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The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees","page_number":3,"box":{"x":81,"y":828,"width":845,"height":9}},{"id":"c0707a6b-c8d1-40ff-b5dd-fe117949ac84","block_type":"box","text":"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":838,"width":501,"height":9}},{"id":"0fb111be-eaa4-48e7-8481-0ce500e35550","block_type":"box","text":"Example:","page_number":3,"box":{"x":61,"y":853,"width":74,"height":12}},{"id":"9554fe38-0aa5-4559-b205-26e018b46ab2","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":868,"width":830,"height":12}},{"id":"adec92e6-6701-4825-a907-b3c20f2ca3f3","block_type":"box","text":"mutual funds. 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Although your actual costs may be higher","page_number":4,"box":{"x":61,"y":46,"width":859,"height":11}},{"id":"9004d3f3-1597-45e9-957f-b46dceca4f5f","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":4,"box":{"x":61,"y":61,"width":436,"height":11}},{"id":"e775a5ae-5b7a-411c-b305-ff1f9c79150d","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":89,"width":292,"height":8}},{"id":"bc45973d-8eff-4a7d-8ce9-16e83461b90f","block_type":"box","text":"Investor A Shares $635 $878 $1,140 $1,888","page_number":4,"box":{"x":70,"y":106,"width":848,"height":10}},{"id":"b3e931c3-8af2-4468-b424-23d61ca0968d","block_type":"box","text":"Investor C Shares $292 $600 $1,034 $2,051","page_number":4,"box":{"x":70,"y":124,"width":848,"height":10}},{"id":"65c14d33-27bf-4cd6-b67d-4984a950144f","block_type":"box","text":"Institutional Shares $ 91 $295 $ 515 $1,150","page_number":4,"box":{"x":70,"y":142,"width":848,"height":11}},{"id":"2c5fd8c8-24f1-440e-86aa-0d08a981d8d6","block_type":"box","text":"Class R Shares $142 $468 $ 817 $1,801","page_number":4,"box":{"x":69,"y":160,"width":849,"height":11}},{"id":"adc2c8cf-ad76-47b0-a59e-6975e46f2a7d","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":4,"box":{"x":60,"y":189,"width":532,"height":12}},{"id":"b0c7dfb1-377c-401f-96bc-50fb514010fc","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":218,"width":292,"height":8}},{"id":"4362cdf2-e4f1-4f60-bf37-6b4811631589","block_type":"box","text":"Investor C Shares $192 $600 $1,034 $2,051","page_number":4,"box":{"x":70,"y":235,"width":848,"height":10}},{"id":"263120f0-7cf2-42b0-b95f-84873f78bcf1","block_type":"box","text":"Portfolio Turnover:","page_number":4,"box":{"x":61,"y":256,"width":151,"height":10}},{"id":"5c1d1fd1-91fb-4d5a-8f2b-375d5dd02ee6","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":4,"box":{"x":60,"y":273,"width":800,"height":11}},{"id":"01ba4e03-839e-45c9-8977-9ee6ab3ac981","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":4,"box":{"x":62,"y":287,"width":850,"height":12}},{"id":"a082059c-2602-42ba-bec5-50fa2acaf0d5","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":4,"box":{"x":61,"y":302,"width":870,"height":11}},{"id":"530f97c0-11fa-44ff-97af-09ad74daf74f","block_type":"box","text":"Example, affect the Fund’s performance. 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Investments in derivatives are counted toward the Fund’s 80% policy to the extent that they","page_number":4,"box":{"x":61,"y":424,"width":843,"height":11}},{"id":"57017073-1ca3-4f3d-9f0d-8dec9b1d3098","block_type":"box","text":"provide investment exposure to the securities included within that policy or to one or more market risk factors","page_number":4,"box":{"x":62,"y":438,"width":805,"height":12}},{"id":"ab050b3a-ee5c-4c1d-9f49-3eb2c3b5f906","block_type":"box","text":"associated with such securities.","page_number":4,"box":{"x":61,"y":453,"width":234,"height":9}},{"id":"5b773491-03d5-43d6-8699-b541c9b44b39","block_type":"box","text":"Technology companies may include those companies in the businesses of, among others: software, IT consulting, IT","page_number":4,"box":{"x":60,"y":472,"width":854,"height":11}},{"id":"b2ca09d7-5063-43df-a814-374dbf21ee19","block_type":"box","text":"services, interactive home entertainment, interactive media and services, networking equipment, telecom services,","page_number":4,"box":{"x":61,"y":486,"width":849,"height":12}},{"id":"6d7aff2b-ad5c-49c6-863e-70b42e47711d","block_type":"box","text":"communications equipment, technology hardware, storage and peripherals, electronic equipment, instruments and","page_number":4,"box":{"x":61,"y":501,"width":841,"height":11}},{"id":"fc51a1dc-ff5c-4a66-a45e-334b82faaf07","block_type":"box","text":"components, semiconductors and semiconductor equipment and consumer finance. The Fund may invest in both","page_number":4,"box":{"x":61,"y":515,"width":827,"height":12}},{"id":"9aeae907-bce1-4c46-8297-fcca8a7e58cb","block_type":"box","text":"developed and emerging markets. BlackRock determines, in its discretion, whether a company is a technology","page_number":4,"box":{"x":61,"y":530,"width":810,"height":12}},{"id":"5e10d4a8-f97d-4a6b-9a7d-ff4c81ece6f6","block_type":"box","text":"company.","page_number":4,"box":{"x":61,"y":547,"width":67,"height":9}},{"id":"24291cb3-187f-4009-9158-b2fca697584c","block_type":"box","text":"The Fund seeks to invest primarily in common stock but may also invest in preferred stock and convertible securities.","page_number":4,"box":{"x":60,"y":563,"width":864,"height":12}},{"id":"494cc850-88c8-4b27-b174-8f6e5862d98b","block_type":"box","text":"The Fund may also invest in Rule 144A securities, which are privately placed securities purchased by qualified","page_number":4,"box":{"x":60,"y":578,"width":809,"height":11}},{"id":"a7a109b9-459c-4fae-9cd1-033833c189a0","block_type":"box","text":"institutional buyers. From time to time the Fund may invest in shares of companies through initial public offerings","page_number":4,"box":{"x":62,"y":592,"width":832,"height":12}},{"id":"e6812e79-4502-47e7-8592-a5929bbe6f07","block_type":"box","text":"(“IPOs”).","page_number":4,"box":{"x":61,"y":607,"width":62,"height":11}},{"id":"6ecb9cac-f67e-4550-8dce-944b2fa84467","block_type":"box","text":"The Fund may, when consistent with the Fund’s investment objective, buy or sell options or futures on a security or an","page_number":4,"box":{"x":60,"y":626,"width":866,"height":11}},{"id":"370050f4-e35b-4b5a-9564-63d18d039575","block_type":"box","text":"index of securities and may buy options on a currency or a basket of currencies, or enter into foreign currency","page_number":4,"box":{"x":62,"y":640,"width":806,"height":12}},{"id":"f97dfc8b-5df5-4e0c-8d45-e88761d34fb5","block_type":"box","text":"transactions, including swaps (collectively, commonly known as derivatives). An option is the right to buy or sell a","page_number":4,"box":{"x":60,"y":655,"width":830,"height":11}},{"id":"18cfcff2-092f-426f-a855-2c1d3e577f91","block_type":"box","text":"security or an index of securities at a specific price on or before a specific date. A future is an agreement to buy or sell","page_number":4,"box":{"x":61,"y":669,"width":872,"height":12}},{"id":"a44d2e82-992c-4f55-9291-c2ad204bf818","block_type":"box","text":"a security or an index of securities at a specific price on a specific date. A swap is an agreement whereby one party","page_number":4,"box":{"x":61,"y":684,"width":851,"height":12}},{"id":"4b78a880-2f3e-430d-9267-3480e7991643","block_type":"box","text":"exchanges its right to receive or its obligation to pay one type of currency for another party’s obligation to pay or its","page_number":4,"box":{"x":61,"y":699,"width":847,"height":11}},{"id":"fa76b32c-32c8-49f1-9977-2ee42b262eb5","block_type":"box","text":"right to receive another type of currency in the future or for a period of time. The Fund typically uses derivatives as a","page_number":4,"box":{"x":61,"y":713,"width":852,"height":12}},{"id":"34cec0ec-c232-4fda-9651-bfed8bef03dc","block_type":"box","text":"substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to","page_number":4,"box":{"x":61,"y":728,"width":844,"height":12}},{"id":"494f0509-2aa1-4795-a9bb-657a33c0e198","block_type":"box","text":"other risks, such as currency risk. The Fund may also use derivatives to enhance returns, in which case their use","page_number":4,"box":{"x":61,"y":743,"width":831,"height":11}},{"id":"e771e5f3-c1dd-4180-b79f-ac3e3fb4da3d","block_type":"box","text":"would involve leveraging risk. The Fund may seek to obtain market exposure to the securities in which it primarily","page_number":4,"box":{"x":60,"y":758,"width":829,"height":11}},{"id":"0733aab3-cde6-494d-adc6-e3078650608b","block_type":"box","text":"invests by entering into a series of purchase and sale contracts or by using other investment techniques. The Fund","page_number":4,"box":{"x":62,"y":772,"width":842,"height":11}},{"id":"c891a5c8-acab-40ea-89b0-e5d7af8fadff","block_type":"box","text":"may also use forward foreign currency exchange contracts (obligations to buy or sell a currency at a set rate in the","page_number":4,"box":{"x":61,"y":787,"width":841,"height":11}},{"id":"ee3abc99-a9e6-4aa5-be30-6b1a567bd62d","block_type":"box","text":"future).","page_number":4,"box":{"x":60,"y":801,"width":52,"height":11}},{"id":"6b0b80d1-650e-4540-a3dc-4fed869f8c30","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":828,"width":354,"height":14}},{"id":"f7df6481-a971-44fd-a37e-cf8b8c5cf40a","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":850,"width":860,"height":12}},{"id":"48320da5-1d91-48d0-81dc-8d71223ead40","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":865,"width":802,"height":11}},{"id":"be00c347-eca1-470c-a66c-94b2bca3e386","block_type":"box","text":"investment in the Fund or your investment may not perform as well as other similar investments. The following is a","page_number":4,"box":{"x":62,"y":879,"width":842,"height":12}},{"id":"730c2761-d4c8-4c61-b3b7-c29d61642665","block_type":"box","text":"summary description of the principal risks of investing in the Fund. The relative significance of each risk factor below","page_number":4,"box":{"x":61,"y":894,"width":857,"height":12}},{"id":"badbfa49-d8fb-478b-9e8b-f91028d18694","block_type":"box","text":"may change over time and you should review each risk factor carefully.","page_number":4,"box":{"x":61,"y":909,"width":515,"height":11}},{"id":"2c29844e-7e14-4b93-a6ac-804d6e01d25c","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"2073c88b-a976-49d6-bd4e-95dd58145d4a","block_type":"box","text":"NM1026U-5982542-4/68","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"833dd8c0-decc-4547-82ef-19f2fb4d5f15","block_type":"box","text":"Equity Securities Risk","page_number":5,"box":{"x":81,"y":46,"width":166,"height":11}},{"id":"bd76c0bd-01bf-4bc8-90ad-e9b98b23b03e","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":5,"box":{"x":251,"y":46,"width":685,"height":11}},{"id":"aa8baa48-54fc-4aab-a275-3ebc30325e28","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":5,"box":{"x":81,"y":60,"width":550,"height":12}},{"id":"ca6d2e0c-74b7-40a9-ad70-28a2b2391201","block_type":"box","text":"Technology Securities Risk","page_number":5,"box":{"x":82,"y":78,"width":203,"height":11}},{"id":"6bf56660-6ad3-4b97-8f74-7773b2f3c6f8","block_type":"box","text":"—","page_number":5,"box":{"x":289,"y":83,"width":17,"height":1}},{"id":"7afd7f4d-ca5f-4708-b52b-9773c8e7de3b","block_type":"box","text":"Certain technology-related companies may face special risks that their products or","page_number":5,"box":{"x":311,"y":77,"width":606,"height":12}},{"id":"4b45b453-5ccc-4739-a803-fb5b6b5fdcc2","block_type":"box","text":"services may not prove to be commercially successful. Technology-related companies are also strongly affected by","page_number":5,"box":{"x":81,"y":92,"width":842,"height":12}},{"id":"cab448b3-3252-4f65-8413-43afc7da4861","block_type":"box","text":"worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such","page_number":5,"box":{"x":80,"y":107,"width":838,"height":11}},{"id":"f1da1923-bd43-4dd9-b667-c5331d2caadf","block_type":"box","text":"companies are also often subject to governmental regulation and may, therefore, be adversely affected by","page_number":5,"box":{"x":81,"y":121,"width":779,"height":12}},{"id":"b651e8e7-310d-4dae-9b31-d8712aaac55f","block_type":"box","text":"governmental policies. In addition, certain technology-related companies in which the Fund may invest may not","page_number":5,"box":{"x":81,"y":136,"width":812,"height":12}},{"id":"35bc4444-56ab-4441-897f-ca45a6a7d595","block_type":"box","text":"currently be profitable and there can be no assurance that such companies will be profitable in the future.","page_number":5,"box":{"x":81,"y":151,"width":778,"height":11}},{"id":"7706fa5f-b354-4370-8200-e9e383c0f921","block_type":"box","text":"Concentration Risk","page_number":5,"box":{"x":81,"y":168,"width":145,"height":9}},{"id":"7d1bf64d-2d2a-4b57-9f2a-4a2aff2b96c7","block_type":"box","text":"—","page_number":5,"box":{"x":231,"y":173,"width":17,"height":1}},{"id":"741b825c-f4bb-42c9-88e8-681e61e7d295","block_type":"box","text":"The Fund’s strategy of concentrating in technology and related companies means that its","page_number":5,"box":{"x":252,"y":168,"width":654,"height":11}},{"id":"34011d24-74fb-4a8b-909d-a29aa82ff502","block_type":"box","text":"performance will be closely tied to the performance of a particular market segment. The Fund’s concentration in","page_number":5,"box":{"x":82,"y":182,"width":824,"height":12}},{"id":"ac225481-6de0-4108-aaad-d629edbb7023","block_type":"box","text":"these companies may present more risks than if it were broadly diversified over numerous industries and sectors of","page_number":5,"box":{"x":80,"y":197,"width":853,"height":12}},{"id":"59438eee-7e94-4dd5-beb0-c713a018c219","block_type":"box","text":"the economy. A downturn in these companies would have a larger impact on the Fund than on a mutual fund that","page_number":5,"box":{"x":80,"y":212,"width":831,"height":11}},{"id":"d70b112f-edf7-43ef-b75b-3786c6171c6d","block_type":"box","text":"does not concentrate in such companies. At times, the performance of these companies will lag the performance of","page_number":5,"box":{"x":81,"y":226,"width":855,"height":12}},{"id":"ef01ffac-78bc-4ee6-8eff-720ad7deb7e6","block_type":"box","text":"other industries or the broader market as a whole.","page_number":5,"box":{"x":81,"y":241,"width":368,"height":9}},{"id":"8941ef8b-d4db-4b6a-961d-f8a676e884e9","block_type":"box","text":"Convertible Securities Risk","page_number":5,"box":{"x":81,"y":258,"width":206,"height":9}},{"id":"c0c29a64-648a-46dc-a703-d8e4aa316e97","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":258,"width":593,"height":12}},{"id":"5078c4d1-d994-47e5-961f-7ed5a65be2b6","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":273,"width":853,"height":11}},{"id":"0dc4a9b2-84c1-480b-89a2-8e4536919918","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":288,"width":855,"height":11}},{"id":"513a7a71-c837-45f4-927a-655dad84e6e1","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":302,"width":816,"height":12}},{"id":"54df0a99-9d04-4288-9097-a55e7843d198","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":317,"width":796,"height":11}},{"id":"e8ed5b41-1aa0-4a9d-a9cf-a4a232a2bc6b","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":331,"width":812,"height":12}},{"id":"7607f88b-127a-4d55-b4ad-54dd957e7587","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":346,"width":809,"height":12}},{"id":"0ffa9b26-ab83-4a30-a554-bf5ab390c163","block_type":"box","text":"Derivatives Risk","page_number":5,"box":{"x":81,"y":363,"width":123,"height":9}},{"id":"d5bcb35f-aac9-4cb6-a345-65b30cb0a5e3","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":363,"width":664,"height":12}},{"id":"3c654063-d5a7-4115-9ab5-201cfb20ecfe","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":5,"box":{"x":82,"y":378,"width":469,"height":11}},{"id":"39757bca-9b76-4db9-88cb-a2bd2ad71acc","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":395,"width":102,"height":12}},{"id":"d3427e09-c1ba-4682-8dcb-d4f44681ba28","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":395,"width":723,"height":12}},{"id":"5b42b9e4-d58d-4d1d-8e95-252dcd65c158","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":410,"width":832,"height":11}},{"id":"ae5cfe1a-d465-455a-b8cc-badc697c1a36","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":425,"width":280,"height":11}},{"id":"d6143c61-4e59-4b97-8f70-8b09886d08db","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":442,"width":87,"height":9}},{"id":"5ffee86a-9fec-4c67-9557-4501fdd7b8e9","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":441,"width":728,"height":12}},{"id":"0e868b5f-a138-4933-91f9-288bd4274b0a","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":456,"width":834,"height":11}},{"id":"f77728e2-88bc-4f80-a8a3-72dcf4c82e0c","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":471,"width":832,"height":11}},{"id":"2ab86fc8-2ee8-4794-a5fc-efd208d2faca","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":485,"width":779,"height":12}},{"id":"d2d45571-a960-4d17-a3a4-251ab7c4e231","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":500,"width":253,"height":11}},{"id":"d6e5e1cf-69de-4767-ab28-88745a540887","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":517,"width":131,"height":12}},{"id":"45942828-45d0-48ad-b95b-cb09a05f7663","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":518,"width":697,"height":11}},{"id":"3f02926e-f27f-47c7-9f57-06ac6d316883","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":532,"width":855,"height":11}},{"id":"d1ddb109-e07a-425d-9e9c-3fb035b3ea7d","block_type":"box","text":"exposure to such a counterparty.","page_number":5,"box":{"x":81,"y":547,"width":240,"height":11}},{"id":"82a22d5c-496d-4b79-a23a-c92ecd62ca73","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":82,"y":564,"width":100,"height":11}},{"id":"2e2269c5-e702-4d63-9cc4-035d8dc2473e","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":564,"width":750,"height":11}},{"id":"4e72f257-aaf2-4614-a5c0-d968c93f47a5","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":579,"width":839,"height":11}},{"id":"2c8d66de-2066-4762-8cbb-5be53356d75f","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":5,"box":{"x":81,"y":593,"width":293,"height":11}},{"id":"6bd82e1c-ded8-4864-81cc-872d86cc5ae3","block_type":"box","text":"Operational Risk","page_number":5,"box":{"x":82,"y":610,"width":120,"height":11}},{"id":"8208b290-4e8f-425d-b692-6222add6cbc8","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":5,"box":{"x":206,"y":610,"width":727,"height":12}},{"id":"86c48f1e-6199-41c4-8423-9e83fa4c694d","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":5,"box":{"x":82,"y":625,"width":607,"height":11}},{"id":"26f62437-2240-4f9f-a78b-dec3601bebf9","block_type":"box","text":"Legal Risk","page_number":5,"box":{"x":82,"y":642,"width":75,"height":12}},{"id":"023ff060-e064-4801-95de-1ec26e4db9ad","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":642,"width":761,"height":12}},{"id":"8d3d0fb6-b226-4121-9447-b39d1a1cb519","block_type":"box","text":"enforceability of a contract.","page_number":5,"box":{"x":81,"y":657,"width":198,"height":11}},{"id":"c44659b5-2f4d-4342-8529-4ef87a177fa8","block_type":"box","text":"Volatility and Correlation Risk","page_number":5,"box":{"x":83,"y":674,"width":214,"height":11}},{"id":"386f09d2-693a-4032-9f61-46585624033a","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":674,"width":590,"height":11}},{"id":"3727faf6-4a72-49ae-b474-3dc4a016db2a","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":688,"width":775,"height":12}},{"id":"be6823db-a16a-42a6-af66-3e5f843f0df4","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":5,"box":{"x":81,"y":703,"width":589,"height":12}},{"id":"035f5dd7-4644-4dbb-bbdc-8e6ad3ccf186","block_type":"box","text":"Valuation Risk","page_number":5,"box":{"x":83,"y":721,"width":102,"height":9}},{"id":"675f7a0b-4423-410c-9705-3e0d5186eedb","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":720,"width":747,"height":12}},{"id":"c2e21af6-a4e5-4d09-be81-337392517402","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":735,"width":783,"height":11}},{"id":"459818fe-a755-44fd-b711-ab8afb0956ae","block_type":"box","text":"instruments or quote prices for them.","page_number":5,"box":{"x":82,"y":750,"width":273,"height":11}},{"id":"b6aeb274-ace4-4a1a-9946-be62fc764626","block_type":"box","text":"Hedging Risk","page_number":5,"box":{"x":82,"y":767,"width":95,"height":11}},{"id":"a9ac8f63-2293-45ad-b634-4f896a4492f2","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":5,"box":{"x":181,"y":767,"width":728,"height":11}},{"id":"51f3f51b-bea5-4e88-b987-6b4430caca68","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":5,"box":{"x":81,"y":781,"width":839,"height":12}},{"id":"d7508a96-2a03-46d2-b2f2-a59138e7d2ff","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":5,"box":{"x":82,"y":796,"width":354,"height":11}},{"id":"6610d8cf-f530-41af-ac15-3965074e30b0","block_type":"box","text":"Tax Risk","page_number":5,"box":{"x":83,"y":814,"width":59,"height":8}},{"id":"24789dcd-61c3-4b65-a14a-10f89b16f9b2","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":5,"box":{"x":145,"y":813,"width":719,"height":12}},{"id":"c2d1d1df-6454-4a4e-85c8-0015730809c8","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":5,"box":{"x":81,"y":828,"width":801,"height":11}},{"id":"44ef2749-0202-48a4-b356-bf0102f25814","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":5,"box":{"x":82,"y":843,"width":802,"height":11}},{"id":"379caedf-6394-43d2-9370-262dd20bb0f9","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":5,"box":{"x":82,"y":857,"width":830,"height":12}},{"id":"ac868e38-ddd8-4f55-b785-c0ed7b2106a6","block_type":"box","text":"realizes from its investments.","page_number":5,"box":{"x":82,"y":872,"width":215,"height":9}},{"id":"adb0349e-e354-4001-abf1-5be3d2aaf0b0","block_type":"box","text":"Emerging Markets Risk","page_number":5,"box":{"x":81,"y":889,"width":178,"height":11}},{"id":"e8eba466-f0d1-47b9-a0ad-d29d226bcf74","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":5,"box":{"x":263,"y":889,"width":617,"height":12}},{"id":"02b2e88a-ba8c-4126-b086-3fdf324900ed","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":5,"box":{"x":81,"y":904,"width":825,"height":11}},{"id":"a1e7265c-c2f2-494d-a9ab-7720f5197786","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":5,"box":{"x":82,"y":918,"width":822,"height":12}},{"id":"8698337f-ed52-467c-933d-be5d4de68e7c","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"b7de3594-e6a6-4f78-b820-288ee693030a","block_type":"box","text":"NM1026U-5982542-5/68","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"7f395a8d-da83-4ee6-8d67-caeb3478124a","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":6,"box":{"x":82,"y":46,"width":816,"height":11}},{"id":"bea2d00d-4e9b-4911-a757-1e25506c7f22","block_type":"box","text":"liquidity than developed markets.","page_number":6,"box":{"x":82,"y":61,"width":240,"height":11}},{"id":"6d061139-bf4b-44a8-801e-797bac2a15a2","block_type":"box","text":"Foreign Securities Risk","page_number":6,"box":{"x":81,"y":78,"width":176,"height":11}},{"id":"6c4fe4b9-ac07-45e4-86a3-0b8b3ee82220","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":6,"box":{"x":260,"y":77,"width":668,"height":12}},{"id":"e6d81e2f-204e-4528-8200-2536dd8f72c0","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":6,"box":{"x":82,"y":92,"width":531,"height":12}},{"id":"f7fceec8-face-4719-b0a2-7e610710906e","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":6,"box":{"x":101,"y":109,"width":823,"height":12}},{"id":"6dbcd73b-a18d-4a17-8f5c-32fb743c719d","block_type":"box","text":"be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory","page_number":6,"box":{"x":102,"y":124,"width":823,"height":12}},{"id":"8b5d86fa-aa4e-4daf-93b3-7846348b3929","block_type":"box","text":"oversight.","page_number":6,"box":{"x":101,"y":139,"width":70,"height":11}},{"id":"5f22e111-3580-4a98-97fe-1fb80203f5e1","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.","page_number":6,"box":{"x":101,"y":156,"width":644,"height":11}},{"id":"b481c91b-26d1-4350-a098-fb9dec241ebb","block_type":"box","text":"The economies of certain foreign markets may not compare favorably with the economy of the United States with","page_number":6,"box":{"x":101,"y":173,"width":830,"height":12}},{"id":"7b454e03-2c11-4eae-af5c-68e71e6db281","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":6,"box":{"x":102,"y":188,"width":808,"height":11}},{"id":"8dbaa5c4-69c7-4d9c-bf31-f9f3ecc6d370","block_type":"box","text":"payments position.","page_number":6,"box":{"x":102,"y":203,"width":137,"height":11}},{"id":"fdc7433e-def7-434a-b174-5e846a762d65","block_type":"box","text":"The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or","page_number":6,"box":{"x":101,"y":219,"width":821,"height":12}},{"id":"9a4c8de1-f02d-4824-bc21-13f0691bc0ed","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":6,"box":{"x":102,"y":234,"width":809,"height":12}},{"id":"9f1c794e-192c-41f4-bdd1-70736fad31e7","block_type":"box","text":"markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":6,"box":{"x":102,"y":249,"width":784,"height":11}},{"id":"a42f6e75-06b4-4795-8b2a-d8100742ad33","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":6,"box":{"x":101,"y":264,"width":352,"height":11}},{"id":"064200e3-42a2-4f97-8158-724cc6e35e88","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":6,"box":{"x":102,"y":281,"width":823,"height":11}},{"id":"7fc1b308-2828-4dd5-88dd-cbaf86e967e1","block_type":"box","text":"the same extent as does the United States and may not have laws to protect investors that are comparable to","page_number":6,"box":{"x":101,"y":295,"width":811,"height":12}},{"id":"367f7041-0ab8-4e56-86cb-ef094008cec4","block_type":"box","text":"U.S. securities laws.","page_number":6,"box":{"x":102,"y":310,"width":148,"height":9}},{"id":"22a36542-c9e9-43e8-9c4b-55c26a8cbd74","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of","page_number":6,"box":{"x":101,"y":327,"width":834,"height":12}},{"id":"315ad3ed-3844-43d8-8a78-07318591935d","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":6,"box":{"x":101,"y":342,"width":628,"height":11}},{"id":"77c8bfd2-a28a-489d-8e50-1c13f8d3fac8","block_type":"box","text":"The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of","page_number":6,"box":{"x":101,"y":359,"width":830,"height":11}},{"id":"d8613593-1b7c-4497-8ce2-2110c87f991d","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":6,"box":{"x":101,"y":373,"width":831,"height":12}},{"id":"e72ff8d4-58f4-4232-9d24-db6cd80d7c73","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full,","page_number":6,"box":{"x":101,"y":388,"width":813,"height":12}},{"id":"8f11633e-4c73-47c4-a43a-daa7d80aaabe","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":6,"box":{"x":101,"y":403,"width":395,"height":11}},{"id":"ab5eee43-a5ea-48a6-acdc-4fe021f0ccd3","block_type":"box","text":"Geographic Concentration Risk","page_number":6,"box":{"x":81,"y":420,"width":235,"height":11}},{"id":"6a3b51b1-7a1a-46ea-bb6d-9ec15dc65332","block_type":"box","text":"— From time to time the Fund may invest a substantial amount of its assets in","page_number":6,"box":{"x":320,"y":420,"width":581,"height":11}},{"id":"51ccf079-a31a-4060-adbd-77cff724e20f","block_type":"box","text":"issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this","page_number":6,"box":{"x":82,"y":435,"width":848,"height":11}},{"id":"32b7e4c3-a4c8-416e-8541-d777a6287c95","block_type":"box","text":"manner, it assumes the risk that economic, political and social conditions in those countries will have a significant","page_number":6,"box":{"x":82,"y":449,"width":841,"height":12}},{"id":"d9a5db9b-55eb-44f0-8c0c-69c1efac4c54","block_type":"box","text":"impact on its investment performance. The Fund’s investment performance may also be more volatile if it","page_number":6,"box":{"x":82,"y":464,"width":777,"height":11}},{"id":"b8bf046c-2fe3-408c-a0fb-a6c7bbddc338","block_type":"box","text":"concentrates its investments in certain countries, especially emerging market countries.","page_number":6,"box":{"x":81,"y":479,"width":648,"height":11}},{"id":"8f33f4e9-4df9-4788-869e-04313bd6d4fb","block_type":"box","text":"Investment Style Risk","page_number":6,"box":{"x":81,"y":496,"width":166,"height":11}},{"id":"4fb6bb01-278b-4844-8903-a2437fe1a4ee","block_type":"box","text":"— Under certain market conditions, growth investments have performed better during the","page_number":6,"box":{"x":251,"y":496,"width":660,"height":11}},{"id":"93dc4bd9-7dff-4c16-badb-b3f56a7e648e","block_type":"box","text":"later stages of economic expansion. Therefore, this investment style may over time go in and out of favor. At times","page_number":6,"box":{"x":82,"y":510,"width":842,"height":12}},{"id":"b8ee19be-c10c-431a-b89c-3cc0a18a58ad","block_type":"box","text":"when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use","page_number":6,"box":{"x":80,"y":525,"width":847,"height":11}},{"id":"ea1c2778-b5d0-4fa3-b32e-077f878a13a2","block_type":"box","text":"different investment styles.","page_number":6,"box":{"x":81,"y":540,"width":200,"height":11}},{"id":"ecd4259e-b561-41b4-b368-d3b891518d43","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":81,"y":557,"width":107,"height":11}},{"id":"c37a8492-703b-4b1c-8542-8035858c28c6","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":557,"width":741,"height":11}},{"id":"e280764b-26d1-4374-8437-33d61a74d8d8","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":571,"width":853,"height":12}},{"id":"d8136ec0-9f2d-4cbf-b30e-1c72e4b7c101","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":586,"width":856,"height":12}},{"id":"04a82b55-bb5f-451b-9b2f-0eb6c4a03946","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended (the “Investment","page_number":6,"box":{"x":80,"y":601,"width":796,"height":11}},{"id":"c9cb483b-470e-4608-b50f-93ddad650c04","block_type":"box","text":"Company Act”), and the rules thereunder. Increases and decreases in the value of the Fund’s portfolio will be","page_number":6,"box":{"x":81,"y":615,"width":805,"height":12}},{"id":"9062b6ff-c615-4414-86f9-fb881d27c38d","block_type":"box","text":"magnified when the Fund uses leverage.","page_number":6,"box":{"x":82,"y":630,"width":293,"height":12}},{"id":"639bb732-5108-45cb-bebe-8f0fec5c441a","block_type":"box","text":"Market Risk and Selection Risk","page_number":6,"box":{"x":81,"y":647,"width":240,"height":9}},{"id":"029aa7e0-8da4-4bfb-8658-5435e18d4f58","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":647,"width":593,"height":9}},{"id":"9c1ecf65-ef91-4a92-b23a-9e8391d13df0","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":662,"width":851,"height":11}},{"id":"ed4774c9-ade1-4a0b-a15e-c69981aeadec","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":676,"width":824,"height":12}},{"id":"aee24974-436d-41c5-a9e3-5e65c6662d03","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":691,"width":851,"height":12}},{"id":"a0797a41-892f-475f-a02f-c9c31bd37f8e","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":706,"width":802,"height":11}},{"id":"ec52d024-9a43-4b13-8b66-d75373bc2b34","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":720,"width":849,"height":12}},{"id":"d344a61f-95f0-4434-b453-8a00d84cbf83","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":735,"width":843,"height":12}},{"id":"ef8eade7-d716-4c8c-9541-98744a507732","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":750,"width":830,"height":11}},{"id":"d886f5d7-27ad-4e52-8560-d4d8b1c1f2e5","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":764,"width":840,"height":12}},{"id":"081d6203-5e61-4f05-91ed-f427aefe750d","block_type":"box","text":"The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic","page_number":6,"box":{"x":81,"y":779,"width":851,"height":11}},{"id":"91aac7bb-9c20-4a6e-a936-69552e0c0337","block_type":"box","text":"uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency","page_number":6,"box":{"x":82,"y":793,"width":815,"height":12}},{"id":"01162432-fd79-4f05-b7f1-fcb054268fcd","block_type":"box","text":"exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental","page_number":6,"box":{"x":81,"y":808,"width":826,"height":12}},{"id":"d00857c5-970a-4d52-b34e-21402a693aa2","block_type":"box","text":"disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":6,"box":{"x":81,"y":823,"width":735,"height":11}},{"id":"1dfd89f9-98db-4945-91d9-f9a7dee3e663","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":840,"width":818,"height":12}},{"id":"77553bee-5b33-444e-9588-2d8ea2b0db73","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":855,"width":819,"height":11}},{"id":"410c201e-20ce-4489-b1ca-e9a8093d089b","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":869,"width":819,"height":12}},{"id":"7a8dc2e9-6b3a-442a-b142-b67e9d48e3ca","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":884,"width":846,"height":11}},{"id":"b4993e05-ebc4-4f5b-908f-40d9879eed4f","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":898,"width":848,"height":12}},{"id":"20145614-6963-45a6-a56b-cf09fa60a5de","block_type":"box","text":"the Fund invests.","page_number":6,"box":{"x":80,"y":913,"width":125,"height":9}},{"id":"a8aa639a-913b-4fa3-a5ea-a2ede08c671c","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"ef7377f4-552f-4662-abea-3f17d60f19be","block_type":"box","text":"NM1026U-5982542-6/68","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"e6377e80-187a-4b2f-824d-8da999a30567","block_type":"box","text":"Mid Cap Securities Risk","page_number":7,"box":{"x":81,"y":46,"width":182,"height":11}},{"id":"778361e0-0521-4928-b6a8-6c1b82619e4e","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":7,"box":{"x":267,"y":46,"width":665,"height":11}},{"id":"008c18e1-121d-4909-9ac1-d208d33256e7","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":7,"box":{"x":81,"y":60,"width":789,"height":12}},{"id":"39fdcedb-b5ea-41cd-86ba-eca5e6f5b3dd","block_type":"box","text":"“New Issues” Risk","page_number":7,"box":{"x":83,"y":78,"width":139,"height":9}},{"id":"892587e5-8213-4d80-809e-cb3f96ee272e","block_type":"box","text":"—","page_number":7,"box":{"x":227,"y":83,"width":17,"height":1}},{"id":"0cd3cac7-aa8a-410c-9b24-f1c14f0f5d74","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":7,"box":{"x":249,"y":77,"width":681,"height":12}},{"id":"f0e00dbb-a73a-4c44-9daf-b130992badf3","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":7,"box":{"x":81,"y":92,"width":843,"height":12}},{"id":"02afc25e-8614-435f-b34a-f076108d4ef7","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shortly after the IPO.","page_number":7,"box":{"x":81,"y":107,"width":517,"height":11}},{"id":"79916995-23c2-4b11-8326-27bc1c05daf5","block_type":"box","text":"Operational and Technology Risks","page_number":7,"box":{"x":82,"y":124,"width":254,"height":11}},{"id":"559d504e-3e94-4833-a704-280a51938205","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":7,"box":{"x":340,"y":124,"width":578,"height":12}},{"id":"d9fa9844-7925-4448-a878-92bc5225fb8f","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":7,"box":{"x":82,"y":139,"width":779,"height":11}},{"id":"c03978ce-f787-42f7-af5f-72f3eba1767d","block_type":"box","text":"cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":7,"box":{"x":81,"y":153,"width":848,"height":12}},{"id":"f9d6756f-8e19-4fed-9134-9f1d9836fc62","block_type":"box","text":"for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are","page_number":7,"box":{"x":81,"y":168,"width":806,"height":11}},{"id":"313aaf1d-951d-40f7-9b88-f6967611f1be","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":7,"box":{"x":82,"y":182,"width":807,"height":12}},{"id":"ddb46728-3518-4b66-bbf1-13947b50fc01","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":7,"box":{"x":82,"y":197,"width":846,"height":12}},{"id":"ea661411-d789-4716-9e1e-13388556b7ea","block_type":"box","text":"for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and","page_number":7,"box":{"x":81,"y":212,"width":836,"height":11}},{"id":"39a87b01-791e-42da-baa1-cf128d466701","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":7,"box":{"x":82,"y":227,"width":474,"height":11}},{"id":"a7503bd0-06dd-45a6-988c-f8fa208984a5","block_type":"box","text":"Preferred Securities Risk","page_number":7,"box":{"x":81,"y":244,"width":189,"height":9}},{"id":"080e93ce-71fe-4ea5-96a4-a155a4352498","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":7,"box":{"x":274,"y":244,"width":636,"height":11}},{"id":"c52fd80b-f640-4342-9358-327be12ebe9e","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":7,"box":{"x":81,"y":258,"width":824,"height":12}},{"id":"fe555c9e-6403-442c-98bf-8a3e2fedfa1f","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":273,"width":806,"height":11}},{"id":"43c0afd4-fc46-4c9c-b243-f211c2a5bc81","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":287,"width":842,"height":12}},{"id":"efc88820-dfdd-4650-bc5a-c9feb1b2e8ab","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":302,"width":781,"height":12}},{"id":"c14622be-6c88-4792-9ae5-a74cfa304bf3","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":317,"width":812,"height":11}},{"id":"09b24d22-c70d-472b-9945-20fb3e4de4ae","block_type":"box","text":"larger companies.","page_number":7,"box":{"x":82,"y":332,"width":129,"height":11}},{"id":"a88a1704-c77b-4184-abef-7f71e2f427e3","block_type":"box","text":"Purchase and Sale Contracts Risk","page_number":7,"box":{"x":81,"y":349,"width":258,"height":9}},{"id":"d9fa1c0d-4caf-4106-815a-08078681046a","block_type":"box","text":"— If the other party to a purchase and sale contract defaults on its obligation","page_number":7,"box":{"x":343,"y":349,"width":570,"height":11}},{"id":"c594f3f2-33f6-40af-9b6f-14146f81394d","block_type":"box","text":"under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the","page_number":7,"box":{"x":82,"y":363,"width":829,"height":12}},{"id":"0bd41a34-6533-41b2-b92f-509edc5edb93","block_type":"box","text":"agreement. If the seller fails to repurchase the security and the market value of the security declines, the Fund may","page_number":7,"box":{"x":81,"y":378,"width":850,"height":11}},{"id":"bcfe79d6-37b1-46cb-a175-7c04acbd6c24","block_type":"box","text":"lose money.","page_number":7,"box":{"x":82,"y":393,"width":85,"height":11}},{"id":"ee944ac1-ca6e-49db-a061-68a23ce7885c","block_type":"box","text":"Restricted Securities Risk","page_number":7,"box":{"x":81,"y":410,"width":198,"height":9}},{"id":"7c7196c4-5fc8-4300-b13a-dcb17083ed2c","block_type":"box","text":"—","page_number":7,"box":{"x":284,"y":415,"width":17,"height":1}},{"id":"d34cdba8-fbe6-4df2-882f-18ceb5c6ed47","block_type":"box","text":"Limitations on the resale, including any required lock up or holding periods, of","page_number":7,"box":{"x":306,"y":410,"width":572,"height":11}},{"id":"2a8430b5-62f2-4ba1-ab36-b48fbe7e347d","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity may prevent the Fund from","page_number":7,"box":{"x":82,"y":424,"width":845,"height":12}},{"id":"266e907e-ca80-4687-8312-ae3babaefa48","block_type":"box","text":"disposing of them promptly at advantageous prices, if at all. Restricted securities may not be listed on an exchange","page_number":7,"box":{"x":81,"y":439,"width":850,"height":12}},{"id":"c22cd536-1a75-49d7-8fe2-ed157dd097d5","block_type":"box","text":"and may have no active trading market. In order to sell certain restricted securities, the Fund may have to bear the","page_number":7,"box":{"x":81,"y":454,"width":843,"height":11}},{"id":"795eb1b1-ad86-46b7-be26-3497cd00c09f","block_type":"box","text":"expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Other","page_number":7,"box":{"x":81,"y":468,"width":847,"height":12}},{"id":"8146fbf0-4974-47b7-a0bf-ce3862346461","block_type":"box","text":"transaction costs may be higher for restricted securities than unrestricted securities. Restricted securities may be","page_number":7,"box":{"x":80,"y":483,"width":838,"height":11}},{"id":"ef4f26a5-0f17-46b0-87ed-e94a34fb05e2","block_type":"box","text":"difficult to value because market quotations may not be readily available, there may be limited other information","page_number":7,"box":{"x":81,"y":497,"width":825,"height":12}},{"id":"801260e2-cd83-42f7-a163-afd043c26d88","block_type":"box","text":"regarding the investment’s market or fair value, and the securities values may have significant volatility. Also, the","page_number":7,"box":{"x":82,"y":512,"width":830,"height":12}},{"id":"f8800fdb-3dbd-486e-8158-60111ef3a3a8","block_type":"box","text":"Fund may get only limited information about the issuer of a given restricted security, and therefore may be less able","page_number":7,"box":{"x":82,"y":527,"width":849,"height":11}},{"id":"a1f87e74-2750-46d9-ac6b-33bf19880bc0","block_type":"box","text":"to determine the security’s market or fair value or assess the investment risks as fully as for other issuers for which","page_number":7,"box":{"x":80,"y":541,"width":855,"height":12}},{"id":"b17b1c85-7805-461f-8c9f-dce94e5adc52","block_type":"box","text":"more information is available. Certain restricted securities may involve a high degree of business and financial risk","page_number":7,"box":{"x":82,"y":556,"width":844,"height":12}},{"id":"007a4fd3-4688-46c7-a226-4f913d48dfb6","block_type":"box","text":"and may result in substantial losses to the Fund. Certain restricted securities may represent limited investment","page_number":7,"box":{"x":81,"y":571,"width":821,"height":11}},{"id":"0c09977b-9e79-4f75-b8aa-043f13cc399a","block_type":"box","text":"opportunities and each shareholder’s proportionate investment exposure to such limited investment opportunities","page_number":7,"box":{"x":81,"y":586,"width":841,"height":10}},{"id":"49cddde8-ef04-454c-a0c0-8118c3b5f7ef","block_type":"box","text":"may be reduced proportionately as the Fund’s net assets grow from new or additional investments made in the","page_number":7,"box":{"x":82,"y":600,"width":815,"height":11}},{"id":"2eeb6ac5-2cf0-4e85-bd9c-28ccb476f855","block_type":"box","text":"Fund by other shareholders.","page_number":7,"box":{"x":82,"y":615,"width":202,"height":11}},{"id":"e27fa6e4-bfd8-4a88-9bd9-b5325dc19e95","block_type":"box","text":"Small Cap Securities Risk","page_number":7,"box":{"x":81,"y":632,"width":196,"height":11}},{"id":"0a43504b-89d3-426b-9301-d2c07cefc040","block_type":"box","text":"—","page_number":7,"box":{"x":281,"y":637,"width":17,"height":1}},{"id":"ed8ee33d-aec2-4b2e-86ad-9c2967225b47","block_type":"box","text":"Small cap companies may have limited product lines or markets. They may be less","page_number":7,"box":{"x":303,"y":632,"width":607,"height":11}},{"id":"484c6e81-7352-47ac-b31e-41b9175f365b","block_type":"box","text":"financially secure than larger, more established companies. They may depend on a more limited management group","page_number":7,"box":{"x":81,"y":646,"width":852,"height":12}},{"id":"c9520fc2-ef64-44e0-b47f-e1b5bacf3941","block_type":"box","text":"than larger capitalized companies.","page_number":7,"box":{"x":80,"y":661,"width":251,"height":12}},{"id":"dd9d276c-47d8-456f-83f1-1baacd498836","block_type":"box","text":"Performance Information","page_number":7,"box":{"x":61,"y":688,"width":224,"height":11}},{"id":"2ea61635-5228-40de-b98c-4249cb2331a8","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":710,"width":855,"height":11}},{"id":"17de6d47-a34a-40db-a10b-f690582f8aac","block_type":"box","text":"risks of investing in the Fund. Effective December 30, 2017, the Fund changed its name, investment process and","page_number":7,"box":{"x":61,"y":725,"width":835,"height":11}},{"id":"b32046f2-35ec-4f7c-9bc0-1eeacd80f7be","block_type":"box","text":"investment strategies. Performance for the periods prior to December 30, 2017, shown below, is based on the","page_number":7,"box":{"x":62,"y":739,"width":815,"height":12}},{"id":"eb7d3eeb-285d-4de6-9594-d806d8f13ab4","block_type":"box","text":"investment process and investment strategies utilized by the Fund at that time under the name “BlackRock Science &","page_number":7,"box":{"x":62,"y":754,"width":865,"height":11}},{"id":"3ed9a77e-4406-4a7b-ad27-e2c3cd4dce6f","block_type":"box","text":"Technology Opportunities Portfolio.” The table compares the Fund’s performance to that of the MSCI All Country World","page_number":7,"box":{"x":60,"y":769,"width":872,"height":11}},{"id":"7852098f-f234-43bf-84c1-40500fa41dd8","block_type":"box","text":"Index (Net), the MSCI All-Country World Information Technology 10/40 Index (Net) and the MSCI All-Country World","page_number":7,"box":{"x":62,"y":783,"width":830,"height":12}},{"id":"93badfc1-f7ff-4884-a194-3702a4c1fdf2","block_type":"box","text":"Information Technology Index (Net). The MSCI All-Country World Information Technology 10/40 Index (Net) and the","page_number":7,"box":{"x":62,"y":798,"width":834,"height":11}},{"id":"bcbe8f24-d57e-4c50-8e76-2018bed9c3da","block_type":"box","text":"MSCI All-Country World Information Technology Index (Net) are relevant to the Fund because they have characteristics","page_number":7,"box":{"x":62,"y":812,"width":860,"height":12}},{"id":"fd238c49-74a7-45aa-963e-15b0d0be0648","block_type":"box","text":"similar to the Fund’s investment strategy. To the extent that dividends and distributions have been paid by the Fund,","page_number":7,"box":{"x":61,"y":827,"width":852,"height":12}},{"id":"3d007d03-5d66-4052-889c-09abaf2c26e6","block_type":"box","text":"the performance information for the Fund in the chart and table assumes reinvestment of the dividends and","page_number":7,"box":{"x":60,"y":842,"width":795,"height":11}},{"id":"26a7aca0-ba9b-494b-bba8-61dfdb92389a","block_type":"box","text":"distributions. As with all such investments, past performance (before and after taxes) is not an indication of future","page_number":7,"box":{"x":61,"y":856,"width":842,"height":12}},{"id":"9f7c17cc-442a-4137-aa4b-7d0fcb7da01f","block_type":"box","text":"results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown.","page_number":7,"box":{"x":61,"y":871,"width":814,"height":12}},{"id":"b72420d0-d3ca-4383-99ab-0e641231cf50","block_type":"box","text":"However, the table includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or","page_number":7,"box":{"x":62,"y":886,"width":841,"height":11}},{"id":"813e8643-1b9a-4987-a895-531dcfd59159","block_type":"box","text":"reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated","page_number":7,"box":{"x":61,"y":900,"width":797,"height":12}},{"id":"2090c4d0-f7e7-4842-823c-31a438248f89","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"adf8d381-a8ed-428d-8694-e4503ec9abbb","block_type":"box","text":"NM1026U-5982542-7/68","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"d6930da9-b351-4639-b46d-5bc75313033d","block_type":"box","text":"information on the Fund’s performance, including its current net asset value, can be obtained by visiting","page_number":8,"box":{"x":62,"y":46,"width":766,"height":11}},{"id":"b7168083-b23a-47b3-bc31-e1c6d88b3b8a","block_type":"box","text":"www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":8,"box":{"x":60,"y":60,"width":505,"height":12}},{"id":"6f0efc6f-9aee-41f6-b5b7-925a4d0c6271","block_type":"box","text":"Investor A Shares","page_number":8,"box":{"x":427,"y":83,"width":144,"height":10}},{"id":"8048e5d0-07ba-4653-bd48-b373e323cf6d","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":8,"box":{"x":392,"y":99,"width":212,"height":10}},{"id":"a1e69439-60ed-44ea-b174-6c12a5f54490","block_type":"box","text":"BlackRock Technology Opportunities Fund","page_number":8,"box":{"x":324,"y":115,"width":349,"height":13}},{"id":"d84e271f-9711-4b27-baa1-fc623defa52e","block_type":"box","text":"As of 12/31","page_number":8,"box":{"x":447,"y":131,"width":103,"height":13}},{"id":"f5c03aa0-d19b-4a22-bab8-d9aaa7bddfde","block_type":"box","text":"7.83%","page_number":8,"box":{"x":295,"y":237,"width":37,"height":7}},{"id":"d1abefca-1b62-4c0a-82e8-0115c2dcd453","block_type":"box","text":"49.73%","page_number":8,"box":{"x":339,"y":196,"width":45,"height":7}},{"id":"f6ccdbaa-bb21-4ea8-9e30-d7b60b3949fa","block_type":"box","text":"2.03%","page_number":8,"box":{"x":392,"y":242,"width":36,"height":8}},{"id":"72b4343d-85a2-424b-800c-6de5761bb217","block_type":"box","text":"43.84%","page_number":8,"box":{"x":436,"y":202,"width":45,"height":7}},{"id":"d69578ff-5cd1-4e28-affc-76110472a76e","block_type":"box","text":"86.21%","page_number":8,"box":{"x":484,"y":160,"width":45,"height":8}},{"id":"373ea403-d716-41c8-99af-4703d8ca667e","block_type":"box","text":"8.09%","page_number":8,"box":{"x":536,"y":236,"width":37,"height":8}},{"id":"e4fe9c94-0ce0-42ae-a490-4d0d076bf3bd","block_type":"box","text":"-43.13%","page_number":8,"box":{"x":578,"y":301,"width":49,"height":8}},{"id":"81d477fa-656a-4f81-8dea-c567f43eb42b","block_type":"box","text":"49.09%","page_number":8,"box":{"x":628,"y":196,"width":45,"height":8}},{"id":"5effc5da-91fc-44eb-ad55-35e91c71ed0f","block_type":"box","text":"34.74%","page_number":8,"box":{"x":677,"y":210,"width":44,"height":8}},{"id":"3d89dd76-c6c9-448c-997c-3c12b47853d6","block_type":"box","text":"19.54%","page_number":8,"box":{"x":725,"y":225,"width":45,"height":7}},{"id":"db2676cb-1a9d-4027-8e5b-3e87b0cfbf7b","block_type":"box","text":"-60%","page_number":8,"box":{"x":237,"y":310,"width":28,"height":7}},{"id":"8810af13-eb1d-451d-9b94-4a73bb377936","block_type":"box","text":"-40%","page_number":8,"box":{"x":237,"y":291,"width":28,"height":7}},{"id":"83e9d0af-4431-4d69-923e-74ea9151bb33","block_type":"box","text":"-20%","page_number":8,"box":{"x":237,"y":271,"width":28,"height":7}},{"id":"cdfdf38e-faf3-432f-afd2-4a9525fda0c4","block_type":"box","text":"0%","page_number":8,"box":{"x":248,"y":252,"width":17,"height":7}},{"id":"2e3755ad-1c22-4f95-af6f-58dd71a87db0","block_type":"box","text":"20%","page_number":8,"box":{"x":240,"y":232,"width":25,"height":8}},{"id":"163837df-b614-428c-9704-60719aaa2a50","block_type":"box","text":"40%","page_number":8,"box":{"x":240,"y":213,"width":25,"height":7}},{"id":"d46aa3cb-11f8-4281-a0ab-3ec4141b6234","block_type":"box","text":"60%","page_number":8,"box":{"x":240,"y":193,"width":25,"height":8}},{"id":"08929b96-6225-475c-9f62-4aa80debe72c","block_type":"box","text":"80%","page_number":8,"box":{"x":240,"y":174,"width":25,"height":7}},{"id":"cc6a9cc8-709b-4256-9f9d-e9d7c29bee75","block_type":"box","text":"100%","page_number":8,"box":{"x":233,"y":155,"width":32,"height":7}},{"id":"f898d833-241c-40c5-b9e1-0b13ff97c7a0","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":8,"box":{"x":298,"y":320,"width":465,"height":7}},{"id":"a0aca5d5-197b-4ed5-9366-02f2dd94154c","block_type":"box","text":"During the ten-year period shown in the bar chart, the highest return for a quarter was 44.13% (quarter ended","page_number":8,"box":{"x":62,"y":337,"width":806,"height":11}},{"id":"ec2c06e0-fe7a-49ff-a143-0466e44a17f4","block_type":"box","text":"June 30, 2020) and the lowest return for a quarter was -27.10% (quarter ended June 30, 2022). The year-to-date","page_number":8,"box":{"x":61,"y":351,"width":833,"height":12}},{"id":"b7ff42c0-166b-44a4-bd49-810347463f0d","block_type":"box","text":"return as of June 30, 2026 was 42.71%.","page_number":8,"box":{"x":61,"y":366,"width":299,"height":11}},{"id":"6733592c-73f5-4262-b12f-43c9cbf32880","block_type":"box","text":"For the periods ended 12/31/25","page_number":8,"box":{"x":70,"y":394,"width":223,"height":10}},{"id":"b378664b-e65e-45f2-a6fd-b319199110e8","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":8,"box":{"x":69,"y":406,"width":854,"height":10}},{"id":"81c860fd-f643-4ff8-b174-e4436fab5b0e","block_type":"box","text":"BlackRock Technology Opportunities Fund — Investor A Shares","page_number":8,"box":{"x":70,"y":424,"width":415,"height":10}},{"id":"e4a8f4bb-63bd-43ba-acc6-736a18bdbf5d","block_type":"box","text":"Return Before Taxes 13.26% 6.94% 19.96%","page_number":8,"box":{"x":85,"y":437,"width":840,"height":8}},{"id":"c1347ed7-2a78-4fe9-916b-d8d82e402b47","block_type":"box","text":"Return After Taxes on Distributions 9.67% 5.67% 18.77%","page_number":8,"box":{"x":85,"y":450,"width":840,"height":8}},{"id":"d4631264-5fa7-4a57-b626-95bb809f0c3a","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 9.93% 5.27% 16.93%","page_number":8,"box":{"x":85,"y":463,"width":840,"height":8}},{"id":"c6e1adaa-1a73-41b0-9635-17a24377ac13","block_type":"box","text":"BlackRock Technology Opportunities Fund — Investor C Shares","page_number":8,"box":{"x":70,"y":481,"width":416,"height":10}},{"id":"b059b5ed-2f1e-423a-94b1-5c8c9ade41d4","block_type":"box","text":"Return Before Taxes 17.66% 7.30% 19.88%","page_number":8,"box":{"x":85,"y":494,"width":840,"height":8}},{"id":"a8da5b5f-b858-4cd9-b777-0bff11449920","block_type":"box","text":"BlackRock Technology Opportunities Fund — Institutional Shares","page_number":8,"box":{"x":70,"y":512,"width":427,"height":10}},{"id":"b9d4454f-ebff-4317-a699-a34b314269be","block_type":"box","text":"Return Before Taxes 19.83% 8.37% 20.91%","page_number":8,"box":{"x":85,"y":524,"width":840,"height":9}},{"id":"8df1d26f-bea1-48ea-a83a-62f358aef54e","block_type":"box","text":"BlackRock Technology Opportunities Fund — Class R Shares","page_number":8,"box":{"x":70,"y":543,"width":400,"height":10}},{"id":"c4b9aa79-1a4e-41aa-95d6-7494a8657316","block_type":"box","text":"Return Before Taxes 19.23% 7.83% 20.30%","page_number":8,"box":{"x":85,"y":555,"width":840,"height":9}},{"id":"a679fdfe-7323-4d90-b23a-6cceafcc4cf9","block_type":"box","text":"MSCI All Country World Index (Net)","page_number":8,"box":{"x":70,"y":574,"width":227,"height":10}},{"id":"7f71cf4c-7dca-468c-b76e-6aefc5f71d00","block_type":"box","text":"1","page_number":8,"box":{"x":298,"y":574,"width":4,"height":3}},{"id":"ab7ae76c-ea28-4b8b-9e76-3d4ea6eeb190","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes, except for withholding","page_number":8,"box":{"x":69,"y":587,"width":486,"height":10}},{"id":"739f6466-40ea-4b8f-bf6e-c46676239238","block_type":"box","text":"taxes on reinvested dividends) 22.34% 11.19% 11.72%","page_number":8,"box":{"x":69,"y":601,"width":856,"height":10}},{"id":"ab7ec628-ed07-420b-8853-662ad1388ef6","block_type":"box","text":"MSCI All-Country World Information Technology 10/40 Index (Net)","page_number":8,"box":{"x":70,"y":619,"width":431,"height":10}},{"id":"047b2ecd-50f7-4173-b57f-d10c6bf653f2","block_type":"box","text":"1,2","page_number":8,"box":{"x":502,"y":619,"width":10,"height":4}},{"id":"d594108d-c912-4d12-a3b4-4df9d9df2200","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes, except for withholding","page_number":8,"box":{"x":69,"y":632,"width":486,"height":11}},{"id":"e8d963a1-2f1c-43d4-b40a-116f5f29d636","block_type":"box","text":"taxes on reinvested dividends) 30.16% N/A N/A","page_number":8,"box":{"x":69,"y":646,"width":845,"height":10}},{"id":"bc7e29ed-d1ed-4bd8-9677-1b9037235a6c","block_type":"box","text":"MSCI All-Country World Information Technology Index (Net)","page_number":8,"box":{"x":70,"y":664,"width":382,"height":10}},{"id":"28c9bb8c-8f6a-41c1-9cd2-3183d20e15e4","block_type":"box","text":"1,3","page_number":8,"box":{"x":453,"y":664,"width":11,"height":4}},{"id":"f56a3adf-789f-4886-bd25-158f0d9393ff","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes, except for withholding","page_number":8,"box":{"x":69,"y":677,"width":486,"height":11}},{"id":"7ffe5e6f-cb88-4f8b-a288-4c185eee01f6","block_type":"box","text":"taxes on reinvested dividends) 26.37% 17.13% 21.59%","page_number":8,"box":{"x":69,"y":691,"width":856,"height":10}},{"id":"c274be3d-6fc0-48d0-b416-ddcd1354f8ab","block_type":"box","text":"1","page_number":8,"box":{"x":61,"y":709,"width":3,"height":4}},{"id":"b5f69e63-ba7e-42e0-a6f0-7f72756ff9bd","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":8,"box":{"x":69,"y":709,"width":819,"height":9}},{"id":"19ddf612-c7fc-4042-ad60-1a3d970af065","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":8,"box":{"x":61,"y":719,"width":870,"height":10}},{"id":"569f60a9-ba52-4f30-b8f5-be983b26ead3","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":730,"width":862,"height":9}},{"id":"41746685-27be-4933-8270-780ea5018323","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. 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American Depositary Receipts are receipts","page_number":12,"box":{"x":81,"y":318,"width":829,"height":11}},{"id":"66a8e627-9524-4d80-af7c-f59ec894ea04","block_type":"box","text":"typically issued by an American bank or trust company that evidence underlying securities issued by a foreign","page_number":12,"box":{"x":80,"y":332,"width":802,"height":12}},{"id":"7afa38f7-4d5a-4a40-b331-6bf871fb3655","block_type":"box","text":"corporation. European Depositary Receipts (issued in Europe) and Global Depositary Receipts (issued throughout","page_number":12,"box":{"x":81,"y":347,"width":833,"height":12}},{"id":"7ad64d4b-4826-41c3-a87f-531ad80a2367","block_type":"box","text":"the world) each evidence a similar ownership arrangement. 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An illiquid investment is any","page_number":12,"box":{"x":82,"y":412,"width":811,"height":11}},{"id":"23f90010-498b-4456-aeaf-ab21a53f1725","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":12,"box":{"x":82,"y":427,"width":831,"height":11}},{"id":"57723958-b0cd-4853-b743-f54fdeb76e91","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":12,"box":{"x":81,"y":441,"width":811,"height":12}},{"id":"93bbd593-8ae5-4e25-9f4c-cf1a548b7b6c","block_type":"box","text":"Indexed and Inverse Securities","page_number":12,"box":{"x":81,"y":462,"width":232,"height":9}},{"id":"f15191ce-4582-4dea-817c-39a227aff0ab","block_type":"box","text":"— The Fund may invest in securities the potential return of which is based on the","page_number":12,"box":{"x":317,"y":461,"width":598,"height":12}},{"id":"c7003e36-336c-4c22-97ad-dac953e3614f","block_type":"box","text":"change in a specified interest rate or equity index (an “indexed security”). For example, the Fund may invest in a","page_number":12,"box":{"x":81,"y":476,"width":823,"height":12}},{"id":"52aa624e-2efb-428c-a586-2e1762fd54a0","block_type":"box","text":"security that pays a variable amount of interest or principal based on the current level of a particular stock market.","page_number":12,"box":{"x":81,"y":491,"width":843,"height":11}},{"id":"ba491bed-472f-4923-a236-70c0523c5597","block_type":"box","text":"The Fund may also invest in securities whose return is inversely related to changes in an interest rate or index","page_number":12,"box":{"x":81,"y":506,"width":810,"height":11}},{"id":"81809b34-48fd-42b6-bcca-177b491d3761","block_type":"box","text":"(“inverse securities”). 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The","page_number":12,"box":{"x":82,"y":585,"width":814,"height":12}},{"id":"710460fe-cd94-46d5-abde-08513390cfef","block_type":"box","text":"Fund may invest in affiliated investment companies, including affiliated money market funds and affiliated","page_number":12,"box":{"x":82,"y":600,"width":778,"height":12}},{"id":"bf637fe3-1601-450a-9364-1ecded09cec6","block_type":"box","text":"exchange-traded funds (“ETFs”).","page_number":12,"box":{"x":81,"y":615,"width":234,"height":11}},{"id":"49d7bbf6-5fc4-4c8c-aa51-d020afac159c","block_type":"box","text":"Money Market Securities","page_number":12,"box":{"x":81,"y":635,"width":190,"height":11}},{"id":"353b3258-7551-4841-97a4-a636a50e4b57","block_type":"box","text":"— The Fund may invest in high quality money market securities pending investments or","page_number":12,"box":{"x":276,"y":635,"width":641,"height":11}},{"id":"29193332-017a-4ed7-97f2-0e34641d0817","block_type":"box","text":"when it expects to need cash to pay redeeming shareholders. The Fund will not be deemed to deviate from its","page_number":12,"box":{"x":80,"y":650,"width":808,"height":11}},{"id":"cd49dfba-6a00-45a0-9e6f-16d743209aa1","block_type":"box","text":"normal strategies if it holds these securities pending investments.","page_number":12,"box":{"x":82,"y":664,"width":485,"height":12}},{"id":"e6e95158-214f-4d0c-902b-f65fe1329bf8","block_type":"box","text":"Repurchase Agreements","page_number":12,"box":{"x":81,"y":685,"width":185,"height":11}},{"id":"c3b94147-6336-4b99-89b8-207424e69841","block_type":"box","text":"—","page_number":12,"box":{"x":271,"y":690,"width":17,"height":1}},{"id":"352d167b-4f7b-4981-89ff-c2c0a9f443e5","block_type":"box","text":"The Fund may enter into certain types of repurchase agreements. Under a repurchase","page_number":12,"box":{"x":292,"y":684,"width":632,"height":12}},{"id":"fb047112-148a-409e-bb05-b492fe15a501","block_type":"box","text":"agreement, the seller agrees to repurchase a security at a mutually agreed-upon time and price.","page_number":12,"box":{"x":81,"y":699,"width":704,"height":12}},{"id":"25c70a4c-415d-4231-9db1-01ffcbcda1d9","block_type":"box","text":"Restricted Securities","page_number":12,"box":{"x":81,"y":719,"width":159,"height":9}},{"id":"69b8be76-d701-4d31-a398-59f5e0ff915e","block_type":"box","text":"—","page_number":12,"box":{"x":245,"y":725,"width":17,"height":0}},{"id":"fa0c3c07-56e8-4fc5-b2e9-7d4dd8fa337e","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":12,"box":{"x":268,"y":719,"width":602,"height":11}},{"id":"a903e7e6-554a-4dae-a850-c476968d7398","block_type":"box","text":"registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their","page_number":12,"box":{"x":82,"y":734,"width":820,"height":12}},{"id":"edf441ed-a9ad-487f-a872-1ca305f644dc","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":13,"box":{"x":81,"y":60,"width":781,"height":12}},{"id":"20b53d25-0c75-40b6-90e5-2095a342ee72","block_type":"box","text":"Warrants","page_number":13,"box":{"x":83,"y":81,"width":66,"height":9}},{"id":"d06d1634-7346-4f6a-8b3c-a1bbce17b7a6","block_type":"box","text":"— A warrant gives the Fund the right to buy stock. The warrant specifies the amount of underlying stock,","page_number":13,"box":{"x":153,"y":80,"width":767,"height":12}},{"id":"64e1de7d-3341-4d45-8a5c-54d0319cbfcf","block_type":"box","text":"the purchase (or “exercise”) price and the date the warrant expires. The Fund has no obligation to exercise the","page_number":13,"box":{"x":80,"y":96,"width":815,"height":11}},{"id":"388d4e14-6746-4d13-ae54-b46d1e30240f","block_type":"box","text":"warrant and buy the stock. A warrant has value only if the Fund is able to exercise it or sell it before it expires.","page_number":13,"box":{"x":80,"y":110,"width":810,"height":12}},{"id":"7f16498a-c7bb-4fb6-831a-bbfea68f3594","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":13,"box":{"x":83,"y":130,"width":545,"height":11}},{"id":"3240eabd-b38a-404b-bec0-af2044abea1f","block_type":"box","text":"— The purchase or sale of securities on","page_number":13,"box":{"x":632,"y":130,"width":295,"height":11}},{"id":"6cad6469-0e20-4692-b4d9-2cb0fc2e2202","block_type":"box","text":"a when-issued basis, on a delayed delivery basis or through a forward commitment involves the purchase or sale of","page_number":13,"box":{"x":81,"y":145,"width":851,"height":11}},{"id":"7c3788ed-bb10-40c8-8ca6-38349e0a20b4","block_type":"box","text":"securities by the Fund at an established price with payment and delivery taking place in the future. The Fund enters","page_number":13,"box":{"x":81,"y":160,"width":847,"height":11}},{"id":"d7b7d7a1-8733-46f5-a133-0ef4a51f54d6","block_type":"box","text":"into these transactions to obtain what is considered an advantageous price to the Fund at the time of entering into","page_number":13,"box":{"x":82,"y":175,"width":842,"height":11}},{"id":"cf9d6767-08d4-43da-aef9-21628d326b93","block_type":"box","text":"the transaction.","page_number":13,"box":{"x":80,"y":190,"width":115,"height":9}},{"id":"688b41b0-52f2-422c-b1ea-5a5374d8ceb9","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":13,"box":{"x":272,"y":246,"width":453,"height":9}},{"id":"befe646a-e50a-4698-bc2c-f471e7488311","block_type":"box","text":"The Fund is managed by a team of financial professionals. Tony Kim and Reid Menge are the portfolio managers of","page_number":13,"box":{"x":70,"y":269,"width":846,"height":11}},{"id":"77386fce-2dc3-4dcc-80fa-6232271cf4d0","block_type":"box","text":"the Fund and are jointly and primarily responsible for the day-to-day management of the Fund. Please see","page_number":13,"box":{"x":70,"y":283,"width":772,"height":12}},{"id":"ab7c9fb6-f7e3-4556-a5b9-536b2595b73d","block_type":"box","text":"“Management of the Fund — Portfolio Manager Information” for additional information about the portfolio","page_number":13,"box":{"x":72,"y":298,"width":775,"height":12}},{"id":"0e2a9af6-103a-43a3-ab9d-05affbbd9c34","block_type":"box","text":"management team.","page_number":13,"box":{"x":71,"y":314,"width":141,"height":11}},{"id":"becf0853-5d38-4a04-bd29-be1461aa1382","block_type":"box","text":"Investment Risks","page_number":13,"box":{"x":62,"y":365,"width":156,"height":11}},{"id":"830dcd41-c5fb-4298-95f4-1d2608a794f0","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objective and","page_number":13,"box":{"x":60,"y":391,"width":811,"height":12}},{"id":"862f69db-4fbd-4e40-b856-d8fcbf87f19d","block_type":"box","text":"Policies” section in the Statement of Additional Information (the “SAI”) also includes more information about the Fund,","page_number":13,"box":{"x":61,"y":406,"width":871,"height":11}},{"id":"aa170b5e-996a-4b0a-a5c3-0bd4b99d2d5d","block_type":"box","text":"its investments and the related risks. As with any fund, there can be no guarantee that the Fund will meet its","page_number":13,"box":{"x":62,"y":421,"width":799,"height":11}},{"id":"22ac338c-3d13-46fc-8792-a04724cbd660","block_type":"box","text":"investment objective or that the Fund’s performance will be positive for any period of time. An investment in the Fund","page_number":13,"box":{"x":62,"y":436,"width":860,"height":11}},{"id":"3d9b4b6a-d447-4b7f-b42f-70bf5d4b286c","block_type":"box","text":"is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any","page_number":13,"box":{"x":62,"y":451,"width":856,"height":11}},{"id":"3de2b688-80d9-4f30-97dc-f861d9f81cd8","block_type":"box","text":"bank or governmental agency. The order of the below risk factors does not indicate the significance of any particular","page_number":13,"box":{"x":61,"y":465,"width":853,"height":12}},{"id":"3d27b59a-da5b-4510-8528-b3fb59363604","block_type":"box","text":"risk factor.","page_number":13,"box":{"x":61,"y":480,"width":76,"height":9}},{"id":"c4f73884-8592-4850-852e-5943228d60ac","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":13,"box":{"x":61,"y":503,"width":322,"height":13}},{"id":"c0ff2999-5b20-42da-b43f-c1745805d66c","block_type":"box","text":"Concentration Risk","page_number":13,"box":{"x":81,"y":525,"width":145,"height":9}},{"id":"b928a542-6f28-45c7-8dd6-6b40cdd9a89c","block_type":"box","text":"—","page_number":13,"box":{"x":231,"y":530,"width":17,"height":1}},{"id":"f5c6f0a8-d918-4b2e-bb5e-ff6769206034","block_type":"box","text":"The Fund’s strategy of concentrating in technology and related companies means that its","page_number":13,"box":{"x":252,"y":525,"width":654,"height":11}},{"id":"2ba85987-e08d-4235-9b2b-a04ed8054400","block_type":"box","text":"performance will be closely tied to the performance of a particular market segment. The Fund’s concentration in","page_number":13,"box":{"x":82,"y":539,"width":824,"height":12}},{"id":"1de4a04a-5aad-4888-9795-b85686bcc86c","block_type":"box","text":"these companies may present more risks than if it were broadly diversified over numerous industries and sectors of","page_number":13,"box":{"x":80,"y":554,"width":853,"height":12}},{"id":"369463c2-26cb-4d7d-bbf3-0002fdeff308","block_type":"box","text":"the economy. A downturn in these companies would have a larger impact on the Fund than on a mutual fund that","page_number":13,"box":{"x":80,"y":569,"width":831,"height":12}},{"id":"c28a81e0-5dbc-4a6c-a311-689ace870596","block_type":"box","text":"does not concentrate in such companies. At times, the performance of these companies will lag the performance of","page_number":13,"box":{"x":81,"y":584,"width":855,"height":11}},{"id":"2b3c9c17-9682-4e81-8a8a-c5e1e413fe9a","block_type":"box","text":"other industries or the broader market as a whole.","page_number":13,"box":{"x":81,"y":599,"width":368,"height":9}},{"id":"789153fb-d7d4-42d8-8c98-e056d3649fb3","block_type":"box","text":"Convertible Securities Risk","page_number":13,"box":{"x":81,"y":619,"width":206,"height":9}},{"id":"f6c7bf44-7a3f-454f-87d4-a0b15c9e78e9","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":13,"box":{"x":291,"y":619,"width":593,"height":11}},{"id":"6f60272f-4ffd-4ee6-8ef7-290bbc9525a9","block_type":"box","text":"security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible","page_number":13,"box":{"x":81,"y":633,"width":853,"height":12}},{"id":"297c101b-996c-4d8c-aa51-fd6cdebdf654","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":13,"box":{"x":81,"y":649,"width":855,"height":11}},{"id":"59400a0e-ed37-4ee7-8002-f15980a596d3","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":13,"box":{"x":80,"y":663,"width":816,"height":12}},{"id":"f5855541-a54f-497b-ad7c-db9c9a27b26a","block_type":"box","text":"issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be","page_number":13,"box":{"x":82,"y":678,"width":796,"height":11}},{"id":"5f60ebb5-d07e-42f5-aa35-62f306c121b1","block_type":"box","text":"converted, a convertible security is also subject to the same types of market and issuer risks that apply to the","page_number":13,"box":{"x":81,"y":693,"width":812,"height":11}},{"id":"201a3b2e-ddc2-49a9-ac69-81bccd459f1d","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":13,"box":{"x":82,"y":708,"width":809,"height":11}},{"id":"6ea97fef-e663-44a8-8f52-dc449ce9c49d","block_type":"box","text":"Derivatives Risk","page_number":13,"box":{"x":81,"y":728,"width":123,"height":9}},{"id":"2c11a97f-abbd-4d42-911a-5372809b2626","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":13,"box":{"x":207,"y":728,"width":664,"height":11}},{"id":"ae9ba7ea-700a-4a9a-bae9-f710167cc5fe","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":13,"box":{"x":82,"y":742,"width":469,"height":12}},{"id":"6ef141e2-0597-4eff-a37b-36c63c99ae1f","block_type":"box","text":"Leverage Risk","page_number":13,"box":{"x":82,"y":765,"width":102,"height":12}},{"id":"1537626f-bd11-4fb7-ba36-7fc56d027ec6","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":13,"box":{"x":188,"y":765,"width":723,"height":12}},{"id":"2d7fa186-f457-495b-90f4-7145571b1776","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":13,"box":{"x":82,"y":780,"width":832,"height":11}},{"id":"9ec9fe79-6dee-43ee-a14f-9f46c326c12f","block_type":"box","text":"exceed the amount originally invested.","page_number":13,"box":{"x":81,"y":795,"width":280,"height":11}},{"id":"b1edd2a1-b878-4369-8750-e675dada8eaa","block_type":"box","text":"Market Risk","page_number":13,"box":{"x":82,"y":817,"width":87,"height":9}},{"id":"e93363f6-0995-404a-a95a-b93a44024dc0","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":13,"box":{"x":173,"y":817,"width":728,"height":12}},{"id":"fa67bfee-da4b-4c9c-9b9b-8f56895ab24c","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":13,"box":{"x":81,"y":832,"width":834,"height":11}},{"id":"9065cd0b-3076-4898-815e-8b846aa0e766","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":13,"box":{"x":82,"y":847,"width":832,"height":11}},{"id":"df657d0a-52d8-4e57-b006-20b26e6fe014","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":13,"box":{"x":80,"y":862,"width":779,"height":11}},{"id":"1c855d25-8f4c-4b24-a8b0-bb696e399e5a","block_type":"box","text":"derivatives positions to lose value.","page_number":13,"box":{"x":81,"y":877,"width":253,"height":11}},{"id":"337d004b-d7a6-459d-b697-884a8bf3688c","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"ff65938a-ebc2-414c-80b9-a405be25eda9","block_type":"box","text":"NM1026U-5982542-13/68","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a2072f92-212b-4a52-a46b-3296076e4ef4","block_type":"box","text":"Counterpar ty Risk","page_number":14,"box":{"x":82,"y":46,"width":131,"height":11}},{"id":"eb03a2dc-37d2-422b-930a-bee610daa34a","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":14,"box":{"x":217,"y":46,"width":697,"height":11}},{"id":"73c09817-b58a-4da1-b59e-ed6540f6cf25","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":14,"box":{"x":80,"y":60,"width":855,"height":12}},{"id":"ea9069bf-1934-430d-a009-2f8a11148a29","block_type":"box","text":"exposure to such a counterparty.","page_number":14,"box":{"x":81,"y":76,"width":240,"height":11}},{"id":"194a25f1-6320-412e-8bf1-8edc3d282c86","block_type":"box","text":"Illiquidity Risk —","page_number":14,"box":{"x":82,"y":98,"width":122,"height":11}},{"id":"5537262b-e44e-45db-b3a6-0cbb7b42bcf7","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":14,"box":{"x":208,"y":98,"width":728,"height":11}},{"id":"d68d71a6-a239-4c37-9958-6ecb7d5f1f19","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":14,"box":{"x":80,"y":113,"width":839,"height":11}},{"id":"2db94ef2-d900-44eb-ae71-8ed72b4e6887","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":14,"box":{"x":81,"y":127,"width":293,"height":12}},{"id":"9003c0c2-8498-4647-a7e2-00924c79223c","block_type":"box","text":"Operational Risk","page_number":14,"box":{"x":82,"y":150,"width":120,"height":11}},{"id":"b508e8df-5a8e-4713-bc00-d197ab6c6696","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":14,"box":{"x":206,"y":150,"width":727,"height":12}},{"id":"e1c711ec-a5e3-4788-9314-4a96d6b7e4ba","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":14,"box":{"x":82,"y":165,"width":607,"height":11}},{"id":"aeabb970-60fb-4927-b851-06a7bce32735","block_type":"box","text":"Legal Risk","page_number":14,"box":{"x":82,"y":188,"width":75,"height":11}},{"id":"20041de2-550e-46fd-9856-f81a9f716995","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":14,"box":{"x":161,"y":187,"width":761,"height":12}},{"id":"44e1373c-99e7-445a-8431-0bc5fb008905","block_type":"box","text":"enforceability of a contract.","page_number":14,"box":{"x":81,"y":202,"width":198,"height":12}},{"id":"59fea819-7291-481c-8257-97dad8c6a0a9","block_type":"box","text":"Volatility and Correlation Risk","page_number":14,"box":{"x":83,"y":225,"width":214,"height":11}},{"id":"2dfe86fe-3a20-46bf-95b2-2b986c4ff535","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":14,"box":{"x":300,"y":225,"width":590,"height":11}},{"id":"c5f74108-6e76-4aeb-821c-4909e743f6b4","block_type":"box","text":"volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price","page_number":14,"box":{"x":80,"y":240,"width":855,"height":11}},{"id":"04106223-8786-4acf-a0e2-8795d7fc6917","block_type":"box","text":"within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not","page_number":14,"box":{"x":80,"y":254,"width":820,"height":12}},{"id":"21be0e87-8f1e-4fb0-acf2-9a6d8755cbfd","block_type":"box","text":"correlate with the overall securities markets.","page_number":14,"box":{"x":81,"y":270,"width":326,"height":9}},{"id":"cd8ad022-dc97-42c9-bcee-45c033585773","block_type":"box","text":"Valuation Risk","page_number":14,"box":{"x":83,"y":292,"width":102,"height":9}},{"id":"62a3413c-563f-48ed-95e5-2117c59c610f","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":14,"box":{"x":189,"y":292,"width":747,"height":11}},{"id":"2f07c7e3-d6ce-4e26-ab37-15021177e3e5","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":14,"box":{"x":82,"y":307,"width":783,"height":11}},{"id":"09293e33-3e34-44c1-85c1-79e24ec7232b","block_type":"box","text":"instruments or quote prices for them. Derivatives may also expose the Fund to greater risk and increase its costs.","page_number":14,"box":{"x":82,"y":321,"width":837,"height":12}},{"id":"c5e67c90-cea0-4d09-a531-e8d4d955583d","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":14,"box":{"x":81,"y":336,"width":826,"height":12}},{"id":"5308acc8-f429-4fbb-a204-0da83de227cc","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":14,"box":{"x":80,"y":351,"width":405,"height":12}},{"id":"617befa1-c2a5-4126-9a3d-33bf5e4e1f6a","block_type":"box","text":"Hedging Risk","page_number":14,"box":{"x":82,"y":374,"width":95,"height":11}},{"id":"32918630-030a-42f3-9090-49e3bfa78652","block_type":"box","text":"— When a derivative is used as a hedge against a position that the Fund holds, any loss generated by","page_number":14,"box":{"x":181,"y":374,"width":752,"height":11}},{"id":"8c11c086-5cfe-462e-95ef-6954ec17e73b","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":14,"box":{"x":80,"y":389,"width":820,"height":11}},{"id":"91619bde-33e7-408b-bec8-e65c4a50e44b","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":14,"box":{"x":82,"y":404,"width":823,"height":11}},{"id":"cd34cbe8-ad0f-4a3f-80fa-7fed10bed895","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":14,"box":{"x":82,"y":418,"width":813,"height":12}},{"id":"89019105-8b2c-4bcc-8bb1-2cee796747ba","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":14,"box":{"x":82,"y":433,"width":832,"height":12}},{"id":"ec6a62b0-ed90-422a-8425-28b7de1bbc3b","block_type":"box","text":"noted below.","page_number":14,"box":{"x":82,"y":448,"width":90,"height":9}},{"id":"43a2a2d4-9c6a-4625-a6b2-91f3d216e712","block_type":"box","text":"Tax Risk","page_number":14,"box":{"x":83,"y":471,"width":59,"height":9}},{"id":"9d8ea487-0b8d-4689-a10a-eb85b0bb0356","block_type":"box","text":"— The federal income tax treatment of a derivative may not be as favorable as a direct investment in an","page_number":14,"box":{"x":145,"y":470,"width":766,"height":12}},{"id":"7b1cfd35-f1e3-42a7-90b2-adc3d0efba7b","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":14,"box":{"x":82,"y":485,"width":826,"height":12}},{"id":"d15e6aa8-fd5d-436d-8239-c30def412fec","block_type":"box","text":"investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than","page_number":14,"box":{"x":82,"y":500,"width":846,"height":12}},{"id":"c37a3721-2a20-402a-a441-7db04c358371","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":14,"box":{"x":81,"y":515,"width":817,"height":11}},{"id":"4e3f5b98-461d-4446-9ced-30b3fa31d28a","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could","page_number":14,"box":{"x":82,"y":530,"width":835,"height":11}},{"id":"d750ff31-83df-4849-aede-e1879febf886","block_type":"box","text":"be an increase (or decrease) in the amount of taxable dividends paid by the Fund. In addition, the tax treatment of","page_number":14,"box":{"x":81,"y":545,"width":840,"height":11}},{"id":"e75f01ea-350d-4dd7-b116-1c8fc76f25c8","block_type":"box","text":"certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or","page_number":14,"box":{"x":81,"y":559,"width":750,"height":12}},{"id":"a0354538-a6e7-48ea-bcb3-da8520cfcba6","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":14,"box":{"x":81,"y":574,"width":611,"height":12}},{"id":"64e6208f-9d59-4c65-be28-a28e0863d192","block_type":"box","text":"Regulatory Risk","page_number":14,"box":{"x":82,"y":597,"width":115,"height":11}},{"id":"bebcbf45-58b1-4b1b-8faf-a09d166c0281","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":14,"box":{"x":201,"y":597,"width":688,"height":11}},{"id":"cc058c2d-08d6-4eed-902e-f4f73d8c1157","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":14,"box":{"x":81,"y":612,"width":851,"height":11}},{"id":"ca4a60fd-72bc-49f0-813f-4cb2d610f77c","block_type":"box","text":"and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers are","page_number":14,"box":{"x":81,"y":627,"width":811,"height":11}},{"id":"5ee81a7c-706d-46ad-bf15-56543e61acf1","block_type":"box","text":"required to exchange variation margin with the Fund and may be required by applicable regulations to collect and/or","page_number":14,"box":{"x":82,"y":641,"width":850,"height":12}},{"id":"1d5a146d-043d-4c9b-bec4-6c7b61c1643f","block_type":"box","text":"exchange initial margin with the Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":14,"box":{"x":81,"y":656,"width":850,"height":12}},{"id":"e3d078c3-a7f2-4b15-933c-3bac8091766e","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":14,"box":{"x":81,"y":671,"width":838,"height":11}},{"id":"0142db34-067b-4b6b-987c-b0dd5cb4cfb6","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":14,"box":{"x":81,"y":686,"width":807,"height":11}},{"id":"de3bd375-750d-4982-8633-dc2eb7760b2f","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":14,"box":{"x":81,"y":701,"width":787,"height":11}},{"id":"2f6fe045-9546-44e3-b731-451d75d656b3","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":14,"box":{"x":82,"y":715,"width":837,"height":12}},{"id":"8515449f-41c5-4a56-896a-be64b82aed13","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":14,"box":{"x":80,"y":730,"width":804,"height":12}},{"id":"021f9b12-4ef2-4a23-8ed4-8c1139a2f443","block_type":"box","text":"support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or","page_number":14,"box":{"x":81,"y":745,"width":781,"height":11}},{"id":"98a8c483-b252-4080-84d6-1a229fe60c5a","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":14,"box":{"x":82,"y":760,"width":773,"height":11}},{"id":"b1e0bae6-cd07-4663-9a09-4709be4d4a95","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":14,"box":{"x":82,"y":775,"width":836,"height":11}},{"id":"919352e9-55f0-4852-91df-8cb8ae4f8348","block_type":"box","text":"increase the costs and risks to the Fund of trading in these instruments and, as a result, may affect returns to","page_number":14,"box":{"x":82,"y":789,"width":814,"height":12}},{"id":"8a953422-9ee9-4d34-b16f-4aa27e6d1ad9","block_type":"box","text":"investors in the Fund.","page_number":14,"box":{"x":82,"y":805,"width":156,"height":9}},{"id":"b14ddb10-2b31-4c06-afeb-ce85d5cef5ff","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":14,"box":{"x":82,"y":827,"width":823,"height":11}},{"id":"690cbc5b-9eb2-452f-8da6-4e04bf888b5d","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":14,"box":{"x":82,"y":842,"width":827,"height":11}},{"id":"d3a5d27f-5ee7-41cd-8bb0-48487b00151e","block_type":"box","text":"the effects of any new governmental regulation that may be implemented on the ability of the Fund to use swaps or","page_number":14,"box":{"x":80,"y":856,"width":849,"height":12}},{"id":"5f4febf5-49cc-49ac-8eec-fba45f8c3f5c","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":14,"box":{"x":81,"y":871,"width":846,"height":12}},{"id":"a6328045-c22e-46e1-b31c-690924b7d324","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":14,"box":{"x":81,"y":886,"width":509,"height":12}},{"id":"de7832cd-f0f9-4fd5-bfa7-d1fe27723b5b","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":14,"box":{"x":82,"y":909,"width":399,"height":11}},{"id":"d7d441ca-41c8-4b27-8153-d964c080cce3","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"7ec870f3-4694-463d-9bca-c712e12582be","block_type":"box","text":"NM1026U-5982542-14/68","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a9c7e99b-dc58-4272-bca0-734cc9d7e328","block_type":"box","text":"Swaps","page_number":15,"box":{"x":102,"y":46,"width":47,"height":11}},{"id":"78cc4547-419b-4e0f-a721-bbe37fde7b43","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":15,"box":{"x":154,"y":46,"width":775,"height":11}},{"id":"ac0e9419-4dcc-43e5-8f9e-278791b04098","block_type":"box","text":"two-party contracts entered into for periods ranging from a few days to more than one year. In a standard “swap”","page_number":15,"box":{"x":101,"y":60,"width":829,"height":12}},{"id":"25cba4d2-f26f-4326-a42f-5d150d0ec49a","block_type":"box","text":"transaction, two parties agree to exchange the value(s) or cash flow(s) of one asset for another over a certain","page_number":15,"box":{"x":101,"y":75,"width":807,"height":12}},{"id":"04e71bad-8928-462a-99e8-5c643e77f0af","block_type":"box","text":"period of time. Swap agreements involve the risk that the party with whom the Fund has entered into the swap","page_number":15,"box":{"x":102,"y":90,"width":811,"height":12}},{"id":"32d5e8fa-d8ca-4bef-a3f3-5721bb2abc0c","block_type":"box","text":"will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to","page_number":15,"box":{"x":101,"y":105,"width":820,"height":12}},{"id":"14f3b4f9-8b22-4771-8c81-8525689a42eb","block_type":"box","text":"pay the other party to the agreement. Swap agreements may also involve the risk that there is an imperfect","page_number":15,"box":{"x":102,"y":120,"width":791,"height":11}},{"id":"5bede860-f36a-4a2e-8a44-06000e89c221","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":15,"box":{"x":101,"y":135,"width":789,"height":11}},{"id":"b7096fe5-d004-4586-ab20-4b675cd5de94","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":15,"box":{"x":101,"y":150,"width":796,"height":11}},{"id":"6b6423ca-1aa1-49ea-82a0-cf67cfcc07ce","block_type":"box","text":"Credit Default Swaps","page_number":15,"box":{"x":102,"y":169,"width":153,"height":12}},{"id":"28d27012-6ed1-4bfb-a559-757bdb9646e6","block_type":"box","text":"— Credit default swaps may have as reference obligations one or more securities that are","page_number":15,"box":{"x":260,"y":169,"width":663,"height":12}},{"id":"3438a3db-9124-453c-96a5-feef69c8e1c2","block_type":"box","text":"not currently held by the Fund. The protection “buyer” may be obligated to pay the protection “seller” an up-front","page_number":15,"box":{"x":102,"y":184,"width":825,"height":12}},{"id":"772406c1-caf9-4dd7-adbc-66151d0979c5","block_type":"box","text":"payment or a periodic stream of payments over the term of the contract, provided generally that no credit event","page_number":15,"box":{"x":102,"y":199,"width":816,"height":12}},{"id":"c383b96e-5e84-4ded-ab4d-6e2e14726ad7","block_type":"box","text":"on a reference obligation has occurred. Credit default swaps involve special risks in addition to those mentioned","page_number":15,"box":{"x":101,"y":214,"width":827,"height":11}},{"id":"6aa2e4db-5e08-48cc-b59b-9012ccb4a406","block_type":"box","text":"above because they are difficult to value, are highly susceptible to illiquid investments risk and credit risk, and","page_number":15,"box":{"x":101,"y":229,"width":812,"height":11}},{"id":"1d9e206b-263d-4a22-aaaf-6ddb91e40837","block_type":"box","text":"generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer","page_number":15,"box":{"x":101,"y":244,"width":822,"height":11}},{"id":"0d7f8f6f-f0b6-4744-8b4f-212710e8f386","block_type":"box","text":"of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).","page_number":15,"box":{"x":101,"y":258,"width":758,"height":12}},{"id":"ee64d8dc-227d-4919-9aaf-c0169256c117","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":15,"box":{"x":102,"y":278,"width":335,"height":12}},{"id":"d38a776c-e657-4f27-86c7-d191e04a92cd","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":15,"box":{"x":442,"y":278,"width":437,"height":12}},{"id":"c455cc04-4a6a-4d4c-8b8f-979932c80c5e","block_type":"box","text":"contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a price","page_number":15,"box":{"x":101,"y":293,"width":820,"height":12}},{"id":"d88ccdbb-5414-42b1-986e-f990b3a190cc","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":15,"box":{"x":101,"y":308,"width":801,"height":12}},{"id":"8870d9af-012f-483d-bb7e-ab13f7081cf2","block_type":"box","text":"fluctuations in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for","page_number":15,"box":{"x":101,"y":323,"width":824,"height":11}},{"id":"54e8319d-6a91-406c-acb8-a9a27f432457","block_type":"box","text":"a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain.","page_number":15,"box":{"x":101,"y":338,"width":831,"height":11}},{"id":"1fd1d3cc-997e-415f-8fa9-dfa7b8c04329","block_type":"box","text":"Futures","page_number":15,"box":{"x":102,"y":358,"width":54,"height":9}},{"id":"b402d15e-f6d3-47ef-ae8f-c6b9b2989807","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":15,"box":{"x":161,"y":358,"width":765,"height":11}},{"id":"f5b9b289-f56a-4fc0-b072-4cd1ea7dec7f","block_type":"box","text":"seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The","page_number":15,"box":{"x":101,"y":372,"width":786,"height":12}},{"id":"49219c65-97b8-4c35-8f27-40dddb2ff25d","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":15,"box":{"x":102,"y":387,"width":769,"height":12}},{"id":"2eac20f6-bdf1-45ec-b49d-9771b4493ec9","block_type":"box","text":"between the change in market value of the instruments held by the Fund and the price of the futures contract or","page_number":15,"box":{"x":102,"y":402,"width":822,"height":12}},{"id":"e60eadd3-341a-4102-8de2-ccef6df20e66","block_type":"box","text":"option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close","page_number":15,"box":{"x":101,"y":417,"width":832,"height":11}},{"id":"be16c8ff-1432-48fa-8c4f-72e41ece0376","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":15,"box":{"x":101,"y":432,"width":806,"height":11}},{"id":"d4452ec4-faee-4ab0-aadb-8a75805dcea1","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":15,"box":{"x":102,"y":447,"width":793,"height":11}},{"id":"3fea26d4-6230-48a0-b5c3-e264149e891b","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":15,"box":{"x":102,"y":461,"width":787,"height":12}},{"id":"5324ee19-9dd1-4fec-b6a9-e4cd6b9921a5","block_type":"box","text":"default in the performance of its obligations.","page_number":15,"box":{"x":101,"y":476,"width":327,"height":12}},{"id":"8725fffe-4962-4a23-97a2-6622ec1278ef","block_type":"box","text":"Options","page_number":15,"box":{"x":102,"y":496,"width":55,"height":11}},{"id":"ad0e344c-d78b-4eee-9a86-43bc772c5e88","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":15,"box":{"x":162,"y":496,"width":772,"height":12}},{"id":"087f46e3-81ae-47db-ac3b-6bac2c1a65ee","block_type":"box","text":"the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for","page_number":15,"box":{"x":101,"y":511,"width":812,"height":12}},{"id":"e3dd6839-7637-494b-865f-390120dc95ba","block_type":"box","text":"cash in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during","page_number":15,"box":{"x":101,"y":526,"width":827,"height":11}},{"id":"945901f9-8a51-426a-b746-b8c86f1e4a75","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":15,"box":{"x":101,"y":541,"width":781,"height":11}},{"id":"614c5740-5eb0-44ff-9b27-4422edc573da","block_type":"box","text":"purchases an option, it may lose the total premium paid for it if the price of the underlying security or other","page_number":15,"box":{"x":102,"y":555,"width":785,"height":12}},{"id":"dcd69bc2-cba9-471a-97ce-c922c1280991","block_type":"box","text":"assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case","page_number":15,"box":{"x":101,"y":570,"width":831,"height":12}},{"id":"a7818d54-e54c-4b1e-a94d-e087ed223783","block_type":"box","text":"of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price","page_number":15,"box":{"x":101,"y":585,"width":814,"height":11}},{"id":"8ca1dd95-2a49-4343-9241-a1e36b46ef41","block_type":"box","text":"(in the case of a put option). If a put or call option purchased by the Fund were permitted to expire without being","page_number":15,"box":{"x":101,"y":600,"width":826,"height":12}},{"id":"62e6b065-3b58-434b-ad61-4e566821b4df","block_type":"box","text":"sold or exercised, its premium would represent a loss to the Fund. To the extent that the Fund writes or sells an","page_number":15,"box":{"x":101,"y":615,"width":822,"height":11}},{"id":"566063b1-625b-4193-a23d-29062b37c8c6","block_type":"box","text":"option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the","page_number":15,"box":{"x":101,"y":630,"width":816,"height":11}},{"id":"37b4a637-2c17-4c10-81d3-946a781314a0","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":15,"box":{"x":101,"y":645,"width":442,"height":11}},{"id":"3cb6eccc-9b9d-43e1-9912-7174f86cc947","block_type":"box","text":"Emerging Markets Risk","page_number":15,"box":{"x":81,"y":665,"width":178,"height":11}},{"id":"07f5a468-2c90-4427-a068-b08b9d55353b","block_type":"box","text":"— The risks of foreign investments are usually much greater for emerging markets.","page_number":15,"box":{"x":263,"y":664,"width":610,"height":12}},{"id":"6d2c0900-2109-44c6-932b-b749f5d93e9f","block_type":"box","text":"Investments in emerging markets may be considered speculative. Emerging markets may include those in countries","page_number":15,"box":{"x":82,"y":680,"width":848,"height":11}},{"id":"270e91ad-7b81-4ed0-b5d3-9285f73ec744","block_type":"box","text":"considered emerging or developing by the World Bank, the International Finance Corporation or the United Nations.","page_number":15,"box":{"x":81,"y":694,"width":842,"height":12}},{"id":"e2714132-9819-42c7-93f2-b90ad5061456","block_type":"box","text":"Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never","page_number":15,"box":{"x":82,"y":709,"width":838,"height":11}},{"id":"05250ccd-1cb4-4a22-8ef2-b8bf4bf3c8c8","block_type":"box","text":"fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":15,"box":{"x":81,"y":724,"width":825,"height":11}},{"id":"b2bd60e8-6656-4a9b-9692-ff487f9596cc","block_type":"box","text":"returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than","page_number":15,"box":{"x":82,"y":739,"width":847,"height":11}},{"id":"cf37d519-2f10-4a20-bd0a-6f7052fb7144","block_type":"box","text":"developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price","page_number":15,"box":{"x":81,"y":753,"width":853,"height":12}},{"id":"d5f38ee2-c07f-42c3-9da9-aba0cd70d9da","block_type":"box","text":"changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few","page_number":15,"box":{"x":81,"y":768,"width":823,"height":12}},{"id":"7d722ae8-96c4-4a3c-93ab-72c5e0511f89","block_type":"box","text":"large investors. In addition, traditional measures of investment value used in the United States, such as price to","page_number":15,"box":{"x":82,"y":783,"width":825,"height":12}},{"id":"33fde64c-8819-49a1-bca4-313e582dcd89","block_type":"box","text":"earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about","page_number":15,"box":{"x":81,"y":798,"width":855,"height":11}},{"id":"e80166a2-50f9-4297-bb8a-c958df9d913d","block_type":"box","text":"issuers in emerging markets than would be available about issuers in more developed capital markets, and such","page_number":15,"box":{"x":82,"y":813,"width":827,"height":11}},{"id":"618e4af4-1022-4099-aecc-96878c8728b1","block_type":"box","text":"issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable","page_number":15,"box":{"x":82,"y":827,"width":843,"height":12}},{"id":"e039b818-37bf-49cb-a4f0-6e7575a2adab","block_type":"box","text":"to those to which U.S. companies are subject.","page_number":15,"box":{"x":80,"y":842,"width":339,"height":12}},{"id":"7ac76914-b59a-4b52-83d1-cc32a3c7f091","block_type":"box","text":"Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their","page_number":15,"box":{"x":82,"y":862,"width":802,"height":12}},{"id":"88ac14fa-38cf-4215-b996-082524ac8429","block_type":"box","text":"governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign","page_number":15,"box":{"x":81,"y":877,"width":774,"height":12}},{"id":"c35a7ae3-f118-4318-988a-eb5b1b748512","block_type":"box","text":"investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high","page_number":15,"box":{"x":82,"y":892,"width":830,"height":12}},{"id":"9a9a8623-5637-495a-ae9f-4e2af3d7aaca","block_type":"box","text":"rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have","page_number":15,"box":{"x":82,"y":907,"width":769,"height":11}},{"id":"9d71b3e2-08ed-4165-82a0-3e4dc03e89ea","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"8f2f24a1-76b9-4af9-9b91-1da41b6da68d","block_type":"box","text":"NM1026U-5982542-15/68","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6cf2a47f-0a01-4e5b-806f-c3d6498428e7","block_type":"box","text":"expropriated substantial amounts of private property, and most claims of the property owners have never been fully","page_number":16,"box":{"x":81,"y":46,"width":849,"height":11}},{"id":"a4651d28-7913-423d-9523-ed3ef0a5146a","block_type":"box","text":"settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that the","page_number":16,"box":{"x":81,"y":61,"width":820,"height":11}},{"id":"7f1853f0-c810-425d-b15a-c5ff78228bd5","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. Some countries have pervasive","page_number":16,"box":{"x":82,"y":75,"width":779,"height":12}},{"id":"9f16a5da-3dcd-4d30-b33b-c533352de076","block_type":"box","text":"corruption and crime that may hinder investments. Certain emerging markets may also face other significant","page_number":16,"box":{"x":81,"y":90,"width":798,"height":12}},{"id":"f3691137-9258-4e6a-9fcc-123915577ff7","block_type":"box","text":"internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition,","page_number":16,"box":{"x":82,"y":105,"width":755,"height":12}},{"id":"363ceb33-c758-4446-b79c-b88df49ac3db","block_type":"box","text":"governments in many emerging market countries participate to a significant degree in their economies and","page_number":16,"box":{"x":81,"y":120,"width":783,"height":11}},{"id":"ec2d2a1d-32e1-4574-85d5-270887fb7bca","block_type":"box","text":"securities markets, which may impair investment and economic growth. National policies that may limit the Fund’s","page_number":16,"box":{"x":81,"y":135,"width":839,"height":11}},{"id":"b7e6eb6f-2cf7-4d6c-85e1-90b29ee8c046","block_type":"box","text":"investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national","page_number":16,"box":{"x":82,"y":150,"width":827,"height":11}},{"id":"59d52fe9-fe93-429b-b2d4-57e584dac7cc","block_type":"box","text":"interests.","page_number":16,"box":{"x":82,"y":165,"width":67,"height":8}},{"id":"452839ee-48f5-41f8-b03e-a85b48fa7039","block_type":"box","text":"Emerging markets may also have differing legal systems and the existence or possible imposition of exchange","page_number":16,"box":{"x":82,"y":184,"width":809,"height":12}},{"id":"cbce5f86-1f24-4cd4-9f57-64d318b644f7","block_type":"box","text":"controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such","page_number":16,"box":{"x":81,"y":199,"width":783,"height":12}},{"id":"4f4c81c4-7880-48e6-a32b-4afb5cfda861","block_type":"box","text":"investments may adversely affect the Fund’s performance. Sometimes, they may lack or be in the relatively early","page_number":16,"box":{"x":82,"y":214,"width":829,"height":11}},{"id":"89349fec-52cd-4b1c-8a24-95ef4b83f71d","block_type":"box","text":"development of legal structures governing private and foreign investments and private property. Many emerging","page_number":16,"box":{"x":81,"y":229,"width":818,"height":11}},{"id":"31e7f7db-002e-4733-afe8-6bedb92cefba","block_type":"box","text":"markets do not have income tax treaties with the United States, and as a result, investments by the Fund may be","page_number":16,"box":{"x":82,"y":244,"width":833,"height":11}},{"id":"25494777-80fa-4bf2-98a6-d22b9d1d4c75","block_type":"box","text":"subject to higher withholding taxes in such countries. In addition, some countries with emerging markets may","page_number":16,"box":{"x":81,"y":259,"width":803,"height":11}},{"id":"23140393-9d8a-498f-bbbd-0f359d5aa868","block_type":"box","text":"impose differential capital gains taxes on foreign investors. Foreign companies with securities listed on U.S.","page_number":16,"box":{"x":82,"y":273,"width":793,"height":12}},{"id":"f69efcc1-a727-46d7-8ab8-a5fa5a28850e","block_type":"box","text":"exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which","page_number":16,"box":{"x":81,"y":288,"width":855,"height":12}},{"id":"704af5a4-5652-4815-a0b9-fd074e28aa22","block_type":"box","text":"may significantly decrease the liquidity and value of the securities.","page_number":16,"box":{"x":82,"y":303,"width":485,"height":11}},{"id":"1d6ed263-8044-40ae-becc-a9b0a5a24a8f","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in","page_number":16,"box":{"x":81,"y":323,"width":843,"height":11}},{"id":"a15cfc3c-24f5-402f-b4da-b9785d0b4fa6","block_type":"box","text":"developed markets, in part because the Fund will need to use brokers and counterparties that are less well","page_number":16,"box":{"x":81,"y":338,"width":790,"height":11}},{"id":"9f533c3b-02fe-4c34-a173-339b4757ea51","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":16,"box":{"x":81,"y":352,"width":823,"height":12}},{"id":"a2952c81-f28b-4891-98ed-7e2985f95368","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":16,"box":{"x":82,"y":367,"width":843,"height":12}},{"id":"926c9c1e-5499-40ab-b9ae-c1cc2ea593a5","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would","page_number":16,"box":{"x":82,"y":382,"width":845,"height":12}},{"id":"811df436-ac66-4a52-99c3-9c8f925c79bf","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation. In","page_number":16,"box":{"x":81,"y":397,"width":837,"height":12}},{"id":"0f4dfbf4-821c-4bca-926a-2aaa89cc2626","block_type":"box","text":"addition, communications between the United States and emerging market countries may be unreliable, increasing","page_number":16,"box":{"x":81,"y":412,"width":844,"height":11}},{"id":"014c6f57-807d-4d78-90d0-b6bfe5df5013","block_type":"box","text":"the risk of delayed settlements or losses of security certificates.","page_number":16,"box":{"x":80,"y":427,"width":474,"height":11}},{"id":"6fc6cdb6-f1e9-4b80-9048-2b5dba4e8a66","block_type":"box","text":"Equity Securities Risk","page_number":16,"box":{"x":81,"y":447,"width":166,"height":11}},{"id":"60634907-edf8-4b86-84cc-33bec270be33","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":16,"box":{"x":251,"y":447,"width":666,"height":11}},{"id":"c56d318b-0526-4cd6-b90d-6eee55a20115","block_type":"box","text":"are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing","page_number":16,"box":{"x":81,"y":461,"width":850,"height":12}},{"id":"040eabec-be80-4cc7-99b6-324e9c8b3455","block_type":"box","text":"in equities. The value of equity securities purchased by the Fund could decline if the financial condition of the","page_number":16,"box":{"x":82,"y":476,"width":802,"height":12}},{"id":"3b315d30-139d-4b21-ad55-99af7ef4af8d","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":16,"box":{"x":81,"y":491,"width":854,"height":11}},{"id":"a5965164-fa1d-4228-83c5-33502dfba79d","block_type":"box","text":"securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or","page_number":16,"box":{"x":81,"y":506,"width":848,"height":11}},{"id":"9a9ac3b5-00c5-457a-9fa4-a6fbd0faf34a","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":16,"box":{"x":81,"y":521,"width":824,"height":11}},{"id":"450c25da-f572-40eb-a541-30e45192e0a0","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or","page_number":16,"box":{"x":81,"y":535,"width":782,"height":12}},{"id":"7a7bab3b-38a6-46ff-b1be-01e9c28bbc73","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":16,"box":{"x":82,"y":550,"width":849,"height":12}},{"id":"0caf6a7b-f657-41b5-bb43-8d0990ccde1e","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":16,"box":{"x":82,"y":565,"width":482,"height":12}},{"id":"4ded98d3-4328-4380-bdb8-aeea82ecb6cd","block_type":"box","text":"Foreign Securities Risk","page_number":16,"box":{"x":81,"y":585,"width":176,"height":12}},{"id":"d210a3e7-8253-4205-b664-534ee7c85127","block_type":"box","text":"— Securities traded in foreign markets have often (though not always) performed differently","page_number":16,"box":{"x":260,"y":585,"width":677,"height":12}},{"id":"ec106aa6-798e-4c4e-b9af-11e8a8e3e0c4","block_type":"box","text":"from securities traded in the United States. However, such investments often involve special risks not present in","page_number":16,"box":{"x":81,"y":600,"width":827,"height":11}},{"id":"2c8979c9-0d31-4cd7-8fc3-307ec421359a","block_type":"box","text":"U.S. investments that can increase the chances that the Fund will lose money. In particular, the Fund is subject to","page_number":16,"box":{"x":82,"y":615,"width":837,"height":11}},{"id":"4e8c7355-a644-468b-9621-9922bd6c5733","block_type":"box","text":"the risk that because there may be fewer investors on foreign exchanges and a smaller number of securities traded","page_number":16,"box":{"x":80,"y":630,"width":849,"height":11}},{"id":"eb083961-aa38-4313-8769-f9f681cc53e1","block_type":"box","text":"each day, it may be more difficult for the Fund to buy and sell securities on those exchanges. In addition, prices of","page_number":16,"box":{"x":81,"y":644,"width":841,"height":12}},{"id":"ea6fae15-6819-43c6-96bb-9440d74e04f7","block_type":"box","text":"foreign securities may go up and down more than prices of securities traded in the United States.","page_number":16,"box":{"x":81,"y":659,"width":716,"height":12}},{"id":"c57f7946-fd59-4b04-8abb-7e4a6f4abedf","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States","page_number":16,"box":{"x":82,"y":679,"width":468,"height":12}},{"id":"b28b70cc-4507-4631-9358-6fd0ea89d6a6","block_type":"box","text":"— The Fund generally holds its foreign securities","page_number":16,"box":{"x":555,"y":679,"width":358,"height":12}},{"id":"d0d9d8da-2d0d-45da-b7a3-adb09fecdbf0","block_type":"box","text":"and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be","page_number":16,"box":{"x":81,"y":694,"width":813,"height":12}},{"id":"e14d2ddc-fdab-4d01-87e2-f09f2d652dab","block_type":"box","text":"recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory","page_number":16,"box":{"x":82,"y":709,"width":791,"height":11}},{"id":"4a61c972-ccc6-4f88-85d3-98000e4dfdd0","block_type":"box","text":"oversight of their operations. Also, the laws of certain countries limit the Fund’s ability to recover its assets if a","page_number":16,"box":{"x":81,"y":724,"width":818,"height":11}},{"id":"6595f528-7ff9-4039-91e3-d4e4bfbf1477","block_type":"box","text":"foreign bank, depository or issuer of a security, or any of their agents, goes bankrupt. In addition, it is often more","page_number":16,"box":{"x":81,"y":739,"width":833,"height":11}},{"id":"45e537ed-6f8b-4bca-8c14-cde70bc42191","block_type":"box","text":"expensive for the Fund to buy, sell and hold securities in certain foreign markets than in the United States. The","page_number":16,"box":{"x":81,"y":753,"width":816,"height":12}},{"id":"ec243624-c840-40e7-b872-1f4494dd31a9","block_type":"box","text":"increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments and","page_number":16,"box":{"x":82,"y":768,"width":827,"height":12}},{"id":"d0e7dd70-2005-43b2-9fb9-0dde48c3bc95","block_type":"box","text":"typically results in a higher operating expense ratio for the Fund than for investment companies invested only in the","page_number":16,"box":{"x":80,"y":783,"width":848,"height":12}},{"id":"25553219-1ceb-42a1-9c75-899b9dc6ddb2","block_type":"box","text":"United States.","page_number":16,"box":{"x":82,"y":798,"width":102,"height":9}},{"id":"45d801c7-ba02-48a0-8dee-fde754a4d27b","block_type":"box","text":"Currency Risk","page_number":16,"box":{"x":82,"y":818,"width":100,"height":11}},{"id":"b9af34e0-07ab-4c27-9800-cfd24748a7a6","block_type":"box","text":"— Securities and other instruments in which the Fund invests may be denominated or quoted in","page_number":16,"box":{"x":186,"y":818,"width":706,"height":11}},{"id":"9f1c1c39-3431-4065-840f-5371f5987ab3","block_type":"box","text":"currencies other than the U.S. dollar. For this reason, changes in foreign currency exchange rates can affect the","page_number":16,"box":{"x":81,"y":833,"width":823,"height":11}},{"id":"3640d9a4-f9eb-4c12-b509-31ad147ac16c","block_type":"box","text":"value of the Fund’s portfolio.","page_number":16,"box":{"x":80,"y":847,"width":211,"height":12}},{"id":"9a4d57c1-e835-4c33-9bd8-4ee656485e1c","block_type":"box","text":"Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency","page_number":16,"box":{"x":81,"y":867,"width":823,"height":12}},{"id":"67f9b175-68b4-40ef-a18d-3adb851599e9","block_type":"box","text":"loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value","page_number":16,"box":{"x":82,"y":882,"width":834,"height":12}},{"id":"6101ebc8-5665-47c4-bc6e-3e2df9588058","block_type":"box","text":"against a foreign currency, a security denominated in that currency gains value because the currency is worth more","page_number":16,"box":{"x":81,"y":897,"width":846,"height":12}},{"id":"5c065f4f-3615-4294-8fc9-34cadb3bac4a","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"2e54440f-37f0-4e46-8b26-55f6686e18c8","block_type":"box","text":"NM1026U-5982542-16/68","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5a36bec6-2c45-4cb8-b8aa-2d86c4592788","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":17,"box":{"x":82,"y":46,"width":826,"height":11}},{"id":"d65f21f0-de01-4303-9a11-c031bc37c7f4","block_type":"box","text":"U.S. investors while a weak U.S. dollar will increase those returns.","page_number":17,"box":{"x":82,"y":61,"width":486,"height":9}},{"id":"88caf9fd-7084-4999-9a21-6d56210ea395","block_type":"box","text":"Foreign Economy Risk","page_number":17,"box":{"x":82,"y":81,"width":160,"height":11}},{"id":"f4ed465b-07a3-47c5-9158-f49df3d5dae8","block_type":"box","text":"— The economies of certain foreign markets may not compare favorably with the economy of","page_number":17,"box":{"x":246,"y":80,"width":685,"height":12}},{"id":"101b0dd0-b370-4c2e-b544-d023c8730281","block_type":"box","text":"the United States with respect to such issues as growth of gross national product, reinvestment of capital,","page_number":17,"box":{"x":80,"y":95,"width":785,"height":12}},{"id":"f4a86810-1d45-45ae-88d0-c3299f357d0a","block_type":"box","text":"resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or","page_number":17,"box":{"x":82,"y":110,"width":845,"height":12}},{"id":"d4897ac4-bc66-447d-a689-a25b45828179","block_type":"box","text":"foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a","page_number":17,"box":{"x":81,"y":125,"width":853,"height":11}},{"id":"63f4435b-37a6-4df9-bbe7-94267acd050f","block_type":"box","text":"particular country or countries, changes in international trading patterns, trade barriers and other protectionist or","page_number":17,"box":{"x":82,"y":140,"width":831,"height":11}},{"id":"78212f68-a69b-4ae0-925b-291397a9184c","block_type":"box","text":"retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such","page_number":17,"box":{"x":82,"y":155,"width":846,"height":11}},{"id":"98b9747a-f3db-4639-80e8-d0fc38932ced","block_type":"box","text":"as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the","page_number":17,"box":{"x":81,"y":169,"width":808,"height":12}},{"id":"21bf83b5-bd2d-411f-afce-7850c6a9a1bc","block_type":"box","text":"imposition of punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest","page_number":17,"box":{"x":82,"y":184,"width":851,"height":12}},{"id":"62092259-a956-40e7-abfc-fcb3ad55fb58","block_type":"box","text":"rates, political events, military action and other conditions may, without prior warning, lead to the governments of","page_number":17,"box":{"x":82,"y":199,"width":832,"height":12}},{"id":"b8bccd88-c5b9-4c73-98d5-c80b51f60253","block_type":"box","text":"certain countries, or the U.S. Government with respect to certain countries, prohibiting or imposing substantial","page_number":17,"box":{"x":81,"y":214,"width":814,"height":11}},{"id":"7052b2f8-48f0-4900-b943-9b5eb6f2e6b6","block_type":"box","text":"restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain","page_number":17,"box":{"x":82,"y":229,"width":805,"height":11}},{"id":"cb9f6547-95df-41d2-87e3-e5f5c91dcc7a","block_type":"box","text":"industries in those countries. Capital controls and/or sanctions may include the prohibition of, or restrictions on,","page_number":17,"box":{"x":82,"y":244,"width":827,"height":11}},{"id":"8cafa07c-52c9-4945-b950-33bf20a4372a","block_type":"box","text":"the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory","page_number":17,"box":{"x":80,"y":258,"width":801,"height":12}},{"id":"627f8bcc-c4ed-4f8c-89c9-9108d810842f","block_type":"box","text":"actions of one government against another government, such as seizure of assets. Any of these actions could","page_number":17,"box":{"x":81,"y":273,"width":809,"height":12}},{"id":"8952d493-4044-45b7-bdab-6f5b01488a20","block_type":"box","text":"severely impair the Fund’s ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign","page_number":17,"box":{"x":81,"y":288,"width":849,"height":12}},{"id":"c7c38d53-2217-4ed6-b61a-e1478a80c460","block_type":"box","text":"securities and assets, including the ability to transfer the Fund’s assets or income back into the United States, and","page_number":17,"box":{"x":81,"y":303,"width":848,"height":11}},{"id":"0ac45891-e22c-4189-80be-5a2d329bf394","block_type":"box","text":"could negatively impact the value and/or liquidity of such assets or otherwise adversely affect the Fund’s","page_number":17,"box":{"x":81,"y":318,"width":774,"height":11}},{"id":"cc983085-66a9-47b3-b448-a48b60fbaf91","block_type":"box","text":"operations, causing the Fund to decline in value.","page_number":17,"box":{"x":81,"y":333,"width":355,"height":11}},{"id":"623c26f7-a9fd-4a76-b3d2-f0ee00827bc8","block_type":"box","text":"Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on","page_number":17,"box":{"x":81,"y":352,"width":838,"height":12}},{"id":"d3c9ce17-93e8-4ef9-9687-2b40fbdcfc3b","block_type":"box","text":"foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social","page_number":17,"box":{"x":81,"y":367,"width":815,"height":12}},{"id":"8b4d6033-0f72-41ba-b79e-c8d3fd23c690","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":17,"box":{"x":82,"y":382,"width":827,"height":12}},{"id":"77f7e23b-45bf-4216-9acd-32997bcd3ad0","block_type":"box","text":"regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets,","page_number":17,"box":{"x":82,"y":397,"width":832,"height":12}},{"id":"53a339d3-d4d0-4661-8b8f-5b5df6e8a493","block_type":"box","text":"and the value of the Fund’s investments, in non-U.S. countries. These factors are extremely difficult, if not","page_number":17,"box":{"x":81,"y":412,"width":781,"height":11}},{"id":"1b58ada2-3a18-48ce-aa6f-81ab912a254a","block_type":"box","text":"impossible, to predict and take into account with respect to the Fund’s investments.","page_number":17,"box":{"x":82,"y":427,"width":617,"height":11}},{"id":"3c285c27-b75f-446b-8f38-6a6400dbe7c4","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":17,"box":{"x":82,"y":447,"width":476,"height":11}},{"id":"e7adc41d-920b-4460-910e-0f5289cdc017","block_type":"box","text":"— Many foreign governments do not supervise","page_number":17,"box":{"x":563,"y":447,"width":344,"height":11}},{"id":"b3769339-8b77-4293-bea0-fe48b0a1ef4f","block_type":"box","text":"and regulate stock exchanges, brokers and the sale of securities to the same extent as such regulations exist in","page_number":17,"box":{"x":81,"y":461,"width":827,"height":12}},{"id":"0fc5bb9c-7c70-4ff9-84f0-b7d9fcefcd80","block_type":"box","text":"the United States. They also may not have laws to protect investors that are comparable to U.S. securities laws. For","page_number":17,"box":{"x":80,"y":476,"width":855,"height":12}},{"id":"cd536cc2-f5fc-41b0-add7-9441fd35954c","block_type":"box","text":"example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a","page_number":17,"box":{"x":81,"y":491,"width":831,"height":12}},{"id":"515b87f4-a348-449e-9e40-6dfacda045f8","block_type":"box","text":"person buys or sells a company’s securities based on material non-public information about that company. In","page_number":17,"box":{"x":82,"y":506,"width":800,"height":11}},{"id":"7dfdc8c4-e4b2-49fa-90d1-7baf295d0cfa","block_type":"box","text":"addition, some countries may have legal systems that may make it difficult for the Fund to vote proxies, exercise","page_number":17,"box":{"x":81,"y":521,"width":829,"height":11}},{"id":"919ab063-c965-4abb-bf58-687bae2bbf6e","block_type":"box","text":"shareholder rights, and pursue legal remedies with respect to its foreign investments. Accounting standards in other","page_number":17,"box":{"x":81,"y":535,"width":856,"height":12}},{"id":"d2bd0ffa-7717-4b7b-a840-58374d10aacb","block_type":"box","text":"countries are not necessarily the same as in the United States. If the accounting standards in another country do","page_number":17,"box":{"x":81,"y":550,"width":834,"height":12}},{"id":"91f88032-298e-43d7-a75d-f1eca9f295a6","block_type":"box","text":"not require as much detail as U.S. accounting standards, it may be harder for Fund management to completely and","page_number":17,"box":{"x":82,"y":565,"width":844,"height":12}},{"id":"3097e227-c9d0-4aac-a93f-0095d68a7179","block_type":"box","text":"accurately determine a company’s financial condition.","page_number":17,"box":{"x":81,"y":580,"width":393,"height":11}},{"id":"0dd580e5-c572-445a-b9c0-d32a3402ca05","block_type":"box","text":"Settlement Risk","page_number":17,"box":{"x":82,"y":600,"width":117,"height":9}},{"id":"7361e1ce-6037-465b-8658-7ec6297278cd","block_type":"box","text":"— Settlement and clearance procedures in certain foreign markets differ significantly from those in","page_number":17,"box":{"x":203,"y":600,"width":730,"height":12}},{"id":"9722437b-cd14-472c-b248-677635bca4f2","block_type":"box","text":"the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks","page_number":17,"box":{"x":80,"y":615,"width":856,"height":11}},{"id":"ab844086-0038-4d52-a260-48710e2c8822","block_type":"box","text":"(such as delays in payment for or delivery of securities) not typically associated with the settlement of U.S.","page_number":17,"box":{"x":81,"y":630,"width":784,"height":11}},{"id":"c6658142-2978-4046-9642-c5d7b66942dd","block_type":"box","text":"investments.","page_number":17,"box":{"x":82,"y":645,"width":92,"height":9}},{"id":"0632aa10-c4f3-4b83-9d81-2b7e1f3be76c","block_type":"box","text":"At times, settlements in certain foreign countries have not kept pace with the number of securities transactions.","page_number":17,"box":{"x":81,"y":664,"width":825,"height":12}},{"id":"9e26d044-0d2f-4182-afe5-f1b3c7931ac3","block_type":"box","text":"These problems may make it difficult for the Fund to carry out transactions. If the Fund cannot settle or is delayed","page_number":17,"box":{"x":81,"y":679,"width":839,"height":12}},{"id":"946738a3-6da4-4d02-af96-94a2a77dbbab","block_type":"box","text":"in settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be","page_number":17,"box":{"x":82,"y":694,"width":854,"height":12}},{"id":"726ec296-bf8f-4eca-8052-1d9583585633","block_type":"box","text":"uninvested with no return earned thereon for some period. If the Fund cannot settle or is delayed in settling a sale","page_number":17,"box":{"x":82,"y":709,"width":839,"height":11}},{"id":"99683c24-ab3e-41ea-a917-bd06e6b0da9e","block_type":"box","text":"of securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security","page_number":17,"box":{"x":81,"y":724,"width":841,"height":11}},{"id":"636803b4-269e-43b4-99e7-5205a5835f41","block_type":"box","text":"to another party, the Fund could be liable for any losses incurred.","page_number":17,"box":{"x":80,"y":739,"width":480,"height":11}},{"id":"730c368e-a3bf-47ca-bfab-979adfa77fda","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":17,"box":{"x":83,"y":759,"width":221,"height":11}},{"id":"56c71757-3815-4ac5-ab8a-bac25c63cb0e","block_type":"box","text":"— The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":17,"box":{"x":308,"y":759,"width":589,"height":11}},{"id":"81210c61-18e6-428a-8345-3852616123b6","block_type":"box","text":"interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or","page_number":17,"box":{"x":82,"y":773,"width":838,"height":12}},{"id":"276fae50-5369-4202-bbd2-25ac10fb893e","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding tax","page_number":17,"box":{"x":81,"y":788,"width":834,"height":12}},{"id":"66995ee4-bda5-4439-812f-a75f84ae3d19","block_type":"box","text":"refund is within the control of the tax authorities in such countries. Where the Fund expects to recover withholding","page_number":17,"box":{"x":82,"y":803,"width":836,"height":12}},{"id":"2b16bf6d-3078-4bdd-a354-a148225d938d","block_type":"box","text":"taxes, the net asset value of the Fund generally includes accruals for such tax refunds. The Fund regularly evaluates","page_number":17,"box":{"x":80,"y":818,"width":854,"height":11}},{"id":"c8bb43c6-81a6-4b04-8085-eae96cd0d490","block_type":"box","text":"the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax","page_number":17,"box":{"x":80,"y":833,"width":831,"height":11}},{"id":"e76b8192-c117-4e93-bba4-6e2c15fd5d77","block_type":"box","text":"regulation or approach in the foreign country, accruals in the Fund’s net asset value for such refunds may be written","page_number":17,"box":{"x":82,"y":847,"width":852,"height":12}},{"id":"aa5a85c8-8485-4949-887f-8457856387d9","block_type":"box","text":"down partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in the Fund at the time","page_number":17,"box":{"x":81,"y":862,"width":848,"height":12}},{"id":"ef87d3aa-0d29-42d7-ad11-b88e3953813f","block_type":"box","text":"an accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether","page_number":17,"box":{"x":81,"y":877,"width":831,"height":12}},{"id":"28bdba53-92f3-41e2-b8a8-61ee53c23397","block_type":"box","text":"they were shareholders during the accrual period. Conversely, if the Fund receives a tax refund that has not been","page_number":17,"box":{"x":80,"y":892,"width":830,"height":12}},{"id":"5f787bb6-d8b9-4df0-b7c5-5d63833a9d6c","block_type":"box","text":"previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting","page_number":17,"box":{"x":82,"y":907,"width":832,"height":11}},{"id":"06fb12bb-cff7-49f1-8bd2-02c715179b26","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"c0f5f6dc-afba-47f9-95a3-7ad623f9af77","block_type":"box","text":"NM1026U-5982542-17/68","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"dac7a724-31f9-4164-9bea-439a40864512","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":18,"box":{"x":82,"y":46,"width":836,"height":11}},{"id":"912e0208-0fd8-490c-8d49-858876101116","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":18,"box":{"x":81,"y":61,"width":325,"height":9}},{"id":"80b3d938-bd98-4a5c-88ca-82df50f005eb","block_type":"box","text":"Geographic Concentration Risk","page_number":18,"box":{"x":81,"y":81,"width":235,"height":11}},{"id":"07343c79-ab60-4dd5-91f1-5dbd122094ea","block_type":"box","text":"— From time to time the Fund may invest a substantial amount of its assets in","page_number":18,"box":{"x":320,"y":80,"width":581,"height":12}},{"id":"5f8f0b24-6852-477a-ac26-ec3e9c1574ec","block_type":"box","text":"issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this","page_number":18,"box":{"x":82,"y":95,"width":848,"height":12}},{"id":"1d650443-e5bd-461f-befb-6ab63f24c400","block_type":"box","text":"manner, it assumes the risk that economic, political and social conditions in those countries will have a significant","page_number":18,"box":{"x":82,"y":110,"width":841,"height":12}},{"id":"38199aaf-b316-492a-8589-7896e60fd07f","block_type":"box","text":"impact on its investment performance. The Fund’s investment performance may also be more volatile if it","page_number":18,"box":{"x":82,"y":125,"width":777,"height":11}},{"id":"c060c9c6-a4bc-471d-b7c6-fcceabe0f033","block_type":"box","text":"concentrates its investments in certain countries, especially emerging market countries.","page_number":18,"box":{"x":81,"y":140,"width":648,"height":11}},{"id":"b78a93b9-eee5-45d4-93df-ac9049dc6ef7","block_type":"box","text":"Investment Style Risk","page_number":18,"box":{"x":81,"y":160,"width":166,"height":11}},{"id":"0c0e4747-2850-4645-911b-7fb0272a8dfd","block_type":"box","text":"—","page_number":18,"box":{"x":252,"y":165,"width":17,"height":1}},{"id":"522599bd-1d32-4d39-8716-3a4b721af705","block_type":"box","text":"Under certain market conditions, growth investments have performed better during the","page_number":18,"box":{"x":274,"y":160,"width":637,"height":11}},{"id":"c943f083-22be-424b-aaf8-c28830d0ecdb","block_type":"box","text":"later stages of economic expansion. Therefore, this investment style may over time go in and out of favor. At times","page_number":18,"box":{"x":82,"y":175,"width":842,"height":11}},{"id":"bd596872-5a85-4e12-88dd-2e402848fc63","block_type":"box","text":"when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use","page_number":18,"box":{"x":80,"y":189,"width":847,"height":12}},{"id":"d700f976-6172-48f8-b08b-2ebb25c8158f","block_type":"box","text":"different investment styles.","page_number":18,"box":{"x":81,"y":204,"width":200,"height":12}},{"id":"8a28bee3-b2bc-4d41-ad0e-4f807888960c","block_type":"box","text":"Leverage Risk","page_number":18,"box":{"x":81,"y":224,"width":107,"height":12}},{"id":"8c525333-aaed-4cd9-89d8-e5f5405cacd2","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":18,"box":{"x":192,"y":224,"width":741,"height":12}},{"id":"9bde44e2-38cf-4cb3-90bf-db104a3ab888","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":18,"box":{"x":81,"y":239,"width":787,"height":12}},{"id":"97eb780a-95d9-4706-9111-6b33f643e1f9","block_type":"box","text":"investment company registered with the Securities and Exchange Commission (the “SEC”), the Fund is subject to","page_number":18,"box":{"x":82,"y":254,"width":831,"height":11}},{"id":"cbcf74d4-1939-4ffd-b328-1a27cc9076ba","block_type":"box","text":"the federal securities laws, including the Investment Company Act, and the rules thereunder. Under Rule 18f-4","page_number":18,"box":{"x":80,"y":269,"width":811,"height":11}},{"id":"93f7f2cd-0e47-4b4d-a606-590287d8738c","block_type":"box","text":"under the Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or","page_number":18,"box":{"x":82,"y":284,"width":853,"height":11}},{"id":"0328c8f3-011b-4517-88b3-d37036613e2f","block_type":"box","text":"comply with an outer limit on fund leverage risk based on value-at-risk. The use of leverage may cause the Fund to","page_number":18,"box":{"x":81,"y":298,"width":837,"height":12}},{"id":"952c3412-a229-43a9-bb29-110f996c6a20","block_type":"box","text":"liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the","page_number":18,"box":{"x":82,"y":313,"width":807,"height":12}},{"id":"60ac22cb-7037-4c8b-a6a1-66791dc0b097","block_type":"box","text":"applicable requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the","page_number":18,"box":{"x":81,"y":328,"width":840,"height":11}},{"id":"a4cac0f6-9220-45eb-9d6c-94b3ad823fef","block_type":"box","text":"value of the Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":18,"box":{"x":80,"y":343,"width":558,"height":11}},{"id":"6a774cd8-82b5-46bb-82c6-62887fa7afde","block_type":"box","text":"Market Risk and Selection Risk","page_number":18,"box":{"x":81,"y":363,"width":240,"height":9}},{"id":"9af81e5c-022d-4daa-a8d0-f9e56feae184","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":18,"box":{"x":324,"y":363,"width":593,"height":9}},{"id":"53903646-7613-4b5e-adaa-6b7ca1b44e0a","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":18,"box":{"x":81,"y":378,"width":851,"height":11}},{"id":"d4c615af-81d7-4329-8b83-aad7d3d00980","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":18,"box":{"x":82,"y":392,"width":824,"height":12}},{"id":"a47d16b2-b380-490a-b2cd-3ee3dec4aefd","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":18,"box":{"x":82,"y":407,"width":851,"height":12}},{"id":"ef511047-c1bc-4614-8c6e-718e7c215806","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":18,"box":{"x":82,"y":422,"width":802,"height":11}},{"id":"2a2ee231-b4c9-4945-b1f2-dd9891a80ff9","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":18,"box":{"x":81,"y":437,"width":849,"height":11}},{"id":"dd5560f3-2f55-4579-822a-d9db70361444","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":18,"box":{"x":81,"y":452,"width":843,"height":11}},{"id":"54b73e7e-a94d-4b9e-a3ed-cc29ff7e1019","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or","page_number":18,"box":{"x":81,"y":467,"width":830,"height":11}},{"id":"df196cbe-8e29-4e1d-be84-ce2cf0bfc195","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":18,"box":{"x":82,"y":481,"width":840,"height":12}},{"id":"4fc94f91-a15a-4368-9545-7f9b034bc1be","block_type":"box","text":"The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic","page_number":18,"box":{"x":81,"y":496,"width":851,"height":12}},{"id":"eae71cf4-9ac5-443e-8af5-075302cc2600","block_type":"box","text":"uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency","page_number":18,"box":{"x":82,"y":511,"width":815,"height":12}},{"id":"611cd4f2-e730-432c-8e44-ee890ab51338","block_type":"box","text":"exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental","page_number":18,"box":{"x":81,"y":526,"width":826,"height":11}},{"id":"141384a3-27da-4d43-98de-b86a603c8a52","block_type":"box","text":"disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":18,"box":{"x":81,"y":541,"width":735,"height":11}},{"id":"a12c4a23-a17b-4167-9079-ed8dd35ce681","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":18,"box":{"x":82,"y":561,"width":818,"height":11}},{"id":"49238f7e-6e4d-4993-a2f3-f2edf80bfd53","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":18,"box":{"x":80,"y":576,"width":819,"height":11}},{"id":"b092c0c1-54ff-4256-9cae-1754db03ebc7","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":18,"box":{"x":81,"y":590,"width":819,"height":12}},{"id":"edfbdf95-577a-4105-ac75-1597e8d821f8","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":18,"box":{"x":81,"y":605,"width":846,"height":12}},{"id":"dd163bab-d91c-4448-be0e-60aae4c71be0","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":18,"box":{"x":81,"y":620,"width":848,"height":12}},{"id":"3f42a055-3c7c-44fa-ae44-62991f95f666","block_type":"box","text":"the Fund invests.","page_number":18,"box":{"x":80,"y":635,"width":125,"height":9}},{"id":"1e520181-1cff-45c2-a160-fbe3fb1cbeba","block_type":"box","text":"Mid Cap Securities Risk","page_number":18,"box":{"x":81,"y":655,"width":182,"height":11}},{"id":"737e35b7-d340-4e75-b1d8-f2f6a730bde7","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":18,"box":{"x":267,"y":655,"width":665,"height":11}},{"id":"fa769eea-a676-4fad-a3b1-224a21be707b","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":18,"box":{"x":81,"y":670,"width":789,"height":11}},{"id":"f93036e2-21ab-4956-ab86-2b219e5280ff","block_type":"box","text":"“New Issues” Risk","page_number":18,"box":{"x":83,"y":690,"width":139,"height":9}},{"id":"447989b7-33b9-42d2-be34-7ea59b3477c1","block_type":"box","text":"— “New issues” are IPOs of equity securities. Investments in companies that have recently","page_number":18,"box":{"x":226,"y":690,"width":673,"height":11}},{"id":"3423433d-9455-4b4f-ac79-52775841274a","block_type":"box","text":"gone public have the potential to produce substantial gains for the Fund. However, there is no assurance that the","page_number":18,"box":{"x":81,"y":704,"width":833,"height":12}},{"id":"fea41ac2-524c-4276-9cb5-29995831adfb","block_type":"box","text":"Fund will have access to profitable IPOs and therefore investors should not rely on these past gains as an indication","page_number":18,"box":{"x":82,"y":719,"width":853,"height":12}},{"id":"230fe0be-9f46-4ef4-94e1-86d6d3a16c62","block_type":"box","text":"of future performance. The investment performance of the Fund during periods when it is unable to invest","page_number":18,"box":{"x":81,"y":734,"width":778,"height":12}},{"id":"9c7bfb75-fc7c-436d-a018-65fdda8e488c","block_type":"box","text":"significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. In addition, as the","page_number":18,"box":{"x":81,"y":749,"width":827,"height":11}},{"id":"6d319fa7-bc92-4cff-849d-72b525251b05","block_type":"box","text":"Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease. Securities issued in","page_number":18,"box":{"x":82,"y":764,"width":838,"height":11}},{"id":"cfd04de9-0b50-4735-949b-700332a32aad","block_type":"box","text":"IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":18,"box":{"x":82,"y":778,"width":776,"height":12}},{"id":"5282142d-e714-41ea-abc3-ddccfe851e32","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":18,"box":{"x":81,"y":793,"width":830,"height":12}},{"id":"b92755d5-8aba-4981-abac-7bfd11b5a5d3","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after","page_number":18,"box":{"x":82,"y":808,"width":834,"height":12}},{"id":"ce50f2e1-a191-491e-93dc-70dab64e9820","block_type":"box","text":"the IPO. When an IPO is brought to the market, availability may be limited and the Fund may not be able to buy any","page_number":18,"box":{"x":80,"y":823,"width":844,"height":12}},{"id":"c9ee266a-6995-4dc9-b975-e2f97b2dc765","block_type":"box","text":"shares at the offering price, or, if it is able to buy shares, it may not be able to buy as many shares at the offering","page_number":18,"box":{"x":81,"y":838,"width":840,"height":11}},{"id":"9133ec4a-d060-4750-93d2-df0015d5ca6e","block_type":"box","text":"price as it would like.","page_number":18,"box":{"x":82,"y":853,"width":153,"height":11}},{"id":"cac05bb5-0219-484e-b52a-579709eea4d4","block_type":"box","text":"Operational and Technology Risks","page_number":18,"box":{"x":82,"y":873,"width":254,"height":11}},{"id":"cd944a70-5178-473e-96aa-a2873ec607f4","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":18,"box":{"x":340,"y":873,"width":549,"height":11}},{"id":"fce719ac-b4ab-498f-9615-eab526ad52e7","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":18,"box":{"x":81,"y":888,"width":790,"height":11}},{"id":"80317b57-ea7c-4cad-9a13-cab9c3e9e0fa","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":18,"box":{"x":81,"y":902,"width":837,"height":12}},{"id":"883036e2-5948-46d3-a43c-5771021961c3","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":18,"box":{"x":82,"y":917,"width":845,"height":12}},{"id":"7b58db33-133f-4c59-8dfb-cc047871c639","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"3a338370-108b-4c6d-81c7-e300f9c2f175","block_type":"box","text":"NM1026U-5982542-18/68","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f281ba0f-01ac-43df-a091-7e066deb1cd7","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":19,"box":{"x":81,"y":46,"width":832,"height":11}},{"id":"0ab8313f-ce35-4fa6-b10e-a5827a55ab1f","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":19,"box":{"x":82,"y":60,"width":763,"height":12}},{"id":"b922310a-0630-43a5-8b28-1178554d4e2e","block_type":"box","text":"counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and","page_number":19,"box":{"x":81,"y":75,"width":825,"height":12}},{"id":"71f9cb56-1315-4d7e-86bf-c9e7e14fed59","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":19,"box":{"x":81,"y":90,"width":842,"height":12}},{"id":"e8555ce9-8b39-465b-989d-f3ee6d2087e4","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":19,"box":{"x":81,"y":105,"width":852,"height":11}},{"id":"0b5c5559-7857-4baa-a856-27c81ec55500","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":19,"box":{"x":82,"y":120,"width":827,"height":11}},{"id":"dcfd9b0c-c918-462c-b7bd-1032c780ef0d","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":19,"box":{"x":81,"y":140,"width":821,"height":11}},{"id":"2aab7ed1-6c38-4e0e-a16d-37c51de8374a","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":19,"box":{"x":82,"y":155,"width":814,"height":11}},{"id":"c81341dd-219b-4717-b06d-a4d68b1913cf","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":19,"box":{"x":81,"y":169,"width":824,"height":12}},{"id":"4ee47aa2-78c3-4e38-95cf-a248041863ce","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":19,"box":{"x":81,"y":184,"width":791,"height":12}},{"id":"f3b18c28-5715-4c88-800b-a2c812249dae","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":19,"box":{"x":82,"y":199,"width":852,"height":12}},{"id":"fc7faec1-af9d-433a-8ea5-8b2755643f39","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":19,"box":{"x":81,"y":214,"width":784,"height":11}},{"id":"145f30b2-8b71-4e5a-ad9f-82982dda2dcd","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":19,"box":{"x":81,"y":229,"width":787,"height":11}},{"id":"4dd6f9f9-ba89-4c79-bae4-e80b7c1ea97f","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations","page_number":19,"box":{"x":81,"y":244,"width":840,"height":11}},{"id":"d94e94c6-b815-4d0c-9c12-3adc6de6f05b","block_type":"box","text":"of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":19,"box":{"x":81,"y":258,"width":809,"height":12}},{"id":"d47253bb-0b53-4c2d-b62d-63d02ecf8bc5","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":19,"box":{"x":81,"y":273,"width":829,"height":12}},{"id":"c7405851-8a0f-4c53-8fc4-db467a456df6","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":19,"box":{"x":82,"y":288,"width":798,"height":12}},{"id":"a0a3958a-b018-4b8d-a6f4-38568ca82cc4","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":19,"box":{"x":81,"y":303,"width":829,"height":11}},{"id":"a03ee5de-4aab-430e-891a-2bb63b388db1","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":19,"box":{"x":82,"y":318,"width":846,"height":11}},{"id":"9318d212-56b7-4231-b12a-100f15b7db46","block_type":"box","text":"relied upon by the Fund or its service providers, as well as market events that occur at a pace that overloads these","page_number":19,"box":{"x":82,"y":333,"width":846,"height":11}},{"id":"4c608415-e283-4afa-aaec-a74b5592ab5a","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. In addition, the risks of increased use of AI","page_number":19,"box":{"x":81,"y":347,"width":838,"height":12}},{"id":"5b32b7f8-f9de-4b5c-a665-95bbd525f970","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":19,"box":{"x":80,"y":362,"width":770,"height":12}},{"id":"a46f9c00-c8a8-4a4d-8d6f-40a05861c24d","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":19,"box":{"x":80,"y":377,"width":792,"height":12}},{"id":"0465fb59-6f51-477b-895f-35646cd3c7d4","block_type":"box","text":"incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all relevant data into such","page_number":19,"box":{"x":82,"y":392,"width":845,"height":11}},{"id":"2af55b39-807e-43df-854f-03142febeb80","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":19,"box":{"x":80,"y":407,"width":840,"height":11}},{"id":"e555be5a-5368-4ebe-ad2b-c56a149e8d70","block_type":"box","text":"or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are generated. AI","page_number":19,"box":{"x":81,"y":422,"width":841,"height":11}},{"id":"542b3270-4aa9-4393-9b24-752339300389","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":19,"box":{"x":80,"y":436,"width":847,"height":12}},{"id":"1cff7132-63ec-49d9-91bb-ca0c22476128","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":19,"box":{"x":82,"y":451,"width":838,"height":12}},{"id":"7a556d0b-ca24-46e2-83d9-2462d4aaab2a","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":19,"box":{"x":81,"y":466,"width":847,"height":11}},{"id":"d91dbb16-440c-4ec3-9d76-594262ad1456","block_type":"box","text":"operate, continue to quickly evolve, and it is impossible to anticipate the full scope of future AI capabilities or rules","page_number":19,"box":{"x":81,"y":481,"width":845,"height":11}},{"id":"b7171348-021f-4bbd-be73-4567353f707c","block_type":"box","text":"and the associated risks to the Fund.","page_number":19,"box":{"x":81,"y":496,"width":273,"height":9}},{"id":"78a929c6-5642-43b5-985b-5a2a1c5488e6","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":19,"box":{"x":81,"y":516,"width":769,"height":11}},{"id":"77984860-bc3c-416e-aac9-549339b11b16","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":19,"box":{"x":81,"y":530,"width":855,"height":12}},{"id":"97079818-4f5f-4491-a080-446b3b106336","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":19,"box":{"x":80,"y":545,"width":848,"height":12}},{"id":"04cdeca1-fc0b-4159-aac6-c5ced99c2e4d","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":19,"box":{"x":81,"y":560,"width":777,"height":12}},{"id":"c6c9a161-dd72-48bf-a74e-d76585f453cf","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":19,"box":{"x":81,"y":575,"width":824,"height":11}},{"id":"7e63f9d6-9b9f-4414-9ba2-753014f71185","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":19,"box":{"x":81,"y":590,"width":785,"height":11}},{"id":"7b52a7bd-e348-4272-863b-295723de6e40","block_type":"box","text":"identified or may emerge in the future; that such plans and systems may not completely eliminate the occurrence or","page_number":19,"box":{"x":82,"y":604,"width":853,"height":12}},{"id":"a130c5b2-aa82-4d27-990e-967db1d1635e","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":19,"box":{"x":82,"y":619,"width":855,"height":12}},{"id":"0c9f0092-793e-4547-aff1-f6dabc01bb0e","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":19,"box":{"x":82,"y":634,"width":813,"height":12}},{"id":"38168e6b-f6e7-41ed-a84c-705ec083b159","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":19,"box":{"x":81,"y":649,"width":806,"height":11}},{"id":"507e207d-5401-4418-92c8-968710f231d9","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":19,"box":{"x":82,"y":664,"width":602,"height":11}},{"id":"2419b495-8a0d-4bc0-b83c-811c82727d7a","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":19,"box":{"x":82,"y":684,"width":794,"height":11}},{"id":"dc264c24-ef36-4600-a8ea-bab2c3b6fccd","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":19,"box":{"x":81,"y":699,"width":840,"height":11}},{"id":"7d240500-eb5a-4551-ba51-2cf9377a4f33","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":19,"box":{"x":81,"y":714,"width":801,"height":11}},{"id":"85faa7af-eeed-41ad-822c-1bb1ad747216","block_type":"box","text":"resources to monitor and implement required changes.","page_number":19,"box":{"x":82,"y":729,"width":402,"height":11}},{"id":"07f82e2d-ca27-4634-a40b-7c10067963fa","block_type":"box","text":"Preferred Securities Risk","page_number":19,"box":{"x":81,"y":748,"width":189,"height":9}},{"id":"673ba3d7-8642-40bb-b388-613d365ae7b1","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":19,"box":{"x":274,"y":748,"width":636,"height":12}},{"id":"9c508164-6541-4858-8e8c-fc2212129cea","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":19,"box":{"x":81,"y":763,"width":824,"height":12}},{"id":"34d93044-c817-44c4-8ae9-d56d22d6270c","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":19,"box":{"x":82,"y":778,"width":806,"height":11}},{"id":"4aed2fc8-05a0-4c37-9caa-64162e612f31","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":19,"box":{"x":81,"y":793,"width":842,"height":11}},{"id":"8d8a2f83-b44f-4ad1-95d2-9407168a584e","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":19,"box":{"x":81,"y":808,"width":781,"height":11}},{"id":"bd878f1e-b083-46a4-a4a0-b9b78d7ada57","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":19,"box":{"x":81,"y":822,"width":812,"height":12}},{"id":"0c60d2f9-b9ad-4226-a246-4461bde4eef0","block_type":"box","text":"larger companies.","page_number":19,"box":{"x":82,"y":837,"width":129,"height":12}},{"id":"81789873-a3e7-414e-86bf-c3ae0b2fc746","block_type":"box","text":"Purchase and Sale Contracts Risk","page_number":19,"box":{"x":81,"y":857,"width":258,"height":9}},{"id":"b621738b-a67c-45ac-b9ac-ca03d23c3504","block_type":"box","text":"— If the other party to a purchase and sale contract defaults on its obligation","page_number":19,"box":{"x":343,"y":857,"width":570,"height":12}},{"id":"ce70ee1a-a4f8-4255-a97f-702df86e126c","block_type":"box","text":"under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the","page_number":19,"box":{"x":82,"y":872,"width":829,"height":12}},{"id":"fc0d7018-7b01-48d1-bd7d-6ff863c4372a","block_type":"box","text":"agreement. If the seller fails to repurchase the security and the market value of the security declines, the Fund may","page_number":19,"box":{"x":81,"y":887,"width":850,"height":11}},{"id":"17bd8e18-c9a3-402c-a850-fdfd8fc39f02","block_type":"box","text":"lose money.","page_number":19,"box":{"x":82,"y":902,"width":85,"height":11}},{"id":"b02f1796-fe56-4753-9462-562b91c74a24","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"ac9154a5-f237-4e01-9f1c-5cf95d9ccad7","block_type":"box","text":"NM1026U-5982542-19/68","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"fac26772-35e2-4bdf-9c76-300ebb569308","block_type":"box","text":"Restricted Securities Risk","page_number":20,"box":{"x":81,"y":46,"width":198,"height":9}},{"id":"3a684cbe-6210-47ae-8599-ed68f29d5319","block_type":"box","text":"—","page_number":20,"box":{"x":284,"y":51,"width":17,"height":1}},{"id":"e7bce89f-41a4-4646-9854-616bdb3cefa2","block_type":"box","text":"Limitations on the resale, including any required lock up or holding periods, of","page_number":20,"box":{"x":306,"y":46,"width":572,"height":11}},{"id":"b8350ecc-dbbd-4e3a-8b28-1377baddfa37","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity may prevent the Fund from","page_number":20,"box":{"x":82,"y":60,"width":845,"height":12}},{"id":"ac35b856-19e8-4f8f-84cf-01f9dc9cc790","block_type":"box","text":"disposing of them promptly at advantageous prices, if at all. Restricted securities may not be listed on an exchange","page_number":20,"box":{"x":81,"y":75,"width":850,"height":12}},{"id":"7b5de3d3-b066-43b4-b394-3c4de8f36b04","block_type":"box","text":"and may have no active trading market. In order to sell certain restricted securities, the Fund may have to bear the","page_number":20,"box":{"x":81,"y":90,"width":843,"height":12}},{"id":"9e80c269-8794-4191-bebd-0fcafced4e4f","block_type":"box","text":"expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Other","page_number":20,"box":{"x":81,"y":105,"width":847,"height":12}},{"id":"5d9082d6-7398-4527-8ab1-7896b30bab23","block_type":"box","text":"transaction costs may be higher for restricted securities than unrestricted securities. Restricted securities may be","page_number":20,"box":{"x":80,"y":120,"width":838,"height":11}},{"id":"8d3065c0-33e9-4caa-8326-cc131caa9500","block_type":"box","text":"difficult to value because market quotations may not be readily available, there may be limited other information","page_number":20,"box":{"x":81,"y":135,"width":825,"height":11}},{"id":"443d8761-e2eb-4117-883a-4d7ec8af4fe2","block_type":"box","text":"regarding the investment’s market or fair value, and the securities values may have significant volatility. Also, the","page_number":20,"box":{"x":82,"y":149,"width":830,"height":12}},{"id":"a0160ad0-5bd0-496e-a9c4-c822d798e8ef","block_type":"box","text":"Fund may get only limited information about the issuer of a given restricted security, and therefore may be less able","page_number":20,"box":{"x":82,"y":164,"width":849,"height":12}},{"id":"c6833801-f0d9-41c8-a5a5-c0b20fe2d9b2","block_type":"box","text":"to determine the security’s market or fair value or assess the investment risks as fully as for other issuers for which","page_number":20,"box":{"x":80,"y":179,"width":855,"height":11}},{"id":"ef8b1c76-c202-4db6-9ecd-b069218f549b","block_type":"box","text":"more information is available. Certain restricted securities may involve a high degree of business and financial risk","page_number":20,"box":{"x":82,"y":194,"width":844,"height":11}},{"id":"aca73385-b5f5-4fce-ac53-9775fc877867","block_type":"box","text":"and may result in substantial losses to the Fund. Certain restricted securities may represent limited investment","page_number":20,"box":{"x":81,"y":209,"width":821,"height":11}},{"id":"d0e0b028-9bb5-4fb3-9ccd-f5c9b9570fcc","block_type":"box","text":"opportunities and each shareholder’s proportionate investment exposure to such limited investment opportunities","page_number":20,"box":{"x":81,"y":224,"width":841,"height":11}},{"id":"bf31fae2-3a52-46fc-a613-b127b75d00a5","block_type":"box","text":"may be reduced proportionately as the Fund’s net assets grow from new or additional investments made in the","page_number":20,"box":{"x":82,"y":238,"width":815,"height":12}},{"id":"b0376f7b-8dea-4459-aede-e6ae1ce51626","block_type":"box","text":"Fund by other shareholders.","page_number":20,"box":{"x":82,"y":253,"width":202,"height":12}},{"id":"25f333ad-5e35-40cf-b13e-8e25ddbd805a","block_type":"box","text":"Small Cap Securities Risk","page_number":20,"box":{"x":81,"y":273,"width":196,"height":11}},{"id":"7b55292c-bc7b-4474-8f01-6f632b832270","block_type":"box","text":"— Small cap companies may have limited product lines or markets. They may be less","page_number":20,"box":{"x":280,"y":273,"width":630,"height":12}},{"id":"9006960f-5b7f-4c24-961c-be3a67b6a443","block_type":"box","text":"financially secure than larger, more established companies. They may depend on a small number of key personnel.","page_number":20,"box":{"x":81,"y":288,"width":844,"height":12}},{"id":"fc79de6e-843b-4f44-88ee-8c0bfd4b6305","block_type":"box","text":"If a product fails or there are other adverse developments, or if management changes, the Fund’s investment in a","page_number":20,"box":{"x":82,"y":303,"width":835,"height":11}},{"id":"f2f526ab-675d-47ed-b6be-c06390200628","block_type":"box","text":"small cap company may lose substantial value. In addition, it is more difficult to get information on smaller","page_number":20,"box":{"x":81,"y":318,"width":787,"height":11}},{"id":"42d1a0cc-6066-4211-8400-19f8cdbfff91","block_type":"box","text":"companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by","page_number":20,"box":{"x":81,"y":332,"width":854,"height":12}},{"id":"08a41a7a-11e5-46c4-aefa-12650d2623f0","block_type":"box","text":"large investors and are followed by relatively few securities analysts.","page_number":20,"box":{"x":82,"y":347,"width":501,"height":12}},{"id":"3b2f11f3-981b-40b3-a01f-233eab68e3a0","block_type":"box","text":"The securities of small cap companies generally trade in lower volumes and are subject to greater and more","page_number":20,"box":{"x":81,"y":367,"width":794,"height":12}},{"id":"cd9c4672-b7d5-4643-b3ea-ae1a3e2de538","block_type":"box","text":"unpredictable price changes than larger cap securities or the market as a whole. In addition, small cap securities","page_number":20,"box":{"x":82,"y":382,"width":830,"height":12}},{"id":"a490c649-fb09-4602-a14d-283949d65648","block_type":"box","text":"may be particularly sensitive to changes in interest rates, borrowing costs and earnings. Investing in small cap","page_number":20,"box":{"x":82,"y":397,"width":812,"height":12}},{"id":"a46894ad-dff0-44ef-b0c9-ed6b15186acd","block_type":"box","text":"securities requires a longer term view.","page_number":20,"box":{"x":81,"y":412,"width":279,"height":11}},{"id":"1365d75e-3e47-473b-83a8-7a4256855d86","block_type":"box","text":"Technology Securities Risk","page_number":20,"box":{"x":82,"y":432,"width":203,"height":11}},{"id":"96c79bcf-c923-434d-9676-b17f469dd50c","block_type":"box","text":"—","page_number":20,"box":{"x":289,"y":437,"width":17,"height":1}},{"id":"44092655-03e7-4850-be88-17172cef9c51","block_type":"box","text":"Certain technology-related companies may face special risks that their products or","page_number":20,"box":{"x":311,"y":432,"width":606,"height":11}},{"id":"d9cccd5a-1661-45c8-8708-f75621dd6f09","block_type":"box","text":"services may not prove to be commercially successful. Technology-related companies are also strongly affected by","page_number":20,"box":{"x":81,"y":447,"width":842,"height":11}},{"id":"ab923bc8-4a71-4a41-b40f-87a55c6bc479","block_type":"box","text":"worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such","page_number":20,"box":{"x":80,"y":461,"width":838,"height":12}},{"id":"9448182a-f4cb-47a9-91e8-fa155bbd8226","block_type":"box","text":"companies are also often subject to governmental regulation and may, therefore, be adversely affected by","page_number":20,"box":{"x":81,"y":476,"width":779,"height":12}},{"id":"27c51004-a226-460b-a51e-34f3dd25d507","block_type":"box","text":"governmental policies. In addition, certain technology-related companies in which the Fund may invest may not","page_number":20,"box":{"x":81,"y":491,"width":812,"height":12}},{"id":"ce4476ce-d208-4707-8051-0cd10a254e8a","block_type":"box","text":"currently be profitable and there can be no assurance that such companies will be profitable in the future.","page_number":20,"box":{"x":81,"y":506,"width":778,"height":11}},{"id":"f5d4c13c-8759-422d-9613-eff489dca38a","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":20,"box":{"x":61,"y":529,"width":296,"height":12}},{"id":"7595c7da-1f74-4297-9304-1c6acf86785d","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":20,"box":{"x":60,"y":545,"width":832,"height":12}},{"id":"c2b31f45-d0fb-4c28-9d47-5e1c291ecaf7","block_type":"box","text":"strategies, including:","page_number":20,"box":{"x":61,"y":560,"width":151,"height":12}},{"id":"78ff8b75-db88-4dd2-a994-d513684609e6","block_type":"box","text":"Borrowing Risk","page_number":20,"box":{"x":81,"y":580,"width":115,"height":11}},{"id":"d9bc6c4b-b8f8-483b-ac5e-440c25c534cc","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":20,"box":{"x":200,"y":580,"width":711,"height":12}},{"id":"3116feee-0cc5-41e3-bea5-019b599befef","block_type":"box","text":"the Fund’s portfolio. Borrowing will cost the Fund interest expense and other fees. The costs of borrowing may","page_number":20,"box":{"x":80,"y":595,"width":813,"height":11}},{"id":"b0963011-6d66-4b55-93ae-e53389f0f0b6","block_type":"box","text":"reduce the Fund’s return. Borrowing may cause the Fund to liquidate positions when it may not be advantageous to","page_number":20,"box":{"x":82,"y":610,"width":846,"height":11}},{"id":"d9e7bd75-2236-45ec-a0ec-2c3b7a498be4","block_type":"box","text":"do so to satisfy its obligations.","page_number":20,"box":{"x":81,"y":624,"width":225,"height":12}},{"id":"8bff333e-fed7-4685-925b-bbf3a1f7e317","block_type":"box","text":"Depositary Receipts Risk","page_number":20,"box":{"x":81,"y":645,"width":191,"height":11}},{"id":"cfae9f66-8a89-4573-9315-7b913e9160dd","block_type":"box","text":"— Depositary receipts are generally subject to the same risks as the foreign securities","page_number":20,"box":{"x":276,"y":644,"width":639,"height":12}},{"id":"e5c70a5c-a9ea-4087-b7e4-a47e2a5959c4","block_type":"box","text":"that they evidence or into which they may be converted. In addition to investment risks associated with the","page_number":20,"box":{"x":80,"y":660,"width":786,"height":11}},{"id":"43482c02-e4f7-423e-b40a-9e1ad5b0bc1e","block_type":"box","text":"underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms","page_number":20,"box":{"x":82,"y":674,"width":824,"height":12}},{"id":"acc4287f-7df6-4c88-9172-2a4b23c4f9c3","block_type":"box","text":"that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other","page_number":20,"box":{"x":80,"y":689,"width":827,"height":11}},{"id":"89d82b22-c2d9-4728-9d87-26928d0e1157","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":20,"box":{"x":82,"y":704,"width":849,"height":11}},{"id":"06f6dca9-da53-4829-80c3-7ec97bc47089","block_type":"box","text":"depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that","page_number":20,"box":{"x":81,"y":719,"width":840,"height":11}},{"id":"40ce7a28-34a5-4238-bf68-9e8bc9b141fd","block_type":"box","text":"is, in the United States, considered material. Therefore, there may be less information available regarding these","page_number":20,"box":{"x":82,"y":733,"width":824,"height":12}},{"id":"24bf6cdf-2751-4809-8fcf-eda4aaf23acd","block_type":"box","text":"issuers and there may not be a correlation between such information and the market value of the depositary","page_number":20,"box":{"x":82,"y":748,"width":798,"height":12}},{"id":"43ecd51b-2114-4a15-8f01-0a8f05666b87","block_type":"box","text":"receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their","page_number":20,"box":{"x":82,"y":763,"width":847,"height":12}},{"id":"82d4273a-10e9-4909-aaac-bfddb05ffa76","block_type":"box","text":"respective markets and currencies, they continue to be subject to many of the risks associated with investing","page_number":20,"box":{"x":82,"y":778,"width":804,"height":11}},{"id":"41e987ae-c7b9-407c-b694-09129371007a","block_type":"box","text":"directly in foreign securities, including political, economic, and currency risk.","page_number":20,"box":{"x":81,"y":793,"width":558,"height":11}},{"id":"74bbb9f8-20b7-45f6-8f95-16b12c29d46b","block_type":"box","text":"Expense Risk","page_number":20,"box":{"x":81,"y":813,"width":102,"height":11}},{"id":"90d6f84e-762d-4e1a-8884-ac01037a133c","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":20,"box":{"x":187,"y":813,"width":734,"height":11}},{"id":"1dd6342c-43e8-4750-ad84-5227b8d3e429","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":20,"box":{"x":81,"y":828,"width":855,"height":11}},{"id":"5fc685ea-0bb3-48cc-858b-1c27fc5758ac","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":20,"box":{"x":82,"y":842,"width":842,"height":12}},{"id":"9b7d7d53-a7ba-4147-b9f6-a0d015157eb4","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":20,"box":{"x":82,"y":857,"width":808,"height":12}},{"id":"dc57e284-7909-4373-8bf8-99dbd1a5f1f7","block_type":"box","text":"significant.","page_number":20,"box":{"x":81,"y":872,"width":78,"height":12}},{"id":"176204b1-eb9e-46c4-982f-ac10f6c97ee9","block_type":"box","text":"High Portfolio Turnover Risk","page_number":20,"box":{"x":81,"y":892,"width":212,"height":11}},{"id":"f87554d8-f769-4c9d-a11f-a707ff0080a8","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":20,"box":{"x":297,"y":892,"width":629,"height":12}},{"id":"56bc8d75-0783-44a6-b24c-72db1251490e","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":20,"box":{"x":82,"y":907,"width":812,"height":11}},{"id":"4ab17b4e-7f7d-465c-838a-bdbad270cde5","block_type":"box","text":"20","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"da7d21b4-d48c-49a2-a013-2d7894fa707b","block_type":"box","text":"NM1026U-5982542-20/68","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"16675994-dda6-42b8-9bb2-0bc32f5095ef","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":21,"box":{"x":81,"y":46,"width":817,"height":11}},{"id":"cbea0aad-38e6-47dc-95ea-cc8d148961ff","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":21,"box":{"x":81,"y":60,"width":760,"height":12}},{"id":"c64a5cd4-9ceb-49b4-8aba-9cb9a42d9132","block_type":"box","text":"shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects","page_number":21,"box":{"x":81,"y":75,"width":852,"height":12}},{"id":"b477a924-53f2-4664-b00c-c2795cf23cd6","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":21,"box":{"x":81,"y":90,"width":589,"height":12}},{"id":"3fe8c9d3-689f-4cdc-a0bc-d58192ea885b","block_type":"box","text":"Illiquid Investments Risk","page_number":21,"box":{"x":81,"y":110,"width":186,"height":11}},{"id":"be0a2b61-ac7e-4281-95c1-71856e39d286","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":21,"box":{"x":271,"y":110,"width":648,"height":12}},{"id":"b72500ac-fc99-4b0f-98d5-7ce75169ba06","block_type":"box","text":"the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":21,"box":{"x":80,"y":125,"width":841,"height":11}},{"id":"e7508f02-5100-4e3f-b50a-bca376da89ee","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":21,"box":{"x":82,"y":140,"width":831,"height":11}},{"id":"7b051268-4003-4206-ad28-a977073003ea","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":21,"box":{"x":81,"y":155,"width":811,"height":11}},{"id":"d9e1a3ba-e132-4748-b303-86e464edf9f9","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":21,"box":{"x":82,"y":169,"width":825,"height":12}},{"id":"bfaea846-373a-4f13-99e6-bc3b7899e0ff","block_type":"box","text":"There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue","page_number":21,"box":{"x":81,"y":184,"width":837,"height":12}},{"id":"77102fc1-5100-4cb9-998d-4dd729696559","block_type":"box","text":"to be liquid for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an","page_number":21,"box":{"x":80,"y":199,"width":851,"height":12}},{"id":"6e3461be-67b8-433e-94df-fd62fee791e1","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":21,"box":{"x":82,"y":214,"width":835,"height":11}},{"id":"f516e837-f8a8-43ae-826c-4290c00b7c26","block_type":"box","text":"reduce the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time","page_number":21,"box":{"x":82,"y":229,"width":835,"height":11}},{"id":"71838119-d807-47f1-af51-bf709bf25708","block_type":"box","text":"or price. In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when","page_number":21,"box":{"x":81,"y":244,"width":791,"height":11}},{"id":"f4e11055-e396-4ad4-8cfc-2bb38f39e7a8","block_type":"box","text":"shareholders are redeeming or selling their shares, or the Fund’s net assets otherwise shrink, the Fund will need to","page_number":21,"box":{"x":81,"y":259,"width":851,"height":11}},{"id":"98d531cd-f0ab-44ef-89b1-c96017687d2e","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":21,"box":{"x":81,"y":273,"width":835,"height":12}},{"id":"2735feab-71ad-4359-8325-01a91ed24a55","block_type":"box","text":"Fund’s holdings. An investment may be illiquid due to, among other things, the lack of an active trading market. To","page_number":21,"box":{"x":82,"y":288,"width":839,"height":12}},{"id":"7a04f08a-7411-4f3b-969f-7e83fb3d9e68","block_type":"box","text":"the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":21,"box":{"x":80,"y":303,"width":834,"height":11}},{"id":"525a0953-91a3-4d82-9169-4807995df3f6","block_type":"box","text":"and/or credit risk, the Fund will tend to have the greater exposure to the risks associated with illiquid investments.","page_number":21,"box":{"x":81,"y":318,"width":843,"height":11}},{"id":"2153ccf7-9af6-431c-b5f2-362b8f70d750","block_type":"box","text":"Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these","page_number":21,"box":{"x":82,"y":332,"width":835,"height":12}},{"id":"997d2468-ef36-4310-896a-050c478187fd","block_type":"box","text":"investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. In addition, when","page_number":21,"box":{"x":82,"y":347,"width":827,"height":12}},{"id":"674557d4-c2e8-4fba-a4b9-d9e0822d475c","block_type":"box","text":"there is illiquidity in the market for certain securities, the Fund, due to limitations on illiquid investments, may be","page_number":21,"box":{"x":80,"y":362,"width":831,"height":12}},{"id":"9b644380-d4ed-4910-98dd-a7e6544c47c8","block_type":"box","text":"subject to purchase and sale restrictions.","page_number":21,"box":{"x":81,"y":377,"width":304,"height":11}},{"id":"26caefaa-7512-49fc-92a5-523cd8cc648a","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":21,"box":{"x":81,"y":397,"width":271,"height":9}},{"id":"d67651dc-f492-4260-ab41-0bec1bee36f7","block_type":"box","text":"—","page_number":21,"box":{"x":356,"y":402,"width":17,"height":1}},{"id":"78ac255a-c6b8-4143-a8f5-85cf3cf70d07","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":21,"box":{"x":379,"y":397,"width":499,"height":11}},{"id":"a76a2ee2-a91b-4fd4-9cbf-79ee7ab8191d","block_type":"box","text":"particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect","page_number":21,"box":{"x":82,"y":412,"width":839,"height":11}},{"id":"01e8a6b9-7406-4dcf-88e5-639fc99e1c61","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":21,"box":{"x":80,"y":427,"width":799,"height":11}},{"id":"b890778d-13f3-4947-a06a-3f5308e022bb","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":21,"box":{"x":82,"y":442,"width":796,"height":11}},{"id":"4227505a-0c1a-4eae-ba85-5c90edd0f2aa","block_type":"box","text":"securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index","page_number":21,"box":{"x":81,"y":456,"width":855,"height":12}},{"id":"fae4ae97-7384-406f-8f85-4d2a96c51574","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":21,"box":{"x":82,"y":471,"width":441,"height":12}},{"id":"4e982089-5922-4174-9855-acb24ef28d8e","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":21,"box":{"x":81,"y":491,"width":366,"height":11}},{"id":"746da1a9-aa88-4a4a-b85e-dbacde6508f2","block_type":"box","text":"— As with other investments, investments in other investment","page_number":21,"box":{"x":450,"y":491,"width":459,"height":11}},{"id":"44db800a-43ab-40fa-af45-d7c44b5bc8fd","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":21,"box":{"x":81,"y":506,"width":815,"height":11}},{"id":"40d08333-c4a4-455a-9859-db88707f000c","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":21,"box":{"x":82,"y":521,"width":844,"height":11}},{"id":"539d8458-f4fb-4764-90ad-e7595d54472c","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":21,"box":{"x":81,"y":535,"width":822,"height":12}},{"id":"a3f237e4-3764-4363-b4d0-ebc92c6a0df7","block_type":"box","text":"companies (to the extent not offset by BlackRock through waivers). To the extent the Fund is held by an affiliated","page_number":21,"box":{"x":81,"y":550,"width":829,"height":12}},{"id":"dcf03fbb-24a3-4cdb-9b32-98c0db0dfb59","block_type":"box","text":"fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":21,"box":{"x":81,"y":565,"width":628,"height":12}},{"id":"fb0e3b75-c83f-4d21-a8c4-1bcd62e3d14f","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":21,"box":{"x":81,"y":585,"width":396,"height":12}},{"id":"6d182074-d23d-444f-bff9-1eacc040de9b","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":21,"box":{"x":481,"y":585,"width":440,"height":12}},{"id":"aab0c16d-1281-4134-b134-f27db654ec72","block_type":"box","text":"Fund’s adviser or an affiliate of the Fund’s adviser, or another entity, may from time to time own or manage a","page_number":21,"box":{"x":82,"y":600,"width":801,"height":12}},{"id":"05e14747-0e48-453a-a596-e06d7cba98bd","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":21,"box":{"x":81,"y":615,"width":825,"height":11}},{"id":"7d1ec850-0bfe-4949-98a9-dcdc76e529cd","block_type":"box","text":"may invest in the Fund and hold its investment for a limited period of time. There can be no assurance that any","page_number":21,"box":{"x":82,"y":630,"width":816,"height":11}},{"id":"e017b6b3-5a23-4f25-8737-330b3e3a8600","block_type":"box","text":"large shareholder or large group of shareholders would not redeem their investment or that the size of the Fund","page_number":21,"box":{"x":82,"y":644,"width":818,"height":12}},{"id":"a6bd2529-c3c9-4516-ba71-084af4d7a946","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":21,"box":{"x":80,"y":659,"width":835,"height":12}},{"id":"222ad481-015d-4ca6-ad19-fc6d4a9788d6","block_type":"box","text":"the Fund’s liquidity and net assets. These redemptions may force the Fund to sell portfolio securities to meet","page_number":21,"box":{"x":80,"y":674,"width":807,"height":12}},{"id":"e17edbe1-1c26-4f69-b448-521c23eae00e","block_type":"box","text":"redemption requests when it might not otherwise do so, which may negatively impact the Fund’s NAV and increase","page_number":21,"box":{"x":82,"y":689,"width":841,"height":11}},{"id":"5451231c-c6b6-47b4-9ba4-1b4e1c581589","block_type":"box","text":"the Fund’s brokerage costs and/or accelerate the realization of taxable income and cause the Fund to make taxable","page_number":21,"box":{"x":80,"y":704,"width":855,"height":11}},{"id":"3ceed5fd-c14f-4478-a2cf-083dbf8acb69","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":21,"box":{"x":81,"y":719,"width":751,"height":10}},{"id":"3b0955b5-fc14-45c4-8b57-fee0ba2c795f","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":21,"box":{"x":81,"y":734,"width":785,"height":11}},{"id":"afff7b72-c616-4185-b4bd-07083dfe62b0","block_type":"box","text":"distribution during or with respect to such tax year. The effects of taxable income and/or gains resulting from such","page_number":21,"box":{"x":81,"y":748,"width":841,"height":12}},{"id":"b0cace1d-7a61-4442-91c3-67b859aac09a","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":21,"box":{"x":80,"y":763,"width":824,"height":12}},{"id":"66b85132-1121-49a3-abfc-7dbc673357e9","block_type":"box","text":"401(k) plan or other tax-advantaged plan. To the extent that such transactions result in short-term capital gains,","page_number":21,"box":{"x":81,"y":778,"width":822,"height":11}},{"id":"d0b94cf6-1da2-454a-9482-4102ebfe3ea3","block_type":"box","text":"such gains will generally be taxed at the ordinary income tax rate for shareholders who hold Fund shares in a","page_number":21,"box":{"x":81,"y":793,"width":801,"height":11}},{"id":"d38a9d2f-fabb-401d-a948-578b00be104c","block_type":"box","text":"taxable account. The Fund also may be required to sell its more liquid Fund investments to meet a large","page_number":21,"box":{"x":80,"y":808,"width":765,"height":11}},{"id":"7b6b5765-16db-41aa-ae05-7d168d8bacdc","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":21,"box":{"x":82,"y":822,"width":852,"height":12}},{"id":"309b8bd7-1051-4a7a-bcb4-a28a9ffe486d","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":21,"box":{"x":82,"y":837,"width":847,"height":12}},{"id":"5b7ec1c1-ef91-436d-967e-79f9b9267591","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":21,"box":{"x":80,"y":852,"width":847,"height":12}},{"id":"a5be8013-09b3-405a-b2ca-0ce21d297aa6","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":21,"box":{"x":81,"y":867,"width":845,"height":11}},{"id":"59235d36-3329-4106-b384-f6e6a2786ca0","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":21,"box":{"x":82,"y":882,"width":835,"height":11}},{"id":"956df308-1bd8-48d8-9d06-b4ead352d0a0","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":21,"box":{"x":82,"y":896,"width":839,"height":12}},{"id":"dd0c36d7-2824-4e24-8f36-1c7cc9942048","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":21,"box":{"x":82,"y":912,"width":461,"height":11}},{"id":"2a11a12b-bbcf-4990-b31e-3975a2dfd414","block_type":"box","text":"21","page_number":21,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"74881968-b570-4a1b-a87c-23797a635302","block_type":"box","text":"NM1026U-5982542-21/68","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b8413f05-7cee-4996-ae9b-f296f8d0a647","block_type":"box","text":"Ownership Limitations Risk","page_number":22,"box":{"x":82,"y":46,"width":205,"height":11}},{"id":"b88155f6-dc1a-4c20-ad0e-cbeee8ead460","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":22,"box":{"x":291,"y":46,"width":610,"height":11}},{"id":"754439b1-0eeb-4c25-b773-8888f66ff9dc","block_type":"box","text":"transactions undertaken by BlackRock, its affiliates or the Fund, or as a result of third-party transactions or actions","page_number":22,"box":{"x":80,"y":60,"width":849,"height":12}},{"id":"0bf53ef2-235f-4f29-995b-149ed9817a5e","block_type":"box","text":"by an issuer or regulator, the ability of BlackRock and its affiliates on behalf of clients (including the Fund) to","page_number":22,"box":{"x":81,"y":75,"width":798,"height":12}},{"id":"a932d911-47a9-49dd-b038-998707b8ac60","block_type":"box","text":"purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law,","page_number":22,"box":{"x":82,"y":90,"width":833,"height":12}},{"id":"cffe908f-4c7c-4b4b-90b1-dcd1a51ea366","block_type":"box","text":"regulation or rule or otherwise impaired. The capacity of the Fund to invest in certain securities or other assets may","page_number":22,"box":{"x":82,"y":105,"width":851,"height":12}},{"id":"b42e0f6d-97ad-4c9c-ba26-ff2bfb5189c8","block_type":"box","text":"be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and","page_number":22,"box":{"x":81,"y":120,"width":813,"height":11}},{"id":"70cd8dff-db40-4579-8bd6-946fcf893ef6","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":22,"box":{"x":82,"y":135,"width":331,"height":11}},{"id":"5673ad93-21a8-4c56-8b89-03d93d76c4d1","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":22,"box":{"x":82,"y":155,"width":826,"height":11}},{"id":"8a7aaf50-152e-454b-8b8d-4e2b970d354e","block_type":"box","text":"certain international markets. Such limits also may apply where the investing entity (such as the Fund) is subject to","page_number":22,"box":{"x":81,"y":170,"width":848,"height":11}},{"id":"08929022-ffe4-4108-b9ac-13b789dbf812","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":22,"box":{"x":81,"y":184,"width":799,"height":12}},{"id":"717c9cf4-8b7d-4b5a-bd27-51628739cf89","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":22,"box":{"x":81,"y":199,"width":828,"height":12}},{"id":"0e353f93-52de-4bc5-8de6-86c143d0d99c","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":22,"box":{"x":81,"y":214,"width":828,"height":11}},{"id":"686c1e82-eff8-4905-bf97-04dd56b7eb5f","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":22,"box":{"x":80,"y":229,"width":837,"height":11}},{"id":"f9e46971-4389-40e2-8e7d-8e52dd9648d0","block_type":"box","text":"there is no guarantee that permission will be granted, or that, once granted, it will not be modified or revoked at a","page_number":22,"box":{"x":80,"y":244,"width":837,"height":11}},{"id":"95ee3271-a8b9-41c2-9466-1030ebbaac34","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":22,"box":{"x":82,"y":259,"width":800,"height":11}},{"id":"9b13e556-885b-445f-9415-e6ea575c67f4","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":22,"box":{"x":81,"y":273,"width":678,"height":12}},{"id":"da42a9a0-b6ad-4170-87ef-d76d5ef45abd","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":22,"box":{"x":81,"y":293,"width":842,"height":12}},{"id":"d3b6ab1b-5a88-4419-ba43-a3f957a58d59","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":22,"box":{"x":81,"y":308,"width":833,"height":12}},{"id":"197f778b-8ded-4f98-812c-6b0e76ffdb02","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":22,"box":{"x":82,"y":323,"width":582,"height":11}},{"id":"3f03bdd4-c1bb-406e-925d-210950b9eee8","block_type":"box","text":"Reliance on Advisor Risk","page_number":22,"box":{"x":81,"y":343,"width":188,"height":9}},{"id":"0ecd34e3-da96-4319-a411-a1fa7e2224d0","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":22,"box":{"x":273,"y":343,"width":614,"height":11}},{"id":"146cc503-6677-468f-a234-7e99e6643078","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":22,"box":{"x":80,"y":358,"width":830,"height":11}},{"id":"61435de0-2d40-45bf-8ba6-879f7b278f08","block_type":"box","text":"the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock","page_number":22,"box":{"x":80,"y":372,"width":856,"height":12}},{"id":"2d154cd9-0f49-4e1f-b85d-c601430b54bc","block_type":"box","text":"will allocate a substantial portion of his or her time to the Fund. The loss of, or changes in, BlackRock’s personnel","page_number":22,"box":{"x":80,"y":387,"width":841,"height":12}},{"id":"897c238a-c851-480b-b20c-2e489ad03319","block_type":"box","text":"could have a negative effect on the performance or the continued operation of the Fund.","page_number":22,"box":{"x":81,"y":402,"width":649,"height":12}},{"id":"8c6a43d4-2072-4e05-8857-fda906ab3aa5","block_type":"box","text":"Repurchase Agreements Risk","page_number":22,"box":{"x":81,"y":422,"width":224,"height":11}},{"id":"605bf294-51b9-4fbd-9b91-c771582e4f94","block_type":"box","text":"— If the other party to a repurchase agreement defaults on its obligation under the","page_number":22,"box":{"x":309,"y":422,"width":611,"height":12}},{"id":"629defe4-a7b9-47bc-a979-8ad4b674ba85","block_type":"box","text":"agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement.","page_number":22,"box":{"x":81,"y":437,"width":842,"height":11}},{"id":"263c8575-092b-41b1-b6c7-55c879d386af","block_type":"box","text":"If the seller fails to repurchase the security and the market value of the security declines, the Fund may lose money.","page_number":22,"box":{"x":82,"y":452,"width":852,"height":11}},{"id":"2fe63f0a-0477-4bd4-a8f6-21502d118a1e","block_type":"box","text":"Securities Lending Risk","page_number":22,"box":{"x":81,"y":472,"width":178,"height":11}},{"id":"6f951cdc-0618-4ca6-ad4a-015a39eeff0c","block_type":"box","text":"— The Fund may engage in securities lending. 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In that case, BlackRock compensates the","page_number":27,"box":{"x":82,"y":548,"width":802,"height":10}},{"id":"acd32d17-9a1f-4524-91aa-335a9e5be0fc","block_type":"box","text":"Financial Intermediary from its own resources. However, if you redeem your shares within 18 months after purchase, you may be charged a","page_number":27,"box":{"x":81,"y":559,"width":819,"height":9}},{"id":"b8ceb056-a367-4726-b300-500b7cceba3a","block_type":"box","text":"deferred sales charge of 1.00% of the lesser of the original cost of the shares being redeemed or your redemption proceeds. Such deferred","page_number":27,"box":{"x":81,"y":569,"width":821,"height":9}},{"id":"d691858f-59e0-4a81-96f7-bb1bc9b62f07","block_type":"box","text":"sales charge may be waived in connection with certain fee-based programs.","page_number":27,"box":{"x":81,"y":579,"width":444,"height":9}},{"id":"84608a2a-0c2c-473f-b0b3-69ec148cb883","block_type":"box","text":"No initial sales charge applies to Investor A Shares that you buy through reinvestment of Fund dividends or capital","page_number":27,"box":{"x":62,"y":604,"width":837,"height":12}},{"id":"f12cab92-a112-4075-a317-c5481f4fd8b3","block_type":"box","text":"gains.","page_number":27,"box":{"x":60,"y":620,"width":43,"height":11}},{"id":"b27dcf3a-ef4d-45c6-a558-e329a546a5bf","block_type":"box","text":"Sales Charges Reduced or Eliminated for Investor A Shares","page_number":27,"box":{"x":60,"y":642,"width":490,"height":13}},{"id":"6577cb40-7373-433b-920a-20a1640bef4a","block_type":"box","text":"There are several ways in which the sales charge can be reduced or eliminated. Purchases of Investor A Shares at","page_number":27,"box":{"x":60,"y":659,"width":841,"height":11}},{"id":"96a2fec6-a6f1-4ab2-952a-5557eed7e2a5","block_type":"box","text":"certain fixed dollar levels, known as “breakpoints,” cause a reduction in the front-end sales charge (as described","page_number":27,"box":{"x":61,"y":673,"width":831,"height":12}},{"id":"6e6201b4-66a8-40e3-9b6f-00222e773dd3","block_type":"box","text":"above in the “Investor A Shares — Initial Sales Charge Option” section). Additionally, the front-end sales charge can be","page_number":27,"box":{"x":61,"y":688,"width":876,"height":12}},{"id":"9bb4d83d-98db-457b-89ff-07e049755eb0","block_type":"box","text":"reduced or eliminated through one or a combination of the following: a Letter of Intent, the right of accumulation, the","page_number":27,"box":{"x":61,"y":703,"width":856,"height":12}},{"id":"3037b7a8-4779-4e9b-a839-0d752c32a32c","block_type":"box","text":"reinstatement privilege (described under “Account Services and Privileges”), or a waiver of the sales charge (described","page_number":27,"box":{"x":61,"y":718,"width":872,"height":11}},{"id":"35605f25-ae35-453a-be24-2c04f73c006d","block_type":"box","text":"below).","page_number":27,"box":{"x":61,"y":733,"width":50,"height":11}},{"id":"5cfa1464-3454-40ad-a4e3-07f736b6dc11","block_type":"box","text":"Reductions or eliminations through a Letter of Intent or right of accumulation will apply to the value of all qualifying","page_number":27,"box":{"x":62,"y":755,"width":840,"height":12}},{"id":"fadb82ea-9e7e-49ae-8e9e-9826cfe91492","block_type":"box","text":"holdings in shares of mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”) owned by","page_number":27,"box":{"x":61,"y":770,"width":875,"height":12}},{"id":"7a07fbaa-6e33-4abd-8dad-bf1a934e5eb6","block_type":"box","text":"(a) the investor, or (b) the investor’s spouse and any children and a trust, custodial account or fiduciary account for the","page_number":27,"box":{"x":61,"y":785,"width":875,"height":11}},{"id":"5b0a5b37-ffc6-49f8-9f1e-faaaef825a7d","block_type":"box","text":"benefit of any such individuals. For this purpose, the value of an investor’s holdings means the offering price of the","page_number":27,"box":{"x":61,"y":800,"width":847,"height":11}},{"id":"b53e6382-1622-4981-b652-150de15d1936","block_type":"box","text":"newly purchased shares (including any applicable sales charge) plus the current value (including any sales charges","page_number":27,"box":{"x":61,"y":815,"width":844,"height":11}},{"id":"13779d3e-e2f1-475b-a313-0fdc6e9783fd","block_type":"box","text":"paid) of all other shares the investor already holds taken together.","page_number":27,"box":{"x":62,"y":829,"width":484,"height":12}},{"id":"a2ffe954-e72e-4b2d-9ef6-05e17b735a50","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":27,"box":{"x":61,"y":852,"width":861,"height":12}},{"id":"d244155a-a707-4684-84a1-54b0df8b2d48","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":27,"box":{"x":60,"y":867,"width":817,"height":11}},{"id":"5b9fe27d-fa6d-4145-9556-074ad2440f06","block_type":"box","text":"Qualifying Holdings","page_number":27,"box":{"x":62,"y":889,"width":143,"height":12}},{"id":"0a7cee72-2922-4bd4-b120-87301843a1fd","block_type":"box","text":"— Investor A and A1, Investor C, Investor P, Institutional, Class K and Premier Shares (in most","page_number":27,"box":{"x":209,"y":890,"width":696,"height":11}},{"id":"2a9f9e71-7588-42b1-97c0-763571d3464d","block_type":"box","text":"BlackRock Funds), investments in certain unlisted closed-end management investment companies sponsored and","page_number":27,"box":{"x":62,"y":904,"width":836,"height":12}},{"id":"0cca60c9-1a7c-4020-a8af-2c7001ab34ac","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"6395dd84-36f7-4714-a0cb-13bd70aa2568","block_type":"box","text":"NM1026U-5982542-27/68","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2bb321af-dafa-48bc-96af-5fc0d8e5512f","block_type":"box","text":"advised by BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and investments in the","page_number":28,"box":{"x":61,"y":46,"width":808,"height":11}},{"id":"32506b9e-ece7-42a7-8487-7f64f32f28f3","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program.","page_number":28,"box":{"x":62,"y":61,"width":314,"height":11}},{"id":"4180002c-2c16-4eea-aef9-b93335c7390d","block_type":"box","text":"Qualifying Holdings may include shares held in accounts held at a Financial Intermediary, including personal accounts,","page_number":28,"box":{"x":61,"y":83,"width":867,"height":12}},{"id":"b3e3ba17-9a2b-4d7d-8f4c-2af03dd5ea4d","block_type":"box","text":"certain retirement accounts, UGMA/UTMA accounts, Joint Tenancy accounts, trust accounts and Transfer on Death","page_number":28,"box":{"x":61,"y":98,"width":844,"height":11}},{"id":"29a09d8b-2b28-43e0-96f3-d4b5c20604a3","block_type":"box","text":"accounts, as well as shares purchased by a trust of which the investor is a beneficiary. For purposes of the Letter of","page_number":28,"box":{"x":61,"y":113,"width":856,"height":11}},{"id":"5dcac0b3-e557-4702-a0ba-358bbc5fec52","block_type":"box","text":"Intent and right of accumulation, the investor may not combine with the investor’s other holdings shares held in","page_number":28,"box":{"x":62,"y":127,"width":818,"height":12}},{"id":"4cfafd9c-0f10-46dc-9576-26d5840d4754","block_type":"box","text":"pension, profit sharing or other employer-sponsored retirement plans if those shares are held in the name of a","page_number":28,"box":{"x":62,"y":142,"width":811,"height":12}},{"id":"1007d69e-dc04-4051-ae3c-f8469d5db7f9","block_type":"box","text":"nominee or custodian.","page_number":28,"box":{"x":61,"y":157,"width":162,"height":9}},{"id":"9625b7dd-060c-492e-bdea-4bf66bda862d","block_type":"box","text":"In order to receive a reduced sales charge, at the time an investor purchases shares of the Fund, the investor should","page_number":28,"box":{"x":62,"y":180,"width":861,"height":11}},{"id":"30e64799-f4fc-4dbf-a6e6-00fc5be7f67e","block_type":"box","text":"inform the Financial Intermediary and/or BlackRock Funds of any other shares of the Fund or any other BlackRock","page_number":28,"box":{"x":62,"y":195,"width":836,"height":11}},{"id":"b85a05ce-a734-4d92-9862-a02c048d129a","block_type":"box","text":"Fund or Eligible Unlisted BlackRock Closed-End Fund that qualify for a reduced sales charge. Failure by the investor to","page_number":28,"box":{"x":62,"y":209,"width":862,"height":12}},{"id":"165e5a64-3bfa-4993-b67e-dce4667fe058","block_type":"box","text":"notify the Financial Intermediary or BlackRock Funds may result in the investor not receiving the sales charge reduction","page_number":28,"box":{"x":61,"y":224,"width":875,"height":12}},{"id":"bec5d701-ba28-4b6e-8eb1-318e52c58c25","block_type":"box","text":"to which the investor is otherwise entitled.","page_number":28,"box":{"x":60,"y":239,"width":312,"height":9}},{"id":"10f9ee7f-22ae-4c6a-9c3f-7c00c43293f3","block_type":"box","text":"The Financial Intermediary or BlackRock Funds may request documentation — including account statements and","page_number":28,"box":{"x":60,"y":262,"width":828,"height":11}},{"id":"4f809b7a-4f12-40b9-b56d-0e5da15db911","block_type":"box","text":"records of the original cost of the shares owned by the investor, the investor’s spouse and/or children showing that","page_number":28,"box":{"x":61,"y":276,"width":850,"height":12}},{"id":"5f9f711a-0e4d-4383-b6bd-762a33251b93","block_type":"box","text":"the investor qualifies for a reduced sales charge. The investor should retain these records because — depending on","page_number":28,"box":{"x":60,"y":291,"width":856,"height":12}},{"id":"c2722522-85fa-456c-9060-bd258f0311eb","block_type":"box","text":"where an account is held or the type of account — the Fund and/or the Financial Intermediary, BlackRock Funds or","page_number":28,"box":{"x":60,"y":306,"width":845,"height":11}},{"id":"fd99a194-0c72-45be-afaa-2bbd46fa7d4b","block_type":"box","text":"Eligible Unlisted BlackRock Closed-End Funds may not be able to maintain this information.","page_number":28,"box":{"x":62,"y":321,"width":667,"height":11}},{"id":"fd87aae4-277c-450c-99eb-a067a1f20ce4","block_type":"box","text":"For more information, see the SAI or contact your Financial Intermediary.","page_number":28,"box":{"x":62,"y":343,"width":531,"height":12}},{"id":"974dae45-f2ba-440e-83b5-585287558d83","block_type":"box","text":"Letter of Intent","page_number":28,"box":{"x":61,"y":366,"width":124,"height":11}},{"id":"484a14f3-9582-4bb1-93d1-9915abbe4429","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of Intent” stating the","page_number":28,"box":{"x":60,"y":383,"width":839,"height":11}},{"id":"d4c0e492-5d4f-4d66-9ec4-866af6cac44d","block_type":"box","text":"investor’s intention to make one or more of the following investments within the next 13 months which would, if bought","page_number":28,"box":{"x":62,"y":398,"width":875,"height":11}},{"id":"2d16c495-1916-4340-acc9-ead76e393757","block_type":"box","text":"all at once, qualify the investor for a reduced sales charge:","page_number":28,"box":{"x":61,"y":412,"width":431,"height":12}},{"id":"b9ea47f8-85eb-4b92-95d8-4e2e3b99722b","block_type":"box","text":"i. Buy a specified amount of Investor A, Investor C, Investor P, Institutional, Class K and/or Premier Shares,","page_number":28,"box":{"x":82,"y":435,"width":794,"height":11}},{"id":"70dc7014-e21a-415a-8cae-0ac97f62f8b4","block_type":"box","text":"ii. Make an investment in one or more Eligible Unlisted BlackRock Closed-End Funds and/or","page_number":28,"box":{"x":82,"y":458,"width":675,"height":11}},{"id":"8050a671-48c8-46db-af57-aacdab263717","block_type":"box","text":"iii. Make an investment through the BlackRock CollegeAdvantage 529 Program in one or more BlackRock Funds.","page_number":28,"box":{"x":82,"y":480,"width":820,"height":12}},{"id":"9a6baf1b-3e71-4bfa-9178-6b818ebc2c06","block_type":"box","text":"The initial investment must meet the minimum initial purchase requirement. The 13-month Letter of Intent period","page_number":28,"box":{"x":60,"y":503,"width":830,"height":11}},{"id":"5945a122-e84f-48c8-b050-30c637f64448","block_type":"box","text":"commences on the day that the Letter of Intent is received by the Fund.","page_number":28,"box":{"x":61,"y":517,"width":524,"height":12}},{"id":"c4732770-686a-479d-96fc-389deb8a59bb","block_type":"box","text":"The market value of current holdings in the BlackRock Funds (including Investor A, Investor C, Investor P, Institutional,","page_number":28,"box":{"x":60,"y":540,"width":865,"height":12}},{"id":"5911ad94-139f-44d5-ab61-a17aadeb2067","block_type":"box","text":"Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the BlackRock CollegeAdvantage 529","page_number":28,"box":{"x":61,"y":555,"width":862,"height":11}},{"id":"196265fe-928b-47b9-b88f-713bf0fce41d","block_type":"box","text":"Program Class A and Class C Units) as of the date of commencement that are eligible under the Right of Accumulation","page_number":28,"box":{"x":61,"y":570,"width":870,"height":11}},{"id":"a40e0f13-850e-43bf-8707-0454acc24fd2","block_type":"box","text":"may be counted towards the sales charge reduction.","page_number":28,"box":{"x":61,"y":585,"width":384,"height":11}},{"id":"5dc873b2-ee48-41c7-9aa6-403291f67b4c","block_type":"box","text":"The investor must notify the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock","page_number":28,"box":{"x":60,"y":607,"width":823,"height":12}},{"id":"e431d04e-ba32-4605-9e7c-65d8c94a88e4","block_type":"box","text":"Closed-End Funds and/or the BlackRock CollegeAdvantage 529 Program that should be counted towards the sales","page_number":28,"box":{"x":61,"y":622,"width":842,"height":11}},{"id":"d10a2335-3903-4a09-a305-6b57cfa64ea8","block_type":"box","text":"charge reduction and (ii) any subsequent purchases that should be counted towards the Letter of Intent.","page_number":28,"box":{"x":61,"y":637,"width":765,"height":11}},{"id":"2546464e-a576-436f-83a2-c4dfb33fd250","block_type":"box","text":"During the term of the Letter of Intent, the Fund will hold Investor A Shares representing up to 5% of the indicated","page_number":28,"box":{"x":62,"y":659,"width":833,"height":12}},{"id":"7a62f18b-23a3-4343-9f8a-d03c9a955475","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is","page_number":28,"box":{"x":61,"y":674,"width":852,"height":12}},{"id":"5d906e6d-aa6a-415c-ad62-6fe120b7e5f8","block_type":"box","text":"not purchased. If the full amount indicated is not purchased within the 13-month period, and the investor does not pay","page_number":28,"box":{"x":61,"y":689,"width":872,"height":11}},{"id":"25542e11-a439-497e-81b8-c752e765b58e","block_type":"box","text":"the higher sales load within 20 days, the Fund will redeem enough of the Investor A Shares held in escrow to pay the","page_number":28,"box":{"x":60,"y":704,"width":860,"height":11}},{"id":"7c354fd0-89e7-434f-a126-c6ca103d98c3","block_type":"box","text":"difference.","page_number":28,"box":{"x":61,"y":719,"width":77,"height":9}},{"id":"6fc5c40d-0570-431c-87f6-f92dd662b8ec","block_type":"box","text":"Right of Accumulation","page_number":28,"box":{"x":61,"y":742,"width":183,"height":12}},{"id":"49338d47-30ca-4304-ae9b-435472308008","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":28,"box":{"x":62,"y":758,"width":839,"height":11}},{"id":"86462e0b-fc2d-43cb-877b-ae4333962a9e","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":28,"box":{"x":61,"y":773,"width":856,"height":11}},{"id":"41e6e9da-172f-4629-85b3-c90d7a4658eb","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":28,"box":{"x":82,"y":795,"width":821,"height":12}},{"id":"60f22a6d-2485-41fc-a887-2af627e29f0e","block_type":"box","text":"Premier Shares in most BlackRock Funds,","page_number":28,"box":{"x":102,"y":810,"width":306,"height":11}},{"id":"8aa2d0ab-baf3-443b-b1fb-850845932af8","block_type":"box","text":"ii. The current value of an investor’s existing shares of Eligible Unlisted BlackRock Closed-End Funds and","page_number":28,"box":{"x":82,"y":833,"width":771,"height":11}},{"id":"84c19907-0961-48d5-84e4-bf85b642f668","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":28,"box":{"x":82,"y":855,"width":788,"height":12}},{"id":"3122fc36-cb92-48b3-91a4-bbd837f7f0a5","block_type":"box","text":"investor’s spouse and children.","page_number":28,"box":{"x":102,"y":870,"width":228,"height":11}},{"id":"8247d8ce-3fa3-44ef-8563-861db37b96bd","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":28,"box":{"x":62,"y":893,"width":866,"height":11}},{"id":"7cbf773a-128f-4e39-b967-d6ea4c65f33c","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":28,"box":{"x":61,"y":907,"width":866,"height":12}},{"id":"1554b2f7-820b-46e3-806a-beeed76020e5","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"4dfe54f7-1823-41da-8ac8-d923e126619f","block_type":"box","text":"NM1026U-5982542-28/68","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4634eca3-74f5-4ffd-b212-a52c0562f481","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":29,"box":{"x":62,"y":46,"width":854,"height":11}},{"id":"5d05404f-48bf-42ca-80ca-cb57efa4763c","block_type":"box","text":"any previously purchased shares.","page_number":29,"box":{"x":61,"y":61,"width":243,"height":11}},{"id":"fc71de1f-e20b-440d-a4b2-54ddcc40afbc","block_type":"box","text":"Other Front-End Sales Charge Waivers","page_number":29,"box":{"x":61,"y":84,"width":314,"height":12}},{"id":"9afffe87-9377-431e-aff7-feb1f109568c","block_type":"box","text":"The following persons may also buy Investor A Shares without paying a sales charge:","page_number":29,"box":{"x":60,"y":100,"width":623,"height":11}},{"id":"9827d1e7-24f9-41e0-9c33-caec339e51f3","block_type":"box","text":"Certain employer-sponsored retirement plans. For purposes of this waiver, employer-sponsored retirement plans do","page_number":29,"box":{"x":81,"y":120,"width":846,"height":11}},{"id":"687f806a-b4f6-47fc-b4e9-c99e5ee8244d","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs;","page_number":29,"box":{"x":82,"y":135,"width":352,"height":10}},{"id":"5ef5f9d6-48ff-4cb9-8e57-07bae36462e8","block_type":"box","text":"Rollovers of current investments through certain employer-sponsored retirement plans provided the shares are","page_number":29,"box":{"x":82,"y":155,"width":812,"height":11}},{"id":"896293b3-76e0-400b-a77b-0ee8cca0f3db","block_type":"box","text":"transferred to Investor A Shares of the same or another BlackRock Fund as either a direct rollover, or subsequent to","page_number":29,"box":{"x":80,"y":169,"width":854,"height":12}},{"id":"1591382b-80ce-46b9-bc42-fca7f9f9c39d","block_type":"box","text":"distribution, the rolled-over proceeds are contributed to a BlackRock IRA through an account directly with the Fund;","page_number":29,"box":{"x":81,"y":184,"width":840,"height":12}},{"id":"e1ef1fbd-4ffc-48ea-ba85-a385d0bd8408","block_type":"box","text":"or purchases by IRA programs that are sponsored by Financial Intermediary firms provided the Financial","page_number":29,"box":{"x":81,"y":199,"width":760,"height":12}},{"id":"46ca148b-4d10-43f9-9de7-72ae37e8c1ce","block_type":"box","text":"Intermediary firm has entered into a Class A Net Asset Value agreement with respect to such program with the","page_number":29,"box":{"x":82,"y":214,"width":812,"height":11}},{"id":"00409e26-1d95-4595-ac6b-1dc22b5abccd","block_type":"box","text":"Distributor;","page_number":29,"box":{"x":82,"y":229,"width":79,"height":10}},{"id":"4c1ada52-6454-40a1-b5a2-76235e7c6f23","block_type":"box","text":"Insurance company separate accounts;","page_number":29,"box":{"x":82,"y":249,"width":286,"height":11}},{"id":"c4ce147a-d215-4aac-9dc4-03741e415b8b","block_type":"box","text":"Registered investment advisers, trust companies and bank trust departments exercising discretionary investment","page_number":29,"box":{"x":82,"y":269,"width":836,"height":11}},{"id":"4ee70c9b-6ac0-4a1c-8cb6-f035dab983d7","block_type":"box","text":"authority with respect to amounts to be invested in the Fund;","page_number":29,"box":{"x":81,"y":284,"width":446,"height":11}},{"id":"efbe049a-781e-42a0-9e88-ffab65a24fdb","block_type":"box","text":"Persons participating in a fee-based program (such as a wrap account) under which they pay advisory fees to a","page_number":29,"box":{"x":81,"y":303,"width":815,"height":12}},{"id":"841a546d-2e02-4723-8989-ffba50c2ced6","block_type":"box","text":"broker-dealer or other financial institution;","page_number":29,"box":{"x":81,"y":318,"width":306,"height":11}},{"id":"87afd15f-9f5a-4af7-939b-c28a1b9fe17a","block_type":"box","text":"Financial Intermediaries who have entered into an agreement with the Distributor and have been approved by the","page_number":29,"box":{"x":82,"y":339,"width":828,"height":11}},{"id":"7a074da3-49bb-48d8-ac70-2c92993aa8aa","block_type":"box","text":"Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not charge a","page_number":29,"box":{"x":82,"y":353,"width":800,"height":12}},{"id":"df99b35b-d28c-4550-af69-a08c7095df0a","block_type":"box","text":"transaction fee;","page_number":29,"box":{"x":80,"y":368,"width":114,"height":11}},{"id":"2a714cd2-772a-4a18-b456-8af1f1c8617a","block_type":"box","text":"Persons associated with the Fund, the Fund’s manager, the Fund’s sub-adviser, transfer agent, Distributor, fund","page_number":29,"box":{"x":81,"y":388,"width":819,"height":11}},{"id":"3d712aec-88ca-4536-8b0f-81d35968a921","block_type":"box","text":"accounting agents, Barclays PLC (“Barclays”) and their respective affiliates (to the extent permitted by these firms)","page_number":29,"box":{"x":81,"y":403,"width":846,"height":11}},{"id":"1cef720a-ac39-4612-ba54-caa3824101ee","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees of firms who have entered","page_number":29,"box":{"x":82,"y":418,"width":843,"height":11}},{"id":"845a1c2e-f3e0-4cad-8daf-87bdc54f264f","block_type":"box","text":"into selling agreements to distribute shares of BlackRock Funds; (d) immediate family members of such persons;","page_number":29,"box":{"x":82,"y":432,"width":829,"height":12}},{"id":"7f5660b6-4e64-496c-873f-bda6b6e3d548","block_type":"box","text":"and (e) any trust, pension, profit-sharing or other benefit plan for any of the persons set forth in (a) through (d);","page_number":29,"box":{"x":81,"y":447,"width":815,"height":12}},{"id":"c2e00446-af9e-4ac2-9ce1-e41935031863","block_type":"box","text":"State sponsored 529 college savings plans and rollovers of such 529 plans into Roth IRAs as permitted under the","page_number":29,"box":{"x":81,"y":467,"width":841,"height":12}},{"id":"eb84c141-6218-460d-9f5d-e3708af6bb71","block_type":"box","text":"Internal Revenue Code; and","page_number":29,"box":{"x":82,"y":482,"width":201,"height":11}},{"id":"2a685ee3-8778-44ac-8bd5-19f4c683fe98","block_type":"box","text":"Accounts opened directly with the Fund that do not have a Financial Intermediary associated with the account.","page_number":29,"box":{"x":81,"y":502,"width":808,"height":11}},{"id":"8436d57f-c73e-4126-a24c-b047a8ec2f16","block_type":"box","text":"In addition, a sales charge waiver may be available for investors exchanging Investor P Shares of another BlackRock","page_number":29,"box":{"x":62,"y":525,"width":852,"height":11}},{"id":"ed2f37ae-85bb-4a9d-820e-7bc9255295f7","block_type":"box","text":"Fund for Investor A Shares of the Fund through an intermediary-processed exchange, provided that the investor had","page_number":29,"box":{"x":62,"y":539,"width":846,"height":12}},{"id":"2c8525df-ecb1-4730-b04c-96b37403f702","block_type":"box","text":"previously paid a sales charge with respect to such shares.","page_number":29,"box":{"x":62,"y":554,"width":434,"height":12}},{"id":"adc66ff2-6a58-4a65-b0e6-b3ecf0a11856","block_type":"box","text":"In addition, Financial Intermediaries may, in connection with a change in account type or otherwise in accordance with","page_number":29,"box":{"x":62,"y":577,"width":864,"height":11}},{"id":"f987e3a4-ee51-411c-be72-ce3cce30bfa6","block_type":"box","text":"a Financial Intermediary’s policies and procedures, exchange one class of shares for Investor A Shares of the same","page_number":29,"box":{"x":61,"y":592,"width":852,"height":11}},{"id":"5ef463db-58a1-4627-a073-a0bc8338e000","block_type":"box","text":"Fund. In such cases, such exchange would not be subject to an Investor A Shares sales charge. The availability of","page_number":29,"box":{"x":62,"y":606,"width":837,"height":12}},{"id":"361dba3c-0a41-4868-b2bd-d191b5b38ee8","block_type":"box","text":"Investor A Shares sales charge waivers may depend on the policies, procedures and trading platforms of your Financial","page_number":29,"box":{"x":62,"y":621,"width":873,"height":12}},{"id":"0e85d507-9187-4e9f-9afc-001b8fc78ade","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":29,"box":{"x":62,"y":636,"width":317,"height":11}},{"id":"a122c52b-8ae3-431c-b75e-c9f17e17eb64","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":29,"box":{"x":61,"y":659,"width":861,"height":11}},{"id":"df26d789-d21c-4513-aefb-604cf95a5d64","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":29,"box":{"x":60,"y":673,"width":817,"height":12}},{"id":"65ce9323-7b3b-487e-8f91-6fce91ac0ca3","block_type":"box","text":"Investor A Shares at Net Asset Value","page_number":29,"box":{"x":61,"y":697,"width":306,"height":10}},{"id":"26a1e0ab-0d82-422f-805f-24beca07a1b2","block_type":"box","text":"If you invest $1,000,000 or more in Investor A Shares, you will not pay any initial sales charge. However, if you","page_number":29,"box":{"x":62,"y":712,"width":814,"height":12}},{"id":"2ca6a04b-6841-432a-abc8-66e1732d599c","block_type":"box","text":"redeem your Investor A Shares within 18 months after purchase, you may be charged a deferred sales charge of","page_number":29,"box":{"x":61,"y":728,"width":828,"height":11}},{"id":"72db9de0-e78f-4a2b-8912-367c56990596","block_type":"box","text":"1.00% of the lesser of the original cost of the shares being redeemed or your redemption proceeds. For a discussion","page_number":29,"box":{"x":62,"y":742,"width":857,"height":12}},{"id":"9042838e-4b8f-44c1-a32f-e58f055923a0","block_type":"box","text":"on waivers, see “Contingent Deferred Sales Charge Waivers.”","page_number":29,"box":{"x":61,"y":757,"width":451,"height":12}},{"id":"c7df9ead-8580-40f8-ac84-f6e5ee06e8c4","block_type":"box","text":"If you are eligible to buy both Investor A and Institutional Shares, you should buy Institutional Shares since Investor A","page_number":29,"box":{"x":62,"y":780,"width":860,"height":11}},{"id":"5eb9d33b-52f1-4530-9b58-9cf77c6ef948","block_type":"box","text":"Shares are subject to a front end sales charge and an annual 0.25% service fee, while Institutional Shares are not.","page_number":29,"box":{"x":61,"y":795,"width":848,"height":11}},{"id":"e7dc74cb-d4bf-40b2-9443-370d35d829af","block_type":"box","text":"The Distributor normally pays the annual Investor A Shares service fee to dealers as a shareholder servicing fee on a","page_number":29,"box":{"x":60,"y":809,"width":863,"height":12}},{"id":"705f440d-6eae-48cf-a572-fbe8911df618","block_type":"box","text":"monthly basis.","page_number":29,"box":{"x":61,"y":825,"width":105,"height":11}},{"id":"54daca1e-8a80-4f54-a30b-25d1b298f825","block_type":"box","text":"Investor C Shares — Deferred Sales Charge Option","page_number":29,"box":{"x":61,"y":847,"width":420,"height":13}},{"id":"b18c5af9-f509-4e0c-be06-594e5d7d3e70","block_type":"box","text":"If you select Investor C Shares, you do not pay an initial sales charge at the time of purchase. However, if you redeem","page_number":29,"box":{"x":62,"y":864,"width":865,"height":11}},{"id":"8f0494f0-5ea1-436c-b481-5553b3429fda","block_type":"box","text":"your Investor C Shares within one year after purchase, you may be required to pay a deferred sales charge of 1.00%.","page_number":29,"box":{"x":60,"y":878,"width":858,"height":12}},{"id":"646a671f-4410-455f-b2ed-12c691ec8c3f","block_type":"box","text":"The charge will apply to the lesser of the original cost of shares being redeemed or the proceeds of your redemption.","page_number":29,"box":{"x":60,"y":893,"width":859,"height":12}},{"id":"90618c3d-bb90-4acb-8705-e30aa261dd5d","block_type":"box","text":"When you redeem Investor C Shares, the redemption order is processed so that the lowest deferred sales charge is","page_number":29,"box":{"x":60,"y":908,"width":854,"height":12}},{"id":"7314ef97-28f4-4790-9be4-f0a45babef81","block_type":"box","text":"29","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"126382ae-8988-4a0d-b8ad-f67b43b2c6d5","block_type":"box","text":"NM1026U-5982542-29/68","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"aca1ee47-60b1-4806-a30b-829e412405b1","block_type":"box","text":"charged. Investor C Shares that are not subject to the deferred sales charge are redeemed first. In addition, you will","page_number":30,"box":{"x":61,"y":46,"width":853,"height":11}},{"id":"2a200bf5-1052-4a9d-90b5-54f0ba4aa759","block_type":"box","text":"not be charged a deferred sales charge when you redeem shares that you acquire through reinvestment of Fund","page_number":30,"box":{"x":61,"y":60,"width":823,"height":12}},{"id":"a2bace2b-b3a8-4bbc-abe8-232a248522e6","block_type":"box","text":"dividends or capital gains. Any CDSC paid on the redemptions of Investor C Shares expressed as a percentage of the","page_number":30,"box":{"x":61,"y":75,"width":861,"height":12}},{"id":"30c03c73-2d76-4c3e-97d5-6f516cc6f361","block_type":"box","text":"applicable redemption amount may be higher or lower than the charge described due to rounding.","page_number":30,"box":{"x":61,"y":90,"width":715,"height":12}},{"id":"bb8d521b-e1c2-4f4e-8d84-49e4a42d2f61","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), Investor C Shares will automatically convert to Investor A Shares","page_number":30,"box":{"x":62,"y":113,"width":864,"height":11}},{"id":"8deb049b-8bd4-4878-822a-8d805db38a13","block_type":"box","text":"approximately eight years after the date of purchase. It is the Financial Intermediary’s responsibility to ensure that the","page_number":30,"box":{"x":61,"y":127,"width":870,"height":12}},{"id":"d4ef57d0-e939-4bc4-82ec-c68bb89d1635","block_type":"box","text":"shareholder is credited with the proper holding period. As of the Effective Date, certain Financial Intermediaries,","page_number":30,"box":{"x":61,"y":142,"width":823,"height":12}},{"id":"8b868fde-cd05-4bd9-9f96-d3b855488da4","block_type":"box","text":"including group retirement recordkeeping platforms, may not have been tracking such holding periods and therefore","page_number":30,"box":{"x":62,"y":157,"width":847,"height":12}},{"id":"06cc2ff4-fb2e-41a3-bc16-7de1781cb56e","block_type":"box","text":"may not be able to process such conversions. In such instances, the automatic conversion of Investor C Shares to","page_number":30,"box":{"x":61,"y":172,"width":842,"height":11}},{"id":"243848ef-11a2-4439-a0ab-70a97018af51","block_type":"box","text":"Investor A Shares will occur approximately eight years after the Effective Date. The automatic conversion of Investor C","page_number":30,"box":{"x":62,"y":187,"width":865,"height":11}},{"id":"3c4617cc-1bd4-4e37-ad51-9cb4844a25a2","block_type":"box","text":"Shares to Investor A Shares is not a taxable event for Federal income tax purposes. Please consult your Financial","page_number":30,"box":{"x":61,"y":202,"width":832,"height":11}},{"id":"4ca42830-613c-48f0-ae04-25f40f56e48b","block_type":"box","text":"Intermediary for additional information.","page_number":30,"box":{"x":62,"y":216,"width":285,"height":12}},{"id":"7399ffc4-1c35-456e-9695-2acdbc348b3a","block_type":"box","text":"In addition, accounts that do not have a Financial Intermediary associated with them are not eligible to hold Investor C","page_number":30,"box":{"x":62,"y":239,"width":869,"height":12}},{"id":"afc6570f-81b3-468c-a097-9580d1ecbb43","block_type":"box","text":"Shares, and any Investor C Shares held in such accounts will be automatically converted to Investor A Shares.","page_number":30,"box":{"x":61,"y":254,"width":810,"height":11}},{"id":"1669fd93-74b7-4023-a173-261a133ef2e9","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":30,"box":{"x":61,"y":276,"width":861,"height":12}},{"id":"a06f1478-7f15-450c-9df7-9dd2bd0b832f","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":30,"box":{"x":60,"y":291,"width":817,"height":12}},{"id":"22ae05ac-9da8-4efb-b4e9-36fc5a677b04","block_type":"box","text":"You will also pay distribution fees of 0.75% and service fees of 0.25% for Investor C Shares each year. Because these","page_number":30,"box":{"x":60,"y":314,"width":870,"height":11}},{"id":"3e80b62b-1f33-401d-a1d9-2d1915e7c327","block_type":"box","text":"fees are paid out of the Fund’s assets on an ongoing basis, over time these fees increase the cost of your investment","page_number":30,"box":{"x":60,"y":329,"width":870,"height":11}},{"id":"ea12449e-62d1-4bf7-9fdd-8bae2021977e","block_type":"box","text":"and may cost you more than paying other types of sales charges. The Distributor uses the money that it receives from","page_number":30,"box":{"x":61,"y":343,"width":867,"height":12}},{"id":"74304fa3-87cd-4232-bd94-0574b01e01ea","block_type":"box","text":"the deferred sales charges and the distribution fees to cover the costs of marketing, advertising and compensating","page_number":30,"box":{"x":60,"y":358,"width":849,"height":12}},{"id":"9ade32b0-8fd0-4301-9ee1-dfe09b0db5c9","block_type":"box","text":"the Financial Intermediary who assists you in purchasing Fund shares.","page_number":30,"box":{"x":60,"y":373,"width":517,"height":12}},{"id":"c7e8f6d0-d671-40be-b374-50c21eb354a1","block_type":"box","text":"The Distributor currently pays dealers a sales concession of 1.00% of the purchase price of Investor C Shares from its","page_number":30,"box":{"x":60,"y":396,"width":870,"height":11}},{"id":"77c9f385-7cc9-4d23-9517-25b85dd35cb5","block_type":"box","text":"own resources at the time of sale. The Distributor pays the annual Investor C Shares distribution fee and the annual","page_number":30,"box":{"x":61,"y":410,"width":853,"height":12}},{"id":"8e5e8c43-a2cc-4dc8-a39f-04aa49e0e645","block_type":"box","text":"Investor C Shares service fee as an ongoing concession and as a shareholder servicing fee, respectively, to dealers","page_number":30,"box":{"x":62,"y":425,"width":851,"height":12}},{"id":"543712c7-a76e-4d20-af24-8837569fb6b5","block_type":"box","text":"for Investor C Shares held for over a year and normally retains the Investor C Shares distribution fee and service fee","page_number":30,"box":{"x":60,"y":440,"width":856,"height":12}},{"id":"907c96f1-cc12-471a-a0d4-be6b044d1ebc","block_type":"box","text":"during the first year after purchase. For certain employer-sponsored retirement plans, the Distributor will pay the full","page_number":30,"box":{"x":61,"y":455,"width":850,"height":12}},{"id":"c76c3034-1469-4559-a259-8838ec2ef853","block_type":"box","text":"Investor C Shares distribution fee and service fee to dealers beginning in the first year after purchase in lieu of paying","page_number":30,"box":{"x":62,"y":470,"width":866,"height":11}},{"id":"cd9945b6-678f-464b-bd80-e1fd0ff87c66","block_type":"box","text":"the sales concession. This may depend on the policies, procedures and trading platforms of your Financial","page_number":30,"box":{"x":60,"y":485,"width":782,"height":11}},{"id":"c9901a56-a3f4-4074-90fc-11be36d2409c","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":30,"box":{"x":62,"y":499,"width":317,"height":12}},{"id":"079a79d9-583f-44bd-b566-efc88edb10a8","block_type":"box","text":"Contingent Deferred Sales Charge Waivers","page_number":30,"box":{"x":61,"y":522,"width":352,"height":13}},{"id":"4359d95d-bc9d-4d0b-9f53-d56d0f9b8f56","block_type":"box","text":"The deferred sales charge relating to Investor A and Investor C Shares may be reduced or waived in certain","page_number":30,"box":{"x":60,"y":539,"width":788,"height":11}},{"id":"61789ab9-101e-4466-963d-ef687b2f955b","block_type":"box","text":"circumstances, such as:","page_number":30,"box":{"x":61,"y":554,"width":177,"height":10}},{"id":"76bd80b9-e938-43a8-b368-9cd35f33e0f9","block_type":"box","text":"Redemptions of shares purchased through certain employer-sponsored retirement plans and rollovers of current","page_number":30,"box":{"x":82,"y":574,"width":824,"height":11}},{"id":"e59cbd9a-7a6f-4c96-a6dc-0e6db964194e","block_type":"box","text":"investments in the Fund through such plans;","page_number":30,"box":{"x":82,"y":589,"width":324,"height":11}},{"id":"9901ead2-c760-4b69-9777-4185670eb562","block_type":"box","text":"Exchanges pursuant to the exchange privilege, as described in “How to Buy, Sell, Exchange and Transfer Shares —","page_number":30,"box":{"x":82,"y":608,"width":844,"height":12}},{"id":"c8fd6cc0-6b62-4e3f-8334-877e28ffac66","block_type":"box","text":"How to Exchange Shares or Transfer Your Account”;","page_number":30,"box":{"x":82,"y":623,"width":375,"height":12}},{"id":"9a988619-77ea-4dcf-8764-69ec365db016","block_type":"box","text":"Redemptions made in connection with minimum required distributions from IRA or 403(b)(7) accounts due to the","page_number":30,"box":{"x":82,"y":643,"width":826,"height":11}},{"id":"78f7860d-c5c6-4a7c-9ffc-b709f4926bcd","block_type":"box","text":"shareholder reaching the age of 72;","page_number":30,"box":{"x":81,"y":658,"width":262,"height":12}},{"id":"19c0086f-c84b-43ea-802a-812260a87295","block_type":"box","text":"Redemptions made with respect to certain retirement plans sponsored by the Fund, BlackRock or an affiliate;","page_number":30,"box":{"x":82,"y":678,"width":804,"height":11}},{"id":"26357231-2747-46d1-a8dc-af16d5a43aef","block_type":"box","text":"Redemptions resulting from shareholder death as long as the waiver request is made within one year of death or, if","page_number":30,"box":{"x":82,"y":698,"width":847,"height":12}},{"id":"57816dc8-9238-4752-a155-ce466d910fca","block_type":"box","text":"later, reasonably promptly following completion of probate (including in connection with the distribution of account","page_number":30,"box":{"x":82,"y":713,"width":834,"height":11}},{"id":"c94882da-3da3-409a-bf89-8ff6de00a221","block_type":"box","text":"assets to a beneficiary of the decedent);","page_number":30,"box":{"x":81,"y":728,"width":297,"height":11}},{"id":"7c33becc-5ffa-4577-bbac-a200c49f846e","block_type":"box","text":"Withdrawals resulting from shareholder disability (as defined in the Internal Revenue Code) as long as the disability","page_number":30,"box":{"x":81,"y":748,"width":847,"height":11}},{"id":"ad5934e5-d504-4f09-ac49-746faa230e80","block_type":"box","text":"arose subsequent to the purchase of the shares;","page_number":30,"box":{"x":81,"y":762,"width":360,"height":12}},{"id":"c274eccc-47e7-4aa8-a38c-ce1d6f27be78","block_type":"box","text":"Involuntary redemptions made of shares in accounts with low balances;","page_number":30,"box":{"x":82,"y":782,"width":525,"height":12}},{"id":"240fe63f-bfb3-4e6a-946f-fb9afb49c1ac","block_type":"box","text":"Certain redemptions made through the Systematic Withdrawal Plan (“SWP”) offered by the Fund, BlackRock or an","page_number":30,"box":{"x":81,"y":802,"width":833,"height":12}},{"id":"efb78cee-1f53-40df-92c4-d2cd4d17f52d","block_type":"box","text":"affiliate;","page_number":30,"box":{"x":81,"y":817,"width":59,"height":11}},{"id":"0116862b-26eb-4156-b9ea-46c46aaa1782","block_type":"box","text":"Redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":30,"box":{"x":82,"y":837,"width":823,"height":12}},{"id":"fa85564c-27b7-4306-9d9c-c42dc87e96fa","block_type":"box","text":"Redemptions when a shareholder can demonstrate hardship, in the absolute discretion of the Fund.","page_number":30,"box":{"x":82,"y":857,"width":732,"height":11}},{"id":"cb23bb90-dff0-4e25-ae7d-82b6d02957db","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":30,"box":{"x":61,"y":880,"width":861,"height":11}},{"id":"08c3660f-d92d-44eb-bf49-128c1e0fdbaa","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":30,"box":{"x":60,"y":895,"width":817,"height":11}},{"id":"905b0cd2-2857-458b-a78e-429899542bc0","block_type":"box","text":"30","page_number":30,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"804f7131-9de1-41f4-8c17-55da3597680e","block_type":"box","text":"NM1026U-5982542-30/68","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7b1fc77e-a00d-4603-b711-fb013aca76ea","block_type":"box","text":"More information about existing sales charge reductions and waivers is available free of charge in a clear and","page_number":31,"box":{"x":62,"y":46,"width":805,"height":11}},{"id":"cb7f76cb-42a4-45fc-8d11-3460e80d076f","block_type":"box","text":"prominent format via hyperlink at www.blackrock.com and in the SAI, which is available on the website or on request.","page_number":31,"box":{"x":62,"y":60,"width":857,"height":12}},{"id":"0d734f43-70fd-48ff-a0c9-148a32f244ef","block_type":"box","text":"Institutional Shares","page_number":31,"box":{"x":61,"y":84,"width":161,"height":10}},{"id":"194363fd-db9e-42bd-8e9b-5fb13f70ee7c","block_type":"box","text":"Institutional Shares are not subject to any sales charge. Only certain investors are eligible to buy Institutional Shares.","page_number":31,"box":{"x":62,"y":100,"width":864,"height":11}},{"id":"2ed60e56-7942-43e3-82b0-76e1b9317f24","block_type":"box","text":"Your Financial Intermediary can help you determine whether you are eligible to buy Institutional Shares. The Fund may","page_number":31,"box":{"x":60,"y":115,"width":865,"height":11}},{"id":"40d9d91e-c26f-47d2-8f5b-0d8fd3b8c093","block_type":"box","text":"permit a lower initial investment for certain investors if their purchase, combined with purchases by other investors","page_number":31,"box":{"x":62,"y":129,"width":845,"height":12}},{"id":"3676c555-01d9-479f-b769-a2104ca7db77","block_type":"box","text":"received together by the Fund, meets the minimum investment requirement.","page_number":31,"box":{"x":61,"y":145,"width":557,"height":11}},{"id":"49437a13-4200-4493-8571-c3054b1251b8","block_type":"box","text":"Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional","page_number":31,"box":{"x":62,"y":167,"width":826,"height":11}},{"id":"d44bc50b-e512-470e-9d71-2e2ac2cedf23","block_type":"box","text":"Shares on such brokerage platforms through a broker acting as an agent for the investor may be required to pay a","page_number":31,"box":{"x":61,"y":182,"width":838,"height":11}},{"id":"5daa8834-3ede-40a3-aa52-9ae7f7903919","block_type":"box","text":"commission and/or other forms of compensation to the broker. Shares of the Fund are available in other share","page_number":31,"box":{"x":61,"y":196,"width":816,"height":12}},{"id":"4c59c77c-4474-4ccd-bf1f-fdfaed97c15d","block_type":"box","text":"classes that have different fees and expenses.","page_number":31,"box":{"x":61,"y":211,"width":345,"height":12}},{"id":"2747ceb8-dc2c-4d61-bcf6-ef5f27f0a4f7","block_type":"box","text":"Eligible Institutional Share investors include the following:","page_number":31,"box":{"x":62,"y":234,"width":421,"height":11}},{"id":"73915a0a-cd1a-482f-9537-6c50285b24d9","block_type":"box","text":"Individuals and “Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of","page_number":31,"box":{"x":82,"y":253,"width":854,"height":12}},{"id":"dea79dbc-f3e5-427a-9428-20edb3210305","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":31,"box":{"x":80,"y":269,"width":849,"height":11}},{"id":"347e3702-f2c7-4beb-9042-cd8759a5fa02","block_type":"box","text":"shares;","page_number":31,"box":{"x":81,"y":284,"width":53,"height":10}},{"id":"78c85e8e-da8c-4e87-a72b-7b9edafd6bd5","block_type":"box","text":"Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar","page_number":31,"box":{"x":81,"y":303,"width":838,"height":12}},{"id":"ab6b805f-6fed-4c0e-9e2a-586237ae784c","block_type":"box","text":"services or (ii) have entered into an agreement with the Distributor to offer Institutional Shares through a no-load","page_number":31,"box":{"x":81,"y":318,"width":829,"height":12}},{"id":"980041ff-8700-49d5-ba44-506fde2e3598","block_type":"box","text":"program or investment platform, in each case, with no minimum initial investment;","page_number":31,"box":{"x":82,"y":333,"width":604,"height":12}},{"id":"490eddac-50cd-4f00-ae82-dbb858601128","block_type":"box","text":"Clients investing through Financial Intermediaries that have entered into an agreement with the Distributor to offer","page_number":31,"box":{"x":81,"y":353,"width":840,"height":12}},{"id":"bdeb021b-00f0-4dba-80ec-f391ed13cd10","block_type":"box","text":"such shares on a platform that charges a transaction based sales commission outside of the Fund, with a minimum","page_number":31,"box":{"x":81,"y":368,"width":853,"height":11}},{"id":"12edb930-0090-45af-877e-29bce63d2311","block_type":"box","text":"initial investment of $1,000;","page_number":31,"box":{"x":82,"y":382,"width":207,"height":12}},{"id":"1d52accf-a6ae-4ce3-a289-ad5f0fa7472f","block_type":"box","text":"Certain employee benefits plans, such as health savings accounts, and certain employer-sponsored retirement","page_number":31,"box":{"x":81,"y":403,"width":816,"height":11}},{"id":"745cbc44-c93e-4bd2-ae07-12f0f7919b7c","block_type":"box","text":"plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective","page_number":31,"box":{"x":82,"y":418,"width":821,"height":11}},{"id":"b796024d-c1b4-4aeb-9fd6-3dbdc9f2765a","block_type":"box","text":"trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks","page_number":31,"box":{"x":80,"y":432,"width":835,"height":12}},{"id":"0bd3a6f6-c120-4f23-87ac-20457cf6d9b0","block_type":"box","text":"and trust companies, each of which is not subject to any minimum initial investment and may purchase shares of","page_number":31,"box":{"x":81,"y":447,"width":835,"height":12}},{"id":"f563b21c-4944-48d3-af9f-17b0f8f5779c","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":31,"box":{"x":80,"y":462,"width":849,"height":12}},{"id":"8458f25c-7466-41f3-9033-9ece49b429a4","block_type":"box","text":"shares;","page_number":31,"box":{"x":81,"y":477,"width":53,"height":11}},{"id":"8b2da449-5d58-4962-bc9b-c576eb06559e","block_type":"box","text":"Trust department clients of Bank of America, N.A. and its affiliates for whom they (i) act in a fiduciary capacity","page_number":31,"box":{"x":81,"y":497,"width":810,"height":11}},{"id":"52a72143-5ed2-4c16-9c8f-ca4b59367f2e","block_type":"box","text":"(excluding participant directed employee benefit plans); (ii) otherwise have investment discretion; or (iii) act as","page_number":31,"box":{"x":81,"y":512,"width":812,"height":11}},{"id":"d1db1d7f-03a1-432e-99bd-29bc43d3ca17","block_type":"box","text":"custodian for at least $2 million in assets, who are not subject to any minimum initial investment;","page_number":31,"box":{"x":81,"y":526,"width":719,"height":12}},{"id":"a3bed2ef-0a2f-4c43-9e9d-d0027e093c42","block_type":"box","text":"Holders of certain Bank of America Corporation (“BofA Corp.”) sponsored unit investment trusts (“UITs”) who","page_number":31,"box":{"x":82,"y":546,"width":799,"height":12}},{"id":"e590f9de-03b5-41bf-b4f7-ac485105e588","block_type":"box","text":"reinvest dividends received from such UITs in shares of the Fund, who are not subject to any minimum initial","page_number":31,"box":{"x":82,"y":561,"width":794,"height":12}},{"id":"2c44b2ab-97cc-42b5-a33f-ff8c8a51bf7d","block_type":"box","text":"investment;","page_number":31,"box":{"x":82,"y":576,"width":83,"height":11}},{"id":"fc1fc9d8-5e0e-488c-ab4c-951f4e482447","block_type":"box","text":"Employees, officers and directors/trustees of BlackRock, Inc., BlackRock Funds, BofA Corp., Barclays or their","page_number":31,"box":{"x":82,"y":596,"width":805,"height":12}},{"id":"300da0dd-a7cb-4cd4-a4ba-2c19d79af79a","block_type":"box","text":"respective affiliates and immediate family members of such persons who are not subject to any minimum initial","page_number":31,"box":{"x":82,"y":611,"width":819,"height":11}},{"id":"2c0e28f2-41e4-4e65-acee-7e397c4be23f","block_type":"box","text":"investment;","page_number":31,"box":{"x":82,"y":626,"width":83,"height":11}},{"id":"073ec79d-3745-4cf7-9f13-131d67480c9b","block_type":"box","text":"Tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s broker","page_number":31,"box":{"x":81,"y":646,"width":836,"height":11}},{"id":"2bed8586-295d-42ba-9813-6542ae2b18e6","block_type":"box","text":"dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family members","page_number":31,"box":{"x":81,"y":661,"width":851,"height":11}},{"id":"1f1f5c55-34d4-4ea0-adff-5f9ec25b2792","block_type":"box","text":"of such persons; and","page_number":31,"box":{"x":81,"y":675,"width":154,"height":12}},{"id":"0a042daf-740e-465e-9e74-98f91d5d2731","block_type":"box","text":"Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record","page_number":31,"box":{"x":81,"y":695,"width":816,"height":12}},{"id":"929066a4-5be0-46d1-a937-c190f2f40b6d","block_type":"box","text":"keeper, provided that such program offers only mutual fund options and that the program maintains an account with","page_number":31,"box":{"x":82,"y":710,"width":851,"height":12}},{"id":"83425465-aabf-478b-bf61-36af177aec22","block_type":"box","text":"the Fund on an omnibus basis.","page_number":31,"box":{"x":80,"y":725,"width":227,"height":9}},{"id":"3b026bce-3360-4d90-b058-fa27bf20710c","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":31,"box":{"x":60,"y":748,"width":620,"height":11}},{"id":"8c169f20-de11-47d3-bd07-b138b25b6f49","block_type":"box","text":"Class R Shares","page_number":31,"box":{"x":61,"y":771,"width":124,"height":10}},{"id":"193c1604-a0c0-4a5d-9ecb-22fd17f8b2e7","block_type":"box","text":"Class R Shares are available only to certain employer-sponsored retirement plans. For this purpose, employer","page_number":31,"box":{"x":61,"y":787,"width":810,"height":11}},{"id":"5016b0a3-bcbb-42e6-bcec-4bb6d3972eeb","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs. If you buy Class R Shares, you will pay","page_number":31,"box":{"x":61,"y":802,"width":873,"height":11}},{"id":"325706da-575d-4df7-8288-42d8ef98824c","block_type":"box","text":"neither an initial sales charge nor a CDSC. However, Class R Shares are subject to a distribution fee of 0.25% per year","page_number":31,"box":{"x":61,"y":817,"width":874,"height":11}},{"id":"cd9e31cc-ade3-41ca-87f7-e9c1a93c93d8","block_type":"box","text":"and a service fee of 0.25% per year. Because these fees are paid out of the Fund’s assets on an ongoing basis, over","page_number":31,"box":{"x":61,"y":831,"width":863,"height":12}},{"id":"b866d52a-6791-4c50-b220-d07f978bfa88","block_type":"box","text":"time these fees increase the cost of your investment and may cost you more than paying other types of sales charges.","page_number":31,"box":{"x":60,"y":846,"width":873,"height":12}},{"id":"aa40c151-6cf9-49f5-912a-d6bc855fb16c","block_type":"box","text":"Class R Shares do not offer a conversion privilege.","page_number":31,"box":{"x":61,"y":869,"width":371,"height":11}},{"id":"80a993db-3d83-4d79-98f6-59bfb4d2d913","block_type":"box","text":"The Distributor currently pays the annual Class R Shares distribution fee and annual Class R Shares service fee to","page_number":31,"box":{"x":60,"y":891,"width":843,"height":12}},{"id":"91a4dffd-043b-4a07-b1af-f05646b76cf0","block_type":"box","text":"dealers as an ongoing concession and as a shareholder servicing fee, respectively, on a monthly basis.","page_number":31,"box":{"x":61,"y":906,"width":759,"height":12}},{"id":"4392edea-b1a9-4486-9f42-cf89cbe868e9","block_type":"box","text":"31","page_number":31,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"81ab4f2b-adc6-4618-9e96-6a14e6d583a3","block_type":"box","text":"NM1026U-5982542-31/68","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8381340c-a393-4000-8392-7c61929cc2c1","block_type":"box","text":"Distribution and Shareholder Servicing Payments","page_number":32,"box":{"x":61,"y":47,"width":442,"height":13}},{"id":"9b593825-2cff-4ff9-b9bd-6264bd048614","block_type":"box","text":"Plan Payments","page_number":32,"box":{"x":61,"y":73,"width":122,"height":13}},{"id":"45d36768-416b-4d0a-bfa6-da6b61d8bafb","block_type":"box","text":"The Trust, on behalf of the Fund, has adopted a plan (the “Plan”) pursuant to Rule 12b-1 under the Investment","page_number":32,"box":{"x":60,"y":89,"width":815,"height":12}},{"id":"a5598d4e-795d-42cb-8c4d-5c9b9163a106","block_type":"box","text":"Company Act with respect to the Investor Shares and Class R Shares that allows the Fund to pay distribution fees for","page_number":32,"box":{"x":61,"y":104,"width":861,"height":12}},{"id":"b9ea93a5-b14e-4f9d-925b-8365cc2e3de1","block_type":"box","text":"the sale of its shares and/or shareholder servicing fees for certain services provided to its shareholders.","page_number":32,"box":{"x":60,"y":119,"width":776,"height":12}},{"id":"156d9257-ef03-41f0-bee8-1c77d8bc312f","block_type":"box","text":"Under the Plan, Investor C Shares and Class R Shares pay a distribution fee to the Distributor and/or its affiliates for","page_number":32,"box":{"x":62,"y":142,"width":861,"height":11}},{"id":"819ff1bf-3534-4c60-9cf8-8e685b73e3a6","block_type":"box","text":"distribution and sales support services. The distribution fees may be used to pay the Distributor for distribution and","page_number":32,"box":{"x":61,"y":156,"width":851,"height":12}},{"id":"ce1e6a06-c4eb-44d1-933f-f4378f0563e2","block_type":"box","text":"sales support services and to pay the Distributor and BlackRock and its affiliates for sales support services provided","page_number":32,"box":{"x":61,"y":171,"width":864,"height":12}},{"id":"49b5438c-0782-4630-8127-fbd62ae463f1","block_type":"box","text":"and related expenses incurred in connection with the sale of Investor C Shares and Class R Shares. The distribution","page_number":32,"box":{"x":61,"y":186,"width":854,"height":11}},{"id":"833a8b16-6d0c-48b6-870b-2f1098ef6919","block_type":"box","text":"fees may also be used to pay Financial Intermediaries for sales support services and related expenses. All Investor C","page_number":32,"box":{"x":60,"y":201,"width":866,"height":11}},{"id":"e1b721a0-731b-4cf2-a443-a6ee166f32c4","block_type":"box","text":"Shares and Class R Shares pay a maximum distribution fee per year that is a percentage of the average daily net","page_number":32,"box":{"x":61,"y":216,"width":832,"height":11}},{"id":"37145834-cc02-4c55-b74f-bcc151e1fbe8","block_type":"box","text":"asset value of the Investor C Shares and Class R Shares of the Fund. Institutional and Investor A Shares do not pay","page_number":32,"box":{"x":61,"y":231,"width":852,"height":11}},{"id":"27483a59-5940-4945-95a4-6140893a23cc","block_type":"box","text":"distribution fees.","page_number":32,"box":{"x":61,"y":245,"width":122,"height":10}},{"id":"a32d344a-48eb-449d-9272-2975749c07bf","block_type":"box","text":"Under the Plan, the Fund also pays shareholder servicing fees (also referred to as general shareholder liaison services","page_number":32,"box":{"x":62,"y":268,"width":873,"height":12}},{"id":"d16a1ee8-9950-475b-93c3-9b33896424db","block_type":"box","text":"fees) to Financial Intermediaries for providing support services to their customers who own Investor and/or Class R","page_number":32,"box":{"x":60,"y":283,"width":850,"height":11}},{"id":"f3b0026a-3fc9-4a7e-be8a-f0e2713a7d30","block_type":"box","text":"Shares of the Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily net","page_number":32,"box":{"x":61,"y":298,"width":833,"height":11}},{"id":"edd13639-d8dd-428f-aa7d-ca46aa37238a","block_type":"box","text":"asset value of Investor Shares and Class R Shares of the Fund. All Investor Shares and Class R Shares pay this","page_number":32,"box":{"x":61,"y":312,"width":823,"height":12}},{"id":"23774876-a32d-43e6-a4de-e1e4cf472db9","block_type":"box","text":"shareholder servicing fee. Institutional Shares do not pay a shareholder servicing fee.","page_number":32,"box":{"x":61,"y":327,"width":630,"height":12}},{"id":"afad0334-a231-45b8-b497-44fdcde84006","block_type":"box","text":"In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of","page_number":32,"box":{"x":62,"y":350,"width":859,"height":11}},{"id":"1532f14b-0f39-495f-9246-b5940690d05c","block_type":"box","text":"the following services to their customers who own Investor Shares and Class R Shares:","page_number":32,"box":{"x":60,"y":365,"width":643,"height":11}},{"id":"3d9fcb0e-0bbd-43ef-9726-91ef57951a38","block_type":"box","text":"Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and","page_number":32,"box":{"x":81,"y":385,"width":848,"height":11}},{"id":"117edb06-dd5e-4dca-b62f-ff7bad152cfc","block_type":"box","text":"redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers’","page_number":32,"box":{"x":82,"y":399,"width":811,"height":12}},{"id":"9a8b4c4d-4682-4199-8450-2f445d101c46","block_type":"box","text":"investments;","page_number":32,"box":{"x":82,"y":415,"width":92,"height":10}},{"id":"bae334b9-ae66-4aff-b160-1f31cfa4ed1e","block_type":"box","text":"Assisting customers in designating and changing dividend options, account designations and addresses; and","page_number":32,"box":{"x":81,"y":435,"width":801,"height":11}},{"id":"a561da86-e995-49e0-b589-31f8886676a4","block_type":"box","text":"Providing other similar shareholder liaison services.","page_number":32,"box":{"x":81,"y":455,"width":379,"height":11}},{"id":"72dc830c-c0c7-4d2c-aeb4-fdcd469faba8","block_type":"box","text":"The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the","page_number":32,"box":{"x":60,"y":477,"width":856,"height":11}},{"id":"7c5ced86-3032-43ec-9c1d-2870b3ac16c9","block_type":"box","text":"administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the","page_number":32,"box":{"x":61,"y":492,"width":848,"height":11}},{"id":"1ec1cf5c-24b9-401d-9b77-51806b667930","block_type":"box","text":"sale of the Fund’s shares.","page_number":32,"box":{"x":61,"y":506,"width":191,"height":10}},{"id":"47b4e2ff-2460-411e-983f-76b4a24583f7","block_type":"box","text":"Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these","page_number":32,"box":{"x":62,"y":529,"width":850,"height":12}},{"id":"ed067e5c-6e65-4c7a-925e-5948db51934d","block_type":"box","text":"fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In","page_number":32,"box":{"x":60,"y":544,"width":836,"height":11}},{"id":"85b51414-78f4-407c-a216-3dec32b02f3a","block_type":"box","text":"addition, the distribution fees paid by Investor C Shares and Class R Shares may over time cost investors more than","page_number":32,"box":{"x":61,"y":559,"width":855,"height":11}},{"id":"5358c0e6-04dd-4cff-aba4-73b38b739e0b","block_type":"box","text":"the front-end sales charge on Investor A Shares. For more information on the Plan, including a complete list of","page_number":32,"box":{"x":60,"y":574,"width":812,"height":11}},{"id":"2d84dbd5-2c5c-4b68-a9b7-485706fa0422","block_type":"box","text":"services provided thereunder, see the SAI.","page_number":32,"box":{"x":61,"y":589,"width":311,"height":11}},{"id":"ac53139d-4942-46ba-8058-a4303c3e1145","block_type":"box","text":"Other Payments by the Fund","page_number":32,"box":{"x":61,"y":611,"width":233,"height":13}},{"id":"f760a621-a918-411a-b81b-f16413edad52","block_type":"box","text":"In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its","page_number":32,"box":{"x":62,"y":628,"width":874,"height":11}},{"id":"8541472f-0115-453e-af01-edea25d06d21","block_type":"box","text":"transfer agent, BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”), BlackRock, on behalf of the Fund,","page_number":32,"box":{"x":60,"y":642,"width":846,"height":12}},{"id":"65365dc1-03d0-4c68-aeb1-bcf61e9153d7","block_type":"box","text":"may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund","page_number":32,"box":{"x":61,"y":657,"width":874,"height":12}},{"id":"dbdc6ab7-af88-436b-9dd1-76af98cf010d","block_type":"box","text":"will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting","page_number":32,"box":{"x":60,"y":672,"width":843,"height":12}},{"id":"1b5bd1dc-61c9-4580-a3a8-2abb112a0ef4","block_type":"box","text":"and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average","page_number":32,"box":{"x":61,"y":687,"width":862,"height":12}},{"id":"14b2d41d-3d64-44d5-954b-97cd05ffc4ff","block_type":"box","text":"daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each","page_number":32,"box":{"x":61,"y":702,"width":815,"height":11}},{"id":"42a24d19-2863-49be-ac17-c4e8fd4ca28e","block_type":"box","text":"account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial.","page_number":32,"box":{"x":61,"y":717,"width":791,"height":11}},{"id":"d4e52ff8-5e97-4b22-b495-dd5422fcc64a","block_type":"box","text":"Other Payments by BlackRock","page_number":32,"box":{"x":61,"y":740,"width":252,"height":12}},{"id":"2a6714dd-dcde-459a-ac0a-a2c8f4d61884","block_type":"box","text":"From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative,","page_number":32,"box":{"x":62,"y":756,"width":851,"height":11}},{"id":"40187c8e-f7bd-40dd-b40e-ae248d23c282","block_type":"box","text":"networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or","page_number":32,"box":{"x":61,"y":771,"width":843,"height":11}},{"id":"8654e31d-8acc-4950-a151-6aab44e63cd9","block_type":"box","text":"their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate","page_number":32,"box":{"x":60,"y":786,"width":853,"height":11}},{"id":"f786c508-de1c-417f-bc91-af0e7be868b1","block_type":"box","text":"affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments","page_number":32,"box":{"x":61,"y":800,"width":866,"height":12}},{"id":"12f3c136-29b3-41c6-99b3-fd66fc92d1ff","block_type":"box","text":"would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be","page_number":32,"box":{"x":60,"y":815,"width":839,"height":12}},{"id":"e9e38b6c-c492-4108-8122-5c6b5b040479","block_type":"box","text":"based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage","page_number":32,"box":{"x":61,"y":830,"width":860,"height":12}},{"id":"ff743c01-1809-4c0c-a65e-89146c509b40","block_type":"box","text":"of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another","page_number":32,"box":{"x":61,"y":845,"width":841,"height":11}},{"id":"f0361ded-de94-4abc-9d75-1c4ae2945faa","block_type":"box","text":"basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial","page_number":32,"box":{"x":61,"y":860,"width":856,"height":11}},{"id":"51d7a379-aba6-470e-b611-b8c6ffd89bce","block_type":"box","text":"and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated","page_number":32,"box":{"x":61,"y":875,"width":813,"height":11}},{"id":"e40895ec-05c1-4786-932a-bbc2b2735ffb","block_type":"box","text":"persons to recommend or sell shares of the Fund to you.","page_number":32,"box":{"x":62,"y":889,"width":415,"height":12}},{"id":"1a7bbe1a-47bc-4be7-9352-6bac6f678603","block_type":"box","text":"32","page_number":32,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"892025c6-1e1e-433f-8630-30f7cbd847ae","block_type":"box","text":"NM1026U-5982542-32/68","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"cefec1b3-00bd-47ab-a49b-748fed08e82f","block_type":"box","text":"Please contact your Financial Intermediary for details about payments it may receive from the Fund or from BlackRock,","page_number":33,"box":{"x":61,"y":46,"width":869,"height":11}},{"id":"2c2be148-c9a3-4a40-8cf1-be2c8010730b","block_type":"box","text":"the Distributor or their affiliates. For more information, see the SAI.","page_number":33,"box":{"x":60,"y":60,"width":495,"height":11}},{"id":"7356cbee-703e-45d4-a040-136368a8f6bd","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":33,"box":{"x":61,"y":99,"width":434,"height":14}},{"id":"4eeb6d03-43b9-458e-9c03-5c706a3107ae","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":33,"box":{"x":60,"y":126,"width":846,"height":11}},{"id":"2c7c5e4d-c10c-4745-87ce-e8744829d187","block_type":"box","text":"Intermediary. You may also buy, sell, exchange and transfer shares through BlackRock if your account is held directly","page_number":33,"box":{"x":62,"y":140,"width":857,"height":12}},{"id":"48e7e3bb-6a28-4f30-a772-86138bd59638","block_type":"box","text":"with BlackRock. To learn more about buying, selling, exchanging or transferring shares through BlackRock, call","page_number":33,"box":{"x":60,"y":155,"width":809,"height":12}},{"id":"4c46df1d-42b8-47da-b5f7-8be85d0ab66a","block_type":"box","text":"(800) 441-7762. Because the selection of a mutual fund involves many considerations, your Financial Intermediary","page_number":33,"box":{"x":61,"y":170,"width":847,"height":11}},{"id":"3f8ee234-f1b6-4984-a870-dd5fa45d41b7","block_type":"box","text":"may help you with this decision.","page_number":33,"box":{"x":61,"y":185,"width":232,"height":11}},{"id":"415cafa6-13d6-4de1-9b33-d4ae77608a88","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":33,"box":{"x":60,"y":208,"width":867,"height":11}},{"id":"cf8e8bfb-89ca-4051-99f0-67d5c2a15331","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":33,"box":{"x":61,"y":222,"width":858,"height":12}},{"id":"30652bb7-cd07-4ca7-a6fe-3597c8cf7c4e","block_type":"box","text":"investments (including by way of exchange from another BlackRock Fund) into existing accounts, the Fund generally","page_number":33,"box":{"x":62,"y":237,"width":845,"height":12}},{"id":"fc56b396-ad8d-47e3-b67f-8cb12eb61fbd","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":33,"box":{"x":61,"y":252,"width":860,"height":11}},{"id":"0e3e3f0f-87b2-4bdd-adaa-600d6143e564","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":33,"box":{"x":60,"y":267,"width":868,"height":11}},{"id":"90420027-9128-48b7-9846-95b724365359","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":33,"box":{"x":61,"y":282,"width":863,"height":11}},{"id":"90492eb2-c72b-4c32-b2fa-f4ab56e1ffc1","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":33,"box":{"x":61,"y":296,"width":787,"height":12}},{"id":"708dc1db-9853-4f56-9385-a6877da59404","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":33,"box":{"x":62,"y":311,"width":857,"height":12}},{"id":"05e6bb8c-d8ca-44d5-b6b2-c84e0421ec22","block_type":"box","text":"restricted from making additional investments.","page_number":33,"box":{"x":61,"y":326,"width":341,"height":12}},{"id":"ab5f395e-5983-4b14-b41c-a9ba899d1737","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":33,"box":{"x":60,"y":349,"width":861,"height":11}},{"id":"22753b24-043e-44b2-a2e2-02156aa9c7b6","block_type":"box","text":"for any shareholders and suspend and resume the sale of any share class of the Fund at any time for any reason. In","page_number":33,"box":{"x":60,"y":363,"width":856,"height":12}},{"id":"becf0dd1-b72f-429f-b207-4526ef7ae84c","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":33,"box":{"x":61,"y":378,"width":822,"height":12}},{"id":"95ebef02-c597-4901-ada4-221f033af3a7","block_type":"box","text":"described below.","page_number":33,"box":{"x":61,"y":393,"width":121,"height":9}},{"id":"38d8f562-3223-4d03-b3fa-057d9af7003b","block_type":"box","text":"Under certain circumstances, if no activity occurs in an account within a time period specified by state law, a","page_number":33,"box":{"x":62,"y":416,"width":797,"height":11}},{"id":"ac86cb85-0e8a-4e1a-bb0c-84d9619c8cfa","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":33,"box":{"x":61,"y":430,"width":487,"height":12}},{"id":"899e388d-0642-4162-9d16-b836f3c3efea","block_type":"box","text":"How to Buy Shares","page_number":33,"box":{"x":61,"y":454,"width":156,"height":12}},{"id":"43d8c7ed-ec92-4e4b-a3c9-375b63bda1cf","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":33,"box":{"x":213,"y":476,"width":478,"height":8}},{"id":"c2dc2214-3894-43d2-bfff-d7459b17218c","block_type":"box","text":"Initial Purchase","page_number":33,"box":{"x":61,"y":493,"width":105,"height":8}},{"id":"6333e3fa-56f9-434d-979b-d8950a4a2b8e","block_type":"box","text":"First, select the share class","page_number":33,"box":{"x":214,"y":493,"width":183,"height":9}},{"id":"416d7da7-b103-457e-8a7a-ffeec6799fef","block_type":"box","text":"appropriate for you","page_number":33,"box":{"x":214,"y":506,"width":123,"height":10}},{"id":"3df52b95-bae5-4d95-ac2a-ce04f48293aa","block_type":"box","text":"Refer to the “Share Classes at a Glance” table in this prospectus (be","page_number":33,"box":{"x":461,"y":493,"width":458,"height":10}},{"id":"00398454-fd17-4faf-a54f-8fb75b4b46ab","block_type":"box","text":"sure to read this prospectus carefully). When you place your initial","page_number":33,"box":{"x":461,"y":506,"width":435,"height":10}},{"id":"b39aa8ab-f477-43ad-ba14-79b78252d911","block_type":"box","text":"order, you must indicate which share class you select (if you do not","page_number":33,"box":{"x":461,"y":520,"width":444,"height":10}},{"id":"84e9536f-6180-48f1-9f12-075b12c888d5","block_type":"box","text":"specify a share class and do not qualify to purchase Institutional","page_number":33,"box":{"x":461,"y":533,"width":426,"height":10}},{"id":"196472dc-6efa-47ef-9087-18742f0b8035","block_type":"box","text":"Shares, you will receive Investor A Shares). Certain factors, such as","page_number":33,"box":{"x":461,"y":547,"width":449,"height":10}},{"id":"b40c7760-92cd-47bf-ae95-19d0a47d4619","block_type":"box","text":"the amount of your investment, your time frame for investing, and your","page_number":33,"box":{"x":460,"y":560,"width":466,"height":11}},{"id":"c83cac20-1ba2-4478-bf25-a3db8834eb53","block_type":"box","text":"financial goals, may affect which share class you choose. Your","page_number":33,"box":{"x":460,"y":574,"width":414,"height":10}},{"id":"71e7ec1e-4d59-47ed-90d9-27e1d7fd1863","block_type":"box","text":"Financial Intermediary can help you determine which share class is","page_number":33,"box":{"x":461,"y":588,"width":443,"height":10}},{"id":"163c1324-f159-4eef-8a5c-8aeb17cfd58e","block_type":"box","text":"appropriate for you.Class R Shares are available only to certain","page_number":33,"box":{"x":461,"y":601,"width":418,"height":10}},{"id":"a3c62145-caa9-4f4b-8424-332adbbfdbb9","block_type":"box","text":"employer-sponsored retirement plans.","page_number":33,"box":{"x":461,"y":615,"width":249,"height":10}},{"id":"cf9623a4-59c9-4971-b657-c68df40a3a30","block_type":"box","text":"Next, determine the amount of","page_number":33,"box":{"x":214,"y":632,"width":203,"height":10}},{"id":"02ee8b12-5b2b-4aed-b160-c0550a2fab12","block_type":"box","text":"your investment","page_number":33,"box":{"x":213,"y":646,"width":105,"height":10}},{"id":"2c37366a-eab5-4320-a346-c1d0f5efc758","block_type":"box","text":"Refer to the minimum initial investment in the “Share Classes at a","page_number":33,"box":{"x":461,"y":632,"width":440,"height":9}},{"id":"9471c115-24af-4937-a303-b48bfeef0425","block_type":"box","text":"Glance” table of this prospectus. Be sure to note the maximum","page_number":33,"box":{"x":461,"y":646,"width":418,"height":10}},{"id":"4268a555-ac60-447b-a7de-a1896290e331","block_type":"box","text":"investment amounts in Investor C Shares. See “Account Information —","page_number":33,"box":{"x":461,"y":660,"width":471,"height":8}},{"id":"d33c3f80-db72-4867-8827-3d31de9444f2","block_type":"box","text":"Details About the Share Classes” for information on a lower initial","page_number":33,"box":{"x":461,"y":673,"width":435,"height":8}},{"id":"b559d5e0-4804-4695-97d9-749143235048","block_type":"box","text":"investment requirement for certain Fund investors if their purchase,","page_number":33,"box":{"x":461,"y":687,"width":446,"height":10}},{"id":"41772eb1-bf84-4311-bf24-e6f6d98511f1","block_type":"box","text":"combined with purchases by other investors received together by the","page_number":33,"box":{"x":461,"y":700,"width":453,"height":11}},{"id":"a8759d03-4f48-4795-988c-4f18b2102b6a","block_type":"box","text":"Fund, meets the minimum investment requirement.","page_number":33,"box":{"x":461,"y":714,"width":337,"height":10}},{"id":"f06d142e-d372-4e32-97cb-17560c6df2b8","block_type":"box","text":"Have your Financial Intermediary","page_number":33,"box":{"x":214,"y":732,"width":215,"height":10}},{"id":"7b1e2e4a-d58d-4b17-bc74-655790a3496f","block_type":"box","text":"submit your purchase order","page_number":33,"box":{"x":214,"y":746,"width":181,"height":10}},{"id":"498843c1-3b06-4be3-863f-8997bbd455af","block_type":"box","text":"The price of your shares is based on the next calculation of the Fund’s","page_number":33,"box":{"x":460,"y":732,"width":466,"height":10}},{"id":"f48d74b4-7002-42ac-8a76-b876393a9c67","block_type":"box","text":"net asset value after your order is placed. Any purchase orders placed","page_number":33,"box":{"x":461,"y":745,"width":463,"height":11}},{"id":"28f61689-371a-44f2-9618-7150666859b6","block_type":"box","text":"prior to the close of business on the New York Stock Exchange (the","page_number":33,"box":{"x":461,"y":759,"width":443,"height":10}},{"id":"d4248553-80b3-4365-9e82-95615c99a3c2","block_type":"box","text":"“NYSE”) (generally 4:00 p.m. Eastern time) will be priced at the net","page_number":33,"box":{"x":461,"y":772,"width":445,"height":11}},{"id":"43b111a8-16b8-49e9-92ea-eea542e54b83","block_type":"box","text":"asset value determined that day. Certain Financial Intermediaries,","page_number":33,"box":{"x":461,"y":786,"width":435,"height":10}},{"id":"19f4d80e-98fb-4c08-a663-319be1dd8242","block_type":"box","text":"however, may require submission of orders prior to that time. 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The Fund limits purchases by personal","page_number":35,"box":{"x":461,"y":192,"width":473,"height":10}},{"id":"989a2188-b2a0-4be7-93e6-1a47e69ee28e","block_type":"box","text":"check to $500,000 per trade. There is a $20 fee for each purchase","page_number":35,"box":{"x":461,"y":205,"width":447,"height":10}},{"id":"7f3d4ea5-f14d-4d0c-b032-404aeb5bcd51","block_type":"box","text":"check that is returned due to insufficient funds. The Fund does not","page_number":35,"box":{"x":461,"y":219,"width":442,"height":8}},{"id":"8700114c-942e-4a03-aa93-8357a07b4e99","block_type":"box","text":"accept third-party checks. You may also wire Federal funds to the Fund","page_number":35,"box":{"x":461,"y":232,"width":465,"height":10}},{"id":"4a3b7f2e-49d0-42fa-9b02-bff787b8ef0f","block_type":"box","text":"to purchase shares, but you must call (800) 441-7762 before doing so","page_number":35,"box":{"x":460,"y":246,"width":470,"height":10}},{"id":"998b0205-bb4f-4274-9d4a-06558ff909ff","block_type":"box","text":"to confirm the wiring instructions.","page_number":35,"box":{"x":460,"y":259,"width":221,"height":11}},{"id":"1bb7a27b-ebf5-474b-bab2-c9f05d8ac2b6","block_type":"box","text":"How to Sell Shares","page_number":35,"box":{"x":61,"y":284,"width":156,"height":10}},{"id":"71b6a26c-27aa-4512-a17d-38a2bf1cffec","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":35,"box":{"x":213,"y":306,"width":478,"height":9}},{"id":"cfe5f734-220c-4fa5-97b9-a2af7dc82b1a","block_type":"box","text":"Full or Partial","page_number":35,"box":{"x":61,"y":323,"width":90,"height":8}},{"id":"38d70493-312c-4d72-8a9b-c76336358906","block_type":"box","text":"Redemption of","page_number":35,"box":{"x":61,"y":335,"width":98,"height":10}},{"id":"750798e6-6527-4d19-869c-081d9c90ad39","block_type":"box","text":"Shares","page_number":35,"box":{"x":60,"y":346,"width":46,"height":9}},{"id":"a358c80e-d6e7-479c-ac0c-7fea4dab2535","block_type":"box","text":"Have your Financial Intermediary","page_number":35,"box":{"x":214,"y":323,"width":215,"height":10}},{"id":"cf90931c-101c-4965-86dd-a8cd13f3d8f2","block_type":"box","text":"submit your sales order","page_number":35,"box":{"x":214,"y":337,"width":155,"height":10}},{"id":"649068a5-c9ca-46bb-ab28-46cb2e9d72f8","block_type":"box","text":"You can make redemption requests through your Financial","page_number":35,"box":{"x":460,"y":323,"width":382,"height":10}},{"id":"7a4bd6e8-3076-42de-af64-dc674a2fd32e","block_type":"box","text":"Intermediary. Shareholders should indicate whether they are","page_number":35,"box":{"x":461,"y":337,"width":398,"height":10}},{"id":"6d99830f-6980-4421-a9d3-5ee3fcd6c67f","block_type":"box","text":"redeeming Investor A, Investor C, Institutional or Class R Shares. The","page_number":35,"box":{"x":461,"y":350,"width":458,"height":11}},{"id":"02b33770-051d-4fec-875a-ee28ef37f2f4","block_type":"box","text":"price of your shares is based on the next calculation of the Fund’s net","page_number":35,"box":{"x":461,"y":364,"width":463,"height":10}},{"id":"e5fd69e0-d95d-4856-b984-b17862be9a12","block_type":"box","text":"asset value after your order is placed. For your redemption request to","page_number":35,"box":{"x":461,"y":377,"width":458,"height":11}},{"id":"4e5b2132-ee3a-422b-9830-e6948f05ab56","block_type":"box","text":"be priced at the net asset value on the day of your request, you must","page_number":35,"box":{"x":461,"y":391,"width":457,"height":10}},{"id":"3b3debb7-dfe9-4e93-998e-e886ee0085a8","block_type":"box","text":"submit your request to your Financial Intermediary prior to that day’s","page_number":35,"box":{"x":461,"y":405,"width":452,"height":10}},{"id":"379dec31-3c06-4b68-bc8c-ced360f7ebbf","block_type":"box","text":"close of business on the NYSE (generally 4:00 p.m. Eastern time).","page_number":35,"box":{"x":461,"y":418,"width":438,"height":10}},{"id":"1053c43f-d046-4461-819f-b6e9a9b166c3","block_type":"box","text":"Certain Financial Intermediaries, however, may require submission of","page_number":35,"box":{"x":461,"y":431,"width":457,"height":11}},{"id":"7759160b-e0c5-470c-87c4-f8a85362c1fd","block_type":"box","text":"orders prior to that time. Any redemption request placed after that time","page_number":35,"box":{"x":461,"y":445,"width":470,"height":10}},{"id":"0f2e226f-759a-4384-a3c4-cb7475af5dcb","block_type":"box","text":"will be priced at the net asset value at the close of business on the","page_number":35,"box":{"x":460,"y":458,"width":447,"height":11}},{"id":"e6f81b29-dee7-4b9b-bb04-91a0dbbc5027","block_type":"box","text":"next business day.","page_number":35,"box":{"x":461,"y":472,"width":121,"height":10}},{"id":"46a6f879-ee54-4c80-920a-242c65610770","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":35,"box":{"x":461,"y":488,"width":437,"height":10}},{"id":"6daa8c13-9341-4213-8a5e-a1e86302fb18","block_type":"box","text":"redemption proceeds (check, wire or ACH), your redemption proceeds","page_number":35,"box":{"x":461,"y":502,"width":458,"height":10}},{"id":"a8d30fa0-2de2-4684-8045-2196266b4b23","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":35,"box":{"x":460,"y":515,"width":465,"height":10}},{"id":"a25768da-9d5b-40c5-b362-2acd238e63a6","block_type":"box","text":"but in any event, within seven days.","page_number":35,"box":{"x":461,"y":529,"width":233,"height":10}},{"id":"1b209c20-fb4d-4651-aed9-9842d52457d0","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":35,"box":{"x":461,"y":545,"width":415,"height":10}},{"id":"7ff96ac0-dca2-41ab-8f52-7e45f6c9c95e","block_type":"box","text":"redemption of shares.","page_number":35,"box":{"x":461,"y":558,"width":144,"height":10}},{"id":"300234a6-7b77-4465-b18e-f74c16a9300b","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":35,"box":{"x":460,"y":575,"width":380,"height":10}},{"id":"ce9fa8d7-e5d6-4c11-a4e2-10b2b9ce87ba","block_type":"box","text":"circumstances.","page_number":35,"box":{"x":461,"y":588,"width":98,"height":8}},{"id":"72523f7c-0576-497d-b98a-fe028381e6a2","block_type":"box","text":"Selling shares held directly with","page_number":35,"box":{"x":214,"y":606,"width":207,"height":10}},{"id":"2f211b57-85e8-436e-8fbe-e64924ce6ed1","block_type":"box","text":"BlackRock","page_number":35,"box":{"x":214,"y":620,"width":67,"height":8}},{"id":"04a80ea3-a8c5-4985-a86c-2b825a32c5c7","block_type":"box","text":"Methods of Redeeming","page_number":35,"box":{"x":461,"y":606,"width":156,"height":10}},{"id":"f8f544fd-03d5-4ac6-a765-9f1140592a85","block_type":"box","text":"Redeem by Telephone:","page_number":35,"box":{"x":461,"y":622,"width":150,"height":10}},{"id":"1bf18335-cff1-4a99-86e8-43ab1e7f307a","block_type":"box","text":"You may redeem Investor Shares held directly","page_number":35,"box":{"x":617,"y":622,"width":302,"height":10}},{"id":"c793cd14-b644-4e57-99fc-07bcac5652d4","block_type":"box","text":"with BlackRock by telephone request if certain conditions are met and","page_number":35,"box":{"x":460,"y":636,"width":464,"height":10}},{"id":"683befb4-2e1c-4ef7-ba10-010de9e5ddff","block_type":"box","text":"if the amount being sold is less than (i) $100,000 for payments by","page_number":35,"box":{"x":461,"y":649,"width":441,"height":11}},{"id":"efb55c98-0f71-4d6f-8e90-6ced44b40e12","block_type":"box","text":"check or (ii) $250,000 for payments through ACH or wire transfer.","page_number":35,"box":{"x":461,"y":662,"width":433,"height":11}},{"id":"519dca57-59b5-457b-8435-e68702922a98","block_type":"box","text":"Certain redemption requests, such as those in excess of these","page_number":35,"box":{"x":461,"y":676,"width":418,"height":10}},{"id":"75fd9ba8-72f0-4534-bf3b-0f6c5e1cae38","block_type":"box","text":"amounts, must be in writing with a medallion signature guarantee. For","page_number":35,"box":{"x":461,"y":690,"width":462,"height":10}},{"id":"bb8e1d15-af2a-48e2-8290-65b65415796b","block_type":"box","text":"Institutional Shares, certain redemption requests may require written","page_number":35,"box":{"x":461,"y":703,"width":456,"height":11}},{"id":"9e5a845d-91c8-42ea-9a0e-fe5cf8ad1644","block_type":"box","text":"instructions with a medallion signature guarantee. Call (800) 441-7762","page_number":35,"box":{"x":461,"y":717,"width":472,"height":10}},{"id":"7d33860f-91ae-49dd-b734-c724ba23fdfe","block_type":"box","text":"for details.","page_number":35,"box":{"x":460,"y":730,"width":70,"height":9}},{"id":"3277e1b6-420a-46be-9da1-bf31797c98cd","block_type":"box","text":"You can obtain a medallion signature guarantee stamp from a bank,","page_number":35,"box":{"x":460,"y":747,"width":448,"height":10}},{"id":"5d52cb36-af40-4cd3-b3a4-1e9e8d4736b4","block_type":"box","text":"securities dealer, securities broker, credit union, savings and loan","page_number":35,"box":{"x":461,"y":760,"width":434,"height":11}},{"id":"edc6bcbd-f3cb-4dd7-aeda-a7eae19ab219","block_type":"box","text":"association, national securities exchange or registered securities","page_number":35,"box":{"x":461,"y":774,"width":430,"height":10}},{"id":"bd88164f-10e5-4181-af7e-e631ccfd225e","block_type":"box","text":"association. A notary public seal will not be acceptable.","page_number":35,"box":{"x":461,"y":787,"width":366,"height":10}},{"id":"3354c4d3-1744-4eba-8a37-15127d1caeaa","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":35,"box":{"x":460,"y":804,"width":468,"height":10}},{"id":"bf172f95-0c01-4b7b-b075-6bfcd913472a","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":35,"box":{"x":461,"y":817,"width":474,"height":10}},{"id":"5b61ff72-9506-4cca-a9d6-8af4996a734a","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":35,"box":{"x":460,"y":830,"width":450,"height":11}},{"id":"89cd2c8d-9115-4c58-a0c6-5eccee4d4a59","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":35,"box":{"x":461,"y":844,"width":450,"height":10}},{"id":"5f906cde-715d-4265-83ec-34cd48b3144b","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":35,"box":{"x":460,"y":858,"width":445,"height":10}},{"id":"7a2f2348-da41-4cb6-b448-07a871ea32eb","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":35,"box":{"x":461,"y":871,"width":463,"height":10}},{"id":"ef6c0c26-8027-4aa0-9ce2-58cb13b6a75b","block_type":"box","text":"believes it is advisable to do so.","page_number":35,"box":{"x":461,"y":885,"width":212,"height":8}},{"id":"555c79fa-7add-4c6c-b6a6-1f8d75e2a932","block_type":"box","text":"35","page_number":35,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"8ea0df0f-cfea-40c9-9fb1-50c3a9a1d0c8","block_type":"box","text":"NM1026U-5982542-35/68","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1712ac1b-2a97-469a-ad2e-c6edcede61c4","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":36,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"7a697384-86f3-43a5-aa3b-0bc6d2f197f9","block_type":"box","text":"Full or Partial","page_number":36,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"9391e09d-d24e-42e5-b52d-9c9459db0360","block_type":"box","text":"Redemption of","page_number":36,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"6c0f5872-ea47-4d6d-a674-9fe83e35bebc","block_type":"box","text":"Shares (continued)","page_number":36,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"1953f0ca-6935-4fbb-a2fc-c578c021e6b0","block_type":"box","text":"Selling shares held directly with","page_number":36,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"2d0fcc2f-6944-4dfd-b1ee-570ca56137fe","block_type":"box","text":"BlackRock (continued)","page_number":36,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"c6ec2507-05a4-4196-b9de-e6054c9d78e3","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":36,"box":{"x":461,"y":70,"width":452,"height":10}},{"id":"5c29bf84-cf08-48b1-bb2f-4181c0723e5a","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":36,"box":{"x":461,"y":83,"width":427,"height":11}},{"id":"eb16b36f-3e1c-49b9-9360-a2df545afbf8","block_type":"box","text":"redemption methods below.","page_number":36,"box":{"x":461,"y":97,"width":181,"height":10}},{"id":"9ee363b6-b69f-4487-9b2c-9eaf58f5cc30","block_type":"box","text":"Redeem by VRU:","page_number":36,"box":{"x":461,"y":113,"width":111,"height":10}},{"id":"b29a110f-2770-4faf-9727-e493c0b47af9","block_type":"box","text":"Investor Shares may also be redeemed by use of the","page_number":36,"box":{"x":579,"y":113,"width":348,"height":10}},{"id":"a5e3be09-1108-4e86-b5ba-3d4c1bc2ca85","block_type":"box","text":"Fund’s automated VRU service. Payment for Investor Shares redeemed","page_number":36,"box":{"x":461,"y":126,"width":469,"height":11}},{"id":"b48fd4c3-4963-4a5b-b784-1f827fe33033","block_type":"box","text":"by the VRU service may be made for non-retirement accounts in","page_number":36,"box":{"x":461,"y":140,"width":420,"height":10}},{"id":"119185ea-cb7e-4d9f-b799-f9cf338266f2","block_type":"box","text":"amounts up to $25,000, either through check, ACH or wire.","page_number":36,"box":{"x":461,"y":153,"width":392,"height":11}},{"id":"6aaf0c27-3f40-4a99-8598-979720e364d0","block_type":"box","text":"Redeem by Internet:","page_number":36,"box":{"x":461,"y":170,"width":136,"height":10}},{"id":"dfd97cc2-c64a-4a04-9ff7-784194392a47","block_type":"box","text":"You may redeem in your account by logging onto","page_number":36,"box":{"x":603,"y":170,"width":317,"height":10}},{"id":"c1605c53-93a8-4d49-9212-9d8e83b0849f","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":36,"box":{"x":460,"y":183,"width":461,"height":9}},{"id":"482e192a-7d55-4ab3-a6d3-ac0c939c90f1","block_type":"box","text":"redemptions may be sent via check, ACH or wire to the bank account of","page_number":36,"box":{"x":461,"y":197,"width":473,"height":10}},{"id":"765eba08-2520-4848-b347-0d908424c6e3","block_type":"box","text":"record. Payment for shares redeemed by Internet may be made for non","page_number":36,"box":{"x":461,"y":210,"width":472,"height":11}},{"id":"ad3d12d4-ac94-42c8-b06f-d7cfc58fc07a","block_type":"box","text":"retirement accounts in amounts up to $100,000 per account per day,","page_number":36,"box":{"x":461,"y":223,"width":459,"height":11}},{"id":"d18cf147-3cff-4e87-beb4-416f4b439690","block_type":"box","text":"either through check, ACH or wire. Different maximums may apply to","page_number":36,"box":{"x":461,"y":237,"width":451,"height":11}},{"id":"15ddb779-b204-4ae2-9ff5-04fb215d7c86","block_type":"box","text":"certain institutional investors.","page_number":36,"box":{"x":461,"y":251,"width":196,"height":8}},{"id":"34cb4590-aedf-44c8-ab98-0ec28aa5781f","block_type":"box","text":"Redeem in Writing:","page_number":36,"box":{"x":461,"y":267,"width":127,"height":10}},{"id":"adb4247c-c5d8-43cc-923b-5798a6a47815","block_type":"box","text":"You may sell shares held at BlackRock by writing to","page_number":36,"box":{"x":594,"y":267,"width":338,"height":10}},{"id":"17fb7d1e-4e78-4df3-9f7d-9881572f6eb0","block_type":"box","text":"BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429 or","page_number":36,"box":{"x":461,"y":281,"width":468,"height":10}},{"id":"2716c95b-3154-4665-877f-24c80eff5a84","block_type":"box","text":"for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":36,"box":{"x":460,"y":294,"width":446,"height":10}},{"id":"037bebbc-82d4-4cb5-9cff-c1634193942f","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. All shareholders on the account","page_number":36,"box":{"x":461,"y":308,"width":466,"height":10}},{"id":"d69c4f7f-b336-428f-9f2d-eb94fd204aa9","block_type":"box","text":"must sign the letter. A medallion signature guarantee will generally be","page_number":36,"box":{"x":461,"y":321,"width":460,"height":11}},{"id":"919e2106-e2eb-4d8d-9a92-8a78c08dbe5c","block_type":"box","text":"required but may be waived in certain limited circumstances. You can","page_number":36,"box":{"x":461,"y":335,"width":457,"height":10}},{"id":"8dee0079-319f-43dc-b26a-ffa0a4a10f0a","block_type":"box","text":"obtain a medallion signature guarantee stamp from a bank, securities","page_number":36,"box":{"x":461,"y":348,"width":461,"height":11}},{"id":"6c4e1b27-0c90-4dc8-8c5a-755b55bad9fa","block_type":"box","text":"dealer, securities broker, credit union, savings and loan association,","page_number":36,"box":{"x":461,"y":362,"width":450,"height":10}},{"id":"febb4f70-6fff-40c2-8dbd-1715ed8164c4","block_type":"box","text":"national securities exchange or registered securities association. A","page_number":36,"box":{"x":461,"y":376,"width":443,"height":10}},{"id":"6ab64d67-8f6b-4589-be70-01ef15c82129","block_type":"box","text":"notary public seal will not be acceptable. If you hold stock certificates,","page_number":36,"box":{"x":461,"y":389,"width":465,"height":10}},{"id":"44cbe68c-4318-4950-ab12-e6164021499b","block_type":"box","text":"return the certificates with the letter. Proceeds from redemptions may","page_number":36,"box":{"x":461,"y":402,"width":462,"height":11}},{"id":"e55e4fd4-2347-46d1-a146-7959a0c96842","block_type":"box","text":"be sent via check, ACH or wire to the bank account of record.","page_number":36,"box":{"x":461,"y":416,"width":404,"height":10}},{"id":"c3a34b16-a072-4536-b390-3bae8d136613","block_type":"box","text":"Payment of Redemption Proceeds","page_number":36,"box":{"x":461,"y":432,"width":228,"height":10}},{"id":"26de22b7-a194-4159-a3fa-312e8e22bcec","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":36,"box":{"x":461,"y":448,"width":467,"height":10}},{"id":"2f281120-f644-4892-bd0b-dbaf57e72f32","block_type":"box","text":"banking information on file, through ACH or by wire transfer.","page_number":36,"box":{"x":461,"y":462,"width":393,"height":10}},{"id":"f2f7f01d-2936-406e-98e1-282171a95664","block_type":"box","text":"Payment by Check:","page_number":36,"box":{"x":461,"y":478,"width":129,"height":10}},{"id":"c2627081-cdf2-4a2a-a316-ddfde6f99c38","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":36,"box":{"x":597,"y":478,"width":329,"height":10}},{"id":"8846cbbb-7dc3-4c35-a79f-2de6acbdd78a","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":36,"box":{"x":460,"y":491,"width":430,"height":11}},{"id":"6fc30b94-e080-44d2-851f-f5fb8e645a14","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":36,"box":{"x":461,"y":505,"width":460,"height":10}},{"id":"c188e9cf-d6ce-49cf-9495-6f1c05fd6ad8","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":36,"box":{"x":461,"y":519,"width":468,"height":10}},{"id":"8b9ed750-c3ef-4199-bcab-1dc3d8de853a","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":36,"box":{"x":461,"y":531,"width":467,"height":11}},{"id":"36b187b8-33d6-46e1-94c1-2c22ec2231c2","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":36,"box":{"x":461,"y":545,"width":467,"height":11}},{"id":"a9474c9d-e6b1-4c03-a7db-7cf496e183dd","block_type":"box","text":"charges imposed by your bank for this service.","page_number":36,"box":{"x":461,"y":559,"width":307,"height":10}},{"id":"3bbe206c-b613-4aa1-9b73-335d5a8d1506","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":36,"box":{"x":460,"y":575,"width":438,"height":11}},{"id":"cd464ee1-62da-40f1-bf55-265d7d704caf","block_type":"box","text":"amounts (","page_number":36,"box":{"x":461,"y":589,"width":65,"height":10}},{"id":"79f97041-ea13-4584-be67-135050d52f0b","block_type":"box","text":"e.g","page_number":36,"box":{"x":528,"y":590,"width":21,"height":9}},{"id":"e98b3caa-fbcc-4b0f-9ac6-401df46190e2","block_type":"box","text":"., income dividends or capital gains) which you have","page_number":36,"box":{"x":549,"y":589,"width":341,"height":10}},{"id":"2c8bfe64-b736-42f8-8449-e276f8b287f1","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":36,"box":{"x":461,"y":602,"width":403,"height":10}},{"id":"13efbe80-9b69-41d4-a3be-b0ce9be3e651","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":36,"box":{"x":461,"y":616,"width":467,"height":8}},{"id":"1600442d-39db-43fb-8ab2-066f554583b0","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":36,"box":{"x":460,"y":629,"width":456,"height":11}},{"id":"61206cbe-cf73-4a5a-91c7-c400b36988bc","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":36,"box":{"x":460,"y":643,"width":402,"height":10}},{"id":"6639c159-a63b-428a-827e-4f2084ca8d2c","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":36,"box":{"x":461,"y":656,"width":430,"height":11}},{"id":"0899afdd-04ae-4837-b8c6-cc00ec6faabf","block_type":"box","text":"amounts are subject to the risk of loss like any fund investment. If you","page_number":36,"box":{"x":461,"y":670,"width":465,"height":10}},{"id":"4bb70ef2-b932-40e1-999c-108905194f2b","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":36,"box":{"x":461,"y":684,"width":473,"height":8}},{"id":"084c46ce-ee46-474e-a541-11e7042d3f62","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":36,"box":{"x":461,"y":697,"width":456,"height":10}},{"id":"e3344a6f-7fb8-445e-a026-22b08af011e6","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":36,"box":{"x":461,"y":710,"width":461,"height":11}},{"id":"7cf55225-45da-44ef-be7f-c04d0f089a94","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":36,"box":{"x":460,"y":724,"width":469,"height":10}},{"id":"f2e3a9d2-9035-42e8-a68e-2fe6baa7f813","block_type":"box","text":"as of the date of payment of the distribution.","page_number":36,"box":{"x":461,"y":738,"width":295,"height":10}},{"id":"f7adca9b-bb4a-4cb5-8eb1-d86cb523322f","block_type":"box","text":"Payment by Wire Transfer:","page_number":36,"box":{"x":461,"y":754,"width":177,"height":10}},{"id":"43c04554-e933-4038-88d5-b8a75a35dbca","block_type":"box","text":"Payment for redeemed shares for which a","page_number":36,"box":{"x":644,"y":754,"width":275,"height":10}},{"id":"5a466eb0-a0c3-446d-bf03-860ed47735ff","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":36,"box":{"x":461,"y":767,"width":437,"height":10}},{"id":"2d16b93d-5d25-4a5b-b38a-2384c064f8df","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":36,"box":{"x":461,"y":781,"width":471,"height":10}},{"id":"cec13e33-e068-446b-a533-af779a289a64","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":36,"box":{"x":461,"y":795,"width":417,"height":10}},{"id":"dc3ee2c0-6bbf-4090-8d08-ac1eb42332e9","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":36,"box":{"x":461,"y":808,"width":449,"height":10}},{"id":"97e6e2f2-a111-4c4b-919a-d05e151eca95","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":36,"box":{"x":461,"y":821,"width":449,"height":11}},{"id":"ac23ad1a-4744-4daa-b63d-b1a3b6f8af58","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":36,"box":{"x":461,"y":835,"width":433,"height":10}},{"id":"163d3274-9da0-40eb-bd46-172aae710092","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":36,"box":{"x":461,"y":848,"width":449,"height":11}},{"id":"c9c96b0f-99ed-4dff-91b2-99d2f725ef2c","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":36,"box":{"x":461,"y":862,"width":437,"height":10}},{"id":"cec5f590-f2a0-41f7-8c2d-6912db956701","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":36,"box":{"x":461,"y":875,"width":469,"height":11}},{"id":"d34106eb-8907-4017-84e1-656e155feaa5","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":36,"box":{"x":459,"y":889,"width":448,"height":10}},{"id":"b2154c05-a5a9-49fc-99be-c7f2a396078e","block_type":"box","text":"Fund.","page_number":36,"box":{"x":461,"y":903,"width":34,"height":8}},{"id":"9600fac4-7c9f-45d3-92d9-70b519048307","block_type":"box","text":"36","page_number":36,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"7103a942-c587-4f3b-a51a-05fed0099ac5","block_type":"box","text":"NM1026U-5982542-36/68","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"18212adf-0eaf-410b-b9bd-993918ed9b87","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":37,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"51a14fb0-b967-4b36-9861-aae4f755f519","block_type":"box","text":"Full or Partial","page_number":37,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"3f03f405-ef12-435d-8b34-27725b194dfc","block_type":"box","text":"Redemption of","page_number":37,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"379011df-55c0-4650-a932-68c7a1669633","block_type":"box","text":"Shares (continued)","page_number":37,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"a4f4d27d-2234-49c1-9778-233fd3eb4733","block_type":"box","text":"Selling shares held directly with","page_number":37,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"cff13b70-c191-4155-b170-9c783cd6868f","block_type":"box","text":"BlackRock (continued)","page_number":37,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"651d04ae-8d03-4370-8c2b-fd217033c1ad","block_type":"box","text":"If a shareholder has given authorization for expedited redemption,","page_number":37,"box":{"x":461,"y":70,"width":434,"height":10}},{"id":"31362bc0-89ed-478c-a372-3ecd24bb0686","block_type":"box","text":"shares can be redeemed by Federal wire transfer to a single previously","page_number":37,"box":{"x":461,"y":83,"width":468,"height":11}},{"id":"01e87a83-c698-40bc-bdf6-d371ed2a1459","block_type":"box","text":"designated bank account. Shareholders will pay $7.50 for redemption","page_number":37,"box":{"x":461,"y":96,"width":460,"height":11}},{"id":"346877fb-57b5-4bc5-9c77-dd464f4397d3","block_type":"box","text":"proceeds sent by Federal wire transfer. You are responsible for any","page_number":37,"box":{"x":461,"y":110,"width":441,"height":11}},{"id":"3ffb9f37-da3d-4c4b-97d5-b4a28bd5f558","block_type":"box","text":"additional charges imposed by your bank for this service. No charge for","page_number":37,"box":{"x":461,"y":124,"width":472,"height":10}},{"id":"c9887387-f5c5-46ce-89aa-47c1eb9ee3ac","block_type":"box","text":"wiring redemption payments with respect to Institutional Shares is","page_number":37,"box":{"x":460,"y":138,"width":438,"height":10}},{"id":"c8cb0a41-9ea3-4dfe-8ad5-08f8a82a1990","block_type":"box","text":"imposed by the Fund.","page_number":37,"box":{"x":461,"y":151,"width":140,"height":10}},{"id":"3c1b5b01-3894-485c-87d7-a4b501ff3314","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":37,"box":{"x":460,"y":167,"width":425,"height":10}},{"id":"30bda6a7-94a2-4625-a094-82996cc1d80a","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":37,"box":{"x":461,"y":181,"width":455,"height":10}},{"id":"fb0d7889-ed3a-43a6-83c1-8ab3209ec210","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":37,"box":{"x":461,"y":194,"width":476,"height":11}},{"id":"9e63cc02-284e-4d9e-8840-8b92697f3a81","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":37,"box":{"x":461,"y":208,"width":455,"height":10}},{"id":"0c98b8ac-dc3c-493a-ab1b-056adf2ed903","block_type":"box","text":"the back cover of this prospectus.","page_number":37,"box":{"x":460,"y":221,"width":224,"height":10}},{"id":"a3cf50e2-d6cc-4a1f-9a73-ffff6910f3ab","block_type":"box","text":"Payment by ACH:","page_number":37,"box":{"x":461,"y":237,"width":116,"height":11}},{"id":"c247740c-af74-427f-b44b-e9fd0ace52ea","block_type":"box","text":"Redemption proceeds may be sent to the","page_number":37,"box":{"x":584,"y":238,"width":272,"height":10}},{"id":"db9aefc1-e299-41cd-99a2-115f571c12e9","block_type":"box","text":"shareholder’s bank account (checking or savings) via ACH. Payment for","page_number":37,"box":{"x":461,"y":251,"width":469,"height":10}},{"id":"82e0c5b9-04a4-459a-a98d-dda61c517540","block_type":"box","text":"redeemed shares for which a redemption order is received before","page_number":37,"box":{"x":461,"y":264,"width":432,"height":11}},{"id":"b3184372-89dd-4981-8773-3ba5ad527501","block_type":"box","text":"4:00 p.m. (Eastern time) on a business day is normally sent to the","page_number":37,"box":{"x":461,"y":278,"width":441,"height":10}},{"id":"93de67b4-5a86-436e-9b5e-1601a15ca6d1","block_type":"box","text":"redeeming shareholder the next business day, with receipt at the","page_number":37,"box":{"x":461,"y":292,"width":428,"height":10}},{"id":"911fe1f6-1265-493c-bf6c-512935d65c8d","block_type":"box","text":"receiving bank within the next two business days (48-72 hours),","page_number":37,"box":{"x":461,"y":305,"width":420,"height":10}},{"id":"e0c793a9-bf45-4b8b-9deb-c8d127b3680f","block_type":"box","text":"provided that the Fund’s custodian is also open for business. Payment","page_number":37,"box":{"x":461,"y":319,"width":467,"height":10}},{"id":"77f04fc1-2dfb-496e-b2b2-a9d40f429fa6","block_type":"box","text":"for redemption orders received after 4:00 p.m. (Eastern time) or on a","page_number":37,"box":{"x":460,"y":332,"width":458,"height":10}},{"id":"32359445-6da0-4ca6-9ff9-9057b17a706d","block_type":"box","text":"day when the Fund’s custodian is closed is normally sent on the next","page_number":37,"box":{"x":461,"y":346,"width":457,"height":10}},{"id":"e33817e4-ef33-4b48-8b41-0d92440e8079","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":37,"box":{"x":461,"y":359,"width":449,"height":11}},{"id":"2f3f3b4e-0c0a-41cd-9f59-a3cdb6535090","block_type":"box","text":"open for business.","page_number":37,"box":{"x":461,"y":373,"width":121,"height":10}},{"id":"4e563dae-b35a-4ba5-8f49-e34396278b80","block_type":"box","text":"The Fund reserves the right to send redemption proceeds within seven","page_number":37,"box":{"x":460,"y":389,"width":467,"height":10}},{"id":"ef6febe6-c6d9-48d0-bed5-af1e02a13670","block_type":"box","text":"days after receiving a redemption order if, in the judgment of the Fund,","page_number":37,"box":{"x":461,"y":402,"width":465,"height":11}},{"id":"e36f98bd-8370-4cad-8317-4d9c9afcaa22","block_type":"box","text":"an earlier payment could adversely affect the Fund. No charge for","page_number":37,"box":{"x":461,"y":416,"width":432,"height":10}},{"id":"f764ec47-9225-4c67-b325-46222bee492a","block_type":"box","text":"sending redemption payments via ACH is imposed by the Fund.","page_number":37,"box":{"x":461,"y":430,"width":415,"height":10}},{"id":"c9135237-2ff1-4f8d-8556-8ed362f85c03","block_type":"box","text":"***","page_number":37,"box":{"x":686,"y":446,"width":25,"height":5}},{"id":"05c978d2-8d71-476f-8bd8-13908af8dbfe","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":37,"box":{"x":461,"y":459,"width":423,"height":10}},{"id":"d1b54036-2019-43e7-823b-1df5ebd3311a","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":37,"box":{"x":461,"y":473,"width":456,"height":10}},{"id":"0e340abf-6ae5-46d0-9abb-1b321d2fd171","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":37,"box":{"x":461,"y":486,"width":352,"height":10}},{"id":"7ade11a5-c79d-4b9a-b149-909849a06e3c","block_type":"box","text":"Redemption","page_number":37,"box":{"x":61,"y":504,"width":80,"height":10}},{"id":"db442100-cc6c-482d-bd8e-58c4e0cabed6","block_type":"box","text":"Proceeds","page_number":37,"box":{"x":61,"y":516,"width":62,"height":8}},{"id":"869b5959-4785-41ce-9f26-86c72abd150a","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":37,"box":{"x":461,"y":507,"width":445,"height":10}},{"id":"5e3db76a-9614-4fba-9ed1-1da4c026e466","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":37,"box":{"x":461,"y":520,"width":467,"height":11}},{"id":"8e594f5c-5629-47f4-ba3f-dc5d519985bc","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":37,"box":{"x":461,"y":534,"width":455,"height":10}},{"id":"c8f80fac-1a6a-48cd-b457-277ea659cad7","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":37,"box":{"x":461,"y":547,"width":450,"height":11}},{"id":"f06ec061-011e-4e63-812d-956f2a0b8a06","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":37,"box":{"x":461,"y":561,"width":452,"height":10}},{"id":"a4524950-d240-4dc0-841f-dd0719cc0976","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":37,"box":{"x":461,"y":575,"width":471,"height":10}},{"id":"2c893686-ac75-4c38-88bf-6ff8eee239df","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":37,"box":{"x":461,"y":588,"width":471,"height":10}},{"id":"1d90eafa-d8c3-4169-8094-36083fc0e8e2","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in-kind to you. The","page_number":37,"box":{"x":461,"y":602,"width":453,"height":10}},{"id":"c1322aa7-bed1-43ad-be08-dd16314a4cad","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":37,"box":{"x":461,"y":615,"width":405,"height":8}},{"id":"08a0b424-8e36-49c8-9ab6-edf5493074c7","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":37,"box":{"x":461,"y":631,"width":408,"height":11}},{"id":"c1c2c8f2-7953-43dd-b2f7-195d3ef21b74","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":37,"box":{"x":461,"y":645,"width":457,"height":10}},{"id":"f950f707-64d9-4eaf-bde4-38aae08a31bc","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":37,"box":{"x":460,"y":658,"width":440,"height":11}},{"id":"c1d0a116-21f8-406e-ba9e-a5678fac93b1","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":37,"box":{"x":460,"y":672,"width":340,"height":10}},{"id":"0c5f8e55-d9df-4d17-ab62-555219c5796e","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":37,"box":{"x":61,"y":696,"width":415,"height":13}},{"id":"c4322780-1f6c-4563-b3b4-96cca3117bc4","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":37,"box":{"x":213,"y":719,"width":478,"height":8}},{"id":"cca42519-fd9b-4f86-9694-775763886e41","block_type":"box","text":"Exchange Privilege","page_number":37,"box":{"x":61,"y":736,"width":128,"height":10}},{"id":"ce579b54-305f-4b4c-a824-4bc6eb7eb45c","block_type":"box","text":"Selling shares of one BlackRock","page_number":37,"box":{"x":214,"y":736,"width":212,"height":10}},{"id":"ae7cdee8-4d0d-479c-a1d6-2124fd6be753","block_type":"box","text":"Fund to purchase shares of","page_number":37,"box":{"x":214,"y":749,"width":181,"height":10}},{"id":"3754a343-9d95-467a-967f-89938affc09c","block_type":"box","text":"another BlackRock Fund","page_number":37,"box":{"x":214,"y":763,"width":158,"height":8}},{"id":"aff4d669-57ec-4922-b800-f0dd2de9b828","block_type":"box","text":"(“exchanging”)","page_number":37,"box":{"x":214,"y":776,"width":95,"height":11}},{"id":"78f1db89-3510-4468-90e0-dafef26b1da2","block_type":"box","text":"Investor A, Investor C or Institutional Shares of the Fund are generally","page_number":37,"box":{"x":461,"y":736,"width":460,"height":10}},{"id":"b8be17dd-1e30-4295-af70-6301046596cb","block_type":"box","text":"exchangeable for shares of the same class of another BlackRock Fund,","page_number":37,"box":{"x":461,"y":749,"width":469,"height":11}},{"id":"6d9fdd0c-f48f-4e45-8edf-ecc345648199","block_type":"box","text":"to the extent such shares are offered by your Financial Intermediary.","page_number":37,"box":{"x":460,"y":763,"width":452,"height":10}},{"id":"e00165b2-d5d6-4901-a3a9-92e0cd8fc115","block_type":"box","text":"No exchange privilege is available for Class R Shares.","page_number":37,"box":{"x":461,"y":776,"width":354,"height":11}},{"id":"36dc8d01-5836-49ce-af75-3cf996e6cbda","block_type":"box","text":"You can exchange $1,000 or more of Investor A or Investor C Shares","page_number":37,"box":{"x":460,"y":792,"width":455,"height":11}},{"id":"814598d7-c08d-4f98-894d-0109ce8251d6","block_type":"box","text":"from one fund into the same class of another fund which offers that","page_number":37,"box":{"x":460,"y":806,"width":450,"height":8}},{"id":"0a143020-931b-4611-a88b-58e38f8a84b0","block_type":"box","text":"class of shares (you can exchange less than $1,000 of Investor A or","page_number":37,"box":{"x":461,"y":819,"width":453,"height":11}},{"id":"228b9d9a-cf63-4e81-9cc9-9d8162a7aed5","block_type":"box","text":"Investor C Shares if you already have an account in the fund into which","page_number":37,"box":{"x":461,"y":833,"width":468,"height":10}},{"id":"ec1df21f-4055-4def-bbf7-88ae8095ba6e","block_type":"box","text":"you are exchanging). Investors who currently own Institutional Shares of","page_number":37,"box":{"x":460,"y":846,"width":475,"height":11}},{"id":"da69d82c-e5e1-4c7d-9f47-a9f44317e8f2","block_type":"box","text":"the Fund may make exchanges into Institutional Shares of other","page_number":37,"box":{"x":460,"y":860,"width":424,"height":10}},{"id":"a92b52c9-1c68-4980-ae0d-a1c57697990b","block_type":"box","text":"BlackRock Funds except for investors holding shares through certain","page_number":37,"box":{"x":461,"y":874,"width":452,"height":10}},{"id":"3430422f-660e-4dfe-8e63-e6c115c066d0","block_type":"box","text":"client accounts at Financial Intermediaries that are omnibus with the","page_number":37,"box":{"x":461,"y":887,"width":453,"height":8}},{"id":"881ef7cc-3a20-43dd-8a3e-ad00e192daee","block_type":"box","text":"Fund and do not meet applicable minimums.","page_number":37,"box":{"x":461,"y":901,"width":292,"height":10}},{"id":"068e2bef-013e-4c1a-bde7-23d3ab003c89","block_type":"box","text":"37","page_number":37,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"035f925d-b349-4761-9554-6c67c9f626b1","block_type":"box","text":"NM1026U-5982542-37/68","page_number":37,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"cd07fc1f-2763-4ed0-ac1a-7fbfac835be9","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":38,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"ae3242b3-4bad-4672-8b2f-fb8c57c78cf4","block_type":"box","text":"Exchange Privilege","page_number":38,"box":{"x":61,"y":67,"width":128,"height":10}},{"id":"3eb63aee-b5ef-442e-9c30-8a224706ee25","block_type":"box","text":"(continued)","page_number":38,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"ab9ed9d4-1b4f-411c-b321-a34f97c184a2","block_type":"box","text":"Selling shares of one BlackRock","page_number":38,"box":{"x":214,"y":67,"width":212,"height":11}},{"id":"f3a97411-9d4a-48fd-8955-f7489ce1d1b2","block_type":"box","text":"Fund to purchase shares of","page_number":38,"box":{"x":214,"y":81,"width":181,"height":10}},{"id":"ca5a5bd4-4c16-4e5b-88ef-e61ce1b38c65","block_type":"box","text":"another BlackRock Fund","page_number":38,"box":{"x":214,"y":94,"width":158,"height":9}},{"id":"0c7fbcfe-b5ae-4a17-8795-ce8355f19777","block_type":"box","text":"(“exchanging”) (continued)","page_number":38,"box":{"x":214,"y":108,"width":173,"height":10}},{"id":"ba0cc71b-8fff-4494-a08e-58935ab85d02","block_type":"box","text":"There is no required minimum amount with respect to exchanges of","page_number":38,"box":{"x":460,"y":70,"width":448,"height":10}},{"id":"9995d753-9155-4c74-b2d5-27a4fb664e02","block_type":"box","text":"Institutional Shares.","page_number":38,"box":{"x":461,"y":83,"width":132,"height":9}},{"id":"17406c3a-22be-403b-9dc2-68c61d6ce270","block_type":"box","text":"You may only exchange into a share class and fund that are open to","page_number":38,"box":{"x":460,"y":99,"width":449,"height":11}},{"id":"0bce8aff-0b0f-4e58-bd1d-0df98533fd2d","block_type":"box","text":"new investors or in which you have a current account if the fund is","page_number":38,"box":{"x":461,"y":113,"width":437,"height":10}},{"id":"ec30ab77-4a47-4ecb-aa53-dc0c781a034b","block_type":"box","text":"closed to new investors.","page_number":38,"box":{"x":461,"y":127,"width":159,"height":8}},{"id":"33b1051d-9fcd-4934-b798-8bb9ce2ca435","block_type":"box","text":"Some of the BlackRock Funds impose a different initial or deferred","page_number":38,"box":{"x":461,"y":143,"width":441,"height":10}},{"id":"2529069d-af66-4528-8024-0433a5f07756","block_type":"box","text":"sales charge schedule. The CDSC will continue to be measured from","page_number":38,"box":{"x":461,"y":156,"width":453,"height":11}},{"id":"d4033537-c674-443e-bac1-b689fc3eea23","block_type":"box","text":"the date of the original purchase. The CDSC schedule applicable to your","page_number":38,"box":{"x":460,"y":170,"width":477,"height":10}},{"id":"422353c9-b1b3-4cab-b792-061cf6a29523","block_type":"box","text":"original purchase will apply to the shares you receive in the exchange","page_number":38,"box":{"x":461,"y":183,"width":457,"height":11}},{"id":"51804c0c-ab65-4c3e-aa09-c03965a5ba23","block_type":"box","text":"and any subsequent exchange.","page_number":38,"box":{"x":461,"y":197,"width":203,"height":10}},{"id":"499f2bda-7c7e-4cbd-b361-2f78693e6d79","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":38,"box":{"x":460,"y":213,"width":435,"height":10}},{"id":"1daf14c2-368c-45b3-9195-635df51d2544","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":38,"box":{"x":461,"y":226,"width":406,"height":11}},{"id":"4abd7801-bed5-4684-938e-50aed40ea65a","block_type":"box","text":"BlackRock, you may: (i) call (800) 441-7762 and speak with one of our","page_number":38,"box":{"x":461,"y":240,"width":468,"height":10}},{"id":"f3c0ba5f-0409-4aa3-843d-b92b823f1f81","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":38,"box":{"x":461,"y":254,"width":455,"height":10}},{"id":"c326cd40-39ff-4a3f-8361-3abfdec08e9d","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":38,"box":{"x":460,"y":267,"width":423,"height":10}},{"id":"d7a6f8f7-ea77-45b4-ac30-d6ee7c270d5e","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":38,"box":{"x":461,"y":281,"width":398,"height":10}},{"id":"384eda93-19dd-4ac6-b7a8-f341ce2e7dbf","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":38,"box":{"x":461,"y":294,"width":409,"height":10}},{"id":"2830a5e8-4d2b-4dd9-bde4-596170c31b6f","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":38,"box":{"x":461,"y":308,"width":469,"height":10}},{"id":"73b108c5-1a74-4e3f-9b15-0d84b6ea719e","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":38,"box":{"x":460,"y":321,"width":461,"height":11}},{"id":"31906c25-ce01-4226-9abd-3bc01c120417","block_type":"box","text":"this option either in writing or by calling (800) 441-7762. The Fund has","page_number":38,"box":{"x":460,"y":335,"width":469,"height":10}},{"id":"cae645d9-2e29-4743-a418-d563aee94b0f","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":38,"box":{"x":460,"y":348,"width":368,"height":11}},{"id":"3df34683-ae14-4eb0-9605-2f7fc3aed68f","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":38,"box":{"x":460,"y":364,"width":450,"height":11}},{"id":"9f0e7fbd-dc55-4f3a-8dfd-3729aaa78a55","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":38,"box":{"x":460,"y":378,"width":473,"height":10}},{"id":"51726bb8-517a-4729-8b8f-1d7818570bae","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":38,"box":{"x":461,"y":391,"width":420,"height":11}},{"id":"76dd9fff-8b2f-49d7-8622-73fd2b0980f7","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":38,"box":{"x":461,"y":405,"width":439,"height":10}},{"id":"cb61afe5-0fe7-4700-b675-20278910d1f2","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":38,"box":{"x":461,"y":419,"width":460,"height":10}},{"id":"c006cdcb-cc92-47fd-ac1c-26b24b218957","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":38,"box":{"x":461,"y":432,"width":430,"height":10}},{"id":"28f21108-1af3-4451-8f5e-f823d8b570db","block_type":"box","text":"income tax purposes a share exchange is a taxable event and a capital","page_number":38,"box":{"x":461,"y":446,"width":469,"height":10}},{"id":"230e9921-a029-483d-8f6a-84081fc66e82","block_type":"box","text":"gain or loss may be realized. Please consult your tax adviser or other","page_number":38,"box":{"x":460,"y":459,"width":456,"height":11}},{"id":"74707088-d6b2-4a81-8b80-c53c6215c31d","block_type":"box","text":"Financial Intermediary before making an exchange request.","page_number":38,"box":{"x":461,"y":473,"width":390,"height":10}},{"id":"51b3ac40-3d91-4fea-a46a-f3238712ca7f","block_type":"box","text":"Transfer Shares to","page_number":38,"box":{"x":60,"y":491,"width":124,"height":8}},{"id":"7629836b-a27c-47c3-b558-f1d26a963e83","block_type":"box","text":"Another Financial","page_number":38,"box":{"x":60,"y":502,"width":118,"height":9}},{"id":"42e029b5-a80d-4763-a639-c60ed7aad713","block_type":"box","text":"Intermediary","page_number":38,"box":{"x":61,"y":514,"width":85,"height":10}},{"id":"d5d8be6f-d6c7-4cd5-a46e-00992c48fb21","block_type":"box","text":"Transfer to a participating","page_number":38,"box":{"x":213,"y":491,"width":171,"height":10}},{"id":"c89f1f3f-92e0-4aa2-907c-2044b8130f4f","block_type":"box","text":"Financial Intermediary","page_number":38,"box":{"x":214,"y":504,"width":145,"height":10}},{"id":"37d3a915-5503-4988-a71d-dc2438d2bba3","block_type":"box","text":"You may transfer your shares of the Fund only to another Financial","page_number":38,"box":{"x":460,"y":491,"width":436,"height":10}},{"id":"526a244a-3edb-4157-9932-444a6c486e1b","block_type":"box","text":"Intermediary that has entered into an agreement with the Distributor.","page_number":38,"box":{"x":461,"y":504,"width":455,"height":11}},{"id":"ea8a3961-74c0-4960-9d11-ae98753132b9","block_type":"box","text":"Certain shareholder services may not be available for the transferred","page_number":38,"box":{"x":461,"y":518,"width":456,"height":10}},{"id":"efd325d6-684a-4a42-81a6-5d2f7933358c","block_type":"box","text":"shares. All future trading of these assets must be coordinated by the","page_number":38,"box":{"x":461,"y":531,"width":456,"height":11}},{"id":"a34856f4-3d4c-482b-8d42-20d834b131ee","block_type":"box","text":"receiving firm.","page_number":38,"box":{"x":461,"y":545,"width":91,"height":10}},{"id":"67e54341-5c52-4fd4-98af-296965068310","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":38,"box":{"x":461,"y":561,"width":390,"height":10}},{"id":"141c13ba-5027-495b-a700-3b61e217cb23","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":38,"box":{"x":461,"y":575,"width":443,"height":10}},{"id":"1ee93bbb-8c80-46f9-a3e5-2106612fca14","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":38,"box":{"x":461,"y":588,"width":394,"height":10}},{"id":"20f2eca8-b890-44db-88f9-ffcb494c4ce2","block_type":"box","text":"Transfer to a non-participating","page_number":38,"box":{"x":213,"y":606,"width":199,"height":10}},{"id":"30d1b346-f4f7-41a6-a443-65babbf7b57c","block_type":"box","text":"Financial Intermediary","page_number":38,"box":{"x":214,"y":620,"width":145,"height":10}},{"id":"6b5ba287-aaeb-4af6-9a45-b6e37104ca2b","block_type":"box","text":"You must either:","page_number":38,"box":{"x":460,"y":606,"width":107,"height":8}},{"id":"a5114285-9b1e-4cc6-85f3-379fc79cdc15","block_type":"box","text":"•","page_number":38,"box":{"x":464,"y":622,"width":3,"height":3}},{"id":"90569939-10f7-4e94-95de-04f89f4c69ee","block_type":"box","text":"Transfer your shares to an account with the Fund; or","page_number":38,"box":{"x":470,"y":620,"width":346,"height":10}},{"id":"e338bc70-904c-4ab5-b4bf-6cd67ab61234","block_type":"box","text":"•","page_number":38,"box":{"x":464,"y":636,"width":3,"height":3}},{"id":"3e2c7784-3112-4878-b899-22e4f3005805","block_type":"box","text":"Sell your shares, paying any applicable deferred sales charge.","page_number":38,"box":{"x":471,"y":633,"width":409,"height":11}},{"id":"ba847589-5866-4380-988a-e6f007aa605a","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":38,"box":{"x":461,"y":649,"width":390,"height":11}},{"id":"c0ac03ed-fd0d-4b16-b23c-231e0fd84f32","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":38,"box":{"x":461,"y":663,"width":443,"height":10}},{"id":"26a0256a-ca5c-45ab-9be3-30dafb29b513","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":38,"box":{"x":461,"y":676,"width":394,"height":11}},{"id":"59f481bf-5884-4555-8559-cd627e0f4c29","block_type":"box","text":"Account Services and Privileges","page_number":38,"box":{"x":60,"y":717,"width":292,"height":13}},{"id":"0cd80c37-18bb-4358-afc4-c3f19db7fd97","block_type":"box","text":"The following table provides examples of account services and privileges available in your BlackRock account. Certain","page_number":38,"box":{"x":60,"y":743,"width":865,"height":12}},{"id":"be4516b0-a8ab-4220-96cf-e06799548abc","block_type":"box","text":"of these account services and privileges are only available to shareholders of Investor Shares whose accounts are","page_number":38,"box":{"x":61,"y":758,"width":841,"height":11}},{"id":"efa00306-2173-49fd-afc3-a4bccbb65e58","block_type":"box","text":"held directly with BlackRock. If your account is held directly with BlackRock, please call (800) 441-7762 or visit","page_number":38,"box":{"x":61,"y":773,"width":816,"height":11}},{"id":"288bf4b9-87d5-4a37-a438-f0b7dd3bcc4a","block_type":"box","text":"www.blackrock.com for additional information as well as forms and applications. 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Please speak with your Financial Intermediary","page_number":39,"box":{"x":461,"y":164,"width":462,"height":10}},{"id":"32ec8fb3-b506-43b7-adb5-575eb76a47be","block_type":"box","text":"if your account is held elsewhere.)","page_number":39,"box":{"x":461,"y":177,"width":225,"height":11}},{"id":"069a9fab-d904-4df4-959c-416736e8f9cd","block_type":"box","text":"Prior to establishing an EZ Trader account, please contact your bank to","page_number":39,"box":{"x":461,"y":194,"width":467,"height":10}},{"id":"c55db90c-a645-46f2-993c-5a4f9b2e7004","block_type":"box","text":"confirm that it is a member of the ACH system. 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Shares","page_number":39,"box":{"x":461,"y":786,"width":454,"height":8}},{"id":"558eb60a-d526-472d-8da0-0a7c608f46d4","block_type":"box","text":"will be purchased at the net asset value calculated at the close of","page_number":39,"box":{"x":460,"y":799,"width":438,"height":11}},{"id":"e82f19fd-4c4f-49d3-a10b-2bd51fd58078","block_type":"box","text":"trading on the day the request is received. To exercise this privilege,","page_number":39,"box":{"x":460,"y":813,"width":450,"height":10}},{"id":"23743a27-b2ef-4191-bcd8-990612d29c0c","block_type":"box","text":"the Fund must receive written notification from the shareholder of","page_number":39,"box":{"x":460,"y":826,"width":435,"height":9}},{"id":"0751848b-b363-4b1e-8a5c-ba3e96ded125","block_type":"box","text":"record or the Financial Intermediary of record, at the time of purchase.","page_number":39,"box":{"x":461,"y":840,"width":466,"height":10}},{"id":"92bbf3fb-9900-4819-8034-5b0592f3d2c0","block_type":"box","text":"Investors should consult a tax adviser concerning the tax","page_number":39,"box":{"x":461,"y":854,"width":376,"height":10}},{"id":"8d59d290-c128-4737-8874-8aa12e84ed80","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":39,"box":{"x":461,"y":867,"width":371,"height":11}},{"id":"a88d9c6b-4b64-4e03-9c4b-ff3238477231","block_type":"box","text":"39","page_number":39,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"43dd7b19-bbbb-4bbe-b7a6-d35c493b7757","block_type":"box","text":"NM1026U-5982542-39/68","page_number":39,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f5765b7a-2290-4a5e-ab02-a0caa050b319","block_type":"box","text":"Fund’s Rights","page_number":40,"box":{"x":61,"y":47,"width":124,"height":13}},{"id":"692ec208-77e9-431f-b521-1de696d97482","block_type":"box","text":"The Fund may:","page_number":40,"box":{"x":60,"y":73,"width":106,"height":11}},{"id":"c9520d74-34f2-4d45-9546-abac63225847","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":40,"box":{"x":81,"y":93,"width":840,"height":11}},{"id":"1f82ae87-0a57-4264-8262-e4fb6fb5ae3f","block_type":"box","text":"described in the Investment Company Act;","page_number":40,"box":{"x":81,"y":108,"width":308,"height":11}},{"id":"decbf69a-8fbf-492e-abaa-02744e724b44","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":40,"box":{"x":81,"y":127,"width":789,"height":12}},{"id":"1a14a5c1-3f59-442e-8852-b9b25999dd0d","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":40,"box":{"x":81,"y":142,"width":850,"height":12}},{"id":"96239ad6-51fc-4400-b11c-4fe269f9199b","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":40,"box":{"x":82,"y":157,"width":368,"height":12}},{"id":"9f40527e-490a-44d0-9fe3-029bb8acffbf","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":40,"box":{"x":82,"y":177,"width":781,"height":12}},{"id":"457027e8-2b6a-46ef-98e2-9d98eb358434","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":40,"box":{"x":82,"y":197,"width":798,"height":12}},{"id":"c29e7f38-b77a-4bfd-9806-49b708efc6d6","block_type":"box","text":"specified level.","page_number":40,"box":{"x":81,"y":212,"width":108,"height":11}},{"id":"d91cc2c2-8270-437d-a7cd-4b0fe888fb0d","block_type":"box","text":"Note on Low Balance Accounts.","page_number":40,"box":{"x":61,"y":235,"width":239,"height":9}},{"id":"82e71e76-432e-4a98-9e92-d4329a62aa98","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":40,"box":{"x":307,"y":234,"width":600,"height":12}},{"id":"d4b5e887-b4f2-4ac2-9d3e-913a9f7e0182","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":40,"box":{"x":61,"y":249,"width":846,"height":12}},{"id":"55ddf9eb-f9f6-4296-b013-e67662f563f8","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":40,"box":{"x":61,"y":263,"width":872,"height":13}},{"id":"36302c32-8715-42c5-8a75-5985891246fd","block_type":"box","text":"reason, including market fluctuation.","page_number":40,"box":{"x":61,"y":279,"width":267,"height":12}},{"id":"c4117efd-356a-48cd-8daa-b0e01f22f8cb","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":40,"box":{"x":60,"y":302,"width":799,"height":11}},{"id":"2f54f967-c019-4042-9c76-1ff4bc525ad6","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":40,"box":{"x":62,"y":316,"width":796,"height":12}},{"id":"b0e32ca1-5937-4ce0-9060-11d20cc51a0b","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":40,"box":{"x":62,"y":331,"width":800,"height":12}},{"id":"ab68a363-23b5-4ce3-bf88-c68762659560","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":40,"box":{"x":61,"y":346,"width":859,"height":12}},{"id":"05531918-af8c-47d1-a3ef-a32b90e4a137","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":40,"box":{"x":61,"y":361,"width":868,"height":11}},{"id":"365950bb-8e40-4d0a-a796-15add38199ce","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":40,"box":{"x":61,"y":376,"width":420,"height":11}},{"id":"dd38a279-fe9a-4f87-a1e8-cc589bdb3dd8","block_type":"box","text":"Participation in Fee-Based Programs","page_number":40,"box":{"x":61,"y":415,"width":331,"height":13}},{"id":"2a90a57b-869f-4f33-b9cf-82c335593ce8","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock or by Financial","page_number":40,"box":{"x":62,"y":441,"width":821,"height":11}},{"id":"edf0d1e5-61d7-4ea6-a1e9-2703d8adcf76","block_type":"box","text":"Intermediaries that have agreements with the Distributor or in certain fee-based programs in which BlackRock","page_number":40,"box":{"x":62,"y":456,"width":806,"height":11}},{"id":"3b17ead6-702d-4141-95dc-9de74bd28ff5","block_type":"box","text":"participates, you may be able to buy Institutional Shares, including by exchanges from other share classes. Sales","page_number":40,"box":{"x":62,"y":470,"width":833,"height":12}},{"id":"3ebc946d-c11e-4b6b-97e8-912965b19a95","block_type":"box","text":"charges on the shares being exchanged may be reduced or waived under certain circumstances. You generally cannot","page_number":40,"box":{"x":61,"y":486,"width":865,"height":11}},{"id":"f2992b59-53e2-4b45-a108-047b1447888d","block_type":"box","text":"transfer shares held through a fee-based program into another account. Instead, if you choose to leave the fee-based","page_number":40,"box":{"x":60,"y":500,"width":863,"height":12}},{"id":"8fe775cd-df95-4c65-b17d-bbb8bb9f9515","block_type":"box","text":"program, you may have to redeem your shares held through the program and purchase shares of another class, which","page_number":40,"box":{"x":62,"y":515,"width":865,"height":11}},{"id":"e20a822a-910e-42b3-a8ad-0bb228736100","block_type":"box","text":"may be subject to distribution and service fees. This may be a taxable event and you may pay any applicable sales","page_number":40,"box":{"x":61,"y":530,"width":842,"height":11}},{"id":"a604988b-3a2c-4054-94ea-02e2a1224cc0","block_type":"box","text":"charges or redemption fee. Please speak to your Financial Intermediary for information about specific policies and","page_number":40,"box":{"x":61,"y":545,"width":838,"height":11}},{"id":"70bdadaf-3574-4d1b-ac74-ed4eff5050e7","block_type":"box","text":"procedures applicable to your account.","page_number":40,"box":{"x":62,"y":560,"width":282,"height":11}},{"id":"4acadc36-6b6c-406f-b7b1-d26ba2582dfb","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated, or the shares can be held in an","page_number":40,"box":{"x":61,"y":582,"width":840,"height":11}},{"id":"9f682c8b-a45e-4d52-aec1-5e3d31caa975","block_type":"box","text":"account. In certain instances, when a shareholder chooses to continue to hold the shares, whatever share class was","page_number":40,"box":{"x":61,"y":597,"width":861,"height":11}},{"id":"7a8b0225-67b0-4059-bec2-d0360c5d5316","block_type":"box","text":"held in the program can be held after termination. Shares that have been held for less than specified periods within","page_number":40,"box":{"x":61,"y":612,"width":849,"height":11}},{"id":"72db97be-e97c-4bb6-b530-9e4901d08139","block_type":"box","text":"the program may be subject to a fee upon redemption. Shareholders that held Investor A or Institutional Shares in the","page_number":40,"box":{"x":60,"y":626,"width":867,"height":12}},{"id":"1f807769-b27b-450b-b63e-4f996f16298b","block_type":"box","text":"program may be eligible to purchase additional shares of the respective share class of the Fund, but may be subject to","page_number":40,"box":{"x":62,"y":641,"width":873,"height":12}},{"id":"2a592928-eb0c-4e83-ba79-89008acdbca1","block_type":"box","text":"upfront sales charges with respect to Investor A Shares. Additional purchases of Institutional Shares are permitted","page_number":40,"box":{"x":61,"y":656,"width":844,"height":12}},{"id":"181005a3-7969-46b8-86a4-92d46ee69a42","block_type":"box","text":"only if you have an existing position at the time of purchase or are otherwise eligible to purchase Institutional Shares.","page_number":40,"box":{"x":61,"y":671,"width":865,"height":11}},{"id":"e288f1c6-c484-4014-9e58-fe3efe181783","block_type":"box","text":"Please speak to your Financial Intermediary for more information.","page_number":40,"box":{"x":61,"y":686,"width":480,"height":11}},{"id":"e9bc5a93-3479-4a28-a9cd-0455cc86b7df","block_type":"box","text":"Certain Financial Intermediaries may, in connection with a change in account type (for example, due to leaving a fee","page_number":40,"box":{"x":61,"y":708,"width":854,"height":12}},{"id":"10718902-4a6b-49a3-bd85-a80916a62342","block_type":"box","text":"based program or upon termination of the fee-based program) or otherwise in accordance with the Financial","page_number":40,"box":{"x":61,"y":723,"width":790,"height":12}},{"id":"30ec0ee9-a82a-45d7-bf66-1e97f44b79cf","block_type":"box","text":"Intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":40,"box":{"x":62,"y":738,"width":855,"height":11}},{"id":"0b0e3241-c1c2-4566-811e-801340ebaa00","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":40,"box":{"x":61,"y":753,"width":831,"height":11}},{"id":"2b57eaf0-5775-4be7-a076-91266c2a0103","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your Financial Intermediary for information about","page_number":40,"box":{"x":61,"y":768,"width":828,"height":11}},{"id":"fed71ea8-fd10-44d0-bcc9-7623ab1f8774","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":40,"box":{"x":61,"y":782,"width":437,"height":12}},{"id":"f2582db8-62c7-4a92-940d-ef7e0e581af0","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are included in","page_number":40,"box":{"x":62,"y":805,"width":859,"height":12}},{"id":"6101c0b5-abc9-4ac3-a7f6-09334d0f5ab5","block_type":"box","text":"the client agreement for each fee-based program and are available from your Financial Intermediary. Please speak to","page_number":40,"box":{"x":60,"y":820,"width":858,"height":11}},{"id":"956d030b-530c-497e-a61e-9acc51ca9dde","block_type":"box","text":"your Financial Intermediary for more information.","page_number":40,"box":{"x":60,"y":835,"width":357,"height":11}},{"id":"5133068d-dbda-4748-9ec0-29cb6d7d1f91","block_type":"box","text":"40","page_number":40,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"e95cd458-a13f-4634-9f6c-ead0b7672405","block_type":"box","text":"NM1026U-5982542-40/68","page_number":40,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"cf1c89b9-c874-4260-9c96-410c4c2e7a54","block_type":"box","text":"Short-Term Trading Policy","page_number":41,"box":{"x":61,"y":47,"width":232,"height":13}},{"id":"0cd95703-e936-4c60-b8e4-8b1773d47a51","block_type":"box","text":"The Board has determined that the interests of long-term shareholders and the Fund’s ability to manage its","page_number":41,"box":{"x":60,"y":73,"width":790,"height":11}},{"id":"5d505813-ce46-4ecb-b7e9-a3f114f7fed0","block_type":"box","text":"investments may be adversely affected when shares are repeatedly bought, sold or exchanged in response to short","page_number":41,"box":{"x":62,"y":88,"width":853,"height":11}},{"id":"e2733fde-9ef1-42bc-8a42-1eba25f50468","block_type":"box","text":"term market fluctuations — also known as “market timing.” The Fund is not designed for market timing organizations","page_number":41,"box":{"x":60,"y":102,"width":863,"height":12}},{"id":"fd0e066c-34e2-4087-b8d5-71137c8e2ca2","block_type":"box","text":"or other entities using programmed or frequent purchases and sales or exchanges. The exchange privilege for","page_number":41,"box":{"x":61,"y":117,"width":806,"height":12}},{"id":"9d72f1bf-324d-45a3-8b9c-2f9866546764","block_type":"box","text":"Investor Shares and Institutional Shares is not intended as a vehicle for short-term trading. Excessive purchase and","page_number":41,"box":{"x":62,"y":132,"width":851,"height":12}},{"id":"eb197177-4661-44e2-b6bf-145acb01ad3d","block_type":"box","text":"sale or exchange activity may interfere with portfolio management, increase expenses and taxes and may have an","page_number":41,"box":{"x":61,"y":147,"width":839,"height":11}},{"id":"28eade0a-9e38-4930-9a44-219251222c96","block_type":"box","text":"adverse effect on the performance of the Fund and its returns to shareholders. For example, large flows of cash into","page_number":41,"box":{"x":61,"y":162,"width":857,"height":11}},{"id":"650c038b-6a20-4c7b-bd07-6311ce699a23","block_type":"box","text":"and out of the Fund may require the management team to allocate a significant amount of assets to cash or other","page_number":41,"box":{"x":61,"y":176,"width":839,"height":12}},{"id":"3da04313-ecaa-46dd-95cc-098402067e80","block_type":"box","text":"short-term investments or sell securities, rather than maintaining such assets in securities selected to achieve the","page_number":41,"box":{"x":61,"y":192,"width":844,"height":11}},{"id":"bb7dd84c-19d1-4795-a901-accb15caf68c","block_type":"box","text":"Fund’s investment objective. Frequent trading may cause the Fund to sell securities at less favorable prices, and","page_number":41,"box":{"x":62,"y":206,"width":826,"height":12}},{"id":"c2797fac-d318-4e2a-a73e-27febf8c1062","block_type":"box","text":"transaction costs, such as brokerage commissions, can reduce the Fund’s performance.","page_number":41,"box":{"x":60,"y":221,"width":652,"height":12}},{"id":"a2b4e65e-4752-4ba7-90f2-59fa20a148d8","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":41,"box":{"x":60,"y":244,"width":873,"height":11}},{"id":"fab46078-a23b-4d7a-947a-0ca5628461c7","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":41,"box":{"x":61,"y":258,"width":872,"height":12}},{"id":"6f66b928-90fc-4eab-be17-5d25e0aa2d9a","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":41,"box":{"x":61,"y":273,"width":865,"height":12}},{"id":"65b112b9-617d-4578-b98d-b70100a54018","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":41,"box":{"x":61,"y":288,"width":817,"height":11}},{"id":"ea58b790-324f-4ce6-8f4a-fd04662a1af1","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":41,"box":{"x":61,"y":303,"width":818,"height":11}},{"id":"a38fabcc-e3c6-460b-9235-5fe4007036ac","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":41,"box":{"x":60,"y":318,"width":865,"height":11}},{"id":"1df217f6-ff2e-4954-8592-5850082ecf2c","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":41,"box":{"x":61,"y":332,"width":829,"height":12}},{"id":"5a40ff63-32aa-4e80-b635-36bb4f236f14","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":41,"box":{"x":62,"y":347,"width":671,"height":12}},{"id":"8870cdfb-0e2e-401e-843e-e53e4300d006","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":41,"box":{"x":60,"y":370,"width":869,"height":11}},{"id":"313edb00-b0c7-49f7-bd09-73014943b624","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":41,"box":{"x":60,"y":385,"width":839,"height":11}},{"id":"6d5f9d8c-bb09-4679-93c8-1befde96b3c2","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":41,"box":{"x":61,"y":399,"width":869,"height":12}},{"id":"76262de4-1274-4303-bc0b-8776f4025a28","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":41,"box":{"x":61,"y":414,"width":870,"height":12}},{"id":"e111d3b2-916e-4125-a966-072617c741b9","block_type":"box","text":"Fund or its shareholders.","page_number":41,"box":{"x":62,"y":429,"width":181,"height":9}},{"id":"76dca9f1-1789-4139-8dae-524a47c7f25e","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":41,"box":{"x":62,"y":452,"width":796,"height":11}},{"id":"353e574d-fb4d-4e49-b385-cbe95eb162cb","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":41,"box":{"x":61,"y":467,"width":860,"height":11}},{"id":"0b2e0d62-4855-4c79-b7f4-47cad9729ad8","block_type":"box","text":"in market timing activity, it reserves the right to reject any specific purchase or exchange order. If the Fund rejects your","page_number":41,"box":{"x":62,"y":481,"width":871,"height":12}},{"id":"a344aaed-72a3-45d6-a5f7-01b86e8b90c6","block_type":"box","text":"purchase or exchange order, you will not be able to execute that transaction, and the Fund will not be responsible for","page_number":41,"box":{"x":62,"y":496,"width":858,"height":12}},{"id":"3b9e3506-1e97-4766-9525-30e05e47a7a0","block_type":"box","text":"any losses you therefore may suffer. For transactions placed directly with the Fund, the Fund may consider the trading","page_number":41,"box":{"x":61,"y":511,"width":866,"height":12}},{"id":"be46b282-9afe-4d0c-80a6-57a912ce4a37","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions","page_number":41,"box":{"x":61,"y":526,"width":829,"height":11}},{"id":"efe9970c-6185-41cd-9ebc-cb8b32c99c6e","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":41,"box":{"x":62,"y":541,"width":862,"height":11}},{"id":"80cddeca-c23a-4be3-a86d-93f519ece936","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":41,"box":{"x":61,"y":555,"width":849,"height":12}},{"id":"6bbbfa85-abed-46ea-855c-8f45407802a4","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":41,"box":{"x":61,"y":571,"width":866,"height":11}},{"id":"1920a76e-f663-4977-a020-9a94592e692b","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":41,"box":{"x":60,"y":585,"width":806,"height":12}},{"id":"a092a64f-ea71-4251-9f1f-bf70e7ff4f9a","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":41,"box":{"x":61,"y":600,"width":804,"height":12}},{"id":"8b9ac6fa-549b-4c25-bc5a-0f4ff485840d","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":41,"box":{"x":61,"y":615,"width":849,"height":11}},{"id":"a046fdec-fef3-4b46-8824-2b871307ad34","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":41,"box":{"x":61,"y":630,"width":875,"height":11}},{"id":"10c77e36-8d16-42b7-a71b-5dc51074aaad","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":41,"box":{"x":62,"y":644,"width":869,"height":12}},{"id":"fad8c505-912f-42e8-a91c-401c092a3cac","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":41,"box":{"x":61,"y":659,"width":845,"height":12}},{"id":"9bbec10e-f2c0-40b9-94d2-a7ae87aae2d8","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":41,"box":{"x":62,"y":674,"width":868,"height":12}},{"id":"736ad2cc-b09f-4247-a2c7-37ba7539bc7e","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":41,"box":{"x":61,"y":689,"width":861,"height":11}},{"id":"3f002541-827f-4161-a9da-0e79553e82a0","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":41,"box":{"x":61,"y":704,"width":868,"height":11}},{"id":"8f2cc0ca-d697-4b4e-8dd2-e1a7c3fc2560","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":41,"box":{"x":60,"y":719,"width":847,"height":11}},{"id":"1289a509-ef00-4dd0-aa95-0ec11f38ccd0","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Distributor,","page_number":41,"box":{"x":60,"y":734,"width":837,"height":11}},{"id":"cb38c056-2456-45aa-8a34-2d597a5bedd5","block_type":"box","text":"suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":41,"box":{"x":61,"y":748,"width":663,"height":12}},{"id":"04ce207a-87d3-4b10-bf81-2326f74f89a1","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":41,"box":{"x":60,"y":771,"width":824,"height":11}},{"id":"9c2b1441-1409-44e5-82ff-72abac89ba28","block_type":"box","text":"deemed abusive.","page_number":41,"box":{"x":61,"y":786,"width":123,"height":9}},{"id":"6e8b0524-ef90-4431-97f2-e47aa258c3a2","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":41,"box":{"x":60,"y":808,"width":841,"height":12}},{"id":"9737e2cc-d7ca-4e30-8a31-e25c7f0aa4ee","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":41,"box":{"x":60,"y":823,"width":572,"height":12}},{"id":"fa1305b6-7f0f-449d-a1dc-867de95c92dd","block_type":"box","text":"41","page_number":41,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"9838b8e4-1155-4994-888a-efee03fe3731","block_type":"box","text":"NM1026U-5982542-41/68","page_number":41,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ece6370e-f22f-4b18-8c3f-a4252fd21e87","block_type":"box","text":"Management of the Fund","page_number":42,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"2e88aa39-b8db-4a36-a7d2-c251c986e0c5","block_type":"box","text":"BlackRock","page_number":42,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"49a89828-ac42-42bb-8671-7cb67c889ffc","block_type":"box","text":"BlackRock, the Fund’s investment adviser, manages the Fund’s investments and its business operations subject to","page_number":42,"box":{"x":62,"y":183,"width":846,"height":11}},{"id":"cf0a1ba7-5e4e-4365-8a3d-d4903c037b84","block_type":"box","text":"the oversight of the Trust’s Board. While BlackRock is ultimately responsible for the management of the Fund, it is","page_number":42,"box":{"x":60,"y":197,"width":841,"height":12}},{"id":"49db0c97-bcb3-425f-830e-51d1e99249c4","block_type":"box","text":"able to draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":42,"box":{"x":61,"y":212,"width":851,"height":12}},{"id":"d005d780-5eed-424d-8b5a-7f0dacf179a3","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":42,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"08d8624d-4bcc-4f94-86ab-1e2f11e34268","block_type":"box","text":"BlackRock, Inc.","page_number":42,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"261f65cb-654d-4df3-bf34-578095b124d6","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":42,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"ce67dc0b-5050-44ed-906d-38ef1bd185f0","block_type":"box","text":"companies. BlackRock and its affiliates had approximately $15.3 trillion in investment company and other portfolio","page_number":42,"box":{"x":61,"y":278,"width":845,"height":12}},{"id":"a6ad1781-b45f-41bf-a25f-a34b19fc681c","block_type":"box","text":"assets under management as of June 30, 2026.","page_number":42,"box":{"x":61,"y":294,"width":357,"height":11}},{"id":"81fbdb88-03ec-4132-b2e4-53426c750b14","block_type":"box","text":"BlackRock serves as manager to the Fund pursuant to an investment advisory agreement (the “Management","page_number":42,"box":{"x":62,"y":317,"width":800,"height":11}},{"id":"b4154652-ecbc-4ffa-ab51-780e772628b0","block_type":"box","text":"Agreement”). Pursuant to the Management Agreement, BlackRock is entitled to fees computed daily and payable","page_number":42,"box":{"x":60,"y":331,"width":829,"height":12}},{"id":"5c6a5a40-84c7-4244-ad9a-cfeaa19d9749","block_type":"box","text":"monthly. The maximum annual management fee that can be paid to BlackRock (as a percentage of average daily net","page_number":42,"box":{"x":61,"y":346,"width":854,"height":12}},{"id":"94e11502-fa2f-49bd-9670-d8ee9c8813b3","block_type":"box","text":"assets) is calculated as follows:","page_number":42,"box":{"x":61,"y":361,"width":234,"height":11}},{"id":"ee17ef68-46f9-4fdf-9f76-99970868637c","block_type":"box","text":"Average Daily Net Assets","page_number":42,"box":{"x":69,"y":400,"width":151,"height":9}},{"id":"35f52108-c266-410a-be70-6e9c76a1c0bd","block_type":"box","text":"Rate of","page_number":42,"box":{"x":844,"y":389,"width":43,"height":7}},{"id":"97b8e11b-76c8-4033-ab17-ff05258687ca","block_type":"box","text":"Management Fee","page_number":42,"box":{"x":813,"y":400,"width":104,"height":9}},{"id":"865b769c-38f2-4c67-b52b-9c2744a89759","block_type":"box","text":"First $1 billion","page_number":42,"box":{"x":70,"y":416,"width":92,"height":10}},{"id":"59cdca92-d983-4951-9c57-f483a18df2e9","block_type":"box","text":"0.82%","page_number":42,"box":{"x":849,"y":417,"width":42,"height":8}},{"id":"fae27854-6de3-4377-a7e1-510b8dfc8690","block_type":"box","text":"$1 billion – $3 billion","page_number":42,"box":{"x":70,"y":434,"width":138,"height":10}},{"id":"3d0f191a-c22e-495f-b9f3-aa78e24fcd09","block_type":"box","text":"0.77%","page_number":42,"box":{"x":849,"y":435,"width":42,"height":8}},{"id":"680b2fc1-d8f8-434e-87c4-9fa00fb0c1f3","block_type":"box","text":"$3 billion – $5 billion","page_number":42,"box":{"x":70,"y":452,"width":138,"height":10}},{"id":"2e35e035-fc53-4c8e-8f6c-1c0853491e08","block_type":"box","text":"0.74%","page_number":42,"box":{"x":849,"y":453,"width":42,"height":8}},{"id":"df09bedb-76ef-4616-bcc5-df94880ae532","block_type":"box","text":"$5 billion – $10 billion","page_number":42,"box":{"x":70,"y":470,"width":147,"height":10}},{"id":"82a518cd-e1f1-42b5-8389-2c986f5f278c","block_type":"box","text":"0.71%","page_number":42,"box":{"x":849,"y":471,"width":42,"height":8}},{"id":"c5307662-cd2f-494d-ada6-4c9778b20b67","block_type":"box","text":"Greater than $10 billion","page_number":42,"box":{"x":69,"y":488,"width":157,"height":10}},{"id":"d3e4d68a-5f57-4402-83af-c189c187d4c8","block_type":"box","text":"0.70%","page_number":42,"box":{"x":849,"y":489,"width":42,"height":8}},{"id":"cc7ca854-3c58-46fb-9e48-f9e8cfdcac32","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets","page_number":42,"box":{"x":62,"y":521,"width":840,"height":11}},{"id":"9556bfea-5430-4635-9052-6c74cb57e27d","block_type":"box","text":"estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds","page_number":42,"box":{"x":61,"y":535,"width":861,"height":12}},{"id":"8d261ea3-d543-42a5-996b-6603fc5b650c","block_type":"box","text":"managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition,","page_number":42,"box":{"x":61,"y":550,"width":856,"height":12}},{"id":"22172ded-3085-47d7-9ebb-73d8e395c209","block_type":"box","text":"BlackRock has contractually agreed to waive its management fees by the amount of advisory fees the Fund pays to","page_number":42,"box":{"x":62,"y":565,"width":844,"height":12}},{"id":"03f16658-d09d-4139-88ad-9a1635f667ce","block_type":"box","text":"BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates (the","page_number":42,"box":{"x":62,"y":580,"width":808,"height":12}},{"id":"abea6ae4-7fde-4958-9b9c-ce0b8562dfe5","block_type":"box","text":"“affiliated money market fund waiver”), through June 30, 2028. The contractual agreements may be terminated upon","page_number":42,"box":{"x":62,"y":595,"width":860,"height":11}},{"id":"d5f984b4-c424-413c-b37a-ba4e12c711fc","block_type":"box","text":"90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding","page_number":42,"box":{"x":61,"y":610,"width":851,"height":11}},{"id":"51894a7b-031b-4f79-b989-21af71646a97","block_type":"box","text":"voting securities of the Fund.","page_number":42,"box":{"x":60,"y":624,"width":212,"height":12}},{"id":"4cba6208-191a-4045-bc6a-59802be85103","block_type":"box","text":"BlackRock has contractually agreed to cap net expenses (excluding: (i) interest, taxes, dividends tied to short sales,","page_number":42,"box":{"x":62,"y":647,"width":851,"height":12}},{"id":"adc59dea-c6ce-48a3-9e0a-d7c28314ca20","block_type":"box","text":"brokerage commissions, and other expenditures which are capitalized in accordance with generally accepted","page_number":42,"box":{"x":61,"y":662,"width":796,"height":11}},{"id":"9003a1ae-d678-433a-ba04-92ef4d9b866c","block_type":"box","text":"accounting principles; (ii) the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result","page_number":42,"box":{"x":61,"y":677,"width":876,"height":11}},{"id":"43b488cb-c7a2-4ba1-a45c-099b532d0238","block_type":"box","text":"of investing in other investment companies; (iii) other expenses attributable to, and incurred as a result of, the Fund’s","page_number":42,"box":{"x":61,"y":691,"width":867,"height":12}},{"id":"0e0d96b6-225b-4a0d-8077-c651b553f879","block_type":"box","text":"investments; and (iv) extraordinary expenses (including litigation expenses) not incurred in the ordinary course of the","page_number":42,"box":{"x":62,"y":706,"width":858,"height":12}},{"id":"543e8af2-da0d-4918-b76e-ec2acb9f0cfc","block_type":"box","text":"Fund’s business, if any) of each share class of the Fund at the levels shown below and in the Fund’s fees and","page_number":42,"box":{"x":62,"y":721,"width":807,"height":12}},{"id":"d645c162-02a2-499d-aec2-4f985fd2b5c0","block_type":"box","text":"expenses table in the “Fund Overview” section of this prospectus. Items (i), (ii), (iii) and (iv) in the preceding sentence","page_number":42,"box":{"x":61,"y":736,"width":866,"height":12}},{"id":"1a68e615-6ef0-4267-a4d4-1578e8f051c1","block_type":"box","text":"are referred to in this prospectus as “Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and","page_number":42,"box":{"x":61,"y":751,"width":835,"height":11}},{"id":"7d231b60-559f-4659-badd-4a352757e34b","block_type":"box","text":"certain other Fund expenses.” To achieve these expense caps, BlackRock has agreed to waive and/or reimburse fees","page_number":42,"box":{"x":61,"y":766,"width":866,"height":11}},{"id":"151b358c-22bd-4163-9a8d-10f705295952","block_type":"box","text":"or expenses if these operating expenses exceed a certain limit.","page_number":42,"box":{"x":61,"y":780,"width":466,"height":12}},{"id":"0513b1d8-5790-44bd-96f8-830d86d55d95","block_type":"box","text":"With respect to the Fund, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to","page_number":42,"box":{"x":60,"y":803,"width":863,"height":12}},{"id":"e5b1f443-0308-4b5a-ba20-379c45c797f0","block_type":"box","text":"limit Total Annual Fund Operating Expenses as a percentage of average daily net assets to the amounts noted in the","page_number":42,"box":{"x":62,"y":818,"width":853,"height":11}},{"id":"7f40fe4a-401a-4c10-b648-6a0087efda24","block_type":"box","text":"table below.","page_number":42,"box":{"x":60,"y":833,"width":87,"height":9}},{"id":"0b2aa0bc-23a2-4881-858b-a43231c3ed06","block_type":"box","text":"42","page_number":42,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"569ddbe4-0635-41b5-bb0c-e6a598410efa","block_type":"box","text":"NM1026U-5982542-42/68","page_number":42,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a4354312-2e21-4e5d-9d5f-9589771a596c","block_type":"box","text":"Contractual Cap(s)","page_number":43,"box":{"x":561,"y":50,"width":114,"height":9}},{"id":"4d710a0b-4f4f-4790-b2ce-4abb1ba3d350","block_type":"box","text":"1","page_number":43,"box":{"x":676,"y":50,"width":4,"height":4}},{"id":"c158707c-a30a-42fa-87ae-f431367117b1","block_type":"box","text":"on Total Annual Fund","page_number":43,"box":{"x":558,"y":61,"width":125,"height":7}},{"id":"a5a9bac9-4f59-4874-9e7e-6f36ffd37cfd","block_type":"box","text":"Operating Expenses","page_number":43,"box":{"x":559,"y":71,"width":119,"height":9}},{"id":"f42f9142-1cf3-45f8-b045-7d541f0d3c87","block_type":"box","text":"2","page_number":43,"box":{"x":679,"y":71,"width":3,"height":3}},{"id":"72a8bc03-3966-4753-ad8c-edda6ec39485","block_type":"box","text":"(excluding Dividend","page_number":43,"box":{"x":562,"y":81,"width":117,"height":9}},{"id":"fd498789-0c38-43fd-87b9-1a03a6edc61a","block_type":"box","text":"Expense, Interest","page_number":43,"box":{"x":568,"y":92,"width":105,"height":8}},{"id":"a9fc667d-5172-4bb4-b8ca-ed267fd96bc4","block_type":"box","text":"Expense, Acquired","page_number":43,"box":{"x":565,"y":102,"width":111,"height":9}},{"id":"2f848cb3-1aa1-4e6f-8e64-e9fd3d7add34","block_type":"box","text":"Fund Fees and","page_number":43,"box":{"x":578,"y":112,"width":85,"height":7}},{"id":"a8367312-1108-47a6-a9c9-9316dd8f7090","block_type":"box","text":"Expenses and","page_number":43,"box":{"x":580,"y":122,"width":81,"height":9}},{"id":"90658377-b164-49a0-9989-cb38e0fc94ac","block_type":"box","text":"certain other","page_number":43,"box":{"x":582,"y":133,"width":78,"height":7}},{"id":"8fae7e26-6ce9-4797-a6af-a57a13caad2c","block_type":"box","text":"Fund expenses)","page_number":43,"box":{"x":574,"y":143,"width":93,"height":9}},{"id":"98184885-14bb-4e73-b75c-f0989dd06897","block_type":"box","text":"Total Annual Fund","page_number":43,"box":{"x":772,"y":61,"width":106,"height":7}},{"id":"971cbec8-4178-4218-8efa-5cec21188ea4","block_type":"box","text":"Operating Expenses","page_number":43,"box":{"x":764,"y":71,"width":119,"height":9}},{"id":"1aed0fdc-0e93-4240-ba4b-7a7a69836a3b","block_type":"box","text":"2","page_number":43,"box":{"x":884,"y":71,"width":3,"height":3}},{"id":"85db0e15-3ebf-4821-aebc-0724f9f998e0","block_type":"box","text":"after giving effect to all","page_number":43,"box":{"x":755,"y":81,"width":141,"height":9}},{"id":"ff1f6754-86e4-4585-aeb9-b602f9a835b8","block_type":"box","text":"applicable expense limitation","page_number":43,"box":{"x":738,"y":91,"width":175,"height":9}},{"id":"9207f88f-d6e0-4ba9-a87e-2b32995f6c16","block_type":"box","text":"provisions (excluding Dividend","page_number":43,"box":{"x":735,"y":102,"width":181,"height":9}},{"id":"9bd3f9fa-4a91-44eb-bda3-1ec873a2c620","block_type":"box","text":"Expense, Interest Expense,","page_number":43,"box":{"x":744,"y":112,"width":163,"height":9}},{"id":"5d94f765-2269-4e7e-991e-9db08dbad13e","block_type":"box","text":"Acquired Fund Fees","page_number":43,"box":{"x":766,"y":122,"width":118,"height":9}},{"id":"e2113895-b4b7-4e01-a957-167159e5fa56","block_type":"box","text":"and Expenses and certain","page_number":43,"box":{"x":748,"y":133,"width":155,"height":9}},{"id":"35792bc9-e7e1-484e-9ec0-2f9a58eeee6b","block_type":"box","text":"other Fund expenses)","page_number":43,"box":{"x":760,"y":143,"width":130,"height":9}},{"id":"8b0c474b-15c6-4887-bfc1-9b34e3a1467d","block_type":"box","text":"Investor A Shares 1.14% 1.17%","page_number":43,"box":{"x":70,"y":160,"width":781,"height":8}},{"id":"f0bb482d-4776-4556-9a1c-3880a7ac9c45","block_type":"box","text":"Investor C Shares 1.89% 1.91%","page_number":43,"box":{"x":70,"y":178,"width":781,"height":8}},{"id":"ecdb709b-0a7d-4078-ae33-44a418994ab5","block_type":"box","text":"Institutional Shares 0.89% 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The contractual agreement may be terminated with respect to the Fund upon 90 days’","page_number":43,"box":{"x":81,"y":234,"width":851,"height":9}},{"id":"eb4b1d59-5735-4683-960c-ec67b0c8dc3d","block_type":"box","text":"notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":43,"box":{"x":81,"y":244,"width":798,"height":9}},{"id":"f625b056-c796-4f1e-981c-344bb018b370","block_type":"box","text":"2","page_number":43,"box":{"x":61,"y":257,"width":3,"height":4}},{"id":"15433964-765c-4959-9e97-0ca0b2e78bc9","block_type":"box","text":"As a percentage of average daily net assets.","page_number":43,"box":{"x":81,"y":257,"width":260,"height":9}},{"id":"f6ad59e4-fd75-4c23-ad86-b0776a1d7102","block_type":"box","text":"The amount of the contractual waivers and/or reimbursements of fees and expenses made pursuant to the contractual","page_number":43,"box":{"x":60,"y":282,"width":875,"height":11}},{"id":"b9cd58cf-e1ad-4717-bae4-6671cf5aed91","block_type":"box","text":"caps on net expenses will be reduced by the amount of the affiliated money market fund waiver.","page_number":43,"box":{"x":61,"y":297,"width":705,"height":11}},{"id":"141e5ebf-3420-4750-bfa2-46b46cac0a31","block_type":"box","text":"A discussion of the basis for the Board’s approval of the Management Agreement with BlackRock is available in the","page_number":43,"box":{"x":60,"y":320,"width":850,"height":11}},{"id":"48d21785-4557-413b-8aae-f03831dcd7cb","block_type":"box","text":"Fund’s reports filed on Form N-CSR for the fiscal year ended May 31, 2026.","page_number":43,"box":{"x":62,"y":334,"width":556,"height":12}},{"id":"6e052005-63ab-4dc3-8e8b-f7b53cf6de16","block_type":"box","text":"For the fiscal year ended May 31, 2026, BlackRock received a management fee, net of management fee waivers, at","page_number":43,"box":{"x":62,"y":357,"width":851,"height":12}},{"id":"fb0493b7-ba5c-4043-a50d-32b3b67bb9d3","block_type":"box","text":"the annual rate of 0.75% of the Fund’s average daily net assets.","page_number":43,"box":{"x":60,"y":372,"width":473,"height":11}},{"id":"9d32331f-6858-4650-98b4-c2ee47ae57da","block_type":"box","text":"From time to time, a manager, analyst, or other employee of BlackRock or its affiliates may express views regarding a","page_number":43,"box":{"x":62,"y":394,"width":864,"height":12}},{"id":"b100066c-d3de-4b4d-aeac-4137d53b0df1","block_type":"box","text":"particular asset class, company, security, industry, or market sector. 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These views may not be relied on","page_number":43,"box":{"x":61,"y":454,"width":872,"height":11}},{"id":"60bce325-ca6d-4390-979d-208e1e8f97c4","block_type":"box","text":"as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be","page_number":43,"box":{"x":61,"y":468,"width":841,"height":12}},{"id":"9be9d48b-5ec8-42bd-ac2f-4314438ea068","block_type":"box","text":"relied on as an indication of trading intent on behalf of the Fund.","page_number":43,"box":{"x":61,"y":483,"width":472,"height":12}},{"id":"204391aa-dbd0-4198-962d-49c8d3f7ed40","block_type":"box","text":"Portfolio Manager Information","page_number":43,"box":{"x":61,"y":522,"width":272,"height":14}},{"id":"cf66abda-3b49-4273-8c48-2c1f31a6b512","block_type":"box","text":"Information regarding the portfolio managers of the Fund is set forth below. 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The opposite result is also possible.","page_number":44,"box":{"x":61,"y":432,"width":815,"height":12}},{"id":"df4e611d-da07-4a33-b69b-e2f430d8f86d","block_type":"box","text":"In addition, the Fund may enter into transactions in which BlackRock or an Affiliate or their directors, officers,","page_number":44,"box":{"x":62,"y":455,"width":802,"height":11}},{"id":"576a711f-4881-405d-925f-6fd031dc8fc4","block_type":"box","text":"employees or clients have an adverse interest. 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BlackRock has adopted policies and","page_number":44,"box":{"x":61,"y":775,"width":865,"height":12}},{"id":"559d8bd9-acf0-4d3f-9f16-2e9fd37daad2","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":44,"box":{"x":62,"y":790,"width":819,"height":12}},{"id":"d279f2cb-6512-4d00-84a3-56e458dd0441","block_type":"box","text":"Valuation of Fund Investments","page_number":44,"box":{"x":63,"y":829,"width":271,"height":11}},{"id":"8a908474-0e47-4e21-932a-960672cc2268","block_type":"box","text":"When you buy shares, you pay the net asset value, plus any applicable sales charge. This is the offering price. Shares","page_number":44,"box":{"x":60,"y":855,"width":869,"height":12}},{"id":"f57f5fc1-cae8-4559-a8bb-42703fd0861c","block_type":"box","text":"are also redeemed at their net asset value, minus any applicable sales charge or redemption fee. The net asset value","page_number":44,"box":{"x":61,"y":870,"width":868,"height":12}},{"id":"49e81643-c06a-4d8a-aa20-059389d1ef78","block_type":"box","text":"used in determining your share price is the next one calculated after your purchase or redemption order is received.","page_number":44,"box":{"x":61,"y":885,"width":849,"height":11}},{"id":"15efe7bb-0a8c-4bc6-befe-4d29570f523d","block_type":"box","text":"The net asset value of each class of shares normally is determined once daily Monday through Friday, generally as of","page_number":44,"box":{"x":60,"y":900,"width":862,"height":11}},{"id":"774de83f-8aaf-493c-b754-321b64299601","block_type":"box","text":"the close of regular trading hours of the New York Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern time), on","page_number":44,"box":{"x":60,"y":915,"width":842,"height":11}},{"id":"5b3a74c5-2690-4a1e-a322-edd0c64985c1","block_type":"box","text":"44","page_number":44,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"d32bf3a2-aa79-4462-87dc-cc55b82ad5f8","block_type":"box","text":"NM1026U-5982542-44/68","page_number":44,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"767dee2c-79b6-45aa-9747-bf616eedcf19","block_type":"box","text":"each day that the NYSE is open for trading, based on prices at the time of closing, provided that any Fund assets or","page_number":45,"box":{"x":61,"y":46,"width":851,"height":11}},{"id":"983d7276-fef1-49e7-b387-031e17395054","block_type":"box","text":"liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing market","page_number":45,"box":{"x":62,"y":61,"width":866,"height":11}},{"id":"2f247bb7-d5a1-4bbe-b4ce-7f79f86f05e0","block_type":"box","text":"rates on the date of valuation as quoted by one or more data service providers. The net asset value of shares is","page_number":45,"box":{"x":61,"y":75,"width":825,"height":12}},{"id":"248323af-1362-4e0f-b98b-19606f9f55fd","block_type":"box","text":"calculated by dividing the value of the net assets of each class of shares (i.e., the value of its total assets less total","page_number":45,"box":{"x":61,"y":90,"width":854,"height":12}},{"id":"01804059-d41e-4c48-94ef-a2017efe0a75","block_type":"box","text":"liabilities) by the total number of outstanding shares of the class, generally rounded to the nearest cent.","page_number":45,"box":{"x":62,"y":105,"width":764,"height":12}},{"id":"fe48a350-1b76-4cda-9a4f-a1e6065f666d","block_type":"box","text":"Generally, Institutional Shares will have the highest net asset value because that class has the lowest expenses.","page_number":45,"box":{"x":61,"y":128,"width":830,"height":11}},{"id":"a2295191-dc41-4d5e-b907-ed9eeb470964","block_type":"box","text":"Investor A Shares will have a higher net asset value than Investor C or Class R Shares, and Class R Shares will have a","page_number":45,"box":{"x":62,"y":142,"width":870,"height":12}},{"id":"ea97b1c1-5abb-49ab-8446-75518edbea40","block_type":"box","text":"higher net asset value than Investor C Shares. Also, dividends paid on Investor A, Institutional and Class R Shares will","page_number":45,"box":{"x":61,"y":157,"width":869,"height":12}},{"id":"4fadb4a8-43bb-4e81-b09d-539946b9f853","block_type":"box","text":"generally be higher than dividends paid on Investor C Shares because Investor A, Institutional and Class R Shares","page_number":45,"box":{"x":60,"y":172,"width":838,"height":12}},{"id":"41021dcc-2b57-4986-9453-6ff415cf0fe1","block_type":"box","text":"have lower expenses.","page_number":45,"box":{"x":61,"y":187,"width":156,"height":11}},{"id":"f6678fd2-b4b3-4450-b1f4-02909111a3e9","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":45,"box":{"x":60,"y":209,"width":844,"height":12}},{"id":"9dce09a9-d24f-4e8e-95d3-a48f4499c94e","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":45,"box":{"x":60,"y":224,"width":837,"height":12}},{"id":"b1e2765b-07be-4f11-82d3-61e135d3a307","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":45,"box":{"x":62,"y":239,"width":464,"height":11}},{"id":"f1dbfde7-3043-4e39-9074-965e66f39863","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":45,"box":{"x":62,"y":262,"width":863,"height":11}},{"id":"8115c5e8-c790-4c0f-a424-ec10c5212442","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":45,"box":{"x":60,"y":276,"width":858,"height":12}},{"id":"a154275f-30f0-4cd2-a322-8689b896183f","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":45,"box":{"x":62,"y":291,"width":863,"height":12}},{"id":"057d3439-0273-42a2-a2cd-3896f59657c7","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":45,"box":{"x":61,"y":306,"width":852,"height":12}},{"id":"2ff9cf51-cf59-43da-a74a-b6df632e1b9d","block_type":"box","text":"end funds that are not traded on an exchange (including money market funds) are valued at net asset value. Shares of","page_number":45,"box":{"x":61,"y":321,"width":872,"height":11}},{"id":"535da67a-684e-44dc-bd9d-2b0bc68ca3e6","block_type":"box","text":"underlying exchange-traded closed-end funds or other ETFs are valued at their most recent closing price.","page_number":45,"box":{"x":61,"y":336,"width":763,"height":11}},{"id":"db8940aa-f97d-42d7-b957-9226d263e9f2","block_type":"box","text":"The Fund values fixed-income portfolio securities and certain derivative instruments using prices provided by dealers","page_number":45,"box":{"x":60,"y":358,"width":857,"height":12}},{"id":"a57793ac-8ed4-4712-a23f-0ed015e90761","block_type":"box","text":"or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":45,"box":{"x":61,"y":373,"width":870,"height":12}},{"id":"4413a945-55cd-43ce-8c37-cd513cce0f94","block_type":"box","text":"accordance with BlackRock’s valuation policies and procedures. Pricing services may use valuation models that utilize","page_number":45,"box":{"x":61,"y":388,"width":868,"height":11}},{"id":"31b398b3-948b-41c7-9d99-ad1c7598bbdd","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":45,"box":{"x":61,"y":403,"width":842,"height":11}},{"id":"6dccd34f-b2cd-4f30-ab16-988aebcde032","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":45,"box":{"x":61,"y":418,"width":853,"height":11}},{"id":"f2dcc1d3-1218-45fd-8744-e3b5d5e95eb7","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":45,"box":{"x":61,"y":432,"width":844,"height":12}},{"id":"d0b42d0e-7a03-41c3-8e57-ba9b968219c1","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":45,"box":{"x":61,"y":447,"width":822,"height":12}},{"id":"e882e06b-6d58-4138-aef3-817c76f00d7e","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":45,"box":{"x":61,"y":462,"width":845,"height":12}},{"id":"ab9be658-df32-4053-9347-5784575c9c21","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":45,"box":{"x":61,"y":477,"width":733,"height":11}},{"id":"4b213d4e-9775-4851-9bc6-eb9149618a30","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":45,"box":{"x":61,"y":499,"width":829,"height":12}},{"id":"371da65a-cc58-4daf-aac5-1d0b6f547752","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":45,"box":{"x":61,"y":514,"width":857,"height":12}},{"id":"76216393-fccc-4ba1-8a13-b543e9ec2ed1","block_type":"box","text":"shares are determined as of such times. 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BlackRock may conclude that a market","page_number":45,"box":{"x":60,"y":582,"width":858,"height":11}},{"id":"90d61726-78f9-4395-97ce-8e50a9a2e8d7","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":45,"box":{"x":61,"y":596,"width":844,"height":12}},{"id":"cdfacb4e-d0bb-4783-9085-8d9223adc71c","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":45,"box":{"x":61,"y":611,"width":845,"height":11}},{"id":"42cd7752-61cc-42d0-a31f-4365eeda89ed","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":45,"box":{"x":61,"y":626,"width":841,"height":11}},{"id":"8bfe6e3e-c9db-4d26-af0f-452f9c5005db","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":45,"box":{"x":60,"y":641,"width":820,"height":11}},{"id":"43f2e533-5936-4745-b5a8-e2650e062b54","block_type":"box","text":"security is listed is suspended or closed and no appropriate alternative trading market is available. A “significant","page_number":45,"box":{"x":61,"y":655,"width":828,"height":12}},{"id":"e105638a-d584-414c-a6f3-f96c6b2e5f77","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":45,"box":{"x":61,"y":670,"width":836,"height":12}},{"id":"6c7f0a82-8fc1-412c-994b-b7b95e424ac0","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":45,"box":{"x":62,"y":685,"width":862,"height":12}},{"id":"906c6203-a8d1-4f91-a2dd-f5df0fa5c2dd","block_type":"box","text":"price or closing market price of one or more assets held by, or liabilities of, the Fund.","page_number":45,"box":{"x":62,"y":700,"width":623,"height":11}},{"id":"e610a03b-c347-4a06-86c7-080b810c35a6","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the","page_number":45,"box":{"x":62,"y":722,"width":817,"height":12}},{"id":"ebc7666a-7428-49e3-bbf8-ff91a05a19b2","block_type":"box","text":"movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value","page_number":45,"box":{"x":61,"y":737,"width":871,"height":12}},{"id":"d2030356-b95a-49f3-bd39-3b2640e0dba1","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":45,"box":{"x":62,"y":752,"width":872,"height":12}},{"id":"6567a484-0bdc-443e-b749-5f61671123bd","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":45,"box":{"x":61,"y":767,"width":697,"height":11}},{"id":"0589559a-dfcf-4a10-aeb8-53eec7b01569","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":45,"box":{"x":62,"y":789,"width":825,"height":12}},{"id":"5656bc7e-fee9-4b82-a7eb-1f56941a7c73","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":45,"box":{"x":62,"y":804,"width":871,"height":12}},{"id":"da48ba01-5a61-40d3-9e3b-e14048f79c46","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":45,"box":{"x":61,"y":819,"width":847,"height":12}},{"id":"6a3433a9-66e3-4129-ab55-597f0d73bf8e","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":45,"box":{"x":62,"y":834,"width":829,"height":12}},{"id":"801e47c5-88f5-4837-b1e7-53a6846c9471","block_type":"box","text":"those investments could have been sold during the period in which the particular fair values were used.","page_number":45,"box":{"x":60,"y":849,"width":760,"height":11}},{"id":"eaa72b56-e3de-48c4-aad9-ba6089ad6234","block_type":"box","text":"The Fund may accept orders from certain authorized Financial Intermediaries or their designees. The Fund will be","page_number":45,"box":{"x":60,"y":871,"width":830,"height":12}},{"id":"4b43796c-7774-4d45-81ad-edbabb2636c9","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":45,"box":{"x":61,"y":886,"width":848,"height":12}},{"id":"90d8e17c-6712-45b4-bea0-16297272d08f","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":45,"box":{"x":61,"y":901,"width":868,"height":11}},{"id":"0d608d62-28dd-4761-9d79-b82b4f7a29c0","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":45,"box":{"x":61,"y":916,"width":856,"height":11}},{"id":"dd4609d8-df70-4ced-b465-6905c092f680","block_type":"box","text":"45","page_number":45,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"4d36c450-94ec-4846-9042-f3984976c38d","block_type":"box","text":"NM1026U-5982542-45/68","page_number":45,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"147c886e-c9a5-4285-a836-e5d88b63e7cf","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":46,"box":{"x":61,"y":47,"width":311,"height":13}},{"id":"50a70790-ae63-4880-b7a9-fdcbe40119ab","block_type":"box","text":"BUYING A DIVIDEND","page_number":46,"box":{"x":423,"y":88,"width":152,"height":9}},{"id":"bb812423-8825-462b-87a9-298f396c63ca","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":46,"box":{"x":72,"y":110,"width":831,"height":12}},{"id":"01834aea-85ef-490a-b264-31f61062163f","block_type":"box","text":"pays a dividend. 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The Fund","page_number":46,"box":{"x":60,"y":195,"width":871,"height":12}},{"id":"381e6fde-ec28-4bea-a432-a8d229ddb4a5","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":46,"box":{"x":61,"y":210,"width":862,"height":11}},{"id":"364857f6-ca67-466c-ae31-2d46a46edd0a","block_type":"box","text":"may be reinvested automatically in shares of the Fund at net asset value without a sales charge or may be taken in","page_number":46,"box":{"x":61,"y":225,"width":847,"height":11}},{"id":"6923d30e-6838-4aff-85f6-eaa7d918bf24","block_type":"box","text":"cash. If you would like to receive dividends in cash, contact your Financial Intermediary or the Fund. Although this","page_number":46,"box":{"x":61,"y":240,"width":832,"height":11}},{"id":"d4140535-01ce-4e34-90ce-539f34946238","block_type":"box","text":"cannot be predicted with any certainty, the Fund anticipates that a significant amount of its dividends, if any, will","page_number":46,"box":{"x":61,"y":254,"width":824,"height":12}},{"id":"30b8e471-16df-48c9-9c4d-d7943eb86f70","block_type":"box","text":"consist of capital gains. Capital gains may be taxable to you at different rates depending on how long the Fund held","page_number":46,"box":{"x":61,"y":269,"width":849,"height":12}},{"id":"4bab3b10-090e-4444-a1dd-eb5621e0b79f","block_type":"box","text":"the assets sold.","page_number":46,"box":{"x":60,"y":284,"width":118,"height":9}},{"id":"f6098e5a-9dcd-4d74-8ae4-346bb649bf72","block_type":"box","text":"You will pay tax on dividends from the Fund whether you receive them in cash or additional shares. 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Fund distributions derived from qualified dividend income, which","page_number":46,"box":{"x":60,"y":336,"width":876,"height":12}},{"id":"125f9a9b-8c59-4412-94ef-51e395c7fce5","block_type":"box","text":"consists of dividends received from U.S. corporations and qualifying foreign corporations, and from long-term capital","page_number":46,"box":{"x":61,"y":351,"width":852,"height":12}},{"id":"95dd656f-784a-411b-8322-1bba56b659a9","block_type":"box","text":"gains are eligible for taxation at a maximum rate of 15% or 20% for individuals, depending on whether their income","page_number":46,"box":{"x":60,"y":366,"width":844,"height":12}},{"id":"8d83b1a2-5c40-4d93-9e8f-c75863afe6bb","block_type":"box","text":"exceeds certain threshold amounts, which are adjusted annually for inflation.","page_number":46,"box":{"x":61,"y":381,"width":565,"height":11}},{"id":"b466e9a5-88f3-4772-b003-2cd5947c3000","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":46,"box":{"x":60,"y":404,"width":803,"height":11}},{"id":"0e0dba3e-aa70-41c4-ac9c-12f92c194976","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":46,"box":{"x":61,"y":418,"width":873,"height":12}},{"id":"03f9f8bd-473e-45fc-a97a-623d5e4ae867","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":46,"box":{"x":60,"y":433,"width":282,"height":12}},{"id":"4640b6ef-874b-473d-8563-9a19d91869c1","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":46,"box":{"x":60,"y":456,"width":861,"height":11}},{"id":"667822fd-eaaf-46c5-8dba-ef2e7960e359","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":46,"box":{"x":62,"y":470,"width":679,"height":12}},{"id":"b8ea2bca-dadb-4a0b-b824-3cf47aa450d3","block_type":"box","text":"If you are neither a tax resident nor a citizen of the United States or if you are a foreign entity (other than a pass","page_number":46,"box":{"x":62,"y":493,"width":827,"height":12}},{"id":"84e86fcc-ab2d-47fc-bbf3-1386a772ba41","block_type":"box","text":"through entity to the extent owned by U.S. persons), the Fund’s dividends will generally be subject to a 30% U.S.","page_number":46,"box":{"x":60,"y":508,"width":826,"height":11}},{"id":"266a773d-6847-4125-8957-30ee9c2f3995","block_type":"box","text":"withholding tax, unless a lower treaty rate applies. 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Other foreign entities will generally either need to provide detailed","page_number":46,"box":{"x":61,"y":664,"width":802,"height":11}},{"id":"fd2b01c3-eed2-453d-be3c-cd09b9aeed95","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":46,"box":{"x":62,"y":679,"width":639,"height":11}},{"id":"e6575a10-3eb1-492b-a3e8-f60e41ce13df","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":46,"box":{"x":60,"y":701,"width":855,"height":11}},{"id":"eea937f9-2ed1-4015-ae39-0f601f9bc7a4","block_type":"box","text":"not a substitute for individualized tax advice. 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Certain information reflects financial results for a single share of the Fund. The total returns in the","page_number":47,"box":{"x":62,"y":90,"width":839,"height":12}},{"id":"61a604ac-72c8-4bb3-8594-b02130733ff4","block_type":"box","text":"tables represent the rate of return that an investor would have earned (or lost) on an investment in the Fund,","page_number":47,"box":{"x":60,"y":105,"width":800,"height":11}},{"id":"236f394d-ea66-4c1d-a4fc-5a6e10b8ccd3","block_type":"box","text":"assuming reinvestment of all dividends and distributions. The information has been audited by Deloitte & Touche LLP","page_number":47,"box":{"x":61,"y":120,"width":860,"height":11}},{"id":"ea8e41b8-4dfc-4d2b-a6db-6d8d44b10c4a","block_type":"box","text":"whose report, along with the Fund’s audited financial statements, is included in the Fund’s Annual Financial","page_number":47,"box":{"x":60,"y":135,"width":792,"height":11}},{"id":"37f26a47-515e-4633-b02e-42e012e0aebb","block_type":"box","text":"Statements and Additional Information for the fiscal year ended May 31, 2026, as filed with the SEC on Form N-CSR,","page_number":47,"box":{"x":61,"y":149,"width":859,"height":12}},{"id":"1b850f05-14da-472e-8538-3b50c4e4dca2","block_type":"box","text":"which is available upon request and at www.blackrock.com.","page_number":47,"box":{"x":60,"y":165,"width":435,"height":10}},{"id":"1e14cbff-ca8a-4a9b-b991-bfb8a8e86ed9","block_type":"box","text":"BlackRock Technology Opportunities 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Davidson & Co. (“D.A. Davidson”):","page_number":55,"box":{"x":61,"y":46,"width":324,"height":12}},{"id":"ca9f701e-5047-42f0-9146-f276d542604a","block_type":"box","text":"Effective March 1, 2021, shareholders purchasing Fund shares including existing Fund shareholders, through a D.A.","page_number":55,"box":{"x":62,"y":62,"width":852,"height":12}},{"id":"0f2c5a5f-be87-4bfb-9a46-a27f1cc3a09a","block_type":"box","text":"Davidson platform or account, or through an introducing broker-dealer or independent registered investment adviser for","page_number":55,"box":{"x":62,"y":77,"width":873,"height":12}},{"id":"28561eae-8350-46c5-a586-48d9a150290b","block_type":"box","text":"which D.A. Davidson provides trade execution, clearance, and/or custody services, will be eligible for the following","page_number":55,"box":{"x":60,"y":92,"width":840,"height":12}},{"id":"ef0e6352-48f1-4a15-ba34-7082048a4d6f","block_type":"box","text":"sales charge waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and","page_number":55,"box":{"x":61,"y":107,"width":864,"height":11}},{"id":"866908df-fdec-4bbb-ada4-859101fa4ca7","block_type":"box","text":"discounts, which may differ from those disclosed elsewhere in this Prospectus or the Fund’s SAI.","page_number":55,"box":{"x":61,"y":122,"width":713,"height":11}},{"id":"6316e822-9177-46da-883e-e889d234c839","block_type":"box","text":"Front-End Sales Charge Waivers on Investor A Shares Available at D.A. Davidson","page_number":55,"box":{"x":61,"y":145,"width":664,"height":12}},{"id":"ebda7acb-c2a7-45a2-a17e-a2c5dbe596d4","block_type":"box","text":"Shares purchased of the same Fund or another BlackRock Fund through a systematic reinvestment of capital gains","page_number":55,"box":{"x":81,"y":166,"width":845,"height":12}},{"id":"9c4c4d37-89a3-4839-8f7e-04a3ea91ed8d","block_type":"box","text":"and dividend distributions.","page_number":55,"box":{"x":81,"y":181,"width":192,"height":9}},{"id":"01eb2534-7363-4be4-9380-c8517e9b853a","block_type":"box","text":"Shares purchased by employees and registered representatives of D.A. Davidson or its affiliates and their family","page_number":55,"box":{"x":81,"y":201,"width":827,"height":12}},{"id":"70920ce0-8bb2-4589-83b2-d1d854900a43","block_type":"box","text":"members as designated by D.A. Davidson.","page_number":55,"box":{"x":82,"y":216,"width":309,"height":11}},{"id":"38023a77-d873-46b9-b800-1bce9189864d","block_type":"box","text":"Shares purchased from the proceeds of redemptions of the same Fund or another BlackRock Fund, provided (1) the","page_number":55,"box":{"x":81,"y":236,"width":851,"height":11}},{"id":"a014679f-b06d-473f-8fb0-cd14ee4f7564","block_type":"box","text":"repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same","page_number":55,"box":{"x":82,"y":251,"width":820,"height":11}},{"id":"162f2ad3-9f41-4810-99a8-9f10f3c80e16","block_type":"box","text":"account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of","page_number":55,"box":{"x":81,"y":265,"width":792,"height":12}},{"id":"8479d512-03bd-4eeb-bea8-328791724965","block_type":"box","text":"Reinstatement).","page_number":55,"box":{"x":82,"y":281,"width":114,"height":11}},{"id":"e5d07eb0-76dc-4a15-8a29-53656ab8824e","block_type":"box","text":"A shareholder in the Fund’s Investor C Shares will have their shares converted at net asset value to Investor A","page_number":55,"box":{"x":81,"y":300,"width":812,"height":9}},{"id":"05df121b-ce05-4ade-9a54-6f0300b3531a","block_type":"box","text":"Shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the","page_number":55,"box":{"x":81,"y":315,"width":776,"height":12}},{"id":"ec7c5965-6d5d-4360-adbe-813e8db4aab9","block_type":"box","text":"conversion is consistent with D.A. Davidson’s policies and procedures.","page_number":55,"box":{"x":81,"y":330,"width":519,"height":11}},{"id":"73834fd2-cb39-4fdf-9f92-b75a380e12b1","block_type":"box","text":"CDSC Waivers on Investor A and C Shares Available at D.A. Davidson","page_number":55,"box":{"x":61,"y":353,"width":571,"height":10}},{"id":"5f1fe6e4-21f2-4e1d-a02e-61ad2a0e8ebf","block_type":"box","text":"Shares sold due to the death or disability of the shareholder.","page_number":55,"box":{"x":81,"y":374,"width":446,"height":12}},{"id":"89f488cc-a4dc-4fd3-bb26-730f56073473","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus.","page_number":55,"box":{"x":81,"y":394,"width":672,"height":12}},{"id":"ef4f077f-571e-4188-957f-c4b0834a49c3","block_type":"box","text":"Shares bought due to return of excess contributions from an IRA account.","page_number":55,"box":{"x":81,"y":414,"width":540,"height":12}},{"id":"963f3c22-f4bd-496e-a129-ee1a95783e07","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA or other qualifying retirement accounts pursuant to","page_number":55,"box":{"x":81,"y":434,"width":836,"height":12}},{"id":"33574982-a905-40a6-bf72-e07c6ce163d6","block_type":"box","text":"the Internal Revenue Code.","page_number":55,"box":{"x":80,"y":449,"width":199,"height":9}},{"id":"5692c84f-18da-417d-b9d4-3f09b9304507","block_type":"box","text":"Shares acquired through a Right of Reinstatement.","page_number":55,"box":{"x":81,"y":469,"width":372,"height":12}},{"id":"e7ec88df-56d1-4b21-a219-c078e8d4793e","block_type":"box","text":"Front-End Sales Charge Discounts Available at D.A. Davidson: Breakpoints, Rights of Accumulation and/","page_number":55,"box":{"x":61,"y":492,"width":867,"height":13}},{"id":"ad6213b4-2787-4975-9ff6-972f93336c7c","block_type":"box","text":"or Letters of Intent","page_number":55,"box":{"x":61,"y":509,"width":155,"height":10}},{"id":"f8091788-9cfe-46f8-a410-2b8d556b53d8","block_type":"box","text":"Breakpoints as described in this Prospectus.","page_number":55,"box":{"x":82,"y":531,"width":327,"height":11}},{"id":"0b5d6984-ad67-435b-b0fe-19cd146e8fef","block_type":"box","text":"Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on","page_number":55,"box":{"x":82,"y":550,"width":849,"height":12}},{"id":"b6b07319-c117-44a2-ba5a-199bd1088408","block_type":"box","text":"the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at D.A.","page_number":55,"box":{"x":80,"y":565,"width":796,"height":12}},{"id":"53cf4e09-b517-44c5-9294-a76a5f11ce5e","block_type":"box","text":"Davidson. Eligible BlackRock Fund assets not held at D.A. Davidson may be included in the calculation of rights of","page_number":55,"box":{"x":82,"y":580,"width":837,"height":12}},{"id":"925e6cad-bebb-4b0d-849b-ebedcb617628","block_type":"box","text":"accumulation only if the shareholder notifies his or her financial advisor about such assets.","page_number":55,"box":{"x":81,"y":595,"width":670,"height":11}},{"id":"80f2f8bf-1ef3-4e36-aede-256bca212a05","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases of BlackRock Funds, over a","page_number":55,"box":{"x":82,"y":615,"width":833,"height":11}},{"id":"f8158cf2-a4dc-4b62-9e54-92be55da0cdc","block_type":"box","text":"13-month time period. Eligible BlackRock Fund assets not held at D.A. Davidson may be included in the calculation","page_number":55,"box":{"x":82,"y":630,"width":841,"height":11}},{"id":"6e3c3487-026c-44ad-8af0-32eaa676c3ef","block_type":"box","text":"of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":55,"box":{"x":81,"y":644,"width":705,"height":12}},{"id":"e9d4a96a-261b-414f-bc2d-91f2759cc6a3","block_type":"box","text":"A-2","page_number":55,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"11bc319e-5d2e-4c73-b10a-3a2b3ee07ae5","block_type":"box","text":"NM1026U-5982542-55/68","page_number":55,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"08a3dad4-5f97-4f9a-a04b-d030f0e1b2ac","block_type":"box","text":"Edward D. Jones & Co., L.P. (“Edward Jones”):","page_number":56,"box":{"x":61,"y":46,"width":383,"height":12}},{"id":"83363de0-7d6d-4d17-aeba-3c1bf327ead9","block_type":"box","text":"Policies Regarding Transactions Through Edward Jones","page_number":56,"box":{"x":61,"y":71,"width":456,"height":12}},{"id":"5a636810-b10a-4a1c-9eb0-1721c4c23dd0","block_type":"box","text":"The following information has been provided by Edward Jones:","page_number":56,"box":{"x":62,"y":102,"width":455,"height":11}},{"id":"114171b3-ee65-48ce-afb2-39f2be88dcfc","block_type":"box","text":"Effective on or after June 10, 2026, the following information supersedes prior information with respect to","page_number":56,"box":{"x":62,"y":124,"width":780,"height":12}},{"id":"591e5211-fb90-4408-a646-f7435cd74d12","block_type":"box","text":"transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also","page_number":56,"box":{"x":60,"y":139,"width":817,"height":12}},{"id":"fd714c94-30be-4eb1-af91-a5271e0f0317","block_type":"box","text":"referred to as “shareholders”) purchasing fund shares on the Edward Jones commission and fee-based platforms are","page_number":56,"box":{"x":61,"y":154,"width":863,"height":11}},{"id":"ecc4f15f-1222-45c4-9e6a-eaa8f433eb9c","block_type":"box","text":"eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ","page_number":56,"box":{"x":61,"y":169,"width":860,"height":11}},{"id":"ea2431d2-9d83-4b7d-b368-cb6536ca0bbb","block_type":"box","text":"from discounts and waivers described elsewhere in this prospectus or statement of additional information (“SAI”) or","page_number":56,"box":{"x":60,"y":184,"width":854,"height":11}},{"id":"de5a2ea7-c4f6-44ba-b2fc-58f504536f45","block_type":"box","text":"through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time","page_number":56,"box":{"x":60,"y":198,"width":875,"height":12}},{"id":"9d50e443-66fb-471b-8ee1-28b415a8f41d","block_type":"box","text":"of purchase of any relationship, holdings of BlackRock Funds, or other facts qualifying the purchaser for discounts or","page_number":56,"box":{"x":61,"y":213,"width":857,"height":12}},{"id":"1de97a77-8701-4e33-9f4b-4fa81b5f72de","block_type":"box","text":"waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if","page_number":56,"box":{"x":60,"y":228,"width":871,"height":9}},{"id":"1ad169c3-aab6-4be6-8a5b-819c12b71b83","block_type":"box","text":"they have questions regarding their eligibility for these discounts and waivers.","page_number":56,"box":{"x":60,"y":243,"width":570,"height":11}},{"id":"13dea691-7764-4d32-bfc9-a9f35f999f08","block_type":"box","text":"Breakpoints","page_number":56,"box":{"x":61,"y":266,"width":99,"height":12}},{"id":"76bc982d-b50d-44c5-86e0-9fd8843ad955","block_type":"box","text":"Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.","page_number":56,"box":{"x":82,"y":288,"width":788,"height":11}},{"id":"a9719ab2-76a3-4a44-8d73-c1cb13db9fd2","block_type":"box","text":"Rights of Accumulation (“ROA”)","page_number":56,"box":{"x":61,"y":310,"width":265,"height":13}},{"id":"eb18e889-37e1-4292-827b-62382f08d842","block_type":"box","text":"The applicable sales charge on a purchase of Investor A Shares is determined by taking into account all share","page_number":56,"box":{"x":81,"y":332,"width":810,"height":11}},{"id":"b18afc9f-d346-43a8-aeb7-d183698031e4","block_type":"box","text":"classes (except certain money market funds and any assets held in group retirement plans) of BlackRock Funds and","page_number":56,"box":{"x":81,"y":347,"width":855,"height":11}},{"id":"14d3ceb2-b68c-4f89-ae71-9e9336ab61ae","block_type":"box","text":"the BlackRock CollegeAdvantage 529 Program held by the shareholder or in an account grouped by Edward Jones","page_number":56,"box":{"x":80,"y":362,"width":834,"height":11}},{"id":"06ee5143-0079-4bec-91e4-0267ce9dfd36","block_type":"box","text":"with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). If grouping assets","page_number":56,"box":{"x":80,"y":376,"width":849,"height":12}},{"id":"eba0725f-ba17-404f-b06f-0e9925297e7e","block_type":"box","text":"as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another","page_number":56,"box":{"x":81,"y":391,"width":793,"height":11}},{"id":"ad6ec92a-9137-45ce-b559-ce39037ddf18","block_type":"box","text":"platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder","page_number":56,"box":{"x":82,"y":406,"width":794,"height":12}},{"id":"aebe883e-24c0-47a6-ba89-283a91e18b91","block_type":"box","text":"notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such","page_number":56,"box":{"x":82,"y":421,"width":811,"height":11}},{"id":"008d2504-2ebc-4eec-b25c-148b69d2324b","block_type":"box","text":"shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a","page_number":56,"box":{"x":81,"y":436,"width":841,"height":11}},{"id":"13adf1ef-e8ee-4d0e-806a-cf0a0282dc94","block_type":"box","text":"sales charge.","page_number":56,"box":{"x":81,"y":451,"width":97,"height":11}},{"id":"9c7eede1-97b1-4a0f-8fa1-7b1edd8e870b","block_type":"box","text":"The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA","page_number":56,"box":{"x":81,"y":470,"width":846,"height":12}},{"id":"9fce0771-abde-417a-8a5d-9afecbc8f9c3","block_type":"box","text":"accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a","page_number":56,"box":{"x":81,"y":486,"width":769,"height":11}},{"id":"d2035765-a932-47e6-a923-ab000d2a68f4","block_type":"box","text":"shareholder or pricing group level.","page_number":56,"box":{"x":81,"y":500,"width":248,"height":12}},{"id":"e8537731-3993-4264-98bb-2c8fb0bd3b61","block_type":"box","text":"ROA is determined by calculating the higher of cost minus redemptions or market value (current shares multiplied","page_number":56,"box":{"x":82,"y":520,"width":833,"height":12}},{"id":"3a08da20-75bd-442a-95c5-6ccc17934d09","block_type":"box","text":"by NAV).","page_number":56,"box":{"x":81,"y":535,"width":58,"height":11}},{"id":"6d147aed-5dcf-48c5-8ad2-59e79cd33221","block_type":"box","text":"Letter of Intent (“LOI”)","page_number":56,"box":{"x":61,"y":558,"width":188,"height":12}},{"id":"120f1d69-f05f-4f1a-8e85-5ce61ab751e0","block_type":"box","text":"Through a LOI, a shareholder can receive the sales charge and breakpoint discounts for purchases such","page_number":56,"box":{"x":81,"y":579,"width":765,"height":12}},{"id":"8e0c903f-ace0-4f74-ba50-03d678f44186","block_type":"box","text":"shareholder intends to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is","page_number":56,"box":{"x":81,"y":594,"width":804,"height":11}},{"id":"6b9f697b-b183-4c72-bccc-b725c6013273","block_type":"box","text":"determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination","page_number":56,"box":{"x":81,"y":609,"width":829,"height":12}},{"id":"99efa74e-b4a2-4432-81c7-0d21d7f0824f","block_type":"box","text":"with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge","page_number":56,"box":{"x":80,"y":624,"width":830,"height":11}},{"id":"d655bab2-7f6b-4a63-83f3-6bff748fbcc3","block_type":"box","text":"and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the","page_number":56,"box":{"x":81,"y":639,"width":833,"height":11}},{"id":"f99a47e0-69c5-4a3f-8492-4621e119d4eb","block_type":"box","text":"sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible BlackRock Funds","page_number":56,"box":{"x":81,"y":653,"width":827,"height":12}},{"id":"3d96418e-c4ac-4c27-b860-6e8cf215b6ee","block_type":"box","text":"assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of","page_number":56,"box":{"x":81,"y":668,"width":845,"height":12}},{"id":"cdc6a600-f8df-4516-8f30-2662aa6c34bf","block_type":"box","text":"calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not","page_number":56,"box":{"x":81,"y":683,"width":851,"height":12}},{"id":"df63d52b-bf45-4b1a-939d-f34cfb6c1b69","block_type":"box","text":"reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.","page_number":56,"box":{"x":82,"y":698,"width":680,"height":12}},{"id":"c12f57a5-a5bc-4f24-9392-136cdd50cd30","block_type":"box","text":"If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the","page_number":56,"box":{"x":82,"y":718,"width":842,"height":11}},{"id":"b4eca022-aa80-4d1e-8c68-eb77963c38af","block_type":"box","text":"IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be","page_number":56,"box":{"x":82,"y":733,"width":829,"height":11}},{"id":"72649778-94e9-476c-8ca3-86299e5f4a60","block_type":"box","text":"established by the employer.","page_number":56,"box":{"x":81,"y":748,"width":209,"height":11}},{"id":"b3623acd-c1fe-4752-9867-9e7f74b2f6ce","block_type":"box","text":"Sales Charge Waivers","page_number":56,"box":{"x":60,"y":771,"width":180,"height":12}},{"id":"b3207fb3-c4d2-455e-b7c0-bfd36ae88ea2","block_type":"box","text":"Sales charges are waived for the following shareholders and in the following situations:","page_number":56,"box":{"x":61,"y":787,"width":639,"height":11}},{"id":"d83dd03f-81b2-4838-b41d-3aa49ddbd0c3","block_type":"box","text":"Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by","page_number":56,"box":{"x":81,"y":807,"width":806,"height":11}},{"id":"5a050269-18b7-4199-8522-bb3fa36c8feb","block_type":"box","text":"Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the","page_number":56,"box":{"x":82,"y":822,"width":850,"height":11}},{"id":"91ca6be8-d995-48e7-a7ec-237d6e370888","block_type":"box","text":"associate’s life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant","page_number":56,"box":{"x":81,"y":837,"width":846,"height":11}},{"id":"acdc5e46-4565-4915-9592-73a2b91913d1","block_type":"box","text":"to Edward Jones’ policies and procedures.","page_number":56,"box":{"x":80,"y":852,"width":310,"height":11}},{"id":"dd766da7-140f-4cb9-bdca-2233439ad9a8","block_type":"box","text":"Shares purchased in an Edward Jones fee-based program.","page_number":56,"box":{"x":81,"y":871,"width":427,"height":12}},{"id":"84d5b30a-a393-41ed-9b7b-546d12c59dfd","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.","page_number":56,"box":{"x":81,"y":891,"width":710,"height":12}},{"id":"fc887a70-4ad4-4b77-b0bf-e2b447ad7f6b","block_type":"box","text":"A-3","page_number":56,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"559d4512-b319-43e3-974e-359946561fb8","block_type":"box","text":"NM1026U-5982542-56/68","page_number":56,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"898fe324-f608-4b95-84f5-17b7eaec4200","block_type":"box","text":"Shares purchased from the proceeds of redeemed shares of BlackRock Funds so long as the following conditions","page_number":57,"box":{"x":81,"y":46,"width":834,"height":11}},{"id":"bc4360c3-0f05-4af7-bed6-220be5529328","block_type":"box","text":"are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made","page_number":57,"box":{"x":81,"y":60,"width":850,"height":12}},{"id":"97c91092-d431-4563-bebb-d5f4270e8cbd","block_type":"box","text":"from a share class that charges a front load and one of the following (“Right of Reinstatement”):","page_number":57,"box":{"x":81,"y":75,"width":708,"height":12}},{"id":"9284cd0a-c358-4a58-9df6-363d8f5cde46","block_type":"box","text":"The redemption and repurchase occur in the same account.","page_number":57,"box":{"x":101,"y":96,"width":438,"height":11}},{"id":"2bba8d7b-30aa-4cea-a863-65f3ef4c36ae","block_type":"box","text":"The redemption proceeds are used to process an: IRA contribution, return of excess contributions, conversion,","page_number":57,"box":{"x":101,"y":115,"width":811,"height":11}},{"id":"c641e375-2b94-493d-aead-0bf42443d91c","block_type":"box","text":"recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same","page_number":57,"box":{"x":102,"y":130,"width":784,"height":12}},{"id":"85429f48-afcb-43da-96bd-cd2b2799f57c","block_type":"box","text":"Edward Jones grouping for ROA.","page_number":57,"box":{"x":102,"y":145,"width":231,"height":11}},{"id":"5ee08a5d-f69c-4c47-a0f9-ce18989bb554","block_type":"box","text":"The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases","page_number":57,"box":{"x":76,"y":166,"width":839,"height":12}},{"id":"7f21e9aa-d524-47f6-b57e-1fec4403c3e6","block_type":"box","text":"made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund","page_number":57,"box":{"x":76,"y":179,"width":805,"height":12}},{"id":"afb37e49-3732-4918-9575-b1fbfd825ffa","block_type":"box","text":"products.","page_number":57,"box":{"x":77,"y":192,"width":66,"height":11}},{"id":"9b9de528-e51a-49fc-b047-db4e0bdb8ff5","block_type":"box","text":"Shares exchanged into Investor A Shares from another share class so long as the exchange is into the same fund","page_number":57,"box":{"x":81,"y":210,"width":837,"height":12}},{"id":"aef8288c-ce6d-4334-8442-371ecce0b9ee","block_type":"box","text":"and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSCs due to","page_number":57,"box":{"x":81,"y":225,"width":834,"height":11}},{"id":"a8848442-8059-4406-97a4-c5e5dd441855","block_type":"box","text":"BlackRock, if applicable. 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For purposes of this provision, employer","page_number":59,"box":{"x":81,"y":293,"width":826,"height":12}},{"id":"aab6ebfb-6fd9-408b-b2a8-a2ef62e5bbdc","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.","page_number":59,"box":{"x":81,"y":308,"width":684,"height":12}},{"id":"b41a78d5-ff56-4a0f-ad55-786d3395fa29","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":59,"box":{"x":81,"y":328,"width":362,"height":12}},{"id":"2f7655b2-c4d2-4c53-ba98-510b805fda4e","block_type":"box","text":"Investor C shares that are no longer subject to a contingent deferred sales charge and are converted to Investor A","page_number":59,"box":{"x":82,"y":348,"width":840,"height":12}},{"id":"358cb3d7-6686-44d5-a636-526c5223d1ce","block_type":"box","text":"shares of the same fund pursuant to Janney’s policies and procedures.","page_number":59,"box":{"x":81,"y":363,"width":523,"height":11}},{"id":"a88aac0b-9e5d-4226-8bc2-10451140f61c","block_type":"box","text":"CDSC waivers on Investor A and C shares available at Janney","page_number":59,"box":{"x":61,"y":386,"width":507,"height":12}},{"id":"ffddfaea-ff12-4e4f-86cb-e61fd8b7586a","block_type":"box","text":"Shares sold upon the death or disability of the shareholder.","page_number":59,"box":{"x":81,"y":407,"width":436,"height":12}},{"id":"f2083c8f-c16e-4291-886c-21e8a1788440","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus or SAI.","page_number":59,"box":{"x":81,"y":427,"width":721,"height":12}},{"id":"d99839d0-e4ef-4439-acf8-09abff646d1f","block_type":"box","text":"Shares purchased in connection with a return of excess contributions from an IRA account.","page_number":59,"box":{"x":81,"y":447,"width":667,"height":11}},{"id":"ea6ff9cf-1aab-48aa-a77f-56b6d2e8e2b2","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal","page_number":59,"box":{"x":81,"y":467,"width":820,"height":11}},{"id":"2cb46345-ef64-4990-bacf-aee3a772c5b8","block_type":"box","text":"Revenue Code.","page_number":59,"box":{"x":82,"y":482,"width":108,"height":9}},{"id":"f19c1272-a61c-4897-b03d-b48b59344e9b","block_type":"box","text":"Shares sold to pay Janney fees but only if the transaction is initiated by Janney.","page_number":59,"box":{"x":81,"y":502,"width":583,"height":11}},{"id":"9618df8b-d1bb-4af7-88bc-33410b20d3e8","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":59,"box":{"x":81,"y":522,"width":362,"height":12}},{"id":"e2df86aa-a8ed-4f1c-956c-9a9b9e88b488","block_type":"box","text":"Shares exchanged into the same share class of a different fund.","page_number":59,"box":{"x":81,"y":542,"width":473,"height":12}},{"id":"fcac436c-4bb7-466b-b279-b035663a01e7","block_type":"box","text":"Front-end sales charge* discounts available at Janney: breakpoints, rights of accumulation, and/or","page_number":59,"box":{"x":61,"y":565,"width":822,"height":12}},{"id":"1197e827-79c0-4459-bfa0-e6f0114a55ec","block_type":"box","text":"letters of intent","page_number":59,"box":{"x":61,"y":582,"width":128,"height":10}},{"id":"c8735155-527d-4e3f-8c39-89f3e26150f5","block_type":"box","text":"Breakpoints as described in the Fund’s prospectus or SAI.","page_number":59,"box":{"x":82,"y":603,"width":426,"height":11}},{"id":"cb6b425b-e5a0-4486-806c-b611f6826456","block_type":"box","text":"Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated","page_number":59,"box":{"x":82,"y":623,"width":847,"height":12}},{"id":"b3c568aa-36b7-4f6d-82b5-fd766b38c354","block_type":"box","text":"based on the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at","page_number":59,"box":{"x":81,"y":638,"width":834,"height":12}},{"id":"9174796d-ee6a-49f0-b2b1-313592ec8e18","block_type":"box","text":"Janney. Eligible BlackRock Fund assets not held at Janney may be included in the ROA calculation only if the","page_number":59,"box":{"x":81,"y":653,"width":793,"height":11}},{"id":"ca8f0914-6921-48c2-b99f-f1c27d657717","block_type":"box","text":"shareholder notifies his or her financial advisor about such assets.","page_number":59,"box":{"x":81,"y":668,"width":490,"height":9}},{"id":"f720d566-8328-49ee-8252-cb4feb685500","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases within a BlackRock Fund, over","page_number":59,"box":{"x":82,"y":688,"width":854,"height":11}},{"id":"61337bf6-2281-41ac-8606-2bd3d7d6d35f","block_type":"box","text":"a 13-month time period. Eligible BlackRock Fund assets not held at Janney Montgomery Scott may be included in","page_number":59,"box":{"x":81,"y":703,"width":831,"height":11}},{"id":"01fd2c1c-31eb-48b4-b488-04d2e2c76584","block_type":"box","text":"the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":59,"box":{"x":80,"y":717,"width":818,"height":12}},{"id":"025bbad7-ae48-4e46-b53a-87b6a2e52dd8","block_type":"box","text":"*Also referred to as an “initial sales charge.”","page_number":59,"box":{"x":62,"y":740,"width":332,"height":11}},{"id":"f48837c9-2417-4f7a-b222-5b056e666f9b","block_type":"box","text":"A-6","page_number":59,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"24389fc8-47f9-472d-8ad2-886d362f4bb0","block_type":"box","text":"NM1026U-5982542-59/68","page_number":59,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a34dcb9a-f199-49d2-89c7-b730166ed4d4","block_type":"box","text":"Merrill Lynch:","page_number":60,"box":{"x":61,"y":46,"width":110,"height":13}},{"id":"ad8cf643-94c9-4293-aa63-4db38bf38291","block_type":"box","text":"Purchases or sales of front-end (i.e. Investor A) or level-load (i.e., Investor C) mutual fund shares through a Merrill","page_number":60,"box":{"x":61,"y":62,"width":834,"height":12}},{"id":"4bac01ae-3f75-46c9-ac6e-fe1cd4b2dbfb","block_type":"box","text":"platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end","page_number":60,"box":{"x":62,"y":77,"width":870,"height":12}},{"id":"a9c36673-d104-4fee-b34c-0b12f5e4e1fe","block_type":"box","text":"waivers) and discounts, which differ from those disclosed elsewhere in this Fund’s prospectus. Purchasers will have to","page_number":60,"box":{"x":60,"y":92,"width":874,"height":11}},{"id":"47776853-78a6-4d76-86c8-29e538786469","block_type":"box","text":"buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for","page_number":60,"box":{"x":61,"y":107,"width":823,"height":11}},{"id":"d20f9687-2418-4df0-913b-d378bfc5cf37","block_type":"box","text":"waivers or discounts not listed below.","page_number":60,"box":{"x":60,"y":122,"width":274,"height":9}},{"id":"a482cd88-145a-4c65-b137-92621da5f0b5","block_type":"box","text":"It is the client’s responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that","page_number":60,"box":{"x":62,"y":144,"width":841,"height":12}},{"id":"38f67cd3-665d-45e3-8f4f-d2c2c2a5b313","block_type":"box","text":"qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such","page_number":60,"box":{"x":61,"y":159,"width":870,"height":12}},{"id":"adc328e3-2236-4c24-8c85-b986ddeda74b","block_type":"box","text":"facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.","page_number":60,"box":{"x":60,"y":174,"width":823,"height":11}},{"id":"ecd53626-47d6-4a5e-a6ea-0ff914592e98","block_type":"box","text":"Additional information on waivers, discounts, and share class exchanges is available in the Merrill Sales Load Waiver","page_number":60,"box":{"x":60,"y":196,"width":862,"height":12}},{"id":"8faa9865-7c86-4324-8c3c-09fdb7cece01","block_type":"box","text":"and Discounts Supplement (the “Merrill SLWD Supplement”) and in the Mutual Fund Investing at Merrill pamphlet at","page_number":60,"box":{"x":61,"y":211,"width":853,"height":12}},{"id":"e11a35c4-8469-4ae7-9d96-547d5b1ed5bc","block_type":"box","text":"ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine","page_number":60,"box":{"x":61,"y":226,"width":863,"height":12}},{"id":"8eb1ba65-760c-4d61-bfa5-3e6d1185e84b","block_type":"box","text":"whether a transaction is eligible for a waiver or discount.","page_number":60,"box":{"x":60,"y":241,"width":415,"height":12}},{"id":"2547506b-2da7-4f9e-99c5-6e53d3e38d3f","block_type":"box","text":"Front-end Load Waivers Available at Merrill","page_number":60,"box":{"x":61,"y":264,"width":352,"height":10}},{"id":"7ee0a2c7-e313-40d1-bccc-22be125e3891","block_type":"box","text":"Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and","page_number":60,"box":{"x":81,"y":285,"width":811,"height":12}},{"id":"11060e19-0cf7-4422-9504-675bc637df89","block_type":"box","text":"employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares","page_number":60,"box":{"x":81,"y":300,"width":853,"height":12}},{"id":"6a35765f-bd3c-41fe-89e6-81cd7a13cc9a","block_type":"box","text":"are not held in a commission-based brokerage account and shares are held for the benefit of the plan. 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