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0.27%","page_number":3,"box":{"x":591,"y":648,"width":334,"height":8}},{"id":"1400805e-009e-4f6c-84ed-062ada7d5f6a","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":3,"box":{"x":69,"y":666,"width":252,"height":10}},{"id":"dfde7602-2268-4c60-8be9-cb3505ff8359","block_type":"box","text":"4","page_number":3,"box":{"x":322,"y":666,"width":4,"height":4}},{"id":"69296818-336e-4724-9d73-2638e1c0ecb4","block_type":"box","text":"0.86% 1.68% 0.60% 1.20%","page_number":3,"box":{"x":591,"y":666,"width":334,"height":8}},{"id":"35ac3f9c-d0df-4b37-9060-86106a9c5c8a","block_type":"box","text":"Fee Waivers and/or Expense Reimbursements","page_number":3,"box":{"x":70,"y":684,"width":304,"height":10}},{"id":"ab82ce76-e81f-474b-9b20-51f60a87bfdb","block_type":"box","text":"3,5","page_number":3,"box":{"x":375,"y":684,"width":11,"height":5}},{"id":"25604da7-1a00-4b0e-8dfd-5f0bf943c805","block_type":"box","text":"(0.13)% (0.20)% (0.12)% 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assessed on certain redemptions of Investor A Shares made within 18 months after","page_number":3,"box":{"x":81,"y":735,"width":835,"height":9}},{"id":"adc52eff-c037-4d5a-bce9-cb690a2e9c15","block_type":"box","text":"purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.","page_number":3,"box":{"x":81,"y":745,"width":718,"height":10}},{"id":"9da65e74-fd60-4c6d-aa0c-aad0d2e6f9a9","block_type":"box","text":"2","page_number":3,"box":{"x":61,"y":759,"width":3,"height":3}},{"id":"820117cb-85c1-4c0d-9d25-d8ac52803795","block_type":"box","text":"There is no CDSC on Investor C Shares after one year.","page_number":3,"box":{"x":81,"y":758,"width":318,"height":10}},{"id":"98fac613-76da-438c-a13b-8786f395fc99","block_type":"box","text":"3","page_number":3,"box":{"x":61,"y":771,"width":3,"height":4}},{"id":"8fa7ee8a-0df6-48a5-a038-00e987fdfdf3","block_type":"box","text":"As described in the “Management of the Fund” section of the 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Although your actual costs may be higher","page_number":4,"box":{"x":61,"y":135,"width":859,"height":12}},{"id":"f9712f6e-e923-46e1-aa24-a9c9ee94f0d1","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":4,"box":{"x":61,"y":150,"width":436,"height":11}},{"id":"6db9da8c-64fd-4ef5-abd4-89e2f832f280","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":179,"width":292,"height":8}},{"id":"a6a5ce57-c2b6-4b96-b577-718fe35e7756","block_type":"box","text":"Investor A Shares $596 $773 $965 $1,519","page_number":4,"box":{"x":70,"y":196,"width":848,"height":10}},{"id":"5f457bc6-a006-4cee-87b3-0311ae4c8fa1","block_type":"box","text":"Investor C Shares $251 $510 $894 $1,752","page_number":4,"box":{"x":70,"y":214,"width":848,"height":10}},{"id":"1a9baca0-9cab-4ac0-9fa1-ce96d27f6758","block_type":"box","text":"Institutional Shares $ 49 $180 $323 $ 739","page_number":4,"box":{"x":70,"y":232,"width":848,"height":10}},{"id":"b8acdf60-a48a-4547-84f5-67052f497412","block_type":"box","text":"Class R Shares $100 $359 $638 $1,435","page_number":4,"box":{"x":69,"y":250,"width":849,"height":11}},{"id":"6ef29d31-bdee-441a-bcd5-865853b2f4aa","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":4,"box":{"x":60,"y":283,"width":532,"height":11}},{"id":"efd9031d-9ac8-4533-ac9f-e05614d16dc7","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":312,"width":292,"height":8}},{"id":"9f64ed7a-89e3-4e04-b001-c828d153abaf","block_type":"box","text":"Investor C Shares $151 $510 $894 $1,752","page_number":4,"box":{"x":70,"y":329,"width":848,"height":10}},{"id":"464507a5-46b5-4917-b3e6-b264de3758f8","block_type":"box","text":"Portfolio Turnover:","page_number":4,"box":{"x":61,"y":354,"width":151,"height":10}},{"id":"bd9b482e-3273-4452-93dc-a609d50c8648","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":371,"width":800,"height":11}},{"id":"ceeb8159-d3cf-4aa6-9526-ec1b274c9880","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":385,"width":850,"height":12}},{"id":"86c50bb8-0d62-4d3c-9dcf-b4d93b01f8fc","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":400,"width":870,"height":12}},{"id":"a7cac05e-3840-4567-a0ac-9bd75b42d9c6","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","page_number":4,"box":{"x":61,"y":525,"width":856,"height":11}},{"id":"44e27923-e537-4fc2-8ccd-6f9b57fbadd4","block_type":"box","text":"that they provide investment exposure to the securities included within that policy or to one or more market risk factors","page_number":4,"box":{"x":60,"y":539,"width":876,"height":12}},{"id":"cb0063d5-d6d6-4aae-ba71-ce8d1823f46b","block_type":"box","text":"associated with such securities. For purposes of the Fund’s 80% policy, large cap equity securities are equity","page_number":4,"box":{"x":61,"y":554,"width":801,"height":12}},{"id":"b81c45cc-38d9-4cf4-b233-bb0f8a2f362d","block_type":"box","text":"securities that at the time of purchase have a market capitalization within the range of companies included in the","page_number":4,"box":{"x":61,"y":569,"width":832,"height":12}},{"id":"d6bb1fb5-53aa-43d0-abaf-30582301bcf7","block_type":"box","text":"Russell 1000 Index (the “Russell 1000 Index”). The Fund primarily intends to invest in equity securities, which include","page_number":4,"box":{"x":62,"y":584,"width":867,"height":11}},{"id":"9aa78749-0f52-4dfb-a7eb-d309cfeb1969","block_type":"box","text":"common stock and preferred stock or other financial instruments that are components of, or have characteristics","page_number":4,"box":{"x":61,"y":599,"width":832,"height":11}},{"id":"45d8875b-805a-4ef1-8d73-4a6a8e0b46f4","block_type":"box","text":"similar to, the securities included in the Russell 1000 Index. The Russell 1000 Index is a capitalization-weighted index","page_number":4,"box":{"x":61,"y":614,"width":871,"height":11}},{"id":"0ef8300c-fc2e-4cee-bff7-a0d8a732758f","block_type":"box","text":"from a broad range of industries chosen for market size, liquidity and industry group representation. The Fund primarily","page_number":4,"box":{"x":60,"y":628,"width":875,"height":12}},{"id":"d529468d-1cd9-42cb-bc74-b6471dfaf6cb","block_type":"box","text":"seeks to buy common stock and may also invest in preferred stock. From time to time, the Fund may invest in shares","page_number":4,"box":{"x":61,"y":643,"width":864,"height":12}},{"id":"27bee052-27ab-4508-ac8e-654307fee624","block_type":"box","text":"of companies through “new issues” or initial public offerings (“IPOs”). The Fund may also purchase convertible","page_number":4,"box":{"x":61,"y":658,"width":815,"height":12}},{"id":"f87ccae1-82cd-4cc9-ab77-a66a6765d865","block_type":"box","text":"securities. The Fund may use derivatives, including options, futures, swaps, (including, but not limited to, total return","page_number":4,"box":{"x":61,"y":673,"width":858,"height":11}},{"id":"6debdc49-132b-4a5b-b06d-b61a592e4ce8","block_type":"box","text":"swaps, some of which may be referred to as contracts for difference) and forward contracts, both to seek to increase","page_number":4,"box":{"x":61,"y":688,"width":864,"height":11}},{"id":"0956913a-dafa-4fbc-81b7-cb71cbe3931a","block_type":"box","text":"the return of the Fund and to hedge (or protect) the value of its assets against adverse movements in currency","page_number":4,"box":{"x":60,"y":702,"width":815,"height":12}},{"id":"f3d5b0ff-a4c3-4c28-b7ca-77c4d2bac827","block_type":"box","text":"exchange rates, interest rates and movements in the securities markets. In order to manage cash flows into or out of","page_number":4,"box":{"x":61,"y":717,"width":864,"height":12}},{"id":"9b176744-be6f-4f1b-82ab-87fed3e271d3","block_type":"box","text":"the Fund effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are","page_number":4,"box":{"x":60,"y":732,"width":876,"height":12}},{"id":"941af05f-ddfb-431f-8df8-132483af3275","block_type":"box","text":"financial instruments whose value is derived from another security, a currency or an index, including but not limited to","page_number":4,"box":{"x":60,"y":747,"width":865,"height":12}},{"id":"2fc6c105-4cb3-45d2-8333-e0ff94b76b40","block_type":"box","text":"the Russell 1000 Index. The use of options, futures, swaps and forward contracts can be effective in protecting or","page_number":4,"box":{"x":60,"y":762,"width":843,"height":11}},{"id":"ac7aa9c5-254e-4033-b43e-b19805f739d0","block_type":"box","text":"enhancing the value of the Fund’s assets.","page_number":4,"box":{"x":61,"y":777,"width":306,"height":11}},{"id":"d6cc08dd-0693-4b9e-8c0e-582d2373a140","block_type":"box","text":"The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets","page_number":4,"box":{"x":60,"y":799,"width":863,"height":12}},{"id":"a757bae3-3df2-4a2a-8af3-911f60d7b22a","block_type":"box","text":"through investment in commodity-linked derivative instruments and investment vehicles such as ETFs that invest","page_number":4,"box":{"x":60,"y":814,"width":828,"height":12}},{"id":"fe4e80b3-38fa-4e62-abad-6eb1f37eda53","block_type":"box","text":"exclusively in commodities and are designed to provide this exposure without direct investment in physical","page_number":4,"box":{"x":61,"y":829,"width":781,"height":11}},{"id":"ec613fa4-f353-42ce-abb0-fc2462d12590","block_type":"box","text":"commodities.","page_number":4,"box":{"x":61,"y":844,"width":97,"height":9}},{"id":"18e65880-4ca0-4fbb-91fd-062bd93a5f22","block_type":"box","text":"The Fund seeks to pursue its investment objective by investing in large cap securities in a disciplined manner, by using","page_number":4,"box":{"x":60,"y":866,"width":875,"height":12}},{"id":"a28ccc54-8b75-4812-8d4b-0e674c49dce4","block_type":"box","text":"proprietary return forecast models that incorporate quantitative analysis. These forecast models are designed to","page_number":4,"box":{"x":62,"y":881,"width":826,"height":12}},{"id":"123d9d13-7ed6-4e3c-9625-c177d39c3538","block_type":"box","text":"identify aspects of mispricing across stocks which the Fund can seek to capture by over- and under-weighting particular","page_number":4,"box":{"x":62,"y":896,"width":874,"height":11}},{"id":"5ffac537-7fd2-49a7-8c51-5ba71ca51a6b","block_type":"box","text":"equities while seeking to control incremental risk.","page_number":4,"box":{"x":61,"y":911,"width":363,"height":11}},{"id":"1f64d522-4370-475f-9215-18e9fc905573","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"50deb4c4-0977-4b9e-a5c6-608d2ac8c9c8","block_type":"box","text":"NM0926U-5977640-4/68","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"6473e591-f8d9-4707-bcc2-7fa9096377df","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":5,"box":{"x":61,"y":46,"width":354,"height":14}},{"id":"869fafa5-79a2-426f-8598-d3da316a0644","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":5,"box":{"x":62,"y":73,"width":860,"height":11}},{"id":"1aa4e654-46b7-4c9b-9dab-9ca535d06630","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":5,"box":{"x":61,"y":88,"width":802,"height":11}},{"id":"8a73f2aa-b42c-493b-8947-621b7bf82bbb","block_type":"box","text":"investment in the Fund or your investment may not perform as well as other similar investments. An investment in the","page_number":5,"box":{"x":62,"y":102,"width":866,"height":12}},{"id":"adaeacf0-765a-4e72-8136-b3868e4c61c0","block_type":"box","text":"Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other","page_number":5,"box":{"x":62,"y":117,"width":869,"height":12}},{"id":"9810ab38-c401-4e71-90d3-615e182651f4","block_type":"box","text":"government agency. The following is a summary description of the principal risks of investing in the Fund. The relative","page_number":5,"box":{"x":60,"y":132,"width":864,"height":12}},{"id":"ce54279d-47df-4fce-a692-6d78c636e7fd","block_type":"box","text":"significance of each risk factor below may change over time and you should review each risk factor carefully.","page_number":5,"box":{"x":61,"y":147,"width":793,"height":11}},{"id":"0c5c5923-90dc-4401-9930-60ec68260978","block_type":"box","text":"Equity Securities Risk","page_number":5,"box":{"x":81,"y":167,"width":166,"height":11}},{"id":"8d1abac0-d1f2-4dbf-94b8-aee3c8c8fc46","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":167,"width":685,"height":11}},{"id":"b14a7235-0837-44b2-92e6-786e5d1100ea","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":5,"box":{"x":81,"y":182,"width":550,"height":11}},{"id":"776cabab-9f73-436d-ba53-2717f05b2964","block_type":"box","text":"Investment Style Risk","page_number":5,"box":{"x":81,"y":202,"width":166,"height":11}},{"id":"9721a485-03f9-4eea-a824-aab132d541e3","block_type":"box","text":"—","page_number":5,"box":{"x":252,"y":207,"width":17,"height":1}},{"id":"fd61b273-b7ba-4190-8fbb-9c251c492061","block_type":"box","text":"Under certain market conditions, growth investments have performed better during the","page_number":5,"box":{"x":274,"y":202,"width":637,"height":11}},{"id":"56d2c8ea-d608-45ec-9bc0-52b024d3d1c1","block_type":"box","text":"later stages of economic expansion and value investments have performed better during periods of economic","page_number":5,"box":{"x":82,"y":216,"width":804,"height":12}},{"id":"f1ae19b3-0d62-46a7-b318-f39ca1a50390","block_type":"box","text":"recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment","page_number":5,"box":{"x":82,"y":231,"width":823,"height":12}},{"id":"c7ae374c-4e4d-450d-b3dc-ec0c122ffcce","block_type":"box","text":"style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment","page_number":5,"box":{"x":81,"y":246,"width":842,"height":12}},{"id":"8f153281-4dba-4cfc-b4e6-4042d03271a6","block_type":"box","text":"styles.","page_number":5,"box":{"x":81,"y":261,"width":46,"height":11}},{"id":"a93c610c-479c-47c1-8dca-667cea9cb466","block_type":"box","text":"Model Risk","page_number":5,"box":{"x":81,"y":281,"width":85,"height":9}},{"id":"32a07fe6-bc53-4bc9-a9c6-5b1387607bd9","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":5,"box":{"x":170,"y":281,"width":722,"height":11}},{"id":"bb2ad0f8-2d45-4753-ac2c-e766a232d244","block_type":"box","text":"quantitative analysis. Investments selected using these models may perform differently than as forecasted due to","page_number":5,"box":{"x":81,"y":296,"width":840,"height":11}},{"id":"45b58ac3-95b1-46b3-824f-de593c5b0a4a","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, changes from historical trends, and","page_number":5,"box":{"x":80,"y":311,"width":807,"height":11}},{"id":"c5d0ce23-82c3-4f99-8754-a2cb6faf5965","block_type":"box","text":"issues in the construction and implementation of the models (including, but not limited to, software issues, issues","page_number":5,"box":{"x":82,"y":325,"width":842,"height":12}},{"id":"576667a3-8c10-4bf0-8cdb-4025d89e0660","block_type":"box","text":"related to the use of artificial intelligence and machine learning (“AI”), and other technological issues). There is no","page_number":5,"box":{"x":82,"y":340,"width":841,"height":12}},{"id":"d7132d07-712a-48c5-8e81-f691799704d8","block_type":"box","text":"guarantee that BlackRock’s use of these models will result in effective investment decisions for the Fund.","page_number":5,"box":{"x":81,"y":355,"width":777,"height":12}},{"id":"5f98bf3c-7f69-4771-b20c-30eafdb8add9","block_type":"box","text":"The information and data used in the models may be supplied by third parties. Inaccurate or incomplete data may","page_number":5,"box":{"x":81,"y":375,"width":837,"height":11}},{"id":"0142fd26-e746-4d55-a6e9-3d18bdf56348","block_type":"box","text":"limit the effectiveness of the models. In addition, some of the data that BlackRock uses may be historical data,","page_number":5,"box":{"x":82,"y":390,"width":819,"height":11}},{"id":"068dce92-b431-4eff-a2d7-4200a40ab8e2","block_type":"box","text":"which may not accurately predict future market movement. There is a risk that the models will not be successful in","page_number":5,"box":{"x":80,"y":405,"width":843,"height":11}},{"id":"6fbf6f51-9ae0-4020-b534-8ae1df197719","block_type":"box","text":"selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve","page_number":5,"box":{"x":81,"y":419,"width":834,"height":12}},{"id":"43495c33-4a37-4ea8-bbcc-39f46899e7e8","block_type":"box","text":"its investment objective.","page_number":5,"box":{"x":82,"y":435,"width":176,"height":11}},{"id":"38e5e322-f699-47f9-b536-d62c24ef2ab8","block_type":"box","text":"Risk of Investing in the United States","page_number":5,"box":{"x":81,"y":454,"width":283,"height":12}},{"id":"a1c299f7-af13-4e61-8a29-a89e97142ba4","block_type":"box","text":"—","page_number":5,"box":{"x":369,"y":460,"width":17,"height":0}},{"id":"43a5d466-2c62-4b42-acbb-74d8da880194","block_type":"box","text":"Certain changes in the U.S. economy, such as when the U.S. economy","page_number":5,"box":{"x":391,"y":454,"width":518,"height":12}},{"id":"743af2a7-f288-4cd6-b129-48783fbc37a0","block_type":"box","text":"weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has","page_number":5,"box":{"x":80,"y":469,"width":847,"height":12}},{"id":"d2f3f301-298f-4bec-9af6-768a39b92aaf","block_type":"box","text":"exposure.","page_number":5,"box":{"x":81,"y":486,"width":70,"height":9}},{"id":"a05a5c29-542d-4b5d-b0de-066562a3c2dd","block_type":"box","text":"Commodities Related Investments Risk","page_number":5,"box":{"x":81,"y":504,"width":298,"height":9}},{"id":"9d57c845-d881-44ff-a65f-ffcb4591394e","block_type":"box","text":"—","page_number":5,"box":{"x":384,"y":509,"width":17,"height":1}},{"id":"a5b12bce-b8f7-45ed-9ea9-c3506013ae53","block_type":"box","text":"Exposure to the commodities markets may subject the Fund to greater","page_number":5,"box":{"x":406,"y":504,"width":517,"height":11}},{"id":"b24cf38b-ab21-4672-b7c3-6ca46b96437d","block_type":"box","text":"volatility than investments in traditional securities. The value of commodity-linked derivative investments may be","page_number":5,"box":{"x":80,"y":519,"width":824,"height":11}},{"id":"e0352869-4660-4022-961c-fae17ab7efd5","block_type":"box","text":"affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates, or","page_number":5,"box":{"x":81,"y":534,"width":849,"height":11}},{"id":"9bb252c8-3b76-4839-bca6-8449578590c7","block_type":"box","text":"factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and","page_number":5,"box":{"x":81,"y":548,"width":804,"height":12}},{"id":"18e5cb83-781b-4013-92ea-d178fc4325a6","block_type":"box","text":"international economic, political and regulatory developments.","page_number":5,"box":{"x":82,"y":563,"width":455,"height":12}},{"id":"4dadce39-7944-4c74-8cd2-f35760d00a68","block_type":"box","text":"Convertible Securities Risk","page_number":5,"box":{"x":81,"y":583,"width":206,"height":9}},{"id":"becc97c8-6ba5-4bac-afd1-25f2d8c62964","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":583,"width":593,"height":12}},{"id":"1d928c7e-881d-4d4d-bf90-55fdb72371a7","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":598,"width":853,"height":11}},{"id":"02b71f55-4e58-4bb2-a63c-b701aa210067","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":613,"width":855,"height":11}},{"id":"57f39718-d9ce-4edc-a4c9-2a61c9738c30","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":628,"width":816,"height":11}},{"id":"02eb15c0-601d-402a-851f-164da2e75d90","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":642,"width":796,"height":12}},{"id":"36643656-5b97-4125-b4cf-732676dbcea9","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":657,"width":812,"height":12}},{"id":"3de041fc-4b94-443e-b237-3343abf48e26","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":672,"width":809,"height":12}},{"id":"71d99d9d-7f03-4ec5-bb94-df1ad50b155b","block_type":"box","text":"Derivatives Risk","page_number":5,"box":{"x":81,"y":692,"width":123,"height":9}},{"id":"33313e24-ec7f-42bd-b1d9-b8fbd72af5cb","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":692,"width":664,"height":12}},{"id":"0f06eb8b-481c-4f63-aaeb-3d58e4cbade6","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":5,"box":{"x":82,"y":707,"width":469,"height":12}},{"id":"11953b39-b6d3-44e7-8f6e-fcf26e25d1c1","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":727,"width":102,"height":12}},{"id":"b432967d-4fb8-44f2-aa9a-5ce4c14fc5a8","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":727,"width":723,"height":12}},{"id":"12a46bc8-9140-4ba1-939b-223186c6ee80","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":742,"width":832,"height":11}},{"id":"a00a1cd2-1ac0-4d1d-9b57-48999323d488","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":757,"width":280,"height":11}},{"id":"9e1bb43f-2a9a-4f49-81ca-c4df811ed078","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":777,"width":87,"height":9}},{"id":"cd2c9919-9ebf-41e4-abbe-c0d9cedec0a6","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":777,"width":728,"height":11}},{"id":"1b2ae4ac-a45c-4333-9551-96fe1950dd71","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":791,"width":834,"height":12}},{"id":"84358a0e-cb8e-43e4-9ae1-1f08acc076a6","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":806,"width":832,"height":12}},{"id":"32f185fe-060b-47d7-9720-cd2b6c996884","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":821,"width":779,"height":11}},{"id":"815a738d-cb02-4cd5-b7c3-8b44b9488245","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":836,"width":253,"height":11}},{"id":"c710908a-054b-4c4c-8305-bace39c80cf0","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":856,"width":131,"height":11}},{"id":"0aeae5af-d014-424a-9fe2-4e53e18a29ba","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":856,"width":697,"height":11}},{"id":"d149a02b-bf56-4247-a91f-f3a1737daadd","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":871,"width":855,"height":11}},{"id":"eca9aec0-f072-49e8-b27d-b0ffd551957f","block_type":"box","text":"exposure to such a counterparty.","page_number":5,"box":{"x":81,"y":886,"width":240,"height":11}},{"id":"1fda3082-45aa-42d4-9048-4bb04adbcfad","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"98f9e336-99b4-485f-afcb-5b5b36f4d2ed","block_type":"box","text":"NM0926U-5977640-5/68","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"b94f7e07-caa3-46ef-8944-7e7d33c77ac6","block_type":"box","text":"Illiquidity Risk","page_number":6,"box":{"x":82,"y":46,"width":100,"height":11}},{"id":"aea70b08-0f49-48ae-b264-e8a1001e00b8","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":6,"box":{"x":186,"y":46,"width":750,"height":11}},{"id":"13d1a104-cc18-4416-853b-07b79f891d54","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":6,"box":{"x":80,"y":61,"width":839,"height":11}},{"id":"285dbbc4-86bb-42c9-8ed6-a2c1b4b392a6","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":6,"box":{"x":81,"y":75,"width":293,"height":12}},{"id":"660b7493-6ad0-496f-88e7-583ce23f8d5d","block_type":"box","text":"Operational Risk","page_number":6,"box":{"x":82,"y":95,"width":120,"height":12}},{"id":"4d416f79-fbc3-4f7c-b93b-34e936a1f8fc","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":6,"box":{"x":206,"y":95,"width":727,"height":12}},{"id":"2f8ffe61-b70f-46e1-b9e5-1c2e924efa5b","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":6,"box":{"x":82,"y":110,"width":607,"height":12}},{"id":"5e43dbf1-7a84-458e-9dfb-94d8931ee818","block_type":"box","text":"Legal Risk","page_number":6,"box":{"x":82,"y":130,"width":75,"height":12}},{"id":"0d6e6bc5-ad7c-449d-b309-9b1356a6fbc8","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":6,"box":{"x":161,"y":130,"width":761,"height":12}},{"id":"40df53ec-90da-417f-9d4f-96429b13a040","block_type":"box","text":"enforceability of a contract.","page_number":6,"box":{"x":81,"y":145,"width":198,"height":11}},{"id":"889817d2-6221-4877-81d7-bbcb83480e40","block_type":"box","text":"Volatility and Correlation Risk","page_number":6,"box":{"x":83,"y":165,"width":214,"height":11}},{"id":"fff502f3-1b86-4662-91bf-4d0110b4d1b8","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":6,"box":{"x":300,"y":165,"width":590,"height":11}},{"id":"abc1f823-35d9-47bd-a231-e71f67b4b4c5","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":6,"box":{"x":81,"y":180,"width":775,"height":11}},{"id":"b67a3f95-84eb-4511-b269-01a363e3316a","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":6,"box":{"x":81,"y":195,"width":589,"height":11}},{"id":"f9a02da6-d7bf-433b-abac-9c15051c89d4","block_type":"box","text":"Valuation Risk","page_number":6,"box":{"x":83,"y":215,"width":102,"height":9}},{"id":"a000454e-717b-415f-b4b9-bc526cf3ca9c","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":6,"box":{"x":189,"y":214,"width":747,"height":12}},{"id":"9a504416-01c8-48e0-a5eb-c848498c2364","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":6,"box":{"x":82,"y":229,"width":783,"height":12}},{"id":"4bc76a79-8e47-4427-8fd8-1a7ebc74ad28","block_type":"box","text":"instruments or quote prices for them.","page_number":6,"box":{"x":82,"y":244,"width":273,"height":11}},{"id":"49e26481-fa64-4135-baa9-04969145f195","block_type":"box","text":"Hedging Risk","page_number":6,"box":{"x":82,"y":264,"width":95,"height":12}},{"id":"ea7bd3e7-f2ed-488c-8085-07b361d1f16f","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":6,"box":{"x":181,"y":264,"width":728,"height":12}},{"id":"e4a3e611-073a-439f-bac0-a88e1ce45296","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":6,"box":{"x":81,"y":279,"width":839,"height":12}},{"id":"0795e24c-768f-4962-a11f-b045185f48ef","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":6,"box":{"x":82,"y":294,"width":354,"height":11}},{"id":"de89994d-4dee-4cd3-9d35-13223a1d664e","block_type":"box","text":"Tax Risk","page_number":6,"box":{"x":83,"y":314,"width":59,"height":9}},{"id":"5efa3652-a387-4f82-aa01-6158cefb7b5e","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":6,"box":{"x":145,"y":314,"width":719,"height":11}},{"id":"1ffe1800-69b1-4a9a-b65c-3505a2f4b6a6","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":6,"box":{"x":81,"y":329,"width":801,"height":11}},{"id":"47469c98-ce1c-484c-9ca8-e33b158b5481","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":6,"box":{"x":82,"y":343,"width":802,"height":12}},{"id":"d2bc21e3-6356-4cbf-972e-1cd2e06eb3f5","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":6,"box":{"x":82,"y":358,"width":830,"height":12}},{"id":"38dbb3de-95a7-4101-b709-dd5684123cf3","block_type":"box","text":"realizes from its investments.","page_number":6,"box":{"x":82,"y":373,"width":215,"height":9}},{"id":"e335948c-7db9-4def-8afb-015650d26845","block_type":"box","text":"High Portfolio Turnover Risk","page_number":6,"box":{"x":81,"y":393,"width":212,"height":11}},{"id":"3d2a38c6-8a9a-4bfc-b05f-c74d67946209","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":6,"box":{"x":297,"y":393,"width":629,"height":12}},{"id":"5daad54e-b7e7-402c-9498-6274cf3a6d37","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":6,"box":{"x":82,"y":408,"width":812,"height":11}},{"id":"a97400e1-1c2a-48f0-8edb-a3c3a504afc3","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":6,"box":{"x":81,"y":423,"width":817,"height":11}},{"id":"bd77e4ae-a905-4377-a21c-af07ad42b02f","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":6,"box":{"x":81,"y":438,"width":760,"height":11}},{"id":"78920559-f4c0-4812-8b18-6e19d2ee9eba","block_type":"box","text":"shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects","page_number":6,"box":{"x":81,"y":452,"width":852,"height":12}},{"id":"5f4066ea-0536-4b07-8c94-77d2659cfeb7","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":6,"box":{"x":81,"y":467,"width":589,"height":12}},{"id":"f6ddfe88-5045-45ec-88ee-98afae5f646c","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":6,"box":{"x":81,"y":487,"width":276,"height":12}},{"id":"52a7dc21-46ff-43b1-a33f-2a437f6c23ee","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":6,"box":{"x":361,"y":487,"width":573,"height":12}},{"id":"520f9535-c96c-4172-a633-c2d96f143f4f","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":6,"box":{"x":81,"y":502,"width":848,"height":12}},{"id":"3adb5437-1420-4bae-b40e-85b01db45798","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":6,"box":{"x":81,"y":517,"width":839,"height":11}},{"id":"70f155b0-871b-4507-9649-3cee02a8c3e7","block_type":"box","text":"performance of large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":6,"box":{"x":82,"y":532,"width":851,"height":11}},{"id":"988e440f-9bf4-4efc-9c5d-3878ffd12be3","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":81,"y":552,"width":107,"height":11}},{"id":"c24ba353-5f84-4059-b071-b8db887eede5","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":552,"width":741,"height":11}},{"id":"6ed0150f-71c8-4f44-8f8f-9109f9836f68","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":566,"width":853,"height":12}},{"id":"23ab0fa0-0455-4f97-ad70-ba9b66a4dbd0","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":581,"width":856,"height":12}},{"id":"1904dd39-3888-49d6-8c50-76343dcc5bb0","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules","page_number":6,"box":{"x":80,"y":596,"width":775,"height":12}},{"id":"262921a9-954e-46d0-80c6-011398aa8874","block_type":"box","text":"thereunder. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses","page_number":6,"box":{"x":80,"y":611,"width":814,"height":11}},{"id":"2637f54b-c90c-46d4-b551-1b8e82705132","block_type":"box","text":"leverage.","page_number":6,"box":{"x":82,"y":626,"width":63,"height":11}},{"id":"91669fb6-adf8-40f8-9810-2bc4cd64ce36","block_type":"box","text":"Market Risk and Selection Risk","page_number":6,"box":{"x":81,"y":646,"width":240,"height":9}},{"id":"24867523-fc64-4685-a01d-2413cba47d25","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":646,"width":593,"height":9}},{"id":"57a8ae85-f0a0-4e78-8c75-c6d1537ffacf","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":661,"width":851,"height":11}},{"id":"544b5691-716e-4666-8c3b-bb02c98f4bd9","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":675,"width":824,"height":12}},{"id":"c95d4ff6-14cb-4e13-978a-1da3366b0d08","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":690,"width":851,"height":12}},{"id":"a741b487-280f-4741-9e8e-f7ece6bf5f20","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":705,"width":802,"height":11}},{"id":"f3067d93-02bf-49ac-adb0-669ca5da7574","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":11}},{"id":"8ef70495-f061-4114-a56b-b27d2bc45b02","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":11}},{"id":"4bd75bbf-fc4b-4572-a7f3-803966c178f6","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":749,"width":830,"height":12}},{"id":"830a5163-c6dc-4048-9a6a-9ec6aee4ab25","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":"b1024126-6a7e-4a7a-bdf0-2bbcd503f0f5","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":6,"box":{"x":81,"y":779,"width":789,"height":12}},{"id":"a8e3519e-cf34-4f56-9fbd-84ae7f0859f6","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":6,"box":{"x":81,"y":794,"width":823,"height":12}},{"id":"6bf12c35-7b52-487a-9af9-8938198b821e","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":6,"box":{"x":81,"y":809,"width":784,"height":11}},{"id":"87969c34-424c-4c1a-82df-1e10d1772f02","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":6,"box":{"x":81,"y":824,"width":844,"height":11}},{"id":"696c359e-5cb7-4ba6-b02d-74d1714e716c","block_type":"box","text":"The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis","page_number":6,"box":{"x":81,"y":839,"width":855,"height":11}},{"id":"7db1ce37-4c95-4290-9b7f-1797d1106814","block_type":"box","text":"and is subject to “Model Risk” as described above.","page_number":6,"box":{"x":81,"y":854,"width":376,"height":11}},{"id":"08fe1a25-d445-4f14-b12a-4b4ac145363e","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":873,"width":818,"height":12}},{"id":"fda9983c-7e42-492b-bb94-506288bcb2a0","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":888,"width":819,"height":12}},{"id":"7f1e9a47-9dd4-427f-9302-405a7deb6ca7","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":903,"width":819,"height":11}},{"id":"0730b338-95a9-450b-a865-c0390b9214cb","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"73489822-07ea-4ce8-ae24-521dba047c38","block_type":"box","text":"NM0926U-5977640-6/68","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"f222cdbe-ad9e-482b-be1b-7f8ebc78f266","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":7,"box":{"x":81,"y":46,"width":846,"height":11}},{"id":"e771a993-26e7-4b25-81f2-68ec0832db0c","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":7,"box":{"x":81,"y":60,"width":848,"height":12}},{"id":"388a53ef-1ee7-4cac-b7c7-247ee0c5db67","block_type":"box","text":"the Fund invests.","page_number":7,"box":{"x":80,"y":76,"width":125,"height":9}},{"id":"acc18c19-1a32-4c25-b684-a83a691a177a","block_type":"box","text":"“New Issues” Risk","page_number":7,"box":{"x":83,"y":95,"width":139,"height":9}},{"id":"cda1df52-e8ee-4784-bcc9-f742a64fc528","block_type":"box","text":"—","page_number":7,"box":{"x":227,"y":101,"width":17,"height":0}},{"id":"870d5cf8-cc3e-47ee-9360-c4a51c449928","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":95,"width":681,"height":12}},{"id":"400ec6b5-d177-4a53-8914-d2838a095c30","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":110,"width":843,"height":12}},{"id":"103030ad-3d55-4e21-b32e-ac8a9b20b22d","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":125,"width":517,"height":11}},{"id":"333cae6a-3c56-4749-b4eb-556cc8eb6974","block_type":"box","text":"Operational and Technology Risks","page_number":7,"box":{"x":82,"y":145,"width":254,"height":11}},{"id":"0494cf96-9dad-470a-97a2-3b4eda650c5a","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":7,"box":{"x":340,"y":145,"width":578,"height":11}},{"id":"de52d8e7-46ab-48c7-a260-5c917f889467","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":7,"box":{"x":82,"y":160,"width":779,"height":11}},{"id":"594e1360-c63a-46f9-bcab-c44002ebee0f","block_type":"box","text":"cybersecurity incidents, and the use of AI, which may result in losses for the Fund and its shareholders or may","page_number":7,"box":{"x":81,"y":175,"width":811,"height":11}},{"id":"44f2376a-011c-4966-8997-a3868686a423","block_type":"box","text":"impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":7,"box":{"x":82,"y":190,"width":806,"height":11}},{"id":"91203a99-106b-40d9-acda-c0f58a57b2d9","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management","page_number":7,"box":{"x":82,"y":204,"width":853,"height":12}},{"id":"61673ed1-4a66-4f80-8623-536379c5c5b2","block_type":"box","text":"may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could","page_number":7,"box":{"x":82,"y":219,"width":841,"height":12}},{"id":"820b7bd0-4f6a-4223-9852-f9af9b31d0dd","block_type":"box","text":"also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":7,"box":{"x":81,"y":234,"width":808,"height":11}},{"id":"3e870803-7a83-4da3-84e7-591288d01c7a","block_type":"box","text":"issuers to lose value.","page_number":7,"box":{"x":82,"y":249,"width":155,"height":9}},{"id":"5cc2e6f0-5fe9-4e9c-9718-a9fb6a657e70","block_type":"box","text":"Preferred Securities Risk","page_number":7,"box":{"x":81,"y":269,"width":189,"height":9}},{"id":"d45d66df-6c3d-48da-867c-58c99ef26259","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":7,"box":{"x":274,"y":269,"width":636,"height":11}},{"id":"8ce8ff89-17db-4ae3-8c4d-c095629a5919","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":283,"width":824,"height":12}},{"id":"71e27f67-52b2-490b-ad18-1e8dfb1adead","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":298,"width":806,"height":12}},{"id":"a38a4b43-986a-48b4-97dc-28678240799e","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":313,"width":842,"height":12}},{"id":"9b58ebf0-606e-44d4-8d05-7bb73df38309","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":328,"width":781,"height":12}},{"id":"a78e13fe-3d71-41cd-8ee9-66b95b5cc235","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":343,"width":812,"height":11}},{"id":"dca6821e-0227-46ba-ace3-f820d2e00c2b","block_type":"box","text":"larger companies.","page_number":7,"box":{"x":82,"y":358,"width":129,"height":11}},{"id":"cbfa4ef6-c3e4-4a4d-9b62-2a599b4bac37","block_type":"box","text":"Performance Information","page_number":7,"box":{"x":61,"y":396,"width":224,"height":11}},{"id":"71126b2d-464e-4353-8bcf-573258aefae5","block_type":"box","text":"Effective June 12, 2017, the Fund changed its name, investment process and investment strategies. 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After-tax returns are shown for","page_number":8,"box":{"x":60,"y":320,"width":840,"height":11}},{"id":"5585ff93-a04e-4e7e-babc-c30fcd4dcb27","block_type":"box","text":"Investor A Shares only, and the after-tax returns for Investor C, Institutional and Class R Shares will vary.","page_number":8,"box":{"x":62,"y":334,"width":766,"height":12}},{"id":"8501f3e5-6d10-4605-ad3c-825d3adc0ccc","block_type":"box","text":"Investment Manager","page_number":8,"box":{"x":62,"y":374,"width":187,"height":13}},{"id":"f1f89644-a20b-45d3-8cdb-900bb03aecc1","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":8,"box":{"x":60,"y":399,"width":709,"height":12}},{"id":"913e1310-9f4b-4eef-af38-f0105c0c0395","block_type":"box","text":"Portfolio Managers","page_number":8,"box":{"x":61,"y":438,"width":173,"height":14}},{"id":"221ceaff-a080-46d1-ba3d-b65c32ccca5f","block_type":"box","text":"Portfolio Manager","page_number":8,"box":{"x":70,"y":482,"width":121,"height":11}},{"id":"114df847-e890-4eb6-b8e8-1124807c2253","block_type":"box","text":"Portfolio Manager","page_number":8,"box":{"x":340,"y":471,"width":121,"height":10}},{"id":"6986d958-7beb-422a-97dc-b3fe10fdbc7d","block_type":"box","text":"of the Fund Since Title","page_number":8,"box":{"x":341,"y":482,"width":425,"height":9}},{"id":"c95af486-bbf4-41ce-90f7-bf122a39a1bb","block_type":"box","text":"Raffaele Savi 2017 Senior Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":70,"y":500,"width":825,"height":11}},{"id":"a1d8faa5-f93c-4463-b417-1c11f962ccf2","block_type":"box","text":"Travis Cooke, CFA 2017 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":69,"y":518,"width":780,"height":11}},{"id":"8c663d10-1489-4bdc-9666-22ecbc5587fc","block_type":"box","text":"Richard Mathieson 2017 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":70,"y":536,"width":779,"height":11}},{"id":"db0d040b-c89e-434b-8aea-7713951e60bc","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":8,"box":{"x":61,"y":577,"width":309,"height":11}},{"id":"97afff6d-13e5-4999-ab97-d93a17e8fddb","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the NYSE is open. 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The Fund’s initial and subsequent investment minimums generally are as follows,","page_number":8,"box":{"x":62,"y":648,"width":831,"height":11}},{"id":"5d9c5b37-a0b8-4d2a-b87e-758dad6630ad","block_type":"box","text":"although the Fund may reduce or waive the minimums in some cases:","page_number":8,"box":{"x":61,"y":663,"width":512,"height":11}},{"id":"97184cc0-0a96-4ff7-9b59-e1e480edd07b","block_type":"box","text":"Investor A and Investor C","page_number":8,"box":{"x":232,"y":691,"width":152,"height":7}},{"id":"e9f82dad-25ef-4348-a448-6731d83801f9","block_type":"box","text":"Shares Institutional Shares Class R Shares","page_number":8,"box":{"x":232,"y":701,"width":604,"height":7}},{"id":"aa66a6b8-e6a8-4ad2-90f1-41dfb4c8264c","block_type":"box","text":"Minimum 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To change a fundamental policy","page_number":11,"box":{"x":62,"y":483,"width":824,"height":11}},{"id":"214e581a-5cf6-415e-8939-30db5838bd51","block_type":"box","text":"requires the approval of a majority of the Fund’s shareholders, as defined in the Investment Company Act of 1940, as","page_number":11,"box":{"x":61,"y":497,"width":866,"height":12}},{"id":"76efb7db-60bc-4d4c-85ce-a2032097351a","block_type":"box","text":"amended (the “Investment Company Act”).","page_number":11,"box":{"x":61,"y":512,"width":312,"height":12}},{"id":"58077b05-dbb8-4069-bb05-5c33dc5de44b","block_type":"box","text":"Principal Investment Strategies","page_number":11,"box":{"x":61,"y":535,"width":260,"height":13}},{"id":"97d8546e-a1d2-4a93-8f1b-2a8c980443fe","block_type":"box","text":"Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any","page_number":11,"box":{"x":62,"y":552,"width":798,"height":11}},{"id":"0ad6cf10-7895-49f0-add5-a38ce9f208b4","block_type":"box","text":"borrowings for investment purposes in large cap equity securities and derivatives that have similar economic","page_number":11,"box":{"x":61,"y":566,"width":798,"height":12}},{"id":"9e43072c-44b0-40bd-bffa-7773b1e6be59","block_type":"box","text":"characteristics to such securities. Investments in derivatives are counted toward the Fund’s 80% policy to the extent","page_number":11,"box":{"x":61,"y":581,"width":856,"height":12}},{"id":"32d15f39-3d92-4763-84f6-1bd95bbe4b62","block_type":"box","text":"that they provide investment exposure to the securities included within that policy or to one or more market risk factors","page_number":11,"box":{"x":60,"y":596,"width":876,"height":12}},{"id":"c02be6bb-eb2b-4bbd-841a-b3c89f193d1b","block_type":"box","text":"associated with such securities. For purposes of the Fund’s 80% policy, large cap equity securities are equity","page_number":11,"box":{"x":61,"y":611,"width":801,"height":11}},{"id":"8649011f-2f12-4eda-aa9f-5c7fb7e8ec1c","block_type":"box","text":"securities that at the time of purchase have a market capitalization within the range of companies included in the","page_number":11,"box":{"x":61,"y":626,"width":832,"height":11}},{"id":"a00e109d-02c1-4b02-916d-2cab5ca6897d","block_type":"box","text":"Russell 1000 Index (the “Russell 1000 Index”). The Fund primarily intends to invest in equity securities, which include","page_number":11,"box":{"x":62,"y":641,"width":867,"height":11}},{"id":"6f2a24f3-ed54-4144-87e1-36b126799fd9","block_type":"box","text":"common stock and preferred stock or other financial instruments that are components of, or have characteristics","page_number":11,"box":{"x":61,"y":655,"width":832,"height":12}},{"id":"90a69eed-fdd0-4728-a91f-925397a6f166","block_type":"box","text":"similar to, the securities included in the Russell 1000 Index. The Russell 1000 Index is a capitalization-weighted index","page_number":11,"box":{"x":61,"y":670,"width":871,"height":12}},{"id":"a31f3518-d7ce-4d13-af97-8c7e9db85822","block_type":"box","text":"from a broad range of industries chosen for market size, liquidity and industry group representation. The Fund primarily","page_number":11,"box":{"x":60,"y":685,"width":875,"height":12}},{"id":"6aa977ca-88f7-4151-8cb6-fc9252ba8a48","block_type":"box","text":"seeks to buy common stock and may also invest in preferred stock. From time to time, the Fund may invest in shares","page_number":11,"box":{"x":61,"y":700,"width":864,"height":11}},{"id":"75c4bfab-7279-4e95-aff3-45f901250d98","block_type":"box","text":"of companies through “new issues” or IPOs. The Fund may also purchase convertible securities. The Fund may use","page_number":11,"box":{"x":61,"y":715,"width":847,"height":11}},{"id":"caad6a61-653e-4243-994b-97ae80f00ec7","block_type":"box","text":"derivatives, including options, futures, swaps (including, but not limited to, total return swaps, some of which may be","page_number":11,"box":{"x":61,"y":730,"width":859,"height":11}},{"id":"9991b7e4-1444-4c16-940b-644ce846c63c","block_type":"box","text":"referred to as contracts for difference) and forward contracts, both to seek to increase the return of the Fund and to","page_number":11,"box":{"x":61,"y":744,"width":855,"height":12}},{"id":"a6999957-12ea-4b2b-96e5-a7ebd28fb3fd","block_type":"box","text":"hedge (or protect) the value of its assets against adverse movements in currency exchange rates, interest rates and","page_number":11,"box":{"x":61,"y":759,"width":854,"height":12}},{"id":"01a3be65-d3fc-41bc-922a-3f3ff52d8a72","block_type":"box","text":"movements in the securities markets. In order to manage cash flows into or out of the Fund effectively, the Fund may","page_number":11,"box":{"x":61,"y":774,"width":861,"height":12}},{"id":"2a5d7a5e-ed52-44ed-9a87-145694d5ae55","block_type":"box","text":"buy and sell financial futures contracts or options on such contracts. Derivatives are financial instruments whose value","page_number":11,"box":{"x":61,"y":789,"width":874,"height":11}},{"id":"8a98f5b3-7717-442a-b44a-c760a743f8a4","block_type":"box","text":"is derived from another security, a currency or an index, including but not limited to the Russell 1000 Index. The use of","page_number":11,"box":{"x":62,"y":804,"width":873,"height":11}},{"id":"08f9fe50-7037-484d-8f85-6d91e6f9f6ce","block_type":"box","text":"options, futures, swaps and forward contracts can be effective in protecting or enhancing the value of the Fund’s","page_number":11,"box":{"x":61,"y":818,"width":831,"height":12}},{"id":"d894f777-9ea6-457b-8648-4465ec934f0a","block_type":"box","text":"assets.","page_number":11,"box":{"x":61,"y":834,"width":52,"height":9}},{"id":"be5c94c9-d4b6-4516-b05b-56621482792f","block_type":"box","text":"The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets","page_number":11,"box":{"x":60,"y":856,"width":863,"height":11}},{"id":"9511b2c1-37cd-4c87-a58d-489aabdd5fc8","block_type":"box","text":"through investment in commodity-linked derivative instruments and investment vehicles such as ETFs that invest","page_number":11,"box":{"x":60,"y":871,"width":828,"height":11}},{"id":"c265c27a-90ca-4790-9cc3-74f80d4202cf","block_type":"box","text":"exclusively in commodities and are designed to provide this exposure without direct investment in physical","page_number":11,"box":{"x":61,"y":886,"width":781,"height":11}},{"id":"7d353697-e7af-49d8-834c-27539e52497d","block_type":"box","text":"commodities.","page_number":11,"box":{"x":61,"y":901,"width":97,"height":9}},{"id":"e6fd32a2-7da6-4869-99d7-258ca47e58da","block_type":"box","text":"11","page_number":11,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"8044ec35-ed47-43bb-84cb-76d9bdb824f0","block_type":"box","text":"NM0926U-5977640-11/68","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c96c304a-fd21-4813-bd0d-ab8e0334684c","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":12,"box":{"x":61,"y":46,"width":327,"height":13}},{"id":"888c9036-bcce-43cc-8f93-01055ef1ded3","block_type":"box","text":"In addition to the principal investment strategies discussed above, the Fund may also invest or engage in the following","page_number":12,"box":{"x":62,"y":62,"width":870,"height":12}},{"id":"773a9d3f-fd86-4702-ad7e-62d484e4912b","block_type":"box","text":"investments/strategies:","page_number":12,"box":{"x":62,"y":77,"width":173,"height":12}},{"id":"034a9dd0-069a-4a22-ae59-214dce2cc5fe","block_type":"box","text":"Borrowing","page_number":12,"box":{"x":81,"y":97,"width":78,"height":12}},{"id":"706267af-f9d3-420e-8a36-a2bcd47646d7","block_type":"box","text":"— The Fund may borrow for temporary or emergency purposes, including to meet redemptions, for the","page_number":12,"box":{"x":162,"y":97,"width":751,"height":12}},{"id":"258ee6b6-5fa7-4fa5-8071-2907c5b7c6db","block_type":"box","text":"payment of dividends, for share repurchases or for the clearance of transactions, subject to the limits set forth","page_number":12,"box":{"x":82,"y":112,"width":815,"height":11}},{"id":"d05e4e67-ea1b-4de5-8e89-2ab24a157790","block_type":"box","text":"under Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.","page_number":12,"box":{"x":82,"y":127,"width":773,"height":11}},{"id":"024344bb-f9c5-4062-907d-fc5ac0b8bcfb","block_type":"box","text":"Illiquid Investments","page_number":12,"box":{"x":81,"y":147,"width":148,"height":11}},{"id":"884cd33d-c6f8-487a-a2d0-22e1d596b1cc","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":12,"box":{"x":233,"y":147,"width":677,"height":11}},{"id":"3f01a511-4fb9-4579-94ea-18fa599d186f","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":12,"box":{"x":82,"y":162,"width":811,"height":11}},{"id":"c5e799fc-7c12-4f87-a944-fb451a4ca794","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":176,"width":831,"height":12}},{"id":"a50cca90-3973-4f33-a495-61d2827d52c6","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":191,"width":811,"height":12}},{"id":"99bdcef0-d30c-4802-97ac-c948ebc4dde5","block_type":"box","text":"Investment Companies","page_number":12,"box":{"x":81,"y":211,"width":172,"height":12}},{"id":"f1cfbdf0-1cf0-4dc6-8399-5fc52b1eaecf","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":12,"box":{"x":258,"y":212,"width":643,"height":11}},{"id":"31cbaa7c-d35b-428b-a396-43d8f63cd187","block_type":"box","text":"traded funds, unit investment trusts, and open-end and closed-end funds, subject to the applicable limits under the","page_number":12,"box":{"x":80,"y":226,"width":848,"height":12}},{"id":"95ade4a2-e9af-41b3-8944-613725063390","block_type":"box","text":"Investment Company Act and the rules thereunder. The Fund may invest in affiliated investment companies,","page_number":12,"box":{"x":82,"y":241,"width":790,"height":11}},{"id":"e2e0eb7e-b1d8-4cdf-bcfe-d84c655fb1cd","block_type":"box","text":"including affiliated money market funds and affiliated ETFs.","page_number":12,"box":{"x":82,"y":256,"width":434,"height":11}},{"id":"2b2b4c00-cc57-4858-ae24-65fc5129ad36","block_type":"box","text":"Money Market Securities","page_number":12,"box":{"x":81,"y":276,"width":190,"height":11}},{"id":"377e2a5e-c32b-4847-a01e-0efbfcff868d","block_type":"box","text":"— The Fund may invest in money market securities or commercial paper.","page_number":12,"box":{"x":276,"y":276,"width":534,"height":11}},{"id":"be5d603f-dd21-480e-b605-c418fb56b5f6","block_type":"box","text":"Real Estate Investment Trusts","page_number":12,"box":{"x":81,"y":296,"width":229,"height":9}},{"id":"0e123f50-70b6-478e-8f62-8a497a08ed95","block_type":"box","text":"— The Fund may invest in real estate investment trusts (“REITs”).","page_number":12,"box":{"x":314,"y":296,"width":484,"height":11}},{"id":"91302881-612e-487c-b467-f2a437348c2b","block_type":"box","text":"Restricted Securities","page_number":12,"box":{"x":81,"y":316,"width":159,"height":9}},{"id":"26914f3f-3005-4b04-b65c-88c05da2b8f0","block_type":"box","text":"—","page_number":12,"box":{"x":245,"y":321,"width":17,"height":1}},{"id":"0645ce46-216d-47f8-a412-1e9e19fd2559","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":12,"box":{"x":268,"y":316,"width":602,"height":11}},{"id":"f73ad9dd-b7fa-4562-a19c-d31d087d4e5c","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":331,"width":820,"height":11}},{"id":"9578d9ad-fe0f-4ce1-9136-a123558041fc","block_type":"box","text":"resale. They may include Rule 144A securities, which are privately placed securities that can be resold to qualified","page_number":12,"box":{"x":82,"y":345,"width":839,"height":12}},{"id":"342f352f-e0dd-4f28-ba77-99651b96cfdd","block_type":"box","text":"institutional buyers but not to the general public, securities of U.S. and non-U.S. issuers that are offered pursuant","page_number":12,"box":{"x":82,"y":360,"width":837,"height":12}},{"id":"94f2f988-4449-47ed-94b1-26e3d889ac9c","block_type":"box","text":"to Regulation S under the Securities Act of 1933, as amended, and securities of private companies.","page_number":12,"box":{"x":80,"y":375,"width":736,"height":12}},{"id":"ab175a7e-e6ef-4d04-bbdd-83808d2e433b","block_type":"box","text":"Securities Lending","page_number":12,"box":{"x":81,"y":395,"width":140,"height":11}},{"id":"b13bec08-ef62-4f34-a17a-676f0e695b58","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":12,"box":{"x":225,"y":395,"width":396,"height":11}},{"id":"1934a9d2-88b3-4ff7-8c5e-ff11c0bf00d9","block_type":"box","text":"1⁄","page_number":12,"box":{"x":622,"y":395,"width":6,"height":6}},{"id":"0c4c5fb6-d44d-4193-8a55-65a023eae9ce","block_type":"box","text":"1⁄3","page_number":12,"box":{"x":626,"y":395,"width":8,"height":9}},{"id":"d49c3aea-bee8-498b-8fcb-7f03c23c7914","block_type":"box","text":"⁄3","page_number":12,"box":{"x":632,"y":399,"width":6,"height":5}},{"id":"a313c299-5695-42d3-857f-9da57fd10277","block_type":"box","text":"% of its total assets to financial","page_number":12,"box":{"x":639,"y":395,"width":231,"height":9}},{"id":"82e0292e-629f-41b3-8826-bf2a1f99a49d","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":12,"box":{"x":82,"y":410,"width":748,"height":11}},{"id":"3d9df428-a8c8-4256-86d2-4382539fc960","block_type":"box","text":"Temporary Defensive Strategies","page_number":12,"box":{"x":82,"y":430,"width":238,"height":11}},{"id":"e4ad58c1-311d-4063-a651-ff72f6117944","block_type":"box","text":"— For temporary defensive purposes, for example, to respond to adverse market,","page_number":12,"box":{"x":325,"y":430,"width":600,"height":11}},{"id":"6d0339d1-9aba-4026-9cab-ea2343f89e9e","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":12,"box":{"x":81,"y":445,"width":802,"height":11}},{"id":"0b82ca34-1989-4575-b2e5-44e28e03f703","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":12,"box":{"x":82,"y":460,"width":833,"height":11}},{"id":"5e77db6a-3e31-4218-a42b-1990427b7ae5","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":12,"box":{"x":81,"y":474,"width":796,"height":12}},{"id":"da620b1b-bc42-4a86-8250-52c83e51bd4e","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":12,"box":{"x":81,"y":489,"width":802,"height":12}},{"id":"ecb644aa-ff81-40a4-9500-a94c71f83b7e","block_type":"box","text":"unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed income","page_number":12,"box":{"x":82,"y":504,"width":778,"height":11}},{"id":"7ca20a95-37ac-42a3-bd75-d4e9fea84134","block_type":"box","text":"securities. Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":12,"box":{"x":81,"y":519,"width":781,"height":11}},{"id":"fbb71eb7-a974-4e5a-a3a4-0ff10bd60ee7","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":12,"box":{"x":83,"y":539,"width":545,"height":11}},{"id":"1f21ac63-f86d-4bc9-97f7-c8607f3ef0e3","block_type":"box","text":"— The purchase or sale of securities on","page_number":12,"box":{"x":632,"y":539,"width":295,"height":11}},{"id":"e0167dac-fea9-407e-8c9a-b00c8b6d74d0","block_type":"box","text":"a when-issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale","page_number":12,"box":{"x":81,"y":554,"width":845,"height":11}},{"id":"8897a06b-35c7-4c3a-9e5c-0c650a687ba5","block_type":"box","text":"of securities by the Fund at an established price with payment and delivery taking place in the future. The Fund","page_number":12,"box":{"x":81,"y":568,"width":814,"height":12}},{"id":"1a54fbe5-4816-4e19-bbc3-c40fbc278146","block_type":"box","text":"enters into these transactions to obtain what is considered an advantageous price to the Fund at the time of","page_number":12,"box":{"x":81,"y":583,"width":799,"height":12}},{"id":"5e5c646b-b07d-49a9-9515-dd49f1e7ae45","block_type":"box","text":"entering into the transaction.","page_number":12,"box":{"x":81,"y":598,"width":211,"height":12}},{"id":"eaeff32f-a083-4344-a97c-fb5d23a1f574","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":12,"box":{"x":272,"y":655,"width":453,"height":9}},{"id":"ca9be340-1463-4f94-ab6e-87b5eae870bb","block_type":"box","text":"The Fund is managed by a team of financial professionals. Raffaele Savi, Travis Cooke, CFA, and Richard Mathieson","page_number":12,"box":{"x":70,"y":677,"width":853,"height":12}},{"id":"554ccd69-f0b7-46bc-9bcb-8c455b5c7109","block_type":"box","text":"are the Fund’s portfolio managers and are jointly and primarily responsible for the day-to-day management of the","page_number":12,"box":{"x":71,"y":692,"width":826,"height":12}},{"id":"3587f9d5-a4ce-4b01-9f72-831cb66c66ec","block_type":"box","text":"Fund. Please see “Management of the Fund — Portfolio Manager Information” for additional information about the","page_number":12,"box":{"x":72,"y":707,"width":840,"height":12}},{"id":"43b5cf4d-52fa-4f02-892f-541768d5bbaf","block_type":"box","text":"portfolio management team.","page_number":12,"box":{"x":72,"y":722,"width":207,"height":11}},{"id":"28a7d058-c5d0-454a-9b20-e4985c6c9649","block_type":"box","text":"Investment Risks","page_number":12,"box":{"x":62,"y":774,"width":156,"height":11}},{"id":"dfd7ba6e-380d-46c8-a0bb-bb8ce3a90f63","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objective and","page_number":12,"box":{"x":60,"y":800,"width":811,"height":11}},{"id":"def524ea-1cc1-4180-bd4e-5968b3fe3e3b","block_type":"box","text":"Policies” section in the Statement of Additional Information (“SAI”) also includes more information about the Fund, its","page_number":12,"box":{"x":61,"y":815,"width":866,"height":11}},{"id":"2941f6b0-3b30-42a5-adae-0c7c3d40274f","block_type":"box","text":"investments and the related risks. As with any fund, there can be no guarantee that the Fund will meet its investment","page_number":12,"box":{"x":62,"y":829,"width":863,"height":12}},{"id":"d745f462-6131-4c7c-b00b-39d71fcf60f4","block_type":"box","text":"objective or that the Fund’s performance will be positive for any period of time. An investment in the Fund is not a","page_number":12,"box":{"x":61,"y":844,"width":836,"height":12}},{"id":"2d9ec42d-4360-42f2-ae12-25b2c560543e","block_type":"box","text":"deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or","page_number":12,"box":{"x":61,"y":859,"width":856,"height":12}},{"id":"1f8053ce-6647-4c83-82d2-b3f7be175cfb","block_type":"box","text":"governmental agency. The order of the below risk factors does not indicate the significance of any particular risk factor.","page_number":12,"box":{"x":60,"y":874,"width":875,"height":11}},{"id":"4002cd4f-8426-4759-95a0-dd559e9adc45","block_type":"box","text":"12","page_number":12,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"1ba61df6-d26b-448c-83fd-fa661bbea862","block_type":"box","text":"NM0926U-5977640-12/68","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b3b5d894-d8dc-4a16-82e2-ec6e693f0451","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":13,"box":{"x":61,"y":46,"width":322,"height":13}},{"id":"524911a6-0e6a-40ea-a523-e369b4dcc977","block_type":"box","text":"Commodities Related Investments Risk","page_number":13,"box":{"x":81,"y":68,"width":298,"height":9}},{"id":"4dd20988-1ab4-4718-ba91-facba2fb9328","block_type":"box","text":"—","page_number":13,"box":{"x":384,"y":73,"width":17,"height":1}},{"id":"d84ac8dd-5345-4994-8c09-b7189a4c74cd","block_type":"box","text":"Exposure to the commodities markets may subject the Fund to greater","page_number":13,"box":{"x":406,"y":68,"width":517,"height":11}},{"id":"dfc5ddcc-842e-4d59-b344-909e0ec83892","block_type":"box","text":"volatility than investments in traditional securities. The value of commodity-linked derivative investments may be","page_number":13,"box":{"x":80,"y":82,"width":824,"height":12}},{"id":"54a6b231-7c52-44d3-a34b-bef9aec61e46","block_type":"box","text":"affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates, or","page_number":13,"box":{"x":81,"y":97,"width":849,"height":12}},{"id":"9f6b48af-5a48-40c3-864f-24d69767fcc1","block_type":"box","text":"factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and","page_number":13,"box":{"x":81,"y":112,"width":804,"height":12}},{"id":"c4e55d0a-6ce6-4999-b11b-f29b6d1b1017","block_type":"box","text":"international economic, political and regulatory developments.","page_number":13,"box":{"x":82,"y":127,"width":455,"height":11}},{"id":"abff6df3-3b90-434a-912a-4b3baa8cd391","block_type":"box","text":"Convertible Securities Risk","page_number":13,"box":{"x":81,"y":147,"width":206,"height":9}},{"id":"f30cb779-c8b7-48b3-8b82-8ebfa257b383","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":147,"width":593,"height":11}},{"id":"5623a931-c95a-4a34-89f2-12f53e15e23d","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":162,"width":853,"height":11}},{"id":"599598c3-053b-40d1-9c69-e2eb5efc62d4","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":177,"width":855,"height":11}},{"id":"c627876c-1309-49b4-a602-f46916ee29d2","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":191,"width":816,"height":12}},{"id":"d2a6c056-92f7-41b0-a5fb-25c6a7f5e135","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":206,"width":796,"height":12}},{"id":"ae085053-231d-4b3d-b918-92f7adc30c1e","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":221,"width":812,"height":11}},{"id":"51d08ebb-82f7-49ea-a472-4026408ba530","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":236,"width":809,"height":11}},{"id":"b9db8fe9-dca1-46e6-b971-6edd01bc9344","block_type":"box","text":"Derivatives Risk","page_number":13,"box":{"x":81,"y":256,"width":123,"height":9}},{"id":"7d1492aa-ee7b-49f5-ac62-d8c509baf736","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":256,"width":664,"height":11}},{"id":"b6a446bf-342a-46b7-8296-92ad383d919f","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":13,"box":{"x":82,"y":271,"width":469,"height":11}},{"id":"4f5516fd-c34d-43dc-8124-64fecdf1c78b","block_type":"box","text":"Leverage Risk","page_number":13,"box":{"x":82,"y":293,"width":102,"height":12}},{"id":"ec8306a0-1856-4bff-8c82-6e76dbe6b76c","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":293,"width":723,"height":12}},{"id":"82ef323c-373a-43c6-a8d8-cc76c29f9558","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":308,"width":832,"height":12}},{"id":"a3a8e0dd-248b-43da-9f1e-aff3fc4f779b","block_type":"box","text":"exceed the amount originally invested.","page_number":13,"box":{"x":81,"y":323,"width":280,"height":11}},{"id":"f8e0a8cd-bf23-4f6f-b86f-fb83dd8b9db3","block_type":"box","text":"Market Risk","page_number":13,"box":{"x":82,"y":346,"width":87,"height":9}},{"id":"0c046bfc-ebcb-44e8-88b8-4f38c8b49b5d","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":345,"width":728,"height":12}},{"id":"043e2550-3f99-4981-aca4-30bb2030ea70","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":360,"width":834,"height":11}},{"id":"43b69918-7595-451d-9479-3cc4fccdaaab","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":375,"width":832,"height":11}},{"id":"acc2680f-36b6-49a5-90ea-429a70bc08c8","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":390,"width":779,"height":11}},{"id":"627ff44c-a811-4204-9090-bb900620d1a1","block_type":"box","text":"derivatives positions to lose value.","page_number":13,"box":{"x":81,"y":405,"width":253,"height":11}},{"id":"8f3f5653-d102-4929-bff2-2a89aacd09fa","block_type":"box","text":"Counterpar ty Risk","page_number":13,"box":{"x":82,"y":427,"width":131,"height":12}},{"id":"384cb3e3-c372-43cd-89ef-e1fb9cb47286","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":13,"box":{"x":217,"y":427,"width":697,"height":12}},{"id":"ba88afa3-c994-45e8-a8cd-748d479561f1","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":13,"box":{"x":80,"y":442,"width":855,"height":12}},{"id":"dc7e9f07-c04d-4a5c-a593-5a550729468f","block_type":"box","text":"exposure to such a counterparty.","page_number":13,"box":{"x":81,"y":457,"width":240,"height":11}},{"id":"7e398a9c-294d-4d78-bb76-93a7eae683c1","block_type":"box","text":"Illiquidity Risk —","page_number":13,"box":{"x":82,"y":480,"width":122,"height":11}},{"id":"1049ab41-5bc0-494d-8550-36ee24ccc5f2","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":13,"box":{"x":208,"y":479,"width":728,"height":12}},{"id":"2fa609f5-69f9-49c3-8f7c-196dd1b85377","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":13,"box":{"x":80,"y":495,"width":839,"height":10}},{"id":"1e6991fc-6bfc-4395-a528-d6bc9e24bd94","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":13,"box":{"x":81,"y":509,"width":293,"height":12}},{"id":"9c15e4e8-0910-48ba-a2d8-00ae9d1efcbd","block_type":"box","text":"Operational Risk","page_number":13,"box":{"x":82,"y":532,"width":120,"height":11}},{"id":"43299f34-4bbb-4551-b6d7-4a36f7584a25","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":13,"box":{"x":206,"y":532,"width":727,"height":11}},{"id":"5008891e-1903-473a-a2d1-b5ff7b43005a","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":13,"box":{"x":82,"y":546,"width":607,"height":12}},{"id":"91ffad4d-52af-4049-9e27-90f0fece215b","block_type":"box","text":"Legal Risk","page_number":13,"box":{"x":82,"y":569,"width":75,"height":12}},{"id":"a65c7816-2aec-4352-9657-6742ac8bab52","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":13,"box":{"x":161,"y":569,"width":761,"height":12}},{"id":"234aaf31-9e6b-45a2-a482-94e891665821","block_type":"box","text":"enforceability of a contract.","page_number":13,"box":{"x":81,"y":584,"width":198,"height":11}},{"id":"5c6dec92-1d9a-411b-9e36-6da09daafa3e","block_type":"box","text":"Volatility and Correlation Risk","page_number":13,"box":{"x":83,"y":607,"width":214,"height":11}},{"id":"34ce4c27-1972-425b-bc52-3c253816f72f","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":13,"box":{"x":300,"y":606,"width":590,"height":12}},{"id":"d03738ec-2c3b-48b4-814e-61061695f7bd","block_type":"box","text":"volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price","page_number":13,"box":{"x":80,"y":621,"width":855,"height":12}},{"id":"aeba07b0-941c-4a8d-be0b-2963491ff4bf","block_type":"box","text":"within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not","page_number":13,"box":{"x":80,"y":636,"width":820,"height":11}},{"id":"b0f331e0-89ad-4374-ab10-9ef5edac165f","block_type":"box","text":"correlate with the overall securities markets.","page_number":13,"box":{"x":81,"y":651,"width":326,"height":9}},{"id":"31f71958-b6fd-47c0-81c5-4905b58bc113","block_type":"box","text":"Valuation Risk","page_number":13,"box":{"x":83,"y":674,"width":102,"height":9}},{"id":"2e504a6c-db23-4f4b-b359-1785f2abfd7d","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":13,"box":{"x":189,"y":673,"width":747,"height":12}},{"id":"aae69afe-53ee-4713-8aef-bffbceadcf97","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":13,"box":{"x":82,"y":688,"width":783,"height":12}},{"id":"86c1d47d-db39-47c0-bf22-0a38c788a83b","block_type":"box","text":"instruments or quote prices for them. Derivatives may also expose the Fund to greater risk and increase its costs.","page_number":13,"box":{"x":82,"y":703,"width":837,"height":12}},{"id":"9cc9e46e-d06a-41ef-9d6b-2be7a13291a9","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":13,"box":{"x":81,"y":718,"width":826,"height":11}},{"id":"e360c2b1-54c5-45c7-b51e-d7fc7f335f56","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":13,"box":{"x":80,"y":733,"width":405,"height":11}},{"id":"2f941f8e-4ba8-4481-835a-299bf3342a15","block_type":"box","text":"Hedging Risk","page_number":13,"box":{"x":82,"y":756,"width":95,"height":11}},{"id":"985805e4-8f85-4183-9777-12b082da56ac","block_type":"box","text":"— When a derivative is used as a hedge against a position that the Fund holds, any loss generated by","page_number":13,"box":{"x":181,"y":756,"width":752,"height":11}},{"id":"983f0b1e-2a2d-4b17-9b24-d2dcedef8538","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":13,"box":{"x":80,"y":770,"width":820,"height":12}},{"id":"8e672fa1-5e70-4946-b0a6-5fc42e8dd300","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":13,"box":{"x":82,"y":785,"width":823,"height":12}},{"id":"31b6653a-920e-42f3-8dce-f59acfaa96bf","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":13,"box":{"x":82,"y":800,"width":813,"height":11}},{"id":"c3643322-ce07-4ff4-a91c-1f4a32424b76","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":13,"box":{"x":82,"y":815,"width":832,"height":11}},{"id":"357cb017-f449-4e10-a272-ae4207bafeda","block_type":"box","text":"noted below.","page_number":13,"box":{"x":82,"y":830,"width":90,"height":9}},{"id":"a933793d-41b1-4e6c-90b2-93dd6e684da9","block_type":"box","text":"Tax Risk","page_number":13,"box":{"x":83,"y":852,"width":59,"height":9}},{"id":"db2cb42e-8af9-40e8-8ea2-c5dbc8f668ee","block_type":"box","text":"— The federal income tax treatment of a derivative may not be as favorable as a direct investment in an","page_number":13,"box":{"x":145,"y":852,"width":766,"height":11}},{"id":"7cb4d5a8-fee9-4743-a35c-7838dfb7d32a","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":13,"box":{"x":82,"y":867,"width":826,"height":11}},{"id":"f0b9b9ca-6b0b-4a69-a8fb-9e0a9979ed31","block_type":"box","text":"investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than","page_number":13,"box":{"x":82,"y":882,"width":846,"height":11}},{"id":"bb3c0933-5a66-4978-a565-c4c458fa5627","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":13,"box":{"x":81,"y":896,"width":817,"height":12}},{"id":"2057c9fc-8d39-45ff-bb50-9d7f508d42ec","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could","page_number":13,"box":{"x":82,"y":911,"width":835,"height":12}},{"id":"fa520e37-a98d-4588-b4ff-8d2832216cd0","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"98580689-302a-47c4-b28d-b600aa706a7c","block_type":"box","text":"NM0926U-5977640-13/68","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c71f2bf6-cb30-41a2-b5b4-37850235e535","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":46,"width":840,"height":11}},{"id":"f1892c04-35e8-41cd-ba64-ab16b4ed35bf","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":60,"width":750,"height":12}},{"id":"77781593-3494-4cf3-b923-2984a56b0cdd","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":14,"box":{"x":81,"y":75,"width":611,"height":12}},{"id":"7a590ddb-7e25-40da-80cb-25039dd65303","block_type":"box","text":"Regulatory Risk","page_number":14,"box":{"x":82,"y":98,"width":115,"height":11}},{"id":"d92ea375-7f23-482f-8a05-4889ce171b43","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":98,"width":688,"height":11}},{"id":"4994d307-1875-42aa-a417-7ce34817f1ea","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":113,"width":851,"height":11}},{"id":"ddf105b6-afed-48e5-95ee-276717c8fc9b","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":128,"width":811,"height":11}},{"id":"cf59d49d-180d-4c69-becb-6e7cc2d8a3ea","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":143,"width":850,"height":11}},{"id":"91227849-07af-49c6-80c3-97a6c52c40e4","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":157,"width":850,"height":12}},{"id":"8720e68f-bf92-45ac-b5ac-553495c3ac63","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":172,"width":838,"height":12}},{"id":"fd4b7a41-4e92-47ae-9102-2b8e2123f0ab","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":14,"box":{"x":81,"y":187,"width":807,"height":11}},{"id":"07dd246c-d2f0-48a9-bd46-c92c95138caf","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":202,"width":787,"height":11}},{"id":"493a49d4-f25d-40ab-877d-52ce056ed3ab","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":216,"width":837,"height":12}},{"id":"e28d6761-6650-40d5-b713-060d4fb5ec4a","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":231,"width":804,"height":12}},{"id":"6ec461af-b15b-419d-96f5-14e0c3e8a62c","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":246,"width":781,"height":12}},{"id":"62e3e1df-1934-4a5b-95ec-318edf387add","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":261,"width":773,"height":11}},{"id":"e90133c0-601d-4983-a75c-2830ac30c584","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":276,"width":836,"height":11}},{"id":"f445751e-576b-4387-a6f0-c0528655c752","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":291,"width":814,"height":11}},{"id":"81c6a900-6060-42e4-9f76-df51ea1fc403","block_type":"box","text":"investors in the Fund.","page_number":14,"box":{"x":82,"y":306,"width":156,"height":9}},{"id":"749cb0bc-290e-4d97-8881-745c7a1ea314","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":328,"width":823,"height":12}},{"id":"396f4266-e940-4b2c-b014-a812fae3428a","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":343,"width":827,"height":11}},{"id":"ea175597-ce53-4e8d-afd2-f74a9ad75a72","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":358,"width":849,"height":11}},{"id":"b0acb213-da8a-4f40-afb8-626a003e735f","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":372,"width":846,"height":12}},{"id":"00850d1d-9675-4c4b-b65a-fc554d072b8e","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":14,"box":{"x":81,"y":387,"width":509,"height":12}},{"id":"5ffa14ae-df88-4257-88eb-37a05c19c0b9","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":14,"box":{"x":82,"y":410,"width":399,"height":11}},{"id":"dcb8fd17-5ab1-4d58-833e-482ea31df836","block_type":"box","text":"Swaps","page_number":14,"box":{"x":102,"y":430,"width":47,"height":11}},{"id":"c3429020-c00a-44b8-a052-4dfd05ca80d0","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":14,"box":{"x":154,"y":430,"width":775,"height":11}},{"id":"3e511d4b-41bd-4922-b16f-e61a9c422ce7","block_type":"box","text":"two-party contracts entered into for periods ranging from a few days to more than one year. In a standard “swap”","page_number":14,"box":{"x":101,"y":445,"width":829,"height":11}},{"id":"77f0262d-a3a8-434a-a322-1aeb92b4cec4","block_type":"box","text":"transaction, two parties agree to exchange the value(s) or cash flow(s) of one asset for another over a certain","page_number":14,"box":{"x":101,"y":459,"width":807,"height":12}},{"id":"4141880f-2af6-4965-8c5a-9c160f0f7218","block_type":"box","text":"period of time. Swap agreements involve the risk that the party with whom the Fund has entered into the swap","page_number":14,"box":{"x":102,"y":474,"width":811,"height":12}},{"id":"b0f64aba-5550-4486-9139-f53f51ef0038","block_type":"box","text":"will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to","page_number":14,"box":{"x":101,"y":489,"width":820,"height":12}},{"id":"fafc345f-94a7-47c5-8183-62d8b1ce7996","block_type":"box","text":"pay the other party to the agreement. Swap agreements may also involve the risk that there is an imperfect","page_number":14,"box":{"x":102,"y":504,"width":791,"height":12}},{"id":"cc72c9a5-42e5-4d84-aaee-f97da0c628dc","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":14,"box":{"x":101,"y":519,"width":789,"height":11}},{"id":"d1801b43-04f7-4bdb-aca2-a55741d3cb18","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":14,"box":{"x":101,"y":534,"width":796,"height":11}},{"id":"4c5a9b8d-0f7f-4f18-b1cd-e5cb66c1a30a","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":14,"box":{"x":102,"y":554,"width":335,"height":11}},{"id":"c396d926-6bb0-4040-96bf-6603f713789d","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":14,"box":{"x":442,"y":554,"width":437,"height":11}},{"id":"5eb849c1-9a39-4839-b9af-cd55babf3095","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":14,"box":{"x":101,"y":568,"width":820,"height":12}},{"id":"8bd0fcaa-6ced-4406-92ed-fc93aef977bb","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":14,"box":{"x":101,"y":583,"width":801,"height":12}},{"id":"b959067c-abc0-4593-b4f5-d526e6acd1b9","block_type":"box","text":"fluctuations in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for","page_number":14,"box":{"x":101,"y":598,"width":824,"height":12}},{"id":"5b403c33-2abf-4ec9-88dc-16dc647fa2d4","block_type":"box","text":"a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain.","page_number":14,"box":{"x":101,"y":613,"width":831,"height":11}},{"id":"511f8420-1cdb-42e8-8e7e-3336b1276c2a","block_type":"box","text":"Futures","page_number":14,"box":{"x":102,"y":633,"width":54,"height":9}},{"id":"5327c89a-4751-485a-a7f1-edddebc81935","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":14,"box":{"x":161,"y":633,"width":765,"height":11}},{"id":"1c00f5b4-d349-493c-9487-67c3d320a400","block_type":"box","text":"seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The","page_number":14,"box":{"x":101,"y":648,"width":786,"height":11}},{"id":"7f5941cd-2000-4d54-9394-4293d1152cf6","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":14,"box":{"x":102,"y":662,"width":769,"height":12}},{"id":"6f3cef30-7e7d-4d8b-8eee-bed330df4557","block_type":"box","text":"between the change in market value of the instruments held by the Fund and the price of the futures contract or","page_number":14,"box":{"x":102,"y":677,"width":822,"height":12}},{"id":"c45fe474-975f-49df-9004-42837595a6b5","block_type":"box","text":"option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close","page_number":14,"box":{"x":101,"y":692,"width":832,"height":12}},{"id":"1524d7d8-404e-459d-be28-99d4662e1b75","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":14,"box":{"x":101,"y":707,"width":806,"height":11}},{"id":"22a42a91-7783-4d1b-b182-01150aba16e7","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":14,"box":{"x":102,"y":722,"width":793,"height":11}},{"id":"18a02950-20ea-46d1-953f-90c68a6751d5","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":14,"box":{"x":102,"y":737,"width":787,"height":11}},{"id":"09ce31a3-8fc0-4aa7-9d86-96d686a05f13","block_type":"box","text":"default in the performance of its obligations.","page_number":14,"box":{"x":101,"y":751,"width":327,"height":12}},{"id":"0f960041-0ac2-4d1a-b3d3-bd206f750098","block_type":"box","text":"Options","page_number":14,"box":{"x":102,"y":772,"width":55,"height":11}},{"id":"b8a303d6-b1d2-4da6-803f-801093aab18b","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":14,"box":{"x":162,"y":771,"width":772,"height":12}},{"id":"ebf97986-8b0e-44ee-8131-e181c820a25a","block_type":"box","text":"the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for","page_number":14,"box":{"x":101,"y":786,"width":812,"height":12}},{"id":"a35cb9ca-0c6a-431a-9f7a-2579a02991c4","block_type":"box","text":"cash in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during","page_number":14,"box":{"x":101,"y":801,"width":827,"height":12}},{"id":"bfbda128-ad18-40cb-a130-b8936a20cd2d","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":14,"box":{"x":101,"y":816,"width":781,"height":11}},{"id":"767b9579-2eb6-4caa-b1bf-fd6bd06104bc","block_type":"box","text":"purchases an option, it may lose the total premium paid for it if the price of the underlying security or other","page_number":14,"box":{"x":102,"y":831,"width":785,"height":11}},{"id":"b80a2473-dbaa-41af-b6c6-b1227ec5139a","block_type":"box","text":"assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case","page_number":14,"box":{"x":101,"y":846,"width":831,"height":11}},{"id":"65a2212f-f7f7-4aa0-bf46-db7b878fc2f5","block_type":"box","text":"of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price","page_number":14,"box":{"x":101,"y":860,"width":814,"height":12}},{"id":"838ba42f-7af6-4e04-b7bf-b76ee334154a","block_type":"box","text":"(in the case of a put option). If a put or call option purchased by the Fund were permitted to expire without being","page_number":14,"box":{"x":101,"y":875,"width":826,"height":12}},{"id":"4a9257d7-a3b8-4f5a-b4ee-d20e531c7f71","block_type":"box","text":"sold or exercised, its premium would represent a loss to the Fund. To the extent that the Fund writes or sells an","page_number":14,"box":{"x":101,"y":890,"width":822,"height":11}},{"id":"223862b0-1030-4c81-bda4-088367ef7254","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"ce1ba316-a197-4cb3-86f7-cf4b60a6d120","block_type":"box","text":"NM0926U-5977640-14/68","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"919c6c9c-1a18-493e-b3cb-5566474c7629","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":46,"width":816,"height":11}},{"id":"e3c8b0b4-4be9-4d78-8926-2456933d02aa","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":15,"box":{"x":101,"y":61,"width":442,"height":11}},{"id":"79a2aba1-a8ba-4972-8b7c-a9480b32ba63","block_type":"box","text":"Equity Securities Risk","page_number":15,"box":{"x":81,"y":81,"width":166,"height":11}},{"id":"12708c53-bdd7-42a8-aed8-446f932624c7","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":15,"box":{"x":251,"y":80,"width":666,"height":12}},{"id":"29117f5c-3523-4714-89ab-2d1c9cc56884","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":15,"box":{"x":81,"y":95,"width":850,"height":12}},{"id":"7c5b7248-9b4a-4ed6-852d-9f160d9ea025","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":15,"box":{"x":82,"y":110,"width":802,"height":12}},{"id":"a2d5021a-383b-4fb5-8c7b-d98c6df92029","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":15,"box":{"x":81,"y":125,"width":854,"height":11}},{"id":"99af241d-cff0-4594-a198-b5c781d9c35f","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":15,"box":{"x":81,"y":140,"width":848,"height":11}},{"id":"3042fdf2-84d3-4022-9ce6-1408449c8215","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":15,"box":{"x":81,"y":155,"width":824,"height":11}},{"id":"f9ca5974-8bef-4b72-a07b-3f806fae6911","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":15,"box":{"x":81,"y":169,"width":782,"height":12}},{"id":"ade9e934-21bb-47bd-b9e0-f9b876cc066e","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":15,"box":{"x":82,"y":184,"width":849,"height":12}},{"id":"7ede5c4c-7ed7-45ae-ae37-3da1e60757f4","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":15,"box":{"x":82,"y":199,"width":482,"height":12}},{"id":"420fc526-0de8-42c7-b95e-81434b1f46f3","block_type":"box","text":"High Portfolio Turnover Risk","page_number":15,"box":{"x":81,"y":219,"width":212,"height":11}},{"id":"80f354bf-08dc-4402-b843-4197743cdb21","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":15,"box":{"x":297,"y":219,"width":629,"height":12}},{"id":"01bf9d79-8ed9-4c8e-a53d-73e3495cb6ee","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":15,"box":{"x":82,"y":234,"width":812,"height":11}},{"id":"58b7da9d-3f13-4e52-b540-e62b4a0094c5","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":15,"box":{"x":81,"y":249,"width":817,"height":11}},{"id":"d78aa175-b2ef-4e12-9d8e-6f13a3726a86","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":15,"box":{"x":81,"y":263,"width":760,"height":12}},{"id":"22100086-796a-4caa-832a-6abb4649ffb5","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":15,"box":{"x":81,"y":278,"width":852,"height":12}},{"id":"fedbf1e9-ae97-4d42-ae23-304b91863e80","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":15,"box":{"x":81,"y":293,"width":589,"height":12}},{"id":"9b59471a-3a70-4a99-8d23-7857e77328ec","block_type":"box","text":"Investment Style Risk","page_number":15,"box":{"x":81,"y":313,"width":166,"height":12}},{"id":"6d3ff79b-53ef-40f9-b3c7-cdce880d5d84","block_type":"box","text":"— Under certain market conditions, growth investments have performed better during the","page_number":15,"box":{"x":251,"y":313,"width":660,"height":12}},{"id":"42fe5812-ab35-4076-b96e-0036713c52d0","block_type":"box","text":"later stages of economic expansion and value investments have performed better during periods of economic","page_number":15,"box":{"x":82,"y":328,"width":804,"height":12}},{"id":"cdd05b02-40b3-440a-be3a-160c1717698c","block_type":"box","text":"recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment","page_number":15,"box":{"x":82,"y":343,"width":823,"height":11}},{"id":"c36cd482-f351-4942-8429-03238c94f495","block_type":"box","text":"style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment","page_number":15,"box":{"x":81,"y":358,"width":842,"height":11}},{"id":"0a62786e-ad6c-4292-a3f4-4c07c8189dfa","block_type":"box","text":"styles.","page_number":15,"box":{"x":81,"y":373,"width":46,"height":11}},{"id":"6b467403-078a-4718-86d6-c83ce0f311ec","block_type":"box","text":"Leverage Risk","page_number":15,"box":{"x":81,"y":393,"width":107,"height":11}},{"id":"c6267133-1430-425f-9cc8-1df8a2e09121","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":15,"box":{"x":192,"y":392,"width":741,"height":12}},{"id":"fba8a801-751a-4e2a-a95a-5c855d51403e","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":15,"box":{"x":81,"y":408,"width":787,"height":11}},{"id":"16cff2c9-0726-42c7-90e2-91cbe1d3fea9","block_type":"box","text":"investment company registered with the Securities and Exchange Commission (the “SEC”), the Fund is subject to","page_number":15,"box":{"x":82,"y":422,"width":831,"height":12}},{"id":"740d3b71-c574-4c07-b037-8d6d31b126f2","block_type":"box","text":"the federal securities laws, including the Investment Company Act and the rules thereunder. Under Rule 18f-4 under","page_number":15,"box":{"x":80,"y":437,"width":853,"height":11}},{"id":"50da1996-c729-407c-ab46-a052519a7107","block_type":"box","text":"the Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or","page_number":15,"box":{"x":80,"y":452,"width":808,"height":11}},{"id":"ab5867a6-5337-428d-92d9-c3a5091da316","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":15,"box":{"x":81,"y":467,"width":837,"height":11}},{"id":"f4778dc1-9fb7-433f-b259-65a6708b07d5","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":15,"box":{"x":82,"y":481,"width":807,"height":12}},{"id":"fdf66259-6913-4d70-b7b6-6348893eeff5","block_type":"box","text":"applicable requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the","page_number":15,"box":{"x":81,"y":496,"width":840,"height":12}},{"id":"087ca886-dc83-4fc0-9f7c-9e8104e7ee1f","block_type":"box","text":"value of the Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":15,"box":{"x":80,"y":511,"width":558,"height":12}},{"id":"e02182ee-32ff-4099-8f27-9348d163435d","block_type":"box","text":"Market Risk and Selection Risk","page_number":15,"box":{"x":81,"y":531,"width":240,"height":9}},{"id":"81a2be48-5fd0-49d3-97cb-f870baf1a9b1","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":15,"box":{"x":324,"y":531,"width":593,"height":9}},{"id":"9d2a031b-04b3-4944-aa27-8d87a872d33a","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":15,"box":{"x":81,"y":546,"width":851,"height":11}},{"id":"9d3033f4-5925-4fc6-bac8-460df8ba97c4","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":15,"box":{"x":82,"y":561,"width":824,"height":11}},{"id":"ac3982e1-c44f-4805-a01f-254c1ff01c5e","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":15,"box":{"x":82,"y":576,"width":851,"height":11}},{"id":"31f6dece-9ab0-4b93-ac55-ba6a01eabb0e","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":15,"box":{"x":82,"y":590,"width":802,"height":12}},{"id":"8adf10b6-d88a-488d-9d09-7742ed79ebff","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":15,"box":{"x":81,"y":605,"width":849,"height":12}},{"id":"02083273-4be0-4195-9e38-354404859036","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":15,"box":{"x":81,"y":620,"width":843,"height":12}},{"id":"e7cc571e-056d-4aee-9ed5-4c0e4b59da65","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":15,"box":{"x":81,"y":635,"width":830,"height":11}},{"id":"0c629620-d173-4154-b241-1fff301e5fa8","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":15,"box":{"x":82,"y":650,"width":840,"height":11}},{"id":"3ace6854-1b5c-4264-aaf3-6a871b3e0973","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":15,"box":{"x":81,"y":664,"width":789,"height":12}},{"id":"b07a411e-f7c4-4d96-aeec-e1a099a6d8bb","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":15,"box":{"x":81,"y":679,"width":823,"height":12}},{"id":"fee7d142-1e1f-497c-89fa-a1c548a01c89","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":15,"box":{"x":81,"y":694,"width":784,"height":12}},{"id":"a1e314e2-36fc-409e-94ef-0ed1ce87c5b2","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":15,"box":{"x":81,"y":709,"width":844,"height":11}},{"id":"37f198f4-3de4-4c0b-9593-6c2d884cd3fd","block_type":"box","text":"The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis","page_number":15,"box":{"x":81,"y":724,"width":855,"height":11}},{"id":"454deb0c-9c56-4425-8810-3d9ca11f5909","block_type":"box","text":"and is subject to “Model Risk” as described below.","page_number":15,"box":{"x":81,"y":739,"width":373,"height":11}},{"id":"1108367d-4cff-4c24-9794-7368dc71affc","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":15,"box":{"x":82,"y":759,"width":818,"height":11}},{"id":"3cc38be2-47fe-4248-b1ea-23e0e6c0ce4e","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":15,"box":{"x":80,"y":774,"width":819,"height":11}},{"id":"625169e9-5fe8-42fa-bb9b-3fb59df1ff04","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":15,"box":{"x":81,"y":788,"width":819,"height":12}},{"id":"19e1270f-0c8a-4cb3-99e1-9f12396edde2","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":15,"box":{"x":81,"y":803,"width":846,"height":12}},{"id":"198f6a74-416c-4222-9922-984b8c1cb40d","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":15,"box":{"x":81,"y":818,"width":848,"height":11}},{"id":"c53e8c36-b974-4a6f-a0db-702a2e87e4b7","block_type":"box","text":"the Fund invests.","page_number":15,"box":{"x":80,"y":833,"width":125,"height":9}},{"id":"b15f2dec-79d8-42c4-9e7c-36f447507a94","block_type":"box","text":"Model Risk","page_number":15,"box":{"x":81,"y":853,"width":85,"height":9}},{"id":"64a290b5-7aa6-4e42-a8c1-4a34573f885c","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":15,"box":{"x":170,"y":853,"width":722,"height":11}},{"id":"7ca0db3a-5238-467b-97ab-66e287563bf2","block_type":"box","text":"quantitative analysis. Investments selected using these models may perform differently than as forecasted due to","page_number":15,"box":{"x":81,"y":867,"width":840,"height":12}},{"id":"f022d256-7e6b-4037-83aa-ead2004b2ba7","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, as well as the level and scope of changes","page_number":15,"box":{"x":80,"y":882,"width":854,"height":12}},{"id":"c7026381-a0d0-4b8b-a5a5-caf75b42c912","block_type":"box","text":"from historical trends. In addition, issues in the construction and implementation of the models, including software","page_number":15,"box":{"x":81,"y":897,"width":845,"height":12}},{"id":"c23ac989-b46b-4c1b-88dc-481c2e481925","block_type":"box","text":"or hardware malfunction, power loss, software bugs, malicious code, viruses, system crashes, issues related to the","page_number":15,"box":{"x":81,"y":912,"width":852,"height":12}},{"id":"186a6dfe-3c57-4103-aa7c-35bdf5423b4f","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"788213c9-3029-4488-ab1d-4785d796635d","block_type":"box","text":"NM0926U-5977640-15/68","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ed2c7086-7c49-4a5e-8f6d-89b62aa0bf11","block_type":"box","text":"use of artificial intelligence and machine learning (“AI”), and other technological failures or various other events or","page_number":16,"box":{"x":82,"y":46,"width":840,"height":11}},{"id":"263a9d49-8430-4af4-911b-6a1875a05d51","block_type":"box","text":"circumstances within or beyond the control of BlackRock, may adversely impact the Fund. Please see also","page_number":16,"box":{"x":81,"y":60,"width":779,"height":12}},{"id":"19c49796-8970-4eed-8b4f-63c7d874b883","block_type":"box","text":"“Operational and Technology Risks” below. There is no guarantee that BlackRock’s use of these models will result","page_number":16,"box":{"x":82,"y":75,"width":838,"height":12}},{"id":"7dbe68cf-4a79-463a-b0de-408907369df1","block_type":"box","text":"in effective investment decisions for the Fund.","page_number":16,"box":{"x":82,"y":90,"width":338,"height":9}},{"id":"1c08ce2e-0403-410a-8d08-445a6151c40f","block_type":"box","text":"Some of the models used by BlackRock rely on historical data and may not accurately predict future market","page_number":16,"box":{"x":81,"y":110,"width":789,"height":12}},{"id":"94c543b2-8007-40b2-807f-72f22f91b79f","block_type":"box","text":"movements. The Fund bears the risk that the models used by BlackRock will not be successful in forecasting","page_number":16,"box":{"x":82,"y":125,"width":800,"height":11}},{"id":"fca81a8e-b85b-45f9-8232-852a51ff1d8f","block_type":"box","text":"movements in the market or in determining the size, direction, and/or weighting of investment positions that will","page_number":16,"box":{"x":82,"y":140,"width":824,"height":11}},{"id":"264d5e1e-2984-4ce8-b846-1a29d4be68e5","block_type":"box","text":"enable the Fund to achieve its investment objective. In addition, the models may not be reliable in the event of","page_number":16,"box":{"x":81,"y":155,"width":814,"height":11}},{"id":"8898d116-4334-4031-a63d-e3567f09eede","block_type":"box","text":"unusual or disruptive events that cause market movements, which may be inconsistent with the historical","page_number":16,"box":{"x":82,"y":170,"width":774,"height":11}},{"id":"120a1d56-2f03-4444-afed-0fe6448a82cb","block_type":"box","text":"performance of individual markets. In such instances, the models may produce unexpected results, which can","page_number":16,"box":{"x":82,"y":184,"width":808,"height":12}},{"id":"ffc5182f-97e6-4757-bb3b-b480986ea68c","block_type":"box","text":"result in losses for the Fund. Furthermore, because predictive models may be constructed based on data supplied","page_number":16,"box":{"x":82,"y":199,"width":840,"height":11}},{"id":"eb77202b-fd26-42d4-a98d-35d21901137b","block_type":"box","text":"by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of such","page_number":16,"box":{"x":81,"y":214,"width":834,"height":11}},{"id":"76d86cb9-0fdd-4880-a5eb-0222e2bf9795","block_type":"box","text":"data.","page_number":16,"box":{"x":81,"y":229,"width":36,"height":9}},{"id":"6c569c5c-87a9-4e10-84a5-a91732a6880f","block_type":"box","text":"“New Issues” Risk","page_number":16,"box":{"x":83,"y":249,"width":139,"height":9}},{"id":"04d90a0d-8d06-4cc2-bb39-28c31a520d59","block_type":"box","text":"— “New issues” are IPOs of equity securities. Investments in companies that have recently","page_number":16,"box":{"x":226,"y":249,"width":673,"height":11}},{"id":"4b39b936-580c-4685-be93-e82bd07a5c88","block_type":"box","text":"gone public have the potential to produce substantial gains for the Fund. However, there is no assurance that the","page_number":16,"box":{"x":81,"y":263,"width":833,"height":12}},{"id":"f1bef2d2-d979-45eb-99ae-71d873c8daf3","block_type":"box","text":"Fund will have access to profitable IPOs and therefore investors should not rely on these past gains as an indication","page_number":16,"box":{"x":82,"y":278,"width":853,"height":12}},{"id":"f02664b4-aacb-4c7d-b89f-6e77585de822","block_type":"box","text":"of future performance. The investment performance of the Fund during periods when it is unable to invest","page_number":16,"box":{"x":81,"y":293,"width":778,"height":12}},{"id":"e87d0889-89d9-45ce-af6d-ae9e47cc8c7e","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":16,"box":{"x":81,"y":308,"width":827,"height":12}},{"id":"27d6476d-33fc-4c07-a54f-5df1dc1c987e","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":16,"box":{"x":82,"y":323,"width":838,"height":11}},{"id":"1d2f513b-ac07-4571-b5ab-efcf8ed8f0c0","block_type":"box","text":"IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":16,"box":{"x":82,"y":338,"width":776,"height":11}},{"id":"35695cc1-bc83-4636-9013-65141e4e4271","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":16,"box":{"x":81,"y":352,"width":830,"height":12}},{"id":"e322d260-64b3-4bea-a92a-028f23baf2c7","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":16,"box":{"x":82,"y":367,"width":834,"height":12}},{"id":"cb81f8ed-e986-4d0e-a644-d4f42fd770c2","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":16,"box":{"x":80,"y":382,"width":844,"height":12}},{"id":"8b79d6c3-ada5-4f34-89ab-92b2907392e2","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":16,"box":{"x":81,"y":397,"width":840,"height":12}},{"id":"0faa7b0c-b3a7-4fc0-a0bf-1815b51fcacc","block_type":"box","text":"price as it would like.","page_number":16,"box":{"x":82,"y":412,"width":153,"height":11}},{"id":"0d931bba-9a66-42e4-b51f-e2b90bfff2d2","block_type":"box","text":"Operational and Technology Risks","page_number":16,"box":{"x":82,"y":432,"width":254,"height":11}},{"id":"701c6b8f-7af5-4768-8137-fdabc275a9cf","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":16,"box":{"x":340,"y":432,"width":549,"height":11}},{"id":"01f66227-e682-4b01-9f49-4a32743ceb50","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":16,"box":{"x":81,"y":447,"width":790,"height":11}},{"id":"337b3240-f9d5-48fb-8fa4-f2c4bfac9646","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of AI, which may result in losses for","page_number":16,"box":{"x":81,"y":461,"width":833,"height":12}},{"id":"2f401f49-982a-42af-8db3-e73d30083a1c","block_type":"box","text":"the Fund and its shareholders or impair the Fund’s operations. These entities include, but are not limited to, the","page_number":16,"box":{"x":80,"y":476,"width":826,"height":11}},{"id":"348d7c91-79fc-4084-94c4-628cbe4360bd","block_type":"box","text":"Fund’s adviser, administrator, distributor, other service providers (e.g., index and benchmark providers,","page_number":16,"box":{"x":82,"y":491,"width":754,"height":12}},{"id":"3db9b525-bbf0-43aa-82dc-36dd8eb4d592","block_type":"box","text":"accountants, custodians, and transfer agents), financial intermediaries, counterparties, market makers, authorized","page_number":16,"box":{"x":81,"y":506,"width":845,"height":11}},{"id":"534aabeb-9425-4b8b-b29c-0ec2067a4895","block_type":"box","text":"participants, listing exchanges, other financial market operators, and governmental authorities, as applicable.","page_number":16,"box":{"x":82,"y":521,"width":805,"height":11}},{"id":"df3df481-bef2-4715-9fe6-fd768433ddb0","block_type":"box","text":"Operational and technology risks for the issuers in which the Fund invests could also result in material adverse","page_number":16,"box":{"x":81,"y":535,"width":815,"height":12}},{"id":"666e41db-bebd-4584-abbb-b17cfe7b0efa","block_type":"box","text":"consequences for such issuers and may cause the Fund’s investments in such issuers to lose value. The Fund may","page_number":16,"box":{"x":81,"y":550,"width":850,"height":12}},{"id":"31210391-d5d7-4bf6-a343-217a1d7d8b6a","block_type":"box","text":"incur substantial costs in order to mitigate operational and technology risks.","page_number":16,"box":{"x":82,"y":565,"width":558,"height":12}},{"id":"83d11ff1-ae07-4caf-8f6e-7fd7c3d57906","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":16,"box":{"x":81,"y":585,"width":821,"height":12}},{"id":"8da3b23e-0f29-4f69-8cef-9bd75e40503d","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":16,"box":{"x":82,"y":600,"width":814,"height":12}},{"id":"f2e838f9-5f4e-4be7-9acc-c9da6463b83d","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":16,"box":{"x":81,"y":615,"width":824,"height":11}},{"id":"4fe91fe2-831d-4e95-92ee-57dbd022e286","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":16,"box":{"x":81,"y":630,"width":791,"height":11}},{"id":"b425a3d3-d5c7-4fc4-8f7d-1d2f4cb1e7d9","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":16,"box":{"x":82,"y":644,"width":852,"height":12}},{"id":"a1254d72-03dd-4d5d-90f5-b382ba9b5fa3","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":16,"box":{"x":81,"y":659,"width":784,"height":12}},{"id":"bff0c67f-b8f2-4260-8d7e-f604f8c655a8","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":16,"box":{"x":81,"y":674,"width":787,"height":12}},{"id":"5a7c7f35-cc7b-4b20-bd02-4e813d3596a1","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations","page_number":16,"box":{"x":81,"y":689,"width":840,"height":11}},{"id":"b8ee469c-4167-4c4f-a2ad-38c26a7841eb","block_type":"box","text":"of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":16,"box":{"x":81,"y":704,"width":809,"height":11}},{"id":"75cc57c4-11b9-4b3f-93b9-497668d9ab9c","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":16,"box":{"x":81,"y":719,"width":829,"height":11}},{"id":"94cf55ad-3afd-4f60-bae1-2a9c9ec7a046","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":16,"box":{"x":82,"y":733,"width":798,"height":12}},{"id":"c6c488a0-e631-4a3f-92b0-ed829a2bc555","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":16,"box":{"x":81,"y":748,"width":829,"height":12}},{"id":"751f0c36-3d11-455c-aae4-b5e04a79f295","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":16,"box":{"x":82,"y":763,"width":846,"height":12}},{"id":"12f22cf1-f2ec-4de0-8588-22c4342c3b69","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":16,"box":{"x":82,"y":778,"width":846,"height":11}},{"id":"df52b50e-c91c-4e96-b3e0-6c2b3d452652","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":16,"box":{"x":81,"y":793,"width":838,"height":11}},{"id":"a8c5d313-77c6-419b-831e-ac51995f8bb2","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":16,"box":{"x":80,"y":808,"width":770,"height":11}},{"id":"2d527f84-01a2-47c5-96ad-1763d3b53265","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":16,"box":{"x":80,"y":822,"width":792,"height":12}},{"id":"10869fca-d5c6-40bf-86b9-057dee666899","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":16,"box":{"x":82,"y":837,"width":845,"height":11}},{"id":"b4259c79-5776-48b9-8e7f-c51775af406c","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":16,"box":{"x":80,"y":852,"width":840,"height":12}},{"id":"d730b2bc-7e18-4429-8781-3d373f4e6348","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":16,"box":{"x":81,"y":867,"width":841,"height":11}},{"id":"eaba5afc-292a-41d3-93ad-0bbe5af32f34","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":16,"box":{"x":80,"y":882,"width":847,"height":11}},{"id":"eec1562c-aef0-4d13-8147-6c14ecd4b94d","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":16,"box":{"x":82,"y":896,"width":838,"height":12}},{"id":"18f2ece4-f2c8-40de-a037-5d7a3729ae2d","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":16,"box":{"x":81,"y":911,"width":847,"height":12}},{"id":"7476594b-ed9a-4280-b900-dd44b90dd10f","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"20ccc0a3-a006-4570-88ba-bee734d1283a","block_type":"box","text":"NM0926U-5977640-16/68","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c360094e-0d80-46a2-a9ca-a7a6f594056d","block_type":"box","text":"operate, continue to quickly evolve, and it is impossible to anticipate the full scope of future AI capabilities or rules","page_number":17,"box":{"x":81,"y":46,"width":845,"height":11}},{"id":"ea77d190-e848-4732-aede-4fa637d2bfc2","block_type":"box","text":"and the associated risks to the Fund.","page_number":17,"box":{"x":81,"y":61,"width":273,"height":9}},{"id":"6e242870-7321-4434-814a-7ed86264c88e","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":17,"box":{"x":81,"y":80,"width":769,"height":12}},{"id":"493b7909-4683-4b08-872b-f35cef793810","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":17,"box":{"x":81,"y":95,"width":855,"height":12}},{"id":"0242e1c5-34c8-4661-84aa-1d83d59a5397","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":17,"box":{"x":80,"y":110,"width":848,"height":12}},{"id":"493c5711-08d2-493f-8a52-6a9de5794827","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":17,"box":{"x":81,"y":125,"width":777,"height":11}},{"id":"2652b9de-6cdc-4428-bd8a-98b24dd3bb62","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":17,"box":{"x":81,"y":140,"width":824,"height":11}},{"id":"2f48175f-21a0-4286-b270-adc8d87b5f1f","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":17,"box":{"x":81,"y":155,"width":785,"height":11}},{"id":"e933e647-6dc8-4f93-93d9-47d77cb122d3","block_type":"box","text":"identified or may emerge in the future; that such plans and systems may not completely eliminate the occurrence or","page_number":17,"box":{"x":82,"y":169,"width":853,"height":12}},{"id":"61f27846-1049-4e8c-9a8d-e65f77d63b4f","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":17,"box":{"x":82,"y":184,"width":855,"height":12}},{"id":"9857e1c4-b7f1-44a4-a93c-15e037ab5598","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":17,"box":{"x":82,"y":199,"width":813,"height":12}},{"id":"ae86cdea-21d7-4992-a5a1-adddb5fb668e","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":17,"box":{"x":81,"y":214,"width":806,"height":11}},{"id":"578cc2b9-199b-4b28-be0c-ba5a1a944b70","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":17,"box":{"x":82,"y":229,"width":602,"height":11}},{"id":"7608e3cd-8807-4987-86ed-937cd5efeb21","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":17,"box":{"x":82,"y":249,"width":794,"height":11}},{"id":"7bf0ea8f-66c7-4024-838d-fdece1d1be8f","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":17,"box":{"x":81,"y":264,"width":840,"height":11}},{"id":"b3062780-e64c-4b4b-ac7d-d3b7b2b03bff","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":17,"box":{"x":81,"y":278,"width":801,"height":12}},{"id":"02e9488d-8151-486c-be78-da20cea23aed","block_type":"box","text":"resources to monitor and implement required changes.","page_number":17,"box":{"x":82,"y":293,"width":402,"height":12}},{"id":"8eb26179-93b1-4589-b027-9066746baba5","block_type":"box","text":"Preferred Securities Risk","page_number":17,"box":{"x":81,"y":313,"width":189,"height":9}},{"id":"70c3afc6-1e05-4e94-87fb-01a31f207926","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":17,"box":{"x":274,"y":313,"width":636,"height":12}},{"id":"7638c000-0e03-4921-9e3a-14f5f612a169","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":17,"box":{"x":81,"y":328,"width":824,"height":12}},{"id":"7bc92a0b-ac58-4fda-90c4-8c7a08662231","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":17,"box":{"x":82,"y":343,"width":806,"height":11}},{"id":"3885b81b-2bef-4815-9cb6-ef7bf5161213","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":17,"box":{"x":81,"y":358,"width":842,"height":11}},{"id":"cdf751a4-427b-4c96-b8fc-bfcfd34a8237","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":17,"box":{"x":81,"y":372,"width":781,"height":12}},{"id":"a45f246a-5efb-4587-a31b-36df010c7cc0","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":17,"box":{"x":81,"y":387,"width":812,"height":12}},{"id":"c6144220-1683-4b4d-a944-9269a3d16fda","block_type":"box","text":"larger companies.","page_number":17,"box":{"x":82,"y":402,"width":129,"height":12}},{"id":"b8fb94c6-9a79-4153-8f48-b960b2a4a6b2","block_type":"box","text":"Risk of Investing in the United States","page_number":17,"box":{"x":81,"y":422,"width":283,"height":11}},{"id":"81dbef10-d5fd-421a-9d77-57119c63ca10","block_type":"box","text":"—","page_number":17,"box":{"x":369,"y":427,"width":17,"height":1}},{"id":"099db65a-5cd5-4da3-b7d5-36533d723324","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations, tariffs,","page_number":17,"box":{"x":390,"y":422,"width":519,"height":12}},{"id":"78bb9da4-ccce-46ef-b85c-5001ce2bb93e","block_type":"box","text":"inflation and/or an economic recession in the United States may have a material adverse effect on the U.S.","page_number":17,"box":{"x":82,"y":437,"width":790,"height":11}},{"id":"7c50833b-5171-46dd-abff-e37f37c1a5b0","block_type":"box","text":"economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the","page_number":17,"box":{"x":81,"y":452,"width":835,"height":11}},{"id":"63a91e50-213b-4294-a3ee-a0ea24a9ae98","block_type":"box","text":"United States are changing many aspects of financial, commercial, public health, environmental, and other","page_number":17,"box":{"x":82,"y":467,"width":784,"height":11}},{"id":"4ce7a7d6-27a6-43f3-8dba-723c3c928e84","block_type":"box","text":"regulation and may have a significant effect on U.S. markets generally, as well as on the value of certain securities.","page_number":17,"box":{"x":82,"y":481,"width":849,"height":12}},{"id":"6f1f0084-c689-43ba-bc92-0b8f7f6e659f","block_type":"box","text":"Governmental agencies project that the United States will continue to maintain elevated public debt levels for the","page_number":17,"box":{"x":81,"y":496,"width":832,"height":12}},{"id":"b38a347e-4269-4008-94ba-140e58ecd3d4","block_type":"box","text":"foreseeable future. Although elevated debt levels do not necessarily indicate or cause economic problems, elevated","page_number":17,"box":{"x":81,"y":511,"width":851,"height":12}},{"id":"ebd395be-bb46-4368-ac6b-4b13a035bbbd","block_type":"box","text":"public debt service costs may constrain future economic growth.","page_number":17,"box":{"x":82,"y":526,"width":471,"height":11}},{"id":"7113e93e-44e4-49fc-89d7-f009e28ac7e8","block_type":"box","text":"The United States has developed increasingly strained relations with a number of foreign countries. If relations with","page_number":17,"box":{"x":81,"y":546,"width":847,"height":11}},{"id":"632b9e94-8816-4243-b3e9-d7607db165d8","block_type":"box","text":"certain countries deteriorate, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the","page_number":17,"box":{"x":81,"y":561,"width":810,"height":11}},{"id":"825e90b5-8bed-46f4-adee-5c81079db013","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and political discord. If","page_number":17,"box":{"x":82,"y":575,"width":832,"height":12}},{"id":"17babaf8-8671-4dab-8017-144d1caaf2b5","block_type":"box","text":"these trends were to continue, it may have an adverse impact on the U.S. economy and the issuers in which the","page_number":17,"box":{"x":80,"y":590,"width":826,"height":12}},{"id":"a4526e5f-8138-447a-99a4-5d9e07bb613e","block_type":"box","text":"Fund invests.","page_number":17,"box":{"x":82,"y":605,"width":95,"height":9}},{"id":"f3109c04-84c1-4845-b2e8-f1cbbf94b108","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":17,"box":{"x":61,"y":628,"width":296,"height":13}},{"id":"6d7ebc2b-b032-46f6-aca7-af059080705e","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":17,"box":{"x":60,"y":645,"width":832,"height":11}},{"id":"32fdca9e-6ea6-4721-971f-3ccb33d2699d","block_type":"box","text":"strategies, including:","page_number":17,"box":{"x":61,"y":660,"width":151,"height":11}},{"id":"a811f0c8-0fe0-4baa-abf6-904e4a64e233","block_type":"box","text":"Borrowing Risk","page_number":17,"box":{"x":81,"y":679,"width":115,"height":12}},{"id":"33ba0925-38b4-4af0-9598-0a67ad71c298","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":17,"box":{"x":200,"y":679,"width":711,"height":12}},{"id":"96b9b134-e0d8-4bdc-9ea8-fea2beb03f34","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":17,"box":{"x":80,"y":694,"width":813,"height":12}},{"id":"020a5a87-1aaf-49a2-88ce-f3e7a5fae9e5","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":17,"box":{"x":82,"y":709,"width":846,"height":11}},{"id":"3db1bdbc-4efa-4d6f-9dc1-f04d99b9ee29","block_type":"box","text":"do so to satisfy its obligations.","page_number":17,"box":{"x":81,"y":724,"width":225,"height":11}},{"id":"cbf8f8fc-cc3d-46a5-b5a3-f9bd095c9490","block_type":"box","text":"Expense Risk","page_number":17,"box":{"x":81,"y":744,"width":102,"height":11}},{"id":"2734b9c5-038f-451a-a4d9-5b8c1e359512","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":17,"box":{"x":187,"y":744,"width":734,"height":11}},{"id":"d4d16855-acd9-43c5-9178-4bebe9856a47","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":17,"box":{"x":81,"y":759,"width":855,"height":11}},{"id":"54d5df8b-194d-4077-9929-a7810671d686","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":17,"box":{"x":82,"y":773,"width":842,"height":12}},{"id":"9f326a84-6436-4ee4-8535-afd847305bf1","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":17,"box":{"x":82,"y":788,"width":808,"height":12}},{"id":"5f41a218-c352-476c-8e85-b87e264f55dd","block_type":"box","text":"significant.","page_number":17,"box":{"x":81,"y":803,"width":78,"height":12}},{"id":"39edd1cf-8148-40d6-aa70-e41e7b2a7088","block_type":"box","text":"Illiquid Investments Risk","page_number":17,"box":{"x":81,"y":823,"width":186,"height":11}},{"id":"5a6a8ec5-e191-4f20-b968-5db91611f90f","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":17,"box":{"x":271,"y":823,"width":648,"height":11}},{"id":"44fc0409-7d57-45b0-968b-f778484e01b4","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":17,"box":{"x":80,"y":838,"width":841,"height":11}},{"id":"d279a26c-b8b3-47bb-ad80-44aa6c8f2c33","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":17,"box":{"x":82,"y":853,"width":831,"height":11}},{"id":"72f282c6-9d72-422f-9bb1-675b82965156","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":17,"box":{"x":81,"y":867,"width":811,"height":12}},{"id":"0de25cee-3df4-4933-90a7-41b96f661cc2","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":17,"box":{"x":82,"y":882,"width":825,"height":12}},{"id":"4c9e1ad6-7025-4068-b177-0844ba72816b","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":17,"box":{"x":81,"y":897,"width":837,"height":12}},{"id":"7ccc718f-1b7b-43fe-a1f0-748c98dc9342","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":17,"box":{"x":80,"y":912,"width":851,"height":12}},{"id":"60f540ec-2e6b-4952-b5e1-11d4d0c9d81f","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"644c52ff-1c68-439e-9ab7-ed2b142b638f","block_type":"box","text":"NM0926U-5977640-17/68","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"38bf55db-a6ca-43fa-9482-9fa9a9ac52cd","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":18,"box":{"x":82,"y":46,"width":835,"height":11}},{"id":"6775ec25-2071-4237-a1fa-a9fb6aa9db25","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":18,"box":{"x":82,"y":60,"width":835,"height":12}},{"id":"179e72bd-d770-461a-93d1-bb238717f64f","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":18,"box":{"x":81,"y":75,"width":791,"height":12}},{"id":"3e34cc28-0b87-43a0-a680-547a4dec5991","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":18,"box":{"x":81,"y":90,"width":846,"height":12}},{"id":"7741d0b2-14a4-45b1-a6e9-2d1fcec317f2","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":18,"box":{"x":81,"y":105,"width":835,"height":12}},{"id":"3d48c5cb-9685-46d3-809e-cbe070b22320","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":18,"box":{"x":82,"y":120,"width":839,"height":11}},{"id":"5b2d97cb-f402-4759-a836-fdb1927090b3","block_type":"box","text":"the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":18,"box":{"x":80,"y":135,"width":834,"height":11}},{"id":"be385fc3-cfe9-4ab0-8ec2-7db5a619dd3b","block_type":"box","text":"and/or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments.","page_number":18,"box":{"x":81,"y":150,"width":815,"height":11}},{"id":"d141649c-1579-4475-b850-b3b6cdbd949a","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":18,"box":{"x":82,"y":164,"width":835,"height":12}},{"id":"127967e6-40dc-400c-b01c-0796d6ed835f","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":18,"box":{"x":82,"y":179,"width":827,"height":11}},{"id":"53daaa8f-5ec5-4703-b94b-41811efa8014","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":18,"box":{"x":80,"y":194,"width":831,"height":11}},{"id":"10ccd412-0a60-4bb3-ac2d-5bf3dc040340","block_type":"box","text":"subject to purchase and sale restrictions.","page_number":18,"box":{"x":81,"y":209,"width":304,"height":11}},{"id":"6f6e8300-9e70-4b93-95d4-01c71bde4664","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":18,"box":{"x":81,"y":229,"width":366,"height":11}},{"id":"0737655f-61c2-45ff-aa3f-a258c9294beb","block_type":"box","text":"— As with other investments, investments in other investment","page_number":18,"box":{"x":450,"y":229,"width":459,"height":10}},{"id":"3e17b52a-4ccd-42a2-b718-3b3dbd313955","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":18,"box":{"x":81,"y":244,"width":815,"height":11}},{"id":"de4df5be-aa23-4025-8603-ad1c99ae78f3","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":18,"box":{"x":82,"y":258,"width":844,"height":12}},{"id":"c5e24c9e-59cc-46f1-ae1e-fcf8e0227e9b","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":18,"box":{"x":81,"y":273,"width":822,"height":12}},{"id":"586a12ce-e70f-438c-b61a-cde4a0708db7","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":18,"box":{"x":81,"y":288,"width":829,"height":12}},{"id":"b00f4238-c178-41f2-8c7f-7159952e4207","block_type":"box","text":"fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":18,"box":{"x":81,"y":303,"width":628,"height":11}},{"id":"651bc812-6755-4be5-ac0b-074d7f5d9c6c","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":18,"box":{"x":81,"y":323,"width":396,"height":11}},{"id":"15ad8129-cd68-4ab6-a247-74abd243a85e","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":18,"box":{"x":481,"y":323,"width":440,"height":11}},{"id":"cda85456-734c-4dd9-95da-1987e49c8f4e","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":18,"box":{"x":82,"y":338,"width":801,"height":11}},{"id":"ce2fe5d3-f9fb-4960-a7c1-ff97a33c6394","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":18,"box":{"x":81,"y":352,"width":825,"height":12}},{"id":"ac722f86-4e32-49e4-9f4f-95b1ee11cc67","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":18,"box":{"x":82,"y":367,"width":816,"height":12}},{"id":"3ad1bc2c-b169-4ecf-b537-a0e29355f4ec","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":18,"box":{"x":82,"y":382,"width":818,"height":12}},{"id":"ee2bc092-7e19-434a-872e-257bbd174acf","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":18,"box":{"x":80,"y":397,"width":835,"height":11}},{"id":"b498283a-4938-4af0-b757-1d5b54e0bc45","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":18,"box":{"x":80,"y":412,"width":807,"height":11}},{"id":"5d269d34-8c2e-4282-b186-50e59b2bf562","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":18,"box":{"x":82,"y":427,"width":841,"height":11}},{"id":"f2925c33-5dfa-463e-9ced-58cc1c19701a","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":18,"box":{"x":80,"y":441,"width":855,"height":12}},{"id":"4f5f8c93-b782-494d-9886-b6a8eec41084","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":18,"box":{"x":81,"y":456,"width":751,"height":11}},{"id":"63c9e6a1-ea62-42fc-afbc-699a762b15b4","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":18,"box":{"x":81,"y":471,"width":785,"height":12}},{"id":"f888d083-9029-460f-9261-9a7f2a86184c","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":18,"box":{"x":81,"y":486,"width":841,"height":11}},{"id":"d87df42d-8ecd-400d-a53f-64be1dd6b39a","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":18,"box":{"x":80,"y":501,"width":824,"height":11}},{"id":"d4886358-3a5d-44ef-a077-55e71a96404c","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":18,"box":{"x":81,"y":516,"width":822,"height":11}},{"id":"874c7337-039f-4fe3-a212-a349f304ab01","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":18,"box":{"x":81,"y":530,"width":801,"height":12}},{"id":"b9c30995-aa95-4573-9155-bc4047198035","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":18,"box":{"x":80,"y":545,"width":765,"height":12}},{"id":"c357197b-b521-48d9-a615-270eadd301d7","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":18,"box":{"x":82,"y":560,"width":852,"height":12}},{"id":"bcd00f71-8999-4381-91e0-92a1cb10c4e1","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":18,"box":{"x":82,"y":575,"width":847,"height":11}},{"id":"e85b8007-27ed-4781-b5a6-9fa9918556df","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":18,"box":{"x":80,"y":590,"width":847,"height":11}},{"id":"91a2c054-e997-4cbc-9de8-277f2fdc6089","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":18,"box":{"x":81,"y":604,"width":845,"height":12}},{"id":"b6c6af85-89f0-458e-93f9-cc8e8291f8ef","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":18,"box":{"x":82,"y":619,"width":835,"height":12}},{"id":"f6a25c58-7e69-41af-bd33-0d5788eeb45f","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":18,"box":{"x":82,"y":634,"width":839,"height":12}},{"id":"2ff5f435-41dd-45b5-944f-f7720ccc1ab3","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":18,"box":{"x":82,"y":649,"width":461,"height":12}},{"id":"12026064-c27f-4c9c-bec8-8c0672ded0d1","block_type":"box","text":"Mid Cap Securities Risk","page_number":18,"box":{"x":81,"y":669,"width":182,"height":11}},{"id":"44020d8a-31b1-4edf-bba2-5a3000724cec","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":669,"width":665,"height":12}},{"id":"a2aeca81-56c7-4a2c-a85b-147fbfa4782a","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":684,"width":789,"height":11}},{"id":"6432d6bc-5ecc-400f-a01a-a36ce35c1224","block_type":"box","text":"Money Market Securities Risk","page_number":18,"box":{"x":81,"y":704,"width":229,"height":11}},{"id":"d894aef1-ff64-4f71-8924-a514795d5d11","block_type":"box","text":"— If market conditions improve while the Fund has invested some or all of its","page_number":18,"box":{"x":314,"y":704,"width":570,"height":11}},{"id":"a5ca920e-53f3-4c31-a161-19b99257a7cf","block_type":"box","text":"assets in high quality money market securities, this strategy could result in reducing the potential gain from the","page_number":18,"box":{"x":81,"y":719,"width":819,"height":11}},{"id":"b018004c-d852-4b35-bc21-45395adc524d","block_type":"box","text":"market upswing, thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":18,"box":{"x":82,"y":734,"width":657,"height":11}},{"id":"4a23c556-21de-4da2-ae15-74f303bd0a91","block_type":"box","text":"Ownership Limitations Risk","page_number":18,"box":{"x":82,"y":754,"width":205,"height":11}},{"id":"569397cd-3710-4250-9967-64befc554b50","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":18,"box":{"x":291,"y":753,"width":610,"height":12}},{"id":"d1489661-56d3-4f18-9e51-bdfaec167cf9","block_type":"box","text":"transactions undertaken by BlackRock, its affiliates or the Fund, or as a result of third-party transactions or actions","page_number":18,"box":{"x":80,"y":768,"width":849,"height":12}},{"id":"c7c45098-deaf-43fa-9eb6-c2d8b9c28e0a","block_type":"box","text":"by an issuer or regulator, the ability of BlackRock and its affiliates on behalf of clients (including the Fund) to","page_number":18,"box":{"x":81,"y":783,"width":798,"height":12}},{"id":"3d005f38-635a-4065-8317-8d5f408f49a0","block_type":"box","text":"purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law,","page_number":18,"box":{"x":82,"y":798,"width":833,"height":11}},{"id":"0909300b-b31a-452c-86f3-3d1349d94cb5","block_type":"box","text":"regulation or rule or otherwise impaired. The capacity of the Fund to invest in certain securities or other assets may","page_number":18,"box":{"x":82,"y":813,"width":851,"height":11}},{"id":"4af0215b-2ec1-4f25-914d-a48384f19e4e","block_type":"box","text":"be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and","page_number":18,"box":{"x":81,"y":827,"width":813,"height":12}},{"id":"cbc2ac9e-1baa-4287-8ac8-937da55d7687","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":18,"box":{"x":82,"y":842,"width":331,"height":12}},{"id":"f87bb31b-020c-479b-bcda-c79fb2267dfa","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":18,"box":{"x":82,"y":863,"width":826,"height":11}},{"id":"30e89282-db46-4e12-aeb3-f8b4c52c7a9c","block_type":"box","text":"certain international markets. Such limits also may apply where the investing entity (such as the Fund) is subject to","page_number":18,"box":{"x":81,"y":877,"width":848,"height":12}},{"id":"5951be66-8cff-4a39-a73c-3c6905c18abc","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":18,"box":{"x":81,"y":892,"width":799,"height":12}},{"id":"f928c777-4c5f-4815-9266-1fa84df2c77e","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":18,"box":{"x":81,"y":907,"width":828,"height":11}},{"id":"73c99f6d-8426-48f0-b50c-bba61dab70d6","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"f8f2e71b-e80f-4ae9-bd6d-df273524c541","block_type":"box","text":"NM0926U-5977640-18/68","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3412fe6a-b74b-447f-a3f3-31211e103e86","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":19,"box":{"x":81,"y":46,"width":828,"height":11}},{"id":"bec885a0-14c2-48f8-83aa-a721935178c0","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":19,"box":{"x":80,"y":60,"width":837,"height":12}},{"id":"a37d4e8d-a83d-49e8-8c8c-8dc898541197","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":19,"box":{"x":80,"y":75,"width":837,"height":12}},{"id":"450b8316-c91d-496b-9bca-51ad79ad3c1d","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":19,"box":{"x":82,"y":90,"width":800,"height":12}},{"id":"304a7f27-7fc8-45a8-87b7-82f71f380962","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":19,"box":{"x":81,"y":105,"width":678,"height":12}},{"id":"6dd82b65-35eb-43f9-8b16-a7e97f4a2af3","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":19,"box":{"x":81,"y":125,"width":842,"height":11}},{"id":"0a23221d-97f0-449d-a00c-26b30ae6237e","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":19,"box":{"x":81,"y":140,"width":833,"height":11}},{"id":"e5d62bb9-6c6f-4693-85ec-e52c874764e7","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":19,"box":{"x":82,"y":155,"width":582,"height":11}},{"id":"26423b75-c98b-462e-b903-99a22d92689b","block_type":"box","text":"Real Estate-Related Securities Risk","page_number":19,"box":{"x":81,"y":175,"width":269,"height":9}},{"id":"db19e62a-2276-4330-8160-39fd6fbdb993","block_type":"box","text":"— The main risk of real estate-related securities is that the value of the","page_number":19,"box":{"x":354,"y":175,"width":527,"height":9}},{"id":"0acae6ef-7f02-4eb6-bb43-051e033c4865","block_type":"box","text":"underlying real estate may go down. Many factors may affect real estate values. These factors include both the","page_number":19,"box":{"x":82,"y":189,"width":816,"height":12}},{"id":"29492c2b-b2ec-4ce5-9300-26744414c02d","block_type":"box","text":"general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re-lease","page_number":19,"box":{"x":81,"y":204,"width":845,"height":12}},{"id":"dad7c77b-b0ca-4971-9ef5-bc4d44e0f34e","block_type":"box","text":"space under expiring leases on attractive terms, the amount of new construction in a particular area, the laws and","page_number":19,"box":{"x":81,"y":219,"width":841,"height":12}},{"id":"e3534ec5-793f-496a-9f95-73a8afa1c6fb","block_type":"box","text":"regulations (including zoning, environmental and tax laws) affecting real estate and the costs of owning, maintaining","page_number":19,"box":{"x":82,"y":234,"width":852,"height":11}},{"id":"fdc01920-4ef8-4002-b4db-6ecfd3d0e614","block_type":"box","text":"and improving real estate. The availability of mortgage financing and changes in interest rates may also affect real","page_number":19,"box":{"x":81,"y":249,"width":841,"height":11}},{"id":"000fddda-8fc7-4573-a077-6a3414008f9a","block_type":"box","text":"estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in one","page_number":19,"box":{"x":81,"y":263,"width":807,"height":12}},{"id":"c7eb77de-7eb6-4962-b66b-7228cd8255b5","block_type":"box","text":"property type, the Fund will be particularly subject to the risks associated with that area or property type. Many","page_number":19,"box":{"x":82,"y":279,"width":815,"height":11}},{"id":"f2716aae-d9c8-4994-bdcb-3720e8d90c83","block_type":"box","text":"issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities.","page_number":19,"box":{"x":82,"y":293,"width":845,"height":12}},{"id":"b4fcbd52-098c-4b27-ba5a-a661c56c82a4","block_type":"box","text":"The value of the securities the Fund buys will not necessarily track the value of the underlying investments of the","page_number":19,"box":{"x":81,"y":308,"width":828,"height":12}},{"id":"947be4df-bffe-478f-ad5d-6f9fa7dec478","block_type":"box","text":"issuers of such securities. In addition, certain issuers of real estate-related securities may have developed or","page_number":19,"box":{"x":82,"y":323,"width":805,"height":11}},{"id":"e37addc0-a926-454d-b5b5-a3c3ae4468aa","block_type":"box","text":"commenced development on properties and may develop additional properties in the future. Real estate","page_number":19,"box":{"x":81,"y":338,"width":767,"height":11}},{"id":"cb679914-92fd-42fd-8c6e-f71fba3c231f","block_type":"box","text":"development involves significant risks in addition to those involved in the ownership and operation of established","page_number":19,"box":{"x":81,"y":352,"width":831,"height":12}},{"id":"4941eabf-5aec-4f38-89d4-0c85022b4b64","block_type":"box","text":"properties. Real estate securities may have limited diversification and are, therefore, subject to risks inherent in","page_number":19,"box":{"x":82,"y":367,"width":824,"height":12}},{"id":"6458490e-ba03-41c6-a2ae-fe62b1725247","block_type":"box","text":"operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow","page_number":19,"box":{"x":81,"y":382,"width":817,"height":12}},{"id":"edc1f702-e5fb-4c31-9590-ad0994e2b104","block_type":"box","text":"dependency and defaults by borrowers or tenants.","page_number":19,"box":{"x":81,"y":397,"width":367,"height":11}},{"id":"c619b198-817c-4a37-af3f-a0fb2b26f48d","block_type":"box","text":"REIT Investment Risk","page_number":19,"box":{"x":81,"y":417,"width":163,"height":9}},{"id":"075f29ab-1d0f-423a-9aed-191993520a11","block_type":"box","text":"—","page_number":19,"box":{"x":248,"y":422,"width":17,"height":1}},{"id":"6be3de25-702c-435d-a2d2-f6c968293fde","block_type":"box","text":"In addition to the risks facing real estate-related securities, such as a decline in property","page_number":19,"box":{"x":271,"y":417,"width":653,"height":11}},{"id":"3aad1ebd-78d5-4fc3-96e1-6f389cc78a6b","block_type":"box","text":"values due to increasing vacancies, a decline in rents resulting from unanticipated economic, legal or technological","page_number":19,"box":{"x":80,"y":432,"width":846,"height":11}},{"id":"66f9942f-11c7-4c2e-accd-fc1b24e4b259","block_type":"box","text":"developments or a decline in the price of securities of real estate companies due to a failure of borrowers to pay","page_number":19,"box":{"x":81,"y":447,"width":829,"height":11}},{"id":"a9f8e5ef-8782-4e68-99fd-1cdb22d94b95","block_type":"box","text":"their loans or poor management, investments in REITs involve unique risks. REITs may have limited financial","page_number":19,"box":{"x":80,"y":461,"width":793,"height":12}},{"id":"ab449e24-7b32-470e-8040-e9c48ef2af85","block_type":"box","text":"resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may","page_number":19,"box":{"x":82,"y":476,"width":836,"height":12}},{"id":"43f1824c-4298-48eb-a5fd-6d4b0a852abc","block_type":"box","text":"be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment","page_number":19,"box":{"x":81,"y":491,"width":814,"height":11}},{"id":"63b6d0ca-0035-45af-81b4-c59fccdf6f4e","block_type":"box","text":"company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code, which","page_number":19,"box":{"x":81,"y":506,"width":825,"height":11}},{"id":"783cf14a-ba53-4c91-bd51-1c4514c9b281","block_type":"box","text":"allows REITs to reduce their corporate taxable income for dividends paid to their shareholders. Ordinary REIT","page_number":19,"box":{"x":81,"y":521,"width":797,"height":11}},{"id":"8f9a1519-3016-46c7-9ea9-4c226eaf58f0","block_type":"box","text":"dividends received by the Fund and distributed to the Fund’s shareholders will generally be taxable as ordinary","page_number":19,"box":{"x":81,"y":536,"width":812,"height":11}},{"id":"2996a8a5-8109-444b-80ef-6867e115e67c","block_type":"box","text":"income and will not constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT","page_number":19,"box":{"x":82,"y":550,"width":838,"height":12}},{"id":"e509c2a5-8c6b-4e41-98da-1d896bac8f31","block_type":"box","text":"shareholder may claim a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated","page_number":19,"box":{"x":81,"y":565,"width":832,"height":12}},{"id":"ab0bb1e5-1daf-49d0-9d76-e7434c6834de","block_type":"box","text":"investment company may report dividends as eligible for this deduction to the extent the regulated investment","page_number":19,"box":{"x":82,"y":580,"width":809,"height":12}},{"id":"f5375670-4344-4a27-83f6-ad255db276bd","block_type":"box","text":"company’s income is derived from ordinary REIT dividends (reduced by allocable regulated investment company","page_number":19,"box":{"x":81,"y":595,"width":819,"height":11}},{"id":"452cb575-4652-4968-b136-106502935378","block_type":"box","text":"expenses). A shareholder may treat the dividends as such provided the regulated investment company and the","page_number":19,"box":{"x":81,"y":610,"width":813,"height":11}},{"id":"b3782a52-098d-44f7-8c7a-38fa96280031","block_type":"box","text":"shareholder satisfy applicable holding period requirements.","page_number":19,"box":{"x":81,"y":624,"width":434,"height":12}},{"id":"6ed0ada9-ef3d-4782-b517-721dca3a7d71","block_type":"box","text":"Reliance on Advisor Risk","page_number":19,"box":{"x":81,"y":645,"width":188,"height":9}},{"id":"778f5482-6109-40d3-b22a-461629d947db","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":19,"box":{"x":273,"y":645,"width":614,"height":11}},{"id":"18834bd2-07d9-4971-9812-0df8447f63a1","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":19,"box":{"x":80,"y":659,"width":830,"height":12}},{"id":"18e74ed4-1564-4a51-9501-79e73224eb13","block_type":"box","text":"the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock","page_number":19,"box":{"x":80,"y":674,"width":856,"height":12}},{"id":"24233f38-836d-4226-897d-b05f65d3a1d2","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":19,"box":{"x":80,"y":689,"width":841,"height":11}},{"id":"b87b2ac3-e472-410e-b573-4dabd1ea8332","block_type":"box","text":"could have a negative effect on the performance or the continued operation of the Fund.","page_number":19,"box":{"x":81,"y":704,"width":649,"height":11}},{"id":"6a1d5b2a-88b5-44a6-ad10-81bd1ff5b6e4","block_type":"box","text":"Restricted Securities Risk","page_number":19,"box":{"x":81,"y":724,"width":198,"height":9}},{"id":"45aaa6a3-14ec-4818-bdbe-88d130656370","block_type":"box","text":"—","page_number":19,"box":{"x":284,"y":729,"width":17,"height":1}},{"id":"7e92160c-b8ad-483a-8cc5-7bea3e6576b0","block_type":"box","text":"Limitations on the resale, including any required lock-up or holding periods, of","page_number":19,"box":{"x":306,"y":724,"width":571,"height":11}},{"id":"48fca72f-0c11-4865-9e36-d54f6226f6c0","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity, and may prevent the Fund","page_number":19,"box":{"x":82,"y":739,"width":843,"height":11}},{"id":"74845dcf-0364-4f8b-a415-e79a462a244e","block_type":"box","text":"from disposing of them promptly at advantageous prices, if at all. Restricted securities may not be listed on an","page_number":19,"box":{"x":81,"y":753,"width":813,"height":12}},{"id":"f0ee53d4-9f6f-4115-a058-c85d70a228ce","block_type":"box","text":"exchange and may have no active trading market. In order to sell certain restricted securities, the Fund may have to","page_number":19,"box":{"x":81,"y":768,"width":851,"height":12}},{"id":"1707e75d-1507-45f6-955d-24a84098a11c","block_type":"box","text":"bear the expense of registering the securities for resale and the risk of substantial delays in effecting the","page_number":19,"box":{"x":81,"y":783,"width":774,"height":12}},{"id":"02807ba1-837a-47a2-910b-d695d13488f0","block_type":"box","text":"registration. Other transaction costs may be higher for restricted securities than unrestricted securities. Restricted","page_number":19,"box":{"x":82,"y":798,"width":839,"height":11}},{"id":"5f834fab-d1c7-40fe-b9cd-81155078ad09","block_type":"box","text":"securities may be difficult to value because market quotations may not be readily available, there may be limited","page_number":19,"box":{"x":81,"y":813,"width":828,"height":11}},{"id":"2f91729b-2557-4970-998b-984d059ea792","block_type":"box","text":"other information regarding the investment’s market or fair value, and the securities’ values may have significant","page_number":19,"box":{"x":81,"y":827,"width":830,"height":12}},{"id":"a21b8b65-6dac-4a95-84a5-85877e119750","block_type":"box","text":"volatility. Also, the Fund may get only limited information about the issuer of a given restricted security, and","page_number":19,"box":{"x":80,"y":842,"width":787,"height":12}},{"id":"b21cfcd6-9da2-4619-bb73-860ea484e79e","block_type":"box","text":"therefore may be less able to determine the security’s market or fair value or assess the investment risks as fully","page_number":19,"box":{"x":80,"y":857,"width":838,"height":12}},{"id":"87b069df-edf3-41bf-b3cd-11ec8026355f","block_type":"box","text":"as for other issuers for which more information is available. Certain restricted securities may involve a high degree","page_number":19,"box":{"x":81,"y":872,"width":843,"height":12}},{"id":"e309a82c-16e9-46bb-b308-40ec51118a45","block_type":"box","text":"of business and financial risk and may result in substantial losses to the Fund. 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Financial Intermediaries may have different policies and","page_number":24,"box":{"x":61,"y":789,"width":840,"height":11}},{"id":"0599256c-ce86-4d4a-ae46-2757a9a4b4ac","block_type":"box","text":"procedures regarding the availability of front-end sales charge waivers or deferred sales charge waivers, which are","page_number":24,"box":{"x":62,"y":804,"width":838,"height":11}},{"id":"44708da1-1f45-4e19-9765-564f1d8ccf68","block_type":"box","text":"discussed below. In all instances, it is your responsibility to notify the Fund or your Financial Intermediary at the time","page_number":24,"box":{"x":61,"y":818,"width":857,"height":12}},{"id":"670027e3-9ef3-48b3-866d-fad03015e1f7","block_type":"box","text":"of purchase of any relationship or other facts qualifying you for sales charge waivers or reductions.","page_number":24,"box":{"x":61,"y":833,"width":724,"height":12}},{"id":"2466ab6f-269a-4f88-8ab7-94f3009771f5","block_type":"box","text":"For waivers and","page_number":24,"box":{"x":792,"y":833,"width":117,"height":10}},{"id":"50ae30f4-6e95-48b9-91d3-0c295bf0cc67","block_type":"box","text":"discounts not available through a particular Financial Intermediary, shareholders will have to purchase Fund shares","page_number":24,"box":{"x":61,"y":848,"width":867,"height":12}},{"id":"ebfc840a-884d-4d42-9250-2e396ffe1cd3","block_type":"box","text":"directly from the Fund or through another Financial Intermediary to receive these waivers or reductions. Please see","page_number":24,"box":{"x":61,"y":863,"width":869,"height":11}},{"id":"8208d1a4-96ad-4a71-9949-500535927bfa","block_type":"box","text":"the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus to","page_number":24,"box":{"x":60,"y":878,"width":872,"height":11}},{"id":"8f84cc7c-d8ae-43c3-b81a-a467c2d48451","block_type":"box","text":"determine any sales charge waivers and reductions that may be available to you through your Financial","page_number":24,"box":{"x":61,"y":893,"width":776,"height":11}},{"id":"5452b40a-dac2-46a8-9c79-63f93bba609a","block_type":"box","text":"Intermediary.","page_number":24,"box":{"x":61,"y":908,"width":97,"height":11}},{"id":"bda50c82-6659-4c30-921b-8496e2a1ae4d","block_type":"box","text":"24","page_number":24,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"89c99404-2a24-4f74-addd-01ab49830e6f","block_type":"box","text":"NM0926U-5977640-24/68","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1e32710e-9aaa-4a61-8acb-fdea5304b399","block_type":"box","text":"More information about existing sales charge reductions and waivers is available free of charge in a clear and","page_number":25,"box":{"x":62,"y":46,"width":805,"height":11}},{"id":"2199392c-d6c1-4681-9613-4be2dc558668","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":25,"box":{"x":62,"y":60,"width":857,"height":12}},{"id":"e78141a6-cf8a-469b-9f7a-441a3f954cf6","block_type":"box","text":"Details About the Share Classes","page_number":25,"box":{"x":61,"y":99,"width":293,"height":11}},{"id":"5b9c6998-2e08-4d68-9ce0-1f689114d2f3","block_type":"box","text":"Investor A Shares — Initial Sales Charge Option","page_number":25,"box":{"x":61,"y":126,"width":396,"height":12}},{"id":"ddbcc9a8-19fc-4858-964d-23df9d2e6453","block_type":"box","text":"The following table shows the front-end sales charges that you may pay if you buy Investor A Shares. The offering price","page_number":25,"box":{"x":60,"y":142,"width":873,"height":12}},{"id":"50e960fa-dd22-46f0-a4d6-2a83bfa988f5","block_type":"box","text":"for Investor A Shares includes any front-end sales charge. The front-end sales charge expressed as a percentage of","page_number":25,"box":{"x":60,"y":157,"width":851,"height":12}},{"id":"21dd321b-1201-4005-b824-c0d92c81a34e","block_type":"box","text":"the offering price may be higher or lower than the charge described below due to rounding. Similarly, any CDSC paid","page_number":25,"box":{"x":60,"y":172,"width":851,"height":12}},{"id":"371863b7-215c-4e78-a865-8a2d7b9105e1","block_type":"box","text":"upon certain redemptions of Investor A Shares expressed as a percentage of the applicable redemption amount may","page_number":25,"box":{"x":61,"y":187,"width":859,"height":11}},{"id":"2be2ca60-fc54-4b0f-8c8a-1e18bfd7c74e","block_type":"box","text":"be higher or lower than the charge described below due to rounding. You may qualify for a reduced front-end sales","page_number":25,"box":{"x":61,"y":202,"width":836,"height":11}},{"id":"9331e1ea-c141-4037-b733-164453789332","block_type":"box","text":"charge. Purchases of Investor A Shares at certain fixed dollar levels, known as “breakpoints,” cause a reduction in the","page_number":25,"box":{"x":61,"y":216,"width":873,"height":12}},{"id":"eb4ce54f-e613-4cfe-8aab-2c5fa3b8e351","block_type":"box","text":"front-end sales charge. Once you achieve a breakpoint, you pay that sales charge on your entire purchase amount (and","page_number":25,"box":{"x":60,"y":231,"width":874,"height":12}},{"id":"888f4261-b801-4a77-98c8-702bdbd7080b","block_type":"box","text":"not just the portion above the breakpoint). If you select Investor A Shares, you will pay a sales charge at the time of","page_number":25,"box":{"x":61,"y":246,"width":852,"height":12}},{"id":"638566f7-f5b7-4406-97cb-0d47b709b51d","block_type":"box","text":"purchase as shown in the following table.","page_number":25,"box":{"x":62,"y":261,"width":302,"height":11}},{"id":"4c9c3efa-9504-45b6-93e7-a18ee6a7bbce","block_type":"box","text":"Your Investment","page_number":25,"box":{"x":69,"y":320,"width":96,"height":7}},{"id":"a0f1a15e-a520-4a85-89a2-39e1babb5aa1","block_type":"box","text":"Sales Charge","page_number":25,"box":{"x":548,"y":300,"width":79,"height":9}},{"id":"03d49833-3ccb-4eb7-8e7e-7a94178fb209","block_type":"box","text":"as a % of","page_number":25,"box":{"x":561,"y":310,"width":54,"height":7}},{"id":"296e41c9-de2d-436e-a062-f6755784e7cc","block_type":"box","text":"Offering Price","page_number":25,"box":{"x":547,"y":320,"width":82,"height":9}},{"id":"5759a0e1-f2d5-42e4-a254-10f4abf6113b","block_type":"box","text":"Sales Charge","page_number":25,"box":{"x":690,"y":300,"width":80,"height":9}},{"id":"5bb2d769-8068-405a-948f-ee5bd3e5af43","block_type":"box","text":"as a % of","page_number":25,"box":{"x":703,"y":310,"width":54,"height":7}},{"id":"2bdfa16c-95c5-4c8a-86bd-ae73a53b5fce","block_type":"box","text":"Your Investment","page_number":25,"box":{"x":679,"y":320,"width":97,"height":7}},{"id":"1ea8c177-7a46-404d-9265-3da928f7c45e","block_type":"box","text":"1","page_number":25,"box":{"x":777,"y":320,"width":4,"height":4}},{"id":"372342fa-67d1-4336-9fe4-289856442724","block_type":"box","text":"Dealer","page_number":25,"box":{"x":855,"y":289,"width":38,"height":8}},{"id":"720dddca-bec6-4d6e-aba1-6fc779f32490","block_type":"box","text":"Compensation","page_number":25,"box":{"x":831,"y":300,"width":85,"height":9}},{"id":"1ca77141-cf2f-4bb4-9214-08eacf45dd8b","block_type":"box","text":"as a % of","page_number":25,"box":{"x":847,"y":310,"width":54,"height":7}},{"id":"eb6403ab-001c-4a87-9ee7-a7e098e2446e","block_type":"box","text":"Offering Price","page_number":25,"box":{"x":833,"y":320,"width":82,"height":9}},{"id":"958affb3-e181-49de-97f0-83183ebd9963","block_type":"box","text":"Less than $25,000 5.25% 5.54% 5.00%","page_number":25,"box":{"x":70,"y":337,"width":830,"height":10}},{"id":"471ccebb-36b2-4b93-9b92-0bab5ba7b35f","block_type":"box","text":"$25,000 but less than $50,000 4.75% 4.99% 4.50%","page_number":25,"box":{"x":70,"y":355,"width":830,"height":10}},{"id":"3188293e-9ce0-4fc0-9ceb-b6412292f36d","block_type":"box","text":"$50,000 but less than $100,000 4.00% 4.17% 3.75%","page_number":25,"box":{"x":70,"y":373,"width":830,"height":10}},{"id":"14f7d0ae-bb18-480e-9110-ca62a0a2b494","block_type":"box","text":"$100,000 but less than $250,000 3.00% 3.09% 2.75%","page_number":25,"box":{"x":70,"y":391,"width":830,"height":10}},{"id":"2293b917-954b-43ad-b02f-88ed590f521e","block_type":"box","text":"$250,000 but less than $500,000 2.50% 2.56% 2.25%","page_number":25,"box":{"x":70,"y":409,"width":830,"height":10}},{"id":"cddd1ec5-33de-44dd-a533-5607668bf5cd","block_type":"box","text":"$500,000 but less than $750,000 2.00% 2.04% 1.75%","page_number":25,"box":{"x":70,"y":427,"width":830,"height":10}},{"id":"6c684a02-8e2e-4c22-986d-4f69c75fab83","block_type":"box","text":"$750,000 but less than $1,000,000 1.50% 1.52% 1.25%","page_number":25,"box":{"x":70,"y":445,"width":830,"height":10}},{"id":"283954fd-9d67-4a57-adb5-6989eac844f1","block_type":"box","text":"$1,000,000 and over","page_number":25,"box":{"x":70,"y":463,"width":142,"height":10}},{"id":"5313ca26-c75f-486c-9671-b38129ad39a5","block_type":"box","text":"2","page_number":25,"box":{"x":212,"y":464,"width":4,"height":4}},{"id":"02a5a599-b56e-420d-9e93-fb4e98694a03","block_type":"box","text":"0.00% 0.00% —","page_number":25,"box":{"x":572,"y":464,"width":318,"height":8}},{"id":"f2b9e138-dc1a-4073-8859-0ac792c3769a","block_type":"box","text":"2","page_number":25,"box":{"x":890,"y":464,"width":4,"height":4}},{"id":"5ae88aa0-1332-42d7-8757-a847120c43b5","block_type":"box","text":"1","page_number":25,"box":{"x":61,"y":483,"width":3,"height":4}},{"id":"35c5a4d6-f8b5-45be-9e01-8ab96193f173","block_type":"box","text":"Rounded to the nearest one-hundredth percent.","page_number":25,"box":{"x":81,"y":483,"width":278,"height":9}},{"id":"10820183-8e2e-4793-a815-deae59c2ffc5","block_type":"box","text":"2","page_number":25,"box":{"x":61,"y":496,"width":3,"height":4}},{"id":"ac7a16d2-f3a7-4e41-8858-45deb6842e0f","block_type":"box","text":"If you invest $1,000,000 or more in Investor A Shares, you will not pay an initial sales charge. In that case, BlackRock compensates the","page_number":25,"box":{"x":82,"y":496,"width":802,"height":9}},{"id":"04f6e1cb-1809-44ec-a9e5-68f8671794a9","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":25,"box":{"x":81,"y":506,"width":819,"height":10}},{"id":"3bfe8da9-941b-4867-aba2-95dad80b2041","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":25,"box":{"x":81,"y":517,"width":821,"height":9}},{"id":"bc11c13b-d58c-421d-9c85-60fcba2bda9c","block_type":"box","text":"sales charge may be waived in connection with certain fee-based programs.","page_number":25,"box":{"x":81,"y":527,"width":444,"height":9}},{"id":"2a1a7d7b-39f6-408d-8f1b-18fe1e79b0c2","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":25,"box":{"x":62,"y":552,"width":837,"height":12}},{"id":"813cad2d-91ff-4ccf-a6e0-f5fc78395aea","block_type":"box","text":"gains.","page_number":25,"box":{"x":60,"y":567,"width":43,"height":12}},{"id":"572d4d9f-432e-49f7-bc5d-e693bc18c8b7","block_type":"box","text":"Sales Charges Reduced or Eliminated for Investor A Shares","page_number":25,"box":{"x":60,"y":590,"width":490,"height":13}},{"id":"173bab33-76d9-47f3-a001-4bc1b5b87728","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":25,"box":{"x":60,"y":606,"width":841,"height":12}},{"id":"9b50061e-f12a-4a51-b032-278b689f02b2","block_type":"box","text":"certain fixed dollar levels, known as “breakpoints,” cause a reduction in the front-end sales charge (as described","page_number":25,"box":{"x":61,"y":621,"width":831,"height":12}},{"id":"9199db13-bf93-4a4d-a4de-c7840275e0fe","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":25,"box":{"x":61,"y":636,"width":876,"height":12}},{"id":"00fedbc1-9be3-4874-b1b3-154ea53b0900","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":25,"box":{"x":61,"y":651,"width":856,"height":11}},{"id":"f63ea737-f5ea-4541-86f5-1a3704f6ea32","block_type":"box","text":"reinstatement privilege (described under “Account Services and Privileges”), or a waiver of the sales charge (described","page_number":25,"box":{"x":61,"y":666,"width":872,"height":11}},{"id":"2ebc2ff9-8de8-46f3-bece-252a18e91b6e","block_type":"box","text":"below).","page_number":25,"box":{"x":61,"y":681,"width":50,"height":11}},{"id":"d76ad1b4-9d1b-43a1-b534-7e2b7b0a5042","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":25,"box":{"x":62,"y":703,"width":840,"height":12}},{"id":"1a24e735-b304-4e7f-b861-179b05977ef4","block_type":"box","text":"holdings in shares of mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”) owned by","page_number":25,"box":{"x":61,"y":718,"width":875,"height":11}},{"id":"9e09fa37-753a-4b8f-b04d-29f8fe63c2f3","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":25,"box":{"x":61,"y":733,"width":875,"height":11}},{"id":"3a6fe96e-363e-48b0-a041-65c095113fbe","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":25,"box":{"x":61,"y":748,"width":847,"height":11}},{"id":"25eb7cf2-a2f7-44cf-bb1f-6a419cf6ece2","block_type":"box","text":"newly purchased shares (including any applicable sales charge) plus the current value (including any sales charges","page_number":25,"box":{"x":61,"y":763,"width":844,"height":11}},{"id":"1fd08142-be91-4c30-aa13-daaf68cec649","block_type":"box","text":"paid) of all other shares the investor already holds taken together.","page_number":25,"box":{"x":62,"y":777,"width":484,"height":12}},{"id":"4cd243c7-96b4-4eec-aa39-18425db260c1","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":25,"box":{"x":61,"y":800,"width":861,"height":11}},{"id":"ba3da92b-9eac-4775-8f56-5055ac6c173c","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":25,"box":{"x":60,"y":815,"width":817,"height":11}},{"id":"70dfe000-c039-48ff-9162-c4aa860c9501","block_type":"box","text":"Qualifying Holdings","page_number":25,"box":{"x":62,"y":837,"width":143,"height":12}},{"id":"072dd432-770c-4e50-a6bc-db6889143863","block_type":"box","text":"— Investor A and A1, Investor C, Investor P, Institutional, Class K and Premier Shares (in most","page_number":25,"box":{"x":209,"y":837,"width":696,"height":11}},{"id":"46e4a230-180c-4b2a-b37a-8f7c64bbaaf2","block_type":"box","text":"BlackRock Funds), investments in certain unlisted closed-end management investment companies sponsored and","page_number":25,"box":{"x":62,"y":852,"width":836,"height":12}},{"id":"6e8e28bb-f50d-453f-a806-dfaad7c364bc","block_type":"box","text":"advised by BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and investments in the","page_number":25,"box":{"x":61,"y":867,"width":808,"height":11}},{"id":"55c27bad-3765-4707-8b8b-2255f985c94b","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program.","page_number":25,"box":{"x":62,"y":882,"width":314,"height":11}},{"id":"231cea37-aa66-49a8-b4fa-ebfaaf65d722","block_type":"box","text":"25","page_number":25,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"cab65de8-5499-4f88-85ab-f82f7a633d2c","block_type":"box","text":"NM0926U-5977640-25/68","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0a1f4c7e-ea1a-423d-9df2-c4d67764860f","block_type":"box","text":"Qualifying Holdings may include shares held in accounts held at a Financial Intermediary, including personal accounts,","page_number":26,"box":{"x":61,"y":46,"width":867,"height":11}},{"id":"338673f2-c4ca-493d-9e8a-522e92e6968a","block_type":"box","text":"certain retirement accounts, UGMA/UTMA accounts, Joint Tenancy accounts, trust accounts and Transfer on Death","page_number":26,"box":{"x":61,"y":60,"width":844,"height":12}},{"id":"aabb8b3c-eb4f-48b0-a2a9-7721d2072486","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":26,"box":{"x":61,"y":75,"width":856,"height":12}},{"id":"e76aa85d-f80a-486d-8246-9af311ece600","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":26,"box":{"x":62,"y":90,"width":818,"height":12}},{"id":"87a2d55e-f98e-4e59-a88d-07b234744084","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":26,"box":{"x":62,"y":105,"width":811,"height":12}},{"id":"da66ad70-8882-4c15-84f6-e6d443d8deec","block_type":"box","text":"nominee or custodian.","page_number":26,"box":{"x":61,"y":120,"width":162,"height":9}},{"id":"4d71bed4-950a-4e8f-a5b5-6da1a137a12b","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":26,"box":{"x":62,"y":142,"width":861,"height":12}},{"id":"4ecd48d6-6373-4816-9c56-87bf0bb87748","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":26,"box":{"x":62,"y":157,"width":836,"height":12}},{"id":"c8b974de-be09-4e7b-8013-f1091e5ae106","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":26,"box":{"x":62,"y":172,"width":862,"height":12}},{"id":"02eaaf5d-31d8-48c5-b2b4-de8ecc96236f","block_type":"box","text":"notify the Financial Intermediary or BlackRock Funds may result in the investor not receiving the sales charge reduction","page_number":26,"box":{"x":61,"y":187,"width":875,"height":11}},{"id":"26f5d79c-ee37-4e2e-bebb-a26bc084e3bc","block_type":"box","text":"to which the investor is otherwise entitled.","page_number":26,"box":{"x":60,"y":202,"width":312,"height":9}},{"id":"a69d25e0-571b-4521-917f-7c2864f4bd65","block_type":"box","text":"The Financial Intermediary or BlackRock Funds may request documentation — including account statements and","page_number":26,"box":{"x":60,"y":224,"width":828,"height":12}},{"id":"2b4ba7a5-f987-4e13-be81-c28fcde5b829","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":26,"box":{"x":61,"y":239,"width":850,"height":12}},{"id":"6390242d-c5aa-4536-a4b7-351f297986a0","block_type":"box","text":"the investor qualifies for a reduced sales charge. The investor should retain these records because — depending on","page_number":26,"box":{"x":60,"y":254,"width":856,"height":11}},{"id":"5d46bfc4-e4a0-4153-953a-f05b4e1f190c","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":26,"box":{"x":60,"y":269,"width":845,"height":11}},{"id":"5a6fc03c-7cb3-4b53-b8b7-e8a5ae45cea0","block_type":"box","text":"Eligible Unlisted BlackRock Closed-End Funds may not be able to maintain this information.","page_number":26,"box":{"x":62,"y":283,"width":667,"height":12}},{"id":"e35101b0-9c6f-4200-9899-90d3ecc85b5e","block_type":"box","text":"For more information, see the SAI or contact your Financial Intermediary.","page_number":26,"box":{"x":62,"y":306,"width":531,"height":11}},{"id":"f52363df-1351-445b-9c5f-d73d20844435","block_type":"box","text":"Letter of Intent","page_number":26,"box":{"x":61,"y":329,"width":124,"height":10}},{"id":"9dd48b0d-0d31-44bf-9b23-3b90a2cd759b","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":26,"box":{"x":60,"y":345,"width":839,"height":12}},{"id":"f24484b9-690d-4a20-a857-2dbd931a33d6","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":26,"box":{"x":62,"y":360,"width":875,"height":12}},{"id":"db3abff6-835e-4c42-92da-4417c8f050fc","block_type":"box","text":"all at once, qualify the investor for a reduced sales charge:","page_number":26,"box":{"x":61,"y":375,"width":431,"height":12}},{"id":"ed86335f-59df-4d57-89d2-a7c6b900fc34","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":26,"box":{"x":82,"y":398,"width":794,"height":11}},{"id":"af59a6da-014b-48fa-b03a-e337dbd9dd20","block_type":"box","text":"ii. Make an investment in one or more Eligible Unlisted BlackRock Closed-End Funds and/or","page_number":26,"box":{"x":82,"y":420,"width":675,"height":12}},{"id":"83800739-7399-4a41-8674-23473a0f4ece","block_type":"box","text":"iii. Make an investment through the BlackRock CollegeAdvantage 529 Program in one or more BlackRock Funds.","page_number":26,"box":{"x":82,"y":443,"width":820,"height":11}},{"id":"e534d87f-3a82-494e-ae85-2141ed08c641","block_type":"box","text":"The initial investment must meet the minimum initial purchase requirement. The 13-month Letter of Intent period","page_number":26,"box":{"x":60,"y":465,"width":830,"height":11}},{"id":"fd1e3371-616e-40fa-af47-0d9ff3c63639","block_type":"box","text":"commences on the day that the Letter of Intent is received by the Fund.","page_number":26,"box":{"x":61,"y":480,"width":524,"height":12}},{"id":"baeaef01-0961-4597-9d3f-509215eafbd5","block_type":"box","text":"The market value of current holdings in the BlackRock Funds (including Investor A, Investor C, Investor P, Institutional,","page_number":26,"box":{"x":60,"y":503,"width":865,"height":11}},{"id":"6ea24944-90dc-49f9-b4c1-dcc78ce3c5ba","block_type":"box","text":"Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the BlackRock CollegeAdvantage 529","page_number":26,"box":{"x":61,"y":518,"width":862,"height":11}},{"id":"72cf1d95-a41c-49c0-af64-d5e3aca1ee72","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":26,"box":{"x":61,"y":532,"width":870,"height":12}},{"id":"e30939c1-7ced-4f9b-9909-d5297171f9db","block_type":"box","text":"may be counted towards the sales charge reduction.","page_number":26,"box":{"x":61,"y":547,"width":384,"height":12}},{"id":"0596f848-8724-4348-8f5e-800821d4b7cc","block_type":"box","text":"The investor must notify the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock","page_number":26,"box":{"x":60,"y":570,"width":823,"height":11}},{"id":"1caff080-499a-4ac7-89a8-c7fd971d8c79","block_type":"box","text":"Closed-End Funds and/or the BlackRock CollegeAdvantage 529 Program that should be counted towards the sales","page_number":26,"box":{"x":61,"y":585,"width":842,"height":11}},{"id":"1db3bc08-5129-4cfd-85a9-ce5bf90ffc5c","block_type":"box","text":"charge reduction and (ii) any subsequent purchases that should be counted towards the Letter of Intent.","page_number":26,"box":{"x":61,"y":599,"width":765,"height":12}},{"id":"b26f7109-d3fa-43c7-84f6-9ff28880db8a","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":26,"box":{"x":62,"y":622,"width":833,"height":11}},{"id":"1a8976b0-d558-4dec-85c8-0f7059f42935","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":26,"box":{"x":61,"y":637,"width":852,"height":11}},{"id":"c5f46a53-6132-4874-9a83-dd47c0f570b8","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":26,"box":{"x":61,"y":652,"width":872,"height":11}},{"id":"727e2896-e147-421a-85a4-591293f0c322","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":26,"box":{"x":60,"y":666,"width":860,"height":12}},{"id":"5ef2e74a-3589-4d8b-8911-09a5368af97a","block_type":"box","text":"difference.","page_number":26,"box":{"x":61,"y":681,"width":77,"height":9}},{"id":"e56491c6-b8d8-4334-baea-b11d8f768a3c","block_type":"box","text":"Right of Accumulation","page_number":26,"box":{"x":61,"y":704,"width":183,"height":13}},{"id":"4b07b25c-7c61-4d31-aa4a-e43de72d066b","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":26,"box":{"x":62,"y":720,"width":839,"height":12}},{"id":"0b83b7da-dbff-4352-ab13-ba94f9518c6a","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":26,"box":{"x":61,"y":735,"width":856,"height":12}},{"id":"bb8a84ac-8a7e-4b7a-b334-9402a587ad7f","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":26,"box":{"x":82,"y":758,"width":821,"height":11}},{"id":"80312d83-e029-4adf-893e-d2b15b8ed91c","block_type":"box","text":"Premier Shares in most BlackRock Funds,","page_number":26,"box":{"x":102,"y":773,"width":306,"height":10}},{"id":"9e7342d7-3af9-47c3-ab4a-64d3cb7a3780","block_type":"box","text":"ii. The current value of an investor’s existing shares of Eligible Unlisted BlackRock Closed-End Funds and","page_number":26,"box":{"x":82,"y":795,"width":771,"height":12}},{"id":"1c8e913e-2cde-4f39-a1e6-05e7523a2cc4","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":26,"box":{"x":82,"y":818,"width":788,"height":11}},{"id":"ad256a7a-8e09-4e18-9e08-4dc1e42e3716","block_type":"box","text":"investor’s spouse and children.","page_number":26,"box":{"x":102,"y":833,"width":228,"height":11}},{"id":"3ad09cee-68cb-42c0-9ac2-6ca2230ff43c","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":26,"box":{"x":62,"y":855,"width":866,"height":12}},{"id":"1a8778b1-652f-4c6a-ada3-7b497cac4b58","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":26,"box":{"x":61,"y":870,"width":866,"height":12}},{"id":"416b4d95-170b-46e8-a5a8-22d80fa48f52","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":26,"box":{"x":62,"y":885,"width":854,"height":11}},{"id":"a73d205b-0fa0-44b5-a073-cb9ff51c4489","block_type":"box","text":"any previously purchased shares.","page_number":26,"box":{"x":61,"y":900,"width":243,"height":11}},{"id":"f135262d-da47-4ed7-b560-e057bf7ada0d","block_type":"box","text":"26","page_number":26,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"e1397c1e-9f4c-4667-a050-f1b44387dfeb","block_type":"box","text":"NM0926U-5977640-26/68","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"12742def-a07a-4793-a9d2-07881eb2517c","block_type":"box","text":"Other Front-End Sales Charge Waivers","page_number":27,"box":{"x":61,"y":46,"width":314,"height":13}},{"id":"1151e135-53d5-4cce-823c-0538f2479b93","block_type":"box","text":"The following persons may also buy Investor A Shares without paying a sales charge:","page_number":27,"box":{"x":60,"y":62,"width":623,"height":12}},{"id":"b0730210-2d72-4177-ac0b-2a870b58bc6e","block_type":"box","text":"Certain employer-sponsored retirement plans. For purposes of this waiver, employer-sponsored retirement plans do","page_number":27,"box":{"x":81,"y":82,"width":846,"height":12}},{"id":"aab98993-8400-4a59-a603-d7dc2efa6f6e","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs;","page_number":27,"box":{"x":82,"y":97,"width":352,"height":11}},{"id":"ee2a08f7-f83a-4ddb-87d7-f3b1c094f2e8","block_type":"box","text":"Rollovers of current investments through certain employer-sponsored retirement plans provided the shares are","page_number":27,"box":{"x":82,"y":117,"width":812,"height":12}},{"id":"0fa23fd2-cf24-4c42-975c-db2982e70c4d","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":27,"box":{"x":80,"y":132,"width":854,"height":11}},{"id":"d836b8c6-3b3b-4d4e-9aef-dd351fc0727a","block_type":"box","text":"distribution, the rolled-over proceeds are contributed to a BlackRock IRA through an account directly with the Fund;","page_number":27,"box":{"x":81,"y":147,"width":840,"height":11}},{"id":"324754d0-704a-490f-abf9-6238ab1b91f9","block_type":"box","text":"or purchases by IRA programs that are sponsored by Financial Intermediary firms provided the Financial","page_number":27,"box":{"x":81,"y":162,"width":760,"height":11}},{"id":"a7304ce4-5049-4729-8aa9-a20474ba1040","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":27,"box":{"x":82,"y":176,"width":812,"height":12}},{"id":"00af55fe-9184-4c7d-b3fb-cc5ed9d6f071","block_type":"box","text":"Distributor;","page_number":27,"box":{"x":82,"y":192,"width":79,"height":10}},{"id":"310a8ca1-dec9-4d0c-b27d-0289032a3c09","block_type":"box","text":"Insurance company separate accounts;","page_number":27,"box":{"x":82,"y":212,"width":286,"height":11}},{"id":"ca5256f6-948f-42e2-b52b-89edcee284dd","block_type":"box","text":"Registered investment advisers, trust companies and bank trust departments exercising discretionary investment","page_number":27,"box":{"x":82,"y":232,"width":836,"height":11}},{"id":"ecfa53a7-0120-4c40-b60a-c5f1ea06cf25","block_type":"box","text":"authority with respect to amounts to be invested in the Fund;","page_number":27,"box":{"x":81,"y":246,"width":446,"height":12}},{"id":"9491635e-2382-47a3-ac5e-f8fe78c02892","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":27,"box":{"x":81,"y":266,"width":815,"height":12}},{"id":"796118bd-15af-43c6-9607-fc9b2e56dcb6","block_type":"box","text":"broker-dealer or other financial institution;","page_number":27,"box":{"x":81,"y":281,"width":306,"height":11}},{"id":"91cb20d8-67ce-42c7-9ab1-1493d90fce28","block_type":"box","text":"Financial Intermediaries who have entered into an agreement with the Distributor and have been approved by the","page_number":27,"box":{"x":82,"y":301,"width":828,"height":11}},{"id":"b320fa4f-f2d9-4c20-8ec3-eacb360ea860","block_type":"box","text":"Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not charge a","page_number":27,"box":{"x":82,"y":316,"width":800,"height":11}},{"id":"9c0f411a-935a-472c-bfe3-cdcc0580917b","block_type":"box","text":"transaction fee;","page_number":27,"box":{"x":80,"y":331,"width":114,"height":10}},{"id":"bcdf137f-7edd-47ef-9cfd-58001cef5562","block_type":"box","text":"Persons associated with the Fund, the Fund’s manager, the Fund’s sub-adviser, transfer agent, Distributor, fund","page_number":27,"box":{"x":81,"y":351,"width":819,"height":11}},{"id":"9401cd5f-f4e4-4e43-b0b4-a184b97b0303","block_type":"box","text":"accounting agents, Barclays PLC (“Barclays”) and their respective affiliates (to the extent permitted by these firms)","page_number":27,"box":{"x":81,"y":365,"width":846,"height":12}},{"id":"5e31aa48-007d-4a3e-a32d-ba1853019c19","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees of firms who have entered","page_number":27,"box":{"x":82,"y":380,"width":843,"height":12}},{"id":"a9208b8f-eda9-4b44-b65e-0fe0595ad468","block_type":"box","text":"into selling agreements to distribute shares of BlackRock Funds; (d) immediate family members of such persons;","page_number":27,"box":{"x":82,"y":395,"width":829,"height":12}},{"id":"eda7cf7b-d207-4122-a476-71d8f691145a","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":27,"box":{"x":81,"y":410,"width":815,"height":11}},{"id":"7e59f91c-7f6b-44fb-a2ba-11bd6420d442","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":27,"box":{"x":81,"y":430,"width":841,"height":11}},{"id":"cc2148b3-2797-4e30-afc1-639be8c3a1de","block_type":"box","text":"Internal Revenue Code; and","page_number":27,"box":{"x":82,"y":445,"width":201,"height":10}},{"id":"0dc7463c-12ea-46b0-99b8-f8c2339141fb","block_type":"box","text":"Accounts opened directly with the Fund that do not have a Financial Intermediary associated with the account.","page_number":27,"box":{"x":81,"y":465,"width":808,"height":11}},{"id":"9071ee1b-6893-4843-ae55-5c26d535ac83","block_type":"box","text":"In addition, a sales charge waiver may be available for investors exchanging Investor P Shares of another BlackRock","page_number":27,"box":{"x":62,"y":487,"width":852,"height":12}},{"id":"073800f7-165c-4dba-901a-88872baefe48","block_type":"box","text":"Fund for Investor A Shares of the Fund through an intermediary-processed exchange, provided that the investor had","page_number":27,"box":{"x":62,"y":502,"width":846,"height":12}},{"id":"99eb953b-ea11-459d-8fe5-2cdc876f795f","block_type":"box","text":"previously paid a sales charge with respect to such shares.","page_number":27,"box":{"x":62,"y":517,"width":434,"height":11}},{"id":"ab4bea57-a43f-4e6e-b40e-47ae3ddc7a8b","block_type":"box","text":"In addition, Financial Intermediaries may, in connection with a change in account type or otherwise in accordance with","page_number":27,"box":{"x":62,"y":540,"width":864,"height":11}},{"id":"a9c3f513-f918-4943-853c-7c0f5b14ab0e","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":27,"box":{"x":61,"y":554,"width":852,"height":12}},{"id":"35655af9-128e-4c6c-b019-306245e03174","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":27,"box":{"x":62,"y":569,"width":837,"height":12}},{"id":"c4527a7b-39e4-4c74-aa7b-8b833c97a097","block_type":"box","text":"Investor A Shares sales charge waivers may depend on the policies, procedures and trading platforms of your Financial","page_number":27,"box":{"x":62,"y":584,"width":873,"height":11}},{"id":"a56fc303-d478-4ba6-8404-c0f1b0dd4d9c","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":27,"box":{"x":62,"y":599,"width":317,"height":11}},{"id":"21ed1a1c-aa92-4cc7-a1c3-bd3e5d6e1074","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":621,"width":861,"height":12}},{"id":"d2d74334-b907-4865-8d60-6aca5d2a7d8b","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":636,"width":817,"height":12}},{"id":"ac329075-34fc-4e99-8f51-210dbcc7dd44","block_type":"box","text":"Investor A Shares at Net Asset Value","page_number":27,"box":{"x":61,"y":655,"width":306,"height":10}},{"id":"14a15782-834c-4db8-81e9-0d6ddce84382","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":27,"box":{"x":62,"y":671,"width":814,"height":12}},{"id":"a9266409-8c62-4ece-9af6-b9c8653c39c8","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":27,"box":{"x":61,"y":686,"width":828,"height":11}},{"id":"16bd1c60-211e-417d-a060-05163549bc17","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":27,"box":{"x":62,"y":700,"width":857,"height":12}},{"id":"be499e4d-638c-4f49-8183-c0701633164b","block_type":"box","text":"on waivers, see “Contingent Deferred Sales Charge Waivers.”","page_number":27,"box":{"x":61,"y":715,"width":451,"height":12}},{"id":"3b0df514-d31b-4fc3-8ea2-b7deaa6ce1ff","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":27,"box":{"x":62,"y":734,"width":860,"height":11}},{"id":"61682b2e-722a-4d88-b8cc-2e6314bf0e6f","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":27,"box":{"x":61,"y":748,"width":848,"height":12}},{"id":"e19a9e7f-9660-498a-ab89-2256f2dff943","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":27,"box":{"x":60,"y":763,"width":863,"height":11}},{"id":"c8df3286-69f4-4944-ac76-e104cecd8ae1","block_type":"box","text":"monthly basis.","page_number":27,"box":{"x":61,"y":778,"width":105,"height":11}},{"id":"796c92a5-0cff-4e55-b6c5-3b73b4552902","block_type":"box","text":"Investor C Shares — Deferred Sales Charge Option","page_number":27,"box":{"x":61,"y":796,"width":420,"height":13}},{"id":"f78d04b3-b2b4-456e-95cc-684a612cdc11","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":27,"box":{"x":62,"y":813,"width":865,"height":11}},{"id":"1f87b27a-7de3-4690-87bd-f519247fbbf8","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":27,"box":{"x":60,"y":827,"width":858,"height":12}},{"id":"d54d61a2-7b4e-4a39-ad45-5790ea593124","block_type":"box","text":"The charge will apply to the lesser of the original cost of the shares being redeemed or the proceeds of your","page_number":27,"box":{"x":60,"y":842,"width":795,"height":11}},{"id":"e6fa2592-9b67-4e21-9b9a-a1f8c1421906","block_type":"box","text":"redemption. When you redeem Investor C Shares, the redemption order is processed so that the lowest deferred sales","page_number":27,"box":{"x":61,"y":856,"width":874,"height":12}},{"id":"84b74acc-0ed5-404b-afd6-945c05456515","block_type":"box","text":"charge is charged. Investor C Shares that are not subject to the deferred sales charge are redeemed first. In addition,","page_number":27,"box":{"x":61,"y":871,"width":867,"height":12}},{"id":"9912f1dd-4a55-46d9-95fa-1a88e6294fb1","block_type":"box","text":"you will not be charged a deferred sales charge when you redeem shares that you acquire through reinvestment of","page_number":27,"box":{"x":60,"y":886,"width":843,"height":11}},{"id":"a15ce9dc-9486-4934-8077-f06a1ee908a3","block_type":"box","text":"Fund dividends or capital gains. Any CDSC paid on the redemptions of Investor C Shares expressed as a percentage of","page_number":27,"box":{"x":62,"y":900,"width":873,"height":12}},{"id":"24ada0c2-0a23-4169-80dd-17635ff9a824","block_type":"box","text":"the applicable redemption amount may be higher or lower than the charge described due to rounding.","page_number":27,"box":{"x":60,"y":915,"width":745,"height":12}},{"id":"c16e7567-b349-46a8-af94-278d0a845a83","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"88535349-2e32-4147-9f1b-e0d24b4e41d8","block_type":"box","text":"NM0926U-5977640-27/68","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e070b5d9-4edb-4190-957f-cb745710a8b5","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), Investor C Shares will automatically convert to Investor A Shares","page_number":28,"box":{"x":62,"y":46,"width":864,"height":11}},{"id":"ead7a6da-3b9b-4ed6-bc14-b096cb2d0f36","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":28,"box":{"x":61,"y":60,"width":870,"height":12}},{"id":"5110d52a-7418-4207-957e-29a8ee81a865","block_type":"box","text":"shareholder is credited with the proper holding period. As of the Effective Date, certain Financial Intermediaries,","page_number":28,"box":{"x":61,"y":75,"width":823,"height":11}},{"id":"3ad7bcc1-4527-4796-9036-57a39b9ac842","block_type":"box","text":"including group retirement recordkeeping platforms, may not have been tracking such holding periods and therefore","page_number":28,"box":{"x":62,"y":90,"width":847,"height":11}},{"id":"818a86d3-d7db-4be9-a7dc-7ad1fc6f4def","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":28,"box":{"x":61,"y":104,"width":842,"height":12}},{"id":"a64f50d0-0129-4e3f-b4c5-dd9da97d26a2","block_type":"box","text":"Investor A Shares will occur approximately eight years after the Effective Date. The automatic conversion of Investor C","page_number":28,"box":{"x":62,"y":119,"width":865,"height":11}},{"id":"714b500c-1c7c-4999-8275-cc1ba9940945","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":28,"box":{"x":61,"y":133,"width":832,"height":12}},{"id":"ad36fcaf-ea79-45a0-bb70-d1f92de51138","block_type":"box","text":"Intermediary for additional information.","page_number":28,"box":{"x":62,"y":148,"width":285,"height":11}},{"id":"f57e0099-ae48-4f1c-8a17-7521ef1535e2","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":28,"box":{"x":62,"y":167,"width":869,"height":11}},{"id":"db66e158-73b3-421d-aaf4-f1350fa1a54f","block_type":"box","text":"Shares, and any Investor C Shares held in such accounts will be automatically converted to Investor A Shares.","page_number":28,"box":{"x":61,"y":181,"width":810,"height":12}},{"id":"a9a81bd0-c3fb-423f-8bb3-cfeeb48eede7","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":28,"box":{"x":61,"y":200,"width":861,"height":11}},{"id":"75968d11-05c0-4cca-abb7-bc1846732e1f","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":28,"box":{"x":60,"y":214,"width":817,"height":12}},{"id":"9d5b8f2c-880e-47ac-b9df-8a507035cb66","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":28,"box":{"x":60,"y":233,"width":870,"height":11}},{"id":"11d2f939-01a7-48eb-994c-24f89f76d24e","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":28,"box":{"x":60,"y":247,"width":870,"height":12}},{"id":"e939ae73-0b19-4d5e-8ede-a3fb72c369d0","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":28,"box":{"x":61,"y":262,"width":867,"height":12}},{"id":"e4182f69-3b01-45de-98d4-b42a552fd63a","block_type":"box","text":"the deferred sales charges and the distribution fees to cover the costs of marketing, advertising and compensating","page_number":28,"box":{"x":60,"y":277,"width":849,"height":11}},{"id":"6af86deb-74e5-4e0c-b5b4-57f2344c3a53","block_type":"box","text":"the Financial Intermediary who assists you in purchasing Fund shares.","page_number":28,"box":{"x":60,"y":292,"width":517,"height":11}},{"id":"9ff0f9d0-c06c-4196-9e82-b01c53fb3eff","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":28,"box":{"x":60,"y":310,"width":870,"height":11}},{"id":"69111a17-1206-47d6-a81a-589611812cf3","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":28,"box":{"x":61,"y":324,"width":853,"height":12}},{"id":"067c55f0-85d4-41a6-8b3c-156e908019e2","block_type":"box","text":"Investor C Shares service fee as an ongoing concession and as a shareholder servicing fee, respectively, to dealers","page_number":28,"box":{"x":62,"y":339,"width":851,"height":12}},{"id":"f31b07fe-899f-42aa-9fc4-bd39fe376e24","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":28,"box":{"x":60,"y":354,"width":856,"height":11}},{"id":"1db07f39-50c1-47a9-90c0-d09dd18299f4","block_type":"box","text":"during the first year after purchase. For certain employer-sponsored retirement plans, the Distributor will pay the full","page_number":28,"box":{"x":61,"y":368,"width":850,"height":12}},{"id":"73ee9492-4889-4e75-9c19-2ecf58539eca","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":28,"box":{"x":62,"y":383,"width":866,"height":12}},{"id":"2248fd8f-e443-41ad-bb72-a592620baca9","block_type":"box","text":"the sales concession. This may depend on the policies, procedures and trading platforms of your Financial","page_number":28,"box":{"x":60,"y":398,"width":782,"height":11}},{"id":"5795b02f-e7ea-45fd-ab06-d3487e812ff2","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":28,"box":{"x":62,"y":412,"width":317,"height":12}},{"id":"fefcc4f4-4821-4b70-aaa4-d25011d94437","block_type":"box","text":"Contingent Deferred Sales Charge Waivers","page_number":28,"box":{"x":61,"y":431,"width":352,"height":13}},{"id":"eba5002c-6a04-4fb0-8b8d-8bea1a207d6c","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":28,"box":{"x":60,"y":447,"width":788,"height":12}},{"id":"5e130ca5-0a75-4130-b567-94a5d1dffbfb","block_type":"box","text":"circumstances, such as:","page_number":28,"box":{"x":61,"y":462,"width":177,"height":11}},{"id":"a6961e99-8241-4282-916c-2cae138847cd","block_type":"box","text":"Redemptions of shares purchased through certain employer-sponsored retirement plans and rollovers of current","page_number":28,"box":{"x":82,"y":479,"width":824,"height":12}},{"id":"4f885ccd-4e97-4c13-a860-769face1caa2","block_type":"box","text":"investments in the Fund through such plans;","page_number":28,"box":{"x":82,"y":494,"width":324,"height":11}},{"id":"f9e3b06e-c839-41ef-b9ea-96ff7cb8dbf5","block_type":"box","text":"Exchanges pursuant to the exchange privilege, as described in “How to Buy, Sell, Exchange and Transfer Shares —","page_number":28,"box":{"x":82,"y":511,"width":844,"height":12}},{"id":"7e5e1962-e90c-4001-af6e-91ba30680d7c","block_type":"box","text":"How to Exchange Shares or Transfer Your Account”;","page_number":28,"box":{"x":82,"y":526,"width":375,"height":11}},{"id":"2ba0b308-956c-4cbb-b9f3-18ef88e78a34","block_type":"box","text":"Redemptions made in connection with minimum required distributions from IRA or 403(b)(7) accounts due to the","page_number":28,"box":{"x":82,"y":543,"width":826,"height":11}},{"id":"5e4d5f64-fd15-4391-afa1-087e4f8e7b0d","block_type":"box","text":"shareholder reaching the age of 72;","page_number":28,"box":{"x":81,"y":557,"width":262,"height":12}},{"id":"d252df2f-8a13-4981-b849-89743d4175f1","block_type":"box","text":"Redemptions made with respect to certain retirement plans sponsored by the Fund, BlackRock or an affiliate;","page_number":28,"box":{"x":82,"y":575,"width":804,"height":11}},{"id":"1a74f811-dac1-4ef3-a0cc-78d4f1f7f254","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":28,"box":{"x":82,"y":592,"width":847,"height":11}},{"id":"a6fbd007-6bb0-4709-bb87-eabfdda4a044","block_type":"box","text":"later, reasonably promptly following completion of probate (including in connection with the distribution of account","page_number":28,"box":{"x":82,"y":606,"width":834,"height":12}},{"id":"dc486924-8bb5-44f0-96c7-37b7b8b68879","block_type":"box","text":"assets to a beneficiary of the decedent);","page_number":28,"box":{"x":81,"y":621,"width":297,"height":12}},{"id":"ef9ac238-7888-44f8-8b49-7f770c6e6669","block_type":"box","text":"Withdrawals resulting from shareholder disability (as defined in the Internal Revenue Code) as long as the disability","page_number":28,"box":{"x":81,"y":638,"width":847,"height":12}},{"id":"8178aa46-72bd-4527-b936-35d38d13d4d5","block_type":"box","text":"arose subsequent to the purchase of the shares;","page_number":28,"box":{"x":81,"y":653,"width":360,"height":11}},{"id":"fdf2105b-76bc-4b57-8949-f20bda375e27","block_type":"box","text":"Involuntary redemptions made of shares in accounts with low balances;","page_number":28,"box":{"x":82,"y":670,"width":525,"height":12}},{"id":"40042afa-bf47-4887-bbf0-9a891f1e5a2e","block_type":"box","text":"Certain redemptions made through the Systematic Withdrawal Plan (“SWP”) offered by the Fund, BlackRock or an","page_number":28,"box":{"x":81,"y":687,"width":833,"height":12}},{"id":"03bf2edf-3db2-490b-afe5-2b56b8899a5d","block_type":"box","text":"affiliate;","page_number":28,"box":{"x":81,"y":702,"width":59,"height":11}},{"id":"ab546358-f620-4de5-8138-ccb3a225a44b","block_type":"box","text":"Redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":28,"box":{"x":82,"y":719,"width":823,"height":12}},{"id":"1eb131df-eb99-48cb-9269-f1ebc7925a3b","block_type":"box","text":"Redemptions when a shareholder can demonstrate hardship, in the absolute discretion of the Fund.","page_number":28,"box":{"x":82,"y":736,"width":732,"height":12}},{"id":"5b47b2d7-9774-4261-91e7-a5a42a88837e","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":28,"box":{"x":61,"y":755,"width":861,"height":11}},{"id":"5e7ab3f0-afa9-4d0e-8313-57b9486664a0","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":28,"box":{"x":60,"y":770,"width":817,"height":11}},{"id":"3988ebb5-65b8-4de5-ae70-d8104ed81dc5","block_type":"box","text":"More information about existing sales charge reductions and waivers is available free of charge in a clear and","page_number":28,"box":{"x":62,"y":788,"width":805,"height":12}},{"id":"f0b2d30a-d369-4409-ab1a-3fb1b2d6df4c","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":28,"box":{"x":62,"y":803,"width":857,"height":11}},{"id":"2ee5a915-e7f3-4ed9-8c66-6dfd69391bb5","block_type":"box","text":"Institutional Shares","page_number":28,"box":{"x":61,"y":822,"width":161,"height":10}},{"id":"5120e4df-d942-4246-91d3-445864275661","block_type":"box","text":"Institutional Shares are not subject to any sales charge. Only certain investors are eligible to buy Institutional Shares.","page_number":28,"box":{"x":62,"y":838,"width":864,"height":11}},{"id":"d0db3f3f-f452-47f4-98d5-47cdc7353983","block_type":"box","text":"Your Financial Intermediary can help you determine whether you are eligible to buy Institutional Shares. The Fund may","page_number":28,"box":{"x":60,"y":852,"width":865,"height":12}},{"id":"ba14e3b2-723f-4aad-9e9b-0d1f7ebc8c5e","block_type":"box","text":"permit a lower initial investment for certain investors if their purchase, combined with purchases by other investors","page_number":28,"box":{"x":62,"y":867,"width":845,"height":11}},{"id":"ffeb104e-33fa-4633-a4e6-e4254a21ea3f","block_type":"box","text":"received together by the Fund, meets the minimum investment requirement.","page_number":28,"box":{"x":61,"y":882,"width":557,"height":11}},{"id":"8e265561-8ea9-458e-878f-948cc532c1bc","block_type":"box","text":"Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional","page_number":28,"box":{"x":62,"y":900,"width":826,"height":12}},{"id":"c9f670f2-7d3a-4292-8051-ddf2389a1051","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":28,"box":{"x":61,"y":915,"width":838,"height":11}},{"id":"9f707e8f-cc51-43d2-8b91-31d6d300cb21","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"5605d699-3ee0-4b93-9392-4fa5ce94a5fd","block_type":"box","text":"NM0926U-5977640-28/68","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"890c9f8a-8433-4d12-ae5d-4d167e9cd4ee","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":29,"box":{"x":61,"y":46,"width":816,"height":11}},{"id":"b48bb326-89c6-4797-a92e-2d3192e15ae0","block_type":"box","text":"classes that have different fees and expenses.","page_number":29,"box":{"x":61,"y":60,"width":345,"height":12}},{"id":"c56a1aa7-5fd5-49f2-a7a6-b08e7f319a85","block_type":"box","text":"Eligible Institutional Share investors include the following:","page_number":29,"box":{"x":62,"y":79,"width":421,"height":11}},{"id":"fb234013-e261-46c2-bab3-cde84656845e","block_type":"box","text":"Individuals and “Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of","page_number":29,"box":{"x":82,"y":95,"width":854,"height":12}},{"id":"141f4a68-4865-453a-b8d4-6fe1f81ab43a","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":29,"box":{"x":80,"y":111,"width":849,"height":11}},{"id":"09245271-b370-42b9-bc87-ddcd47a08198","block_type":"box","text":"shares;","page_number":29,"box":{"x":81,"y":126,"width":53,"height":10}},{"id":"0f979bff-4f17-4906-94af-c31d645881c1","block_type":"box","text":"Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar","page_number":29,"box":{"x":81,"y":142,"width":838,"height":12}},{"id":"71521112-9b48-4542-a19a-6d3add088b5c","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":29,"box":{"x":81,"y":157,"width":829,"height":12}},{"id":"0b76cc10-e14b-4cd1-a154-31af1e2c55f6","block_type":"box","text":"program or investment platform, in each case, with no minimum initial investment;","page_number":29,"box":{"x":82,"y":172,"width":604,"height":11}},{"id":"eaee7521-2120-4c4a-9735-983b8e4ab8c1","block_type":"box","text":"Clients investing through Financial Intermediaries that have entered into an agreement with the Distributor to offer","page_number":29,"box":{"x":81,"y":189,"width":840,"height":11}},{"id":"20b1af49-873c-4925-bc2e-7515d233779d","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":29,"box":{"x":81,"y":204,"width":853,"height":11}},{"id":"0b2123b2-3961-4c71-9dc3-0dfbf20033f0","block_type":"box","text":"initial investment of $1,000;","page_number":29,"box":{"x":82,"y":218,"width":207,"height":11}},{"id":"0c0291d2-091a-4988-80b9-6af9669e80c4","block_type":"box","text":"Certain employee benefits plans, such as health savings accounts, and certain employer-sponsored retirement","page_number":29,"box":{"x":81,"y":235,"width":816,"height":12}},{"id":"8f4f9323-d367-4532-baa9-a3e37ee26dbe","block_type":"box","text":"plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective","page_number":29,"box":{"x":82,"y":250,"width":821,"height":12}},{"id":"b3ec28a2-3d54-44e5-882c-940095c49b45","block_type":"box","text":"trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks","page_number":29,"box":{"x":80,"y":265,"width":835,"height":11}},{"id":"2ec3997c-8e58-4fdf-9575-9b4f7b980341","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":29,"box":{"x":81,"y":279,"width":835,"height":12}},{"id":"96991ac1-7f54-4853-8ff2-cd0fac0b04d9","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":29,"box":{"x":80,"y":294,"width":849,"height":11}},{"id":"f18cc404-b7e1-44e3-aefd-4ae1c1d33d71","block_type":"box","text":"shares;","page_number":29,"box":{"x":81,"y":309,"width":53,"height":10}},{"id":"8e55d2de-e235-4742-a736-d800c5967f5d","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":29,"box":{"x":81,"y":326,"width":810,"height":11}},{"id":"a524afc4-cbb7-432f-8955-3477cb6dba40","block_type":"box","text":"(excluding participant directed employee benefit plans); (ii) otherwise have investment discretion; or (iii) act as","page_number":29,"box":{"x":81,"y":340,"width":812,"height":12}},{"id":"756388df-d64b-40c4-978b-12b0ec6a9b0d","block_type":"box","text":"custodian for at least $2 million in assets, who are not subject to any minimum initial investment;","page_number":29,"box":{"x":81,"y":354,"width":719,"height":12}},{"id":"e96a690d-c533-4ffd-b132-1e24a20f1fbb","block_type":"box","text":"Holders of certain Bank of America Corporation (“BofA Corp.”) sponsored unit investment trusts (“UITs”) who","page_number":29,"box":{"x":82,"y":372,"width":799,"height":12}},{"id":"d827eed6-c35b-415f-8afa-afd34f3d7070","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":29,"box":{"x":82,"y":387,"width":794,"height":11}},{"id":"3b64b66e-2625-46a5-a3f5-167cef36755f","block_type":"box","text":"investment;","page_number":29,"box":{"x":82,"y":402,"width":83,"height":10}},{"id":"54ba6220-9c2e-472b-ad34-441914cd67f2","block_type":"box","text":"Employees, officers and directors/trustees of BlackRock, Inc., BlackRock Funds, BofA Corp., Barclays or their","page_number":29,"box":{"x":82,"y":419,"width":805,"height":11}},{"id":"51054b89-0722-4833-a543-39560502de4a","block_type":"box","text":"respective affiliates and immediate family members of such persons who are not subject to any minimum initial","page_number":29,"box":{"x":82,"y":433,"width":819,"height":12}},{"id":"d896e675-5d38-4a79-85a5-2a051d8d2789","block_type":"box","text":"investment;","page_number":29,"box":{"x":82,"y":448,"width":83,"height":11}},{"id":"251173b5-14bb-46b3-a177-f0002a265f68","block_type":"box","text":"Tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s broker","page_number":29,"box":{"x":81,"y":465,"width":836,"height":12}},{"id":"280d5227-b978-4f78-8d2d-1ebc24f39132","block_type":"box","text":"dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family members","page_number":29,"box":{"x":81,"y":480,"width":851,"height":11}},{"id":"a331b6f4-71ad-4ac6-ae1d-d71a3372b1c6","block_type":"box","text":"of such persons; and","page_number":29,"box":{"x":81,"y":494,"width":154,"height":12}},{"id":"eb6d6fde-a3f2-4648-a3ec-c0eb30d70f8a","block_type":"box","text":"Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record","page_number":29,"box":{"x":81,"y":512,"width":816,"height":11}},{"id":"f6199226-3e16-441d-8787-a56058ee5604","block_type":"box","text":"keeper, provided that such program offers only mutual fund options and that the program maintains an account with","page_number":29,"box":{"x":82,"y":526,"width":851,"height":12}},{"id":"a3741f75-b0fe-4ede-9dd0-f8e9bb1200d4","block_type":"box","text":"the Fund on an omnibus basis.","page_number":29,"box":{"x":80,"y":541,"width":227,"height":9}},{"id":"7ba34865-2383-4824-8341-67ba27a68d67","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":29,"box":{"x":60,"y":559,"width":620,"height":12}},{"id":"a31b7390-5c68-4d59-85d7-e3cb158ff2d0","block_type":"box","text":"Class R Shares","page_number":29,"box":{"x":61,"y":578,"width":124,"height":10}},{"id":"349a3b4b-7a02-4f5d-9649-cbc6b9d77f90","block_type":"box","text":"Class R Shares are available only to certain employer-sponsored retirement plans. 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Because these fees are paid out of the Fund’s assets on an ongoing basis, over","page_number":29,"box":{"x":61,"y":638,"width":863,"height":12}},{"id":"9ade3280-dff7-4f79-a5bf-b04fdde798ca","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":29,"box":{"x":60,"y":653,"width":873,"height":11}},{"id":"ebb9f0cf-d86a-44d2-9b8a-ff5a6978e95b","block_type":"box","text":"Class R Shares do not offer a conversion privilege.","page_number":29,"box":{"x":61,"y":671,"width":371,"height":12}},{"id":"f60eab09-e0eb-4f68-a41e-37af1eb21aca","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":29,"box":{"x":60,"y":690,"width":843,"height":11}},{"id":"318d5401-f09c-4c5e-8365-6179eb6a7843","block_type":"box","text":"dealers as an ongoing concession and as a shareholder servicing fee, respectively, on a monthly basis.","page_number":29,"box":{"x":61,"y":705,"width":759,"height":11}},{"id":"e6f6a2d8-d62e-457c-b931-4bf7a7b87d1d","block_type":"box","text":"Distribution and Shareholder Servicing Payments","page_number":29,"box":{"x":61,"y":732,"width":442,"height":13}},{"id":"c43dfb67-8214-46a0-8905-ed5c83dfb43f","block_type":"box","text":"Plan Payments","page_number":29,"box":{"x":61,"y":754,"width":122,"height":12}},{"id":"e5207123-691d-48eb-80f9-84c4878c61b5","block_type":"box","text":"The Corporation, on behalf of the Fund, has adopted plans (the “Plans”) pursuant to Rule 12b-1 under the Investment","page_number":29,"box":{"x":60,"y":770,"width":866,"height":11}},{"id":"e77001bc-d38d-4b74-a368-921468079403","block_type":"box","text":"Company Act with respect to the Investor Shares and Class R Shares that allow the Fund to pay distribution fees for","page_number":29,"box":{"x":61,"y":785,"width":852,"height":11}},{"id":"cd6a754f-2d6d-4ba1-8a45-7b6eb20a1fb3","block_type":"box","text":"the sale of its shares and/or shareholder servicing fees for certain services provided to its shareholders.","page_number":29,"box":{"x":60,"y":799,"width":776,"height":12}},{"id":"50fce821-dfc8-458c-a74c-b55c1a73d1cb","block_type":"box","text":"Under the Plans, Investor C Shares and Class R Shares pay a distribution fee to the Distributor and/or its affiliates for","page_number":29,"box":{"x":62,"y":818,"width":870,"height":11}},{"id":"e07dfd09-5c1c-495c-8f99-8ca97c026d4b","block_type":"box","text":"distribution and sales support services. The distribution fees may be used to pay the Distributor for distribution and","page_number":29,"box":{"x":61,"y":832,"width":851,"height":12}},{"id":"b5c275e7-9a97-4be8-81f1-13d4e99b6e77","block_type":"box","text":"sales support services and to pay the Distributor and BlackRock and its affiliates for sales support services provided","page_number":29,"box":{"x":61,"y":847,"width":864,"height":12}},{"id":"56db40aa-9604-4e5e-a0c3-e3f47c9a792c","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":29,"box":{"x":61,"y":862,"width":854,"height":11}},{"id":"eb5b1c15-e7ec-48df-be39-7c2e61676fb9","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":29,"box":{"x":60,"y":876,"width":866,"height":12}},{"id":"3cecab22-6057-4a42-8d71-ed22dd68eb06","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":29,"box":{"x":61,"y":891,"width":832,"height":12}},{"id":"9cff7edc-3a04-4531-a571-66814e1efaa3","block_type":"box","text":"29","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"56aebc29-56c6-4cb4-8d32-4f44fa0698ba","block_type":"box","text":"NM0926U-5977640-29/68","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5dfd6def-f73c-4096-ad2e-cbc68b473ac6","block_type":"box","text":"asset value of the Investor C Shares and Class R Shares of the Fund. Institutional Shares and Investor A Shares do","page_number":30,"box":{"x":61,"y":46,"width":850,"height":9}},{"id":"86e9ed33-3168-44dd-ab63-8981f7872e15","block_type":"box","text":"not pay distribution fees.","page_number":30,"box":{"x":61,"y":60,"width":181,"height":12}},{"id":"5af6f419-e2b0-41d7-baf4-8a99bc7dfa23","block_type":"box","text":"Under the Plans, the Fund also pays shareholder servicing fees (also referred to as general shareholder liaison","page_number":30,"box":{"x":62,"y":79,"width":814,"height":11}},{"id":"ec7308d1-4654-4798-afcd-869613094287","block_type":"box","text":"services fees) to Financial Intermediaries for providing support services to their customers who own Investor Shares","page_number":30,"box":{"x":61,"y":93,"width":856,"height":12}},{"id":"e4cf3b21-646d-499f-b508-8ea1dbf9b270","block_type":"box","text":"and/or Class R Shares of the Fund. The shareholder servicing fee payment is calculated as a percentage of the","page_number":30,"box":{"x":61,"y":108,"width":820,"height":12}},{"id":"d98843fc-db3b-44d4-96a3-76b16edfcbe4","block_type":"box","text":"average daily net asset value of Investor Shares and Class R Shares of the Fund. All Investor Shares and Class R","page_number":30,"box":{"x":61,"y":123,"width":833,"height":11}},{"id":"0eb18a0e-916a-472b-b60f-247fdbe5e673","block_type":"box","text":"Shares pay this shareholder servicing fee. Institutional Shares do not pay a shareholder servicing fee.","page_number":30,"box":{"x":61,"y":137,"width":750,"height":12}},{"id":"4ec84ab4-a426-479e-a65a-8b2b5a4bc9dc","block_type":"box","text":"In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of","page_number":30,"box":{"x":62,"y":156,"width":859,"height":11}},{"id":"185a520b-e982-4867-8b19-35dd89114752","block_type":"box","text":"the following services to their customers who own Investor Shares and Class R Shares:","page_number":30,"box":{"x":60,"y":170,"width":643,"height":12}},{"id":"9dc5343c-3265-4f9e-b57e-4e2ee03952cf","block_type":"box","text":"Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and","page_number":30,"box":{"x":81,"y":188,"width":848,"height":11}},{"id":"80d796f3-0065-4c06-9572-a0538f656e46","block_type":"box","text":"redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers’","page_number":30,"box":{"x":82,"y":202,"width":811,"height":12}},{"id":"0989006e-2082-4af1-b98f-82f7a0f30a5f","block_type":"box","text":"investments;","page_number":30,"box":{"x":82,"y":217,"width":92,"height":11}},{"id":"e30827b7-59c1-47e3-bb6c-9222994342d6","block_type":"box","text":"Assisting customers in designating and changing dividend options, account designations and addresses; and","page_number":30,"box":{"x":81,"y":234,"width":801,"height":12}},{"id":"5cfab672-eb47-473c-b3af-c3849ad012fb","block_type":"box","text":"Providing other similar shareholder liaison services.","page_number":30,"box":{"x":81,"y":252,"width":379,"height":11}},{"id":"f3de3947-c21f-45cd-8756-4f1c909f1b49","block_type":"box","text":"The shareholder servicing fees payable pursuant to the Plans are paid to compensate Financial Intermediaries for the","page_number":30,"box":{"x":60,"y":270,"width":864,"height":11}},{"id":"ac053701-29a9-45bf-9bef-b2f246716fc3","block_type":"box","text":"administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the","page_number":30,"box":{"x":61,"y":284,"width":848,"height":12}},{"id":"accbaedc-449c-49e5-b6df-ea77f788d1f7","block_type":"box","text":"sale of the Fund’s shares.","page_number":30,"box":{"x":61,"y":299,"width":191,"height":9}},{"id":"2f332dbd-c50f-4c1d-bc25-e6071cf6144f","block_type":"box","text":"Because the fees paid by the Fund under the Plans are paid out of Fund assets on an ongoing basis, over time these","page_number":30,"box":{"x":62,"y":318,"width":859,"height":11}},{"id":"6d542285-d5b9-4138-9330-2a0bf5407138","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":30,"box":{"x":60,"y":332,"width":836,"height":12}},{"id":"35f88ea3-b540-4a0f-a3eb-1f36ea2bfa63","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":30,"box":{"x":61,"y":347,"width":855,"height":11}},{"id":"187f6b08-1cf0-431b-a935-1d6f8051fa27","block_type":"box","text":"the front-end sales charge on Investor A Shares.","page_number":30,"box":{"x":60,"y":361,"width":355,"height":12}},{"id":"1c46a252-47c8-4ab4-bed0-affce71eb3ea","block_type":"box","text":"For more information on the Plans, including a complete list of services provided thereunder, see the SAI.","page_number":30,"box":{"x":62,"y":380,"width":774,"height":12}},{"id":"5df66e65-9e2e-4f3f-ae95-92d4c60169ec","block_type":"box","text":"Other Payments by the Fund","page_number":30,"box":{"x":61,"y":399,"width":233,"height":12}},{"id":"b07a5584-b328-45db-9cc8-cde84acbc323","block_type":"box","text":"In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plans and fees the Fund pays to","page_number":30,"box":{"x":62,"y":415,"width":860,"height":11}},{"id":"2b78b4e7-02da-4852-acfd-84661bda4584","block_type":"box","text":"its transfer agent, BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”), BlackRock, on behalf of the Fund,","page_number":30,"box":{"x":62,"y":430,"width":867,"height":11}},{"id":"9d5234b1-2036-42f0-9010-6f97792038bf","block_type":"box","text":"may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund","page_number":30,"box":{"x":61,"y":444,"width":874,"height":12}},{"id":"ed3eabd3-e6e2-40e7-8f01-28675141fe0f","block_type":"box","text":"will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting","page_number":30,"box":{"x":60,"y":459,"width":843,"height":11}},{"id":"286f9886-5f8b-438d-b713-b22478c9dcc4","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":30,"box":{"x":61,"y":473,"width":862,"height":12}},{"id":"7b2b7f4e-078c-45d1-a87b-f324b614e3c9","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":30,"box":{"x":61,"y":488,"width":815,"height":12}},{"id":"35eb7f1e-14e9-42b8-9d95-87846ff2adcb","block_type":"box","text":"account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial.","page_number":30,"box":{"x":61,"y":503,"width":791,"height":11}},{"id":"1f0eea0b-500c-409a-9fc0-63d036c8f936","block_type":"box","text":"Other Payments by BlackRock","page_number":30,"box":{"x":61,"y":522,"width":252,"height":12}},{"id":"95261d10-8cbf-4623-8002-7705afe8cd34","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":30,"box":{"x":62,"y":538,"width":851,"height":11}},{"id":"0ba381be-bfd7-49e8-b5fc-f0c6ef901990","block_type":"box","text":"networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or","page_number":30,"box":{"x":61,"y":552,"width":843,"height":12}},{"id":"adcab337-4deb-4f77-80dd-286ffc246590","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":30,"box":{"x":60,"y":567,"width":853,"height":11}},{"id":"47901c39-2713-4a9d-898f-9110fef94b91","block_type":"box","text":"affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments","page_number":30,"box":{"x":61,"y":582,"width":866,"height":11}},{"id":"5953780e-68cd-4c07-892c-f1023aa4ca26","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":30,"box":{"x":60,"y":596,"width":839,"height":12}},{"id":"e5ba6c83-2530-469c-bf57-891382b668d8","block_type":"box","text":"based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage","page_number":30,"box":{"x":61,"y":611,"width":860,"height":11}},{"id":"e86f3752-c483-4198-917f-84392885570b","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":30,"box":{"x":61,"y":626,"width":841,"height":11}},{"id":"ed5de7f2-16de-4c16-aeb9-1d0bd89deb5c","block_type":"box","text":"basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial","page_number":30,"box":{"x":61,"y":640,"width":856,"height":12}},{"id":"8c71e93a-99fb-41cb-b038-e67b6f531c80","block_type":"box","text":"and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated","page_number":30,"box":{"x":61,"y":655,"width":813,"height":11}},{"id":"001bf7a7-2b62-415d-b28f-7a51d831a4eb","block_type":"box","text":"persons to recommend or sell shares of the Fund to you.","page_number":30,"box":{"x":62,"y":669,"width":415,"height":12}},{"id":"ab13a099-b41a-4c2d-b34e-ecc95a7c2b94","block_type":"box","text":"Please contact your Financial Intermediary for details about payments it may receive from the Fund or from BlackRock,","page_number":30,"box":{"x":61,"y":688,"width":869,"height":11}},{"id":"face7c5f-6dcf-4935-8836-919a09aaba77","block_type":"box","text":"the Distributor or their affiliates. For more information, see the SAI.","page_number":30,"box":{"x":60,"y":703,"width":495,"height":10}},{"id":"91e3a099-a884-4242-8996-913e806fe90f","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":30,"box":{"x":61,"y":730,"width":434,"height":13}},{"id":"035f485b-c6c0-4537-baf2-feb4ebbe449f","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":30,"box":{"x":60,"y":752,"width":846,"height":11}},{"id":"16050851-8f9f-4251-9c41-f2f1dce53fec","block_type":"box","text":"Intermediary. You may also buy, sell, exchange and transfer shares through BlackRock if your account is held directly","page_number":30,"box":{"x":62,"y":766,"width":857,"height":12}},{"id":"d6b0ca07-6370-4787-aac9-f09686babaad","block_type":"box","text":"with BlackRock. To learn more about buying, selling, exchanging or transferring shares through BlackRock, call","page_number":30,"box":{"x":60,"y":781,"width":809,"height":11}},{"id":"8914301a-5a58-4898-8b2d-e3164baf57c9","block_type":"box","text":"(800) 441-7762. Because the selection of a mutual fund involves many considerations, your Financial Intermediary","page_number":30,"box":{"x":61,"y":795,"width":847,"height":12}},{"id":"e6081f62-4198-404b-8370-05ea7e08384b","block_type":"box","text":"may help you with this decision.","page_number":30,"box":{"x":61,"y":810,"width":232,"height":12}},{"id":"c914dc4d-95d9-4eb2-90e1-8321375dd0c0","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":30,"box":{"x":60,"y":829,"width":867,"height":11}},{"id":"0b5d1f14-7346-4bef-ae18-47b8ae81f09d","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":30,"box":{"x":61,"y":843,"width":858,"height":12}},{"id":"36f89972-6115-4725-ab7a-819b7f497e2d","block_type":"box","text":"investments (including by way of exchange from another BlackRock Fund) into existing accounts, the Fund generally","page_number":30,"box":{"x":62,"y":858,"width":845,"height":11}},{"id":"11de6f96-90a1-4022-a7cf-dad60aeb8bce","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":30,"box":{"x":61,"y":873,"width":860,"height":11}},{"id":"79cabb00-1864-434c-9f70-21f302588968","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":30,"box":{"x":60,"y":887,"width":868,"height":12}},{"id":"6fd23da6-1ecb-429e-980a-aaf7ba6714ec","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":30,"box":{"x":61,"y":902,"width":863,"height":11}},{"id":"941e3e17-3725-49bd-a8d9-cd5f22a1789a","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":30,"box":{"x":61,"y":916,"width":787,"height":12}},{"id":"6ae1310d-96c5-4ab7-b9a7-7586361bbade","block_type":"box","text":"30","page_number":30,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"0163c260-43b1-4948-8e60-078d906eb682","block_type":"box","text":"NM0926U-5977640-30/68","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a4b7745e-e48f-4968-87ed-023b540c24a5","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":31,"box":{"x":62,"y":46,"width":857,"height":11}},{"id":"b69937c5-505a-4dea-8abc-70895667715f","block_type":"box","text":"restricted from making additional investments.","page_number":31,"box":{"x":61,"y":60,"width":341,"height":12}},{"id":"bc472e30-c925-43c3-83f5-f27a6413259b","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":31,"box":{"x":60,"y":79,"width":861,"height":11}},{"id":"6e261537-694c-46e3-abeb-33c61d661e5d","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":31,"box":{"x":60,"y":93,"width":856,"height":12}},{"id":"38811817-d1b2-406b-a91f-3ecbbf2c0505","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":31,"box":{"x":61,"y":108,"width":822,"height":12}},{"id":"7dbf1cd6-0b8b-4ea8-8d4f-64e765116cbf","block_type":"box","text":"described below.","page_number":31,"box":{"x":61,"y":123,"width":121,"height":9}},{"id":"6927d7ca-2131-42b9-b7fe-b7e265645ea0","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":31,"box":{"x":62,"y":141,"width":797,"height":12}},{"id":"54ed0c55-09e7-490a-8537-277514d6af82","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":31,"box":{"x":61,"y":156,"width":487,"height":11}},{"id":"60b96095-1ce2-40d7-85f3-6162610e152a","block_type":"box","text":"31","page_number":31,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"c71045c9-8793-40b2-b635-7a3d5b83f5e0","block_type":"box","text":"NM0926U-5977640-31/68","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b505d3fe-ecdf-4ebb-a9dd-472c7856e6f6","block_type":"box","text":"How to Buy Shares","page_number":32,"box":{"x":61,"y":46,"width":156,"height":13}},{"id":"d5b0fe69-b6fb-4650-931b-cab3bf4235f7","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":32,"box":{"x":213,"y":68,"width":478,"height":9}},{"id":"a690bda2-989f-427a-9cd9-659fa1f7162b","block_type":"box","text":"Initial Purchase","page_number":32,"box":{"x":61,"y":85,"width":105,"height":8}},{"id":"06005c1c-1137-43c5-b669-9c232825c3ee","block_type":"box","text":"First, select the share class","page_number":32,"box":{"x":214,"y":85,"width":183,"height":10}},{"id":"42d686bb-dcae-4b16-b0df-99217e6d9b9c","block_type":"box","text":"appropriate for you","page_number":32,"box":{"x":214,"y":98,"width":123,"height":11}},{"id":"e60b6b51-d4a7-4b9d-9c13-af83313bafd0","block_type":"box","text":"Refer to the “Share Classes at a Glance” table in this prospectus (be","page_number":32,"box":{"x":461,"y":85,"width":458,"height":10}},{"id":"c20ca560-b3f7-43da-ad20-dc05daddb003","block_type":"box","text":"sure to read this prospectus carefully). When you place your initial","page_number":32,"box":{"x":461,"y":98,"width":435,"height":11}},{"id":"d87f5306-8842-4a9b-9f0a-6c7a9f593615","block_type":"box","text":"order, you must indicate which share class you select (if you do not","page_number":32,"box":{"x":461,"y":112,"width":444,"height":10}},{"id":"fff22379-80f7-4a78-a7f4-96261b84b11e","block_type":"box","text":"specify a share class and do not qualify to purchase Institutional","page_number":32,"box":{"x":461,"y":125,"width":426,"height":10}},{"id":"2a9d5f35-a7b7-4b5d-bdd6-459809d2aa7b","block_type":"box","text":"Shares, you will receive Investor A Shares).","page_number":32,"box":{"x":461,"y":138,"width":284,"height":11}},{"id":"d8dcee5a-535e-4638-a7fc-23dabf31f0f5","block_type":"box","text":"Certain factors, such as the amount of your investment, your time","page_number":32,"box":{"x":461,"y":153,"width":435,"height":10}},{"id":"f1a064e8-4b01-4edb-afaf-0030bab7e449","block_type":"box","text":"frame for investing, and your financial goals, may affect which share","page_number":32,"box":{"x":460,"y":166,"width":451,"height":11}},{"id":"7db675ed-e3e4-4e7e-9989-ee908308a274","block_type":"box","text":"class you choose. Your Financial Intermediary can help you determine","page_number":32,"box":{"x":461,"y":180,"width":460,"height":10}},{"id":"e68e14e9-31f2-44b6-9af3-6e8b98f20b79","block_type":"box","text":"which share class is appropriate for you.","page_number":32,"box":{"x":460,"y":192,"width":267,"height":11}},{"id":"c7e312c7-8ba0-4262-98b2-6ce3f68b28c4","block_type":"box","text":"Class R Shares are available only to certain employer-sponsored","page_number":32,"box":{"x":461,"y":207,"width":426,"height":10}},{"id":"7c242e46-43f0-486b-a248-feab7ef704ca","block_type":"box","text":"retirement plans.","page_number":32,"box":{"x":461,"y":220,"width":111,"height":10}},{"id":"36a9f999-9c5f-4e1a-94f9-a0569d8d3af7","block_type":"box","text":"Next, determine the amount of","page_number":32,"box":{"x":214,"y":238,"width":203,"height":10}},{"id":"2eee9fd7-b073-4b4c-afe9-2cc2b233b6ad","block_type":"box","text":"your investment","page_number":32,"box":{"x":213,"y":252,"width":105,"height":10}},{"id":"8b4a0603-d6d4-434c-a3e6-00e7babe5c14","block_type":"box","text":"Refer to the minimum initial investment in the “Share Classes at a","page_number":32,"box":{"x":461,"y":238,"width":440,"height":8}},{"id":"ce2ddb08-cd6b-4034-a3a8-253fdfc8d07c","block_type":"box","text":"Glance” table of this prospectus. Be sure to note the maximum","page_number":32,"box":{"x":461,"y":251,"width":418,"height":10}},{"id":"07f501ad-b33d-49b1-ba05-1939c4e0fe37","block_type":"box","text":"investment amounts in Investor C Shares.","page_number":32,"box":{"x":461,"y":265,"width":276,"height":8}},{"id":"0877bfd9-3491-4c2d-b2df-0685d2a81cd5","block_type":"box","text":"See “Account Information — Details About the Share Classes” for","page_number":32,"box":{"x":461,"y":279,"width":437,"height":9}},{"id":"364897d3-bfa9-4365-ac5d-27dfa9602f22","block_type":"box","text":"information on a lower initial investment requirement for certain Fund","page_number":32,"box":{"x":461,"y":292,"width":457,"height":11}},{"id":"cba06632-82f5-4893-b579-d22c535421c5","block_type":"box","text":"investors if their purchase, combined with purchases by other investors","page_number":32,"box":{"x":461,"y":306,"width":471,"height":10}},{"id":"3a501157-15cf-4718-ae65-57119b7955a1","block_type":"box","text":"received together by the Fund, meets the minimum investment","page_number":32,"box":{"x":461,"y":319,"width":413,"height":10}},{"id":"5b892a2f-fb2f-4b74-bce6-0fb20c05d5fb","block_type":"box","text":"requirement.","page_number":32,"box":{"x":461,"y":332,"width":82,"height":10}},{"id":"5f01d171-fb1d-417e-8137-4b881a948204","block_type":"box","text":"Have your Financial Intermediary","page_number":32,"box":{"x":214,"y":350,"width":215,"height":10}},{"id":"66e86872-023f-4443-b43d-aa91f508d5bf","block_type":"box","text":"submit your purchase order","page_number":32,"box":{"x":214,"y":364,"width":181,"height":10}},{"id":"d2ab7310-cf5b-45d5-aecb-f5e8d16a1ba4","block_type":"box","text":"The price of your shares is based on the next calculation of the Fund’s","page_number":32,"box":{"x":460,"y":350,"width":466,"height":10}},{"id":"1a3ffafc-97bb-4e6f-af39-87d6df893bfa","block_type":"box","text":"net asset value after your order is placed. Any purchase orders placed","page_number":32,"box":{"x":461,"y":363,"width":463,"height":11}},{"id":"478e235d-dbcd-4669-bcf0-bd3a5fbf8440","block_type":"box","text":"prior to the close of business on the New York Stock Exchange (the","page_number":32,"box":{"x":461,"y":377,"width":443,"height":10}},{"id":"73bd6227-64aa-4076-a012-90a77db5fa56","block_type":"box","text":"“NYSE”) (generally 4:00 p.m. Eastern time) will be priced at the net","page_number":32,"box":{"x":461,"y":390,"width":445,"height":10}},{"id":"b46b6f73-7d4f-4a13-8ca5-3769f7727c5f","block_type":"box","text":"asset value determined that day. Certain Financial Intermediaries,","page_number":32,"box":{"x":461,"y":403,"width":435,"height":11}},{"id":"2da79434-7313-4633-9e2b-20b012028f10","block_type":"box","text":"however, may require submission of orders prior to that time. Purchase","page_number":32,"box":{"x":461,"y":417,"width":469,"height":10}},{"id":"06aa5420-b278-4efb-941b-a620d7f0dee1","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":32,"box":{"x":461,"y":430,"width":429,"height":10}},{"id":"91efb373-92e1-439e-b7f8-93c7f5a58d86","block_type":"box","text":"determined on the next business day.","page_number":32,"box":{"x":461,"y":444,"width":247,"height":10}},{"id":"1689f593-1cdf-4a71-b9aa-5dbb39d0b697","block_type":"box","text":"A broker-dealer or financial institution maintaining the account in which","page_number":32,"box":{"x":460,"y":458,"width":468,"height":10}},{"id":"625d9567-c8c8-4372-a966-dd80b60f8947","block_type":"box","text":"you hold shares may charge a separate account, service or transaction","page_number":32,"box":{"x":460,"y":471,"width":470,"height":11}},{"id":"4b9635ac-6093-4c57-9a88-22d942e18da1","block_type":"box","text":"fee on the purchase or sale of Fund shares that would be in addition to","page_number":32,"box":{"x":460,"y":484,"width":471,"height":10}},{"id":"188edd1f-d6a9-4578-8276-232784ad88c8","block_type":"box","text":"the fees and expenses shown in the Fund’s “Fees and Expenses”","page_number":32,"box":{"x":460,"y":498,"width":434,"height":10}},{"id":"4b57e20a-26f7-4745-b459-2c0e0be6dcde","block_type":"box","text":"table.","page_number":32,"box":{"x":460,"y":511,"width":36,"height":8}},{"id":"3a1d1449-dc00-4223-bd48-244f68fed842","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":32,"box":{"x":460,"y":525,"width":473,"height":10}},{"id":"998cee4b-2367-40c1-b34d-5ef029daf558","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":32,"box":{"x":461,"y":538,"width":453,"height":11}},{"id":"c12d1207-9516-407b-a109-f621be5af342","block_type":"box","text":"processing fee to confirm a purchase.","page_number":32,"box":{"x":461,"y":551,"width":249,"height":11}},{"id":"12e847b4-4f9f-4753-985a-1cc6cb23b086","block_type":"box","text":"Or contact BlackRock (for","page_number":32,"box":{"x":214,"y":569,"width":167,"height":10}},{"id":"b3f4862a-23e6-4565-9fd1-2a3c9831b48f","block_type":"box","text":"accounts held directly with","page_number":32,"box":{"x":214,"y":583,"width":173,"height":10}},{"id":"5238e923-7dcb-434f-9e64-21d6045bc06e","block_type":"box","text":"BlackRock)","page_number":32,"box":{"x":214,"y":597,"width":71,"height":9}},{"id":"fad7af52-f5a7-4ba1-b249-3b457f4f7871","block_type":"box","text":"To purchase shares directly from BlackRock, call (800) 441-7762 and","page_number":32,"box":{"x":460,"y":569,"width":461,"height":10}},{"id":"1e3612c6-24a2-4557-933f-3a23bb21143c","block_type":"box","text":"request a new account application. Mail the completed application","page_number":32,"box":{"x":461,"y":583,"width":438,"height":10}},{"id":"1de925f0-f822-4c4d-a819-c9ea3681a125","block_type":"box","text":"along with a check payable to “BlackRock Funds” to the Transfer Agent","page_number":32,"box":{"x":461,"y":596,"width":468,"height":10}},{"id":"d7280d8b-31dc-4035-96ce-519e6580ba66","block_type":"box","text":"at the address on the application. The Fund limits purchases by","page_number":32,"box":{"x":461,"y":609,"width":421,"height":11}},{"id":"7251392e-0e65-4be2-abe7-1fc8a25558ee","block_type":"box","text":"personal check to $500,000 per trade.","page_number":32,"box":{"x":461,"y":622,"width":257,"height":11}},{"id":"217deb50-77be-4e3c-80d9-91a65f1970a1","block_type":"box","text":"Add to Your","page_number":32,"box":{"x":60,"y":641,"width":78,"height":8}},{"id":"a4839f5a-49ba-489e-8598-3c71375b7ab4","block_type":"box","text":"Investment","page_number":32,"box":{"x":61,"y":652,"width":75,"height":9}},{"id":"57d4de27-b884-4d61-85e0-94b1c1a2a42c","block_type":"box","text":"Purchase additional shares For Investor A and Investor C Shares, the minimum investment for","page_number":32,"box":{"x":214,"y":641,"width":683,"height":9}},{"id":"c2284611-ba18-4203-83a3-573ec46aa247","block_type":"box","text":"additional purchases is generally $50 for all accounts (with the","page_number":32,"box":{"x":461,"y":653,"width":415,"height":11}},{"id":"639eae54-d5f8-4698-b315-8f14c5b276a6","block_type":"box","text":"exception of certain employer-sponsored retirement plans which may","page_number":32,"box":{"x":461,"y":667,"width":455,"height":11}},{"id":"e84b5555-47af-43b3-80ff-f66f0ca376fb","block_type":"box","text":"have a lower minimum for additional purchases). The minimums for","page_number":32,"box":{"x":461,"y":681,"width":445,"height":10}},{"id":"ff1eeae2-f460-4afc-a588-629c29de76c3","block_type":"box","text":"additional purchases may be waived under certain circumstances.","page_number":32,"box":{"x":461,"y":694,"width":436,"height":10}},{"id":"649c373b-b9f2-4724-8964-8db721b86a00","block_type":"box","text":"Institutional and Class R Shares have no minimum for additional","page_number":32,"box":{"x":461,"y":707,"width":425,"height":9}},{"id":"aa7c3ba4-546d-4f67-803b-a8f956b84932","block_type":"box","text":"purchases.","page_number":32,"box":{"x":461,"y":721,"width":71,"height":10}},{"id":"69a036fd-8ea9-499b-8fae-beb895c889c3","block_type":"box","text":"Have your Financial Intermediary","page_number":32,"box":{"x":214,"y":739,"width":215,"height":10}},{"id":"f0d4d937-78b7-4efd-807b-d69035a4aba0","block_type":"box","text":"submit your purchase order for","page_number":32,"box":{"x":214,"y":752,"width":203,"height":11}},{"id":"4474f138-97af-4f97-a1bc-ae9a36f718be","block_type":"box","text":"additional shares","page_number":32,"box":{"x":214,"y":766,"width":113,"height":8}},{"id":"760d3c77-dc78-4aee-b527-0b0b33313054","block_type":"box","text":"To purchase additional shares, you may contact your Financial","page_number":32,"box":{"x":460,"y":739,"width":409,"height":10}},{"id":"9245c0d9-66e3-414d-ae17-a79ff542f575","block_type":"box","text":"Intermediary. For more details on purchasing by Internet see below.","page_number":32,"box":{"x":461,"y":752,"width":444,"height":10}},{"id":"c6d34068-bef1-462d-9b6c-b1f0c9a278b0","block_type":"box","text":"Or contact BlackRock (for","page_number":32,"box":{"x":214,"y":784,"width":167,"height":10}},{"id":"8dea9bcc-d148-4b5c-b6ae-c6fd4ff2443c","block_type":"box","text":"accounts held directly with","page_number":32,"box":{"x":214,"y":798,"width":173,"height":10}},{"id":"d30e8208-2e1c-433a-b72d-929ad8795565","block_type":"box","text":"BlackRock)","page_number":32,"box":{"x":214,"y":811,"width":71,"height":10}},{"id":"9448cf08-44cd-49cc-8884-41ad2dcbd967","block_type":"box","text":"Purchase by Telephone:","page_number":32,"box":{"x":461,"y":784,"width":158,"height":10}},{"id":"fc5c4f8b-1f4e-48ae-a053-de334528f854","block_type":"box","text":"Call (800) 441-7762 and speak with one of","page_number":32,"box":{"x":625,"y":784,"width":288,"height":10}},{"id":"38191d6a-603a-42ed-a826-6d361ab2da8f","block_type":"box","text":"our representatives. 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Any redemption request placed after that time","page_number":33,"box":{"x":461,"y":815,"width":470,"height":11}},{"id":"667a517a-29ee-47c5-a025-c1d48703e104","block_type":"box","text":"will be priced at the net asset value at the close of business on the","page_number":33,"box":{"x":460,"y":829,"width":447,"height":10}},{"id":"e6daf5ad-6dd2-4862-bcf8-9409b8c15447","block_type":"box","text":"next business day.","page_number":33,"box":{"x":461,"y":842,"width":121,"height":10}},{"id":"6df66f59-d67e-412c-9c80-e56ac88f1bf3","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":33,"box":{"x":461,"y":857,"width":437,"height":10}},{"id":"792d55c1-d6c4-4dc4-817e-16199347a470","block_type":"box","text":"redemption proceeds (check, wire or ACH), your redemption proceeds","page_number":33,"box":{"x":461,"y":870,"width":458,"height":10}},{"id":"a7fc989a-8b13-46e1-adcd-a3aeb1223eca","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":33,"box":{"x":460,"y":883,"width":465,"height":10}},{"id":"59c52144-eeb2-40b8-b621-eccf4e667e7e","block_type":"box","text":"but in any event, within seven days.","page_number":33,"box":{"x":461,"y":896,"width":233,"height":10}},{"id":"9ccf5e5c-c4f8-471c-9688-46b29abcb186","block_type":"box","text":"33","page_number":33,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"36301117-9892-49cf-b622-6d46766ca112","block_type":"box","text":"NM0926U-5977640-33/68","page_number":33,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9c2ca44b-cac1-44c5-88df-e60aa4a22506","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":34,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"513255b1-ee3b-47d2-b35e-43f5ff2d474b","block_type":"box","text":"Full or Partial","page_number":34,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"4c9b6f01-6aa3-4c29-a75b-212a9f49977d","block_type":"box","text":"Redemption of","page_number":34,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"07fff89f-2656-4894-a8ae-a0a6873e357f","block_type":"box","text":"Shares (continued)","page_number":34,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"402a07ad-7c61-4a9f-a45f-a32083999121","block_type":"box","text":"Have your Financial Intermediary","page_number":34,"box":{"x":214,"y":67,"width":215,"height":10}},{"id":"aac4c554-fd1d-4ecc-bb8a-147627a7c48a","block_type":"box","text":"submit your sales order","page_number":34,"box":{"x":214,"y":81,"width":155,"height":10}},{"id":"c3fee9c0-d6bd-493b-9349-b60e95280f32","block_type":"box","text":"(continued)","page_number":34,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"47bcde1b-d39f-4c7a-ba07-c76954ef8fb3","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":34,"box":{"x":461,"y":68,"width":415,"height":11}},{"id":"03a09311-db91-41f8-a095-d5152a578f46","block_type":"box","text":"redemption of shares.","page_number":34,"box":{"x":461,"y":81,"width":144,"height":10}},{"id":"6c236a06-bd00-411c-bc1a-3b44c25464e4","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":34,"box":{"x":460,"y":96,"width":380,"height":10}},{"id":"d513e1ae-c77b-439a-b46a-840609af2de7","block_type":"box","text":"circumstances.","page_number":34,"box":{"x":461,"y":108,"width":98,"height":9}},{"id":"c87a3431-2d83-47a0-a486-05f0d5daae5e","block_type":"box","text":"Selling shares held directly with","page_number":34,"box":{"x":214,"y":126,"width":207,"height":11}},{"id":"1f5106ac-499f-436b-b355-2fff1523c74b","block_type":"box","text":"BlackRock","page_number":34,"box":{"x":214,"y":140,"width":67,"height":8}},{"id":"f35753e4-996f-4a18-bcab-96b83911f5fc","block_type":"box","text":"Methods of Redeeming","page_number":34,"box":{"x":461,"y":126,"width":156,"height":11}},{"id":"174a28b0-d71e-4845-823b-dfa87d44cddb","block_type":"box","text":"Redeem by Telephone:","page_number":34,"box":{"x":461,"y":141,"width":150,"height":10}},{"id":"a6b911ea-5878-4b33-a043-19416e1db892","block_type":"box","text":"You may redeem Investor Shares held directly","page_number":34,"box":{"x":617,"y":141,"width":302,"height":10}},{"id":"10b92135-9796-42f6-b0b9-a130ffee775c","block_type":"box","text":"with BlackRock by telephone request if certain conditions are met and","page_number":34,"box":{"x":460,"y":154,"width":464,"height":10}},{"id":"5d38e78f-24c4-4f98-b572-e2792561019d","block_type":"box","text":"if the amount being sold is less than (i) $100,000 for payments by","page_number":34,"box":{"x":461,"y":167,"width":441,"height":11}},{"id":"f64392ba-0624-4fd8-beb7-7e0eb5ce479f","block_type":"box","text":"check or (ii) $250,000 for payments through ACH or wire transfer.","page_number":34,"box":{"x":461,"y":180,"width":433,"height":11}},{"id":"306b743e-6973-417c-b547-6f9f32508eae","block_type":"box","text":"Certain redemption requests, such as those in excess of these","page_number":34,"box":{"x":461,"y":194,"width":418,"height":10}},{"id":"12d93e6a-fd32-4c04-958e-3691796bb113","block_type":"box","text":"amounts, must be in writing with a medallion signature guarantee. For","page_number":34,"box":{"x":461,"y":207,"width":462,"height":10}},{"id":"fcf2c6d5-ec0e-488e-aa07-592fbce335d8","block_type":"box","text":"Institutional Shares, certain redemption requests may require written","page_number":34,"box":{"x":461,"y":220,"width":456,"height":10}},{"id":"ded5d2d0-5319-4970-9cc9-2f3e1d8fbeea","block_type":"box","text":"instructions with a medallion signature guarantee. Call (800) 441-7762","page_number":34,"box":{"x":461,"y":233,"width":472,"height":10}},{"id":"7dcfc0e4-df2a-4cf9-9e05-8623e053613f","block_type":"box","text":"for details.","page_number":34,"box":{"x":460,"y":246,"width":70,"height":9}},{"id":"d9041fe1-e81e-4c4d-8bb7-70d91152cbf2","block_type":"box","text":"You can obtain a medallion signature guarantee stamp from a bank,","page_number":34,"box":{"x":460,"y":261,"width":448,"height":10}},{"id":"1e68d054-9901-4271-bc68-613f7f1a45c2","block_type":"box","text":"securities dealer, securities broker, credit union, savings and loan","page_number":34,"box":{"x":461,"y":274,"width":434,"height":10}},{"id":"94483e8a-25cc-465f-be44-c211a15fd65d","block_type":"box","text":"association, national securities exchange or registered securities","page_number":34,"box":{"x":461,"y":287,"width":430,"height":10}},{"id":"cfc6ace1-d10a-451e-9e35-15b7b5f40de2","block_type":"box","text":"association. A notary public seal will not be acceptable.","page_number":34,"box":{"x":461,"y":300,"width":366,"height":10}},{"id":"5dc7bf25-84d3-4094-9829-40ffe6bcb3f6","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":34,"box":{"x":460,"y":314,"width":468,"height":10}},{"id":"1de3aec4-020c-439a-ba89-90dfb05adf05","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":34,"box":{"x":461,"y":327,"width":474,"height":10}},{"id":"77ca3c64-5ab7-4078-9c04-fe9e41d8c019","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":34,"box":{"x":460,"y":340,"width":450,"height":10}},{"id":"345aa142-dc56-453f-bfe3-dda3d12b284c","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":34,"box":{"x":461,"y":353,"width":450,"height":10}},{"id":"dd40b020-c89d-4005-bcb6-336378406e63","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":34,"box":{"x":460,"y":366,"width":445,"height":10}},{"id":"ce757728-e3b3-4dc1-b786-f01907b1e3ed","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":34,"box":{"x":461,"y":378,"width":463,"height":11}},{"id":"7e42bfce-2c3b-41f6-b879-edbb306d3c0a","block_type":"box","text":"believes it is advisable to do so.","page_number":34,"box":{"x":461,"y":391,"width":212,"height":9}},{"id":"57a25224-6f1e-4ae6-bb00-c9691cd83bc4","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":34,"box":{"x":461,"y":405,"width":452,"height":11}},{"id":"b7b314a5-7f56-4fa4-b089-74d4c494a3ae","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":34,"box":{"x":461,"y":418,"width":427,"height":10}},{"id":"18eb4421-b103-403f-8f96-9baa6cafab4e","block_type":"box","text":"redemption methods below.","page_number":34,"box":{"x":461,"y":431,"width":181,"height":10}},{"id":"7a6c0d8c-eb4c-46e7-a0f1-aaa565e50805","block_type":"box","text":"Redeem by VRU:","page_number":34,"box":{"x":461,"y":445,"width":111,"height":10}},{"id":"ff27bc49-defd-4a46-a3e4-50f9de29696d","block_type":"box","text":"Investor Shares may also be redeemed by use of the","page_number":34,"box":{"x":579,"y":445,"width":348,"height":10}},{"id":"d7e116a7-cf6f-42f5-b433-76f3af0fe444","block_type":"box","text":"Fund’s automated VRU service. Payment for Investor Shares redeemed","page_number":34,"box":{"x":461,"y":457,"width":469,"height":11}},{"id":"b5ab7c87-5638-4b8c-9442-0a14a080ecfb","block_type":"box","text":"by the VRU service may be made for non-retirement accounts in","page_number":34,"box":{"x":461,"y":470,"width":420,"height":10}},{"id":"16d4dfea-4f2c-426e-a695-c29674cd69a0","block_type":"box","text":"amounts up to $25,000, either through check, ACH or wire.","page_number":34,"box":{"x":461,"y":482,"width":392,"height":11}},{"id":"ea7c8907-1b45-4a8d-82e8-82dd6abc5f8f","block_type":"box","text":"Redeem by Internet:","page_number":34,"box":{"x":461,"y":497,"width":136,"height":10}},{"id":"9a7c5743-d037-41ab-b21d-d152570acd0e","block_type":"box","text":"You may redeem in your account, by logging onto","page_number":34,"box":{"x":603,"y":497,"width":321,"height":10}},{"id":"51288696-74ad-41cd-8ee8-76391d7031f3","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":34,"box":{"x":460,"y":509,"width":461,"height":8}},{"id":"bf7d0aba-6fc1-4083-b4b3-f1504dd38f5e","block_type":"box","text":"redemptions may be sent via check, ACH or wire to the bank account of","page_number":34,"box":{"x":461,"y":522,"width":473,"height":10}},{"id":"09e9f3e8-6ca9-4fb5-9cb2-6280ca52ea9b","block_type":"box","text":"record. Payment for shares redeemed by Internet may be made for non","page_number":34,"box":{"x":461,"y":534,"width":472,"height":11}},{"id":"7c790a4d-bb9b-436f-ab4a-af5f4e0ee543","block_type":"box","text":"retirement accounts in amounts up to $100,000 per account per day,","page_number":34,"box":{"x":461,"y":546,"width":459,"height":11}},{"id":"ca588124-5c43-415e-b3a6-1ce6cd7ed16e","block_type":"box","text":"either through check, ACH or wire. Different maximums may apply to","page_number":34,"box":{"x":461,"y":559,"width":451,"height":11}},{"id":"1f77d1a7-856c-49f0-b49a-b39ee86de9df","block_type":"box","text":"certain institutional investors.","page_number":34,"box":{"x":461,"y":572,"width":196,"height":8}},{"id":"80457ce8-0a20-4c30-b375-37105d744fc7","block_type":"box","text":"Redeem in Writing:","page_number":34,"box":{"x":461,"y":586,"width":127,"height":10}},{"id":"59adbc11-5bea-4ddc-9c22-390d115ca828","block_type":"box","text":"You may sell shares held at BlackRock by writing to","page_number":34,"box":{"x":594,"y":586,"width":338,"height":10}},{"id":"e6fec00c-62f3-41bd-b113-72d6e5dd01da","block_type":"box","text":"BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429 or","page_number":34,"box":{"x":461,"y":598,"width":468,"height":10}},{"id":"ddecc8d6-c46d-4cb6-8cca-7b522aebf7fa","block_type":"box","text":"for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":34,"box":{"x":460,"y":610,"width":446,"height":11}},{"id":"39b72d3d-d953-4a80-9bd3-8fe70b327a16","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. All shareholders on the account","page_number":34,"box":{"x":461,"y":623,"width":466,"height":10}},{"id":"f1c07bdd-151f-401d-89e8-8155945bae60","block_type":"box","text":"must sign the letter. A medallion signature guarantee will generally be","page_number":34,"box":{"x":461,"y":636,"width":460,"height":10}},{"id":"e3c6fcdd-996d-4fa9-b2e7-a6a1ea0fb1f8","block_type":"box","text":"required but may be waived in certain limited circumstances. You can","page_number":34,"box":{"x":461,"y":648,"width":457,"height":10}},{"id":"f0dceffc-aa7f-4daa-9625-26902e152010","block_type":"box","text":"obtain a medallion signature guarantee stamp from a bank, securities","page_number":34,"box":{"x":461,"y":660,"width":461,"height":11}},{"id":"8b5a3430-c510-4d9b-85f7-62783f2fc54a","block_type":"box","text":"dealer, securities broker, credit union, savings and loan association,","page_number":34,"box":{"x":461,"y":673,"width":450,"height":10}},{"id":"29d56ffe-761c-404a-9f51-458de0ef48d8","block_type":"box","text":"national securities exchange or registered securities association. A","page_number":34,"box":{"x":461,"y":685,"width":443,"height":10}},{"id":"2308ca44-4bd1-437a-9e16-0a02d61c18ac","block_type":"box","text":"notary public seal will not be acceptable. If you hold stock certificates,","page_number":34,"box":{"x":461,"y":697,"width":465,"height":11}},{"id":"2ea9046a-49f4-404c-a350-735bed53a53b","block_type":"box","text":"return the certificates with the letter. Proceeds from redemptions may","page_number":34,"box":{"x":461,"y":710,"width":462,"height":10}},{"id":"55517f36-c909-41d8-bc90-e23676f8ab7d","block_type":"box","text":"be sent via check, ACH or wire to the bank account of record.","page_number":34,"box":{"x":461,"y":722,"width":404,"height":10}},{"id":"df2e0be4-3eb0-418a-948e-7168191661ae","block_type":"box","text":"Payment of Redemption Proceeds","page_number":34,"box":{"x":461,"y":735,"width":228,"height":10}},{"id":"44e95a4e-763f-41a6-a29c-72f2a3a15fd5","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":34,"box":{"x":461,"y":748,"width":467,"height":11}},{"id":"c1f98ab3-1ef8-4562-ba27-c1cdb5dd662c","block_type":"box","text":"banking information on file, through ACH or by wire transfer.","page_number":34,"box":{"x":461,"y":761,"width":393,"height":10}},{"id":"d428a476-ae53-44cb-be3d-9d18d494e6f6","block_type":"box","text":"Payment by Check:","page_number":34,"box":{"x":461,"y":775,"width":129,"height":10}},{"id":"c25265a2-e650-40e6-bc0a-344936797104","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":34,"box":{"x":597,"y":775,"width":329,"height":10}},{"id":"ed4b41b6-dc4b-4224-8b08-c993430ec7c4","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":34,"box":{"x":460,"y":787,"width":430,"height":10}},{"id":"1d0099f8-5ca5-4d92-82d5-3c625adf0c09","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":34,"box":{"x":461,"y":799,"width":460,"height":10}},{"id":"7cebc27c-89b4-443b-b38f-3d3e758e8695","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":34,"box":{"x":461,"y":811,"width":468,"height":10}},{"id":"04c93e66-5527-430b-8f68-214165862391","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":34,"box":{"x":461,"y":823,"width":467,"height":11}},{"id":"61791c0c-c052-4303-adaa-f86be9f71009","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":34,"box":{"x":461,"y":836,"width":467,"height":10}},{"id":"45ca5507-df8f-4a55-ae26-a378c923f3ac","block_type":"box","text":"charges imposed by your bank for this service.","page_number":34,"box":{"x":461,"y":848,"width":307,"height":10}},{"id":"c85fb498-9972-4094-b1b7-b2cc91bc99ca","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":34,"box":{"x":460,"y":862,"width":438,"height":10}},{"id":"054aaeea-f0c5-40bc-8fd0-2096113bf8c1","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":34,"box":{"x":461,"y":874,"width":429,"height":10}},{"id":"aa2b53ae-412c-4b82-b4af-2ed456945f89","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":34,"box":{"x":461,"y":886,"width":403,"height":10}},{"id":"f2e31c83-0db1-491c-9977-4bee3cdcc2cd","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":34,"box":{"x":461,"y":898,"width":467,"height":8}},{"id":"07ad29b7-7d22-4b2e-ba3d-432a68708ed4","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":34,"box":{"x":460,"y":911,"width":456,"height":10}},{"id":"88c82a67-ce43-4600-8636-c849b22115f6","block_type":"box","text":"34","page_number":34,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"31898beb-a800-4b20-a732-81e18b9a74dc","block_type":"box","text":"NM0926U-5977640-34/68","page_number":34,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0f7c5c43-ba5c-43ea-ab04-28f5af9b657a","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":35,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"ed1cbbe0-b147-4cf9-b4d5-e2d5b9511069","block_type":"box","text":"Full or Partial","page_number":35,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"3b8b4b87-b089-4d6c-89bf-f2e70937b05e","block_type":"box","text":"Redemption of","page_number":35,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"3f1b651c-2698-4e38-8191-61bb3064857c","block_type":"box","text":"Shares (continued)","page_number":35,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"381c45d3-a77e-492d-80d5-353769999114","block_type":"box","text":"Selling shares held directly with","page_number":35,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"1992e26e-7209-411d-8f23-b444340260b1","block_type":"box","text":"BlackRock (continued)","page_number":35,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"4127c00a-db5f-447e-a10d-05db9aea2627","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":35,"box":{"x":460,"y":67,"width":402,"height":10}},{"id":"8c7c0b73-5f38-451f-9ace-363672c4e5a8","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":35,"box":{"x":461,"y":79,"width":430,"height":11}},{"id":"9ea39c0d-4f70-4ffd-85a9-fd082d99e95c","block_type":"box","text":"amounts are subject to the risk of loss like any fund investment. If you","page_number":35,"box":{"x":461,"y":92,"width":465,"height":10}},{"id":"5c746801-40b4-4051-98f6-ffbfc9468da2","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":35,"box":{"x":461,"y":104,"width":473,"height":8}},{"id":"ef7aeb03-ef1a-4bfe-b7ab-e1845f168df7","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":35,"box":{"x":461,"y":116,"width":456,"height":10}},{"id":"803e7050-6930-408e-a4d9-358d95d8c585","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":35,"box":{"x":461,"y":128,"width":461,"height":11}},{"id":"2f0b760f-face-4565-bad0-f08e52a3df2d","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":35,"box":{"x":460,"y":141,"width":469,"height":10}},{"id":"d93db414-f799-42f5-8fb9-d03ecd9e7817","block_type":"box","text":"as of the date of payment of the distribution.","page_number":35,"box":{"x":461,"y":153,"width":295,"height":10}},{"id":"9e31d777-7dde-4e46-83c4-7a77d2a321d9","block_type":"box","text":"Payment by Wire Transfer:","page_number":35,"box":{"x":461,"y":166,"width":177,"height":10}},{"id":"37bb7953-3558-4326-b55f-aae23b29f03f","block_type":"box","text":"Payment for redeemed shares for which a","page_number":35,"box":{"x":644,"y":166,"width":275,"height":10}},{"id":"6608bff9-9d0f-4ea0-bf5a-e1f4bc6e294c","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":35,"box":{"x":461,"y":178,"width":437,"height":10}},{"id":"43371579-05a1-413c-898a-0659d3fa1c8e","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":35,"box":{"x":461,"y":190,"width":471,"height":11}},{"id":"0c22b4a1-934e-4118-94c6-67a7a2d4227f","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":35,"box":{"x":461,"y":203,"width":417,"height":10}},{"id":"dc0bb03d-193b-4a29-b647-ec23916ebecb","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":35,"box":{"x":461,"y":215,"width":449,"height":10}},{"id":"005f079d-ca2e-4191-9533-a43e0e25aa96","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":35,"box":{"x":461,"y":227,"width":449,"height":10}},{"id":"590cad82-d3c2-4e3a-a13e-b77e90cd9c11","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":35,"box":{"x":461,"y":239,"width":433,"height":10}},{"id":"03e525ee-b596-4dc9-b1c8-ff9ba1025857","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":35,"box":{"x":461,"y":251,"width":449,"height":10}},{"id":"4902b384-63fb-4f20-9e4b-6bd814535cdc","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":35,"box":{"x":461,"y":263,"width":437,"height":11}},{"id":"8fb69561-06a4-4a50-923a-b78bedf60b94","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":35,"box":{"x":461,"y":275,"width":469,"height":11}},{"id":"77393684-e6e3-401c-8c1a-ebc4892f18cb","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":35,"box":{"x":459,"y":287,"width":448,"height":11}},{"id":"edd3f1d7-5bcb-4df0-b967-9f608b3b75e2","block_type":"box","text":"Fund.","page_number":35,"box":{"x":461,"y":300,"width":34,"height":8}},{"id":"a0b429a9-fccb-469d-84d4-cebb14b9b6ad","block_type":"box","text":"If a shareholder has given authorization for expedited redemption,","page_number":35,"box":{"x":461,"y":313,"width":434,"height":10}},{"id":"c8447d3c-b958-4712-8d03-451c231b5165","block_type":"box","text":"shares can be redeemed by Federal wire transfer to a single previously","page_number":35,"box":{"x":461,"y":325,"width":468,"height":10}},{"id":"4e089373-c7c6-484b-a1ca-8471c8644b22","block_type":"box","text":"designated bank account. Shareholders will pay $7.50 for redemption","page_number":35,"box":{"x":461,"y":336,"width":460,"height":11}},{"id":"e9cfd9af-2476-4794-a78c-46e779f4a652","block_type":"box","text":"proceeds sent by Federal wire transfer. You are responsible for any","page_number":35,"box":{"x":461,"y":349,"width":441,"height":10}},{"id":"99e1b8b5-b945-4da9-8053-4318fc0ecb97","block_type":"box","text":"additional charges imposed by your bank for this service. No charge for","page_number":35,"box":{"x":461,"y":361,"width":472,"height":11}},{"id":"30124d29-639a-4de7-8150-3d7bbec15523","block_type":"box","text":"wiring redemption payments with respect to Institutional Shares is","page_number":35,"box":{"x":460,"y":373,"width":438,"height":11}},{"id":"cbb9fb56-3b50-4c63-96d0-7558dcd3af2f","block_type":"box","text":"imposed by the Fund.","page_number":35,"box":{"x":461,"y":386,"width":140,"height":10}},{"id":"1dc4e705-6e6b-4131-98cb-0689ba894784","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":35,"box":{"x":460,"y":399,"width":425,"height":10}},{"id":"61f3e3a2-b49b-4196-9faf-46173146648c","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":35,"box":{"x":461,"y":411,"width":455,"height":10}},{"id":"61669dcc-4f56-43bb-81d1-8442b7a26c5f","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":35,"box":{"x":461,"y":423,"width":476,"height":10}},{"id":"ed5d90ed-2197-4432-9077-fc1dba555cfc","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":35,"box":{"x":461,"y":435,"width":455,"height":10}},{"id":"ca30491f-a1d3-4c77-9f31-2f178e6ee454","block_type":"box","text":"the back cover of this prospectus.","page_number":35,"box":{"x":460,"y":447,"width":224,"height":10}},{"id":"80079c8c-41d7-4531-bee3-f1c930ff95c6","block_type":"box","text":"Payment by ACH:","page_number":35,"box":{"x":461,"y":460,"width":116,"height":10}},{"id":"3b9888c9-6274-4f3d-a985-a57270c9e4be","block_type":"box","text":"Redemption proceeds may be sent to the","page_number":35,"box":{"x":584,"y":460,"width":272,"height":10}},{"id":"3e4c6725-82aa-4bf4-b0f0-13611ced6127","block_type":"box","text":"shareholder’s bank account (checking or savings) via ACH. Payment for","page_number":35,"box":{"x":461,"y":472,"width":469,"height":11}},{"id":"ac78a74c-1eec-4a40-b435-08ec5d86ead1","block_type":"box","text":"redeemed shares for which a redemption order is received before","page_number":35,"box":{"x":461,"y":484,"width":432,"height":10}},{"id":"c0105dc8-b571-4c37-a3c0-b3be0352fc91","block_type":"box","text":"4:00 p.m. (Eastern time) on a business day is normally sent to the","page_number":35,"box":{"x":461,"y":496,"width":441,"height":10}},{"id":"71bc33b8-103e-4c3c-bfd7-0431e31900e6","block_type":"box","text":"redeeming shareholder the next business day, with receipt at the","page_number":35,"box":{"x":461,"y":508,"width":428,"height":11}},{"id":"c792cb68-cf45-42d3-a2cf-7694837b264d","block_type":"box","text":"receiving bank within the next two business days (48-72 hours);","page_number":35,"box":{"x":461,"y":520,"width":420,"height":11}},{"id":"e2240695-7d85-4774-98d7-664c69813f33","block_type":"box","text":"provided that the Fund’s custodian is also open for business. Payment","page_number":35,"box":{"x":461,"y":532,"width":467,"height":10}},{"id":"5b89630b-1688-47be-a249-609a23f27c4b","block_type":"box","text":"for redemption orders received after 4:00 p.m. (Eastern time) or on a","page_number":35,"box":{"x":460,"y":544,"width":458,"height":10}},{"id":"8bf869f7-4ca5-440f-af07-b4cf4d4d889f","block_type":"box","text":"day when the Fund’s custodian is closed is normally sent on the next","page_number":35,"box":{"x":461,"y":556,"width":457,"height":10}},{"id":"04e9663b-d10c-4396-9490-8fde14a15a37","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":35,"box":{"x":461,"y":568,"width":449,"height":10}},{"id":"21290772-ac87-4cbe-9683-581cd7d728ba","block_type":"box","text":"open for business.","page_number":35,"box":{"x":461,"y":580,"width":121,"height":10}},{"id":"13406409-f9dc-4132-9da7-05929ba7ba59","block_type":"box","text":"The Fund reserves the right to send redemption proceeds within seven","page_number":35,"box":{"x":460,"y":594,"width":467,"height":10}},{"id":"f6b6e332-505d-4153-bdcb-8c0bc004d0b3","block_type":"box","text":"days after receiving a redemption order if, in the judgment of the Fund,","page_number":35,"box":{"x":461,"y":605,"width":465,"height":11}},{"id":"2bb03224-2fb7-4c09-8050-be0f1f3a9ac8","block_type":"box","text":"an earlier payment could adversely affect the Fund. No charge for","page_number":35,"box":{"x":461,"y":617,"width":432,"height":11}},{"id":"48d36abf-5f9f-429b-9468-a1895014f337","block_type":"box","text":"sending redemption payments via ACH is imposed by the Fund.","page_number":35,"box":{"x":461,"y":629,"width":415,"height":11}},{"id":"fce89535-0a68-411c-b3b7-9e6974749948","block_type":"box","text":"***","page_number":35,"box":{"x":686,"y":644,"width":25,"height":5}},{"id":"36f8b28f-ec8f-415e-b67d-98be7ef69394","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":35,"box":{"x":461,"y":656,"width":423,"height":10}},{"id":"bea74b87-47f5-4bb2-9b0f-a8bc4f4223ce","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":35,"box":{"x":461,"y":668,"width":456,"height":10}},{"id":"3301c987-071c-4c15-bd5d-987e2f46f359","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":35,"box":{"x":461,"y":680,"width":352,"height":10}},{"id":"57c8d257-25fd-43f6-9f00-e36b3ea1bbdf","block_type":"box","text":"Redemption","page_number":35,"box":{"x":61,"y":698,"width":80,"height":10}},{"id":"83a3ae60-3abd-4b38-a4d0-6b22d2209484","block_type":"box","text":"Proceeds","page_number":35,"box":{"x":61,"y":709,"width":62,"height":8}},{"id":"db77c76b-4a85-43f4-96be-9e0850ae9817","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":35,"box":{"x":461,"y":699,"width":445,"height":10}},{"id":"ed104c94-1e43-4421-a695-bfcdc1218963","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":35,"box":{"x":461,"y":712,"width":467,"height":10}},{"id":"7491a296-100c-4ea0-b633-c631ba0955b7","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":35,"box":{"x":461,"y":725,"width":455,"height":11}},{"id":"6b0c3bb8-e57e-4e2a-83a8-23be7f984703","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":35,"box":{"x":461,"y":738,"width":450,"height":11}},{"id":"469089d8-ba0c-4874-b084-a9e410126b69","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":35,"box":{"x":461,"y":752,"width":452,"height":10}},{"id":"e5b09170-25d9-4f57-8bab-ef261d68fd28","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":35,"box":{"x":461,"y":765,"width":471,"height":10}},{"id":"03423935-1da3-4c8f-92b7-2f0da33e7b92","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":35,"box":{"x":461,"y":778,"width":471,"height":10}},{"id":"d88789a3-6299-4021-a25d-aa431844e32e","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in-kind to you. The","page_number":35,"box":{"x":461,"y":791,"width":453,"height":10}},{"id":"244a33b6-dad0-4af5-8b62-78a76a69b183","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":35,"box":{"x":461,"y":804,"width":405,"height":9}},{"id":"5416ed38-0aa7-4b6a-a36e-0a15717da690","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":35,"box":{"x":461,"y":819,"width":408,"height":10}},{"id":"db5231fe-9c78-4148-b662-f34393ca2f46","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":35,"box":{"x":461,"y":832,"width":457,"height":10}},{"id":"5bda320e-3576-408f-bed2-5ca1c18a2ad9","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":35,"box":{"x":460,"y":845,"width":440,"height":10}},{"id":"5548a4bd-787d-4e33-91b7-2ae9fc1da775","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":35,"box":{"x":460,"y":858,"width":340,"height":10}},{"id":"74080add-aa6f-47a6-9132-51de81eccc75","block_type":"box","text":"35","page_number":35,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"94adca38-58f5-4798-bcb7-e4ba5c77407b","block_type":"box","text":"NM0926U-5977640-35/68","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"fe5f7288-c290-4965-8eb8-350321c27c46","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":36,"box":{"x":61,"y":46,"width":415,"height":13}},{"id":"8be3330a-3baf-44d4-b717-1cdf4de8fd50","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":36,"box":{"x":213,"y":68,"width":478,"height":9}},{"id":"17a4f4e2-968a-4fa2-8d95-c61a5ae8aed2","block_type":"box","text":"Exchange Privilege","page_number":36,"box":{"x":61,"y":85,"width":128,"height":10}},{"id":"14f8f594-e1b3-4f45-8112-fe25fe30f02f","block_type":"box","text":"Selling shares of one BlackRock","page_number":36,"box":{"x":214,"y":85,"width":212,"height":10}},{"id":"7339b8b6-12f8-49cd-bcd7-ad2a21c0fe7b","block_type":"box","text":"Fund to purchase shares of","page_number":36,"box":{"x":214,"y":98,"width":181,"height":11}},{"id":"c08d838e-3ac1-4206-a88b-f63eda955c21","block_type":"box","text":"another BlackRock Fund","page_number":36,"box":{"x":214,"y":112,"width":158,"height":8}},{"id":"e88f9e3a-ba39-41d2-a3f6-6f4fa9c2418e","block_type":"box","text":"(“exchanging”)","page_number":36,"box":{"x":214,"y":126,"width":95,"height":10}},{"id":"a7f391b2-0405-4550-8f4f-86bf439423a7","block_type":"box","text":"Investor or Institutional Shares of the Fund are generally exchangeable","page_number":36,"box":{"x":461,"y":85,"width":466,"height":10}},{"id":"f95b7c7f-f984-494d-b069-e21505b02aab","block_type":"box","text":"for shares of the same class of another BlackRock Fund, to the extent","page_number":36,"box":{"x":460,"y":98,"width":465,"height":10}},{"id":"e19014d3-e347-49ce-8d36-1489b8c18312","block_type":"box","text":"such shares are offered by your Financial Intermediary. No exchange","page_number":36,"box":{"x":461,"y":112,"width":453,"height":10}},{"id":"a84dd051-dad0-4160-aff1-50890fb1c615","block_type":"box","text":"privilege is available for Class R Shares.","page_number":36,"box":{"x":461,"y":125,"width":264,"height":10}},{"id":"8c437275-0fdd-46eb-bbb7-77cbc3b80dc2","block_type":"box","text":"You can exchange $1,000 or more of Investor A or Investor C Shares","page_number":36,"box":{"x":460,"y":139,"width":455,"height":11}},{"id":"58f66f44-f038-47ed-ac63-3411ada18189","block_type":"box","text":"from one fund into the same class of another fund which offers that","page_number":36,"box":{"x":460,"y":153,"width":450,"height":8}},{"id":"0032a5d4-3531-45d0-8aea-fc572fa99106","block_type":"box","text":"same class of shares (you can exchange less than $1,000 of","page_number":36,"box":{"x":461,"y":165,"width":407,"height":11}},{"id":"d6845feb-9942-485f-9b10-e46f4d21d13b","block_type":"box","text":"Investor A or Investor C Shares if you already have an account in the","page_number":36,"box":{"x":461,"y":179,"width":451,"height":10}},{"id":"93cd29a8-7b27-42aa-8ab8-87b93ec413c9","block_type":"box","text":"fund into which you are exchanging). Investors who currently own","page_number":36,"box":{"x":460,"y":192,"width":427,"height":11}},{"id":"869582e8-9f42-4a70-abb4-9f76180ee168","block_type":"box","text":"Institutional Shares of the Fund may make exchanges into Institutional","page_number":36,"box":{"x":461,"y":205,"width":465,"height":11}},{"id":"bcf4fd59-d49d-4fd1-a40c-ab4994625acb","block_type":"box","text":"Shares of other BlackRock Funds except for investors holding shares","page_number":36,"box":{"x":461,"y":219,"width":454,"height":10}},{"id":"9978d36c-5097-40c1-8e19-84a1630bbe14","block_type":"box","text":"through certain client accounts at Financial Intermediaries that are","page_number":36,"box":{"x":460,"y":232,"width":442,"height":10}},{"id":"2db28fdc-ddee-42e6-a296-026e0208f5fe","block_type":"box","text":"omnibus with the Fund and do not meet applicable minimums. There is","page_number":36,"box":{"x":461,"y":245,"width":469,"height":10}},{"id":"cda6ea43-b3d4-4245-8fec-7c1c9f1dffd7","block_type":"box","text":"no required minimum amount with respect to exchanges of Institutional","page_number":36,"box":{"x":461,"y":258,"width":470,"height":11}},{"id":"d477ac0f-aa4b-4ba5-9e30-36d0f39ae9a9","block_type":"box","text":"Shares.","page_number":36,"box":{"x":461,"y":271,"width":49,"height":9}},{"id":"99305534-f6cc-4d52-8e81-539f1db8e611","block_type":"box","text":"You may only exchange into a share class and fund that are open to","page_number":36,"box":{"x":460,"y":286,"width":449,"height":10}},{"id":"da93faa9-9395-4508-b719-3951a0c3164c","block_type":"box","text":"new investors or in which you have a current account if the fund is","page_number":36,"box":{"x":461,"y":299,"width":437,"height":10}},{"id":"7f78f845-a6c0-4ac8-b07a-70225fbd053b","block_type":"box","text":"closed to new investors.","page_number":36,"box":{"x":461,"y":312,"width":159,"height":8}},{"id":"73e3cac9-c73f-46a7-9008-ec714b6576c6","block_type":"box","text":"Some of the BlackRock Funds impose a different initial or deferred","page_number":36,"box":{"x":461,"y":326,"width":441,"height":10}},{"id":"6f18558d-1429-4676-ad55-bd2e9c9354a6","block_type":"box","text":"sales charge schedule. The CDSC will continue to be measured from","page_number":36,"box":{"x":461,"y":339,"width":453,"height":10}},{"id":"e521803d-31e5-4418-805e-b8e51a285b0a","block_type":"box","text":"the date of the original purchase. The CDSC schedule applicable to your","page_number":36,"box":{"x":460,"y":352,"width":477,"height":10}},{"id":"0684ffed-aa50-4d90-aa1d-ab5311519604","block_type":"box","text":"original purchase will apply to the shares you receive in the exchange","page_number":36,"box":{"x":461,"y":365,"width":457,"height":10}},{"id":"1f697b79-c258-42fe-a04b-e062fa769e5d","block_type":"box","text":"and any subsequent exchange.","page_number":36,"box":{"x":461,"y":378,"width":203,"height":10}},{"id":"4fee1aaa-940e-47b4-8197-e899c9888de9","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":36,"box":{"x":460,"y":392,"width":435,"height":10}},{"id":"3308ab7f-0853-4e8d-8850-d1a244acc71f","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":36,"box":{"x":461,"y":404,"width":406,"height":11}},{"id":"287e1aa9-93ae-4449-a2bf-9a14f437996d","block_type":"box","text":"BlackRock, you may: (i) call (800) 441-7762 and speak with one of our","page_number":36,"box":{"x":461,"y":417,"width":468,"height":10}},{"id":"0075a3c0-116d-4304-9478-8325bb06ea07","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":36,"box":{"x":461,"y":430,"width":455,"height":10}},{"id":"92d606ce-158c-492c-8336-2976f03d2f1e","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":36,"box":{"x":460,"y":443,"width":423,"height":10}},{"id":"48920e33-cfff-4f72-b4d5-a29c3e3e92d2","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":36,"box":{"x":461,"y":455,"width":398,"height":10}},{"id":"a9fe2d89-ae1b-41a4-918f-8b46516403c4","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":36,"box":{"x":461,"y":468,"width":409,"height":10}},{"id":"20f095e7-0af2-4209-9e1d-2f2d3fdd902a","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":36,"box":{"x":461,"y":481,"width":469,"height":10}},{"id":"97d868cc-7ec9-4ba2-ac3f-44e7dc50dd9c","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":36,"box":{"x":460,"y":494,"width":461,"height":10}},{"id":"3761464b-b9be-4174-ac22-f6bf97d83726","block_type":"box","text":"this option either in writing or by calling (800) 441-7762. The Fund has","page_number":36,"box":{"x":460,"y":506,"width":469,"height":11}},{"id":"bc1f728e-f2cc-4f46-a8c8-2a9116d10484","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":36,"box":{"x":460,"y":519,"width":368,"height":10}},{"id":"799cf346-2fe5-4f89-86df-ff4ba384182c","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":36,"box":{"x":460,"y":533,"width":450,"height":10}},{"id":"7fca9332-ca45-4e5f-b312-e0b75a9e2267","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":36,"box":{"x":460,"y":546,"width":473,"height":10}},{"id":"000034b5-cef9-4383-a385-95ef48c9516c","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":36,"box":{"x":461,"y":558,"width":420,"height":11}},{"id":"d298759b-f16b-495e-874a-559460dad2a4","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":36,"box":{"x":461,"y":571,"width":439,"height":10}},{"id":"92ff1d35-7af4-4b95-a075-fb3ff88cfcf6","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":36,"box":{"x":461,"y":584,"width":460,"height":10}},{"id":"9c49c27f-9cff-44de-826f-74e6f729e428","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":36,"box":{"x":461,"y":596,"width":430,"height":11}},{"id":"c4883628-03e0-465a-b343-af94e3cde7db","block_type":"box","text":"income tax purposes, a share exchange is a taxable event and a capital","page_number":36,"box":{"x":461,"y":609,"width":473,"height":10}},{"id":"323100a7-9da1-479a-9a44-15b8a79c0885","block_type":"box","text":"gain or loss may be realized.","page_number":36,"box":{"x":460,"y":622,"width":188,"height":10}},{"id":"87faa40d-4fcb-4847-9b14-34046391a3f2","block_type":"box","text":"Please consult your tax adviser or other Financial Intermediary before","page_number":36,"box":{"x":461,"y":635,"width":457,"height":11}},{"id":"9f3fbe47-3e8e-4a62-9fe9-ce6499310a7b","block_type":"box","text":"making an exchange request.","page_number":36,"box":{"x":461,"y":648,"width":192,"height":10}},{"id":"fca87b96-4a7b-4832-b1ac-ec438b10f859","block_type":"box","text":"Transfer Shares to","page_number":36,"box":{"x":60,"y":666,"width":124,"height":8}},{"id":"0bfb2dc8-3685-4ca7-9524-93d343fb79eb","block_type":"box","text":"Another Financial","page_number":36,"box":{"x":60,"y":678,"width":118,"height":8}},{"id":"7beb0a23-415b-4ab1-a21d-3a80a54ae59a","block_type":"box","text":"Intermediary","page_number":36,"box":{"x":61,"y":689,"width":85,"height":10}},{"id":"5640ee7c-614e-4c2f-8248-b10c4a0d6600","block_type":"box","text":"Transfer to a participating","page_number":36,"box":{"x":213,"y":666,"width":171,"height":10}},{"id":"848d1d1b-c50b-4f17-ad26-9f4c9176a10c","block_type":"box","text":"Financial Intermediary","page_number":36,"box":{"x":214,"y":680,"width":145,"height":10}},{"id":"85f52d67-2cce-49ef-971b-b3fc64d7219b","block_type":"box","text":"You may transfer your shares of the Fund only to another Financial","page_number":36,"box":{"x":460,"y":666,"width":436,"height":10}},{"id":"50a39ddc-4457-48fb-b789-bc0909a0a7e6","block_type":"box","text":"Intermediary that has entered into an agreement with the Distributor.","page_number":36,"box":{"x":461,"y":680,"width":455,"height":10}},{"id":"07c8cba7-7dc2-4263-a4ae-0d16d652d11e","block_type":"box","text":"Certain shareholder services may not be available for the transferred","page_number":36,"box":{"x":461,"y":693,"width":456,"height":10}},{"id":"aec190a8-d9b3-43b9-ab50-a47192337260","block_type":"box","text":"shares. All future trading of these assets must be coordinated by the","page_number":36,"box":{"x":461,"y":706,"width":456,"height":10}},{"id":"97e21c34-eb11-4135-ab05-9a5b130a3df8","block_type":"box","text":"receiving firm.","page_number":36,"box":{"x":461,"y":719,"width":91,"height":11}},{"id":"5594edd7-7770-4687-8fe7-55cd58b53481","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":36,"box":{"x":461,"y":734,"width":390,"height":10}},{"id":"e55f3c20-bbe9-4695-9ae3-6a087cd85d83","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":36,"box":{"x":461,"y":747,"width":443,"height":10}},{"id":"f87c8fa7-596a-4f94-8bbb-356769c3ee42","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":36,"box":{"x":461,"y":760,"width":394,"height":11}},{"id":"906b39bc-471d-4f89-b2e0-1f98c7e5e607","block_type":"box","text":"Transfer to a non-participating","page_number":36,"box":{"x":213,"y":778,"width":199,"height":11}},{"id":"b73fb07b-4530-4e5a-a56b-983d9b767a3b","block_type":"box","text":"Financial Intermediary","page_number":36,"box":{"x":214,"y":792,"width":145,"height":10}},{"id":"005a6cb9-5b2d-48e8-8593-34950a6918e5","block_type":"box","text":"You must either:","page_number":36,"box":{"x":460,"y":779,"width":107,"height":8}},{"id":"75f92eb5-5291-4739-9692-eaa2812c5a5e","block_type":"box","text":"•","page_number":36,"box":{"x":464,"y":794,"width":3,"height":3}},{"id":"7fb0f077-d330-407a-9926-93a20ea2bf12","block_type":"box","text":"Transfer your shares to an account with the Fund; or","page_number":36,"box":{"x":470,"y":792,"width":346,"height":10}},{"id":"3b8f6e9c-f39a-4644-a897-4337eb0fc5d5","block_type":"box","text":"•","page_number":36,"box":{"x":464,"y":808,"width":3,"height":3}},{"id":"7eb80376-e880-4b39-a2e5-460f6a55c25c","block_type":"box","text":"Sell your shares, paying any applicable deferred sales charge.","page_number":36,"box":{"x":471,"y":805,"width":409,"height":10}},{"id":"13b7c203-2afe-4e38-b01c-f6f3535f423f","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":36,"box":{"x":461,"y":820,"width":390,"height":10}},{"id":"061545a3-a62a-4549-adc4-acc4c32f0a2e","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":36,"box":{"x":461,"y":833,"width":443,"height":10}},{"id":"667efe69-26bf-4b3d-9884-b9515b0ed4ba","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":36,"box":{"x":461,"y":846,"width":394,"height":10}},{"id":"c53ecbdb-6e36-40ef-af98-d4a5b0a50594","block_type":"box","text":"36","page_number":36,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"9a946150-a208-47d7-a11d-e206af93b552","block_type":"box","text":"NM0926U-5977640-36/68","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ad1820f0-d1a8-4b79-bac7-a573cfd47559","block_type":"box","text":"Account Services and Privileges","page_number":37,"box":{"x":60,"y":47,"width":292,"height":13}},{"id":"0a792ef6-5884-4fcc-913e-63ed43468af9","block_type":"box","text":"The following table provides examples of account services and privileges available in your BlackRock account. Certain","page_number":37,"box":{"x":60,"y":68,"width":865,"height":12}},{"id":"9f22689c-2311-4b0e-9e1e-2510603c7e9b","block_type":"box","text":"of these account services and privileges are only available to shareholders of Investor Shares whose accounts are","page_number":37,"box":{"x":61,"y":83,"width":841,"height":12}},{"id":"89ba464d-6d17-4dbc-8319-142196535af1","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":37,"box":{"x":61,"y":98,"width":816,"height":11}},{"id":"feb66b4a-f443-4673-a06a-934f9def5555","block_type":"box","text":"www.blackrock.com for additional information as well as forms and applications. Otherwise, please contact your","page_number":37,"box":{"x":60,"y":112,"width":824,"height":12}},{"id":"0b9f0c3c-7a9a-4c89-a6eb-b4c469b70854","block_type":"box","text":"Financial Intermediary for assistance in requesting one or more of the following services and privileges.","page_number":37,"box":{"x":62,"y":127,"width":759,"height":12}},{"id":"5ba5cf0d-8a30-4b6a-a0db-205396322174","block_type":"box","text":"Automatic","page_number":37,"box":{"x":60,"y":156,"width":70,"height":8}},{"id":"9b1954e6-bd26-4dc4-8439-9b0cd99b93e7","block_type":"box","text":"Investment Plan","page_number":37,"box":{"x":61,"y":168,"width":109,"height":8}},{"id":"91dc5e42-2315-4dd4-9cd1-25f7d6a2386a","block_type":"box","text":"Allows systematic investments","page_number":37,"box":{"x":213,"y":156,"width":202,"height":10}},{"id":"777f28f0-a1da-4719-9113-03e3e705cae3","block_type":"box","text":"on a periodic basis from your","page_number":37,"box":{"x":214,"y":170,"width":192,"height":10}},{"id":"b26278d2-8e65-43ef-9df0-f14e825ad4b1","block_type":"box","text":"checking or savings account.","page_number":37,"box":{"x":214,"y":183,"width":189,"height":11}},{"id":"61b8e648-dcda-4a07-8591-721a05f51a56","block_type":"box","text":"BlackRock’s AIP allows you to invest a specific amount on a periodic","page_number":37,"box":{"x":461,"y":156,"width":451,"height":10}},{"id":"88e978ce-3360-4e5b-bcb0-060b9020214f","block_type":"box","text":"basis from your checking or savings account into your investment","page_number":37,"box":{"x":461,"y":169,"width":431,"height":11}},{"id":"ac950815-269a-4300-8b61-ea41a1f099dc","block_type":"box","text":"account. You may apply for this option upon account opening or by","page_number":37,"box":{"x":461,"y":183,"width":437,"height":10}},{"id":"92825441-0387-43e5-a8b8-10a3c808890a","block_type":"box","text":"completing the AIP application. The minimum investment amount for","page_number":37,"box":{"x":461,"y":196,"width":451,"height":10}},{"id":"f431c06c-79f2-4d39-b032-17cc99f1bb74","block_type":"box","text":"an automatic investment is $50 per portfolio.","page_number":37,"box":{"x":461,"y":209,"width":300,"height":11}},{"id":"64c5072c-a7a6-4b9c-ad60-eb1b91110808","block_type":"box","text":"Dividend Allocation","page_number":37,"box":{"x":61,"y":228,"width":129,"height":8}},{"id":"8cbe687f-eb1b-4eb3-985a-5bb93bb0b6b5","block_type":"box","text":"Plan","page_number":37,"box":{"x":61,"y":239,"width":28,"height":8}},{"id":"b69c4a50-87ba-4b17-886f-c5e30e924c53","block_type":"box","text":"Automatically invests your","page_number":37,"box":{"x":213,"y":228,"width":172,"height":10}},{"id":"f581c6f6-82f4-4cc0-9e83-48cae74dd5ae","block_type":"box","text":"distributions into another","page_number":37,"box":{"x":214,"y":241,"width":165,"height":8}},{"id":"d5d6be17-f24c-42dc-b0d8-567e9c7e2f63","block_type":"box","text":"BlackRock Fund of your choice","page_number":37,"box":{"x":214,"y":255,"width":200,"height":10}},{"id":"29dda847-1177-4932-9f31-3fd5e00c3d7f","block_type":"box","text":"pursuant to your instructions,","page_number":37,"box":{"x":214,"y":268,"width":193,"height":10}},{"id":"23f75e99-e5a6-4aa1-bbaa-f30d09203462","block_type":"box","text":"without any fees or sales","page_number":37,"box":{"x":213,"y":282,"width":165,"height":10}},{"id":"d5314a18-3f62-433c-ba40-de2bc26cdce0","block_type":"box","text":"charges.","page_number":37,"box":{"x":214,"y":295,"width":55,"height":11}},{"id":"a251a09b-f713-4819-87ec-a92724d40a60","block_type":"box","text":"Dividend and capital gains distributions may be reinvested in your","page_number":37,"box":{"x":461,"y":228,"width":433,"height":10}},{"id":"d25393c0-580b-4a19-b156-fd596cb7d820","block_type":"box","text":"account to purchase additional shares or paid in cash. Using the","page_number":37,"box":{"x":461,"y":241,"width":427,"height":10}},{"id":"33e3089c-d6a9-4ebc-af0b-36c52b073043","block_type":"box","text":"Dividend Allocation Plan, you can direct your distributions to your bank","page_number":37,"box":{"x":461,"y":254,"width":463,"height":10}},{"id":"594351d4-d978-471e-8e91-f3d6e866caab","block_type":"box","text":"account (checking or savings), to purchase shares of another fund at","page_number":37,"box":{"x":461,"y":267,"width":455,"height":11}},{"id":"573f0d19-11f4-497a-b6a9-e92f051547d7","block_type":"box","text":"BlackRock without any fees or sales charges, or by check to a special","page_number":37,"box":{"x":461,"y":281,"width":459,"height":10}},{"id":"a042ebbe-7b6f-456d-bd87-df4e5b020599","block_type":"box","text":"payee. Please call (800) 441-7762 for details. If investing in another","page_number":37,"box":{"x":461,"y":294,"width":454,"height":11}},{"id":"559342ff-dfa6-42b5-8609-2351e8eb023f","block_type":"box","text":"fund at BlackRock, the receiving fund must be open to new purchases.","page_number":37,"box":{"x":460,"y":308,"width":467,"height":10}},{"id":"db307a3f-2ec2-4fd4-a567-8d1b92ff47cd","block_type":"box","text":"EZ Trader","page_number":37,"box":{"x":61,"y":326,"width":65,"height":8}},{"id":"b87bd555-1e1a-4bb9-8829-bd9b2cc37692","block_type":"box","text":"Allows an investor to purchase or","page_number":37,"box":{"x":213,"y":326,"width":220,"height":10}},{"id":"b1c30cf3-4c57-4283-b10f-6f78722ff571","block_type":"box","text":"sell Investor Shares by telephone","page_number":37,"box":{"x":214,"y":339,"width":219,"height":10}},{"id":"4ab0a602-a92b-40dc-ba25-63d79f56d742","block_type":"box","text":"or over the Internet through ACH.","page_number":37,"box":{"x":214,"y":353,"width":216,"height":10}},{"id":"2c886d7b-abd3-4367-98bf-9a98deb45414","block_type":"box","text":"(NOTE: This option is offered to shareholders whose accounts are held","page_number":37,"box":{"x":461,"y":326,"width":467,"height":10}},{"id":"9ce2f75d-6d24-4939-ac4d-2fb735eb63d1","block_type":"box","text":"directly with BlackRock. Please speak with your Financial Intermediary","page_number":37,"box":{"x":461,"y":339,"width":462,"height":10}},{"id":"d424dd06-988e-4439-a468-cedcbe140730","block_type":"box","text":"if your account is held elsewhere.)","page_number":37,"box":{"x":461,"y":352,"width":225,"height":11}},{"id":"341d7e40-ead5-46e0-8c45-59755197f73f","block_type":"box","text":"Prior to establishing an EZ Trader account, please contact your bank to","page_number":37,"box":{"x":461,"y":367,"width":467,"height":10}},{"id":"059a6cb7-94c6-4fcb-a866-6a78b7e590ce","block_type":"box","text":"confirm that it is a member of the ACH system. Once confirmed,","page_number":37,"box":{"x":461,"y":380,"width":423,"height":10}},{"id":"d43d5dc2-848c-488e-aca9-9459aa5f5644","block_type":"box","text":"complete an application, making sure to include the appropriate bank","page_number":37,"box":{"x":461,"y":393,"width":459,"height":11}},{"id":"757df6b7-9335-492b-a405-12893931d567","block_type":"box","text":"information, and return the application to the address listed on the","page_number":37,"box":{"x":461,"y":406,"width":442,"height":10}},{"id":"84b460bb-197a-450a-82d9-69909ad9dd6c","block_type":"box","text":"form.","page_number":37,"box":{"x":460,"y":420,"width":34,"height":8}},{"id":"fd8e93a5-7d26-4430-a707-e2fc61da6b67","block_type":"box","text":"Prior to placing a telephone or Internet purchase or sale order, please","page_number":37,"box":{"x":461,"y":434,"width":460,"height":10}},{"id":"441d7785-b31c-40b0-8cca-2fdb76def719","block_type":"box","text":"call (800) 441-7762 to confirm that your bank information has been","page_number":37,"box":{"x":461,"y":447,"width":449,"height":10}},{"id":"ad3ece87-f00d-4556-b242-d25c9b6a7702","block_type":"box","text":"updated on your account. Once this is established, you may place your","page_number":37,"box":{"x":461,"y":460,"width":466,"height":10}},{"id":"b6adc4c1-0a70-433b-940e-06b4ee29e8f4","block_type":"box","text":"request to sell shares with the Fund by telephone or Internet. Proceeds","page_number":37,"box":{"x":461,"y":473,"width":470,"height":10}},{"id":"f20286b9-00d1-4b30-897b-be10ec8a3948","block_type":"box","text":"will be sent to your pre-designated bank account.","page_number":37,"box":{"x":460,"y":486,"width":323,"height":10}},{"id":"99b4d6e2-19ea-433f-9feb-3069ba2b0444","block_type":"box","text":"Systematic","page_number":37,"box":{"x":60,"y":504,"width":76,"height":10}},{"id":"786650c6-7969-4c1f-84b4-641a5d53a7d6","block_type":"box","text":"Exchange Plan","page_number":37,"box":{"x":61,"y":516,"width":99,"height":10}},{"id":"b1d2dfed-552b-4493-91f5-339dc7e798f4","block_type":"box","text":"This feature can be used by","page_number":37,"box":{"x":213,"y":504,"width":184,"height":10}},{"id":"147f8163-1d29-44ee-83e5-2423035b4031","block_type":"box","text":"investors to systematically","page_number":37,"box":{"x":214,"y":518,"width":175,"height":10}},{"id":"7ffd31a9-420d-4af6-9041-1ab02feb9cb5","block_type":"box","text":"exchange money from one fund","page_number":37,"box":{"x":214,"y":531,"width":205,"height":11}},{"id":"ed9a67b8-151e-442a-99a4-14222fcd315e","block_type":"box","text":"to up to four other funds.","page_number":37,"box":{"x":213,"y":545,"width":165,"height":10}},{"id":"41b1d6e8-5d7e-464e-b00a-2bb4680e8104","block_type":"box","text":"A minimum of $10,000 in the initial BlackRock Fund is required, and","page_number":37,"box":{"x":460,"y":504,"width":454,"height":10}},{"id":"33337707-6d73-4a72-92a8-f221d14a1dc6","block_type":"box","text":"investments in any additional funds must meet minimum initial","page_number":37,"box":{"x":461,"y":517,"width":414,"height":11}},{"id":"6bef1aba-c49b-4f5d-bd3d-501cd070dcc4","block_type":"box","text":"investment requirements.","page_number":37,"box":{"x":461,"y":531,"width":167,"height":10}},{"id":"6e769cd5-3f3f-4714-89c5-6f9dc0afc170","block_type":"box","text":"Systematic","page_number":37,"box":{"x":60,"y":563,"width":76,"height":10}},{"id":"0bb942d4-4f62-4c96-af0a-2c1b98f7b62d","block_type":"box","text":"Withdrawal Plan","page_number":37,"box":{"x":60,"y":574,"width":110,"height":9}},{"id":"b97fbce5-7c3f-4275-b7f5-8dcffa62b9f0","block_type":"box","text":"This feature can be used by","page_number":37,"box":{"x":213,"y":563,"width":184,"height":10}},{"id":"56927782-b7cd-42e5-8edb-38d2f9ba5b9d","block_type":"box","text":"investors who want to receive","page_number":37,"box":{"x":214,"y":577,"width":194,"height":8}},{"id":"4ae633d8-3e38-4653-8283-7fcb8c745828","block_type":"box","text":"regular distributions from their","page_number":37,"box":{"x":214,"y":590,"width":200,"height":10}},{"id":"a73f1142-1177-4a0a-bea5-4acfa925087e","block_type":"box","text":"accounts.","page_number":37,"box":{"x":214,"y":604,"width":62,"height":8}},{"id":"dd6f4c35-ffb4-4286-882c-719599ab67ff","block_type":"box","text":"To start an SWP, a shareholder must have a current investment of","page_number":37,"box":{"x":460,"y":563,"width":438,"height":9}},{"id":"63e81aaa-291d-4c50-a32a-0262ed79685d","block_type":"box","text":"$10,000 or more in a BlackRock Fund.","page_number":37,"box":{"x":461,"y":576,"width":255,"height":10}},{"id":"598e0b10-e590-4ed6-abc4-cef348d1996e","block_type":"box","text":"Shareholders can elect to receive cash payments of $50 or more at any","page_number":37,"box":{"x":461,"y":590,"width":475,"height":11}},{"id":"187a3c65-ba8c-4f9b-b24f-9ef69bed56f1","block_type":"box","text":"interval they choose. 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Additional purchases of Institutional Shares are permitted","page_number":38,"box":{"x":61,"y":801,"width":844,"height":12}},{"id":"2ec19260-6686-4f91-8a2c-c35f56b1d534","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":38,"box":{"x":61,"y":816,"width":865,"height":11}},{"id":"f05e4d4c-7526-4f12-b707-b63a4ef7e988","block_type":"box","text":"Please speak to your Financial Intermediary for more information.","page_number":38,"box":{"x":61,"y":830,"width":480,"height":12}},{"id":"2f69c00c-a0cf-4371-bd3d-6dd8c34e33d5","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":38,"box":{"x":61,"y":849,"width":854,"height":12}},{"id":"f30505f4-5115-4376-a8c4-fb0a83ab4330","block_type":"box","text":"based program or upon termination of the fee-based program) or otherwise in accordance with the Financial","page_number":38,"box":{"x":61,"y":864,"width":790,"height":11}},{"id":"f8465bf7-ed20-4f8a-adf9-508fdfab32ac","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":38,"box":{"x":62,"y":878,"width":855,"height":12}},{"id":"703e51b8-ede3-4680-a1fc-f7a731dae838","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":38,"box":{"x":61,"y":893,"width":831,"height":11}},{"id":"73987ba4-30b2-4249-ac27-8cd8dd37eadb","block_type":"box","text":"38","page_number":38,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"fb64e588-278a-413e-9a27-7cb653a16c31","block_type":"box","text":"NM0926U-5977640-38/68","page_number":38,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"62b01a3a-a65d-4867-b360-1498b2e9516d","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your Financial Intermediary for information about","page_number":39,"box":{"x":61,"y":46,"width":828,"height":11}},{"id":"fd5b4fa0-21a3-4936-ac6e-138fce0ef50f","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":39,"box":{"x":61,"y":60,"width":437,"height":12}},{"id":"27263979-fa07-4bf4-bc48-d0e8b61303ec","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":39,"box":{"x":62,"y":79,"width":859,"height":11}},{"id":"8bfda4f0-6ff4-4b5d-a8bd-102c68a4360e","block_type":"box","text":"the client agreement for each fee-based program and are available from your Financial Intermediary. Please speak to","page_number":39,"box":{"x":60,"y":93,"width":858,"height":12}},{"id":"dee4f5b5-105c-4edf-a055-2241e286e0d2","block_type":"box","text":"your Financial Intermediary for more information.","page_number":39,"box":{"x":60,"y":108,"width":357,"height":11}},{"id":"82917388-cc3a-467e-b6d7-c33ec1f436c2","block_type":"box","text":"Short-Term Trading Policy","page_number":39,"box":{"x":61,"y":135,"width":232,"height":14}},{"id":"f953df92-68a9-4aca-9e5b-711951f44ede","block_type":"box","text":"The Board of Directors of the Corporation (the “Board”) has determined that the interests of long-term shareholders","page_number":39,"box":{"x":60,"y":157,"width":852,"height":12}},{"id":"5b6cfc6e-8f3e-4d45-a31d-6202025cdc5d","block_type":"box","text":"and the Fund’s ability to manage its investments may be adversely affected when shares are repeatedly bought, sold","page_number":39,"box":{"x":61,"y":172,"width":860,"height":11}},{"id":"d8bdbe06-2acd-45b3-9cfc-a5a7f75f7ebd","block_type":"box","text":"or exchanged in response to short-term market fluctuations — also known as “market timing.” The Fund is not","page_number":39,"box":{"x":61,"y":186,"width":814,"height":12}},{"id":"1d7158e2-c961-4a16-81d9-f66f624999b1","block_type":"box","text":"designed for market timing organizations or other entities using programmed or frequent purchases and sales or","page_number":39,"box":{"x":61,"y":201,"width":827,"height":12}},{"id":"af956119-0c78-4976-85dc-21803c2e95d1","block_type":"box","text":"exchanges. The exchange privilege for Investor Shares and Institutional Shares is not intended as a vehicle for short","page_number":39,"box":{"x":61,"y":216,"width":860,"height":11}},{"id":"e51a2e1e-5417-4f11-824a-f24f79f9cf69","block_type":"box","text":"term trading. Excessive purchase and sale or exchange activity may interfere with portfolio management, increase","page_number":39,"box":{"x":60,"y":230,"width":839,"height":12}},{"id":"4df8f090-a98a-4bd0-b290-8e04fe3d01fb","block_type":"box","text":"expenses and taxes and may have an adverse effect on the performance of the Fund and its returns to shareholders.","page_number":39,"box":{"x":61,"y":245,"width":863,"height":11}},{"id":"41e6961e-b990-4ffb-9382-538fc9a018b8","block_type":"box","text":"For example, large flows of cash into and out of the Fund may require the management team to allocate a significant","page_number":39,"box":{"x":62,"y":259,"width":857,"height":12}},{"id":"06cbc585-2d60-4ab3-b5fc-46368ee94745","block_type":"box","text":"amount of assets to cash or other short-term investments or sell securities, rather than maintaining such assets in","page_number":39,"box":{"x":61,"y":274,"width":847,"height":12}},{"id":"ec8a0c64-806f-40b8-8e57-3bdbacd4fa4e","block_type":"box","text":"securities selected to achieve the Fund’s investment objective. Frequent trading may cause the Fund to sell securities","page_number":39,"box":{"x":61,"y":289,"width":866,"height":11}},{"id":"4fd2aaf7-0b9a-4459-9f30-bfb99f3f223f","block_type":"box","text":"at less favorable prices, and transaction costs, such as brokerage commissions, can reduce the Fund’s performance.","page_number":39,"box":{"x":61,"y":303,"width":865,"height":12}},{"id":"4bd37b2a-3921-4773-a214-0b3346ebba9e","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":39,"box":{"x":60,"y":322,"width":873,"height":11}},{"id":"04c4f66d-9653-428f-9e9b-bf783b4203b2","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":39,"box":{"x":61,"y":336,"width":872,"height":12}},{"id":"8793b730-5f3a-4887-a0b5-3d4101d6cb82","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":39,"box":{"x":61,"y":351,"width":865,"height":12}},{"id":"b462eb5f-276f-4d35-b751-92a049fffd09","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":39,"box":{"x":61,"y":366,"width":817,"height":11}},{"id":"2d41a490-cb0e-44d3-8b07-08649ef7821e","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (“junk bonds”) that are thinly traded and","page_number":39,"box":{"x":61,"y":380,"width":834,"height":12}},{"id":"086e0785-1dfb-4aca-b8d4-bad59a00b055","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":39,"box":{"x":60,"y":395,"width":865,"height":12}},{"id":"e15204d6-e3c6-483f-8d3b-bb07468235f0","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":39,"box":{"x":61,"y":410,"width":829,"height":11}},{"id":"4befd593-cf4e-433d-8035-f6b3c3dda72c","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":39,"box":{"x":62,"y":424,"width":671,"height":12}},{"id":"738fe859-1314-4473-9d31-0fa7b09dd2ba","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":39,"box":{"x":60,"y":443,"width":869,"height":11}},{"id":"4501de0d-0003-4682-9712-3346be68c0d9","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":39,"box":{"x":60,"y":458,"width":839,"height":11}},{"id":"799f7aad-ffea-407e-96ab-01b75fbdc8a0","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":39,"box":{"x":61,"y":472,"width":869,"height":12}},{"id":"c986e40b-e1a8-4fa5-8884-69d029d7a359","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":39,"box":{"x":61,"y":487,"width":870,"height":11}},{"id":"bf5937e8-b752-4643-a5b6-eb67531d7177","block_type":"box","text":"Fund or its shareholders.","page_number":39,"box":{"x":62,"y":502,"width":181,"height":9}},{"id":"b4e8f513-8c78-47f5-927b-842d4a525dea","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":39,"box":{"x":62,"y":520,"width":795,"height":11}},{"id":"35e60b28-208a-4290-866f-1a380e93ccfd","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":39,"box":{"x":61,"y":535,"width":860,"height":11}},{"id":"41f1a24b-a0f4-4a43-a107-4933dcc22af8","block_type":"box","text":"in market timing activity, it reserves the right to reject any specific purchase or exchange order. 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Transactions","page_number":39,"box":{"x":61,"y":593,"width":829,"height":12}},{"id":"d506c04a-c263-4133-83ca-2eaee0001994","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":39,"box":{"x":62,"y":608,"width":862,"height":11}},{"id":"bf28cef4-88df-45f3-ad0b-21af6abeafa1","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":39,"box":{"x":61,"y":622,"width":849,"height":12}},{"id":"342a579b-bb26-4e9b-9f1e-d9e6e7370360","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":39,"box":{"x":61,"y":637,"width":866,"height":11}},{"id":"159d6227-abb4-4773-a48a-85f94eab0bd6","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":39,"box":{"x":60,"y":652,"width":806,"height":11}},{"id":"79f9d18d-cd28-4cd7-8f43-724ca42f109c","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":39,"box":{"x":61,"y":666,"width":804,"height":12}},{"id":"347a6c30-5b56-458b-85e6-9332bfee047e","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":39,"box":{"x":61,"y":681,"width":849,"height":11}},{"id":"ee45d1d3-cdae-4764-9e09-e09693ea475c","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":39,"box":{"x":61,"y":695,"width":875,"height":12}},{"id":"91ebe8bd-1a45-4685-9213-76b7974d0b54","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":39,"box":{"x":62,"y":710,"width":869,"height":12}},{"id":"00d128e7-3ab3-4a29-8718-8992efe78739","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Fund pursuant to which such Financial","page_number":39,"box":{"x":61,"y":725,"width":844,"height":11}},{"id":"ec835016-8d22-4c01-b848-5b36b0ae793e","block_type":"box","text":"Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption orders by","page_number":39,"box":{"x":62,"y":740,"width":873,"height":11}},{"id":"d9bd24eb-f1e6-4487-a6dc-c8ed5b56955c","block_type":"box","text":"their customers in order to detect and prevent short-term or excessive trading in the Fund’s shares through such","page_number":39,"box":{"x":60,"y":754,"width":829,"height":11}},{"id":"97a8dc15-7a57-4d4b-b8c2-5e9f6fa834cb","block_type":"box","text":"accounts. Identification of market timers may also be limited by operational systems and technical limitations. 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While BlackRock is ultimately responsible for the management of the Fund, it is","page_number":40,"box":{"x":61,"y":197,"width":862,"height":12}},{"id":"56e4ed42-621b-4c2d-a768-4fc3e4da29ca","block_type":"box","text":"able to draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":40,"box":{"x":61,"y":212,"width":851,"height":12}},{"id":"84f0fb8d-2710-4525-9a49-67d3557ed5c0","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":40,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"0f7cc0d9-c644-410f-84fb-80a36aaae305","block_type":"box","text":"BlackRock, Inc.","page_number":40,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"5e272b0a-5317-4883-a474-08cef6913d9d","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":40,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"578d8f27-2548-4cc6-a2e5-e94131782465","block_type":"box","text":"companies. BlackRock and its affiliates had approximately $15.3 trillion in investment company and other portfolio","page_number":40,"box":{"x":61,"y":278,"width":845,"height":12}},{"id":"301e93c4-a37d-42f1-8b38-fa9fa5df13cb","block_type":"box","text":"assets under management as of June 30, 2026.","page_number":40,"box":{"x":61,"y":294,"width":357,"height":11}},{"id":"7e60d3fb-881e-4655-9111-b0532b93230b","block_type":"box","text":"The Fund has entered into a management agreement (the “Management Agreement”) with BlackRock. Pursuant to the","page_number":40,"box":{"x":60,"y":317,"width":868,"height":11}},{"id":"8d657808-f5cd-4976-af57-ee449a0bc4d4","block_type":"box","text":"Management Agreement, BlackRock is entitled to fees computed daily and payable monthly. 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The contractual agreement may be terminated with respect to the Fund upon 90 days’","page_number":41,"box":{"x":81,"y":234,"width":851,"height":9}},{"id":"d8a84c38-46c0-458f-81c4-faf80630bf0a","block_type":"box","text":"notice by a majority of the non-interested directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":41,"box":{"x":81,"y":244,"width":839,"height":9}},{"id":"164232cb-92e0-425d-8c1a-61aac68efe0d","block_type":"box","text":"2","page_number":41,"box":{"x":61,"y":257,"width":3,"height":4}},{"id":"c480fc3f-1028-41bb-ab79-ac7aa24fe8be","block_type":"box","text":"As a percentage of average daily net assets.","page_number":41,"box":{"x":81,"y":257,"width":260,"height":9}},{"id":"a3319070-23ff-4027-8e7c-5ef725bb206b","block_type":"box","text":"The amount of the contractual waivers and/or reimbursements of fees and expenses made pursuant to the contractual","page_number":41,"box":{"x":60,"y":282,"width":875,"height":11}},{"id":"894ba52c-a7bf-4a60-bb4a-8308362fb96f","block_type":"box","text":"caps on net expenses will be reduced by the amount of the affiliated money market fund waiver.","page_number":41,"box":{"x":61,"y":297,"width":705,"height":11}},{"id":"448e09b4-d228-4110-b1bc-01e9f43f2772","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":41,"box":{"x":60,"y":320,"width":850,"height":11}},{"id":"bedf93ea-cedb-4ee5-bff2-a61f6691e573","block_type":"box","text":"Fund’s reports filed on Form N-CSR for the fiscal year ended May 31, 2026.","page_number":41,"box":{"x":62,"y":334,"width":556,"height":12}},{"id":"9944829d-ef80-449b-9717-ba9a51abfbba","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":41,"box":{"x":62,"y":357,"width":851,"height":12}},{"id":"49644d13-d180-4e95-b785-ece082a68db6","block_type":"box","text":"the annual rate of 0.43% of the Fund’s average daily net assets.","page_number":41,"box":{"x":60,"y":372,"width":473,"height":11}},{"id":"11b90d64-5ac3-45d5-ba0e-671d477e5a0a","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":41,"box":{"x":62,"y":394,"width":864,"height":12}},{"id":"3d0a57f2-4f2e-4c8d-a1d7-fbad260e26a4","block_type":"box","text":"particular asset class, company, security, industry, or market sector. The views expressed by any such person are the","page_number":41,"box":{"x":62,"y":409,"width":863,"height":12}},{"id":"b6a50bdb-068b-48c0-a956-75010936eabe","block_type":"box","text":"views of only that individual as of the time expressed and do not necessarily represent the views of BlackRock or any","page_number":41,"box":{"x":60,"y":424,"width":861,"height":11}},{"id":"a623275b-7926-4155-a91d-90c4a7b890ae","block_type":"box","text":"other person within the BlackRock organization. Any such views are subject to change at any time based upon market","page_number":41,"box":{"x":61,"y":439,"width":864,"height":11}},{"id":"02ca86ba-8ffe-43f5-87e5-0fcb3624804a","block_type":"box","text":"or other conditions and BlackRock disclaims any responsibility to update such views. These views may not be relied on","page_number":41,"box":{"x":61,"y":454,"width":872,"height":11}},{"id":"8a93b957-e244-41e0-b27c-5c3e4b281e9e","block_type":"box","text":"as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be","page_number":41,"box":{"x":61,"y":468,"width":841,"height":12}},{"id":"c1d94384-721b-4617-821c-ec3feb3559f0","block_type":"box","text":"relied on as an indication of trading intent on behalf of the Fund.","page_number":41,"box":{"x":61,"y":483,"width":472,"height":12}},{"id":"79b50096-c584-42e5-9351-04aca66a1d1e","block_type":"box","text":"Portfolio Manager Information","page_number":41,"box":{"x":61,"y":522,"width":272,"height":14}},{"id":"0c16682e-d787-491d-b241-4a0d3c089816","block_type":"box","text":"Information regarding the portfolio managers of the Fund is set forth below. 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Managing Director of BlackRock,","page_number":41,"box":{"x":615,"y":637,"width":298,"height":10}},{"id":"4836c232-96aa-4b41-8f20-084cdc12f6ba","block_type":"box","text":"Inc. from 2009 to 2022.","page_number":41,"box":{"x":616,"y":650,"width":159,"height":9}},{"id":"d13bd0e6-f82b-4f90-bfec-e0d150155294","block_type":"box","text":"Travis Cooke, CFA Jointly and primarily responsible for","page_number":41,"box":{"x":60,"y":709,"width":425,"height":10}},{"id":"8c7d63ff-89a5-45f1-a8d0-4222907ebf27","block_type":"box","text":"the day-to-day management of the","page_number":41,"box":{"x":252,"y":723,"width":223,"height":10}},{"id":"ac4503bf-f3ae-42be-b657-62b93b00a1c6","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":41,"box":{"x":253,"y":736,"width":245,"height":11}},{"id":"f4463f51-0980-41b7-bfab-fdb97c989c0f","block_type":"box","text":"Fund’s overall investment strategy","page_number":41,"box":{"x":253,"y":750,"width":225,"height":10}},{"id":"2654f8e8-c429-4967-8b31-75fc48f7bdb1","block_type":"box","text":"and overseeing the management of","page_number":41,"box":{"x":253,"y":763,"width":233,"height":11}},{"id":"a1a8a1e5-af82-4488-ba63-869cfbdd700b","block_type":"box","text":"the Fund.","page_number":41,"box":{"x":252,"y":777,"width":60,"height":8}},{"id":"ab03a8bd-fa95-4633-9065-d69992b1e430","block_type":"box","text":"2017 Managing Director of BlackRock, Inc. since","page_number":41,"box":{"x":545,"y":709,"width":352,"height":11}},{"id":"73803454-8275-4731-a141-91d2bc9387e9","block_type":"box","text":"2012.","page_number":41,"box":{"x":615,"y":723,"width":39,"height":8}},{"id":"f81c3a0b-6a70-49a9-b6b1-f7b7968545aa","block_type":"box","text":"Richard Mathieson Jointly and primarily responsible for","page_number":41,"box":{"x":61,"y":795,"width":424,"height":10}},{"id":"634ba7c6-6269-4611-996a-5a30f1535a62","block_type":"box","text":"the day-to-day management of the","page_number":41,"box":{"x":252,"y":808,"width":223,"height":11}},{"id":"5acb3f29-2c52-41ed-b687-64aa1fda3e7b","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":41,"box":{"x":253,"y":822,"width":245,"height":10}},{"id":"0e9ef5af-ca87-4866-b287-9cc276153f41","block_type":"box","text":"Fund’s overall investment strategy","page_number":41,"box":{"x":253,"y":836,"width":225,"height":10}},{"id":"883931ae-180e-4ed7-990e-d9aa840c909e","block_type":"box","text":"and overseeing the management of","page_number":41,"box":{"x":253,"y":849,"width":233,"height":10}},{"id":"ef4a90e2-645b-4b02-b48d-757ff127400f","block_type":"box","text":"the Fund.","page_number":41,"box":{"x":252,"y":863,"width":60,"height":8}},{"id":"fd743e67-af38-4062-8ac5-f265a9f1275e","block_type":"box","text":"2017 Managing Director of BlackRock, Inc. since","page_number":41,"box":{"x":545,"y":795,"width":352,"height":10}},{"id":"7841faaa-de6c-43f4-958a-9c88221fc497","block_type":"box","text":"2011.","page_number":41,"box":{"x":615,"y":809,"width":39,"height":8}},{"id":"1155b6e4-bea1-4cf7-b82a-ebb4ce2fdfd7","block_type":"box","text":"41","page_number":41,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"a0767aab-0e12-4a83-b683-8c781cc2296f","block_type":"box","text":"NM0926U-5977640-41/68","page_number":41,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ed6add5e-15cc-4c02-bfea-962f01f7822a","block_type":"box","text":"Conflicts of Interest","page_number":42,"box":{"x":61,"y":46,"width":181,"height":11}},{"id":"a4e29468-bc5f-407e-a102-70215994c316","block_type":"box","text":"The investment activities of BlackRock and its affiliates (including BlackRock, Inc. and its subsidiaries (collectively, the","page_number":42,"box":{"x":60,"y":73,"width":871,"height":11}},{"id":"60f2e833-183d-4610-ad08-c7261d09e28d","block_type":"box","text":"“Affiliates”)), and their respective directors, officers or employees, in managing their own accounts and other","page_number":42,"box":{"x":62,"y":88,"width":801,"height":11}},{"id":"d2dc3d87-3c58-4945-b344-62db8892de86","block_type":"box","text":"accounts, may present conflicts of interest that could disadvantage the Fund and its shareholders.","page_number":42,"box":{"x":61,"y":102,"width":723,"height":12}},{"id":"eeea2563-a533-4b3b-a2ad-8ce8f7eab575","block_type":"box","text":"BlackRock and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management","page_number":42,"box":{"x":62,"y":125,"width":871,"height":11}},{"id":"793a3255-f5bb-4711-a692-1481e7fb5ada","block_type":"box","text":"activities and in the ordinary course of business may engage in activities in which their interests or the interests of","page_number":42,"box":{"x":61,"y":140,"width":845,"height":11}},{"id":"0d3c7997-b712-49ff-9218-580b7cd1f105","block_type":"box","text":"other clients may conflict with those of the Fund. 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These activities may result in BlackRock or an Affiliate having positions in assets that are senior or junior to, or","page_number":42,"box":{"x":62,"y":325,"width":862,"height":12}},{"id":"c78bb29b-77d3-4865-8a84-181f68a10e84","block_type":"box","text":"that have interests different from or adverse to, the assets held by the Fund.","page_number":42,"box":{"x":60,"y":340,"width":565,"height":12}},{"id":"d06ea92e-541f-49b2-a996-eab40f07c616","block_type":"box","text":"The Fund may invest in securities issued by, or engage in other transactions with, entities with which an Affiliate has","page_number":42,"box":{"x":60,"y":363,"width":855,"height":11}},{"id":"619cdd23-299b-4a0d-b622-816bb0d121bb","block_type":"box","text":"significant debt or equity investments or other interests. 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The opposite result is also possible.","page_number":42,"box":{"x":61,"y":541,"width":815,"height":12}},{"id":"e0d13b78-cc45-48c8-8286-296dfdf3fdcf","block_type":"box","text":"In addition, the Fund may enter into transactions in which BlackRock or an Affiliate or their directors, officers,","page_number":42,"box":{"x":62,"y":564,"width":802,"height":11}},{"id":"176fcd79-b1aa-4070-8445-ff98d5cccecc","block_type":"box","text":"employees or clients have an adverse interest. 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For these services, the securities lending agent will receive a fee from the participating Fund based","page_number":42,"box":{"x":62,"y":735,"width":857,"height":12}},{"id":"06562f76-4515-4f0b-82c2-5b914e9c3788","block_type":"box","text":"on the returns earned on the Fund’s lending activities, including the investment of the cash received as collateral for","page_number":42,"box":{"x":61,"y":750,"width":857,"height":12}},{"id":"6d08b0a0-e2c7-48a4-a22d-412bddd6b2b4","block_type":"box","text":"the loaned securities. In addition, one or more Affiliates may be among the entities to which the Fund may lend its","page_number":42,"box":{"x":60,"y":765,"width":841,"height":12}},{"id":"acf7127a-ce88-4806-b1d7-2131aca3c787","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":42,"box":{"x":62,"y":780,"width":415,"height":11}},{"id":"5da0063f-5b22-4b89-b35c-b5ff2cfaff62","block_type":"box","text":"BlackRock and its Affiliates may benefit from a fund using a BlackRock index by creating increasing acceptance in the","page_number":42,"box":{"x":62,"y":802,"width":864,"height":12}},{"id":"b7cf80ba-03b7-4596-8995-d610d8a19ef8","block_type":"box","text":"marketplace for such indexes. BlackRock and its Affiliates are not obligated to license an index to a fund, and no fund","page_number":42,"box":{"x":61,"y":817,"width":868,"height":12}},{"id":"40e1461b-4d00-4b58-a9dd-f2b25423590e","block_type":"box","text":"is under an obligation to use a BlackRock index. The terms of a fund’s index licensing agreement with BlackRock or its","page_number":42,"box":{"x":62,"y":832,"width":870,"height":12}},{"id":"335e6fc3-375f-4c47-81ff-7488ce061c6e","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":42,"box":{"x":60,"y":847,"width":545,"height":11}},{"id":"848e4321-c02b-4b2b-b5c0-1db5b5cd0fe6","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":42,"box":{"x":60,"y":869,"width":837,"height":12}},{"id":"6635e9f5-6d8b-477c-9c1e-15743861cf8c","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":42,"box":{"x":61,"y":884,"width":865,"height":12}},{"id":"3c045da2-e700-4418-bb63-dd38034d125a","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":42,"box":{"x":62,"y":899,"width":819,"height":12}},{"id":"b272b254-1c52-4c2e-91d3-6ae35dd98945","block_type":"box","text":"42","page_number":42,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"3d567194-8f08-453e-b8af-7e8fd63a3706","block_type":"box","text":"NM0926U-5977640-42/68","page_number":42,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"976ec112-4452-4996-8c5b-313e7d5d55c0","block_type":"box","text":"Valuation of Fund Investments","page_number":43,"box":{"x":63,"y":46,"width":271,"height":11}},{"id":"55c9376e-4a85-4020-835f-a04ff5c5a1f2","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":43,"box":{"x":60,"y":73,"width":869,"height":11}},{"id":"63ec9c65-d567-45bb-991d-9bb828fff718","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":43,"box":{"x":61,"y":88,"width":868,"height":11}},{"id":"82babe8e-8ff3-4b92-b3ad-cae7443d98a3","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":43,"box":{"x":61,"y":102,"width":849,"height":12}},{"id":"16fb2a55-4386-48dc-8c57-04b7d13206a0","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":43,"box":{"x":60,"y":117,"width":862,"height":12}},{"id":"f4b08439-2be4-4a69-854d-ecd5afdc32f9","block_type":"box","text":"the close of regular trading hours of the NYSE (normally 4:00 p.m., Eastern time), on each day that the NYSE is open","page_number":43,"box":{"x":60,"y":132,"width":861,"height":12}},{"id":"c1e9952e-3fc2-4c6a-85d3-8ecbcdf9725f","block_type":"box","text":"for trading, based on prices at the time of closing, provided that any Fund assets or liabilities denominated in","page_number":43,"box":{"x":60,"y":147,"width":803,"height":11}},{"id":"ce19d9b8-5b20-4d3e-b178-2233c165be14","block_type":"box","text":"currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing market rates on the date of","page_number":43,"box":{"x":61,"y":162,"width":829,"height":11}},{"id":"7db0f482-b648-49f3-9a03-426c0bd1f97b","block_type":"box","text":"valuation as quoted by one or more data service providers. The net asset value of shares is calculated by dividing the","page_number":43,"box":{"x":60,"y":176,"width":865,"height":12}},{"id":"4d121353-c081-443e-829a-d87c07a51301","block_type":"box","text":"value of the net assets of each class of shares (i.e., the value of its total assets less total liabilities) by the total","page_number":43,"box":{"x":60,"y":191,"width":829,"height":12}},{"id":"7d0fbdfd-c244-478b-8e4e-6052f5b71036","block_type":"box","text":"number of outstanding shares of the class, generally rounded to the nearest cent.","page_number":43,"box":{"x":61,"y":206,"width":601,"height":12}},{"id":"7588def8-902a-430f-86a0-91b8df33951e","block_type":"box","text":"Generally, Institutional Shares will have the highest net asset value because that class has the lowest expenses.","page_number":43,"box":{"x":61,"y":229,"width":830,"height":11}},{"id":"d235a2b6-a475-43de-a953-8a5634cc7054","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":43,"box":{"x":62,"y":244,"width":870,"height":11}},{"id":"6b63d854-9416-47ca-8bf5-8bfe259aed0e","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":43,"box":{"x":61,"y":258,"width":869,"height":12}},{"id":"4180cc80-e579-4d8c-96eb-266196b9fd87","block_type":"box","text":"generally be higher than dividends paid on Investor C Shares because Investor A, Institutional and Class R Shares","page_number":43,"box":{"x":60,"y":273,"width":838,"height":12}},{"id":"5bc4987b-d4e8-4b5f-8c08-8fd213a9a648","block_type":"box","text":"have lower expenses.","page_number":43,"box":{"x":61,"y":288,"width":156,"height":11}},{"id":"15996d10-4340-41a2-88ad-4c810428956b","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":43,"box":{"x":60,"y":311,"width":844,"height":11}},{"id":"7fa31b09-38d4-40a7-9058-81beaab2f13f","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":43,"box":{"x":60,"y":325,"width":837,"height":12}},{"id":"204e3c1e-8e66-49c8-ab74-939a8dcd0f23","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":43,"box":{"x":62,"y":340,"width":464,"height":12}},{"id":"9f21fbaf-acd4-405d-b401-979b3cdd6c5f","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":43,"box":{"x":62,"y":363,"width":863,"height":11}},{"id":"2d85ae8b-1c31-4c30-ba2c-8dc11a206ddc","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":43,"box":{"x":60,"y":378,"width":858,"height":11}},{"id":"4f59162a-7bc4-4588-9878-8e5d97188173","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":43,"box":{"x":62,"y":392,"width":863,"height":12}},{"id":"a80de9d6-cb1a-4fdb-9402-9bb95022febc","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":43,"box":{"x":61,"y":407,"width":852,"height":12}},{"id":"c8c0519b-e12e-45cc-ae35-727468de29f0","block_type":"box","text":"end funds (including money market funds) are valued at net asset value. Shares of underlying exchange-traded closed","page_number":43,"box":{"x":61,"y":422,"width":869,"height":12}},{"id":"f3b0882a-5044-4a01-98a8-7a49dc57808c","block_type":"box","text":"end funds or other ETFs are valued at their most recent closing price.","page_number":43,"box":{"x":61,"y":437,"width":507,"height":11}},{"id":"dc2d6d99-b525-4fd5-b2e8-a6b88a035bfc","block_type":"box","text":"The Fund values fixed-income portfolio securities and certain derivative instruments using prices provided by dealers","page_number":43,"box":{"x":60,"y":459,"width":857,"height":12}},{"id":"139c4690-9c0b-409b-8984-01b873fc850a","block_type":"box","text":"or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":43,"box":{"x":61,"y":475,"width":870,"height":11}},{"id":"8dc654e3-6d4b-4674-b8fa-2cd1cdc2a4d0","block_type":"box","text":"accordance with BlackRock’s valuation policies and procedures. Pricing services may use valuation models that utilize","page_number":43,"box":{"x":61,"y":489,"width":868,"height":12}},{"id":"dd0c3add-a9d8-49ed-8563-a00db5fe7668","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":43,"box":{"x":61,"y":504,"width":842,"height":12}},{"id":"ea4b4936-2438-48eb-8b15-4f785cdedfcb","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":43,"box":{"x":61,"y":519,"width":853,"height":11}},{"id":"2ed884fc-5e46-4d1d-a7b6-b679842cec00","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":43,"box":{"x":61,"y":534,"width":844,"height":11}},{"id":"dcf19e5b-a790-4ff3-abb3-c9b268b89635","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":43,"box":{"x":61,"y":548,"width":822,"height":12}},{"id":"bb477af2-b715-4342-b407-07b893d7db3d","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":43,"box":{"x":61,"y":563,"width":845,"height":12}},{"id":"acb4c885-c9a3-40be-a3f0-a6da22e4dafc","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":43,"box":{"x":61,"y":578,"width":733,"height":12}},{"id":"aed6e048-2dfb-4cc3-bb4a-c88259b40a4e","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":43,"box":{"x":61,"y":601,"width":829,"height":11}},{"id":"dd412e65-201b-4d25-86f5-cb3a031a0b82","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":43,"box":{"x":61,"y":615,"width":857,"height":12}},{"id":"be8f49ae-4be8-48a8-b8b6-eeefb1751f44","block_type":"box","text":"shares are determined as of such times. U.S. government securities, money market instruments and fixed income","page_number":43,"box":{"x":61,"y":630,"width":841,"height":12}},{"id":"6976170e-c137-4d5f-a515-aa254c5668c4","block_type":"box","text":"securities are generally priced as of close of regular trading hours on the NYSE.","page_number":43,"box":{"x":61,"y":645,"width":583,"height":12}},{"id":"9034ca4d-66e0-4e9f-a9f9-103ec4303d37","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, BlackRock will fair","page_number":43,"box":{"x":60,"y":668,"width":839,"height":11}},{"id":"ab2fa468-250b-4435-8ea2-395b2d0bb0bb","block_type":"box","text":"value the Fund’s investments in accordance with its policies and procedures. BlackRock may conclude that a market","page_number":43,"box":{"x":60,"y":683,"width":858,"height":11}},{"id":"6686ff0e-677d-4ad2-bfe4-30201e26dbad","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":43,"box":{"x":61,"y":697,"width":844,"height":12}},{"id":"f204deed-e824-41c8-b6c2-f80f7b55ef4e","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":43,"box":{"x":61,"y":712,"width":845,"height":12}},{"id":"3cde2f30-3327-4660-bc7d-d97179a12208","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":43,"box":{"x":61,"y":727,"width":841,"height":12}},{"id":"d158d5c1-28b0-4be9-a641-01f16cb9019e","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":43,"box":{"x":60,"y":742,"width":820,"height":11}},{"id":"f9f719d2-0547-4de8-88a2-797026ce0313","block_type":"box","text":"security is listed is suspended or closed and no appropriate alternative trading market is available. A “significant","page_number":43,"box":{"x":61,"y":757,"width":828,"height":11}},{"id":"50cdf8e9-d923-47ff-81a5-1cd698a0e267","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":43,"box":{"x":61,"y":771,"width":836,"height":12}},{"id":"e0ec6466-5a47-486a-a52a-20c413012b5c","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":43,"box":{"x":62,"y":787,"width":862,"height":11}},{"id":"c00e7b4f-6faa-4ef3-b582-004ac6a133ae","block_type":"box","text":"price or closing market price of one or more assets held by, or liabilities of, the Fund.","page_number":43,"box":{"x":62,"y":801,"width":623,"height":12}},{"id":"b135d5b6-3ee1-45f5-91ff-9187d3205d3c","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the","page_number":43,"box":{"x":62,"y":824,"width":817,"height":11}},{"id":"6e4b0bdc-bfb4-4ad3-bffd-31a45139ac2b","block_type":"box","text":"movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value","page_number":43,"box":{"x":61,"y":838,"width":871,"height":12}},{"id":"9ff439bb-57aa-4f2b-861f-3264cadfb293","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":43,"box":{"x":62,"y":853,"width":872,"height":12}},{"id":"c3de1ff1-4fa6-4cf2-9766-86212ab5a204","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":43,"box":{"x":61,"y":868,"width":697,"height":12}},{"id":"d9298e5d-bb7b-4def-8009-d366a4f92524","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":43,"box":{"x":62,"y":891,"width":825,"height":11}},{"id":"bb5f5549-9d7a-4d1c-a016-b4f7929ea764","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":43,"box":{"x":62,"y":905,"width":871,"height":12}},{"id":"5421ef22-0137-494c-aede-56918eb63fe9","block_type":"box","text":"43","page_number":43,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"ae4f34fa-8fd2-443b-96e4-7cb1d70888f6","block_type":"box","text":"NM0926U-5977640-43/68","page_number":43,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"511af17d-5587-48ef-8617-d3e0c25c62bc","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":44,"box":{"x":61,"y":46,"width":847,"height":11}},{"id":"ef751e03-76ce-4201-9380-d1fb2e492f0f","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":44,"box":{"x":62,"y":60,"width":829,"height":12}},{"id":"ac63e2b6-0699-4190-8089-bdedef269d5f","block_type":"box","text":"those investments could have been sold during the period in which the particular fair values were used.","page_number":44,"box":{"x":60,"y":75,"width":760,"height":12}},{"id":"b6e4b43e-0a09-4f11-8591-93b8b07de6a1","block_type":"box","text":"The Fund may accept orders from certain authorized Financial Intermediaries or their designees. The Fund will be","page_number":44,"box":{"x":60,"y":98,"width":830,"height":11}},{"id":"da2b6923-f461-4cf2-81ce-de8d844ef3b1","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":44,"box":{"x":61,"y":113,"width":848,"height":11}},{"id":"fe71d636-bfce-4f4d-8910-96c6af7479c5","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":44,"box":{"x":61,"y":127,"width":868,"height":12}},{"id":"8fefe2d8-a905-410b-a0eb-f58b8a8c9d32","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":44,"box":{"x":61,"y":142,"width":856,"height":12}},{"id":"5e4cbf41-af7a-4488-a9dc-d6f3ac28b118","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":44,"box":{"x":61,"y":181,"width":311,"height":13}},{"id":"aea486d0-dce5-4d30-bce6-318d3deb98c0","block_type":"box","text":"BUYING A DIVIDEND","page_number":44,"box":{"x":423,"y":222,"width":152,"height":9}},{"id":"3923393e-dfc4-4766-9998-2a6f9a3afd2e","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":44,"box":{"x":72,"y":245,"width":831,"height":11}},{"id":"e5a415a1-7d7d-4d16-9668-ebee6ee539ca","block_type":"box","text":"pays a dividend. The reason? If you buy shares when the Fund has declared but not yet distributed ordinary income","page_number":44,"box":{"x":72,"y":260,"width":845,"height":11}},{"id":"84150b76-6c24-4349-ac37-ef4908892c8e","block_type":"box","text":"or capital gains, you will pay the full price for the shares and then receive a portion of the price back in the form of a","page_number":44,"box":{"x":71,"y":274,"width":855,"height":12}},{"id":"309d316e-3f2b-4f4a-be6e-8d0b3d7a63b3","block_type":"box","text":"taxable dividend. Before investing you may want to consult your tax adviser.","page_number":44,"box":{"x":70,"y":289,"width":554,"height":12}},{"id":"246d6242-f608-4708-ae4e-4a76ac1fb787","block_type":"box","text":"The Fund will distribute net investment income, if any, and net realized capital gains, if any, at least annually. The Fund","page_number":44,"box":{"x":60,"y":330,"width":871,"height":11}},{"id":"2d1ba756-f1de-472b-bee6-c9437fd0774e","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":44,"box":{"x":61,"y":345,"width":862,"height":11}},{"id":"49349fc3-5e6a-48d5-a776-b95bd45da255","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":44,"box":{"x":61,"y":360,"width":847,"height":11}},{"id":"209c47d1-9997-4b6e-8ae6-1e33e9b60b71","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":44,"box":{"x":61,"y":374,"width":832,"height":12}},{"id":"e3dd1071-5788-4caf-8707-37edf9830d28","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":44,"box":{"x":61,"y":389,"width":824,"height":12}},{"id":"3501819f-8ed1-4ee3-8caf-d8f1f3951cb8","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":44,"box":{"x":61,"y":404,"width":849,"height":12}},{"id":"b044fd81-40c0-4158-8313-79c7aaab6b44","block_type":"box","text":"the assets sold.","page_number":44,"box":{"x":60,"y":419,"width":118,"height":9}},{"id":"15db9a71-fac5-4bc0-a25e-f2d80285ed8b","block_type":"box","text":"You will pay tax on dividends from the Fund whether you receive them in cash or additional shares. If you redeem Fund","page_number":44,"box":{"x":60,"y":441,"width":869,"height":12}},{"id":"238184d9-cd3e-4a8f-b0e3-dd98bb0d3ec1","block_type":"box","text":"shares or exchange them for shares of another fund, you generally will be treated as having sold your shares and any","page_number":44,"box":{"x":61,"y":456,"width":862,"height":12}},{"id":"b634f2a7-cc04-4965-9b53-a03fac1f4ab4","block_type":"box","text":"gain on the transaction may be subject to tax. Fund distributions derived from qualified dividend income, which","page_number":44,"box":{"x":60,"y":471,"width":812,"height":12}},{"id":"99ab3b18-ceb0-495b-89b6-1b2220217998","block_type":"box","text":"consists of dividends received from U.S. corporations and qualifying foreign corporations, and from long-term capital","page_number":44,"box":{"x":61,"y":486,"width":852,"height":11}},{"id":"8a99953e-f230-451b-a790-17bb12d9bf96","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":44,"box":{"x":60,"y":501,"width":844,"height":11}},{"id":"b215427d-4b47-46d5-a7ac-62a9f87d7f1e","block_type":"box","text":"exceeds certain threshold amounts, which are adjusted annually for inflation.","page_number":44,"box":{"x":61,"y":516,"width":565,"height":11}},{"id":"3df705b3-c4cd-461f-9425-707551a34137","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":44,"box":{"x":60,"y":538,"width":803,"height":11}},{"id":"191d7665-955d-484c-ba43-d9341e81674e","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":44,"box":{"x":61,"y":552,"width":873,"height":12}},{"id":"4a0a16ed-7c86-4297-a691-9f55cc3074fe","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":44,"box":{"x":60,"y":568,"width":282,"height":11}},{"id":"7329d1be-cdc8-405d-8d0d-3a62bb673be1","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":44,"box":{"x":60,"y":590,"width":861,"height":12}},{"id":"b7d86ad5-7111-49db-b08a-433fdfbf10b8","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":44,"box":{"x":62,"y":605,"width":679,"height":12}},{"id":"2d3e9e8d-b33a-49d3-ad33-67b99420778c","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":44,"box":{"x":62,"y":628,"width":827,"height":11}},{"id":"bd1eef5f-695f-41c9-9f58-573a3956311e","block_type":"box","text":"through entity to the extent owned by U.S. persons), the Fund’s ordinary income dividends will generally be subject to a","page_number":44,"box":{"x":60,"y":643,"width":876,"height":11}},{"id":"36b9faaa-8ff1-4ac6-bc60-d1547800e90f","block_type":"box","text":"30% U.S. withholding tax, unless a lower treaty rate applies. However, certain distributions reported by the Fund as","page_number":44,"box":{"x":61,"y":657,"width":846,"height":12}},{"id":"9cfc4ad1-7ace-44ae-8d10-d5ee86577728","block_type":"box","text":"capital gain dividends, interest-related dividends or short-term capital gain dividends and paid to a foreign shareholder","page_number":44,"box":{"x":61,"y":672,"width":869,"height":12}},{"id":"fc5a189e-db9f-4b82-b1fe-eeae402130d3","block_type":"box","text":"may be eligible for an exemption from U.S. withholding tax.","page_number":44,"box":{"x":61,"y":687,"width":430,"height":12}},{"id":"edd38cba-2876-4a6f-bb36-074873d426bb","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income items paid","page_number":44,"box":{"x":61,"y":710,"width":868,"height":11}},{"id":"d9ba857b-812f-48cf-80c5-a52ca06845ce","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. 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Other foreign entities will generally either need to provide detailed","page_number":44,"box":{"x":61,"y":798,"width":802,"height":12}},{"id":"b63e729f-476c-4219-b2fa-2f799bec8965","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":44,"box":{"x":62,"y":813,"width":639,"height":12}},{"id":"714df209-ad21-41b2-851e-51e4f343b07d","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":44,"box":{"x":60,"y":836,"width":855,"height":11}},{"id":"7d0e422d-af0d-4565-811c-2d7b304d1da1","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":44,"box":{"x":61,"y":851,"width":832,"height":11}},{"id":"a0b300e6-6adf-4729-a8c2-90959b121d59","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":44,"box":{"x":62,"y":866,"width":383,"height":11}},{"id":"ff59e64f-ac88-482e-990e-e41c659c2c53","block_type":"box","text":"44","page_number":44,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"7d10311a-64db-49e7-916a-2c51cb226ccf","block_type":"box","text":"NM0926U-5977640-44/68","page_number":44,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"64a5696d-4be9-4cc6-af91-6cd151aef739","block_type":"box","text":"The financial highlights tables are intended to help investors understand the Fund’s financial performance for the","page_number":45,"box":{"x":60,"y":75,"width":833,"height":12}},{"id":"4591fe04-00a1-4552-81d0-05328d8a837c","block_type":"box","text":"periods shown. 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Davidson","page_number":53,"box":{"x":61,"y":145,"width":664,"height":12}},{"id":"7de86e53-92e3-4fde-86a1-196f3cb07b62","block_type":"box","text":"Shares purchased of the same Fund or another BlackRock Fund through a systematic reinvestment of capital gains","page_number":53,"box":{"x":81,"y":166,"width":845,"height":12}},{"id":"acea828c-912e-4c2a-af32-cce865c22082","block_type":"box","text":"and dividend distributions.","page_number":53,"box":{"x":81,"y":181,"width":192,"height":9}},{"id":"47c8b1db-1965-46bf-9494-860011374ffa","block_type":"box","text":"Shares purchased by employees and registered representatives of D.A. Davidson or its affiliates and their family","page_number":53,"box":{"x":81,"y":201,"width":827,"height":12}},{"id":"389edc13-fc15-4534-a89c-456fc5f56464","block_type":"box","text":"members as designated by D.A. Davidson.","page_number":53,"box":{"x":82,"y":216,"width":309,"height":11}},{"id":"355ac497-4093-4488-ba4a-721df14a59ac","block_type":"box","text":"Shares purchased from the proceeds of redemptions of the same Fund or another BlackRock Fund, provided (1) the","page_number":53,"box":{"x":81,"y":236,"width":851,"height":11}},{"id":"b67dd337-2bcb-4752-a999-67ed146c68a5","block_type":"box","text":"repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same","page_number":53,"box":{"x":82,"y":251,"width":820,"height":11}},{"id":"2adc204b-9b3d-4f82-bf84-28665489d96f","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":53,"box":{"x":81,"y":265,"width":792,"height":12}},{"id":"af1e084b-33fe-45b6-b0e9-96cce19e8151","block_type":"box","text":"Reinstatement).","page_number":53,"box":{"x":82,"y":281,"width":114,"height":11}},{"id":"f384081a-d666-4c3f-93e2-fc95481f1262","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":53,"box":{"x":81,"y":300,"width":812,"height":9}},{"id":"12d374a4-04f7-42fd-b175-6b70ac6bfb18","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":53,"box":{"x":81,"y":315,"width":776,"height":12}},{"id":"3d43d191-aa43-4e73-8980-4b28b9d2edea","block_type":"box","text":"conversion is consistent with D.A. Davidson’s policies and procedures.","page_number":53,"box":{"x":81,"y":330,"width":519,"height":11}},{"id":"3023beda-f274-428e-9b02-712d9462b6fd","block_type":"box","text":"CDSC Waivers on Investor A and C Shares Available at D.A. Davidson","page_number":53,"box":{"x":61,"y":353,"width":571,"height":10}},{"id":"e67556da-b73a-4557-927c-f7e0cdff40ec","block_type":"box","text":"Shares sold due to the death or disability of the shareholder.","page_number":53,"box":{"x":81,"y":374,"width":446,"height":12}},{"id":"7e5a78e8-10d6-4c26-bca1-366d653d2257","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus.","page_number":53,"box":{"x":81,"y":394,"width":672,"height":12}},{"id":"3daa02e2-70a6-400a-9899-92f47c306f3f","block_type":"box","text":"Shares bought due to return of excess contributions from an IRA account.","page_number":53,"box":{"x":81,"y":414,"width":540,"height":12}},{"id":"0c99866a-b4ae-408c-81b2-77b06465ee4a","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA or other qualifying retirement accounts pursuant to","page_number":53,"box":{"x":81,"y":434,"width":836,"height":12}},{"id":"f7b7f000-5959-42e1-b925-8aabfced58d4","block_type":"box","text":"the Internal Revenue Code.","page_number":53,"box":{"x":80,"y":449,"width":199,"height":9}},{"id":"9434140e-f538-462f-9744-e1a6365e45a9","block_type":"box","text":"Shares acquired through a Right of Reinstatement.","page_number":53,"box":{"x":81,"y":469,"width":372,"height":12}},{"id":"0345ad6f-792c-47eb-abdc-c22127ee6424","block_type":"box","text":"Front-End Sales Charge Discounts Available at D.A. Davidson: Breakpoints, Rights of Accumulation and/","page_number":53,"box":{"x":61,"y":492,"width":867,"height":13}},{"id":"6bc07367-afd5-4c58-bb21-fe22be9fdc2e","block_type":"box","text":"or Letters of Intent","page_number":53,"box":{"x":61,"y":509,"width":155,"height":10}},{"id":"8ac8975e-fcbb-4b71-a8ba-b0ba7742eb1a","block_type":"box","text":"Breakpoints as described in this Prospectus.","page_number":53,"box":{"x":82,"y":531,"width":327,"height":11}},{"id":"4e7913c0-294a-43a9-a523-175cfe8ba507","block_type":"box","text":"Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on","page_number":53,"box":{"x":82,"y":550,"width":849,"height":12}},{"id":"a93e69f6-cd76-45b1-9de2-7211d25d82d1","block_type":"box","text":"the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at D.A.","page_number":53,"box":{"x":80,"y":565,"width":796,"height":12}},{"id":"56d94481-eb54-4bb7-8721-7f9a6f3e925b","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":53,"box":{"x":82,"y":580,"width":837,"height":12}},{"id":"eee20c3d-65e9-4afb-81f2-7bd801202845","block_type":"box","text":"accumulation only if the shareholder notifies his or her financial advisor about such assets.","page_number":53,"box":{"x":81,"y":595,"width":670,"height":11}},{"id":"533848b1-01d1-4e6e-a579-134f753fbc13","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases of BlackRock Funds, over a","page_number":53,"box":{"x":82,"y":615,"width":833,"height":11}},{"id":"a2a67371-656d-4b29-807f-c4b6aeed2bdb","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":53,"box":{"x":82,"y":630,"width":841,"height":11}},{"id":"cd42091a-2268-42a3-89df-19278696718d","block_type":"box","text":"of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":53,"box":{"x":81,"y":644,"width":705,"height":12}},{"id":"9e124ff4-2e38-496f-9514-a185cfb5489a","block_type":"box","text":"A-2","page_number":53,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"96e7612e-548b-46d1-a0b8-f344594e23bc","block_type":"box","text":"NM0926U-5977640-53/68","page_number":53,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2c33e137-74d9-4157-9f59-7e9d776b4658","block_type":"box","text":"Edward D. Jones & Co., L.P. (“Edward Jones”):","page_number":54,"box":{"x":61,"y":46,"width":383,"height":12}},{"id":"983b5e9d-7fdc-40f3-9869-f29608250055","block_type":"box","text":"Policies Regarding Transactions Through Edward Jones","page_number":54,"box":{"x":61,"y":71,"width":456,"height":12}},{"id":"e22c5dff-cca5-445c-9a40-98cf5f261a90","block_type":"box","text":"The following information has been provided by Edward Jones:","page_number":54,"box":{"x":62,"y":102,"width":455,"height":11}},{"id":"5ef3df68-96c8-4070-8aed-bc364813b38f","block_type":"box","text":"Effective on or after June 10, 2026, the following information supersedes prior information with respect to","page_number":54,"box":{"x":62,"y":124,"width":780,"height":12}},{"id":"41a368a2-fe44-4ca7-a85a-7883bd62740e","block_type":"box","text":"transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also","page_number":54,"box":{"x":60,"y":139,"width":817,"height":12}},{"id":"23681f90-d1a4-467b-8bd7-32acadb7c1b6","block_type":"box","text":"referred to as “shareholders”) purchasing fund shares on the Edward Jones commission and fee-based platforms are","page_number":54,"box":{"x":61,"y":154,"width":863,"height":11}},{"id":"b638bcb8-4f61-41b3-9377-e89346eae6f7","block_type":"box","text":"eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ","page_number":54,"box":{"x":61,"y":169,"width":860,"height":11}},{"id":"e509a1f7-fe33-43cb-bf55-ebbaa7bbeb71","block_type":"box","text":"from discounts and waivers described elsewhere in this prospectus or statement of additional information (“SAI”) or","page_number":54,"box":{"x":60,"y":184,"width":854,"height":11}},{"id":"692f98d8-9693-4c43-8629-1520dd1b35e4","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":54,"box":{"x":60,"y":198,"width":875,"height":12}},{"id":"076dd005-9a07-4c0f-9111-30deda9c0284","block_type":"box","text":"of purchase of any relationship, holdings of BlackRock Funds, or other facts qualifying the purchaser for discounts or","page_number":54,"box":{"x":61,"y":213,"width":857,"height":12}},{"id":"f12ae1e6-e75f-463e-a341-24bbc28c530b","block_type":"box","text":"waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if","page_number":54,"box":{"x":60,"y":228,"width":871,"height":9}},{"id":"e4db150b-47d0-4350-8a84-431016dd8914","block_type":"box","text":"they have questions regarding their eligibility for these discounts and waivers.","page_number":54,"box":{"x":60,"y":243,"width":570,"height":11}},{"id":"b40788aa-73cf-4f68-a955-2d6a04526f55","block_type":"box","text":"Breakpoints","page_number":54,"box":{"x":61,"y":266,"width":99,"height":12}},{"id":"225cb757-b5bb-4bc4-912c-1fc0ef8b82ff","block_type":"box","text":"Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.","page_number":54,"box":{"x":82,"y":288,"width":788,"height":11}},{"id":"4f542e31-d74b-42a1-afee-0717332626c4","block_type":"box","text":"Rights of Accumulation (“ROA”)","page_number":54,"box":{"x":61,"y":310,"width":265,"height":13}},{"id":"958d3bfa-6b17-40d6-8bfa-4e02f9f9ea18","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":54,"box":{"x":81,"y":332,"width":810,"height":11}},{"id":"0786cd34-967b-46e1-9228-f15933f0aed8","block_type":"box","text":"classes (except certain money market funds and any assets held in group retirement plans) of BlackRock Funds and","page_number":54,"box":{"x":81,"y":347,"width":855,"height":11}},{"id":"596f9ec6-7372-4bba-bab2-891d7473f39e","block_type":"box","text":"the BlackRock CollegeAdvantage 529 Program held by the shareholder or in an account grouped by Edward Jones","page_number":54,"box":{"x":80,"y":362,"width":834,"height":11}},{"id":"c977054c-fde0-4b96-826f-53a682bd8edb","block_type":"box","text":"with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). If grouping assets","page_number":54,"box":{"x":80,"y":376,"width":849,"height":12}},{"id":"2cac77e5-519e-4afb-a2ec-e6ca0f7cb933","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":54,"box":{"x":81,"y":391,"width":793,"height":11}},{"id":"3908c7a2-34b5-44ba-9002-c8ac51de3928","block_type":"box","text":"platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder","page_number":54,"box":{"x":82,"y":406,"width":794,"height":12}},{"id":"baa171c1-bcf4-4326-be39-df8307bfb391","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":54,"box":{"x":82,"y":421,"width":811,"height":11}},{"id":"76042fea-f475-454c-81b0-4bf192892918","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":54,"box":{"x":81,"y":436,"width":841,"height":11}},{"id":"c8cdd86b-024c-4259-874e-a6346b348f18","block_type":"box","text":"sales charge.","page_number":54,"box":{"x":81,"y":451,"width":97,"height":11}},{"id":"3704620e-ba34-41e7-a382-b83405d18c3c","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":54,"box":{"x":81,"y":470,"width":846,"height":12}},{"id":"6d52f328-c838-428b-bd0f-b317a4470f3a","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":54,"box":{"x":81,"y":486,"width":769,"height":11}},{"id":"fda4dc5c-aebc-4a21-ac66-34936ff8390f","block_type":"box","text":"shareholder or pricing group level.","page_number":54,"box":{"x":81,"y":500,"width":248,"height":12}},{"id":"131a4909-0dff-4e57-9b16-5d16ba9fc854","block_type":"box","text":"ROA is determined by calculating the higher of cost minus redemptions or market value (current shares multiplied","page_number":54,"box":{"x":82,"y":520,"width":833,"height":12}},{"id":"f2610ec1-4af5-4822-8d98-d4f2ceb07fbf","block_type":"box","text":"by NAV).","page_number":54,"box":{"x":81,"y":535,"width":58,"height":11}},{"id":"3d821b8c-b100-4ae6-980c-a9a9ad92d615","block_type":"box","text":"Letter of Intent (“LOI”)","page_number":54,"box":{"x":61,"y":558,"width":188,"height":12}},{"id":"f23092b2-4cbb-4f5d-b63b-47bb23d70b4e","block_type":"box","text":"Through a LOI, a shareholder can receive the sales charge and breakpoint discounts for purchases such","page_number":54,"box":{"x":81,"y":579,"width":765,"height":12}},{"id":"e5d343b7-31a5-443b-bd37-365c643a50b6","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":54,"box":{"x":81,"y":594,"width":804,"height":11}},{"id":"bfc5fe5d-1471-4c35-b177-726e99c7496b","block_type":"box","text":"determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination","page_number":54,"box":{"x":81,"y":609,"width":829,"height":12}},{"id":"41dec3d8-9bac-4bca-a025-a84317e9d348","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":54,"box":{"x":80,"y":624,"width":830,"height":11}},{"id":"ab61cb97-b116-4b66-b73f-ebf64fa69f06","block_type":"box","text":"and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the","page_number":54,"box":{"x":81,"y":639,"width":833,"height":11}},{"id":"547d2510-865a-42ed-88d1-930be4057d3c","block_type":"box","text":"sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible BlackRock Funds","page_number":54,"box":{"x":81,"y":653,"width":827,"height":12}},{"id":"b304bf7d-0012-4a5e-8659-18bd1c72bd22","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":54,"box":{"x":81,"y":668,"width":845,"height":12}},{"id":"6228d9d1-eee2-4de5-a9c3-0449530fce23","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":54,"box":{"x":81,"y":683,"width":851,"height":12}},{"id":"2f243067-62d5-4403-8436-2c8638475836","block_type":"box","text":"reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.","page_number":54,"box":{"x":82,"y":698,"width":680,"height":12}},{"id":"1d73bdd3-7e1e-46b5-b845-3a1a259d0a92","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":54,"box":{"x":82,"y":718,"width":842,"height":11}},{"id":"879028d5-b446-41aa-8bb3-57fb8e2dca0c","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":54,"box":{"x":82,"y":733,"width":829,"height":11}},{"id":"be9cb8b5-4cf2-44bc-b48e-2818d12961f8","block_type":"box","text":"established by the employer.","page_number":54,"box":{"x":81,"y":748,"width":209,"height":11}},{"id":"ed356ce5-1259-4484-82c9-9f8ebba73bf9","block_type":"box","text":"Sales Charge Waivers","page_number":54,"box":{"x":60,"y":771,"width":180,"height":12}},{"id":"02f68f81-31e7-44d0-9da9-b9d76748bd07","block_type":"box","text":"Sales charges are waived for the following shareholders and in the following situations:","page_number":54,"box":{"x":61,"y":787,"width":639,"height":11}},{"id":"8286c991-c151-4009-b5e8-e4b5cbb42c3b","block_type":"box","text":"Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by","page_number":54,"box":{"x":81,"y":807,"width":806,"height":11}},{"id":"73650555-3412-4c6d-996e-78e8f82ea3b8","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":54,"box":{"x":82,"y":822,"width":850,"height":11}},{"id":"f6c0a123-3c3d-4b70-b879-f93e6a11d64e","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":54,"box":{"x":81,"y":837,"width":846,"height":11}},{"id":"1055ca42-b288-4560-b3da-b375d08d1643","block_type":"box","text":"to Edward Jones’ policies and procedures.","page_number":54,"box":{"x":80,"y":852,"width":310,"height":11}},{"id":"324f5142-af01-4256-a5a1-539619acde84","block_type":"box","text":"Shares purchased in an Edward Jones fee-based program.","page_number":54,"box":{"x":81,"y":871,"width":427,"height":12}},{"id":"b17197e0-b6a5-4cee-b7df-7698d4689869","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.","page_number":54,"box":{"x":81,"y":891,"width":710,"height":12}},{"id":"9457bec4-e7c8-463b-a06f-f2973611fa61","block_type":"box","text":"A-3","page_number":54,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"4d115e52-8da7-4b6c-9fa6-57282180beb9","block_type":"box","text":"NM0926U-5977640-54/68","page_number":54,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9bace137-d42d-4a9c-a3a4-add1aa3aa441","block_type":"box","text":"Shares purchased from the proceeds of redeemed shares of BlackRock Funds so long as the following conditions","page_number":55,"box":{"x":81,"y":46,"width":834,"height":11}},{"id":"c0652512-3c7a-41f0-986a-b0c7ed734a02","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":55,"box":{"x":81,"y":60,"width":850,"height":12}},{"id":"194433f5-7af9-4c34-8c0f-d8e34a35e0ba","block_type":"box","text":"from a share class that charges a front load and one of the following (“Right of Reinstatement”):","page_number":55,"box":{"x":81,"y":75,"width":708,"height":12}},{"id":"7e5336dd-e327-40bb-aafe-670ab9863824","block_type":"box","text":"The redemption and repurchase occur in the same account.","page_number":55,"box":{"x":101,"y":96,"width":438,"height":11}},{"id":"c188ec7c-0799-475b-a427-5ac90e7e0c16","block_type":"box","text":"The redemption proceeds are used to process an: IRA contribution, return of excess contributions, conversion,","page_number":55,"box":{"x":101,"y":115,"width":811,"height":11}},{"id":"cea50fce-6875-4da2-a59b-9f7471074966","block_type":"box","text":"recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same","page_number":55,"box":{"x":102,"y":130,"width":784,"height":12}},{"id":"a770af9c-cfa8-4f8e-b820-9425e6076254","block_type":"box","text":"Edward Jones grouping for ROA.","page_number":55,"box":{"x":102,"y":145,"width":231,"height":11}},{"id":"6bb58ea5-5222-4bfc-9c26-da974f1236aa","block_type":"box","text":"The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases","page_number":55,"box":{"x":76,"y":166,"width":839,"height":12}},{"id":"8ee9fcee-c049-469b-9018-33275d71b9bc","block_type":"box","text":"made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund","page_number":55,"box":{"x":76,"y":179,"width":805,"height":12}},{"id":"8512f3db-3660-4c49-98c2-99a37d35b374","block_type":"box","text":"products.","page_number":55,"box":{"x":77,"y":192,"width":66,"height":11}},{"id":"27f19cb8-dfe7-43cb-8032-c032df5a6457","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":55,"box":{"x":81,"y":210,"width":837,"height":12}},{"id":"67d2f045-99e0-487e-bc20-bd5e1125b4d4","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":55,"box":{"x":81,"y":225,"width":834,"height":11}},{"id":"a546d5a0-0329-4bea-89dc-af3ba5b29a0c","block_type":"box","text":"BlackRock, if applicable. 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Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan","page_number":56,"box":{"x":80,"y":650,"width":840,"height":11}},{"id":"c147d66b-de87-4518-ab1d-ddf20b486407","block_type":"box","text":"Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the","page_number":56,"box":{"x":81,"y":664,"width":853,"height":12}},{"id":"910ea6db-f204-43b8-b47a-a7a59b8e2f9a","block_type":"box","text":"shareholder notifies his or her financial advisor about such assets.","page_number":56,"box":{"x":81,"y":679,"width":490,"height":9}},{"id":"1a645bf0-c705-463e-a704-30775f3309c5","block_type":"box","text":"Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family,","page_number":56,"box":{"x":82,"y":699,"width":818,"height":12}},{"id":"9d865877-0d2f-4387-aae5-ad91a4875ddf","block_type":"box","text":"through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).","page_number":56,"box":{"x":80,"y":714,"width":601,"height":12}},{"id":"e10aee16-9b86-4f07-a83e-dd5de40ff9c7","block_type":"box","text":"A-5","page_number":56,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"aec9439a-a7db-4bd9-a60c-3d99d4988fc2","block_type":"box","text":"NM0926U-5977640-56/68","page_number":56,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6cf63ff3-39de-4587-a1fa-fa4156d8feac","block_type":"box","text":"Janney Montgomery Scott LLC:","page_number":57,"box":{"x":61,"y":46,"width":256,"height":13}},{"id":"041555de-2813-4e72-8da4-5e54702431e6","block_type":"box","text":"Effective May 1, 2020, if you purchase fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage","page_number":57,"box":{"x":62,"y":70,"width":838,"height":12}},{"id":"0b1158b3-4597-4658-98fc-f67f389af43e","block_type":"box","text":"account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent","page_number":57,"box":{"x":61,"y":85,"width":830,"height":12}},{"id":"2acf96e8-678b-4dca-952a-8cb5dc58d347","block_type":"box","text":"deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those","page_number":57,"box":{"x":61,"y":100,"width":821,"height":11}},{"id":"e8b97624-1145-4a98-aa76-d2945c2ab1df","block_type":"box","text":"disclosed elsewhere in this Fund’s prospectus or SAI.","page_number":57,"box":{"x":61,"y":115,"width":393,"height":11}},{"id":"514c4c62-f2ef-46f1-967e-d60d1286c780","block_type":"box","text":"Front-end sales charge* waivers on Investor A shares available at Janney","page_number":57,"box":{"x":61,"y":138,"width":606,"height":12}},{"id":"2e71120b-34bd-4b91-a766-e070a5ad943e","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":57,"box":{"x":81,"y":159,"width":835,"height":12}},{"id":"bbd75c1c-552b-4a19-80bf-ffab9ebaa1e0","block_type":"box","text":"shares of the same fund (but not any other BlackRock Fund).","page_number":57,"box":{"x":81,"y":174,"width":446,"height":11}},{"id":"38729286-1a8d-4332-8c29-147f64297b6e","block_type":"box","text":"Shares purchased by employees and registered representatives of Janney or its affiliates and their family members","page_number":57,"box":{"x":81,"y":194,"width":847,"height":11}},{"id":"275f900e-c001-4e51-93dd-bb0e2c8bfe7b","block_type":"box","text":"as designated by Janney.","page_number":57,"box":{"x":81,"y":209,"width":182,"height":11}},{"id":"9cf991b7-0852-4b53-ae70-74dcb38d0378","block_type":"box","text":"Shares purchased from the proceeds of redemptions from another BlackRock Fund, provided (1) the repurchase","page_number":57,"box":{"x":81,"y":229,"width":823,"height":11}},{"id":"6ad7a4d2-7a4c-4579-bd8d-6547b6e4e19a","block_type":"box","text":"occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same","page_number":57,"box":{"x":81,"y":244,"width":793,"height":11}},{"id":"5d68d570-93d2-414e-8fce-84702252e1b4","block_type":"box","text":"account, and (3) redeemed shares were subject to a front-end or deferred sales charge (i.e., right of reinstatement).","page_number":57,"box":{"x":81,"y":258,"width":852,"height":12}},{"id":"8b1ee459-92ac-4841-a913-7c8a413d24b0","block_type":"box","text":"Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit","page_number":57,"box":{"x":82,"y":278,"width":805,"height":12}},{"id":"d9a42403-0444-4a72-9125-dfb565a78827","block_type":"box","text":"sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer","page_number":57,"box":{"x":81,"y":293,"width":826,"height":12}},{"id":"db160d10-089a-4fd3-aff2-481d03c46315","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.","page_number":57,"box":{"x":81,"y":308,"width":684,"height":12}},{"id":"ca9b6367-76ad-45b2-9a50-6f045abbc439","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":57,"box":{"x":81,"y":328,"width":362,"height":12}},{"id":"24ff7cc6-2998-43c8-9634-97eecea4c5cd","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":57,"box":{"x":82,"y":348,"width":840,"height":12}},{"id":"03735232-9f4c-4666-b240-805d7eba37be","block_type":"box","text":"shares of the same fund pursuant to Janney’s policies and procedures.","page_number":57,"box":{"x":81,"y":363,"width":523,"height":11}},{"id":"d7247dc5-4be9-4a83-9524-567f4c9acf2a","block_type":"box","text":"CDSC waivers on Investor A and C shares available at Janney","page_number":57,"box":{"x":61,"y":386,"width":507,"height":12}},{"id":"95a8fb6d-f81d-41d3-9712-392db3c2ba64","block_type":"box","text":"Shares sold upon the death or disability of the shareholder.","page_number":57,"box":{"x":81,"y":407,"width":436,"height":12}},{"id":"53a1a4b4-6f26-45a1-9755-2ccb08ab28c2","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus or SAI.","page_number":57,"box":{"x":81,"y":427,"width":721,"height":12}},{"id":"d43c6250-fdf8-473c-93d8-632a894d2542","block_type":"box","text":"Shares purchased in connection with a return of excess contributions from an IRA account.","page_number":57,"box":{"x":81,"y":447,"width":667,"height":11}},{"id":"92060d4b-0c02-45d0-914d-df3e64142713","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal","page_number":57,"box":{"x":81,"y":467,"width":820,"height":11}},{"id":"0726b282-2d39-4cf6-b2b4-59c9b9941793","block_type":"box","text":"Revenue Code.","page_number":57,"box":{"x":82,"y":482,"width":108,"height":9}},{"id":"3acd2a19-4062-4370-aff3-e31dab8e5308","block_type":"box","text":"Shares sold to pay Janney fees but only if the transaction is initiated by Janney.","page_number":57,"box":{"x":81,"y":502,"width":583,"height":11}},{"id":"361cc2c6-5932-47b6-b93e-3df7ebe01b71","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":57,"box":{"x":81,"y":522,"width":362,"height":12}},{"id":"77e8c095-0d9d-4203-ba5b-08a9175c836f","block_type":"box","text":"Shares exchanged into the same share class of a different fund.","page_number":57,"box":{"x":81,"y":542,"width":473,"height":12}},{"id":"f74ee944-83c0-40ce-b1af-8e40a42279f6","block_type":"box","text":"Front-end sales charge* discounts available at Janney: breakpoints, rights of accumulation, and/or","page_number":57,"box":{"x":61,"y":565,"width":822,"height":12}},{"id":"18a04475-5cdc-4b75-985c-ace3cfd59082","block_type":"box","text":"letters of intent","page_number":57,"box":{"x":61,"y":582,"width":128,"height":10}},{"id":"e1bc4e07-eab2-4687-8c47-9a7c47876be6","block_type":"box","text":"Breakpoints as described in the Fund’s prospectus or SAI.","page_number":57,"box":{"x":82,"y":603,"width":426,"height":11}},{"id":"5dc4cb69-638e-4e1c-ad86-41aa561a9c63","block_type":"box","text":"Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated","page_number":57,"box":{"x":82,"y":623,"width":847,"height":12}},{"id":"6c6d393e-cc48-451d-bd97-7f85575810ed","block_type":"box","text":"based on the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at","page_number":57,"box":{"x":81,"y":638,"width":834,"height":12}},{"id":"aa287969-db98-4b48-aee8-b8c44beea319","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":57,"box":{"x":81,"y":653,"width":793,"height":11}},{"id":"685544cc-6f6d-4748-a36e-ce2d5df0faae","block_type":"box","text":"shareholder notifies his or her financial advisor about such assets.","page_number":57,"box":{"x":81,"y":668,"width":490,"height":9}},{"id":"9575bf0e-66b3-43dc-9c0b-f98c74fbe24f","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases within a BlackRock Fund, over","page_number":57,"box":{"x":82,"y":688,"width":854,"height":11}},{"id":"111da2c2-4850-4ddb-8aaf-0d6c291ebe8f","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":57,"box":{"x":81,"y":703,"width":831,"height":11}},{"id":"c7723b80-e0d8-48dd-a26c-5a1120f6607c","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":57,"box":{"x":80,"y":717,"width":818,"height":12}},{"id":"eb4a65f9-8dfc-4832-a0b4-a49b9b1f3345","block_type":"box","text":"*Also referred to as an “initial sales charge.”","page_number":57,"box":{"x":62,"y":740,"width":332,"height":11}},{"id":"155c343c-60fd-4c50-83cb-3e754dd47fd7","block_type":"box","text":"A-6","page_number":57,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"92bdb10d-f29a-4cf5-969b-2d66207328ee","block_type":"box","text":"NM0926U-5977640-57/68","page_number":57,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"aa045961-483e-4ee5-9093-7ed364b7bcff","block_type":"box","text":"Merrill Lynch:","page_number":58,"box":{"x":61,"y":46,"width":110,"height":13}},{"id":"fa9453f0-cbe5-4386-9ddb-98e3a9cf97b7","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":58,"box":{"x":61,"y":62,"width":834,"height":12}},{"id":"b5bbaeba-a60f-4961-bd06-2e4c5ac55d68","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":58,"box":{"x":62,"y":77,"width":870,"height":12}},{"id":"f417cb08-5f45-461d-b160-9c3b7f167baf","block_type":"box","text":"waivers) and discounts, which differ from those disclosed elsewhere in this Fund’s prospectus. Purchasers will have to","page_number":58,"box":{"x":60,"y":92,"width":874,"height":11}},{"id":"270fe64c-424c-431a-9765-06226f464f53","block_type":"box","text":"buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for","page_number":58,"box":{"x":61,"y":107,"width":823,"height":11}},{"id":"d8170d15-fd20-4e8b-b8a1-90713335cb9b","block_type":"box","text":"waivers or discounts not listed below.","page_number":58,"box":{"x":60,"y":122,"width":274,"height":9}},{"id":"8717fba8-d81c-425d-8de9-f6c440eb8e50","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":58,"box":{"x":62,"y":144,"width":841,"height":12}},{"id":"df3add59-06bd-4e0f-aa12-1f144e6ab6a8","block_type":"box","text":"qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such","page_number":58,"box":{"x":61,"y":159,"width":870,"height":12}},{"id":"5c30e8b0-0c43-4161-9ac7-8b794167106b","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":58,"box":{"x":60,"y":174,"width":823,"height":11}},{"id":"28c3ed1f-8ad2-42ce-8786-8719bff4fc65","block_type":"box","text":"Additional information on waivers, discounts, and share class exchanges is available in the Merrill Sales Load Waiver","page_number":58,"box":{"x":60,"y":196,"width":862,"height":12}},{"id":"de5f6e3c-a169-4a89-9bc1-e7af80a3450a","block_type":"box","text":"and Discounts Supplement (the “Merrill SLWD Supplement”) and in the Mutual Fund Investing at Merrill pamphlet at","page_number":58,"box":{"x":61,"y":211,"width":853,"height":12}},{"id":"94e30d98-e575-4e45-b836-ab3ed3e0364e","block_type":"box","text":"ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine","page_number":58,"box":{"x":61,"y":226,"width":863,"height":12}},{"id":"5f973a20-8603-4360-a6d0-a23432262533","block_type":"box","text":"whether a transaction is eligible for a waiver or discount.","page_number":58,"box":{"x":60,"y":241,"width":415,"height":12}},{"id":"b38f822e-95de-4e92-bb11-8e5699454d9a","block_type":"box","text":"Front-end Load Waivers Available at Merrill","page_number":58,"box":{"x":61,"y":264,"width":352,"height":10}},{"id":"4567153a-4e01-4be1-b980-2d39f37a69c4","block_type":"box","text":"Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and","page_number":58,"box":{"x":81,"y":285,"width":811,"height":12}},{"id":"2923cbe6-e871-47a6-aca0-a0d7c3afc1ec","block_type":"box","text":"employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares","page_number":58,"box":{"x":81,"y":300,"width":853,"height":12}},{"id":"dbb9d434-9616-4c82-bd61-9c97664700f6","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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