impacted by the effects of transactions","page_number":33,"box":{"x":61,"y":499,"width":840,"height":12}},{"id":"d397975d-29e3-414b-953e-67451887888a","block_type":"box","text":"undertaken by BlackRock or an Affiliate or their directors, officers, employees or clients.","page_number":33,"box":{"x":61,"y":514,"width":648,"height":12}},{"id":"a9a2554e-c21b-4a7b-9ef8-22d9253b5f75","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance","page_number":33,"box":{"x":62,"y":537,"width":854,"height":11}},{"id":"8798682d-8cad-48e9-a1f2-0b3fa01000b3","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":33,"box":{"x":60,"y":686,"width":841,"height":11}},{"id":"3b095025-9afe-4ada-b1f5-8387c641de26","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":33,"box":{"x":62,"y":701,"width":415,"height":11}},{"id":"04017657-2bf8-4b8d-814d-834b1387ea34","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":33,"box":{"x":62,"y":723,"width":864,"height":12}},{"id":"6055b9d4-8e6d-4f17-b350-1005c12bc18d","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":33,"box":{"x":61,"y":738,"width":868,"height":11}},{"id":"a0d77567-a4fb-47d8-8ef9-d2b59fbcbdd1","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":33,"box":{"x":62,"y":753,"width":870,"height":11}},{"id":"be7b4609-9b97-407a-990f-9c6b5a3895a5","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":33,"box":{"x":60,"y":768,"width":545,"height":11}},{"id":"fdb7938c-058c-44d4-aaf5-d26bc25fa1c6","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":33,"box":{"x":60,"y":790,"width":837,"height":12}},{"id":"bbee5b4c-5513-4ffd-b886-b79146aa4310","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":33,"box":{"x":61,"y":805,"width":865,"height":12}},{"id":"9dd49e73-e355-4271-92d8-873820ac9b68","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":33,"box":{"x":62,"y":820,"width":819,"height":11}},{"id":"edd47ddb-c0f8-490d-b8ad-777521f88e11","block_type":"box","text":"Valuation of Fund Investments","page_number":33,"box":{"x":63,"y":859,"width":271,"height":11}},{"id":"5978c53b-a284-4e17-b8fb-6dd39d650df0","block_type":"box","text":"When you buy shares, you pay the net asset value. This is the offering price. Shares are also redeemed at their net","page_number":33,"box":{"x":60,"y":885,"width":849,"height":11}},{"id":"2e786e6d-21d9-427a-9fe3-fdb486154df6","block_type":"box","text":"asset value, minus any applicable redemption fee. The net asset value used in determining your share price is the next","page_number":33,"box":{"x":61,"y":900,"width":876,"height":11}},{"id":"19db1702-b4d7-48a5-9e62-2e78427d9e58","block_type":"box","text":"one calculated after your purchase or redemption order is received. The net asset value of each class of shares","page_number":33,"box":{"x":61,"y":915,"width":821,"height":11}},{"id":"28205639-9cb6-4e29-b045-736c61b57942","block_type":"box","text":"33","page_number":33,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"d72676dc-a583-48c4-96f1-1af73072b00a","block_type":"box","text":"NM1026U-5978939-33/44","page_number":33,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"92aff894-0e16-44e6-b67b-a4a074105c55","block_type":"box","text":"normally is determined once daily Monday through Friday, generally as of the close of regular trading hours of the New","page_number":34,"box":{"x":61,"y":46,"width":866,"height":11}},{"id":"49990368-2543-43fc-adbe-556420feba1a","block_type":"box","text":"York Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern time), on each day that the NYSE is open for trading,","page_number":34,"box":{"x":60,"y":60,"width":831,"height":12}},{"id":"d9bf89b9-7468-4fdb-a490-e1514d287ff2","block_type":"box","text":"based on prices at the time of closing, provided that any Fund assets or liabilities denominated in currencies other","page_number":34,"box":{"x":61,"y":75,"width":843,"height":12}},{"id":"330b962e-dfc8-4591-9368-95b6887df8dc","block_type":"box","text":"than the U.S. dollar are translated into U.S. dollars at the prevailing market rates on the date of valuation as quoted by","page_number":34,"box":{"x":60,"y":90,"width":876,"height":12}},{"id":"3e28e95c-89ca-4bfa-89ca-4cc3baf0ec7c","block_type":"box","text":"one or more data service providers. The net asset value of shares is calculated by dividing the value of the net assets","page_number":34,"box":{"x":61,"y":105,"width":868,"height":12}},{"id":"de2d1db9-1aba-4aaf-be30-278a86e4159f","block_type":"box","text":"of each class of shares (i.e., the value of its total assets less total liabilities) by the total number of outstanding","page_number":34,"box":{"x":61,"y":120,"width":825,"height":11}},{"id":"3f527dfc-8f8d-43bb-99b4-7395788e7599","block_type":"box","text":"shares of the class, generally rounded to the nearest cent.","page_number":34,"box":{"x":61,"y":135,"width":430,"height":11}},{"id":"79578f2f-08f9-454c-b57c-f5547008714c","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":34,"box":{"x":60,"y":157,"width":844,"height":12}},{"id":"4013c6fa-a7da-4ee8-9289-c9d6e8729af8","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":34,"box":{"x":60,"y":172,"width":837,"height":12}},{"id":"2bbfcd3d-0d32-4bb6-8720-0a951b845e8d","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":34,"box":{"x":62,"y":187,"width":464,"height":11}},{"id":"775631da-bcb5-409b-a946-b92aed90ccb7","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":34,"box":{"x":62,"y":210,"width":863,"height":11}},{"id":"f400ebc0-62f1-4b20-bc78-062b9d807a2f","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":34,"box":{"x":60,"y":224,"width":858,"height":12}},{"id":"84e58366-7642-4db8-8378-02291db688f5","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":34,"box":{"x":62,"y":239,"width":863,"height":12}},{"id":"29ed0846-35bf-4ac1-a9f4-c0c0420a8f30","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":34,"box":{"x":61,"y":254,"width":852,"height":11}},{"id":"627ead51-f653-4732-9bb1-b22ae3a57791","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":34,"box":{"x":61,"y":336,"width":868,"height":11}},{"id":"9ff8969a-48a4-40ab-b707-057ea0cfc22f","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":34,"box":{"x":61,"y":351,"width":842,"height":11}},{"id":"e94011c3-48ac-464c-8124-998ce9daf469","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":34,"box":{"x":61,"y":365,"width":853,"height":12}},{"id":"27983eaf-feac-4d58-b341-4f18cb33b7e5","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":34,"box":{"x":61,"y":380,"width":844,"height":12}},{"id":"44cf3e58-c5ba-4719-a42d-412638f3aa4e","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":34,"box":{"x":61,"y":395,"width":822,"height":11}},{"id":"d4e0e821-01a9-4f5e-929e-c9274a6d0a95","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":34,"box":{"x":61,"y":410,"width":845,"height":11}},{"id":"8c510123-8725-4cfc-8764-c2ed1b86c544","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":34,"box":{"x":61,"y":425,"width":733,"height":11}},{"id":"84b0c3f3-dfb1-4913-96cc-d981f2712442","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":34,"box":{"x":61,"y":447,"width":829,"height":12}},{"id":"1cf1a875-706f-48b3-a9f1-0a6b55f8f505","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":34,"box":{"x":61,"y":462,"width":857,"height":12}},{"id":"017b23fd-795f-4937-9716-beccaa1a3f04","block_type":"box","text":"shares are determined as of such times. U.S. government securities, money market instruments and fixed income","page_number":34,"box":{"x":61,"y":477,"width":841,"height":11}},{"id":"ed2b9a2a-f14c-4648-adfa-9ffc6521c0c2","block_type":"box","text":"securities are generally priced as of close of regular trading hours on the NYSE.","page_number":34,"box":{"x":61,"y":492,"width":583,"height":11}},{"id":"b0203120-f485-415f-ae98-b066bc7aaa4a","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, BlackRock will fair","page_number":34,"box":{"x":60,"y":514,"width":839,"height":12}},{"id":"e20ac4e9-0e36-41ca-8e6c-b9e913668e68","block_type":"box","text":"value the Fund’s investments in accordance with its policies and procedures. BlackRock may conclude that a market","page_number":34,"box":{"x":60,"y":529,"width":858,"height":11}},{"id":"40fd7922-6ec8-4525-8d55-fd9915502c3a","block_type":"box","text":"quotation is not readily available or is unreliable if a security or other asset or liability does not have a price source","page_number":34,"box":{"x":61,"y":544,"width":844,"height":11}},{"id":"b436a5c0-d132-4699-9c63-166d4e54e1fe","block_type":"box","text":"due to its lack of trading or other reasons, if a market quotation differs significantly from recent price quotations or","page_number":34,"box":{"x":61,"y":559,"width":845,"height":11}},{"id":"ca135c69-d1df-421e-aa97-b7b180cdcd74","block_type":"box","text":"otherwise no longer appears to reflect fair value, where the security or other asset or liability is thinly traded, when","page_number":34,"box":{"x":61,"y":574,"width":841,"height":11}},{"id":"bf643916-4305-421b-a755-824106b0baf7","block_type":"box","text":"there is a significant event subsequent to the most recent market quotation, or if the trading market on which a","page_number":34,"box":{"x":60,"y":588,"width":820,"height":12}},{"id":"7e7ff914-eecc-4f2a-a512-9d7d9579ffb2","block_type":"box","text":"security is listed is suspended or closed and no appropriate alternative trading market is available. A “significant","page_number":34,"box":{"x":61,"y":603,"width":828,"height":12}},{"id":"a7676eee-43a6-4a99-9d7c-982eef27dbff","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":34,"box":{"x":61,"y":618,"width":836,"height":12}},{"id":"1488b69c-af6a-47ea-8554-d8677ab2c292","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":34,"box":{"x":62,"y":633,"width":862,"height":11}},{"id":"6943c9f6-2382-4840-b754-b4c042a193cf","block_type":"box","text":"price or closing market price of one or more assets held by, or liabilities of, the Fund.","page_number":34,"box":{"x":62,"y":648,"width":623,"height":11}},{"id":"ac28a775-51c7-48e3-98cb-138fecd566b8","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the","page_number":34,"box":{"x":62,"y":670,"width":817,"height":12}},{"id":"8a3ea6ed-945b-499e-9d26-4d6914beb9d8","block_type":"box","text":"movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value","page_number":34,"box":{"x":61,"y":685,"width":871,"height":12}},{"id":"74e4dc4e-bb50-46a2-99df-2830c2b36ae2","block_type":"box","text":"pricing methodology is designed to correlate the prices of foreign assets in one or more non-U.S. markets following the","page_number":34,"box":{"x":62,"y":700,"width":872,"height":11}},{"id":"87a8c757-168d-4b0e-8405-3c07b40ee8cf","block_type":"box","text":"close of the local markets to the prices that might have prevailed as of the Fund’s pricing time.","page_number":34,"box":{"x":61,"y":715,"width":697,"height":11}},{"id":"7ca4a7d0-a359-48b7-92c8-a31140264256","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. The fair value of an asset or","page_number":34,"box":{"x":62,"y":737,"width":825,"height":12}},{"id":"56823753-5e27-42c6-91e6-00dca598b724","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":34,"box":{"x":62,"y":752,"width":871,"height":12}},{"id":"63376489-d669-44dc-bfe8-e44db67c9bd9","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":34,"box":{"x":61,"y":767,"width":847,"height":11}},{"id":"475866ba-d637-419a-9871-330367154984","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":34,"box":{"x":62,"y":782,"width":829,"height":11}},{"id":"2b4197ed-e455-4d7e-b549-0eb40d8313a6","block_type":"box","text":"those investments could have been sold during the period in which the particular fair values were used.","page_number":34,"box":{"x":60,"y":797,"width":760,"height":11}},{"id":"2f97477b-4b1c-40fc-b4e0-2d93c9c0c9f6","block_type":"box","text":"The Fund may accept orders from certain authorized Financial Intermediaries or their designees. The Fund will be","page_number":34,"box":{"x":60,"y":819,"width":830,"height":12}},{"id":"4e735d30-2828-4cdc-a5e4-c0eac3207d1b","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":34,"box":{"x":61,"y":834,"width":848,"height":12}},{"id":"9e613b5c-946a-4bac-ad2b-1bfbb7866533","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":34,"box":{"x":61,"y":849,"width":868,"height":11}},{"id":"c44b34e2-b5d1-4e28-bdf7-420dadace5cb","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":34,"box":{"x":61,"y":864,"width":856,"height":11}},{"id":"a5783394-f9a0-4a56-9b12-2591e8e93fc5","block_type":"box","text":"34","page_number":34,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"a1419d38-aad4-421d-9998-aca423eaadf3","block_type":"box","text":"NM1026U-5978939-34/44","page_number":34,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c45bc9fe-bcf6-4013-b36d-730cc352fa59","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":35,"box":{"x":61,"y":47,"width":311,"height":13}},{"id":"7c75757e-63d8-493c-9a9f-bc8a7830c6e6","block_type":"box","text":"BUYING A DIVIDEND","page_number":35,"box":{"x":423,"y":88,"width":152,"height":9}},{"id":"e046f16b-e53b-45d2-b0ea-c16f82e29daa","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":35,"box":{"x":72,"y":110,"width":831,"height":12}},{"id":"e501bd8a-1ecd-4be3-8e28-d285b7945958","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":35,"box":{"x":72,"y":125,"width":845,"height":11}},{"id":"80570336-0e7c-4af1-9394-a2633253bc2d","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":35,"box":{"x":71,"y":140,"width":855,"height":11}},{"id":"a4efb5ce-33ae-421b-9924-d47c6fd8a0e7","block_type":"box","text":"taxable dividend. Before investing you may want to consult your tax adviser.","page_number":35,"box":{"x":70,"y":155,"width":554,"height":11}},{"id":"43f8d334-4648-4c33-81ab-969bbfc21f04","block_type":"box","text":"The Fund will distribute net investment income, if any, and net realized capital gains, if any, at least annually. The Fund","page_number":35,"box":{"x":60,"y":195,"width":871,"height":12}},{"id":"d8729596-c6ad-47ba-8932-8f5ecefe89f3","block_type":"box","text":"may also pay a special distribution at the end of the calendar year to comply with federal tax requirements. Dividends","page_number":35,"box":{"x":61,"y":210,"width":862,"height":11}},{"id":"c3f4848c-e5bf-48e0-8cfc-cbab6f58ac2c","block_type":"box","text":"may be reinvested automatically in shares of the Fund at net asset value or may be taken in cash. If you would like to","page_number":35,"box":{"x":61,"y":225,"width":863,"height":11}},{"id":"c1ea606e-ef37-4edf-a725-157b9588bd13","block_type":"box","text":"receive dividends in cash, contact your Financial Intermediary or the Fund.","page_number":35,"box":{"x":61,"y":240,"width":543,"height":11}},{"id":"09e7e638-64b8-4163-bbd9-b293b36400c5","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":35,"box":{"x":60,"y":262,"width":856,"height":12}},{"id":"5e98b440-e96d-4111-a686-fc1df1ccd630","block_type":"box","text":"tax-exempt plan described in section 401(a) of the Internal Revenue Code (a “Qualified Plan”).","page_number":35,"box":{"x":60,"y":277,"width":692,"height":11}},{"id":"a93501fc-8795-4870-9adc-0d2970401d9a","block_type":"box","text":"Investments Through a Qualified Plan","page_number":35,"box":{"x":62,"y":300,"width":272,"height":11}},{"id":"fcc35270-2129-479c-8b6d-a6b0fc9275f6","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":35,"box":{"x":61,"y":322,"width":864,"height":12}},{"id":"a5336ba0-69fa-4731-a408-84a67ecb8fbb","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":35,"box":{"x":62,"y":337,"width":851,"height":11}},{"id":"7354d180-b345-497e-afdb-9dd1c1d389a0","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":35,"box":{"x":60,"y":352,"width":875,"height":11}},{"id":"23f0ef19-be11-4b84-8302-de5699f07a84","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":35,"box":{"x":61,"y":367,"width":841,"height":11}},{"id":"45bf8950-d16b-4e9b-9141-26f5c450f589","block_type":"box","text":"withholding tax depending on the kind of payment you receive.","page_number":35,"box":{"x":60,"y":381,"width":455,"height":12}},{"id":"975b2dd1-6cf3-4921-b3e2-edd5d4f49652","block_type":"box","text":"Investments Not Made Through Qualified Plans","page_number":35,"box":{"x":62,"y":404,"width":344,"height":12}},{"id":"8bc14d32-c608-4442-88b6-f7e5efcd565e","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":35,"box":{"x":62,"y":427,"width":831,"height":11}},{"id":"dd507dc7-1ddd-41f8-a6a0-4ba57fb4c05d","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":35,"box":{"x":61,"y":441,"width":847,"height":12}},{"id":"a3adb0cf-ba21-4c2f-9bf3-7e46a0daf757","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":35,"box":{"x":60,"y":456,"width":851,"height":12}},{"id":"580cb0b5-4797-4811-9920-930cbc61e346","block_type":"box","text":"distributions derived from qualified dividend income, which consists of dividends received from U.S. corporations and","page_number":35,"box":{"x":61,"y":471,"width":859,"height":11}},{"id":"a830faae-d5b0-42a4-adcf-87f83c7be9ef","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":35,"box":{"x":61,"y":486,"width":863,"height":11}},{"id":"5cc0a238-88c2-4477-8abe-aa8eaa33f41c","block_type":"box","text":"for individuals, depending on whether their income exceeds certain threshold amounts, which are adjusted annually for","page_number":35,"box":{"x":60,"y":501,"width":875,"height":11}},{"id":"9dbe0b3a-60cd-4753-81b0-3b32debecae3","block_type":"box","text":"inflation.","page_number":35,"box":{"x":62,"y":516,"width":61,"height":9}},{"id":"c01d5224-72b2-48c5-a6cd-5c25c2d871e2","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":35,"box":{"x":60,"y":538,"width":803,"height":11}},{"id":"1e938ee6-01fb-4e5f-b51b-afc6245a9874","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":35,"box":{"x":61,"y":552,"width":873,"height":12}},{"id":"39eed304-e168-4145-9465-e22b04a4586d","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":35,"box":{"x":60,"y":568,"width":282,"height":11}},{"id":"35db08d7-973d-4937-a7ba-e78547fbd32d","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":35,"box":{"x":60,"y":590,"width":861,"height":12}},{"id":"c1a27ef6-2022-4f0e-8160-d44054227294","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":35,"box":{"x":62,"y":605,"width":679,"height":12}},{"id":"8392bb86-8460-4dd7-8a3c-579e4fa4505d","block_type":"box","text":"Special Considerations for Non-U.S. Persons","page_number":35,"box":{"x":62,"y":628,"width":326,"height":11}},{"id":"9f6ed876-1647-4517-a149-1b8144bc5535","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":35,"box":{"x":62,"y":650,"width":864,"height":12}},{"id":"eb6313da-235f-4479-8e28-53c72a559ba8","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":35,"box":{"x":62,"y":665,"width":856,"height":12}},{"id":"ebdbfec4-b87e-456d-b513-bd650106ae98","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":35,"box":{"x":62,"y":680,"width":857,"height":11}},{"id":"746abafa-137e-4e0a-8cad-d85d67c5141d","block_type":"box","text":"certain distributions paid to a foreign shareholder and reported by the Fund as capital gain dividends, interest-related","page_number":35,"box":{"x":61,"y":695,"width":862,"height":11}},{"id":"cdcaef8d-9560-446a-acd1-ad26ee11d19d","block_type":"box","text":"dividends or short-term capital gain dividends may be eligible for an exemption from U.S. withholding tax.","page_number":35,"box":{"x":61,"y":710,"width":770,"height":11}},{"id":"6e41a4e3-44a1-4e4a-ae10-983dc2092208","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":35,"box":{"x":61,"y":732,"width":868,"height":12}},{"id":"da5b6da5-14bd-44c9-8430-25ea067263ac","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To avoid","page_number":35,"box":{"x":60,"y":747,"width":808,"height":12}},{"id":"6d08c62f-021b-4136-bbe6-881acebbacfd","block_type":"box","text":"withholding, foreign financial institutions and investment funds will generally either need to (a) collect and report to the","page_number":35,"box":{"x":60,"y":762,"width":874,"height":11}},{"id":"82149df0-f5e9-4738-9b24-2cb0e3898ef3","block_type":"box","text":"IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due diligence","page_number":35,"box":{"x":62,"y":777,"width":789,"height":11}},{"id":"2279c940-3b1b-411d-91f3-e266a4685154","block_type":"box","text":"procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying foreign entities","page_number":35,"box":{"x":62,"y":791,"width":858,"height":12}},{"id":"11ae57fc-5c42-471b-861e-e0e251b05a4c","block_type":"box","text":"and account holders or (b) if an intergovernmental agreement is entered into and implementing legislation is adopted,","page_number":35,"box":{"x":61,"y":806,"width":865,"height":12}},{"id":"a42eea83-7775-4e18-a204-f3baa0a13094","block_type":"box","text":"comply with the agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":35,"box":{"x":61,"y":821,"width":802,"height":12}},{"id":"bca3283c-cddc-4390-95bc-a48c5d6d973f","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":35,"box":{"x":62,"y":836,"width":639,"height":11}},{"id":"3181044c-b7f6-42bf-a8aa-50fa5f48bd1f","block_type":"box","text":"Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and","page_number":35,"box":{"x":62,"y":859,"width":863,"height":11}},{"id":"d7b0c2c1-aabf-465a-9b24-5e04d7dd80de","block_type":"box","text":"other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may","page_number":35,"box":{"x":61,"y":873,"width":823,"height":12}},{"id":"95891d8d-bdbe-42bd-9222-911c48907ae1","block_type":"box","text":"reduce or eliminate such taxes. You may be able to claim a credit or take a deduction for foreign taxes paid by the","page_number":35,"box":{"x":61,"y":888,"width":837,"height":12}},{"id":"6bdcbc7f-94e5-4d91-96e2-d482e6aae69c","block_type":"box","text":"Fund if certain requirements are met.","page_number":35,"box":{"x":62,"y":903,"width":272,"height":11}},{"id":"7c992d22-6869-4f9d-82e0-c97a5742c619","block_type":"box","text":"35","page_number":35,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"28bcb007-f053-429c-8ea4-e6fe262d5ee4","block_type":"box","text":"NM1026U-5978939-35/44","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1f3a98d3-49d8-4880-b68d-0307d95204f6","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":36,"box":{"x":60,"y":46,"width":855,"height":11}},{"id":"39c9cddb-1a21-4a59-b68f-a7c3a25f5ea1","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":36,"box":{"x":61,"y":60,"width":832,"height":12}},{"id":"a7a251f9-401c-4387-9952-f569c4e56aab","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":36,"box":{"x":62,"y":76,"width":383,"height":11}},{"id":"c0b51618-3691-4041-ae86-75caf4b7fac2","block_type":"box","text":"36","page_number":36,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"82cfdbb8-797b-4e72-abd6-f8f76b171354","block_type":"box","text":"NM1026U-5978939-36/44","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"506ca0d2-36ad-4324-a739-8b13cf373337","block_type":"box","text":"The financial highlights table is intended to help investors understand the Fund’s financial performance for the periods","page_number":37,"box":{"x":60,"y":75,"width":873,"height":12}},{"id":"a89b3714-34ef-4135-8027-cc9311e92503","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":37,"box":{"x":61,"y":90,"width":823,"height":12}},{"id":"19679f56-ab45-449f-9929-954ae4b48887","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":37,"box":{"x":61,"y":105,"width":826,"height":12}},{"id":"28ee2b36-7bc9-49ad-88a7-208e01ed91f3","block_type":"box","text":"reinvestment of all dividends and distributions. The information has been audited by Deloitte & Touche LLP whose","page_number":37,"box":{"x":61,"y":120,"width":836,"height":11}},{"id":"6502197e-54d4-4754-9fb8-b00fefe45672","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":37,"box":{"x":61,"y":135,"width":862,"height":11}},{"id":"2fbd6744-b179-4558-baa6-c748e0cc53c3","block_type":"box","text":"Additional Information for the fiscal year ended May 31, 2026, as filed with the SEC on Form N-CSR, which are","page_number":37,"box":{"x":60,"y":149,"width":813,"height":12}},{"id":"6cc0f6a9-cb6b-402d-9f80-d1f721dc7403","block_type":"box","text":"available upon request and at www.blackrock.com.","page_number":37,"box":{"x":61,"y":165,"width":370,"height":10}},{"id":"7cf5a29f-39c9-42bd-8baf-b029743f9311","block_type":"box","text":"BlackRock Advantage International 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Ended","page_number":37,"box":{"x":857,"y":217,"width":66,"height":7}},{"id":"d59fd789-c496-45ff-bc70-a5ed86138688","block_type":"box","text":"05/31/22","page_number":37,"box":{"x":859,"y":227,"width":63,"height":9}},{"id":"6963209f-75ca-4d45-a858-38ab62e1248a","block_type":"box","text":"Net asset value, beginning of year","page_number":37,"box":{"x":69,"y":244,"width":205,"height":9}},{"id":"18b19310-9257-4254-8c09-132fd6bbf70d","block_type":"box","text":"$ 22.07 $ 19.59 $ 16.73 $ 16.48 $ 19.89","page_number":37,"box":{"x":459,"y":244,"width":461,"height":8}},{"id":"aec9abbd-b1b5-41d7-892a-da98563a952b","block_type":"box","text":"Net investment income","page_number":37,"box":{"x":85,"y":261,"width":134,"height":7}},{"id":"2a307bf2-faf0-458a-a278-71a16f61c525","block_type":"box","text":"(a)","page_number":37,"box":{"x":220,"y":261,"width":7,"height":4}},{"id":"a18ae6c6-faa5-49d0-8249-d3562a26fe55","block_type":"box","text":"0.59 0.75 0.48 0.52 0.46","page_number":37,"box":{"x":503,"y":261,"width":417,"height":7}},{"id":"184172cd-9588-4086-8a82-41f03dae28cc","block_type":"box","text":"Net realized and unrealized gain (loss) 4.34 2.40 2.88 0.26 (2.28)","page_number":37,"box":{"x":85,"y":273,"width":839,"height":9}},{"id":"c957de77-fc0a-4fc9-baad-9523f238c8a3","block_type":"box","text":"Net increase (decrease) from investment operations 4.93 3.15 3.36 0.78 (1.82)","page_number":37,"box":{"x":70,"y":284,"width":854,"height":9}},{"id":"cb430f9d-9819-47f0-9e8c-3b1687b4ee6f","block_type":"box","text":"Distributions","page_number":37,"box":{"x":69,"y":301,"width":76,"height":7}},{"id":"61c1801e-b106-4434-b76e-1d1854efe906","block_type":"box","text":"(b)","page_number":37,"box":{"x":145,"y":301,"width":8,"height":4}},{"id":"c6697635-eaa3-487a-a8b0-b2d96322e794","block_type":"box","text":"From net investment income (0.65) (0.54) (0.50) (0.53) (0.62)","page_number":37,"box":{"x":85,"y":312,"width":839,"height":9}},{"id":"9ed18993-4a2e-4573-bf89-582063eb7f74","block_type":"box","text":"From net realized gain (1.00) (0.13) — — (0.97)","page_number":37,"box":{"x":85,"y":324,"width":839,"height":9}},{"id":"0376ead6-64ee-4471-9f41-71adf726129a","block_type":"box","text":"Total distributions (1.65) (0.67) (0.50) (0.53) (1.59)","page_number":37,"box":{"x":69,"y":341,"width":855,"height":9}},{"id":"904c1843-a888-4018-8454-74e298200b13","block_type":"box","text":"Net asset value, end of year","page_number":37,"box":{"x":69,"y":358,"width":168,"height":9}},{"id":"5b69f5c0-b911-4151-a0e2-83631e12c825","block_type":"box","text":"$ 25.35 $ 22.07 $ 19.59 $ 16.73 $ 16.48","page_number":37,"box":{"x":459,"y":357,"width":461,"height":9}},{"id":"e413be4d-e234-4e82-9c3e-4d94fd20173c","block_type":"box","text":"Total 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